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Live RNS Feed

49 types
All Market News Today All digested RNS titles 465
BOO logo
All News 17:00
BOO

Holding(s) in Company

Boohoo.com PLC

TR1 Buy
['Ocorian Limited in its capacity as trustee of Boohoo.com Employee Benefit Trust', '3.827054', '4.713144']
RDT logo
All News 16:48
RDT

Holding(s) in Company

Rosslyn Data Technologies plc

TR1 Buy
['First Equity Limited', '10.042247', '9.513414']
SJG logo
All News 16:37
SJG

Holding(s) in Company

Schroder Japan Growth Fund

TR1 Buy
['Allspring Global Investments Holdings.', '14.058000', '13.592000']
PRTC logo
All News 16:32
PRTC

Holding(s) in Company

PureTech Health plc

TR1 Buy
['Citigroup Global Markets Limited', '4.863406', '0.000000']
PRTC logo
All News 16:31
PRTC

Holding(s) in Company

PureTech Health plc

TR1 Buy
['Citigroup Global Markets Limited', '0.000000', '5.053310']
JEDT logo
All News 16:02
JEDT

Holding(s) in Company

JPMorgan Euro Small Companies Trust Plc

<mark style="background-coloryellow">TR1</mark> Buy
['JPMorgan Chase & Co.', 'Below Minimum Threshold', '1.684669']
CYN logo
All News 15:52
CYN

Holding(s) in Company

CQS Natural Resources Growth and Income plc

TR1 Buy
['JPMorgan Chase & Co.', '6.436949', 0]
RMMC logo
All News 15:47
RMMC

Holding(s) in Company

River and Mercantile UK Micro Cap Investment Company Ltd

TR1 Buy
['JPMorgan Chase & Co.', '5.998173', '6.013162']
TSCO logo
All News 15:46
TSCO

Director/PDMR Shareholding

Tesco PLC

1. <mark style="background-coloryellow">Purchase</mark> of shares under the Tesco PLC Share Incentive Plan (the "SIP")
USA logo
All News 15:25
USA

Holding(s) in Company

Baillie Gifford US Growth Trust PLC

TR1 Buy
['Evelyn Partners Limited', '4.997600', '5.004391']
USA logo
All News 15:23
USA

Holding(s) in Company

Baillie Gifford US Growth Trust PLC

TR1 Buy
['JPMorgan Chase & Co.', '0.000000', '3.363359']
SMDS logo
All News 14:51
SMDS

Holding(s) in Company

DS Smith PLC

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '6.097293', '0.000000']
HOT logo
All News 14:48
HOT

Holding(s) in Company

Henderson Opportunities Trust plc

TR1 Buy
['Saba Capital Management, L.P.', '4.933306', '4.933306']
ESCT logo
All News 14:13
ESCT

Holding(s) in Company

The European Smaller Companies Trust PLC

TR1 Buy
['Barclays PLC', '11.620000', '6.530000']
LIO logo
All News 14:11
LIO

Holding(s) in Company

Liontrust Asset Management

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '3.933336', '4.062161']
SHI logo
All News 13:46
SHI

Holding(s) in Company

SIG plc

TR1 Buy
['The Wellcome Trust Limited as trustee of The Wellcome Trust', '3.237000', 0]
JEGI logo
All News 13:01
JEGI

Half-year Report

JPMorgan European Growth & Income plc

<mark style="background-coloryellow"></mark>
RNEW logo
All News 12:37
RNEW

Correction - Holdings in Company

Ecofin U.S. Renewables Infrastructure Trust PLC USD

TR1 Buy
[' City of registered office (if applicable) Westminster', '2.668771', 0]
SPT logo
All News 10:09
SPT

Holding(s) in Company

Spirent Communications plc

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '7.077194', '6.985713']
SRE logo
All News 10:01
SRE

Holding(s) in Company

Sirius Real Estate Limited

TR1 Buy
['Aggregate of abrdn plc affiliated investment management entities with delegated voting rights on behalf of multiple managed portfolios', '7.648923', '7.672719']
EWI logo
All News 09:33
EWI

Holding(s) in Company

Edinburgh Worldwide Investment Trust plc

TR1 Buy
['Bank of America Corporation', '0.000000', 0]
BBH logo
All News 09:01
BBH

Holding(s) in Company

Bellevue Healthcare Trust PLC

TR1 Buy
['Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund', '0.000000', '0.000000']
WIZZ logo
All News 08:45
WIZZ

Holding(s) in Company

Wizz Air Holdings PLC

TR1 Buy
['The Capital Group Companies, Inc.', '14.897542', '15.041948']
CYN logo
All News 08:20
CYN

Holding(s) in Company

CQS Natural Resources Growth and Income plc

TR1 Buy
['Saba Capital Management, L.P.', '0.000000', '0.000000']
WCW logo
All News 06:31
WCW

Director/PDMR Shareholding

Walker Crips Group PLC

<mark style="background-coloryellow">PURCHASE</mark> OF SHARES TO GO INTO SHARE INCENTIVE PLAN (SIP)
0A3D logo
All News 06:11
0A3D

Net Asset Value

iShares VII Public Limited Company - iShares Core S&P 500 UCITS ETF

MRK logo
All News 06:01
MRK

Holding(s) in Company

Marks Electrical Group PLC

TR1 Buy
['CANACCORD GENUITY GROUP INC', '2.3989', '5.2406']
LIO logo
All News 06:01
LIO

Holding(s) in Company

Liontrust Asset Management

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '4.062161', 0]
TUNE logo
All News 06:01
TUNE

Final Results for the Year Ended 31 Aug 2024

Focusrite Plc

Focusrite, a global music and audio products group, released its final results for the year ended August 31, 2024, reporting a challenging yet opportunistic year. The company experienced a revenue decline of 11.2% due to market softness in Content Creation, but this was partially offset by strong performance in Audio Reproduction. The groups gross margin decreased by 3.0 percentage points due to increased freight costs and promotional activity. Adjusted <mark style="background-color:yellow">EBIT</mark>DA declined by 34.7%, impacted by lower sales and cost inflation. Operating profit decreased by 76.5% due to a non-cash impairment. Net debt increased by £11.2 million, primarily due to investments in product development and acquisitions. The group launched 35 new products and made 53 updates, enhancing its competitive position. The annual report and accounts for the financial year ended August 31, 2024, will be posted to shareholders by December 13 and will be available on the companys website. The final dividend is subject to shareholder approval at the AGM on January 31, 2025.
YearRevenue (£ million)Gross Margin %Adjusted EBITDA (£ million)Operating Profit (£ million)Adjusted Operating Profit (£ million)Basic EPS (p)Adjusted Diluted EPS (p)Total Dividend per Share (p)Net Debt (£ million)
2024158.544.5%25.25.716.64.518.06.6-12.5
2023178.547.5%38.624.330.430.438.46.6-1.3
EZJ logo
All News 06:01
EZJ

Results for the 12 months ending 30 September 2024

EasyJet PLC

EasyJet released its financial results for the 12 months ending September 30, 2024. The company reported a 34% increase in annual profits, achieving a profit before tax of £610 million. The strong performance was driven by increased capacity, cost discipline, and the continued success of EasyJet Holidays. The company expects to reduce winter losses and has a positive outlook for FY25, with a planned capacity increase of 3%. EasyJets CEO, Johan Lundgren, highlighted the effectiveness of the companys strategy and the popularity of its flights and holidays. The companys CFO and CEO designate, Kenton Jarvis, emphasized the positive outlook for EasyJet, with a focus on growth and delivering attractive shareholder returns.
YearRevenueProfit Before TaxProfit After TaxNet CashDebt
2024£9,309 million£610 million£452 million£181 million£2,106 million
2023£8,171 million£455 million£324 million£41 million£1,895 million
PNN logo
All News 06:01
PNN

Half Year Results 2024/25

Pennon Group Plc

Pennon Group plc (Pennon or the Group) today announces its results for the half year ended 30 September 2024.
Susan DavyGroup Chief Executive Officercommented
"Water companies are rightly being challenged to do more for customers today and invest more for the future. We are doing both. 100% of customers across the south west found their bills affordable for the first time - five years <mark style="background-color:yellow">ahead</mark> of the sector-wide pledge to eradicate water poverty. We continue to lead the way in helping customers to use less and save more with a range of money saving campaigns and pilots. Whilst thats led to lower wholesale water business revenues, its the right thing to do.
"Alongside our bill support, we are delivering record capital investment. Our supply chain amplify is up and running, delivering accelerated K8 investment to tackle the use of storm overflows. We are forecasting growth in regulatory capital of 75% over this regulatory period.
"Underpinned by solid relative operational performance, as assessed in Ofwats latest Water Company Performance Report across all parts of the Group, we have continued to deliver to all of our customers across South West Water, Bristol Water and SES. When things go wrong, as they did for customers and businesses in and around Brixham earlier this year, we put it right, with no excuses. But we know we have more to do.
"As we look ahead, we are energised following our Business Plans for SWW and SES achieving outstanding and good ratings, respectively, from Ofwat. In preparation, we are reshaping the Group and driving cost base efficiency. We are putting more resources on the front line than ever before, streamlining our support functions, with clear business lines, aligned to our four strategic priorities.
"Of course, its not what we are doing but how we do it that also matters. Our operations across the Group need a reliable and efficient power supply and we are investing to increase renewable energy provision through Pennon Power, supporting our Net Zero ambitions.
"Overall, we are well positioned for the future, with lower revenues protected by regulatory mechanisms, as we continue to focus on sustainable growth. Our financial position remains resilient to the challenges ahead, with good liquidity and a diversified debt portfolio. Our plans to restructure the business, as well as the benefits being delivered through integration of SES into our Group, will allow us to deliver efficiently as we move forward."
FINANCIAL PERFORMANCE
H1 2024/25
H1 2024/25
(excl. SES)
H1 2023/24
Underlying revenue^
£527.2m
£450.6m
£448.6m
Underlying EBITDA^
£163.5m
£150.2m
£168.5m
Underlying (loss)/profit before tax^
(£18.6m)
(£13.8m)
£9.1m
Non-underlying items before tax1
(£20.2m)
(£20.2m)
(£5.9m)
(Loss)/profit before tax - statutory
(£38.8m)
(£34.0m)
£3.2m
(Loss)/profit after tax - statutory
(£30.0m)
(£26.2m)
£1.8m
(Loss)/earnings per share
Adjusted EPS
(6.6p)
3.6p
Basic EPS
(10.6p)
0.5p
Dividend per share2
14.69p
14.04p
Capital expenditure
Group (incl. SES)
£331.8m
£266.3m
South West Water
£306.0m
£234.4m
At 30 Sept 2024
At 31 Mar 2024
Water Group
RCV3
£5916m
£5536m
Gearing4
65.0%
64.4%
SWW
Cumulative RORE (realnotional)5
6.0%
7.3%
Cumulative RORE (nominalactual6
10.8%
Financial results for H1 2024/25
· Results for H1 2024/25 in line with management expectation7
· On a like for like basis, lower revenues in South West Water (SWW) compared to H1 2023/24 driven by successful water demand customer initiatives resulting in a loss before tax on both an underlying and statutory basis, with regulatory revenue mechanisms in place to protect future recovery
· As anticipated, newly acquired Sutton and East Surrey Group (SES) incurred a loss for the period - we are focused on reducing interest costs and right sizing the cost base to improve profitability
· Profitable sector leading B2B retailers
Pennon Water Services (PWS) and Water2Business - with plans to consolidate SES Business Water
· Loss before tax for the Group increased to £38.8m reflecting the cost of interventions to return quality water supplies to Brixham (c.£16m) and the costs of restructuring to reshape the Groups activities (c.£4m)
· Capital expenditure run rate is slightly lower than H2 2023/24, but increased by £65.5m on H1 2023/24, as we invest to secure operational improvements
· Solid relative performance for the wholesale water businesses in respect of common Outcome Delivery Incentives (ODIs)
· Balance sheet for the Group is robust with Pennon Group gearing at c.68%8, and total Water Group RCV gearing of 65% (SWW gearing of 64%)
· Strong investment grade credit rating with liquidity of c.£675m in place to support continued investment
· Return on regulated equity for SWW is relatively strong, equating to 10.8% on a nominal, actual balance sheet basis, and 6.0% on a real notional WaterShare basis
· Interim dividend of 14.69p is in line with policy of CPIH +2%
Reshaping our business
· Four clear business units established focused on Water Services, Wastewater Services, Pennon Power and Retail Services, aligned with our four strategic priorities
· Reshaping the Group to drive greater efficiencies, as we grow, with improvements in processes and operational effectiveness delivered and in progress of c.£55m of annualised efficiencies in H1 2024/25 against the targeted c.£86m annualised run rate for K8. The programme is targeted to
o deliver the synergies identified through the water company acquisitions of Bristol Water in 2021 and SES in 2024
§ c.£18m delivered in H1 2024/25 in Bristol Water, and we are on track for the c.£20m targeted by the end of 2024/25
§ c.£2m delivered in H1 2024/25 in SES, with a target of c.£11m
o right size and reshape the Group to ensure we have resources focused on our priorities - bolstering front line staff by c.100, and ensuring we have a best-in-class customer service platform to serve our customers
Investment driving benefit
· SWW capital expenditure in H1 2024/25 broadly in line with the K8 run rate
delivering investments to meet our K7 commitments, support performance in our ODIs and respond to operational incidents as well as accelerate agreed K8 transitional spend and early start planning and design activities
· Investment in water resource diversification continues with the completion of the abstraction and new water treatment works at Rialton - supplementing resources in Cornwall by c.4%, bringing the cumulative resource position to 34% since 2022, with Devon benefitting from the cumulative 30% uplift in availability reported in the 2023/24 results
· Water quality investments are on track including the two new treatment works in Bournemouth - the treatment works will serve c.85% of the population of Bournemouth - with the first works on track for commissioning by the end of 2024/25
· Tackling sewer overflow spills through our WaterFit 2025 programme - preventing c.12,5000 spills with over c.350 interventions, with two thirds of our top spillers in 2023 resolved this year
· Pennon Power solar investments on track with construction underway at two sites equating to c.45% of our targeted generation with first energisation expected at the end of 2024/25
· Supporting customers with c.£110m customer benefit for K7, including innovative tariffs driving water efficiency and affordability
Strong relative sector performance
· Upper quartile performance inSWW on internal sewer flooding and water quality for water and sewerage companies
Bristol Water on customer service
SES Water on supply interruptions and water quality
· Growing and profitable non-household retail businesses - with c.15% market share, strong customer service - with Trustpilot scores for PWS and W2B of 4.8 and 5.0, respectively - alongside a doubling of business retail PBT from H1 2022/23
Underpinned by an outstanding Business Plan for K8
· SWWs Business Plan for Bournemouth, Bristol, Cornwall, Devon, and the Isles of Scilly categorised as outstanding and recognised as a leading plan in July
· Having acquired SES Water in January 2024, Ofwat has assessed their plan as standard, confirming this plan is generally good
· SWW Draft Determination reflects minimum c.30% RCV growth to 2030, with a cost of capital protected against reduction between Draft and Final Determinations, with 30bps upside potential
· SES Draft Determination reflects growth of c.11% and 5bps upside for a good standard plan
· Representations made to Ofwat in respect of risk return balance (particularly focused on ODIs), providing additional evidence for our totex investments, requesting that natural rates are applied for capital charges and the balance between our regions and priorities
· Final Determination confirmed as 19 December 2024
Well positioned for a period of significant growth
· We have a sustainable supply chain to deliver our K8 programme - over 1,000 schemes already underway, with transition expenditure of c.£75m for storm overflows we have launched our Turning the Tide storm overflow investment programme
· Strong investment grade credit ratings secured, with £2.5bn EMTN programme launched and an inaugural £400m public bond issuance. We have access to good liquidity funding through our sustainable financing framework to support our growing capital programme
Notes
All percentage movements are on a half on half basis unless otherwise stated
Results include the results of SES in the current period. SES was acquired in January 2024 and therefore the prior year comparative period excludes the impact of this acquisition
^ Measures with this symbol are defined in the Alternative Performance Measures (APM) section of this document, underlying measures are presented before non-underlying items
1 Non-underlying items are adjusted for by virtue of their size, nature or incidence to enable a full understanding of financial performance.
2 Dividend policy of CPIH+2%. The CPIH rate used is 2.6% at 30 September 2024
3 Forecast shadow RCV at 31 March 2025 based on K7 Business Plan levels of investment, Green Recovery, accelerated delivery, and transitional investment, along with regulatory true-ups and inflationary impacts and the impact of acquisitions and shadow RCV at 31 March 2024
4 Based on Water Group (SWW including Bristol Water and SES Water) - net debt at period end/forecast shadow RCV at 31 March
5 Real cumulative RORE on underlying totex, financing and ODIs with notional gearing
6 Nominal cumulative RORE based on underlying real RORE using actual gearing plus average inflation over K7 at 4.3%
7 As set out in our Trading Statement in September 2024
8 Pennon Group net debt excluding fair value adjustments/Water Group forecast shadow RCV at 31 March 2025 and effective value of the non-regulated businesses
Results presentation
A presentation of the Half Year 2024/25 results hosted by Susan Davy, Group Chief Executive Officer and Laura Flowerdew, Group Chief Financial Officer, will be available at 08:00am (GMT) today, 27 November 2024. This will be followed by a live Q&A session at 08:45am (GMT). The presentation and Q&A session can be accessed here: www.pennon-group.co.uk/investor-information
For further informationplease contact
Institutional equity investors and analysts
Louise Rowe - ComplianceESG and IR Director
01392 446 688
James Murgatroyd - FGS Global
020 7251 3801
Debt investors
Chris Tregenna - Group Treasurer
01392 446 688
Retail investors
Link Asset Services
0371 664 9234
GROUP CHIEF EXECUTIVE OFFICERS REVIEW
Overview
Water companies are rightly being challenged to do more for customers today and into the future. We are doing both, with good progress in K7, ensuring we are well positioned for the delivery of our 2025-30 (K8) Business Plan and in laying the foundations for sustainable future growth.
Our c.4,000 colleagues who live and work in the communities we support, care passionately about what we do, each day and I couldnt be more proud. Our customer and community roadshows continue to ensure we are hearing first-hand what matters most and as we fix the things they care about. From Bristol to Bournemouth, Devon, Cornwall, and the Isles of Scilly, and now Sutton and East Surrey, we continue to help customers to use less and save more with a range of money saving campaigns and pilots, leading the way.
Whilst South West Water (SWW) revenues are lower on a like for like basis due to our water efficiency initiatives, its the right thing to do and is protected by future regulatory mechanisms.
Agile group delivering for all in K7
As we are closing the K7 regulatory period we look back on a period of significant change for the Group. Our agility in delivering for all stakeholders has been a constant.
Following the sale of Viridor in 2020, as part of a highly disciplined strategic review
· we responsibly deployed capital, positioning the Group sustainably by minimising liabilities
· we have reinvested in UK Water with the acquisition of Bristol and SES at a total value of £0.6bn[9]
· we have recognised shareholder support through our K7 dividend policy of CIPH+2%.
We have made record investment in the asset base of c.£1.8bn[10] as we focus on the things that matter most. Alongside our acquisitive growth strategy this results in RCV growth of 75%[11].
We are also expanding our non-regulated business
our three retailers now having a combined market share of around 15% and our investments in Pennon Power are on track.
Customers have benefitted through our innovative first of its kind WaterShare+ scheme. Launched in 2020, this gives customers a stake and a say in our business and they have also shared in financial benefits.
Alongside this we have delivered solid relative sector performance with c.70% of ODIs met over the period and we have focused on supporting customers, keeping bills as low as possible through a drive for efficiency and providing tangible support to those who need it most achieving 100% affordability for the first time.
Reshaping our business to align with our four strategic priorities
To support the delivery of our outstanding and good rated Business Plans for SWW and SES we are reshaping the Group. We are putting more resources on the front line than ever before, with clear business lines, aligned to our four strategic priorities.
With Managing Directors in place for Water Services, Wastewater Services, Pennon Power and Retail Services, we have also commenced a Group-wide reshaping programme ensuring we have the right resources and capabilities, with more resources on the front line, supported by expert and streamlined corporate functions. Our supply chain partnership amplify has already been stood up and is on track to deliver £75m of accelerated investment to kick start our plans to reduce storm overflows.
At September 2024, our transformation and restructuring programmes have delivered, or are in progress to deliver, c.£35m of annualised savings. This is in addition to the synergies delivered through our acquisitions of Bristol Water and SES Water where we have delivered synergies of c.£18m and c.£2m, respectively, and are on track to achieve the savings we set ourselves at acquisition. This is a step towards our targeted annualised savings of c.£86m in K8.
Investment driving benefits
With over £300m of capital investment in SWW in the first half of 2024/25, we are investing to make sure we make good operational progress on our four priorities in the long term. We are well prepared to deliver almost double the rate of investment from K7 ending the period at the K8 run rate.
Building water resourcesimproving water quality
Our investments mean we are making good progress in providing a more resilient and diverse portfolio for water resources across Devon and Cornwall. This has been a monumental undertaking, with teams across South West Water and our supply chain partners. Blackpool pit has been fully operational since the end of March with construction completed at the new treatment works at Rialton. We have supplemented capacity in Cornwall by 4% in this half year, with 34% cumulatively achieved since 2022, alongside the 30% uplift to Devon. Overall, water resource levels are at 80% across Devon and Cornwall, and we achieved 100% supply demand balance index for the first time in the 2023/24 EPA.
There are always two sides to the coin to ensuring a sustainable supply demand balance, and reducing demand is also key to future resilience.
| Year | Revenue (£m) | Underlying EBITDA (£m) | Underlying (Loss)/Profit Before Tax (£m) | Non-underlying Items Before Tax (£m) | Loss Before Tax - Statutory (£m) | Loss After Tax - Statutory (£m) | Loss Per Share (p) | Adjusted EPS (p) | Basic EPS (p) | Dividend Per Share (£) | Capital Expenditure (£m) | RCV (£m) | Gearing (%) | SWW Cumulative RORE (real, notional) (%) | SWW Cumulative RORE (nominal, actual) (%) | |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| | 2024/25 | 527.2 | 163.5 | (18.6) | (20.2) | (38.8) | (30.0) | (10.6) | (6.6) | (0.5) | 14.69 | 331.8 | 5,916 | 65.0 | 6.0 | 10.8 | | 2023/24 | 448.6 | 168.5 | 9.1 | (5.9) | 3.2 | 1.8 | 0.5 | 3.6 | 3.2 | 14.04 | 266.3 | 5,536 | 64.4 | 7.3 | N/A |
PETS logo
All News 06:01
PETS

FY25 Interim Results

Pets at Home Group Plc

Pets at Home Group Plc has released its FY25 Interim Results for the 28-week period ending on October 10, 2024. The report highlights the companys performance in a subdued market, with a focus on its digital platform, distribution center, and store investments. The company experienced growth in its Pets Club members, total group revenue, and vet group revenue. The launch of the new digital platform has resulted in almost double app sales. The Stafford distribution center is performing well, and the company expects to unlock efficiency savings through automation in e-commerce. The companys stores remain a competitive advantage, offering unrivaled presence and expertise to pet lovers. However, the pet retail market has been unusually subdued, and the company expects this trend to continue through H2. Despite this, the company remains confident in its investments and market leadership, projecting continued outperformance. The report also includes financial highlights, current trading and outlook, and a review of the companys strategy and performance.
YearRevenueNet Operating CostsProfit Before TaxNet Debt
2024£774.2m£316.5m£34.7m£12.1m
2025£789.1m£305.4m£51.1m£(8.3)m
CORD logo
All News 06:01
CORD

Interim report to 30 September 2024

Cordiant Digital Infrastructure Limited

Cordiant Digital Infrastructure Limited, a Guernsey-based investment company, released its unaudited interim results for the six months ended September 30, 2024. The company reported strong financial performance, with a total return of 5.4% on ex-dividend opening NAV, <mark style="background-color:yellow">ahead</mark> of its 9% annual target. The net asset value per share rose to 124.4p, driven by portfolio company EBITDA growth and a small reduction in the weighted average discount rate. The companys profit for the period was 5.4% of the opening ex-dividend NAV, with a share price total return of 38.9%. Cordiant Digital Infrastructures financial position remains strong, with available liquidity of £243.8 million, including cash and undrawn loan facilities. The companys dividend policy remains progressive, with a 4.2p per share target for the year, and it has maintained a disciplined approach to capital allocation.
YearRevenueEBITDAProfitDebt
2024£160.8 million£77.4 million5.4%£653.3 million
2023N/AN/A9.4%N/A
MAB logo
All News 06:01
MAB

Full Year Results

Mitchells & Butlers PLC

Mitchells & Butlers PLC released its full-year results for the 52 weeks ended September 28, 2024, reporting strong financial performance. The companys like-for-like sales grew by 5.3%, with an operating profit of £312 million, a 41.2% increase from the prior year. The operating margin strengthened to 12.0%, and net debt, including leases, was reduced by £197 million. The reported results for the 53-week period in 2023 showed a total revenue of £2,503 million, an operating profit of £98 million, and a loss before tax of £13 million. The adjusted operating profit for the 52-week period in 2023 was £221 million, with adjusted earnings per share of 15.6p. The companys cash inflow before bond amortization was £185 million, and it reduced its net debt to £989 million. Mitchells & Butlers PLC also reported strong performances across all market segments and completed nearly 200 investment projects, yielding strong returns. The current trading update for FY 2025 shows a strong start, with like-for-like sales growth of 4.0% in the first seven weeks.
YearRevenueOperating ProfitProfit/(Loss) Before TaxNet Debt
2024£2,610m£300m£199m£1,436m
2023£2,503m£98m£(13)m£1,633m
JMAT logo
All News 06:01
JMAT

Johnson Matthey half year results

Johnson Matthey PLC

Johnson Matthey released its half-year results for the six months ended September 30, 2024, reporting a resilient performance with underlying operating profit excluding divestments down 4%, in line with expectations, against a challenging macroeconomic backdrop. The companys transformation program is on track, with cumulative cost savings of £155 million delivered to date and on course to achieve £200 million by the end of 2024/25. Johnson Matthey maintains its full-year outlook, with performance more weighted towards the second half, driven by greater benefits from transformation and stronger performance in PGM Services. The companys net debt to <mark style="background-color:yellow">EBIT</mark>DA ratio stands at 1.4 times, reflecting a strong balance sheet. A £250 million share buyback program is underway, with £205 million completed as of November 22, 2024.
YearRevenue (£m)Operating Profit (£m)Profit Before Tax (£m)Profit After Tax (£m)Net Debt (£m)
20245,632575554484783
20236,53113682631,044
37PN logo
All News 06:01
37PN

Interim Financial Report to 30 September 2024

37PN

Half-year/Interim Report
Compare financials and debt year on year and return as table code for following text Go to News Explorer RNS Half-year/Interim Report Share INTERIM FINANCIAL REPORT TO 30 SEPTEMBER 2024 VIRGIN MONEY UK PLC Released 07:00:07 27 November 2024 RNS Number : 7639N Virgin Money UK PLC 27 November 2024 BASIS OF PRESENTATION Virgin Money UK PLC ('Virgin Money', 'VMUK' or 'the Company'), together with its subsidiary undertakings (which together comprise the 'Group'), operate under the Clydesdale Bank, Yorkshire Bank and Virgin Money brands. Following the acquisition of the Group by Nationwide Building Society (Nationwide), the financial year end of the Company was changed from 30 September to 31 March in order to align to Nationwide's financial year end. This release therefore covers the interim results of the Group for the 6 months ended 30 September 2024 and the Group's next Annual Report and Accounts will cover the 18-month period ending 31 March 2025. Unless otherwise stated, income statement commentaries throughout this document compare the 12 months ended 30 September 2024 to the 12 months ended 30 September 2023 and the balance sheet analysis compares the Group balance sheet as at 30 September 2024 to the Group balance sheet as at 30 September 2023. The Interim Financial Report is unaudited and the independent review report is included on page 56. Statutory basis: Statutory information is set out within the interim condensed consolidated financial statements. Excluding notable items basis: Management exclude certain items from the Group's statutory position to arrive at an 'excluding notable items' basis. The exclusion of notable items aims to remove the impact of one-offs and other volatile items which may distort period-on-period comparisons. Rationale for the notable items is shown on page 87. This basis is classed as an alternative performance measure, see below. In the Group's 2023 Annual Report and Accounts, items adjusted from the Group's statutory position resulted in an 'underlying basis' of performance. Since then, the Group has not presented results on an underlying basis, moving instead to a statutory presentation of its income statement, whilst still providing details of notable items of income and expenditure. Comparative periods have not been restated as the 'excluding notable items basis' is directly comparable to the previously disclosed 'underlying basis'. Further information on this change is shown on page 87. Alternative performance measures (APMs): the key performance indicators (KPIs) and performance metrics used in monitoring the Group's performance and reflected throughout this report fall into two categories: financial and non-financial, and are detailed at 'Measuring the Group's performance' on pages 372 to 380 of the Group's 2023 Annual Report and Accounts. APMs are closely scrutinised to ensure that they provide genuine insights into the Group's progress; however, statutory measures are the key determinant of dividend paying capability. Certain figures contained in this document, including financial information, may have been subject to rounding adjustments and foreign exchange conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given. FORWARD-LOOKING STATEMENTS This document and any other written or oral material discussed or distributed in connection with the results (the 'Information') may include forward-looking statements, which are based on assumptions, expectations, valuations, targets, estimates, forecasts and projections about future events. These can be identified by the use of words such as 'expects', 'aims', 'targets', 'seeks', 'anticipates', 'plans', 'intends', 'prospects', 'outlooks', 'projects', 'forecasts', 'believes', 'estimates', 'potential', 'possible', and similar words or phrases. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and its securities, investments and the environment in which it operates, including, among other things, the development of its business and strategy, any acquisitions, combinations, disposals or other corporate activity undertaken by the Group, trends in its operating industry, changes to customer behaviours and covenant, macroeconomic and/or geopolitical factors, changes to its Board and/or employee composition, exposures to terrorist activity, IT system failures, cyber-crime, fraud and pension scheme liabilities, risks relating to environmental matters such as climate change including the Group's ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, changes to law and/or the policies and practices of the Bank of England (BoE), the Financial Conduct Authority (FCA) and/or other regulatory and governmental bodies, inflation, deflation, interest rates, exchange rates, tax and national insurance rates, changes in the liquidity, capital, funding and/or asset position and/or credit ratings of the Group, future capital expenditures and acquisitions, the repercussions of the UK's exit from the European Union (EU) (including any change to the UK's currency and the terms of any trade agreements (or lack thereof) between the UK and the EU), Eurozone instability, the repercussions of Russia's invasion of Ukraine, the conflict in the Middle East and any UK or global cost of living crisis or recession. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. Forward-looking statements involve inherent risks and uncertainties and should be viewed as hypothetical. Other events not taken into account may occur and may significantly affect the analysis of the forward-looking statements. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates (each a 'VMUK Party') gives any representation, warranty or assurance that any such projections or estimates will be realised, or that actual results or other results will not be materially lower than those set out in the Information. No representation or warranty is made that any forward-looking statement will come to pass. Whilst every effort has been made to ensure the accuracy of the Information, no VMUK Party takes any responsibility for the Information or to update or revise it. They will not be liable for any loss or damages incurred through the reliance on or use of it. The Information is subject to change. No representation or warranty, express or implied, as to the truth, fullness, fairness, merchantability, accuracy, sufficiency or completeness of the Information is given. Certain industry, market and competitive position data contained in the Information comes from official or third party sources. There is no guarantee of the accuracy or completeness of such data. While the Group reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, no member of the Group or their respective directors, officers, employees, agents, advisers or affiliates have independently verified the data. In addition, certain industry, market and competitive position data contained in the Information comes from the Group's own internal research and estimates based on the knowledge and experience of the Group's management in the markets in which the Group operates. While the Group reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness, and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in the Information. The Information does not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. The distribution of the Information in certain jurisdictions may be restricted by law. Recipients are required to inform themselves about and to observe any such restrictions. No liability to any person is accepted in relation to the distribution or possession of the Information in any jurisdiction. No statement in the Information is intended as a profit forecast, profit estimate or quantified benefit statement for any period and no statement in the Information should be interpreted to mean that earnings per share for the Company for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share (EPS) for the Company or the Group. Interim financial report For the six months ended 30 September 2024 Contents Virgin Money UK PLC Interim results for the six months ended 30 September 2024 1 Business and financial review 2 Risk management 14 Risk overview 15 Credit risk 17 Financial risk 43 Statement of Directors' responsibilities 55 Independent review report to Virgin Money UK PLC 56 Financial statements 57 Interim condensed consolidated income statement 57 Interim condensed consolidated statement of comprehensive income 58 Interim condensed consolidated balance sheet 59 Interim condensed consolidated statement of changes in equity 60 Interim condensed consolidated statement of cash flows 61 Notes to the interim condensed consolidated financial statements 62 Additional information 83 Virgin Money UK PLC Interim results for the 6 months ended 30 September 2024 Summary financials 12 months to 30 Sep 2024 12 months to 30 Sep 2023 Change 6 months to 30 Sep 2024 6 months to 30 Sep 2023 Change £m £m % £m £m % Net interest income (excluding notable items) 1,778 1,716 4 910 861 6 Non-interest income (OOI) (excluding notable items) 146 157 (7) 74 79 (6) Total operating income (excluding notable items) 1,924 1,873 3 984 940 5 Notable items in income(1) (3) (46) (93) 14 (27) n/a Statutory total operating income 1,921 1,827 5 998 913 9 Operating and administrative expenses (excluding notable items) (1,028) (971) 6 (526) (494) 6 Notable items in expenses(1) (158) (202) (22) (109) (145) (25) Statutory operating and administrative expenses (1,186) (1,173) 1 (635) (639) (1) Statutory operating profit before impairment losses 735 654 12 363 274 32 Impairment losses on credit exposures (177) (309) (43) (84) (165) (49) Statutory profit on ordinary activities before tax 558 345 62 279 109 156 Performance metrics(2) Total customer lending 71,296 72,754 (2.0)% 71,296 72,754 (2.0)% Net interest margin (NIM) 1.98% 1.91% 7bps 2.01% 1.91% 10bps Return on tangible equity (RoTE) 6.7% 3.9% 2.8%pts 4.3% 1.6% 2.7% Cost: income ratio 61.7% 64.2% (2.5)%pts 63.6% 70.0% (6.4)%pts Adjusted cost: income ratio(3) 53.0% 51.9%
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GTLY

H1 25 Trading update and notice of results

Gateley (Holdings) Plc

Here is a summary of the trading statement from Gateley (Holdings) PLC
Gateley (Holdings) PLC released a positive trading update for the first half of the fiscal year 2025 (H1 25), ending October 31, 2024. The professional services group expects revenue of at least £86.0 million, reflecting a c.5.0% increase compared to the same period in the previous year. Underlying profit before tax is anticipated to be no less than £10.5 million, representing c.5.0% growth. Gateley attributes these strong results to the diverse business lines it has invested in. The Groups balance sheet has strengthened, with a net cash position of £1.2 million at the end of H1 25, compared to a net debt position in the previous year. Activity levels, particularly transactional services, increased during the period, and fee earner utilization remains <mark style="background-color:yellow">ahead</mark> of the prior year. The Group expects to perform in line with market expectations for the full year. However, they anticipate a c£1.8 million impact on costs due to changes in National Insurance contributions in FY26, which they aim to mitigate through pricing and efficiency improvements. The full H1 25 results will be announced on January 15, 2025.
YearRevenueUnderlying Profit Before TaxNet Cash/Debt
H1 25 (2024)£86.0m£10.5mNet Cash: £1.2m
H1 24 (2023)£82.0m£10.0mNet Debt: £2.2m
FY24 (2024)N/AN/AN/A
FY23 (2023)N/AN/AN/A
Note: The table presents a comparison of Gateley (Holdings) PLC's financial performance and debt position for the first half of fiscal years 2024 and 2023, along with the expected full-year figures for 2024 and 2023. The figures are in millions (£). The revenue and underlying profit before tax show a year-on-year increase, while the company has improved its debt position, moving from net debt to net cash in H1 25.
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ATG

Final Results

Auction Technology Group PLC

Auction Technology Group plc released its financial results for the year ended September 30, 2024. The company reported a 5% increase in revenue, driven by growth in Auction and Commerce revenue, and a 2% increase in organic revenue. Adjusted EBITDA increased by 2%, while the operating profit rose by 17%. The companys cash generation remained strong, resulting in significant deleveraging and a decrease in the adjusted net debt/adjusted EBITDA ratio. The company expects revenue growth of 4-6% and an adjusted EBITDA margin of 45-46% for FY25.
YearRevenueAdjusted EBITDAOperating ProfitAdjusted Net Debt
2024$174.2m$80.0m$32.4m$114.7m
2023$165.9m$78.4m$27.6m$141.2m
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NBS

Half-year Report

Nationwide Building Society

Nationwide Building Society
Interim Results
for the period ended 30 September 2024
Contents
Page
Chief Executives review
4
Performance summary
7
Financial review
8
Risk report
15
Condensed consolidated interim financial statements
62
Notes to the condensed consolidated interim financial statements
68
Responsibility statement
92
Independent review report to Nationwide Building Society
93
Other information
95
Contacts
95
Introduction
Unless otherwise stated, the income statement analysis compares the period from 5 April 2024 to 30 September 2024 to the corresponding six months of 2023 and balance sheet analysis compares the position at 30 September 2024 to the position at 4 April 2024.
Underlying profit
Profit before tax shown on a statutory and underlying basis is set out on page 9. The purpose of the underlying profit measure is to reflect managements view of the Groups underlying performance and to assist with like-for-like comparisons of performance across periods. Underlying profit is not designed to measure sustainable levels of profitability as that potentially requires exclusion of non-recurring items even though they are closely related to (or even a direct consequence of) the Groups core business activities.
Forward-looking statements
Certain statements in this document are forward-looking with respect to plans, goals and expectations relating to the future financial position, business performance and results of the Group. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, the Group can give no assurance that these expectations will prove to be an accurate reflection of actual results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Group including, amongst other things, UK domestic and global economic and business conditions, market-related risks such as fluctuation in interest rates and exchange rates, inflation/deflation, the impact of competition, changes in customer preferences, risks concerning borrower credit quality, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations involving the Society and/or within relevant industries, risks relating to sustainability and climate change, the policies and actions of regulatory authorities and the impact of tax or other legislation and other regulations in the jurisdictions in which the Group operates. The economic outlook remains uncertain and, as a result, the Groups actual future financial condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. Due to such risks and uncertainties, the Group cautions readers not to place undue reliance on such forward-looking statements.
The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.
This document is not intended to, and does not constitute, represent or form part of any offer invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No securities are being offered to the public by means of this document. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the Group and will contain detailed information about the Group and its management, as well as its financial statements.
Chief Executives review
Record growth and value to members
Debbie CrosbieChief ExecutiveNationwide Building Societysaid
"Nationwide delivered record first half growth in both mortgages and deposits, and record member value. Over the past 18 months, our mutual model has enabled us to provide over £3.5 billion in member value, including £729 million through the Nationwide Fairer Share Payment.
"Following our acquisition of Virgin Money on 1 October, weve recorded a gain of £2.3bn, as the value of net assets acquired is well above the price we paid. This gain provides significant headroom to cover our investment in integration, as well as in service and value.
"Future profits generated by Virgin Money can now be used for the benefit of customers, rather than being paid to external shareholders."
Business and trading highlights for the period ended 30 September 2024
Record first half year growth in mortgages and deposits
· Mortgage balances of £210.8bn (4 April 2024: £204.5bn), with record half year net lending of £6.3bn (H1 2023/24: £0.5bn). Market share of balances increased to 12.6% (4 April 2024: 12.3%).
· Member deposit balances increased by £8.3bn (H1 2023/24: £4.2bn) to £201.7bn (4 April 2024: £193.4bn). This was a record increase for a first half year. Deposit market share was 9.6% (4 April 2024: 9.5%).
· Continued growth in current account volumes, and a market share of 9.7%1(February 2024: 9.7%).
Leading customer service, giving customers a choice in how they bank with us
· First for customer satisfaction among our peer group for over 12 years, with a lead of 6.8%pts2 (March 2024: lead of 5.5%pts).
· We continue to have the largest single-brand branch network in the UK, supported by our Branch Promise - everywhere we have a branch, we promise to still be there until at least the start of 2028.
· More than 35% of our new current accounts were opened in branches this half year.
Mutual model delivers record value to our members
· Member financial benefit increased to £950m (H1 2023/24: £885m), from pricing and incentives that were better than the market average.
· Distributed £385m through our Nationwide Fairer Share Payments to 3.85m eligible members in June 2024.
· On average, interest rates on deposits were 30% higher than the market average, largely driven by our savings rates.
1CACIs Current Account and Savings Database, Stock (August 2024).
2Lead at September 20246.8%pts, March 2024: 5.5%pts. © Ipsos 2024, Financial Research Survey (FRS), for the 12 months ending 31 March 2013 to 12 months ending 30 September 2024. Results based on a sample of around 47,000 adults (aged 16+). The survey contacts around 51,000 adults (aged 16+) a year in total across Great Britain. Interviews were face to face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of extremely satisfied and very satisfied customers minus the percentage of customers who were extremely or very or fairly dissatisfied across those customers with a main current account, mortgage or savings. Those in our peer group are Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, those in our peer group were Barclays, Halifax, HSBC, Lloyds Bank (Lloyds TSB prior to April 2015), NatWest and Santander.
Robust financial performance and balance sheet strength
· Underlying profit before tax decreased to £959m (H1 2023/24: £1,262m) and statutory profit before tax was £568m (H1 2023/24: £989m), primarily due to the profile of interest rates over the period and our choice to offer competitive rates.
· Total underlying income of £2,129m (H1 2023/24: £2,449m). Net interest margin of 1.50% (H1 2023/24: 1.66%), higher than H2 2023/24 net interest margin of 1.46%.
· Credit impairment charges of £7m (H1 2023/24: £54m), reflecting the resilience of our lending.
· Underlying costs of £1154m (H1 2023/24: £1115m).
· CET1 ratio of 28.4% (4 April 202427.1%) and leverage ratio of 6.7% (4 April 2024: 6.5%).
Making a meaningful impact across society
· Helped 53,000 (H1 2023/2431,000) first time buyers into a home of their own.
· Continued to commit 1% of pre-tax profits to good causes each year3, which for 2024/25 includes committing £9m to our three new charity partners, Centrepoint, Action for Children and Dementia UK, under our new Fairer Futures social impact strategy.
Acquisition of Virgin Money UK plc on 1 October 2024
Gain on acquisition of £2.3bn, resulting from a net asset value well in excess of the £2.8bn acquisition price.
· Peer-leading combined group CET1 ratio of 19.6% and combined group leverage ratio of 5.4% at 1 October 2024, both comfortably above regulatory minimums.
· A unique opportunity, underpinned by an exceptionally strong business case.
Positioning us to become the UKs first full-service mutual banking provider.
· Acquisition broadens our product range to include business banking, which we intend to offer to more customers over time.
· This will diversify our funding and strengthen us financially, enabling us to deliver even greater value for our customers, including through our Branch Promise, focus on customer service, and competitive deposit and lending rates.
Delivering scale and connecting us with one in three people in the UK.
· Now the UKs second largest provider of mortgages4 and retail deposits, with total assets of over £370 billion.
· Combined, we have £1 in every £6 of mortgage balances and hold £1 in every £8 of retail deposits in the UK.
· Now have an extensive network of 696 branches across the UK.
A long-term, measured and fully funded approach to integration.
· Acquired a profitable business so can take a longer-term approach to managing the Virgin Money business, with gradual integration following an initial 18-month strategic review.
· Gain on acquisition expected to provide significant headroom to cover costs associated with integration, investment in customer service and delivery of value under our mutual model.
· Future profits generated by Virgin Money will be fully retained within the Group, and available for investing in improving services and value for our customers, rather than being paid to shareholders.
The results for the period ended 30 September 2024 do not include the impacts of the Virgin Money acquisition. Further information is included in note 17 to the condensed consolidated interim financial statements, on page 89.
3The 1% is calculated based on average pre-tax profits over the previous three years.
4UK Finance 2023 balance database published on 31 July 2024 (latest available data).
Strategy update
More rewarding relationshipsWe will create deeper, lifelong relationships with our customers, that provide the best value in banking.
We delivered £950 million of member financial benefit, from pricing and incentives that were better than the market average, largely driven by our savings rates. In addition, we distributed £385 million through the Nationwide Fairer Share Payment in June 2024. Over the half year, we supported a record 39,000 (H1 2023/24: 14,700) students with our competitive FlexStudent current account, more than double that of the previous period. We continue to focus on supporting first time buyers, and in September 2024, we extended our Helping Hand mortgage to enable them to borrow six times their income, up to 33% more than through standard mortgages. We also increased the maximum loan to value available for purchasing a new-build house, from 85% to 90%.
Simply brilliant serviceWe will provide value beyond rates, with distinctive, personalised service our customers can trust, at every touchpoint.
We have the largest single-brand branch network in the UK, supported by our Branch Promise5. More than 35% of our new current accounts were opened in branches this half year, demonstrating the value of our branch network to customers. Our branches provide customers with choice in the way they can interact with us, alongside our digital channels, telephones, 24/7 online chat and dedicated cost-of-living helpline. We added further functionality to our new banking app, that launched in March 2024.
Beacon for mutual goodWe want to have a meaningful impact on our customers, colleagues, communities and society, by driving fairer banking practices and positive change.
We launched our new Fairer Futures social impact strategy, helping to tackle three of the biggest issues we see in society today - youth homelessness, families living in poverty and people living with dementia. We are headline partner to three key charities: Centrepoint, Action for Children, and Dementia UK, who will help us make a meaningful difference across these important causes. As part of this, we are rolling out dementia clinics in 200 of our branches.
Continuous improvementWe will be focused, fit and fast, and simplify our processes and ways of working to deliver for the benefit of our customers, while retaining resilient controls that protect our customers and their money.
We continue to drive greater efficiency across our operations and improve our customer experiences. We are enabling faster mortgage offers for customers through our new automated income verification and valuation tools, and we continue to streamline our mortgage advice service, reducing interview times for customers whilst still ensuring appropriate products and good outcomes.
Looking forward
The economic outlook remains uncertain, and the interest rate outlook means we expect to have passed peak profitability. However, lower interest rates and resilience in real earnings are supporting consumer finances which, if maintained, should support a strengthening in housing market activity and overall deposit growth. The credit quality of our lending portfolios remains strong, and our capital resources are robust.
Following the acquisition of Virgin Money, we will use our ongoing financial strength to deliver even greater value to Nationwide and Virgin Money customers, through competitive rates, focus on customer service, and our unique Branch Promise.
Debbie Crosbie
Chief Executive
5 All our 605 Nationwide branches will remain open until at least 1 January 2028. There may be exceptional circumstances outside of our control that mean we have to close a branch. But we will only do this if we do not have another workable option. We have now extended our Branch Promise to include Virgin Moneys 91 branches, following the acquisition on 1 October 2024.
Performance summary
Half year to
30 September 2024
Half year to
30 September 2023
30 September
4 April
2024
2024
Balance sheet
£bn
%
£bn
%
Financial performance
£m
£m
Total assets
282.4
271.9
Total underlying income
2129
2449
Loans and advances to customers
220.0
213.4
Underlying administrative expenses
1154
1115
Mortgage balances/market share (note iv)
210.8
12.6
204.5
12.3
Underlying profit before tax (note i)
959
1262
Member deposits/market share (note ii)
201.7
9.6
193.4
9.5
Statutory profit before tax
568
989
Asset quality
%
%
Mortgage Lending
£bn
%
£bn
%
Residential mortgages
Group residential - gross/market share
17.6
14.1
12.1
10.5
Proportion of residential mortgage accounts 3 months+ in arrears
0.42
0.41
Group residential - net
6.3
0.5
Average loan to value of new residential mortgages (by value)
73
71
Average indexed loan to value (by value)
55
55
Deposit balance movement
£bn
Nationwide Building Society Interim Results for the period ended 30 September 2024 Contents Page Chief Executive's review 4 Performance summary 7 Financial review 8 Risk report 15 Condensed consolidated interim financial statements 62 Notes to the condensed consolidated interim financial statements 68 Responsibility statement 92 Independent review report to Nationwide Building Society 93 Other information 95 Contacts 95 Introduction Unless otherwise stated, the income statement analysis compares the period from 5 April 2024 to 30 September 2024 to the corresponding six months of 2023 and balance sheet analysis compares the position at 30 September 2024 to the position at 4 April 2024. Underlying profit Profit before tax shown on a statutory and underlying basis is set out on page 9. The purpose of the underlying profit measure is to reflect management's view of the Group's underlying performance and to assist with like-for-like comparisons of performance across periods. Underlying profit is not designed to measure sustainable levels of profitability as that potentially requires exclusion of non-recurring items even though they are closely related to (or even a direct consequence of) the Group's core business activities. Forward-looking statements Certain statements in this document are forward-looking with respect to plans, goals and expectations relating to the future financial position, business performance and results of the Group. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, the Group can give no assurance that these expectations will prove to be an accurate reflection of actual results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Group including, amongst other things, UK domestic and global economic and business conditions, market-related risks such as fluctuation in interest rates and exchange rates, inflation/deflation, the impact of competition, changes in customer preferences, risks concerning borrower credit quality, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations involving the Society and/or within relevant industries, risks relating to sustainability and climate change, the policies and actions of regulatory authorities and the impact of tax or other legislation and other regulations in the jurisdictions in which the Group operates. The economic outlook remains uncertain and, as a result, the Group's actual future financial condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. Due to such risks and uncertainties, the Group cautions readers not to place undue reliance on such forward-looking statements. The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. This document is not intended to, and does not constitute, represent or form part of any offer invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No securities are being offered to the public by means of this document. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the Group and will contain detailed information about the Group and its management, as well as its financial statements. Chief Executive's review Record growth and value to members Debbie Crosbie, Chief Executive, Nationwide Building Society, said: "Nationwide delivered record first half growth in both mortgages and deposits, and record member value. Over the past 18 months, our mutual model has enabled us to provide over £3.5 billion in member value, including £729 million through the Nationwide Fairer Share Payment. "Following our acquisition of Virgin Money on 1 October, we've recorded a gain of £2.3bn, as the value of net assets acquired is well above the price we paid. This gain provides significant headroom to cover our investment in integration, as well as in service and value. "Future profits generated by Virgin Money can now be used for the benefit of customers, rather than being paid to external shareholders." Business and trading highlights for the period ended 30 September 2024 Record first half year growth in mortgages and deposits · Mortgage balances of £210.8bn (4 April 2024: £204.5bn), with record half year net lending of £6.3bn (H1 2023/24: £0.5bn). Market share of balances increased to 12.6% (4 April 2024: 12.3%). · Member deposit balances increased by £8.3bn (H1 2023/24: £4.2bn) to £201.7bn (4 April 2024: £193.4bn). This was a record increase for a first half year. Deposit market share was 9.6% (4 April 2024: 9.5%). · Continued growth in current account volumes, and a market share of 9.7%1(February 2024: 9.7%). Leading customer service, giving customers a choice in how they bank with us · First for customer satisfaction among our peer group for over 12 years, with a lead of 6.8%pts2 (March 2024: lead of 5.5%pts). · We continue to have the largest single-brand branch network in the UK, supported by our Branch Promise - everywhere we have a branch, we promise to still be there until at least the start of 2028. · More than 35% of our new current accounts were opened in branches this half year. Mutual model delivers record value to our members · Member financial benefit increased to £950m (H1 2023/24: £885m), from pricing and incentives that were better than the market average. · Distributed £385m through our Nationwide Fairer Share Payments to 3.85m eligible members in June 2024. · On average, interest rates on deposits were 30% higher than the market average, largely driven by our savings rates. 1CACI's Current Account and Savings Database, Stock (August 2024). 2Lead at September 2024: 6.8%pts, March 2024: 5.5%pts. © Ipsos 2024, Financial Research Survey (FRS), for the 12 months ending 31 March 2013 to 12 months ending 30 September 2024. Results based on a sample of around 47,000 adults (aged 16+). The survey contacts around 51,000 adults (aged 16+) a year in total across Great Britain. Interviews were face to face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of extremely satisfied and very satisfied customers minus the percentage of customers who were extremely or very or fairly dissatisfied across those customers with a main current account, mortgage or savings. Those in our peer group are Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, those in our peer group were Barclays, Halifax, HSBC, Lloyds Bank (Lloyds TSB prior to April 2015), NatWest and Santander. Robust financial performance and balance sheet strength · Underlying profit before tax decreased to £959m (H1 2023/24: £1,262m) and statutory profit before tax was £568m (H1 2023/24: £989m), primarily due to the profile of interest rates over the period and our choice to offer competitive rates. · Total underlying income of £2,129m (H1 2023/24: £2,449m). Net interest margin of 1.50% (H1 2023/24: 1.66%), higher than H2 2023/24 net interest margin of 1.46%. · Credit impairment charges of £7m (H1 2023/24: £54m), reflecting the resilience of our lending. · Underlying costs of £1,154m (H1 2023/24: £1,115m). · CET1 ratio of 28.4% (4 April 2024: 27.1%) and leverage ratio of 6.7% (4 April 2024: 6.5%). Making a meaningful impact across society · Helped 53,000 (H1 2023/24: 31,000) first time buyers into a home of their own. · Continued to commit 1% of pre-tax profits to good causes each year3, which for 2024/25 includes committing £9m to our three new charity partners, Centrepoint, Action for Children and Dementia UK, under our new Fairer Futures social impact strategy. Acquisition of Virgin Money UK plc on 1 October 2024 Gain on acquisition of £2.3bn, resulting from a net asset value well in excess of the £2.8bn acquisition price. · Peer-leading combined group CET1 ratio of 19.6% and combined group leverage ratio of 5.4% at 1 October 2024, both comfortably above regulatory minimums. · A unique opportunity, underpinned by an exceptionally strong business case. Positioning us to become the UK's first full-service mutual banking provider. · Acquisition broadens our product range to include business banking, which we intend to offer to more customers over time. · This will diversify our funding and strengthen us financially, enabling us to deliver even greater value for our customers, including through our Branch Promise, focus on customer service, and competitive deposit and lending rates. Delivering scale and connecting us with one in three people in the UK. · Now the UK's second largest provider of mortgages4 and retail deposits, with total assets of over £370 billion. · Combined, we have £1 in every £6 of mortgage balances and hold £1 in every £8 of retail deposits in the UK. · Now have an extensive network of 696 branches across the UK. A long-term, measured and fully funded approach to integration. · Acquired a profitable business so can take a longer-term approach to managing the Virgin Money business, with gradual integration following an initial 18-month strategic review. · Gain on acquisition expected to provide significant headroom to cover costs associated with integration, investment in customer service and delivery of value under our mutual model. · Future profits generated by Virgin Money will be fully retained within the Group, and available for investing in improving services and value for our customers, rather than being paid to shareholders. The results for the period ended 30 September 2024 do not include the impacts of the Virgin Money acquisition. Further information is included in note 17 to the condensed consolidated interim financial statements, on page 89. 3The 1% is calculated based on average pre-tax profits over the previous three years. 4UK Finance 2023 balance database published on 31 July 2024 (latest available data). Strategy update More rewarding relationships: We will create deeper, lifelong relationships with our customers, that provide the best value in banking. We delivered £950 million of member financial benefit, from pricing and incentives that were better than the market average, largely driven by our savings rates. In addition, we distributed £385 million through the Nationwide Fairer Share Payment in June 2024. Over the half year, we supported a record 39,000 (H1 2023/24: 14,700) students with our competitive FlexStudent current account, more than double that of the previous period. We continue to focus on supporting first time buyers, and in September 2024, we extended our Helping Hand mortgage to enable them to borrow six times their income, up to 33% more than through standard mortgages. We also increased the maximum loan to value available for purchasing a new-build house, from 85% to 90%. Simply brilliant service: We will provide value beyond rates, with distinctive, personalised service our customers can trust, at
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GAL

RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2024

Galantas Gold Corporation

Galantas Gold Corporation released its financial results for the quarter ended September 30, 2024, reporting nil revenue for the quarter, similar to the same period in 2023. The companys net loss for the quarter was $740,629, a decrease from the $1,313,355 loss in the third quarter of 2023. The companys cash balance as of September 30, 2024, was $383,011, compared to $609,047 at the end of the third quarter in 2023. The companys working capital deficit increased slightly to $14,098,845. The companys underground operations maintained a zero lost-time accident rate, and environmental monitoring showed a high level of regulatory compliance. The companys financial position and results were summarized, and the qualified persons for the financial and production components were noted. The special note regarding forward-looking statements was presented, highlighting the risks and uncertainties associated with the companys projections. The companys condensed interim consolidated financial statements for the three and nine months ended September 30, 2024, were provided, along with detailed notes. The companys going concern status and nature of operations were described, and the basis of preparation for the financial statements was outlined. Details on accounts receivable, prepaid expenses, inventories, property, plant and equipment, exploration and evaluation assets, decommissioning liability, accounts payable, financing facilities, convertible debentures, share capital, reserves, stock options, net loss per common share, revenues, and related-party disclosures were included. The segment disclosure and a note on the aggregates levy dispute contingency were also provided.
Financial ItemQ3 2024Q3 2023Change
Revenue$0$0$0
Cost and expenses of operations$22,283$24,728$-2,445
Loss before the undernoted$22,283$24,728$-2,445
Depreciation$110,126$135,597$-25,471
General administrative expenses$1,174,156$858,600$315,556
Foreign exchange gain (loss)$26,553$294,430$-267,877
Unrealized gain on derivative fair value adjustment$592,489$0$592,489
Net (Loss) for the quarter$740,629$1,313,355$-572,726
Working Capital Deficit$14,098,845$14,010,771$88,074
Cash gain/(loss) from operating activities before changes in non-cash working capital$21,801$-1,088,096$1,109,997
Cash at September 30$383,011$609,047$-226,036
Total assets$33,335,537$32,584,019$751,518
Total liabilities$23,496,797$21,226,863$2,270,934
Equity$9,838,740$11,357,156$-1,518,416
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<mark style="background-coloryellow">TR1</mark> Buy
['Ophorst van Marwijk Kooy Vermogensbeheer N.v.', '2,928881', '3,00115']
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Tesco PLC

1. <mark style="background-coloryellow">Purchase</mark> of shares under the Tesco PLC Share Incentive Plan (the "SIP")
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Director/PDMR Shareholding

Walker Crips Group PLC

<mark style="background-coloryellow">PURCHASE</mark> OF SHARES TO GO INTO SHARE INCENTIVE PLAN (SIP)
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Half-year Report

JPMorgan European Growth & Income plc

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Interim report to 30 September 2024

Cordiant Digital Infrastructure Limited

Cordiant Digital Infrastructure Limited, a Guernsey-based investment company, released its unaudited interim results for the six months ended September 30, 2024. The company reported strong financial performance, with a total return of 5.4% on ex-dividend opening NAV, <mark style="background-color:yellow">ahead</mark> of its 9% annual target. The net asset value per share rose to 124.4p, driven by portfolio company EBITDA growth and a small reduction in the weighted average discount rate. The companys profit for the period was 5.4% of the opening ex-dividend NAV, with a share price total return of 38.9%. Cordiant Digital Infrastructures financial position remains strong, with available liquidity of £243.8 million, including cash and undrawn loan facilities. The companys dividend policy remains progressive, with a 4.2p per share target for the year, and it has maintained a disciplined approach to capital allocation.
YearRevenueEBITDAProfitDebt
2024£160.8 million£77.4 million5.4%£653.3 million
2023N/AN/A9.4%N/A
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Interim Financial Report to 30 September 2024

37PN

Half-year/Interim Report
Compare financials and debt year on year and return as table code for following text Go to News Explorer RNS Half-year/Interim Report Share INTERIM FINANCIAL REPORT TO 30 SEPTEMBER 2024 VIRGIN MONEY UK PLC Released 07:00:07 27 November 2024 RNS Number : 7639N Virgin Money UK PLC 27 November 2024 BASIS OF PRESENTATION Virgin Money UK PLC ('Virgin Money', 'VMUK' or 'the Company'), together with its subsidiary undertakings (which together comprise the 'Group'), operate under the Clydesdale Bank, Yorkshire Bank and Virgin Money brands. Following the acquisition of the Group by Nationwide Building Society (Nationwide), the financial year end of the Company was changed from 30 September to 31 March in order to align to Nationwide's financial year end. This release therefore covers the interim results of the Group for the 6 months ended 30 September 2024 and the Group's next Annual Report and Accounts will cover the 18-month period ending 31 March 2025. Unless otherwise stated, income statement commentaries throughout this document compare the 12 months ended 30 September 2024 to the 12 months ended 30 September 2023 and the balance sheet analysis compares the Group balance sheet as at 30 September 2024 to the Group balance sheet as at 30 September 2023. The Interim Financial Report is unaudited and the independent review report is included on page 56. Statutory basis: Statutory information is set out within the interim condensed consolidated financial statements. Excluding notable items basis: Management exclude certain items from the Group's statutory position to arrive at an 'excluding notable items' basis. The exclusion of notable items aims to remove the impact of one-offs and other volatile items which may distort period-on-period comparisons. Rationale for the notable items is shown on page 87. This basis is classed as an alternative performance measure, see below. In the Group's 2023 Annual Report and Accounts, items adjusted from the Group's statutory position resulted in an 'underlying basis' of performance. Since then, the Group has not presented results on an underlying basis, moving instead to a statutory presentation of its income statement, whilst still providing details of notable items of income and expenditure. Comparative periods have not been restated as the 'excluding notable items basis' is directly comparable to the previously disclosed 'underlying basis'. Further information on this change is shown on page 87. Alternative performance measures (APMs): the key performance indicators (KPIs) and performance metrics used in monitoring the Group's performance and reflected throughout this report fall into two categories: financial and non-financial, and are detailed at 'Measuring the Group's performance' on pages 372 to 380 of the Group's 2023 Annual Report and Accounts. APMs are closely scrutinised to ensure that they provide genuine insights into the Group's progress; however, statutory measures are the key determinant of dividend paying capability. Certain figures contained in this document, including financial information, may have been subject to rounding adjustments and foreign exchange conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given. FORWARD-LOOKING STATEMENTS This document and any other written or oral material discussed or distributed in connection with the results (the 'Information') may include forward-looking statements, which are based on assumptions, expectations, valuations, targets, estimates, forecasts and projections about future events. These can be identified by the use of words such as 'expects', 'aims', 'targets', 'seeks', 'anticipates', 'plans', 'intends', 'prospects', 'outlooks', 'projects', 'forecasts', 'believes', 'estimates', 'potential', 'possible', and similar words or phrases. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and its securities, investments and the environment in which it operates, including, among other things, the development of its business and strategy, any acquisitions, combinations, disposals or other corporate activity undertaken by the Group, trends in its operating industry, changes to customer behaviours and covenant, macroeconomic and/or geopolitical factors, changes to its Board and/or employee composition, exposures to terrorist activity, IT system failures, cyber-crime, fraud and pension scheme liabilities, risks relating to environmental matters such as climate change including the Group's ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, changes to law and/or the policies and practices of the Bank of England (BoE), the Financial Conduct Authority (FCA) and/or other regulatory and governmental bodies, inflation, deflation, interest rates, exchange rates, tax and national insurance rates, changes in the liquidity, capital, funding and/or asset position and/or credit ratings of the Group, future capital expenditures and acquisitions, the repercussions of the UK's exit from the European Union (EU) (including any change to the UK's currency and the terms of any trade agreements (or lack thereof) between the UK and the EU), Eurozone instability, the repercussions of Russia's invasion of Ukraine, the conflict in the Middle East and any UK or global cost of living crisis or recession. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. Forward-looking statements involve inherent risks and uncertainties and should be viewed as hypothetical. Other events not taken into account may occur and may significantly affect the analysis of the forward-looking statements. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates (each a 'VMUK Party') gives any representation, warranty or assurance that any such projections or estimates will be realised, or that actual results or other results will not be materially lower than those set out in the Information. No representation or warranty is made that any forward-looking statement will come to pass. Whilst every effort has been made to ensure the accuracy of the Information, no VMUK Party takes any responsibility for the Information or to update or revise it. They will not be liable for any loss or damages incurred through the reliance on or use of it. The Information is subject to change. No representation or warranty, express or implied, as to the truth, fullness, fairness, merchantability, accuracy, sufficiency or completeness of the Information is given. Certain industry, market and competitive position data contained in the Information comes from official or third party sources. There is no guarantee of the accuracy or completeness of such data. While the Group reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, no member of the Group or their respective directors, officers, employees, agents, advisers or affiliates have independently verified the data. In addition, certain industry, market and competitive position data contained in the Information comes from the Group's own internal research and estimates based on the knowledge and experience of the Group's management in the markets in which the Group operates. While the Group reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness, and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in the Information. The Information does not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. The distribution of the Information in certain jurisdictions may be restricted by law. Recipients are required to inform themselves about and to observe any such restrictions. No liability to any person is accepted in relation to the distribution or possession of the Information in any jurisdiction. No statement in the Information is intended as a profit forecast, profit estimate or quantified benefit statement for any period and no statement in the Information should be interpreted to mean that earnings per share for the Company for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share (EPS) for the Company or the Group. Interim financial report For the six months ended 30 September 2024 Contents Virgin Money UK PLC Interim results for the six months ended 30 September 2024 1 Business and financial review 2 Risk management 14 Risk overview 15 Credit risk 17 Financial risk 43 Statement of Directors' responsibilities 55 Independent review report to Virgin Money UK PLC 56 Financial statements 57 Interim condensed consolidated income statement 57 Interim condensed consolidated statement of comprehensive income 58 Interim condensed consolidated balance sheet 59 Interim condensed consolidated statement of changes in equity 60 Interim condensed consolidated statement of cash flows 61 Notes to the interim condensed consolidated financial statements 62 Additional information 83 Virgin Money UK PLC Interim results for the 6 months ended 30 September 2024 Summary financials 12 months to 30 Sep 2024 12 months to 30 Sep 2023 Change 6 months to 30 Sep 2024 6 months to 30 Sep 2023 Change £m £m % £m £m % Net interest income (excluding notable items) 1,778 1,716 4 910 861 6 Non-interest income (OOI) (excluding notable items) 146 157 (7) 74 79 (6) Total operating income (excluding notable items) 1,924 1,873 3 984 940 5 Notable items in income(1) (3) (46) (93) 14 (27) n/a Statutory total operating income 1,921 1,827 5 998 913 9 Operating and administrative expenses (excluding notable items) (1,028) (971) 6 (526) (494) 6 Notable items in expenses(1) (158) (202) (22) (109) (145) (25) Statutory operating and administrative expenses (1,186) (1,173) 1 (635) (639) (1) Statutory operating profit before impairment losses 735 654 12 363 274 32 Impairment losses on credit exposures (177) (309) (43) (84) (165) (49) Statutory profit on ordinary activities before tax 558 345 62 279 109 156 Performance metrics(2) Total customer lending 71,296 72,754 (2.0)% 71,296 72,754 (2.0)% Net interest margin (NIM) 1.98% 1.91% 7bps 2.01% 1.91% 10bps Return on tangible equity (RoTE) 6.7% 3.9% 2.8%pts 4.3% 1.6% 2.7% Cost: income ratio 61.7% 64.2% (2.5)%pts 63.6% 70.0% (6.4)%pts Adjusted cost: income ratio(3) 53.0% 51.9%
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Reports 06:01
NBS

Half-year Report

Nationwide Building Society

Nationwide Building Society
Interim Results
for the period ended 30 September 2024
Contents
Page
Chief Executives review
4
Performance summary
7
Financial review
8
Risk report
15
Condensed consolidated interim financial statements
62
Notes to the condensed consolidated interim financial statements
68
Responsibility statement
92
Independent review report to Nationwide Building Society
93
Other information
95
Contacts
95
Introduction
Unless otherwise stated, the income statement analysis compares the period from 5 April 2024 to 30 September 2024 to the corresponding six months of 2023 and balance sheet analysis compares the position at 30 September 2024 to the position at 4 April 2024.
Underlying profit
Profit before tax shown on a statutory and underlying basis is set out on page 9. The purpose of the underlying profit measure is to reflect managements view of the Groups underlying performance and to assist with like-for-like comparisons of performance across periods. Underlying profit is not designed to measure sustainable levels of profitability as that potentially requires exclusion of non-recurring items even though they are closely related to (or even a direct consequence of) the Groups core business activities.
Forward-looking statements
Certain statements in this document are forward-looking with respect to plans, goals and expectations relating to the future financial position, business performance and results of the Group. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, the Group can give no assurance that these expectations will prove to be an accurate reflection of actual results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Group including, amongst other things, UK domestic and global economic and business conditions, market-related risks such as fluctuation in interest rates and exchange rates, inflation/deflation, the impact of competition, changes in customer preferences, risks concerning borrower credit quality, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations involving the Society and/or within relevant industries, risks relating to sustainability and climate change, the policies and actions of regulatory authorities and the impact of tax or other legislation and other regulations in the jurisdictions in which the Group operates. The economic outlook remains uncertain and, as a result, the Groups actual future financial condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. Due to such risks and uncertainties, the Group cautions readers not to place undue reliance on such forward-looking statements.
The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.
This document is not intended to, and does not constitute, represent or form part of any offer invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No securities are being offered to the public by means of this document. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the Group and will contain detailed information about the Group and its management, as well as its financial statements.
Chief Executives review
Record growth and value to members
Debbie CrosbieChief ExecutiveNationwide Building Societysaid
"Nationwide delivered record first half growth in both mortgages and deposits, and record member value. Over the past 18 months, our mutual model has enabled us to provide over £3.5 billion in member value, including £729 million through the Nationwide Fairer Share Payment.
"Following our acquisition of Virgin Money on 1 October, weve recorded a gain of £2.3bn, as the value of net assets acquired is well above the price we paid. This gain provides significant headroom to cover our investment in integration, as well as in service and value.
"Future profits generated by Virgin Money can now be used for the benefit of customers, rather than being paid to external shareholders."
Business and trading highlights for the period ended 30 September 2024
Record first half year growth in mortgages and deposits
· Mortgage balances of £210.8bn (4 April 2024: £204.5bn), with record half year net lending of £6.3bn (H1 2023/24: £0.5bn). Market share of balances increased to 12.6% (4 April 2024: 12.3%).
· Member deposit balances increased by £8.3bn (H1 2023/24: £4.2bn) to £201.7bn (4 April 2024: £193.4bn). This was a record increase for a first half year. Deposit market share was 9.6% (4 April 2024: 9.5%).
· Continued growth in current account volumes, and a market share of 9.7%1(February 2024: 9.7%).
Leading customer service, giving customers a choice in how they bank with us
· First for customer satisfaction among our peer group for over 12 years, with a lead of 6.8%pts2 (March 2024: lead of 5.5%pts).
· We continue to have the largest single-brand branch network in the UK, supported by our Branch Promise - everywhere we have a branch, we promise to still be there until at least the start of 2028.
· More than 35% of our new current accounts were opened in branches this half year.
Mutual model delivers record value to our members
· Member financial benefit increased to £950m (H1 2023/24: £885m), from pricing and incentives that were better than the market average.
· Distributed £385m through our Nationwide Fairer Share Payments to 3.85m eligible members in June 2024.
· On average, interest rates on deposits were 30% higher than the market average, largely driven by our savings rates.
1CACIs Current Account and Savings Database, Stock (August 2024).
2Lead at September 20246.8%pts, March 2024: 5.5%pts. © Ipsos 2024, Financial Research Survey (FRS), for the 12 months ending 31 March 2013 to 12 months ending 30 September 2024. Results based on a sample of around 47,000 adults (aged 16+). The survey contacts around 51,000 adults (aged 16+) a year in total across Great Britain. Interviews were face to face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of extremely satisfied and very satisfied customers minus the percentage of customers who were extremely or very or fairly dissatisfied across those customers with a main current account, mortgage or savings. Those in our peer group are Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, those in our peer group were Barclays, Halifax, HSBC, Lloyds Bank (Lloyds TSB prior to April 2015), NatWest and Santander.
Robust financial performance and balance sheet strength
· Underlying profit before tax decreased to £959m (H1 2023/24: £1,262m) and statutory profit before tax was £568m (H1 2023/24: £989m), primarily due to the profile of interest rates over the period and our choice to offer competitive rates.
· Total underlying income of £2,129m (H1 2023/24: £2,449m). Net interest margin of 1.50% (H1 2023/24: 1.66%), higher than H2 2023/24 net interest margin of 1.46%.
· Credit impairment charges of £7m (H1 2023/24: £54m), reflecting the resilience of our lending.
· Underlying costs of £1154m (H1 2023/24: £1115m).
· CET1 ratio of 28.4% (4 April 202427.1%) and leverage ratio of 6.7% (4 April 2024: 6.5%).
Making a meaningful impact across society
· Helped 53,000 (H1 2023/2431,000) first time buyers into a home of their own.
· Continued to commit 1% of pre-tax profits to good causes each year3, which for 2024/25 includes committing £9m to our three new charity partners, Centrepoint, Action for Children and Dementia UK, under our new Fairer Futures social impact strategy.
Acquisition of Virgin Money UK plc on 1 October 2024
Gain on acquisition of £2.3bn, resulting from a net asset value well in excess of the £2.8bn acquisition price.
· Peer-leading combined group CET1 ratio of 19.6% and combined group leverage ratio of 5.4% at 1 October 2024, both comfortably above regulatory minimums.
· A unique opportunity, underpinned by an exceptionally strong business case.
Positioning us to become the UKs first full-service mutual banking provider.
· Acquisition broadens our product range to include business banking, which we intend to offer to more customers over time.
· This will diversify our funding and strengthen us financially, enabling us to deliver even greater value for our customers, including through our Branch Promise, focus on customer service, and competitive deposit and lending rates.
Delivering scale and connecting us with one in three people in the UK.
· Now the UKs second largest provider of mortgages4 and retail deposits, with total assets of over £370 billion.
· Combined, we have £1 in every £6 of mortgage balances and hold £1 in every £8 of retail deposits in the UK.
· Now have an extensive network of 696 branches across the UK.
A long-term, measured and fully funded approach to integration.
· Acquired a profitable business so can take a longer-term approach to managing the Virgin Money business, with gradual integration following an initial 18-month strategic review.
· Gain on acquisition expected to provide significant headroom to cover costs associated with integration, investment in customer service and delivery of value under our mutual model.
· Future profits generated by Virgin Money will be fully retained within the Group, and available for investing in improving services and value for our customers, rather than being paid to shareholders.
The results for the period ended 30 September 2024 do not include the impacts of the Virgin Money acquisition. Further information is included in note 17 to the condensed consolidated interim financial statements, on page 89.
3The 1% is calculated based on average pre-tax profits over the previous three years.
4UK Finance 2023 balance database published on 31 July 2024 (latest available data).
Strategy update
More rewarding relationshipsWe will create deeper, lifelong relationships with our customers, that provide the best value in banking.
We delivered £950 million of member financial benefit, from pricing and incentives that were better than the market average, largely driven by our savings rates. In addition, we distributed £385 million through the Nationwide Fairer Share Payment in June 2024. Over the half year, we supported a record 39,000 (H1 2023/24: 14,700) students with our competitive FlexStudent current account, more than double that of the previous period. We continue to focus on supporting first time buyers, and in September 2024, we extended our Helping Hand mortgage to enable them to borrow six times their income, up to 33% more than through standard mortgages. We also increased the maximum loan to value available for purchasing a new-build house, from 85% to 90%.
Simply brilliant serviceWe will provide value beyond rates, with distinctive, personalised service our customers can trust, at every touchpoint.
We have the largest single-brand branch network in the UK, supported by our Branch Promise5. More than 35% of our new current accounts were opened in branches this half year, demonstrating the value of our branch network to customers. Our branches provide customers with choice in the way they can interact with us, alongside our digital channels, telephones, 24/7 online chat and dedicated cost-of-living helpline. We added further functionality to our new banking app, that launched in March 2024.
Beacon for mutual goodWe want to have a meaningful impact on our customers, colleagues, communities and society, by driving fairer banking practices and positive change.
We launched our new Fairer Futures social impact strategy, helping to tackle three of the biggest issues we see in society today - youth homelessness, families living in poverty and people living with dementia. We are headline partner to three key charities: Centrepoint, Action for Children, and Dementia UK, who will help us make a meaningful difference across these important causes. As part of this, we are rolling out dementia clinics in 200 of our branches.
Continuous improvementWe will be focused, fit and fast, and simplify our processes and ways of working to deliver for the benefit of our customers, while retaining resilient controls that protect our customers and their money.
We continue to drive greater efficiency across our operations and improve our customer experiences. We are enabling faster mortgage offers for customers through our new automated income verification and valuation tools, and we continue to streamline our mortgage advice service, reducing interview times for customers whilst still ensuring appropriate products and good outcomes.
Looking forward
The economic outlook remains uncertain, and the interest rate outlook means we expect to have passed peak profitability. However, lower interest rates and resilience in real earnings are supporting consumer finances which, if maintained, should support a strengthening in housing market activity and overall deposit growth. The credit quality of our lending portfolios remains strong, and our capital resources are robust.
Following the acquisition of Virgin Money, we will use our ongoing financial strength to deliver even greater value to Nationwide and Virgin Money customers, through competitive rates, focus on customer service, and our unique Branch Promise.
Debbie Crosbie
Chief Executive
5 All our 605 Nationwide branches will remain open until at least 1 January 2028. There may be exceptional circumstances outside of our control that mean we have to close a branch. But we will only do this if we do not have another workable option. We have now extended our Branch Promise to include Virgin Moneys 91 branches, following the acquisition on 1 October 2024.
Performance summary
Half year to
30 September 2024
Half year to
30 September 2023
30 September
4 April
2024
2024
Balance sheet
£bn
%
£bn
%
Financial performance
£m
£m
Total assets
282.4
271.9
Total underlying income
2129
2449
Loans and advances to customers
220.0
213.4
Underlying administrative expenses
1154
1115
Mortgage balances/market share (note iv)
210.8
12.6
204.5
12.3
Underlying profit before tax (note i)
959
1262
Member deposits/market share (note ii)
201.7
9.6
193.4
9.5
Statutory profit before tax
568
989
Asset quality
%
%
Mortgage Lending
£bn
%
£bn
%
Residential mortgages
Group residential - gross/market share
17.6
14.1
12.1
10.5
Proportion of residential mortgage accounts 3 months+ in arrears
0.42
0.41
Group residential - net
6.3
0.5
Average loan to value of new residential mortgages (by value)
73
71
Average indexed loan to value (by value)
55
55
Deposit balance movement
£bn
Nationwide Building Society Interim Results for the period ended 30 September 2024 Contents Page Chief Executive's review 4 Performance summary 7 Financial review 8 Risk report 15 Condensed consolidated interim financial statements 62 Notes to the condensed consolidated interim financial statements 68 Responsibility statement 92 Independent review report to Nationwide Building Society 93 Other information 95 Contacts 95 Introduction Unless otherwise stated, the income statement analysis compares the period from 5 April 2024 to 30 September 2024 to the corresponding six months of 2023 and balance sheet analysis compares the position at 30 September 2024 to the position at 4 April 2024. Underlying profit Profit before tax shown on a statutory and underlying basis is set out on page 9. The purpose of the underlying profit measure is to reflect management's view of the Group's underlying performance and to assist with like-for-like comparisons of performance across periods. Underlying profit is not designed to measure sustainable levels of profitability as that potentially requires exclusion of non-recurring items even though they are closely related to (or even a direct consequence of) the Group's core business activities. Forward-looking statements Certain statements in this document are forward-looking with respect to plans, goals and expectations relating to the future financial position, business performance and results of the Group. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, the Group can give no assurance that these expectations will prove to be an accurate reflection of actual results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Group including, amongst other things, UK domestic and global economic and business conditions, market-related risks such as fluctuation in interest rates and exchange rates, inflation/deflation, the impact of competition, changes in customer preferences, risks concerning borrower credit quality, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations involving the Society and/or within relevant industries, risks relating to sustainability and climate change, the policies and actions of regulatory authorities and the impact of tax or other legislation and other regulations in the jurisdictions in which the Group operates. The economic outlook remains uncertain and, as a result, the Group's actual future financial condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. Due to such risks and uncertainties, the Group cautions readers not to place undue reliance on such forward-looking statements. The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. This document is not intended to, and does not constitute, represent or form part of any offer invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No securities are being offered to the public by means of this document. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the Group and will contain detailed information about the Group and its management, as well as its financial statements. Chief Executive's review Record growth and value to members Debbie Crosbie, Chief Executive, Nationwide Building Society, said: "Nationwide delivered record first half growth in both mortgages and deposits, and record member value. Over the past 18 months, our mutual model has enabled us to provide over £3.5 billion in member value, including £729 million through the Nationwide Fairer Share Payment. "Following our acquisition of Virgin Money on 1 October, we've recorded a gain of £2.3bn, as the value of net assets acquired is well above the price we paid. This gain provides significant headroom to cover our investment in integration, as well as in service and value. "Future profits generated by Virgin Money can now be used for the benefit of customers, rather than being paid to external shareholders." Business and trading highlights for the period ended 30 September 2024 Record first half year growth in mortgages and deposits · Mortgage balances of £210.8bn (4 April 2024: £204.5bn), with record half year net lending of £6.3bn (H1 2023/24: £0.5bn). Market share of balances increased to 12.6% (4 April 2024: 12.3%). · Member deposit balances increased by £8.3bn (H1 2023/24: £4.2bn) to £201.7bn (4 April 2024: £193.4bn). This was a record increase for a first half year. Deposit market share was 9.6% (4 April 2024: 9.5%). · Continued growth in current account volumes, and a market share of 9.7%1(February 2024: 9.7%). Leading customer service, giving customers a choice in how they bank with us · First for customer satisfaction among our peer group for over 12 years, with a lead of 6.8%pts2 (March 2024: lead of 5.5%pts). · We continue to have the largest single-brand branch network in the UK, supported by our Branch Promise - everywhere we have a branch, we promise to still be there until at least the start of 2028. · More than 35% of our new current accounts were opened in branches this half year. Mutual model delivers record value to our members · Member financial benefit increased to £950m (H1 2023/24: £885m), from pricing and incentives that were better than the market average. · Distributed £385m through our Nationwide Fairer Share Payments to 3.85m eligible members in June 2024. · On average, interest rates on deposits were 30% higher than the market average, largely driven by our savings rates. 1CACI's Current Account and Savings Database, Stock (August 2024). 2Lead at September 2024: 6.8%pts, March 2024: 5.5%pts. © Ipsos 2024, Financial Research Survey (FRS), for the 12 months ending 31 March 2013 to 12 months ending 30 September 2024. Results based on a sample of around 47,000 adults (aged 16+). The survey contacts around 51,000 adults (aged 16+) a year in total across Great Britain. Interviews were face to face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of extremely satisfied and very satisfied customers minus the percentage of customers who were extremely or very or fairly dissatisfied across those customers with a main current account, mortgage or savings. Those in our peer group are Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, those in our peer group were Barclays, Halifax, HSBC, Lloyds Bank (Lloyds TSB prior to April 2015), NatWest and Santander. Robust financial performance and balance sheet strength · Underlying profit before tax decreased to £959m (H1 2023/24: £1,262m) and statutory profit before tax was £568m (H1 2023/24: £989m), primarily due to the profile of interest rates over the period and our choice to offer competitive rates. · Total underlying income of £2,129m (H1 2023/24: £2,449m). Net interest margin of 1.50% (H1 2023/24: 1.66%), higher than H2 2023/24 net interest margin of 1.46%. · Credit impairment charges of £7m (H1 2023/24: £54m), reflecting the resilience of our lending. · Underlying costs of £1,154m (H1 2023/24: £1,115m). · CET1 ratio of 28.4% (4 April 2024: 27.1%) and leverage ratio of 6.7% (4 April 2024: 6.5%). Making a meaningful impact across society · Helped 53,000 (H1 2023/24: 31,000) first time buyers into a home of their own. · Continued to commit 1% of pre-tax profits to good causes each year3, which for 2024/25 includes committing £9m to our three new charity partners, Centrepoint, Action for Children and Dementia UK, under our new Fairer Futures social impact strategy. Acquisition of Virgin Money UK plc on 1 October 2024 Gain on acquisition of £2.3bn, resulting from a net asset value well in excess of the £2.8bn acquisition price. · Peer-leading combined group CET1 ratio of 19.6% and combined group leverage ratio of 5.4% at 1 October 2024, both comfortably above regulatory minimums. · A unique opportunity, underpinned by an exceptionally strong business case. Positioning us to become the UK's first full-service mutual banking provider. · Acquisition broadens our product range to include business banking, which we intend to offer to more customers over time. · This will diversify our funding and strengthen us financially, enabling us to deliver even greater value for our customers, including through our Branch Promise, focus on customer service, and competitive deposit and lending rates. Delivering scale and connecting us with one in three people in the UK. · Now the UK's second largest provider of mortgages4 and retail deposits, with total assets of over £370 billion. · Combined, we have £1 in every £6 of mortgage balances and hold £1 in every £8 of retail deposits in the UK. · Now have an extensive network of 696 branches across the UK. A long-term, measured and fully funded approach to integration. · Acquired a profitable business so can take a longer-term approach to managing the Virgin Money business, with gradual integration following an initial 18-month strategic review. · Gain on acquisition expected to provide significant headroom to cover costs associated with integration, investment in customer service and delivery of value under our mutual model. · Future profits generated by Virgin Money will be fully retained within the Group, and available for investing in improving services and value for our customers, rather than being paid to shareholders. The results for the period ended 30 September 2024 do not include the impacts of the Virgin Money acquisition. Further information is included in note 17 to the condensed consolidated interim financial statements, on page 89. 3The 1% is calculated based on average pre-tax profits over the previous three years. 4UK Finance 2023 balance database published on 31 July 2024 (latest available data). Strategy update More rewarding relationships: We will create deeper, lifelong relationships with our customers, that provide the best value in banking. We delivered £950 million of member financial benefit, from pricing and incentives that were better than the market average, largely driven by our savings rates. In addition, we distributed £385 million through the Nationwide Fairer Share Payment in June 2024. Over the half year, we supported a record 39,000 (H1 2023/24: 14,700) students with our competitive FlexStudent current account, more than double that of the previous period. We continue to focus on supporting first time buyers, and in September 2024, we extended our Helping Hand mortgage to enable them to borrow six times their income, up to 33% more than through standard mortgages. We also increased the maximum loan to value available for purchasing a new-build house, from 85% to 90%. Simply brilliant service: We will provide value beyond rates, with distinctive, personalised service our customers can trust, at
Results 27 news titles 27
TUNE logo
Results 06:01
TUNE

Final Results for the Year Ended 31 Aug 2024

Focusrite Plc

Focusrite, a global music and audio products group, released its final results for the year ended August 31, 2024, reporting a challenging yet opportunistic year. The company experienced a revenue decline of 11.2% due to market softness in Content Creation, but this was partially offset by strong performance in Audio Reproduction. The groups gross margin decreased by 3.0 percentage points due to increased freight costs and promotional activity. Adjusted <mark style="background-color:yellow">EBIT</mark>DA declined by 34.7%, impacted by lower sales and cost inflation. Operating profit decreased by 76.5% due to a non-cash impairment. Net debt increased by £11.2 million, primarily due to investments in product development and acquisitions. The group launched 35 new products and made 53 updates, enhancing its competitive position. The annual report and accounts for the financial year ended August 31, 2024, will be posted to shareholders by December 13 and will be available on the companys website. The final dividend is subject to shareholder approval at the AGM on January 31, 2025.
YearRevenue (£ million)Gross Margin %Adjusted EBITDA (£ million)Operating Profit (£ million)Adjusted Operating Profit (£ million)Basic EPS (p)Adjusted Diluted EPS (p)Total Dividend per Share (p)Net Debt (£ million)
2024158.544.5%25.25.716.64.518.06.6-12.5
2023178.547.5%38.624.330.430.438.46.6-1.3
EZJ logo
Results 06:01
EZJ

Results for the 12 months ending 30 September 2024

EasyJet PLC

EasyJet released its financial results for the 12 months ending September 30, 2024. The company reported a 34% increase in annual profits, achieving a profit before tax of £610 million. The strong performance was driven by increased capacity, cost discipline, and the continued success of EasyJet Holidays. The company expects to reduce winter losses and has a positive outlook for FY25, with a planned capacity increase of 3%. EasyJets CEO, Johan Lundgren, highlighted the effectiveness of the companys strategy and the popularity of its flights and holidays. The companys CFO and CEO designate, Kenton Jarvis, emphasized the positive outlook for EasyJet, with a focus on growth and delivering attractive shareholder returns.
YearRevenueProfit Before TaxProfit After TaxNet CashDebt
2024£9,309 million£610 million£452 million£181 million£2,106 million
2023£8,171 million£455 million£324 million£41 million£1,895 million
PNN logo
Results 06:01
PNN

Half Year Results 2024/25

Pennon Group Plc

Pennon Group plc (Pennon or the Group) today announces its results for the half year ended 30 September 2024.
Susan DavyGroup Chief Executive Officercommented
"Water companies are rightly being challenged to do more for customers today and invest more for the future. We are doing both. 100% of customers across the south west found their bills affordable for the first time - five years <mark style="background-color:yellow">ahead</mark> of the sector-wide pledge to eradicate water poverty. We continue to lead the way in helping customers to use less and save more with a range of money saving campaigns and pilots. Whilst thats led to lower wholesale water business revenues, its the right thing to do.
"Alongside our bill support, we are delivering record capital investment. Our supply chain amplify is up and running, delivering accelerated K8 investment to tackle the use of storm overflows. We are forecasting growth in regulatory capital of 75% over this regulatory period.
"Underpinned by solid relative operational performance, as assessed in Ofwats latest Water Company Performance Report across all parts of the Group, we have continued to deliver to all of our customers across South West Water, Bristol Water and SES. When things go wrong, as they did for customers and businesses in and around Brixham earlier this year, we put it right, with no excuses. But we know we have more to do.
"As we look ahead, we are energised following our Business Plans for SWW and SES achieving outstanding and good ratings, respectively, from Ofwat. In preparation, we are reshaping the Group and driving cost base efficiency. We are putting more resources on the front line than ever before, streamlining our support functions, with clear business lines, aligned to our four strategic priorities.
"Of course, its not what we are doing but how we do it that also matters. Our operations across the Group need a reliable and efficient power supply and we are investing to increase renewable energy provision through Pennon Power, supporting our Net Zero ambitions.
"Overall, we are well positioned for the future, with lower revenues protected by regulatory mechanisms, as we continue to focus on sustainable growth. Our financial position remains resilient to the challenges ahead, with good liquidity and a diversified debt portfolio. Our plans to restructure the business, as well as the benefits being delivered through integration of SES into our Group, will allow us to deliver efficiently as we move forward."
FINANCIAL PERFORMANCE
H1 2024/25
H1 2024/25
(excl. SES)
H1 2023/24
Underlying revenue^
£527.2m
£450.6m
£448.6m
Underlying EBITDA^
£163.5m
£150.2m
£168.5m
Underlying (loss)/profit before tax^
(£18.6m)
(£13.8m)
£9.1m
Non-underlying items before tax1
(£20.2m)
(£20.2m)
(£5.9m)
(Loss)/profit before tax - statutory
(£38.8m)
(£34.0m)
£3.2m
(Loss)/profit after tax - statutory
(£30.0m)
(£26.2m)
£1.8m
(Loss)/earnings per share
Adjusted EPS
(6.6p)
3.6p
Basic EPS
(10.6p)
0.5p
Dividend per share2
14.69p
14.04p
Capital expenditure
Group (incl. SES)
£331.8m
£266.3m
South West Water
£306.0m
£234.4m
At 30 Sept 2024
At 31 Mar 2024
Water Group
RCV3
£5916m
£5536m
Gearing4
65.0%
64.4%
SWW
Cumulative RORE (realnotional)5
6.0%
7.3%
Cumulative RORE (nominalactual6
10.8%
Financial results for H1 2024/25
· Results for H1 2024/25 in line with management expectation7
· On a like for like basis, lower revenues in South West Water (SWW) compared to H1 2023/24 driven by successful water demand customer initiatives resulting in a loss before tax on both an underlying and statutory basis, with regulatory revenue mechanisms in place to protect future recovery
· As anticipated, newly acquired Sutton and East Surrey Group (SES) incurred a loss for the period - we are focused on reducing interest costs and right sizing the cost base to improve profitability
· Profitable sector leading B2B retailers
Pennon Water Services (PWS) and Water2Business - with plans to consolidate SES Business Water
· Loss before tax for the Group increased to £38.8m reflecting the cost of interventions to return quality water supplies to Brixham (c.£16m) and the costs of restructuring to reshape the Groups activities (c.£4m)
· Capital expenditure run rate is slightly lower than H2 2023/24, but increased by £65.5m on H1 2023/24, as we invest to secure operational improvements
· Solid relative performance for the wholesale water businesses in respect of common Outcome Delivery Incentives (ODIs)
· Balance sheet for the Group is robust with Pennon Group gearing at c.68%8, and total Water Group RCV gearing of 65% (SWW gearing of 64%)
· Strong investment grade credit rating with liquidity of c.£675m in place to support continued investment
· Return on regulated equity for SWW is relatively strong, equating to 10.8% on a nominal, actual balance sheet basis, and 6.0% on a real notional WaterShare basis
· Interim dividend of 14.69p is in line with policy of CPIH +2%
Reshaping our business
· Four clear business units established focused on Water Services, Wastewater Services, Pennon Power and Retail Services, aligned with our four strategic priorities
· Reshaping the Group to drive greater efficiencies, as we grow, with improvements in processes and operational effectiveness delivered and in progress of c.£55m of annualised efficiencies in H1 2024/25 against the targeted c.£86m annualised run rate for K8. The programme is targeted to
o deliver the synergies identified through the water company acquisitions of Bristol Water in 2021 and SES in 2024
§ c.£18m delivered in H1 2024/25 in Bristol Water, and we are on track for the c.£20m targeted by the end of 2024/25
§ c.£2m delivered in H1 2024/25 in SES, with a target of c.£11m
o right size and reshape the Group to ensure we have resources focused on our priorities - bolstering front line staff by c.100, and ensuring we have a best-in-class customer service platform to serve our customers
Investment driving benefit
· SWW capital expenditure in H1 2024/25 broadly in line with the K8 run rate
delivering investments to meet our K7 commitments, support performance in our ODIs and respond to operational incidents as well as accelerate agreed K8 transitional spend and early start planning and design activities
· Investment in water resource diversification continues with the completion of the abstraction and new water treatment works at Rialton - supplementing resources in Cornwall by c.4%, bringing the cumulative resource position to 34% since 2022, with Devon benefitting from the cumulative 30% uplift in availability reported in the 2023/24 results
· Water quality investments are on track including the two new treatment works in Bournemouth - the treatment works will serve c.85% of the population of Bournemouth - with the first works on track for commissioning by the end of 2024/25
· Tackling sewer overflow spills through our WaterFit 2025 programme - preventing c.12,5000 spills with over c.350 interventions, with two thirds of our top spillers in 2023 resolved this year
· Pennon Power solar investments on track with construction underway at two sites equating to c.45% of our targeted generation with first energisation expected at the end of 2024/25
· Supporting customers with c.£110m customer benefit for K7, including innovative tariffs driving water efficiency and affordability
Strong relative sector performance
· Upper quartile performance inSWW on internal sewer flooding and water quality for water and sewerage companies
Bristol Water on customer service
SES Water on supply interruptions and water quality
· Growing and profitable non-household retail businesses - with c.15% market share, strong customer service - with Trustpilot scores for PWS and W2B of 4.8 and 5.0, respectively - alongside a doubling of business retail PBT from H1 2022/23
Underpinned by an outstanding Business Plan for K8
· SWWs Business Plan for Bournemouth, Bristol, Cornwall, Devon, and the Isles of Scilly categorised as outstanding and recognised as a leading plan in July
· Having acquired SES Water in January 2024, Ofwat has assessed their plan as standard, confirming this plan is generally good
· SWW Draft Determination reflects minimum c.30% RCV growth to 2030, with a cost of capital protected against reduction between Draft and Final Determinations, with 30bps upside potential
· SES Draft Determination reflects growth of c.11% and 5bps upside for a good standard plan
· Representations made to Ofwat in respect of risk return balance (particularly focused on ODIs), providing additional evidence for our totex investments, requesting that natural rates are applied for capital charges and the balance between our regions and priorities
· Final Determination confirmed as 19 December 2024
Well positioned for a period of significant growth
· We have a sustainable supply chain to deliver our K8 programme - over 1,000 schemes already underway, with transition expenditure of c.£75m for storm overflows we have launched our Turning the Tide storm overflow investment programme
· Strong investment grade credit ratings secured, with £2.5bn EMTN programme launched and an inaugural £400m public bond issuance. We have access to good liquidity funding through our sustainable financing framework to support our growing capital programme
Notes
All percentage movements are on a half on half basis unless otherwise stated
Results include the results of SES in the current period. SES was acquired in January 2024 and therefore the prior year comparative period excludes the impact of this acquisition
^ Measures with this symbol are defined in the Alternative Performance Measures (APM) section of this document, underlying measures are presented before non-underlying items
1 Non-underlying items are adjusted for by virtue of their size, nature or incidence to enable a full understanding of financial performance.
2 Dividend policy of CPIH+2%. The CPIH rate used is 2.6% at 30 September 2024
3 Forecast shadow RCV at 31 March 2025 based on K7 Business Plan levels of investment, Green Recovery, accelerated delivery, and transitional investment, along with regulatory true-ups and inflationary impacts and the impact of acquisitions and shadow RCV at 31 March 2024
4 Based on Water Group (SWW including Bristol Water and SES Water) - net debt at period end/forecast shadow RCV at 31 March
5 Real cumulative RORE on underlying totex, financing and ODIs with notional gearing
6 Nominal cumulative RORE based on underlying real RORE using actual gearing plus average inflation over K7 at 4.3%
7 As set out in our Trading Statement in September 2024
8 Pennon Group net debt excluding fair value adjustments/Water Group forecast shadow RCV at 31 March 2025 and effective value of the non-regulated businesses
Results presentation
A presentation of the Half Year 2024/25 results hosted by Susan Davy, Group Chief Executive Officer and Laura Flowerdew, Group Chief Financial Officer, will be available at 08:00am (GMT) today, 27 November 2024. This will be followed by a live Q&A session at 08:45am (GMT). The presentation and Q&A session can be accessed here: www.pennon-group.co.uk/investor-information
For further informationplease contact
Institutional equity investors and analysts
Louise Rowe - ComplianceESG and IR Director
01392 446 688
James Murgatroyd - FGS Global
020 7251 3801
Debt investors
Chris Tregenna - Group Treasurer
01392 446 688
Retail investors
Link Asset Services
0371 664 9234
GROUP CHIEF EXECUTIVE OFFICERS REVIEW
Overview
Water companies are rightly being challenged to do more for customers today and into the future. We are doing both, with good progress in K7, ensuring we are well positioned for the delivery of our 2025-30 (K8) Business Plan and in laying the foundations for sustainable future growth.
Our c.4,000 colleagues who live and work in the communities we support, care passionately about what we do, each day and I couldnt be more proud. Our customer and community roadshows continue to ensure we are hearing first-hand what matters most and as we fix the things they care about. From Bristol to Bournemouth, Devon, Cornwall, and the Isles of Scilly, and now Sutton and East Surrey, we continue to help customers to use less and save more with a range of money saving campaigns and pilots, leading the way.
Whilst South West Water (SWW) revenues are lower on a like for like basis due to our water efficiency initiatives, its the right thing to do and is protected by future regulatory mechanisms.
Agile group delivering for all in K7
As we are closing the K7 regulatory period we look back on a period of significant change for the Group. Our agility in delivering for all stakeholders has been a constant.
Following the sale of Viridor in 2020, as part of a highly disciplined strategic review
· we responsibly deployed capital, positioning the Group sustainably by minimising liabilities
· we have reinvested in UK Water with the acquisition of Bristol and SES at a total value of £0.6bn[9]
· we have recognised shareholder support through our K7 dividend policy of CIPH+2%.
We have made record investment in the asset base of c.£1.8bn[10] as we focus on the things that matter most. Alongside our acquisitive growth strategy this results in RCV growth of 75%[11].
We are also expanding our non-regulated business
our three retailers now having a combined market share of around 15% and our investments in Pennon Power are on track.
Customers have benefitted through our innovative first of its kind WaterShare+ scheme. Launched in 2020, this gives customers a stake and a say in our business and they have also shared in financial benefits.
Alongside this we have delivered solid relative sector performance with c.70% of ODIs met over the period and we have focused on supporting customers, keeping bills as low as possible through a drive for efficiency and providing tangible support to those who need it most achieving 100% affordability for the first time.
Reshaping our business to align with our four strategic priorities
To support the delivery of our outstanding and good rated Business Plans for SWW and SES we are reshaping the Group. We are putting more resources on the front line than ever before, with clear business lines, aligned to our four strategic priorities.
With Managing Directors in place for Water Services, Wastewater Services, Pennon Power and Retail Services, we have also commenced a Group-wide reshaping programme ensuring we have the right resources and capabilities, with more resources on the front line, supported by expert and streamlined corporate functions. Our supply chain partnership amplify has already been stood up and is on track to deliver £75m of accelerated investment to kick start our plans to reduce storm overflows.
At September 2024, our transformation and restructuring programmes have delivered, or are in progress to deliver, c.£35m of annualised savings. This is in addition to the synergies delivered through our acquisitions of Bristol Water and SES Water where we have delivered synergies of c.£18m and c.£2m, respectively, and are on track to achieve the savings we set ourselves at acquisition. This is a step towards our targeted annualised savings of c.£86m in K8.
Investment driving benefits
With over £300m of capital investment in SWW in the first half of 2024/25, we are investing to make sure we make good operational progress on our four priorities in the long term. We are well prepared to deliver almost double the rate of investment from K7 ending the period at the K8 run rate.
Building water resourcesimproving water quality
Our investments mean we are making good progress in providing a more resilient and diverse portfolio for water resources across Devon and Cornwall. This has been a monumental undertaking, with teams across South West Water and our supply chain partners. Blackpool pit has been fully operational since the end of March with construction completed at the new treatment works at Rialton. We have supplemented capacity in Cornwall by 4% in this half year, with 34% cumulatively achieved since 2022, alongside the 30% uplift to Devon. Overall, water resource levels are at 80% across Devon and Cornwall, and we achieved 100% supply demand balance index for the first time in the 2023/24 EPA.
There are always two sides to the coin to ensuring a sustainable supply demand balance, and reducing demand is also key to future resilience.
| Year | Revenue (£m) | Underlying EBITDA (£m) | Underlying (Loss)/Profit Before Tax (£m) | Non-underlying Items Before Tax (£m) | Loss Before Tax - Statutory (£m) | Loss After Tax - Statutory (£m) | Loss Per Share (p) | Adjusted EPS (p) | Basic EPS (p) | Dividend Per Share (£) | Capital Expenditure (£m) | RCV (£m) | Gearing (%) | SWW Cumulative RORE (real, notional) (%) | SWW Cumulative RORE (nominal, actual) (%) | |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| | 2024/25 | 527.2 | 163.5 | (18.6) | (20.2) | (38.8) | (30.0) | (10.6) | (6.6) | (0.5) | 14.69 | 331.8 | 5,916 | 65.0 | 6.0 | 10.8 | | 2023/24 | 448.6 | 168.5 | 9.1 | (5.9) | 3.2 | 1.8 | 0.5 | 3.6 | 3.2 | 14.04 | 266.3 | 5,536 | 64.4 | 7.3 | N/A |
PETS logo
Results 06:01
PETS

FY25 Interim Results

Pets at Home Group Plc

Pets at Home Group Plc has released its FY25 Interim Results for the 28-week period ending on October 10, 2024. The report highlights the companys performance in a subdued market, with a focus on its digital platform, distribution center, and store investments. The company experienced growth in its Pets Club members, total group revenue, and vet group revenue. The launch of the new digital platform has resulted in almost double app sales. The Stafford distribution center is performing well, and the company expects to unlock efficiency savings through automation in e-commerce. The companys stores remain a competitive advantage, offering unrivaled presence and expertise to pet lovers. However, the pet retail market has been unusually subdued, and the company expects this trend to continue through H2. Despite this, the company remains confident in its investments and market leadership, projecting continued outperformance. The report also includes financial highlights, current trading and outlook, and a review of the companys strategy and performance.
YearRevenueNet Operating CostsProfit Before TaxNet Debt
2024£774.2m£316.5m£34.7m£12.1m
2025£789.1m£305.4m£51.1m£(8.3)m
MAB logo
Results 06:01
MAB

Full Year Results

Mitchells & Butlers PLC

Mitchells & Butlers PLC released its full-year results for the 52 weeks ended September 28, 2024, reporting strong financial performance. The companys like-for-like sales grew by 5.3%, with an operating profit of £312 million, a 41.2% increase from the prior year. The operating margin strengthened to 12.0%, and net debt, including leases, was reduced by £197 million. The reported results for the 53-week period in 2023 showed a total revenue of £2,503 million, an operating profit of £98 million, and a loss before tax of £13 million. The adjusted operating profit for the 52-week period in 2023 was £221 million, with adjusted earnings per share of 15.6p. The companys cash inflow before bond amortization was £185 million, and it reduced its net debt to £989 million. Mitchells & Butlers PLC also reported strong performances across all market segments and completed nearly 200 investment projects, yielding strong returns. The current trading update for FY 2025 shows a strong start, with like-for-like sales growth of 4.0% in the first seven weeks.
YearRevenueOperating ProfitProfit/(Loss) Before TaxNet Debt
2024£2,610m£300m£199m£1,436m
2023£2,503m£98m£(13)m£1,633m
JMAT logo
Results 06:01
JMAT

Johnson Matthey half year results

Johnson Matthey PLC

Johnson Matthey released its half-year results for the six months ended September 30, 2024, reporting a resilient performance with underlying operating profit excluding divestments down 4%, in line with expectations, against a challenging macroeconomic backdrop. The companys transformation program is on track, with cumulative cost savings of £155 million delivered to date and on course to achieve £200 million by the end of 2024/25. Johnson Matthey maintains its full-year outlook, with performance more weighted towards the second half, driven by greater benefits from transformation and stronger performance in PGM Services. The companys net debt to <mark style="background-color:yellow">EBIT</mark>DA ratio stands at 1.4 times, reflecting a strong balance sheet. A £250 million share buyback program is underway, with £205 million completed as of November 22, 2024.
YearRevenue (£m)Operating Profit (£m)Profit Before Tax (£m)Profit After Tax (£m)Net Debt (£m)
20245,632575554484783
20236,53113682631,044
ATG logo
Results 06:01
ATG

Final Results

Auction Technology Group PLC

Auction Technology Group plc released its financial results for the year ended September 30, 2024. The company reported a 5% increase in revenue, driven by growth in Auction and Commerce revenue, and a 2% increase in organic revenue. Adjusted EBITDA increased by 2%, while the operating profit rose by 17%. The companys cash generation remained strong, resulting in significant deleveraging and a decrease in the adjusted net debt/adjusted EBITDA ratio. The company expects revenue growth of 4-6% and an adjusted EBITDA margin of 45-46% for FY25.
YearRevenueAdjusted EBITDAOperating ProfitAdjusted Net Debt
2024$174.2m$80.0m$32.4m$114.7m
2023$165.9m$78.4m$27.6m$141.2m
GAL logo
Results 06:01
GAL

RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2024

Galantas Gold Corporation

Galantas Gold Corporation released its financial results for the quarter ended September 30, 2024, reporting nil revenue for the quarter, similar to the same period in 2023. The companys net loss for the quarter was $740,629, a decrease from the $1,313,355 loss in the third quarter of 2023. The companys cash balance as of September 30, 2024, was $383,011, compared to $609,047 at the end of the third quarter in 2023. The companys working capital deficit increased slightly to $14,098,845. The companys underground operations maintained a zero lost-time accident rate, and environmental monitoring showed a high level of regulatory compliance. The companys financial position and results were summarized, and the qualified persons for the financial and production components were noted. The special note regarding forward-looking statements was presented, highlighting the risks and uncertainties associated with the companys projections. The companys condensed interim consolidated financial statements for the three and nine months ended September 30, 2024, were provided, along with detailed notes. The companys going concern status and nature of operations were described, and the basis of preparation for the financial statements was outlined. Details on accounts receivable, prepaid expenses, inventories, property, plant and equipment, exploration and evaluation assets, decommissioning liability, accounts payable, financing facilities, convertible debentures, share capital, reserves, stock options, net loss per common share, revenues, and related-party disclosures were included. The segment disclosure and a note on the aggregates levy dispute contingency were also provided.
Financial ItemQ3 2024Q3 2023Change
Revenue$0$0$0
Cost and expenses of operations$22,283$24,728$-2,445
Loss before the undernoted$22,283$24,728$-2,445
Depreciation$110,126$135,597$-25,471
General administrative expenses$1,174,156$858,600$315,556
Foreign exchange gain (loss)$26,553$294,430$-267,877
Unrealized gain on derivative fair value adjustment$592,489$0$592,489
Net (Loss) for the quarter$740,629$1,313,355$-572,726
Working Capital Deficit$14,098,845$14,010,771$88,074
Cash gain/(loss) from operating activities before changes in non-cash working capital$21,801$-1,088,096$1,109,997
Cash at September 30$383,011$609,047$-226,036
Total assets$33,335,537$32,584,019$751,518
Total liabilities$23,496,797$21,226,863$2,270,934
Equity$9,838,740$11,357,156$-1,518,416
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TR1 47 news titles 47
BOO logo
TR1 17:00
BOO

Holding(s) in Company

Boohoo.com PLC

TR1 Buy
['Ocorian Limited in its capacity as trustee of Boohoo.com Employee Benefit Trust', '3.827054', '4.713144']
SJG logo
TR1 16:37
SJG

Holding(s) in Company

Schroder Japan Growth Fund

TR1 Buy
['Allspring Global Investments Holdings.', '14.058000', '13.592000']
JEDT logo
TR1 16:02
JEDT

Holding(s) in Company

JPMorgan Euro Small Companies Trust Plc

<mark style="background-coloryellow">TR1</mark> Buy
['JPMorgan Chase & Co.', 'Below Minimum Threshold', '1.684669']
CYN logo
TR1 15:52
CYN

Holding(s) in Company

CQS Natural Resources Growth and Income plc

TR1 Buy
['JPMorgan Chase & Co.', '6.436949', 0]
RMMC logo
TR1 15:47
RMMC

Holding(s) in Company

River and Mercantile UK Micro Cap Investment Company Ltd

TR1 Buy
['JPMorgan Chase & Co.', '5.998173', '6.013162']
USA logo
TR1 15:25
USA

Holding(s) in Company

Baillie Gifford US Growth Trust PLC

TR1 Buy
['Evelyn Partners Limited', '4.997600', '5.004391']
USA logo
TR1 15:23
USA

Holding(s) in Company

Baillie Gifford US Growth Trust PLC

TR1 Buy
['JPMorgan Chase & Co.', '0.000000', '3.363359']
SMDS logo
TR1 14:51
SMDS

Holding(s) in Company

DS Smith PLC

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '6.097293', '0.000000']
HOT logo
TR1 14:48
HOT

Holding(s) in Company

Henderson Opportunities Trust plc

TR1 Buy
['Saba Capital Management, L.P.', '4.933306', '4.933306']
LIO logo
TR1 14:11
LIO

Holding(s) in Company

Liontrust Asset Management

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '3.933336', '4.062161']
SHI logo
TR1 13:46
SHI

Holding(s) in Company

SIG plc

TR1 Buy
['The Wellcome Trust Limited as trustee of The Wellcome Trust', '3.237000', 0]
SPT logo
TR1 10:09
SPT

Holding(s) in Company

Spirent Communications plc

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '7.077194', '6.985713']
SRE logo
TR1 10:01
SRE

Holding(s) in Company

Sirius Real Estate Limited

TR1 Buy
['Aggregate of abrdn plc affiliated investment management entities with delegated voting rights on behalf of multiple managed portfolios', '7.648923', '7.672719']
EWI logo
TR1 09:33
EWI

Holding(s) in Company

Edinburgh Worldwide Investment Trust plc

TR1 Buy
['Bank of America Corporation', '0.000000', 0]
BBH logo
TR1 09:01
BBH

Holding(s) in Company

Bellevue Healthcare Trust PLC

TR1 Buy
['Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund', '0.000000', '0.000000']
WIZZ logo
TR1 08:45
WIZZ

Holding(s) in Company

Wizz Air Holdings PLC

TR1 Buy
['The Capital Group Companies, Inc.', '14.897542', '15.041948']
CYN logo
TR1 08:20
CYN

Holding(s) in Company

CQS Natural Resources Growth and Income plc

TR1 Buy
['Saba Capital Management, L.P.', '0.000000', '0.000000']
LIO logo
TR1 06:01
LIO

Holding(s) in Company

Liontrust Asset Management

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '4.062161', 0]
KLSO logo
TR1 06:01
KLSO

Holding(s) in Company

Kelso Group Holdings PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Ophorst van Marwijk Kooy Vermogensbeheer N.v.', '2,928881', '3,00115']
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Updates 12 news titles 12
GTLY logo
Updates 06:01
GTLY

H1 25 Trading update and notice of results

Gateley (Holdings) Plc

Here is a summary of the trading statement from Gateley (Holdings) PLC
Gateley (Holdings) PLC released a positive trading update for the first half of the fiscal year 2025 (H1 25), ending October 31, 2024. The professional services group expects revenue of at least £86.0 million, reflecting a c.5.0% increase compared to the same period in the previous year. Underlying profit before tax is anticipated to be no less than £10.5 million, representing c.5.0% growth. Gateley attributes these strong results to the diverse business lines it has invested in. The Groups balance sheet has strengthened, with a net cash position of £1.2 million at the end of H1 25, compared to a net debt position in the previous year. Activity levels, particularly transactional services, increased during the period, and fee earner utilization remains <mark style="background-color:yellow">ahead</mark> of the prior year. The Group expects to perform in line with market expectations for the full year. However, they anticipate a c£1.8 million impact on costs due to changes in National Insurance contributions in FY26, which they aim to mitigate through pricing and efficiency improvements. The full H1 25 results will be announced on January 15, 2025.
YearRevenueUnderlying Profit Before TaxNet Cash/Debt
H1 25 (2024)£86.0m£10.5mNet Cash: £1.2m
H1 24 (2023)£82.0m£10.0mNet Debt: £2.2m
FY24 (2024)N/AN/AN/A
FY23 (2023)N/AN/AN/A
Note: The table presents a comparison of Gateley (Holdings) PLC's financial performance and debt position for the first half of fiscal years 2024 and 2023, along with the expected full-year figures for 2024 and 2023. The figures are in millions (£). The revenue and underlying profit before tax show a year-on-year increase, while the company has improved its debt position, moving from net debt to net cash in H1 25.
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2024-11-27 24 picks
93 Strong Beat
EZJ
EasyJet PLC
Positive
Results for the 12 months ending 30 September 2024
EasyJet released its financial results for the 12 months ending September 30, 2024. The company reported a 34% increase in annual profits, achieving a profit before tax of £610 million. The strong performance was driven by increased capacity, cost discipline, and the continued success of EasyJet Holidays. The company expects to reduce winter losses and has a positive outlook for FY25, with a planned capacity increase of 3%. EasyJets CEO, Johan Lundgren, highlighted the effectiveness of the companys strategy and the popularity of its flights and holidays. The companys CFO and CEO designate, Kenton Jarvis, emphasized the positive outlook for EasyJet, with a focus on growth and delivering attractive shareholder returns.
EasyJet released its financial results for the 12 months ending September 30, 2024. The company reported a 34% increase in annual profits, achieving a profit before tax of £610 million. The strong performance was driven by increased capacity, cost discipline, and the continued success of EasyJet Holidays. The company expects to reduce winter losses and has a positive outlook for FY25, with a planned capacity increase of 3%. EasyJets CEO, Johan Lundgren, highlighted the effectiveness of the companys strategy and the popularity of its flights and holidays. The companys CFO and CEO designate, Kenton Jarvis, emphasized the positive outlook for EasyJet, with a focus on growth and delivering attractive shareholder returns.
YearRevenueProfit Before TaxProfit After TaxNet CashDebt
2024£9,309 million£610 million£452 million£181 million£2,106 million
2023£8,171 million£455 million£324 million£41 million£1,895 million
06:01
Open Terminal ↗ RNS Source
93 Strong Beat
PNN
Pennon Group Plc
Positive
Half Year Results 2024/25
Pennon Group plc (Pennon or the Group) today announces its results for the half year ended 30 September 2024. Susan Davy, Group Chief Executive Officer, commented: "Water companies are rightly being challenged to do more for customers today and invest more for the future. We are doing both. 100% of customers across the south west found their bills affordable for the first time - five years <mark style="background-color:yellow">ahead</mark> of the sector-wide pledge to eradicate water poverty. We continue to lead the way in helping customers to use less and save more with a range of money saving campaigns and pilots. Whilst thats led to lower wholesale water business revenues, its the right thing to do. "Alongside our bill support, we are delivering record capital investment. Our supply chain amplify is up and running, delivering accelerated K8 investment to tackle the use of storm overflows. We are forecasting growth in regulatory capital of 75% over this regulatory period. "Underpinned by solid relative operational performance, as assessed in Ofwats latest Water Company Performance Report across all parts of the Group, we have continued to deliver to all of our customers across South West Water, Bristol Water and SES. When things go wrong, as they did for customers and businesses in and around Brixham earlier this year, we put it right, with no excuses. But we know we have more to do. "As we look ahead, we are energised following our Business Plans for SWW and SES achieving outstanding and good ratings, respectively, from Ofwat. In preparation, we are reshaping the Group and driving cost base efficiency. We are putting more resources on the front line than ever before, streamlining our support functions, with clear business lines, aligned to our four strategic priorities. "Of course, its not what we are doing but how we do it that also matters. Our operations across the Group need a reliable and efficient power supply and we are investing to increase renewable energy provision through Pennon Power, supporting our Net Zero ambitions. "Overall, we are well positioned for the future, with lower revenues protected by regulatory mechanisms, as we continue to focus on sustainable growth. Our financial position remains resilient to the challenges ahead, with good liquidity and a diversified debt portfolio. Our plans to restructure the business, as well as the benefits being delivered through integration of SES into our Group, will allow us to deliver efficiently as we move forward." FINANCIAL PERFORMANCE H1 2024/25 H1 2024/25 (excl. SES) H1 2023/24 Underlying revenue^ £527.2m £450.6m £448.6m Underlying EBITDA^ £163.5m £150.2m £168.5m Underlying (loss)/profit before tax^ (£18.6m) (£13.8m) £9.1m Non-underlying items before tax1 (£20.2m) (£20.2m) (£5.9m) (Loss)/profit before tax - statutory (£38.8m) (£34.0m) £3.2m (Loss)/profit after tax - statutory (£30.0m) (£26.2m) £1.8m (Loss)/earnings per share Adjusted EPS (6.6p) 3.6p Basic EPS (10.6p) 0.5p Dividend per share2 14.69p 14.04p Capital expenditure Group (incl. SES) £331.8m £266.3m South West Water £306.0m £234.4m At 30 Sept 2024 At 31 Mar 2024 Water Group RCV3 £5,916m £5,536m Gearing4 65.0% 64.4% SWW Cumulative RORE (real, notional)5 6.0% 7.3% Cumulative RORE (nominal, actual6 10.8% Financial results for H1 2024/25 · Results for H1 2024/25 in line with management expectation7 · On a like for like basis, lower revenues in South West Water (SWW) compared to H1 2023/24 driven by successful water demand customer initiatives resulting in a loss before tax on both an underlying and statutory basis, with regulatory revenue mechanisms in place to protect future recovery · As anticipated, newly acquired Sutton and East Surrey Group (SES) incurred a loss for the period - we are focused on reducing interest costs and right sizing the cost base to improve profitability · Profitable sector leading B2B retailers; Pennon Water Services (PWS) and Water2Business - with plans to consolidate SES Business Water · Loss before tax for the Group increased to £38.8m reflecting the cost of interventions to return quality water supplies to Brixham (c.£16m) and the costs of restructuring to reshape the Groups activities (c.£4m) · Capital expenditure run rate is slightly lower than H2 2023/24, but increased by £65.5m on H1 2023/24, as we invest to secure operational improvements · Solid relative performance for the wholesale water businesses in respect of common Outcome Delivery Incentives (ODIs) · Balance sheet for the Group is robust with Pennon Group gearing at c.68%8, and total Water Group RCV gearing of 65% (SWW gearing of 64%) · Strong investment grade credit rating with liquidity of c.£675m in place to support continued investment · Return on regulated equity for SWW is relatively strong, equating to 10.8% on a nominal, actual balance sheet basis, and 6.0% on a real notional WaterShare basis · Interim dividend of 14.69p is in line with policy of CPIH +2% Reshaping our business · Four clear business units established focused on Water Services, Wastewater Services, Pennon Power and Retail Services, aligned with our four strategic priorities · Reshaping the Group to drive greater efficiencies, as we grow, with improvements in processes and operational effectiveness delivered and in progress of c.£55m of annualised efficiencies in H1 2024/25 against the targeted c.£86m annualised run rate for K8. The programme is targeted to: o deliver the synergies identified through the water company acquisitions of Bristol Water in 2021 and SES in 2024 § c.£18m delivered in H1 2024/25 in Bristol Water, and we are on track for the c.£20m targeted by the end of 2024/25 § c.£2m delivered in H1 2024/25 in SES, with a target of c.£11m o right size and reshape the Group to ensure we have resources focused on our priorities - bolstering front line staff by c.100, and ensuring we have a best-in-class customer service platform to serve our customers Investment driving benefit · SWW capital expenditure in H1 2024/25 broadly in line with the K8 run rate; delivering investments to meet our K7 commitments, support performance in our ODIs and respond to operational incidents as well as accelerate agreed K8 transitional spend and early start planning and design activities · Investment in water resource diversification continues with the completion of the abstraction and new water treatment works at Rialton - supplementing resources in Cornwall by c.4%, bringing the cumulative resource position to 34% since 2022, with Devon benefitting from the cumulative 30% uplift in availability reported in the 2023/24 results · Water quality investments are on track including the two new treatment works in Bournemouth - the treatment works will serve c.85% of the population of Bournemouth - with the first works on track for commissioning by the end of 2024/25 · Tackling sewer overflow spills through our WaterFit 2025 programme - preventing c.12,5000 spills with over c.350 interventions, with two thirds of our top spillers in 2023 resolved this year · Pennon Power solar investments on track with construction underway at two sites equating to c.45% of our targeted generation with first energisation expected at the end of 2024/25 · Supporting customers with c.£110m customer benefit for K7, including innovative tariffs driving water efficiency and affordability Strong relative sector performance · Upper quartile performance in: SWW on internal sewer flooding and water quality for water and sewerage companies; Bristol Water on customer service; SES Water on supply interruptions and water quality · Growing and profitable non-household retail businesses - with c.15% market share, strong customer service - with Trustpilot scores for PWS and W2B of 4.8 and 5.0, respectively - alongside a doubling of business retail PBT from H1 2022/23 Underpinned by an outstanding Business Plan for K8 · SWWs Business Plan for Bournemouth, Bristol, Cornwall, Devon, and the Isles of Scilly categorised as outstanding and recognised as a leading plan in July · Having acquired SES Water in January 2024, Ofwat has assessed their plan as standard, confirming this plan is generally good · SWW Draft Determination reflects minimum c.30% RCV growth to 2030, with a cost of capital protected against reduction between Draft and Final Determinations, with 30bps upside potential · SES Draft Determination reflects growth of c.11% and 5bps upside for a good standard plan · Representations made to Ofwat in respect of risk return balance (particularly focused on ODIs), providing additional evidence for our totex investments, requesting that natural rates are applied for capital charges and the balance between our regions and priorities · Final Determination confirmed as 19 December 2024 Well positioned for a period of significant growth · We have a sustainable supply chain to deliver our K8 programme - over 1,000 schemes already underway, with transition expenditure of c.£75m for storm overflows we have launched our Turning the Tide storm overflow investment programme · Strong investment grade credit ratings secured, with £2.5bn EMTN programme launched and an inaugural £400m public bond issuance. We have access to good liquidity funding through our sustainable financing framework to support our growing capital programme Notes: All percentage movements are on a half on half basis unless otherwise stated Results include the results of SES in the current period. SES was acquired in January 2024 and therefore the prior year comparative period excludes the impact of this acquisition ^ Measures with this symbol are defined in the Alternative Performance Measures (APM) section of this document, underlying measures are presented before non-underlying items 1 Non-underlying items are adjusted for by virtue of their size, nature or incidence to enable a full understanding of financial performance. 2 Dividend policy of CPIH+2%. The CPIH rate used is 2.6% at 30 September 2024 3 Forecast shadow RCV at 31 March 2025 based on K7 Business Plan levels of investment, Green Recovery, accelerated delivery, and transitional investment, along with regulatory true-ups and inflationary impacts and the impact of acquisitions and shadow RCV at 31 March 2024 4 Based on Water Group (SWW including Bristol Water and SES Water) - net debt at period end/forecast shadow RCV at 31 March 5 Real cumulative RORE on underlying totex, financing and ODIs with notional gearing 6 Nominal cumulative RORE based on underlying real RORE using actual gearing plus average inflation over K7 at 4.3% 7 As set out in our Trading Statement in September 2024 8 Pennon Group net debt excluding fair value adjustments/Water Group forecast shadow RCV at 31 March 2025 and effective value of the non-regulated businesses Results presentation A presentation of the Half Year 2024/25 results hosted by Susan Davy, Group Chief Executive Officer and Laura Flowerdew, Group Chief Financial Officer, will be available at 08:00am (GMT) today, 27 November 2024. This will be followed by a live Q&A session at 08:45am (GMT). The presentation and Q&A session can be accessed here: www.pennon-group.co.uk/investor-information For further information, please contact: Institutional equity investors and analysts Louise Rowe - Compliance, ESG and IR Director 01392 446 688 James Murgatroyd - FGS Global 020 7251 3801 Debt investors Chris Tregenna - Group Treasurer 01392 446 688 Retail investors Link Asset Services 0371 664 9234 GROUP CHIEF EXECUTIVE OFFICERS REVIEW Overview Water companies are rightly being challenged to do more for customers today and into the future. We are doing both, with good progress in K7, ensuring we are well positioned for the delivery of our 2025-30 (K8) Business Plan and in laying the foundations for sustainable future growth. Our c.4,000 colleagues who live and work in the communities we support, care passionately about what we do, each day and I couldnt be more proud. Our customer and community roadshows continue to ensure we are hearing first-hand what matters most and as we fix the things they care about. From Bristol to Bournemouth, Devon, Cornwall, and the Isles of Scilly, and now Sutton and East Surrey, we continue to help customers to use less and save more with a range of money saving campaigns and pilots, leading the way. Whilst South West Water (SWW) revenues are lower on a like for like basis due to our water efficiency initiatives, its the right thing to do and is protected by future regulatory mechanisms. Agile group delivering for all in K7 As we are closing the K7 regulatory period we look back on a period of significant change for the Group. Our agility in delivering for all stakeholders has been a constant. Following the sale of Viridor in 2020, as part of a highly disciplined strategic review: · we responsibly deployed capital, positioning the Group sustainably by minimising liabilities · we have reinvested in UK Water with the acquisition of Bristol and SES at a total value of £0.6bn[9] · we have recognised shareholder support through our K7 dividend policy of CIPH+2%. We have made record investment in the asset base of c.£1.8bn[10] as we focus on the things that matter most. Alongside our acquisitive growth strategy this results in RCV growth of 75%[11]. We are also expanding our non-regulated business; our three retailers now having a combined market share of around 15% and our investments in Pennon Power are on track. Customers have benefitted through our innovative first of its kind WaterShare+ scheme. Launched in 2020, this gives customers a stake and a say in our business and they have also shared in financial benefits. Alongside this we have delivered solid relative sector performance with c.70% of ODIs met over the period and we have focused on supporting customers, keeping bills as low as possible through a drive for efficiency and providing tangible support to those who need it most achieving 100% affordability for the first time. Reshaping our business to align with our four strategic priorities To support the delivery of our outstanding and good rated Business Plans for SWW and SES we are reshaping the Group. We are putting more resources on the front line than ever before, with clear business lines, aligned to our four strategic priorities. With Managing Directors in place for Water Services, Wastewater Services, Pennon Power and Retail Services, we have also commenced a Group-wide reshaping programme ensuring we have the right resources and capabilities, with more resources on the front line, supported by expert and streamlined corporate functions. Our supply chain partnership amplify has already been stood up and is on track to deliver £75m of accelerated investment to kick start our plans to reduce storm overflows. At September 2024, our transformation and restructuring programmes have delivered, or are in progress to deliver, c.£35m of annualised savings. This is in addition to the synergies delivered through our acquisitions of Bristol Water and SES Water where we have delivered synergies of c.£18m and c.£2m, respectively, and are on track to achieve the savings we set ourselves at acquisition. This is a step towards our targeted annualised savings of c.£86m in K8. Investment driving benefits With over £300m of capital investment in SWW in the first half of 2024/25, we are investing to make sure we make good operational progress on our four priorities in the long term. We are well prepared to deliver almost double the rate of investment from K7 ending the period at the K8 run rate. Building water resources, improving water quality Our investments mean we are making good progress in providing a more resilient and diverse portfolio for water resources across Devon and Cornwall. This has been a monumental undertaking, with teams across South West Water and our supply chain partners. Blackpool pit has been fully operational since the end of March with construction completed at the new treatment works at Rialton. We have supplemented capacity in Cornwall by 4% in this half year, with 34% cumulatively achieved since 2022, alongside the 30% uplift to Devon. Overall, water resource levels are at 80% across Devon and Cornwall, and we achieved 100% supply demand balance index for the first time in the 2023/24 EPA. There are always two sides to the coin to ensuring a sustainable supply demand balance, and reducing demand is also key to future resilience.
Pennon Group plc (Pennon or the Group) today announces its results for the half year ended 30 September 2024.
Susan DavyGroup Chief Executive Officercommented
"Water companies are rightly being challenged to do more for customers today and invest more for the future. We are doing both. 100% of customers across the south west found their bills affordable for the first time - five years <mark style="background-color:yellow">ahead</mark> of the sector-wide pledge to eradicate water poverty. We continue to lead the way in helping customers to use less and save more with a range of money saving campaigns and pilots. Whilst thats led to lower wholesale water business revenues, its the right thing to do.
"Alongside our bill support, we are delivering record capital investment. Our supply chain amplify is up and running, delivering accelerated K8 investment to tackle the use of storm overflows. We are forecasting growth in regulatory capital of 75% over this regulatory period.
"Underpinned by solid relative operational performance, as assessed in Ofwats latest Water Company Performance Report across all parts of the Group, we have continued to deliver to all of our customers across South West Water, Bristol Water and SES. When things go wrong, as they did for customers and businesses in and around Brixham earlier this year, we put it right, with no excuses. But we know we have more to do.
"As we look ahead, we are energised following our Business Plans for SWW and SES achieving outstanding and good ratings, respectively, from Ofwat. In preparation, we are reshaping the Group and driving cost base efficiency. We are putting more resources on the front line than ever before, streamlining our support functions, with clear business lines, aligned to our four strategic priorities.
"Of course, its not what we are doing but how we do it that also matters. Our operations across the Group need a reliable and efficient power supply and we are investing to increase renewable energy provision through Pennon Power, supporting our Net Zero ambitions.
"Overall, we are well positioned for the future, with lower revenues protected by regulatory mechanisms, as we continue to focus on sustainable growth. Our financial position remains resilient to the challenges ahead, with good liquidity and a diversified debt portfolio. Our plans to restructure the business, as well as the benefits being delivered through integration of SES into our Group, will allow us to deliver efficiently as we move forward."
FINANCIAL PERFORMANCE
H1 2024/25
H1 2024/25
(excl. SES)
H1 2023/24
Underlying revenue^
£527.2m
£450.6m
£448.6m
Underlying EBITDA^
£163.5m
£150.2m
£168.5m
Underlying (loss)/profit before tax^
(£18.6m)
(£13.8m)
£9.1m
Non-underlying items before tax1
(£20.2m)
(£20.2m)
(£5.9m)
(Loss)/profit before tax - statutory
(£38.8m)
(£34.0m)
£3.2m
(Loss)/profit after tax - statutory
(£30.0m)
(£26.2m)
£1.8m
(Loss)/earnings per share
Adjusted EPS
(6.6p)
3.6p
Basic EPS
(10.6p)
0.5p
Dividend per share2
14.69p
14.04p
Capital expenditure
Group (incl. SES)
£331.8m
£266.3m
South West Water
£306.0m
£234.4m
At 30 Sept 2024
At 31 Mar 2024
Water Group
RCV3
£5916m
£5536m
Gearing4
65.0%
64.4%
SWW
Cumulative RORE (realnotional)5
6.0%
7.3%
Cumulative RORE (nominalactual6
10.8%
Financial results for H1 2024/25
· Results for H1 2024/25 in line with management expectation7
· On a like for like basis, lower revenues in South West Water (SWW) compared to H1 2023/24 driven by successful water demand customer initiatives resulting in a loss before tax on both an underlying and statutory basis, with regulatory revenue mechanisms in place to protect future recovery
· As anticipated, newly acquired Sutton and East Surrey Group (SES) incurred a loss for the period - we are focused on reducing interest costs and right sizing the cost base to improve profitability
· Profitable sector leading B2B retailers
Pennon Water Services (PWS) and Water2Business - with plans to consolidate SES Business Water
· Loss before tax for the Group increased to £38.8m reflecting the cost of interventions to return quality water supplies to Brixham (c.£16m) and the costs of restructuring to reshape the Groups activities (c.£4m)
· Capital expenditure run rate is slightly lower than H2 2023/24, but increased by £65.5m on H1 2023/24, as we invest to secure operational improvements
· Solid relative performance for the wholesale water businesses in respect of common Outcome Delivery Incentives (ODIs)
· Balance sheet for the Group is robust with Pennon Group gearing at c.68%8, and total Water Group RCV gearing of 65% (SWW gearing of 64%)
· Strong investment grade credit rating with liquidity of c.£675m in place to support continued investment
· Return on regulated equity for SWW is relatively strong, equating to 10.8% on a nominal, actual balance sheet basis, and 6.0% on a real notional WaterShare basis
· Interim dividend of 14.69p is in line with policy of CPIH +2%
Reshaping our business
· Four clear business units established focused on Water Services, Wastewater Services, Pennon Power and Retail Services, aligned with our four strategic priorities
· Reshaping the Group to drive greater efficiencies, as we grow, with improvements in processes and operational effectiveness delivered and in progress of c.£55m of annualised efficiencies in H1 2024/25 against the targeted c.£86m annualised run rate for K8. The programme is targeted to
o deliver the synergies identified through the water company acquisitions of Bristol Water in 2021 and SES in 2024
§ c.£18m delivered in H1 2024/25 in Bristol Water, and we are on track for the c.£20m targeted by the end of 2024/25
§ c.£2m delivered in H1 2024/25 in SES, with a target of c.£11m
o right size and reshape the Group to ensure we have resources focused on our priorities - bolstering front line staff by c.100, and ensuring we have a best-in-class customer service platform to serve our customers
Investment driving benefit
· SWW capital expenditure in H1 2024/25 broadly in line with the K8 run rate
delivering investments to meet our K7 commitments, support performance in our ODIs and respond to operational incidents as well as accelerate agreed K8 transitional spend and early start planning and design activities
· Investment in water resource diversification continues with the completion of the abstraction and new water treatment works at Rialton - supplementing resources in Cornwall by c.4%, bringing the cumulative resource position to 34% since 2022, with Devon benefitting from the cumulative 30% uplift in availability reported in the 2023/24 results
· Water quality investments are on track including the two new treatment works in Bournemouth - the treatment works will serve c.85% of the population of Bournemouth - with the first works on track for commissioning by the end of 2024/25
· Tackling sewer overflow spills through our WaterFit 2025 programme - preventing c.12,5000 spills with over c.350 interventions, with two thirds of our top spillers in 2023 resolved this year
· Pennon Power solar investments on track with construction underway at two sites equating to c.45% of our targeted generation with first energisation expected at the end of 2024/25
· Supporting customers with c.£110m customer benefit for K7, including innovative tariffs driving water efficiency and affordability
Strong relative sector performance
· Upper quartile performance inSWW on internal sewer flooding and water quality for water and sewerage companies
Bristol Water on customer service
SES Water on supply interruptions and water quality
· Growing and profitable non-household retail businesses - with c.15% market share, strong customer service - with Trustpilot scores for PWS and W2B of 4.8 and 5.0, respectively - alongside a doubling of business retail PBT from H1 2022/23
Underpinned by an outstanding Business Plan for K8
· SWWs Business Plan for Bournemouth, Bristol, Cornwall, Devon, and the Isles of Scilly categorised as outstanding and recognised as a leading plan in July
· Having acquired SES Water in January 2024, Ofwat has assessed their plan as standard, confirming this plan is generally good
· SWW Draft Determination reflects minimum c.30% RCV growth to 2030, with a cost of capital protected against reduction between Draft and Final Determinations, with 30bps upside potential
· SES Draft Determination reflects growth of c.11% and 5bps upside for a good standard plan
· Representations made to Ofwat in respect of risk return balance (particularly focused on ODIs), providing additional evidence for our totex investments, requesting that natural rates are applied for capital charges and the balance between our regions and priorities
· Final Determination confirmed as 19 December 2024
Well positioned for a period of significant growth
· We have a sustainable supply chain to deliver our K8 programme - over 1,000 schemes already underway, with transition expenditure of c.£75m for storm overflows we have launched our Turning the Tide storm overflow investment programme
· Strong investment grade credit ratings secured, with £2.5bn EMTN programme launched and an inaugural £400m public bond issuance. We have access to good liquidity funding through our sustainable financing framework to support our growing capital programme
Notes
All percentage movements are on a half on half basis unless otherwise stated
Results include the results of SES in the current period. SES was acquired in January 2024 and therefore the prior year comparative period excludes the impact of this acquisition
^ Measures with this symbol are defined in the Alternative Performance Measures (APM) section of this document, underlying measures are presented before non-underlying items
1 Non-underlying items are adjusted for by virtue of their size, nature or incidence to enable a full understanding of financial performance.
2 Dividend policy of CPIH+2%. The CPIH rate used is 2.6% at 30 September 2024
3 Forecast shadow RCV at 31 March 2025 based on K7 Business Plan levels of investment, Green Recovery, accelerated delivery, and transitional investment, along with regulatory true-ups and inflationary impacts and the impact of acquisitions and shadow RCV at 31 March 2024
4 Based on Water Group (SWW including Bristol Water and SES Water) - net debt at period end/forecast shadow RCV at 31 March
5 Real cumulative RORE on underlying totex, financing and ODIs with notional gearing
6 Nominal cumulative RORE based on underlying real RORE using actual gearing plus average inflation over K7 at 4.3%
7 As set out in our Trading Statement in September 2024
8 Pennon Group net debt excluding fair value adjustments/Water Group forecast shadow RCV at 31 March 2025 and effective value of the non-regulated businesses
Results presentation
A presentation of the Half Year 2024/25 results hosted by Susan Davy, Group Chief Executive Officer and Laura Flowerdew, Group Chief Financial Officer, will be available at 08:00am (GMT) today, 27 November 2024. This will be followed by a live Q&A session at 08:45am (GMT). The presentation and Q&A session can be accessed here: www.pennon-group.co.uk/investor-information
For further informationplease contact
Institutional equity investors and analysts
Louise Rowe - ComplianceESG and IR Director
01392 446 688
James Murgatroyd - FGS Global
020 7251 3801
Debt investors
Chris Tregenna - Group Treasurer
01392 446 688
Retail investors
Link Asset Services
0371 664 9234
GROUP CHIEF EXECUTIVE OFFICERS REVIEW
Overview
Water companies are rightly being challenged to do more for customers today and into the future. We are doing both, with good progress in K7, ensuring we are well positioned for the delivery of our 2025-30 (K8) Business Plan and in laying the foundations for sustainable future growth.
Our c.4,000 colleagues who live and work in the communities we support, care passionately about what we do, each day and I couldnt be more proud. Our customer and community roadshows continue to ensure we are hearing first-hand what matters most and as we fix the things they care about. From Bristol to Bournemouth, Devon, Cornwall, and the Isles of Scilly, and now Sutton and East Surrey, we continue to help customers to use less and save more with a range of money saving campaigns and pilots, leading the way.
Whilst South West Water (SWW) revenues are lower on a like for like basis due to our water efficiency initiatives, its the right thing to do and is protected by future regulatory mechanisms.
Agile group delivering for all in K7
As we are closing the K7 regulatory period we look back on a period of significant change for the Group. Our agility in delivering for all stakeholders has been a constant.
Following the sale of Viridor in 2020, as part of a highly disciplined strategic review
· we responsibly deployed capital, positioning the Group sustainably by minimising liabilities
· we have reinvested in UK Water with the acquisition of Bristol and SES at a total value of £0.6bn[9]
· we have recognised shareholder support through our K7 dividend policy of CIPH+2%.
We have made record investment in the asset base of c.£1.8bn[10] as we focus on the things that matter most. Alongside our acquisitive growth strategy this results in RCV growth of 75%[11].
We are also expanding our non-regulated business
our three retailers now having a combined market share of around 15% and our investments in Pennon Power are on track.
Customers have benefitted through our innovative first of its kind WaterShare+ scheme. Launched in 2020, this gives customers a stake and a say in our business and they have also shared in financial benefits.
Alongside this we have delivered solid relative sector performance with c.70% of ODIs met over the period and we have focused on supporting customers, keeping bills as low as possible through a drive for efficiency and providing tangible support to those who need it most achieving 100% affordability for the first time.
Reshaping our business to align with our four strategic priorities
To support the delivery of our outstanding and good rated Business Plans for SWW and SES we are reshaping the Group. We are putting more resources on the front line than ever before, with clear business lines, aligned to our four strategic priorities.
With Managing Directors in place for Water Services, Wastewater Services, Pennon Power and Retail Services, we have also commenced a Group-wide reshaping programme ensuring we have the right resources and capabilities, with more resources on the front line, supported by expert and streamlined corporate functions. Our supply chain partnership amplify has already been stood up and is on track to deliver £75m of accelerated investment to kick start our plans to reduce storm overflows.
At September 2024, our transformation and restructuring programmes have delivered, or are in progress to deliver, c.£35m of annualised savings. This is in addition to the synergies delivered through our acquisitions of Bristol Water and SES Water where we have delivered synergies of c.£18m and c.£2m, respectively, and are on track to achieve the savings we set ourselves at acquisition. This is a step towards our targeted annualised savings of c.£86m in K8.
Investment driving benefits
With over £300m of capital investment in SWW in the first half of 2024/25, we are investing to make sure we make good operational progress on our four priorities in the long term. We are well prepared to deliver almost double the rate of investment from K7 ending the period at the K8 run rate.
Building water resourcesimproving water quality
Our investments mean we are making good progress in providing a more resilient and diverse portfolio for water resources across Devon and Cornwall. This has been a monumental undertaking, with teams across South West Water and our supply chain partners. Blackpool pit has been fully operational since the end of March with construction completed at the new treatment works at Rialton. We have supplemented capacity in Cornwall by 4% in this half year, with 34% cumulatively achieved since 2022, alongside the 30% uplift to Devon. Overall, water resource levels are at 80% across Devon and Cornwall, and we achieved 100% supply demand balance index for the first time in the 2023/24 EPA.
There are always two sides to the coin to ensuring a sustainable supply demand balance, and reducing demand is also key to future resilience.
| Year | Revenue (£m) | Underlying EBITDA (£m) | Underlying (Loss)/Profit Before Tax (£m) | Non-underlying Items Before Tax (£m) | Loss Before Tax - Statutory (£m) | Loss After Tax - Statutory (£m) | Loss Per Share (p) | Adjusted EPS (p) | Basic EPS (p) | Dividend Per Share (£) | Capital Expenditure (£m) | RCV (£m) | Gearing (%) | SWW Cumulative RORE (real, notional) (%) | SWW Cumulative RORE (nominal, actual) (%) | |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| | 2024/25 | 527.2 | 163.5 | (18.6) | (20.2) | (38.8) | (30.0) | (10.6) | (6.6) | (0.5) | 14.69 | 331.8 | 5,916 | 65.0 | 6.0 | 10.8 | | 2023/24 | 448.6 | 168.5 | 9.1 | (5.9) | 3.2 | 1.8 | 0.5 | 3.6 | 3.2 | 14.04 | 266.3 | 5,536 | 64.4 | 7.3 | N/A |
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PETS
Pets at Home Group Plc
Positive
FY25 Interim Results
Pets at Home Group Plc has released its FY25 Interim Results for the 28-week period ending on October 10, 2024. The report highlights the companys performance in a subdued market, with a focus on its digital platform, distribution center, and store investments. The company experienced growth in its Pets Club members, total group revenue, and vet group revenue. The launch of the new digital platform has resulted in almost double app sales. The Stafford distribution center is performing well, and the company expects to unlock efficiency savings through automation in e-commerce. The companys stores remain a competitive advantage, offering unrivaled presence and expertise to pet lovers. However, the pet retail market has been unusually subdued, and the company expects this trend to continue through H2. Despite this, the company remains confident in its investments and market leadership, projecting continued outperformance. The report also includes financial highlights, current trading and outlook, and a review of the companys strategy and performance.
Pets at Home Group Plc has released its FY25 Interim Results for the 28-week period ending on October 10, 2024. The report highlights the companys performance in a subdued market, with a focus on its digital platform, distribution center, and store investments. The company experienced growth in its Pets Club members, total group revenue, and vet group revenue. The launch of the new digital platform has resulted in almost double app sales. The Stafford distribution center is performing well, and the company expects to unlock efficiency savings through automation in e-commerce. The companys stores remain a competitive advantage, offering unrivaled presence and expertise to pet lovers. However, the pet retail market has been unusually subdued, and the company expects this trend to continue through H2. Despite this, the company remains confident in its investments and market leadership, projecting continued outperformance. The report also includes financial highlights, current trading and outlook, and a review of the companys strategy and performance.
YearRevenueNet Operating CostsProfit Before TaxNet Debt
2024£774.2m£316.5m£34.7m£12.1m
2025£789.1m£305.4m£51.1m£(8.3)m
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CORD
Cordiant Digital Infrastructure Limited
Positive
Interim report to 30 September 2024
Cordiant Digital Infrastructure Limited, a Guernsey-based investment company, released its unaudited interim results for the six months ended September 30, 2024. The company reported strong financial performance, with a total return of 5.4% on ex-dividend opening NAV, <mark style="background-color:yellow">ahead</mark> of its 9% annual target. The net asset value per share rose to 124.4p, driven by portfolio company EBITDA growth and a small reduction in the weighted average discount rate. The companys profit for the period was 5.4% of the opening ex-dividend NAV, with a share price total return of 38.9%. Cordiant Digital Infrastructures financial position remains strong, with available liquidity of £243.8 million, including cash and undrawn loan facilities. The companys dividend policy remains progressive, with a 4.2p per share target for the year, and it has maintained a disciplined approach to capital allocation.
Cordiant Digital Infrastructure Limited, a Guernsey-based investment company, released its unaudited interim results for the six months ended September 30, 2024. The company reported strong financial performance, with a total return of 5.4% on ex-dividend opening NAV, <mark style="background-color:yellow">ahead</mark> of its 9% annual target. The net asset value per share rose to 124.4p, driven by portfolio company EBITDA growth and a small reduction in the weighted average discount rate. The companys profit for the period was 5.4% of the opening ex-dividend NAV, with a share price total return of 38.9%. Cordiant Digital Infrastructures financial position remains strong, with available liquidity of £243.8 million, including cash and undrawn loan facilities. The companys dividend policy remains progressive, with a 4.2p per share target for the year, and it has maintained a disciplined approach to capital allocation.
YearRevenueEBITDAProfitDebt
2024£160.8 million£77.4 million5.4%£653.3 million
2023N/AN/A9.4%N/A
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MAB
Mitchells & Butlers PLC
Positive
Full Year Results
Mitchells & Butlers PLC released its full-year results for the 52 weeks ended September 28, 2024, reporting strong financial performance. The companys like-for-like sales grew by 5.3%, with an operating profit of £312 million, a 41.2% increase from the prior year. The operating margin strengthened to 12.0%, and net debt, including leases, was reduced by £197 million. The reported results for the 53-week period in 2023 showed a total revenue of £2,503 million, an operating profit of £98 million, and a loss before tax of £13 million. The adjusted operating profit for the 52-week period in 2023 was £221 million, with adjusted earnings per share of 15.6p. The companys cash inflow before bond amortization was £185 million, and it reduced its net debt to £989 million. Mitchells & Butlers PLC also reported strong performances across all market segments and completed nearly 200 investment projects, yielding strong returns. The current trading update for FY 2025 shows a strong start, with like-for-like sales growth of 4.0% in the first seven weeks.
Mitchells & Butlers PLC released its full-year results for the 52 weeks ended September 28, 2024, reporting strong financial performance. The companys like-for-like sales grew by 5.3%, with an operating profit of £312 million, a 41.2% increase from the prior year. The operating margin strengthened to 12.0%, and net debt, including leases, was reduced by £197 million. The reported results for the 53-week period in 2023 showed a total revenue of £2,503 million, an operating profit of £98 million, and a loss before tax of £13 million. The adjusted operating profit for the 52-week period in 2023 was £221 million, with adjusted earnings per share of 15.6p. The companys cash inflow before bond amortization was £185 million, and it reduced its net debt to £989 million. Mitchells & Butlers PLC also reported strong performances across all market segments and completed nearly 200 investment projects, yielding strong returns. The current trading update for FY 2025 shows a strong start, with like-for-like sales growth of 4.0% in the first seven weeks.
YearRevenueOperating ProfitProfit/(Loss) Before TaxNet Debt
2024£2,610m£300m£199m£1,436m
2023£2,503m£98m£(13)m£1,633m
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37PN
37PN
Positive
Interim Financial Report to 30 September 2024
Half-year/Interim Report
Half-year/Interim Report
Compare financials and debt year on year and return as table code for following text Go to News Explorer RNS Half-year/Interim Report Share INTERIM FINANCIAL REPORT TO 30 SEPTEMBER 2024 VIRGIN MONEY UK PLC Released 07:00:07 27 November 2024 RNS Number : 7639N Virgin Money UK PLC 27 November 2024 BASIS OF PRESENTATION Virgin Money UK PLC ('Virgin Money', 'VMUK' or 'the Company'), together with its subsidiary undertakings (which together comprise the 'Group'), operate under the Clydesdale Bank, Yorkshire Bank and Virgin Money brands. Following the acquisition of the Group by Nationwide Building Society (Nationwide), the financial year end of the Company was changed from 30 September to 31 March in order to align to Nationwide's financial year end. This release therefore covers the interim results of the Group for the 6 months ended 30 September 2024 and the Group's next Annual Report and Accounts will cover the 18-month period ending 31 March 2025. Unless otherwise stated, income statement commentaries throughout this document compare the 12 months ended 30 September 2024 to the 12 months ended 30 September 2023 and the balance sheet analysis compares the Group balance sheet as at 30 September 2024 to the Group balance sheet as at 30 September 2023. The Interim Financial Report is unaudited and the independent review report is included on page 56. Statutory basis: Statutory information is set out within the interim condensed consolidated financial statements. Excluding notable items basis: Management exclude certain items from the Group's statutory position to arrive at an 'excluding notable items' basis. The exclusion of notable items aims to remove the impact of one-offs and other volatile items which may distort period-on-period comparisons. Rationale for the notable items is shown on page 87. This basis is classed as an alternative performance measure, see below. In the Group's 2023 Annual Report and Accounts, items adjusted from the Group's statutory position resulted in an 'underlying basis' of performance. Since then, the Group has not presented results on an underlying basis, moving instead to a statutory presentation of its income statement, whilst still providing details of notable items of income and expenditure. Comparative periods have not been restated as the 'excluding notable items basis' is directly comparable to the previously disclosed 'underlying basis'. Further information on this change is shown on page 87. Alternative performance measures (APMs): the key performance indicators (KPIs) and performance metrics used in monitoring the Group's performance and reflected throughout this report fall into two categories: financial and non-financial, and are detailed at 'Measuring the Group's performance' on pages 372 to 380 of the Group's 2023 Annual Report and Accounts. APMs are closely scrutinised to ensure that they provide genuine insights into the Group's progress; however, statutory measures are the key determinant of dividend paying capability. Certain figures contained in this document, including financial information, may have been subject to rounding adjustments and foreign exchange conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given. FORWARD-LOOKING STATEMENTS This document and any other written or oral material discussed or distributed in connection with the results (the 'Information') may include forward-looking statements, which are based on assumptions, expectations, valuations, targets, estimates, forecasts and projections about future events. These can be identified by the use of words such as 'expects', 'aims', 'targets', 'seeks', 'anticipates', 'plans', 'intends', 'prospects', 'outlooks', 'projects', 'forecasts', 'believes', 'estimates', 'potential', 'possible', and similar words or phrases. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and its securities, investments and the environment in which it operates, including, among other things, the development of its business and strategy, any acquisitions, combinations, disposals or other corporate activity undertaken by the Group, trends in its operating industry, changes to customer behaviours and covenant, macroeconomic and/or geopolitical factors, changes to its Board and/or employee composition, exposures to terrorist activity, IT system failures, cyber-crime, fraud and pension scheme liabilities, risks relating to environmental matters such as climate change including the Group's ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, changes to law and/or the policies and practices of the Bank of England (BoE), the Financial Conduct Authority (FCA) and/or other regulatory and governmental bodies, inflation, deflation, interest rates, exchange rates, tax and national insurance rates, changes in the liquidity, capital, funding and/or asset position and/or credit ratings of the Group, future capital expenditures and acquisitions, the repercussions of the UK's exit from the European Union (EU) (including any change to the UK's currency and the terms of any trade agreements (or lack thereof) between the UK and the EU), Eurozone instability, the repercussions of Russia's invasion of Ukraine, the conflict in the Middle East and any UK or global cost of living crisis or recession. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. Forward-looking statements involve inherent risks and uncertainties and should be viewed as hypothetical. Other events not taken into account may occur and may significantly affect the analysis of the forward-looking statements. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates (each a 'VMUK Party') gives any representation, warranty or assurance that any such projections or estimates will be realised, or that actual results or other results will not be materially lower than those set out in the Information. No representation or warranty is made that any forward-looking statement will come to pass. Whilst every effort has been made to ensure the accuracy of the Information, no VMUK Party takes any responsibility for the Information or to update or revise it. They will not be liable for any loss or damages incurred through the reliance on or use of it. The Information is subject to change. No representation or warranty, express or implied, as to the truth, fullness, fairness, merchantability, accuracy, sufficiency or completeness of the Information is given. Certain industry, market and competitive position data contained in the Information comes from official or third party sources. There is no guarantee of the accuracy or completeness of such data. While the Group reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, no member of the Group or their respective directors, officers, employees, agents, advisers or affiliates have independently verified the data. In addition, certain industry, market and competitive position data contained in the Information comes from the Group's own internal research and estimates based on the knowledge and experience of the Group's management in the markets in which the Group operates. While the Group reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness, and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in the Information. The Information does not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. The distribution of the Information in certain jurisdictions may be restricted by law. Recipients are required to inform themselves about and to observe any such restrictions. No liability to any person is accepted in relation to the distribution or possession of the Information in any jurisdiction. No statement in the Information is intended as a profit forecast, profit estimate or quantified benefit statement for any period and no statement in the Information should be interpreted to mean that earnings per share for the Company for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share (EPS) for the Company or the Group. Interim financial report For the six months ended 30 September 2024 Contents Virgin Money UK PLC Interim results for the six months ended 30 September 2024 1 Business and financial review 2 Risk management 14 Risk overview 15 Credit risk 17 Financial risk 43 Statement of Directors' responsibilities 55 Independent review report to Virgin Money UK PLC 56 Financial statements 57 Interim condensed consolidated income statement 57 Interim condensed consolidated statement of comprehensive income 58 Interim condensed consolidated balance sheet 59 Interim condensed consolidated statement of changes in equity 60 Interim condensed consolidated statement of cash flows 61 Notes to the interim condensed consolidated financial statements 62 Additional information 83 Virgin Money UK PLC Interim results for the 6 months ended 30 September 2024 Summary financials 12 months to 30 Sep 2024 12 months to 30 Sep 2023 Change 6 months to 30 Sep 2024 6 months to 30 Sep 2023 Change £m £m % £m £m % Net interest income (excluding notable items) 1,778 1,716 4 910 861 6 Non-interest income (OOI) (excluding notable items) 146 157 (7) 74 79 (6) Total operating income (excluding notable items) 1,924 1,873 3 984 940 5 Notable items in income(1) (3) (46) (93) 14 (27) n/a Statutory total operating income 1,921 1,827 5 998 913 9 Operating and administrative expenses (excluding notable items) (1,028) (971) 6 (526) (494) 6 Notable items in expenses(1) (158) (202) (22) (109) (145) (25) Statutory operating and administrative expenses (1,186) (1,173) 1 (635) (639) (1) Statutory operating profit before impairment losses 735 654 12 363 274 32 Impairment losses on credit exposures (177) (309) (43) (84) (165) (49) Statutory profit on ordinary activities before tax 558 345 62 279 109 156 Performance metrics(2) Total customer lending 71,296 72,754 (2.0)% 71,296 72,754 (2.0)% Net interest margin (NIM) 1.98% 1.91% 7bps 2.01% 1.91% 10bps Return on tangible equity (RoTE) 6.7% 3.9% 2.8%pts 4.3% 1.6% 2.7% Cost: income ratio 61.7% 64.2% (2.5)%pts 63.6% 70.0% (6.4)%pts Adjusted cost: income ratio(3) 53.0% 51.9%
06:01
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88 Trading Edge
GTLY
Gateley (Holdings) Plc
Positive
H1 25 Trading update and notice of results
Here is a summary of the trading statement from Gateley (Holdings) PLC: Gateley (Holdings) PLC released a positive trading update for the first half of the fiscal year 2025 (H1 25), ending October 31, 2024. The professional services group expects revenue of at least £86.0 million, reflecting a c.5.0% increase compared to the same period in the previous year. Underlying profit before tax is anticipated to be no less than £10.5 million, representing c.5.0% growth. Gateley attributes these strong results to the diverse business lines it has invested in. The Groups balance sheet has strengthened, with a net cash position of £1.2 million at the end of H1 25, compared to a net debt position in the previous year. Activity levels, particularly transactional services, increased during the period, and fee earner utilization remains <mark style="background-color:yellow">ahead</mark> of the prior year. The Group expects to perform in line with market expectations for the full year. However, they anticipate a c£1.8 million impact on costs due to changes in National Insurance contributions in FY26, which they aim to mitigate through pricing and efficiency improvements. The full H1 25 results will be announced on January 15, 2025.
Here is a summary of the trading statement from Gateley (Holdings) PLC
Gateley (Holdings) PLC released a positive trading update for the first half of the fiscal year 2025 (H1 25), ending October 31, 2024. The professional services group expects revenue of at least £86.0 million, reflecting a c.5.0% increase compared to the same period in the previous year. Underlying profit before tax is anticipated to be no less than £10.5 million, representing c.5.0% growth. Gateley attributes these strong results to the diverse business lines it has invested in. The Groups balance sheet has strengthened, with a net cash position of £1.2 million at the end of H1 25, compared to a net debt position in the previous year. Activity levels, particularly transactional services, increased during the period, and fee earner utilization remains <mark style="background-color:yellow">ahead</mark> of the prior year. The Group expects to perform in line with market expectations for the full year. However, they anticipate a c£1.8 million impact on costs due to changes in National Insurance contributions in FY26, which they aim to mitigate through pricing and efficiency improvements. The full H1 25 results will be announced on January 15, 2025.
YearRevenueUnderlying Profit Before TaxNet Cash/Debt
H1 25 (2024)£86.0m£10.5mNet Cash: £1.2m
H1 24 (2023)£82.0m£10.0mNet Debt: £2.2m
FY24 (2024)N/AN/AN/A
FY23 (2023)N/AN/AN/A
Note: The table presents a comparison of Gateley (Holdings) PLC's financial performance and debt position for the first half of fiscal years 2024 and 2023, along with the expected full-year figures for 2024 and 2023. The figures are in millions (£). The revenue and underlying profit before tax show a year-on-year increase, while the company has improved its debt position, moving from net debt to net cash in H1 25.
06:01
Open Terminal ↗ RNS Source
93 Strong Beat
ATG
Auction Technology Group PLC
Positive
Final Results
Auction Technology Group plc released its financial results for the year ended September 30, 2024. The company reported a 5% increase in revenue, driven by growth in Auction and Commerce revenue, and a 2% increase in organic revenue. Adjusted EBITDA increased by 2%, while the operating profit rose by 17%. The companys cash generation remained strong, resulting in significant deleveraging and a decrease in the adjusted net debt/adjusted EBITDA ratio. The company expects revenue growth of 4-6% and an adjusted EBITDA margin of 45-46% for FY25.
Auction Technology Group plc released its financial results for the year ended September 30, 2024. The company reported a 5% increase in revenue, driven by growth in Auction and Commerce revenue, and a 2% increase in organic revenue. Adjusted EBITDA increased by 2%, while the operating profit rose by 17%. The companys cash generation remained strong, resulting in significant deleveraging and a decrease in the adjusted net debt/adjusted EBITDA ratio. The company expects revenue growth of 4-6% and an adjusted EBITDA margin of 45-46% for FY25.
YearRevenueAdjusted EBITDAOperating ProfitAdjusted Net Debt
2024$174.2m$80.0m$32.4m$114.7m
2023$165.9m$78.4m$27.6m$141.2m
06:01
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1. <mark style="background-color:yellow">Purchase</mark> of shares under the Tesco PLC Share Incentive Plan (the "SIP")

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Open Terminal Source RNS
SMDS
SMDS DS Smith PLC
14:26
Market

Form 8.3 - Smith (DS) plc

Open Terminal Source RNS
EBOX
EBOX Tritax EuroBox PLC GBp
14:26
Market

Form 8.3 - Tritax EuroBox plc

Open Terminal Source RNS
SPT
SPT Spirent Communications plc
14:26
Market

Form 8.3 - Spirent Communications plc

Open Terminal Source RNS
BVIC
BVIC Britvic PLC
14:26
Market

Form 8.3 - Britvic plc

Open Terminal Source RNS
0JCB
0JCB International Paper Co.
14:24
Market

Form 8.3 - International Paper Co.

Open Terminal Source RNS
0JCB
0JCB International Paper Co.
14:22
Market

Form 8.3 - The Vanguard Group, Inc.: International Paper Company

Open Terminal Source RNS
0JCB
0JCB International Paper Co.
14:22
Market

Form 8.3 - International Paper Company

Open Terminal Source RNS
HL.
HL. HL.
14:21
Market

Form 8.3 - The Vanguard Group, Inc.: Hargreaves Lansdown plc

Open Terminal Source RNS
SMDS
SMDS DS Smith PLC
14:20
Market

Form 8.3 - The Vanguard Group, Inc.: Smith (DS) plc

Open Terminal Source RNS
LIO
LIO Liontrust Asset Management
14:14
Market

Investor Presentation

Open Terminal Source RNS
ESCT
ESCT The European Smaller Compan…
14:13
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Barclays PLC', '11.620000', '6.530000']
Open Terminal Source RNS
LIO
LIO Liontrust Asset Management
14:11
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '3.933336', '4.062161']
Open Terminal Source RNS
LIO
LIO Liontrust Asset Management
14:10
Market

Form 8.3 - TI Fluid System PLC

Open Terminal Source RNS
XZDU
XZDU XZDU
14:04
Market

Important Notice of Announcement to shareholder of Xtrackers (IE) PLC

Open Terminal Source RNS
HMSO
HMSO Hammerson PLC
14:01
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Wellington Management Group LLP', '4.940000', '4.910000']
Open Terminal Source RNS
AXS
AXS Accsys Technologies PLC
14:01
Market

Director LTIP Award

Open Terminal Source RNS
XZEZ
XZEZ Xtrackers MSCI EMU ESG UCIT…
13:59
Market

Important Notice of Announcement to shareholder of Xtrackers (IE) PLC

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:58
Market

Form 8.3 - TI Fluid Systems plc

Open Terminal Source RNS
XZEU
XZEU Xtrackers ESG MSCI Europe U…
13:58
Market

Important Notice of Announcement to shareholder of Xtrackers (IE) PLC

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:57
Market

Form 8.3 - International Paper Company

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:57
Market

Form 8.3 - Spirent Communications plc

Open Terminal Source RNS
FSFL
FSFL Foresight Solar Fund Ltd
13:57
Market

Director/PDMR Shareholding

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:57
Market

Form 8.3 - Smith (DS) plc

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:56
Market

Form 8.3 - Britvic plc

Open Terminal Source RNS
0A9X
0A9X KR1 PLC
13:53
Market

Result of Annual General Meeting

Open Terminal Source RNS
REE
REE Altona Rare Earths PLC
13:52
Market

Result of AGM

Open Terminal Source RNS
SHI
SHI SIG plc
13:46
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['The Wellcome Trust Limited as trustee of The Wellcome Trust', '3.237000', 0]
Open Terminal Source RNS
RSW
RSW Renishaw PLC
13:45
Market

Result of AGM

Open Terminal Source RNS
INOV
INOV Schroders Capital Global In…
13:43
Market

Transaction in Own Shares

Open Terminal Source RNS
TOWN
TOWN Town Centre Securities PLC
13:43
Market

Results of AGM

Open Terminal Source RNS
SHI
SHI SIG plc
13:40
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['BlackRock, Inc.', '4.140000', '5.720000']
Open Terminal Source RNS
CGEO
CGEO Georgia Capital PLC
13:36
Market

Director/PDMR Shareholding

Open Terminal Source RNS
AV.
AV. AV.
13:32
Market

Form 8.3 - Smith (DS) plc

Open Terminal Source RNS
AV.
AV. AV.
13:30
Market

Form 8.3 - Britvic plc

Open Terminal Source RNS
JGGI
JGGI JP Morgan Global Growth & I…
13:28
Market

Issue of Equity

Open Terminal Source RNS
SMDS
SMDS DS Smith PLC
13:20
Market

Form 8.3 - DS Smith plc

Open Terminal Source RNS
SPT
SPT Spirent Communications plc
13:20
Market

Form 8.3 - Spirent Communications plc

Open Terminal Source RNS
0JCB
0JCB International Paper Co.
13:17
Market

Form 8.3 - International Paper Company

Open Terminal Source RNS
IDS
IDS International Distributions…
13:17
Market

Form 8.3 - International Distribution Services plc

Open Terminal Source RNS
SMDS
SMDS DS Smith PLC
13:13
Market

Form 8.3 - DS Smith plc

Open Terminal Source RNS
AQX
AQX Aquis Exchange PLC
13:12
Market

Form 8.3 - Aquis Exchange PLC

Open Terminal Source RNS
OXA1
OXA1 Db Etc Plc
13:12
Market

Issuance of Securities

Open Terminal Source RNS
AAF
AAF Airtel Africa Plc
13:01
Market

Director/PDMR Shareholding

Open Terminal Source RNS
JEGI
JEGI JPMorgan European Growth & …
13:01
Market

Half-year Report

<mark style="background-color:yellow"></mark>

<mark style="background-coloryellow"></mark>
Open Terminal Source RNS
PPP
PPP Pennpetro Energy Plc
12:58
Market

Placing

Open Terminal Source RNS
GLDA
GLDA Amundi Physical Gold ETC C
12:57
Market

Amundi Physical Metals plc: UK Final Terms

Open Terminal Source RNS
GLDA
GLDA Amundi Physical Gold ETC C
12:56
Market

Amundi Physical Metals plc: UK Final Terms

Open Terminal Source RNS
GLDA
GLDA Amundi Physical Gold ETC C
12:56
Market

Amundi Physical Metals plc: Final Terms

Open Terminal Source RNS
GLDA
GLDA Amundi Physical Gold ETC C
12:54
Market

Amundi Physical Metals plc: Final Terms

Open Terminal Source RNS
SDV
SDV Chelverton UK Dividend Trus…
12:54
Market

Dividend Declaration

Open Terminal Source RNS
JGGI
JGGI JP Morgan Global Growth & I…
12:53
Market

Issue of Equity

Open Terminal Source RNS
71LF
71LF 71LF
12:52
Market

MSBV - Early Redemption- 27 Nov 2024

Open Terminal Source RNS
ALTE
ALTE Alteration Earth PLC
12:48
Market

Notice of GM

Open Terminal Source RNS
RNEW
RNEW Ecofin U.S. Renewables Infr…
12:37
Market

Correction - Holdings in Company

TR1 Buy

TR1 Buy
[' City of registered office (if applicable) Westminster', '2.668771', 0]
Open Terminal Source RNS
SEIT
SEIT Sdcl Energy Efficiency Inco…
12:34
Market

Interim Dividend Declaration

Open Terminal Source RNS
SPT
SPT Spirent Communications plc
12:29
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Morgan Stanley', '8.615814', '8.682908']
Open Terminal Source RNS
BV74
BV74 BV74
12:21
Market

Notice to Noteholders

Open Terminal Source RNS
AEZD
AEZD ACP Energy PLC
12:18
Market

FY23 IFRS Audited Annual Financial Report

Open Terminal Source RNS
JEMI
JEMI JPMorgan Global Emerging Ma…
12:17
Market

Dividend Declaration

Open Terminal Source RNS
BO12
BO12 BO12
12:16
Market

Notice to Noteholder

Open Terminal Source RNS
SWR
SWR Smurfit Westrock Plc
12:14
Market

Form 8-K

Open Terminal Source RNS
ELLA
ELLA Ecclesiastical Insurance Of…
12:11
Market

Directorate Change

Open Terminal Source RNS
FR71
FR71 FR71
12:11
Market

Notice to Noteholders

Open Terminal Source RNS
SM09
SM09 SM09
12:04
Market

Notice to Noteholders

Open Terminal Source RNS
EZJ
EZJ EasyJet PLC
12:01
Market

Director/PDMR Shareholding

Open Terminal Source RNS
TGA
TGA Thungela Resources Limited
12:01
Market

Dealings in securities

Open Terminal Source RNS
SOS
SOS Sosandar Plc
11:53
Market

Notification of major holdings

TR1 Buy

TR1 Buy
['Schroders PLC', '13.190778', '11.974749']
Open Terminal Source RNS
AEZD
AEZD ACP Energy PLC
11:46
Market

Results Release FY2023 & Financial Tables

Open Terminal Source RNS
AADV
AADV Albion Development VCT PLC
11:46
Market

Albion Development VCT PLC: Interim Management Statement

Open Terminal Source RNS
0UKI
0UKI Bank of Nova Scotia
11:44
Market

Form 8.3 - Tritax EuroBox plc

Open Terminal Source RNS
0UKI
0UKI Bank of Nova Scotia
11:42
Market

Form 8.3 - Spirent Communications Plc

Open Terminal Source RNS
0UKI
0UKI Bank of Nova Scotia
11:40
Market

Form 8.3 - International Distribution Services plc

Open Terminal Source RNS
0UKI
0UKI Bank of Nova Scotia
11:39
Market

Form 8.3 - Britvic Plc

Open Terminal Source RNS
ALU
ALU The Alumasc Group plc
11:23
Market

Notice of Half Year Results

Open Terminal Source RNS
JGGI
JGGI JP Morgan Global Growth & I…
11:20
Market

Issue of Equity

Open Terminal Source RNS
MNG
MNG M&G Plc
11:19
Market

Form 8.3 - DS SMITH PLC

Open Terminal Source RNS
41CW
41CW 41CW
11:17
Market

Notice to Noteholders

Open Terminal Source RNS
SWR
SWR Smurfit Westrock Plc
11:11
Market

Smurfit Westrock Announces the Closing of USD and EUR Green Bond Offerings

Open Terminal Source RNS
ADT1
ADT1 Adriatic Metals
11:08
Market

Notification of Major Holdings

TR1 Buy

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '0.431973', '0.640165']
Open Terminal Source RNS
BARC
BARC Barclays PLC
11:08
Market

Form 8.5 (EPT/NON-RI) - Tritax EuroBox Replacement

Open Terminal Source RNS
ANTO
ANTO Antofagasta PLC
11:02
Market

CHANGE TO BOARD COMMITTEE CHAIR

Open Terminal Source RNS
XGDU
XGDU Xtrackers IE Physical Gold …
10:58
Market

Publication of Final Terms

Open Terminal Source RNS
MNRG
MNRG Metalnrg PLC
10:57
Market

Update re Acquisition of CMO

Open Terminal Source RNS
IMB
IMB Imperial Brands PLC
10:57
Market

Director/PDMR Shareholding

Open Terminal Source RNS
JAGI
JAGI JPMorgan Asia Growth & Inco…
10:53
Market

Director/PDMR Shareholding

Open Terminal Source RNS
BAB
BAB Babcock International Group…
10:38
Market

Director/PDMR Shareholding

Open Terminal Source RNS
75AM
75AM 75AM
10:34
Market

Early Redemption(s)

Open Terminal Source RNS
SMDS
SMDS DS Smith PLC
10:30
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Bank of America Corporation', '4.943787', 0]
Open Terminal Source RNS
YZ61
YZ61 YZ61
10:29
Market

Form 8.5 (EPT/RI)- Replacement of Britvic plc

Open Terminal Source RNS
BARC
BARC Barclays PLC
10:27
Market

Form 8.5 (EPT/NON-RI) - Volex plc

Open Terminal Source RNS
AQX
AQX Aquis Exchange PLC
10:27
Market

Publication of Scheme Document

Open Terminal Source RNS
BARC
BARC Barclays PLC
10:25
Market

Form 8.5 (EPT/NON-RI) - TT Electronics plc

Open Terminal Source RNS
YZ61
YZ61 YZ61
10:24
Market

Form 8.5 (EPT/RI)- Replacement of Hargreaves

Open Terminal Source RNS
BARC
BARC Barclays PLC
10:24
Market

Form 8.5 (EPT/NON-RI) - Tritax EuroBox plc

Open Terminal Source RNS
BARC
BARC Barclays PLC
10:23
Market

Form 8.5 (EPT/NON-RI) - International Dist Svs plc

Open Terminal Source RNS
BARC
BARC Barclays PLC
10:22
Market

Form 8.5 (EPT/NON-RI) - Hargreaves Lansdown plc

Open Terminal Source RNS
DAL
DAL Dalata Hotel Group plc
10:10
Market

Dalata Hotel Group PLC: HOL-Holding(s) in Company*

TR1 Buy

TR1 Buy
['Franklin Mutual Advisers, LLC', '3.55', '4.63']
Open Terminal Source RNS
SPT
SPT Spirent Communications plc
10:09
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '7.077194', '6.985713']
Open Terminal Source RNS
ECK
ECK Eckoh Plc
10:06
Market

Form 8 (DD) - Eckoh plc

Open Terminal Source RNS
ECK
ECK Eckoh Plc
10:03
Market

Form 8 (DD) - Eckoh plc

Open Terminal Source RNS
USA
USA Baillie Gifford US Growth T…
10:02
Market

Holding(s) in Company - replacement

TR1 Buy

TR1 Buy
['Bank of America Corporation', '0.000000', 0]
Open Terminal Source RNS
SRE
SRE Sirius Real Estate Limited
10:01
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Aggregate of abrdn plc affiliated investment management entities with delegated voting rights on behalf of multiple managed portfolios', '7.648923', '7.672719']
Open Terminal Source RNS
BYIT
BYIT Bytes Technology Ltd
10:01
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Coronation Fund Managers', '9.003618', '8.062753']
Open Terminal Source RNS
FLTR
FLTR Flutter Entertainment PLC
10:01
Market

Transaction in Own Shares

Open Terminal Source RNS
BLND
BLND British Land Company PLC
10:01
Market

Application for Admission

Open Terminal Source RNS
HRN
HRN Hornby PLC
10:01
Market

Result of General Meeting

Open Terminal Source RNS
RAT
RAT Rathbone Brothers PLC
09:58
Market

Form 8.3 - musicMagpie Plc

Open Terminal Source RNS
RAT
RAT Rathbone Brothers PLC
09:55
Market

Form 8.3 - Volex Plc

Open Terminal Source RNS
RAT
RAT Rathbone Brothers PLC
09:52
Market

Form 8.3 - Learning Technologies Group Plc

Open Terminal Source RNS
0JCB
0JCB International Paper Co.
09:52
Market

Form 8.3 - International Paper Company

Open Terminal Source RNS
KOO
KOO Kooth plc
09:50
Market

Holdings in Company

TR1 Buy

TR1 Buy
['Harwood Capital LLP', '4.53778', 0]
Open Terminal Source RNS
CMPI
CMPI CT Global Managed Portfolio…
09:50
Market

Dividend Declaration

Open Terminal Source RNS
KP2
KP2 Kore Potash Plc
09:50
Market

Response to ASX Aware Letter

Open Terminal Source RNS
BVIC
BVIC Britvic PLC
09:50
Market

Form 8.3 - BRITVIC PLC

Open Terminal Source RNS
59AY
59AY 59AY
09:49
Market

Notice of Noteholder Meeting

Open Terminal Source RNS
IDS
IDS International Distributions…
09:49
Market

Form 8.3 - International Distribution Services plc

Open Terminal Source RNS
EBOX
EBOX Tritax EuroBox PLC GBp
09:47
Market

Form 8.3 - TRITAX EUROBOX PLC

Open Terminal Source RNS
SMDS
SMDS DS Smith PLC
09:47
Market

Form 8.3 - DS Smith plc

Open Terminal Source RNS
SPT
SPT Spirent Communications plc
09:46
Market

Form 8.3 - Spirent Communications plc

Open Terminal Source RNS
BWY
BWY Bellway PLC
09:38
Market

Director/PDMR Shareholding

Open Terminal Source RNS
BRGE
BRGE BlackRock Greater Europe In…
09:38
Market

Transaction in Own Shares

Open Terminal Source RNS
EWI
EWI Edinburgh Worldwide Investm…
09:33
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Bank of America Corporation', '0.000000', 0]
Open Terminal Source RNS
SGRO
SGRO Segro Plc
09:31
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['BlackRock, Inc.', '10.620000', '10.970000']
Open Terminal Source RNS
MOTR
MOTR Motorpoint Group PLC
09:27
Market

Director/PDMR Shareholding

Open Terminal Source RNS
SMDS
SMDS DS Smith PLC
09:25
Market

Form 8.3 - DS Smith plc

Open Terminal Source RNS
LLOY
LLOY Lloyds Banking Group PLC
09:21
Market

Notice of Redemption

Open Terminal Source RNS
BWRA
BWRA Bristol Water Holdings UK L…
09:16
Market

Half Year Results 2024/25

Open Terminal Source RNS
SDR
SDR Schroders PLC
09:13
Market

Form 8.3 - Equals Group Plc

Open Terminal Source RNS
VOD
VOD Vodafone Group PLC
09:03
Market

Director/PDMR Shareholding

Open Terminal Source RNS
BBH
BBH Bellevue Healthcare Trust P…
09:01
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund', '0.000000', '0.000000']
Open Terminal Source RNS
IRON
IRON Ironveld Plc
08:56
Market

TR-1: Notification of major holdings

TR1 Buy

TR1 Buy
['R S & C A JENNINGS', '2.24', '2.73']
Open Terminal Source RNS
BHMG
BHMG BH Macro Limited
08:54
Market

Amended Transaction in Own Shares

Open Terminal Source RNS
FNTL
FNTL Fintel PLC
08:52
Market

Issue of shares

Open Terminal Source RNS
EMH
EMH European Metals Holdings Li…
08:50
Market

Results of Meeting

Open Terminal Source RNS
WIZZ
WIZZ Wizz Air Holdings PLC
08:45
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['The Capital Group Companies, Inc.', '14.897542', '15.041948']
Open Terminal Source RNS
USA
USA Baillie Gifford US Growth T…
08:43
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
Open Terminal Source RNS
SAR
SAR Sareum Hldgs Plc
08:39
Market

Notice of AGM, Annual Report and Accounts

Open Terminal Source RNS
85FA
85FA 85FA
08:37
Market

Response to regulatory judgement

Open Terminal Source RNS
IRSH
IRSH IRSH
08:27
Market

Form 8.3 - Spirent Communications plc

Open Terminal Source RNS
IRSH
IRSH IRSH
08:26
Market

Form 8.3 - Britvic plc

Open Terminal Source RNS
IRSH
IRSH IRSH
08:24
Market

Form 8.3 - Smith (DS) plc

Open Terminal Source RNS
IRSH
IRSH IRSH
08:23
Market

Form 8.3 - Hargreaves Lansdown plc

Open Terminal Source RNS
IRSH
IRSH IRSH
08:22
Market

Form 8.3 - Tritax EuroBox plc

Open Terminal Source RNS
WTB
WTB Whitbread PLC
08:22
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Norges Bank', '3.947670', '4.005390']
Open Terminal Source RNS
IRSH
IRSH IRSH
08:21
Market

Form 8.3 - International Paper Company

Open Terminal Source RNS
FVEN
FVEN Foresight Ventures VCT plc
08:21
Market

Result of General Meeting - Correction

Open Terminal Source RNS
CYN
CYN CQS Natural Resources Growt…
08:20
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Saba Capital Management, L.P.', '0.000000', '0.000000']
Open Terminal Source RNS
IRSH
IRSH IRSH
08:17
Market

Form 8.3 - International Distribution Services plc

Open Terminal Source RNS
XMXD
XMXD db x-trackers MSCI EM EMEA …
08:17
Market

Important Notice of Announcement to shareholder of Xtrackers

Open Terminal Source RNS
PTEC
PTEC Playtech Plc
08:01
Market

Publication of Circular and Notice of GM

Open Terminal Source RNS
NEXS
NEXS Nexus Infrastructure plc
08:01
Market

Directorship Disclosure

Open Terminal Source RNS
CRH
CRH CRH PLC
08:01
Market

Transaction in Own Shares

Open Terminal Source RNS
38OI
38OI 38OI
08:01
Market

Trading Statement

<mark style="background-color:yellow"></mark>

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Open Terminal Source RNS
SEE
SEE Seeing Machines Limited
07:50
Market

Result of AGM

Open Terminal Source RNS
YZ61
YZ61 YZ61
07:50
Market

Form 8.5 (EPT/RI)-Britvic plc

Open Terminal Source RNS
0RYA
0RYA Ryanair Holdings plc
07:46
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['The Capital Group Companies, Inc.', '13.03', '12.05']
Open Terminal Source RNS
YZ61
YZ61 YZ61
07:45
Market

Form 8.5 (EPT/RI)-Hargreaves Lansdown plc

Open Terminal Source RNS
STAN
STAN Standard Chartered PLC
07:31
Market

Africa Wealth & Retail Banking businesses update

Open Terminal Source RNS
BO61
BO61 BO61
07:31
Market

Issue of Debt - Amendment

Open Terminal Source RNS
S32
S32 South32 Ltd
07:21
Market

Daily Buy-Back Notification

Open Terminal Source RNS
AURA
AURA Aura Energy Ltd
07:13
Market

Results of Annual General Meeting

Open Terminal Source RNS
IRSH
IRSH IRSH
06:51
Market

G. Sapon appointed new CEO of Akropolis Group, N. Maknevičius to continue as the Chairman of the Board

Open Terminal Source RNS
WATR
WATR Water Intelligence plc
06:44
Market

Transaction in Own Shares and Total Voting Rights

Open Terminal Source RNS
0RYA
0RYA Ryanair Holdings plc
06:31
Market

Transaction in Own Shares

Open Terminal Source RNS
WCW
WCW Walker Crips Group PLC
06:31
Market

Director/PDMR Shareholding

<mark style="background-color:yellow">PURCHASE</mark> OF SHARES TO GO INTO SHARE INCENTIVE PLAN (SIP)

<mark style="background-coloryellow">PURCHASE</mark> OF SHARES TO GO INTO SHARE INCENTIVE PLAN (SIP)
Open Terminal Source RNS
BARC
BARC Barclays PLC
06:31
Market

Transaction in Own Shares

Open Terminal Source RNS
0A3F
0A3F 0A3F
06:11
Market

Net Asset Value(s)

Open Terminal Source RNS
0A3D
0A3D iShares VII Public Limited …
06:11
Market

Net Asset Value

Open Terminal Source RNS
CMB1
CMB1 iShares FTSE MIB UCITS
06:11
Market

Net Asset Value

Open Terminal Source RNS
0A3E
0A3E 0A3E
06:11
Market

Net Asset Value

Open Terminal Source RNS
0A3G
0A3G 0A3G
06:11
Market

Net Asset Value

Open Terminal Source RNS
TRST
TRST Trustpilot Group PLC
06:06
Market

Transaction in Own Shares

Open Terminal Source RNS
91XR
91XR 91XR
06:02
Market

Interim Financial Report to 30 September 2024

Neuteral News
Open Terminal Source RNS
CRN
CRN Cairn Homes PLC
06:01
Market

Cairn Homes Plc: Transaction in Own Shares

Open Terminal Source RNS
DAL
DAL Dalata Hotel Group plc
06:01
Market

Dalata Hotel Group PLC: POS-Transaction in Own Shares

Open Terminal Source RNS
THS
THS Tharisa plc
06:01
Market

Final Results Announcement date

Open Terminal Source RNS
CORD
CORD Cordiant Digital Infrastruc…
06:01
Market

Dividend Declaration

Open Terminal Source RNS
APAX
APAX Apax Global Alpha Ltd
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
TCF
TCF Theracryf Plc
06:01
Market

European Patent Office award decision

Open Terminal Source RNS
ANIC
ANIC Agronomics Ltd
06:01
Market

All G Co Update

<mark style="background-color:yellow"></mark>

<mark style="background-coloryellow"></mark>
Open Terminal Source RNS
ATT
ATT Allianz Technology Trust PLC
06:01
Market

Kepler Trust Intelligence: New Research

Open Terminal Source RNS
RM.
RM. RM.
06:01
Market

RM expands contract with Cambridge University

Open Terminal Source RNS
CYK
CYK Cykel AI PLC
06:01
Market

Launch of AI-Powered Digital Worker

Open Terminal Source RNS
AAU
AAU Ariana Resources plc
06:01
Market

Mines and Money London Conference

Open Terminal Source RNS
VAST
VAST Vast Resources PLC
06:01
Market

Notice of AGM

Open Terminal Source RNS
ROOF
ROOF Atrato Onsite Energy PLC
06:01
Market

Publication of Circular and Notice of GM

Open Terminal Source RNS
EJFI
EJFI EJF Investments Ltd
06:01
Market

Liquidity Authority Introduction and Notice of EGM

Open Terminal Source RNS
GSF
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YearRevenue (£ million)Gross Margin %Adjusted EBITDA (£ million)Operating Profit (£ million)Adjusted Operating Profit (£ million)Basic EPS (p)Adjusted Diluted EPS (p)Total Dividend per Share (p)Net Debt (£ million)
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Pennon Group plc (Pennon or the Group) today announces its results for the half year ended 30 September 2024.
Susan DavyGroup Chief Executive Officercommented
"Water companies are rightly being challenged to do more for customers today and invest more for the future. We are doing both. 100% of customers across the south west found their bills affordable for the first time - five years <mark style="background-color:yellow">ahead</mark> of the sector-wide pledge to eradicate water poverty. We continue to lead the way in helping customers to use less and save more with a range of money saving campaigns and pilots. Whilst thats led to lower wholesale water business revenues, its the right thing to do.
"Alongside our bill support, we are delivering record capital investment. Our supply chain amplify is up and running, delivering accelerated K8 investment to tackle the use of storm overflows. We are forecasting growth in regulatory capital of 75% over this regulatory period.
"Underpinned by solid relative operational performance, as assessed in Ofwats latest Water Company Performance Report across all parts of the Group, we have continued to deliver to all of our customers across South West Water, Bristol Water and SES. When things go wrong, as they did for customers and businesses in and around Brixham earlier this year, we put it right, with no excuses. But we know we have more to do.
"As we look ahead, we are energised following our Business Plans for SWW and SES achieving outstanding and good ratings, respectively, from Ofwat. In preparation, we are reshaping the Group and driving cost base efficiency. We are putting more resources on the front line than ever before, streamlining our support functions, with clear business lines, aligned to our four strategic priorities.
"Of course, its not what we are doing but how we do it that also matters. Our operations across the Group need a reliable and efficient power supply and we are investing to increase renewable energy provision through Pennon Power, supporting our Net Zero ambitions.
"Overall, we are well positioned for the future, with lower revenues protected by regulatory mechanisms, as we continue to focus on sustainable growth. Our financial position remains resilient to the challenges ahead, with good liquidity and a diversified debt portfolio. Our plans to restructure the business, as well as the benefits being delivered through integration of SES into our Group, will allow us to deliver efficiently as we move forward."
FINANCIAL PERFORMANCE
H1 2024/25
H1 2024/25
(excl. SES)
H1 2023/24
Underlying revenue^
£527.2m
£450.6m
£448.6m
Underlying EBITDA^
£163.5m
£150.2m
£168.5m
Underlying (loss)/profit before tax^
(£18.6m)
(£13.8m)
£9.1m
Non-underlying items before tax1
(£20.2m)
(£20.2m)
(£5.9m)
(Loss)/profit before tax - statutory
(£38.8m)
(£34.0m)
£3.2m
(Loss)/profit after tax - statutory
(£30.0m)
(£26.2m)
£1.8m
(Loss)/earnings per share
Adjusted EPS
(6.6p)
3.6p
Basic EPS
(10.6p)
0.5p
Dividend per share2
14.69p
14.04p
Capital expenditure
Group (incl. SES)
£331.8m
£266.3m
South West Water
£306.0m
£234.4m
At 30 Sept 2024
At 31 Mar 2024
Water Group
RCV3
£5916m
£5536m
Gearing4
65.0%
64.4%
SWW
Cumulative RORE (realnotional)5
6.0%
7.3%
Cumulative RORE (nominalactual6
10.8%
Financial results for H1 2024/25
· Results for H1 2024/25 in line with management expectation7
· On a like for like basis, lower revenues in South West Water (SWW) compared to H1 2023/24 driven by successful water demand customer initiatives resulting in a loss before tax on both an underlying and statutory basis, with regulatory revenue mechanisms in place to protect future recovery
· As anticipated, newly acquired Sutton and East Surrey Group (SES) incurred a loss for the period - we are focused on reducing interest costs and right sizing the cost base to improve profitability
· Profitable sector leading B2B retailers
Pennon Water Services (PWS) and Water2Business - with plans to consolidate SES Business Water
· Loss before tax for the Group increased to £38.8m reflecting the cost of interventions to return quality water supplies to Brixham (c.£16m) and the costs of restructuring to reshape the Groups activities (c.£4m)
· Capital expenditure run rate is slightly lower than H2 2023/24, but increased by £65.5m on H1 2023/24, as we invest to secure operational improvements
· Solid relative performance for the wholesale water businesses in respect of common Outcome Delivery Incentives (ODIs)
· Balance sheet for the Group is robust with Pennon Group gearing at c.68%8, and total Water Group RCV gearing of 65% (SWW gearing of 64%)
· Strong investment grade credit rating with liquidity of c.£675m in place to support continued investment
· Return on regulated equity for SWW is relatively strong, equating to 10.8% on a nominal, actual balance sheet basis, and 6.0% on a real notional WaterShare basis
· Interim dividend of 14.69p is in line with policy of CPIH +2%
Reshaping our business
· Four clear business units established focused on Water Services, Wastewater Services, Pennon Power and Retail Services, aligned with our four strategic priorities
· Reshaping the Group to drive greater efficiencies, as we grow, with improvements in processes and operational effectiveness delivered and in progress of c.£55m of annualised efficiencies in H1 2024/25 against the targeted c.£86m annualised run rate for K8. The programme is targeted to
o deliver the synergies identified through the water company acquisitions of Bristol Water in 2021 and SES in 2024
§ c.£18m delivered in H1 2024/25 in Bristol Water, and we are on track for the c.£20m targeted by the end of 2024/25
§ c.£2m delivered in H1 2024/25 in SES, with a target of c.£11m
o right size and reshape the Group to ensure we have resources focused on our priorities - bolstering front line staff by c.100, and ensuring we have a best-in-class customer service platform to serve our customers
Investment driving benefit
· SWW capital expenditure in H1 2024/25 broadly in line with the K8 run rate
delivering investments to meet our K7 commitments, support performance in our ODIs and respond to operational incidents as well as accelerate agreed K8 transitional spend and early start planning and design activities
· Investment in water resource diversification continues with the completion of the abstraction and new water treatment works at Rialton - supplementing resources in Cornwall by c.4%, bringing the cumulative resource position to 34% since 2022, with Devon benefitting from the cumulative 30% uplift in availability reported in the 2023/24 results
· Water quality investments are on track including the two new treatment works in Bournemouth - the treatment works will serve c.85% of the population of Bournemouth - with the first works on track for commissioning by the end of 2024/25
· Tackling sewer overflow spills through our WaterFit 2025 programme - preventing c.12,5000 spills with over c.350 interventions, with two thirds of our top spillers in 2023 resolved this year
· Pennon Power solar investments on track with construction underway at two sites equating to c.45% of our targeted generation with first energisation expected at the end of 2024/25
· Supporting customers with c.£110m customer benefit for K7, including innovative tariffs driving water efficiency and affordability
Strong relative sector performance
· Upper quartile performance inSWW on internal sewer flooding and water quality for water and sewerage companies
Bristol Water on customer service
SES Water on supply interruptions and water quality
· Growing and profitable non-household retail businesses - with c.15% market share, strong customer service - with Trustpilot scores for PWS and W2B of 4.8 and 5.0, respectively - alongside a doubling of business retail PBT from H1 2022/23
Underpinned by an outstanding Business Plan for K8
· SWWs Business Plan for Bournemouth, Bristol, Cornwall, Devon, and the Isles of Scilly categorised as outstanding and recognised as a leading plan in July
· Having acquired SES Water in January 2024, Ofwat has assessed their plan as standard, confirming this plan is generally good
· SWW Draft Determination reflects minimum c.30% RCV growth to 2030, with a cost of capital protected against reduction between Draft and Final Determinations, with 30bps upside potential
· SES Draft Determination reflects growth of c.11% and 5bps upside for a good standard plan
· Representations made to Ofwat in respect of risk return balance (particularly focused on ODIs), providing additional evidence for our totex investments, requesting that natural rates are applied for capital charges and the balance between our regions and priorities
· Final Determination confirmed as 19 December 2024
Well positioned for a period of significant growth
· We have a sustainable supply chain to deliver our K8 programme - over 1,000 schemes already underway, with transition expenditure of c.£75m for storm overflows we have launched our Turning the Tide storm overflow investment programme
· Strong investment grade credit ratings secured, with £2.5bn EMTN programme launched and an inaugural £400m public bond issuance. We have access to good liquidity funding through our sustainable financing framework to support our growing capital programme
Notes
All percentage movements are on a half on half basis unless otherwise stated
Results include the results of SES in the current period. SES was acquired in January 2024 and therefore the prior year comparative period excludes the impact of this acquisition
^ Measures with this symbol are defined in the Alternative Performance Measures (APM) section of this document, underlying measures are presented before non-underlying items
1 Non-underlying items are adjusted for by virtue of their size, nature or incidence to enable a full understanding of financial performance.
2 Dividend policy of CPIH+2%. The CPIH rate used is 2.6% at 30 September 2024
3 Forecast shadow RCV at 31 March 2025 based on K7 Business Plan levels of investment, Green Recovery, accelerated delivery, and transitional investment, along with regulatory true-ups and inflationary impacts and the impact of acquisitions and shadow RCV at 31 March 2024
4 Based on Water Group (SWW including Bristol Water and SES Water) - net debt at period end/forecast shadow RCV at 31 March
5 Real cumulative RORE on underlying totex, financing and ODIs with notional gearing
6 Nominal cumulative RORE based on underlying real RORE using actual gearing plus average inflation over K7 at 4.3%
7 As set out in our Trading Statement in September 2024
8 Pennon Group net debt excluding fair value adjustments/Water Group forecast shadow RCV at 31 March 2025 and effective value of the non-regulated businesses
Results presentation
A presentation of the Half Year 2024/25 results hosted by Susan Davy, Group Chief Executive Officer and Laura Flowerdew, Group Chief Financial Officer, will be available at 08:00am (GMT) today, 27 November 2024. This will be followed by a live Q&A session at 08:45am (GMT). The presentation and Q&A session can be accessed here: www.pennon-group.co.uk/investor-information
For further informationplease contact
Institutional equity investors and analysts
Louise Rowe - ComplianceESG and IR Director
01392 446 688
James Murgatroyd - FGS Global
020 7251 3801
Debt investors
Chris Tregenna - Group Treasurer
01392 446 688
Retail investors
Link Asset Services
0371 664 9234
GROUP CHIEF EXECUTIVE OFFICERS REVIEW
Overview
Water companies are rightly being challenged to do more for customers today and into the future. We are doing both, with good progress in K7, ensuring we are well positioned for the delivery of our 2025-30 (K8) Business Plan and in laying the foundations for sustainable future growth.
Our c.4,000 colleagues who live and work in the communities we support, care passionately about what we do, each day and I couldnt be more proud. Our customer and community roadshows continue to ensure we are hearing first-hand what matters most and as we fix the things they care about. From Bristol to Bournemouth, Devon, Cornwall, and the Isles of Scilly, and now Sutton and East Surrey, we continue to help customers to use less and save more with a range of money saving campaigns and pilots, leading the way.
Whilst South West Water (SWW) revenues are lower on a like for like basis due to our water efficiency initiatives, its the right thing to do and is protected by future regulatory mechanisms.
Agile group delivering for all in K7
As we are closing the K7 regulatory period we look back on a period of significant change for the Group. Our agility in delivering for all stakeholders has been a constant.
Following the sale of Viridor in 2020, as part of a highly disciplined strategic review
· we responsibly deployed capital, positioning the Group sustainably by minimising liabilities
· we have reinvested in UK Water with the acquisition of Bristol and SES at a total value of £0.6bn[9]
· we have recognised shareholder support through our K7 dividend policy of CIPH+2%.
We have made record investment in the asset base of c.£1.8bn[10] as we focus on the things that matter most. Alongside our acquisitive growth strategy this results in RCV growth of 75%[11].
We are also expanding our non-regulated business
our three retailers now having a combined market share of around 15% and our investments in Pennon Power are on track.
Customers have benefitted through our innovative first of its kind WaterShare+ scheme. Launched in 2020, this gives customers a stake and a say in our business and they have also shared in financial benefits.
Alongside this we have delivered solid relative sector performance with c.70% of ODIs met over the period and we have focused on supporting customers, keeping bills as low as possible through a drive for efficiency and providing tangible support to those who need it most achieving 100% affordability for the first time.
Reshaping our business to align with our four strategic priorities
To support the delivery of our outstanding and good rated Business Plans for SWW and SES we are reshaping the Group. We are putting more resources on the front line than ever before, with clear business lines, aligned to our four strategic priorities.
With Managing Directors in place for Water Services, Wastewater Services, Pennon Power and Retail Services, we have also commenced a Group-wide reshaping programme ensuring we have the right resources and capabilities, with more resources on the front line, supported by expert and streamlined corporate functions. Our supply chain partnership amplify has already been stood up and is on track to deliver £75m of accelerated investment to kick start our plans to reduce storm overflows.
At September 2024, our transformation and restructuring programmes have delivered, or are in progress to deliver, c.£35m of annualised savings. This is in addition to the synergies delivered through our acquisitions of Bristol Water and SES Water where we have delivered synergies of c.£18m and c.£2m, respectively, and are on track to achieve the savings we set ourselves at acquisition. This is a step towards our targeted annualised savings of c.£86m in K8.
Investment driving benefits
With over £300m of capital investment in SWW in the first half of 2024/25, we are investing to make sure we make good operational progress on our four priorities in the long term. We are well prepared to deliver almost double the rate of investment from K7 ending the period at the K8 run rate.
Building water resourcesimproving water quality
Our investments mean we are making good progress in providing a more resilient and diverse portfolio for water resources across Devon and Cornwall. This has been a monumental undertaking, with teams across South West Water and our supply chain partners. Blackpool pit has been fully operational since the end of March with construction completed at the new treatment works at Rialton. We have supplemented capacity in Cornwall by 4% in this half year, with 34% cumulatively achieved since 2022, alongside the 30% uplift to Devon. Overall, water resource levels are at 80% across Devon and Cornwall, and we achieved 100% supply demand balance index for the first time in the 2023/24 EPA.
There are always two sides to the coin to ensuring a sustainable supply demand balance, and reducing demand is also key to future resilience.
| Year | Revenue (£m) | Underlying EBITDA (£m) | Underlying (Loss)/Profit Before Tax (£m) | Non-underlying Items Before Tax (£m) | Loss Before Tax - Statutory (£m) | Loss After Tax - Statutory (£m) | Loss Per Share (p) | Adjusted EPS (p) | Basic EPS (p) | Dividend Per Share (£) | Capital Expenditure (£m) | RCV (£m) | Gearing (%) | SWW Cumulative RORE (real, notional) (%) | SWW Cumulative RORE (nominal, actual) (%) | |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| | 2024/25 | 527.2 | 163.5 | (18.6) | (20.2) | (38.8) | (30.0) | (10.6) | (6.6) | (0.5) | 14.69 | 331.8 | 5,916 | 65.0 | 6.0 | 10.8 | | 2023/24 | 448.6 | 168.5 | 9.1 | (5.9) | 3.2 | 1.8 | 0.5 | 3.6 | 3.2 | 14.04 | 266.3 | 5,536 | 64.4 | 7.3 | N/A |
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Half-year/Interim Report

Half-year/Interim Report
Compare financials and debt year on year and return as table code for following text Go to News Explorer RNS Half-year/Interim Report Share INTERIM FINANCIAL REPORT TO 30 SEPTEMBER 2024 VIRGIN MONEY UK PLC Released 07:00:07 27 November 2024 RNS Number : 7639N Virgin Money UK PLC 27 November 2024 BASIS OF PRESENTATION Virgin Money UK PLC ('Virgin Money', 'VMUK' or 'the Company'), together with its subsidiary undertakings (which together comprise the 'Group'), operate under the Clydesdale Bank, Yorkshire Bank and Virgin Money brands. Following the acquisition of the Group by Nationwide Building Society (Nationwide), the financial year end of the Company was changed from 30 September to 31 March in order to align to Nationwide's financial year end. This release therefore covers the interim results of the Group for the 6 months ended 30 September 2024 and the Group's next Annual Report and Accounts will cover the 18-month period ending 31 March 2025. Unless otherwise stated, income statement commentaries throughout this document compare the 12 months ended 30 September 2024 to the 12 months ended 30 September 2023 and the balance sheet analysis compares the Group balance sheet as at 30 September 2024 to the Group balance sheet as at 30 September 2023. The Interim Financial Report is unaudited and the independent review report is included on page 56. Statutory basis: Statutory information is set out within the interim condensed consolidated financial statements. Excluding notable items basis: Management exclude certain items from the Group's statutory position to arrive at an 'excluding notable items' basis. The exclusion of notable items aims to remove the impact of one-offs and other volatile items which may distort period-on-period comparisons. Rationale for the notable items is shown on page 87. This basis is classed as an alternative performance measure, see below. In the Group's 2023 Annual Report and Accounts, items adjusted from the Group's statutory position resulted in an 'underlying basis' of performance. Since then, the Group has not presented results on an underlying basis, moving instead to a statutory presentation of its income statement, whilst still providing details of notable items of income and expenditure. Comparative periods have not been restated as the 'excluding notable items basis' is directly comparable to the previously disclosed 'underlying basis'. Further information on this change is shown on page 87. Alternative performance measures (APMs): the key performance indicators (KPIs) and performance metrics used in monitoring the Group's performance and reflected throughout this report fall into two categories: financial and non-financial, and are detailed at 'Measuring the Group's performance' on pages 372 to 380 of the Group's 2023 Annual Report and Accounts. APMs are closely scrutinised to ensure that they provide genuine insights into the Group's progress; however, statutory measures are the key determinant of dividend paying capability. Certain figures contained in this document, including financial information, may have been subject to rounding adjustments and foreign exchange conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given. FORWARD-LOOKING STATEMENTS This document and any other written or oral material discussed or distributed in connection with the results (the 'Information') may include forward-looking statements, which are based on assumptions, expectations, valuations, targets, estimates, forecasts and projections about future events. These can be identified by the use of words such as 'expects', 'aims', 'targets', 'seeks', 'anticipates', 'plans', 'intends', 'prospects', 'outlooks', 'projects', 'forecasts', 'believes', 'estimates', 'potential', 'possible', and similar words or phrases. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and its securities, investments and the environment in which it operates, including, among other things, the development of its business and strategy, any acquisitions, combinations, disposals or other corporate activity undertaken by the Group, trends in its operating industry, changes to customer behaviours and covenant, macroeconomic and/or geopolitical factors, changes to its Board and/or employee composition, exposures to terrorist activity, IT system failures, cyber-crime, fraud and pension scheme liabilities, risks relating to environmental matters such as climate change including the Group's ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, changes to law and/or the policies and practices of the Bank of England (BoE), the Financial Conduct Authority (FCA) and/or other regulatory and governmental bodies, inflation, deflation, interest rates, exchange rates, tax and national insurance rates, changes in the liquidity, capital, funding and/or asset position and/or credit ratings of the Group, future capital expenditures and acquisitions, the repercussions of the UK's exit from the European Union (EU) (including any change to the UK's currency and the terms of any trade agreements (or lack thereof) between the UK and the EU), Eurozone instability, the repercussions of Russia's invasion of Ukraine, the conflict in the Middle East and any UK or global cost of living crisis or recession. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. Forward-looking statements involve inherent risks and uncertainties and should be viewed as hypothetical. Other events not taken into account may occur and may significantly affect the analysis of the forward-looking statements. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates (each a 'VMUK Party') gives any representation, warranty or assurance that any such projections or estimates will be realised, or that actual results or other results will not be materially lower than those set out in the Information. No representation or warranty is made that any forward-looking statement will come to pass. Whilst every effort has been made to ensure the accuracy of the Information, no VMUK Party takes any responsibility for the Information or to update or revise it. They will not be liable for any loss or damages incurred through the reliance on or use of it. The Information is subject to change. No representation or warranty, express or implied, as to the truth, fullness, fairness, merchantability, accuracy, sufficiency or completeness of the Information is given. Certain industry, market and competitive position data contained in the Information comes from official or third party sources. There is no guarantee of the accuracy or completeness of such data. While the Group reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, no member of the Group or their respective directors, officers, employees, agents, advisers or affiliates have independently verified the data. In addition, certain industry, market and competitive position data contained in the Information comes from the Group's own internal research and estimates based on the knowledge and experience of the Group's management in the markets in which the Group operates. While the Group reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness, and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in the Information. The Information does not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. The distribution of the Information in certain jurisdictions may be restricted by law. Recipients are required to inform themselves about and to observe any such restrictions. No liability to any person is accepted in relation to the distribution or possession of the Information in any jurisdiction. No statement in the Information is intended as a profit forecast, profit estimate or quantified benefit statement for any period and no statement in the Information should be interpreted to mean that earnings per share for the Company for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share (EPS) for the Company or the Group. Interim financial report For the six months ended 30 September 2024 Contents Virgin Money UK PLC Interim results for the six months ended 30 September 2024 1 Business and financial review 2 Risk management 14 Risk overview 15 Credit risk 17 Financial risk 43 Statement of Directors' responsibilities 55 Independent review report to Virgin Money UK PLC 56 Financial statements 57 Interim condensed consolidated income statement 57 Interim condensed consolidated statement of comprehensive income 58 Interim condensed consolidated balance sheet 59 Interim condensed consolidated statement of changes in equity 60 Interim condensed consolidated statement of cash flows 61 Notes to the interim condensed consolidated financial statements 62 Additional information 83 Virgin Money UK PLC Interim results for the 6 months ended 30 September 2024 Summary financials 12 months to 30 Sep 2024 12 months to 30 Sep 2023 Change 6 months to 30 Sep 2024 6 months to 30 Sep 2023 Change £m £m % £m £m % Net interest income (excluding notable items) 1,778 1,716 4 910 861 6 Non-interest income (OOI) (excluding notable items) 146 157 (7) 74 79 (6) Total operating income (excluding notable items) 1,924 1,873 3 984 940 5 Notable items in income(1) (3) (46) (93) 14 (27) n/a Statutory total operating income 1,921 1,827 5 998 913 9 Operating and administrative expenses (excluding notable items) (1,028) (971) 6 (526) (494) 6 Notable items in expenses(1) (158) (202) (22) (109) (145) (25) Statutory operating and administrative expenses (1,186) (1,173) 1 (635) (639) (1) Statutory operating profit before impairment losses 735 654 12 363 274 32 Impairment losses on credit exposures (177) (309) (43) (84) (165) (49) Statutory profit on ordinary activities before tax 558 345 62 279 109 156 Performance metrics(2) Total customer lending 71,296 72,754 (2.0)% 71,296 72,754 (2.0)% Net interest margin (NIM) 1.98% 1.91% 7bps 2.01% 1.91% 10bps Return on tangible equity (RoTE) 6.7% 3.9% 2.8%pts 4.3% 1.6% 2.7% Cost: income ratio 61.7% 64.2% (2.5)%pts 63.6% 70.0% (6.4)%pts Adjusted cost: income ratio(3) 53.0% 51.9%
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YearRevenueUnderlying Profit Before TaxNet Cash/Debt
H1 25 (2024)£86.0m£10.5mNet Cash: £1.2m
H1 24 (2023)£82.0m£10.0mNet Debt: £2.2m
FY24 (2024)N/AN/AN/A
FY23 (2023)N/AN/AN/A
Note: The table presents a comparison of Gateley (Holdings) PLC's financial performance and debt position for the first half of fiscal years 2024 and 2023, along with the expected full-year figures for 2024 and 2023. The figures are in millions (£). The revenue and underlying profit before tax show a year-on-year increase, while the company has improved its debt position, moving from net debt to net cash in H1 25.
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YearRevenueAdjusted EBITDAOperating ProfitAdjusted Net Debt
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Half-year Report

Nationwide Building Society Interim Results for the period ended 30 September 2024 Contents Page Chief Executives review 4 Performance summary 7 Financial review 8 Risk report 15 Condensed consolidated interim financial statements …

Nationwide Building Society
Interim Results
for the period ended 30 September 2024
Contents
Page
Chief Executives review
4
Performance summary
7
Financial review
8
Risk report
15
Condensed consolidated interim financial statements
62
Notes to the condensed consolidated interim financial statements
68
Responsibility statement
92
Independent review report to Nationwide Building Society
93
Other information
95
Contacts
95
Introduction
Unless otherwise stated, the income statement analysis compares the period from 5 April 2024 to 30 September 2024 to the corresponding six months of 2023 and balance sheet analysis compares the position at 30 September 2024 to the position at 4 April 2024.
Underlying profit
Profit before tax shown on a statutory and underlying basis is set out on page 9. The purpose of the underlying profit measure is to reflect managements view of the Groups underlying performance and to assist with like-for-like comparisons of performance across periods. Underlying profit is not designed to measure sustainable levels of profitability as that potentially requires exclusion of non-recurring items even though they are closely related to (or even a direct consequence of) the Groups core business activities.
Forward-looking statements
Certain statements in this document are forward-looking with respect to plans, goals and expectations relating to the future financial position, business performance and results of the Group. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, the Group can give no assurance that these expectations will prove to be an accurate reflection of actual results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Group including, amongst other things, UK domestic and global economic and business conditions, market-related risks such as fluctuation in interest rates and exchange rates, inflation/deflation, the impact of competition, changes in customer preferences, risks concerning borrower credit quality, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations involving the Society and/or within relevant industries, risks relating to sustainability and climate change, the policies and actions of regulatory authorities and the impact of tax or other legislation and other regulations in the jurisdictions in which the Group operates. The economic outlook remains uncertain and, as a result, the Groups actual future financial condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. Due to such risks and uncertainties, the Group cautions readers not to place undue reliance on such forward-looking statements.
The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.
This document is not intended to, and does not constitute, represent or form part of any offer invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No securities are being offered to the public by means of this document. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the Group and will contain detailed information about the Group and its management, as well as its financial statements.
Chief Executives review
Record growth and value to members
Debbie CrosbieChief ExecutiveNationwide Building Societysaid
"Nationwide delivered record first half growth in both mortgages and deposits, and record member value. Over the past 18 months, our mutual model has enabled us to provide over £3.5 billion in member value, including £729 million through the Nationwide Fairer Share Payment.
"Following our acquisition of Virgin Money on 1 October, weve recorded a gain of £2.3bn, as the value of net assets acquired is well above the price we paid. This gain provides significant headroom to cover our investment in integration, as well as in service and value.
"Future profits generated by Virgin Money can now be used for the benefit of customers, rather than being paid to external shareholders."
Business and trading highlights for the period ended 30 September 2024
Record first half year growth in mortgages and deposits
· Mortgage balances of £210.8bn (4 April 2024: £204.5bn), with record half year net lending of £6.3bn (H1 2023/24: £0.5bn). Market share of balances increased to 12.6% (4 April 2024: 12.3%).
· Member deposit balances increased by £8.3bn (H1 2023/24: £4.2bn) to £201.7bn (4 April 2024: £193.4bn). This was a record increase for a first half year. Deposit market share was 9.6% (4 April 2024: 9.5%).
· Continued growth in current account volumes, and a market share of 9.7%1(February 2024: 9.7%).
Leading customer service, giving customers a choice in how they bank with us
· First for customer satisfaction among our peer group for over 12 years, with a lead of 6.8%pts2 (March 2024: lead of 5.5%pts).
· We continue to have the largest single-brand branch network in the UK, supported by our Branch Promise - everywhere we have a branch, we promise to still be there until at least the start of 2028.
· More than 35% of our new current accounts were opened in branches this half year.
Mutual model delivers record value to our members
· Member financial benefit increased to £950m (H1 2023/24: £885m), from pricing and incentives that were better than the market average.
· Distributed £385m through our Nationwide Fairer Share Payments to 3.85m eligible members in June 2024.
· On average, interest rates on deposits were 30% higher than the market average, largely driven by our savings rates.
1CACIs Current Account and Savings Database, Stock (August 2024).
2Lead at September 20246.8%pts, March 2024: 5.5%pts. © Ipsos 2024, Financial Research Survey (FRS), for the 12 months ending 31 March 2013 to 12 months ending 30 September 2024. Results based on a sample of around 47,000 adults (aged 16+). The survey contacts around 51,000 adults (aged 16+) a year in total across Great Britain. Interviews were face to face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of extremely satisfied and very satisfied customers minus the percentage of customers who were extremely or very or fairly dissatisfied across those customers with a main current account, mortgage or savings. Those in our peer group are Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, those in our peer group were Barclays, Halifax, HSBC, Lloyds Bank (Lloyds TSB prior to April 2015), NatWest and Santander.
Robust financial performance and balance sheet strength
· Underlying profit before tax decreased to £959m (H1 2023/24: £1,262m) and statutory profit before tax was £568m (H1 2023/24: £989m), primarily due to the profile of interest rates over the period and our choice to offer competitive rates.
· Total underlying income of £2,129m (H1 2023/24: £2,449m). Net interest margin of 1.50% (H1 2023/24: 1.66%), higher than H2 2023/24 net interest margin of 1.46%.
· Credit impairment charges of £7m (H1 2023/24: £54m), reflecting the resilience of our lending.
· Underlying costs of £1154m (H1 2023/24: £1115m).
· CET1 ratio of 28.4% (4 April 202427.1%) and leverage ratio of 6.7% (4 April 2024: 6.5%).
Making a meaningful impact across society
· Helped 53,000 (H1 2023/2431,000) first time buyers into a home of their own.
· Continued to commit 1% of pre-tax profits to good causes each year3, which for 2024/25 includes committing £9m to our three new charity partners, Centrepoint, Action for Children and Dementia UK, under our new Fairer Futures social impact strategy.
Acquisition of Virgin Money UK plc on 1 October 2024
Gain on acquisition of £2.3bn, resulting from a net asset value well in excess of the £2.8bn acquisition price.
· Peer-leading combined group CET1 ratio of 19.6% and combined group leverage ratio of 5.4% at 1 October 2024, both comfortably above regulatory minimums.
· A unique opportunity, underpinned by an exceptionally strong business case.
Positioning us to become the UKs first full-service mutual banking provider.
· Acquisition broadens our product range to include business banking, which we intend to offer to more customers over time.
· This will diversify our funding and strengthen us financially, enabling us to deliver even greater value for our customers, including through our Branch Promise, focus on customer service, and competitive deposit and lending rates.
Delivering scale and connecting us with one in three people in the UK.
· Now the UKs second largest provider of mortgages4 and retail deposits, with total assets of over £370 billion.
· Combined, we have £1 in every £6 of mortgage balances and hold £1 in every £8 of retail deposits in the UK.
· Now have an extensive network of 696 branches across the UK.
A long-term, measured and fully funded approach to integration.
· Acquired a profitable business so can take a longer-term approach to managing the Virgin Money business, with gradual integration following an initial 18-month strategic review.
· Gain on acquisition expected to provide significant headroom to cover costs associated with integration, investment in customer service and delivery of value under our mutual model.
· Future profits generated by Virgin Money will be fully retained within the Group, and available for investing in improving services and value for our customers, rather than being paid to shareholders.
The results for the period ended 30 September 2024 do not include the impacts of the Virgin Money acquisition. Further information is included in note 17 to the condensed consolidated interim financial statements, on page 89.
3The 1% is calculated based on average pre-tax profits over the previous three years.
4UK Finance 2023 balance database published on 31 July 2024 (latest available data).
Strategy update
More rewarding relationshipsWe will create deeper, lifelong relationships with our customers, that provide the best value in banking.
We delivered £950 million of member financial benefit, from pricing and incentives that were better than the market average, largely driven by our savings rates. In addition, we distributed £385 million through the Nationwide Fairer Share Payment in June 2024. Over the half year, we supported a record 39,000 (H1 2023/24: 14,700) students with our competitive FlexStudent current account, more than double that of the previous period. We continue to focus on supporting first time buyers, and in September 2024, we extended our Helping Hand mortgage to enable them to borrow six times their income, up to 33% more than through standard mortgages. We also increased the maximum loan to value available for purchasing a new-build house, from 85% to 90%.
Simply brilliant serviceWe will provide value beyond rates, with distinctive, personalised service our customers can trust, at every touchpoint.
We have the largest single-brand branch network in the UK, supported by our Branch Promise5. More than 35% of our new current accounts were opened in branches this half year, demonstrating the value of our branch network to customers. Our branches provide customers with choice in the way they can interact with us, alongside our digital channels, telephones, 24/7 online chat and dedicated cost-of-living helpline. We added further functionality to our new banking app, that launched in March 2024.
Beacon for mutual goodWe want to have a meaningful impact on our customers, colleagues, communities and society, by driving fairer banking practices and positive change.
We launched our new Fairer Futures social impact strategy, helping to tackle three of the biggest issues we see in society today - youth homelessness, families living in poverty and people living with dementia. We are headline partner to three key charities: Centrepoint, Action for Children, and Dementia UK, who will help us make a meaningful difference across these important causes. As part of this, we are rolling out dementia clinics in 200 of our branches.
Continuous improvementWe will be focused, fit and fast, and simplify our processes and ways of working to deliver for the benefit of our customers, while retaining resilient controls that protect our customers and their money.
We continue to drive greater efficiency across our operations and improve our customer experiences. We are enabling faster mortgage offers for customers through our new automated income verification and valuation tools, and we continue to streamline our mortgage advice service, reducing interview times for customers whilst still ensuring appropriate products and good outcomes.
Looking forward
The economic outlook remains uncertain, and the interest rate outlook means we expect to have passed peak profitability. However, lower interest rates and resilience in real earnings are supporting consumer finances which, if maintained, should support a strengthening in housing market activity and overall deposit growth. The credit quality of our lending portfolios remains strong, and our capital resources are robust.
Following the acquisition of Virgin Money, we will use our ongoing financial strength to deliver even greater value to Nationwide and Virgin Money customers, through competitive rates, focus on customer service, and our unique Branch Promise.
Debbie Crosbie
Chief Executive
5 All our 605 Nationwide branches will remain open until at least 1 January 2028. There may be exceptional circumstances outside of our control that mean we have to close a branch. But we will only do this if we do not have another workable option. We have now extended our Branch Promise to include Virgin Moneys 91 branches, following the acquisition on 1 October 2024.
Performance summary
Half year to
30 September 2024
Half year to
30 September 2023
30 September
4 April
2024
2024
Balance sheet
£bn
%
£bn
%
Financial performance
£m
£m
Total assets
282.4
271.9
Total underlying income
2129
2449
Loans and advances to customers
220.0
213.4
Underlying administrative expenses
1154
1115
Mortgage balances/market share (note iv)
210.8
12.6
204.5
12.3
Underlying profit before tax (note i)
959
1262
Member deposits/market share (note ii)
201.7
9.6
193.4
9.5
Statutory profit before tax
568
989
Asset quality
%
%
Mortgage Lending
£bn
%
£bn
%
Residential mortgages
Group residential - gross/market share
17.6
14.1
12.1
10.5
Proportion of residential mortgage accounts 3 months+ in arrears
0.42
0.41
Group residential - net
6.3
0.5
Average loan to value of new residential mortgages (by value)
73
71
Average indexed loan to value (by value)
55
55
Deposit balance movement
£bn
Nationwide Building Society Interim Results for the period ended 30 September 2024 Contents Page Chief Executive's review 4 Performance summary 7 Financial review 8 Risk report 15 Condensed consolidated interim financial statements 62 Notes to the condensed consolidated interim financial statements 68 Responsibility statement 92 Independent review report to Nationwide Building Society 93 Other information 95 Contacts 95 Introduction Unless otherwise stated, the income statement analysis compares the period from 5 April 2024 to 30 September 2024 to the corresponding six months of 2023 and balance sheet analysis compares the position at 30 September 2024 to the position at 4 April 2024. Underlying profit Profit before tax shown on a statutory and underlying basis is set out on page 9. The purpose of the underlying profit measure is to reflect management's view of the Group's underlying performance and to assist with like-for-like comparisons of performance across periods. Underlying profit is not designed to measure sustainable levels of profitability as that potentially requires exclusion of non-recurring items even though they are closely related to (or even a direct consequence of) the Group's core business activities. Forward-looking statements Certain statements in this document are forward-looking with respect to plans, goals and expectations relating to the future financial position, business performance and results of the Group. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, the Group can give no assurance that these expectations will prove to be an accurate reflection of actual results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Group including, amongst other things, UK domestic and global economic and business conditions, market-related risks such as fluctuation in interest rates and exchange rates, inflation/deflation, the impact of competition, changes in customer preferences, risks concerning borrower credit quality, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations involving the Society and/or within relevant industries, risks relating to sustainability and climate change, the policies and actions of regulatory authorities and the impact of tax or other legislation and other regulations in the jurisdictions in which the Group operates. The economic outlook remains uncertain and, as a result, the Group's actual future financial condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. Due to such risks and uncertainties, the Group cautions readers not to place undue reliance on such forward-looking statements. The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. This document is not intended to, and does not constitute, represent or form part of any offer invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No securities are being offered to the public by means of this document. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the Group and will contain detailed information about the Group and its management, as well as its financial statements. Chief Executive's review Record growth and value to members Debbie Crosbie, Chief Executive, Nationwide Building Society, said: "Nationwide delivered record first half growth in both mortgages and deposits, and record member value. Over the past 18 months, our mutual model has enabled us to provide over £3.5 billion in member value, including £729 million through the Nationwide Fairer Share Payment. "Following our acquisition of Virgin Money on 1 October, we've recorded a gain of £2.3bn, as the value of net assets acquired is well above the price we paid. This gain provides significant headroom to cover our investment in integration, as well as in service and value. "Future profits generated by Virgin Money can now be used for the benefit of customers, rather than being paid to external shareholders." Business and trading highlights for the period ended 30 September 2024 Record first half year growth in mortgages and deposits · Mortgage balances of £210.8bn (4 April 2024: £204.5bn), with record half year net lending of £6.3bn (H1 2023/24: £0.5bn). Market share of balances increased to 12.6% (4 April 2024: 12.3%). · Member deposit balances increased by £8.3bn (H1 2023/24: £4.2bn) to £201.7bn (4 April 2024: £193.4bn). This was a record increase for a first half year. Deposit market share was 9.6% (4 April 2024: 9.5%). · Continued growth in current account volumes, and a market share of 9.7%1(February 2024: 9.7%). Leading customer service, giving customers a choice in how they bank with us · First for customer satisfaction among our peer group for over 12 years, with a lead of 6.8%pts2 (March 2024: lead of 5.5%pts). · We continue to have the largest single-brand branch network in the UK, supported by our Branch Promise - everywhere we have a branch, we promise to still be there until at least the start of 2028. · More than 35% of our new current accounts were opened in branches this half year. Mutual model delivers record value to our members · Member financial benefit increased to £950m (H1 2023/24: £885m), from pricing and incentives that were better than the market average. · Distributed £385m through our Nationwide Fairer Share Payments to 3.85m eligible members in June 2024. · On average, interest rates on deposits were 30% higher than the market average, largely driven by our savings rates. 1CACI's Current Account and Savings Database, Stock (August 2024). 2Lead at September 2024: 6.8%pts, March 2024: 5.5%pts. © Ipsos 2024, Financial Research Survey (FRS), for the 12 months ending 31 March 2013 to 12 months ending 30 September 2024. Results based on a sample of around 47,000 adults (aged 16+). The survey contacts around 51,000 adults (aged 16+) a year in total across Great Britain. Interviews were face to face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of extremely satisfied and very satisfied customers minus the percentage of customers who were extremely or very or fairly dissatisfied across those customers with a main current account, mortgage or savings. Those in our peer group are Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, those in our peer group were Barclays, Halifax, HSBC, Lloyds Bank (Lloyds TSB prior to April 2015), NatWest and Santander. Robust financial performance and balance sheet strength · Underlying profit before tax decreased to £959m (H1 2023/24: £1,262m) and statutory profit before tax was £568m (H1 2023/24: £989m), primarily due to the profile of interest rates over the period and our choice to offer competitive rates. · Total underlying income of £2,129m (H1 2023/24: £2,449m). Net interest margin of 1.50% (H1 2023/24: 1.66%), higher than H2 2023/24 net interest margin of 1.46%. · Credit impairment charges of £7m (H1 2023/24: £54m), reflecting the resilience of our lending. · Underlying costs of £1,154m (H1 2023/24: £1,115m). · CET1 ratio of 28.4% (4 April 2024: 27.1%) and leverage ratio of 6.7% (4 April 2024: 6.5%). Making a meaningful impact across society · Helped 53,000 (H1 2023/24: 31,000) first time buyers into a home of their own. · Continued to commit 1% of pre-tax profits to good causes each year3, which for 2024/25 includes committing £9m to our three new charity partners, Centrepoint, Action for Children and Dementia UK, under our new Fairer Futures social impact strategy. Acquisition of Virgin Money UK plc on 1 October 2024 Gain on acquisition of £2.3bn, resulting from a net asset value well in excess of the £2.8bn acquisition price. · Peer-leading combined group CET1 ratio of 19.6% and combined group leverage ratio of 5.4% at 1 October 2024, both comfortably above regulatory minimums. · A unique opportunity, underpinned by an exceptionally strong business case. Positioning us to become the UK's first full-service mutual banking provider. · Acquisition broadens our product range to include business banking, which we intend to offer to more customers over time. · This will diversify our funding and strengthen us financially, enabling us to deliver even greater value for our customers, including through our Branch Promise, focus on customer service, and competitive deposit and lending rates. Delivering scale and connecting us with one in three people in the UK. · Now the UK's second largest provider of mortgages4 and retail deposits, with total assets of over £370 billion. · Combined, we have £1 in every £6 of mortgage balances and hold £1 in every £8 of retail deposits in the UK. · Now have an extensive network of 696 branches across the UK. A long-term, measured and fully funded approach to integration. · Acquired a profitable business so can take a longer-term approach to managing the Virgin Money business, with gradual integration following an initial 18-month strategic review. · Gain on acquisition expected to provide significant headroom to cover costs associated with integration, investment in customer service and delivery of value under our mutual model. · Future profits generated by Virgin Money will be fully retained within the Group, and available for investing in improving services and value for our customers, rather than being paid to shareholders. The results for the period ended 30 September 2024 do not include the impacts of the Virgin Money acquisition. Further information is included in note 17 to the condensed consolidated interim financial statements, on page 89. 3The 1% is calculated based on average pre-tax profits over the previous three years. 4UK Finance 2023 balance database published on 31 July 2024 (latest available data). Strategy update More rewarding relationships: We will create deeper, lifelong relationships with our customers, that provide the best value in banking. We delivered £950 million of member financial benefit, from pricing and incentives that were better than the market average, largely driven by our savings rates. In addition, we distributed £385 million through the Nationwide Fairer Share Payment in June 2024. Over the half year, we supported a record 39,000 (H1 2023/24: 14,700) students with our competitive FlexStudent current account, more than double that of the previous period. We continue to focus on supporting first time buyers, and in September 2024, we extended our Helping Hand mortgage to enable them to borrow six times their income, up to 33% more than through standard mortgages. We also increased the maximum loan to value available for purchasing a new-build house, from 85% to 90%. Simply brilliant service: We will provide value beyond rates, with distinctive, personalised service our customers can trust, at
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RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2024

Galantas Gold Corporation released its financial results for the quarter ended September 30, 2024, reporting nil revenue for the quarter, similar to the same period in 2023. The companys net loss for the quarter was $740,629, a decrease fr…

Galantas Gold Corporation released its financial results for the quarter ended September 30, 2024, reporting nil revenue for the quarter, similar to the same period in 2023. The companys net loss for the quarter was $740,629, a decrease from the $1,313,355 loss in the third quarter of 2023. The companys cash balance as of September 30, 2024, was $383,011, compared to $609,047 at the end of the third quarter in 2023. The companys working capital deficit increased slightly to $14,098,845. The companys underground operations maintained a zero lost-time accident rate, and environmental monitoring showed a high level of regulatory compliance. The companys financial position and results were summarized, and the qualified persons for the financial and production components were noted. The special note regarding forward-looking statements was presented, highlighting the risks and uncertainties associated with the companys projections. The companys condensed interim consolidated financial statements for the three and nine months ended September 30, 2024, were provided, along with detailed notes. The companys going concern status and nature of operations were described, and the basis of preparation for the financial statements was outlined. Details on accounts receivable, prepaid expenses, inventories, property, plant and equipment, exploration and evaluation assets, decommissioning liability, accounts payable, financing facilities, convertible debentures, share capital, reserves, stock options, net loss per common share, revenues, and related-party disclosures were included. The segment disclosure and a note on the aggregates levy dispute contingency were also provided.
Financial ItemQ3 2024Q3 2023Change
Revenue$0$0$0
Cost and expenses of operations$22,283$24,728$-2,445
Loss before the undernoted$22,283$24,728$-2,445
Depreciation$110,126$135,597$-25,471
General administrative expenses$1,174,156$858,600$315,556
Foreign exchange gain (loss)$26,553$294,430$-267,877
Unrealized gain on derivative fair value adjustment$592,489$0$592,489
Net (Loss) for the quarter$740,629$1,313,355$-572,726
Working Capital Deficit$14,098,845$14,010,771$88,074
Cash gain/(loss) from operating activities before changes in non-cash working capital$21,801$-1,088,096$1,109,997
Cash at September 30$383,011$609,047$-226,036
Total assets$33,335,537$32,584,019$751,518
Total liabilities$23,496,797$21,226,863$2,270,934
Equity$9,838,740$11,357,156$-1,518,416
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Final Results for the Year Ended 31 Aug 2024

Focusrite Plc

Focusrite, a global music and audio products group, released its final results for the year ended August 31, 2024, reporting a challenging yet opportunistic year. The company experienced a revenue decline of 11.2% due to market softness in Content Creation, but this was partially offset by strong performance in Audio Reproduction. The groups gross margin decreased by 3.0 percentage points due to increased freight costs and promotional activity. Adjusted <mark style="background-color:yellow">EBIT</mark>DA declined by 34.7%, impacted by lower sales and cost inflation. Operating profit decreased by 76.5% due to a non-cash impairment. Net debt increased by £11.2 million, primarily due to investments in product development and acquisitions. The group launched 35 new products and made 53 updates, enhancing its competitive position. The annual report and accounts for the financial year ended August 31, 2024, will be posted to shareholders by December 13 and will be available on the companys website. The final dividend is subject to shareholder approval at the AGM on January 31, 2025.
YearRevenue (£ million)Gross Margin %Adjusted EBITDA (£ million)Operating Profit (£ million)Adjusted Operating Profit (£ million)Basic EPS (p)Adjusted Diluted EPS (p)Total Dividend per Share (p)Net Debt (£ million)
2024158.544.5%25.25.716.64.518.06.6-12.5
2023178.547.5%38.624.330.430.438.46.6-1.3
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EZJ

Results for the 12 months ending 30 September 2024

EasyJet PLC

EasyJet released its financial results for the 12 months ending September 30, 2024. The company reported a 34% increase in annual profits, achieving a profit before tax of £610 million. The strong performance was driven by increased capacity, cost discipline, and the continued success of EasyJet Holidays. The company expects to reduce winter losses and has a positive outlook for FY25, with a planned capacity increase of 3%. EasyJets CEO, Johan Lundgren, highlighted the effectiveness of the companys strategy and the popularity of its flights and holidays. The companys CFO and CEO designate, Kenton Jarvis, emphasized the positive outlook for EasyJet, with a focus on growth and delivering attractive shareholder returns.
YearRevenueProfit Before TaxProfit After TaxNet CashDebt
2024£9,309 million£610 million£452 million£181 million£2,106 million
2023£8,171 million£455 million£324 million£41 million£1,895 million
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PNN

Half Year Results 2024/25

Pennon Group Plc

Pennon Group plc (Pennon or the Group) today announces its results for the half year ended 30 September 2024.
Susan DavyGroup Chief Executive Officercommented
"Water companies are rightly being challenged to do more for customers today and invest more for the future. We are doing both. 100% of customers across the south west found their bills affordable for the first time - five years <mark style="background-color:yellow">ahead</mark> of the sector-wide pledge to eradicate water poverty. We continue to lead the way in helping customers to use less and save more with a range of money saving campaigns and pilots. Whilst thats led to lower wholesale water business revenues, its the right thing to do.
"Alongside our bill support, we are delivering record capital investment. Our supply chain amplify is up and running, delivering accelerated K8 investment to tackle the use of storm overflows. We are forecasting growth in regulatory capital of 75% over this regulatory period.
"Underpinned by solid relative operational performance, as assessed in Ofwats latest Water Company Performance Report across all parts of the Group, we have continued to deliver to all of our customers across South West Water, Bristol Water and SES. When things go wrong, as they did for customers and businesses in and around Brixham earlier this year, we put it right, with no excuses. But we know we have more to do.
"As we look ahead, we are energised following our Business Plans for SWW and SES achieving outstanding and good ratings, respectively, from Ofwat. In preparation, we are reshaping the Group and driving cost base efficiency. We are putting more resources on the front line than ever before, streamlining our support functions, with clear business lines, aligned to our four strategic priorities.
"Of course, its not what we are doing but how we do it that also matters. Our operations across the Group need a reliable and efficient power supply and we are investing to increase renewable energy provision through Pennon Power, supporting our Net Zero ambitions.
"Overall, we are well positioned for the future, with lower revenues protected by regulatory mechanisms, as we continue to focus on sustainable growth. Our financial position remains resilient to the challenges ahead, with good liquidity and a diversified debt portfolio. Our plans to restructure the business, as well as the benefits being delivered through integration of SES into our Group, will allow us to deliver efficiently as we move forward."
FINANCIAL PERFORMANCE
H1 2024/25
H1 2024/25
(excl. SES)
H1 2023/24
Underlying revenue^
£527.2m
£450.6m
£448.6m
Underlying EBITDA^
£163.5m
£150.2m
£168.5m
Underlying (loss)/profit before tax^
(£18.6m)
(£13.8m)
£9.1m
Non-underlying items before tax1
(£20.2m)
(£20.2m)
(£5.9m)
(Loss)/profit before tax - statutory
(£38.8m)
(£34.0m)
£3.2m
(Loss)/profit after tax - statutory
(£30.0m)
(£26.2m)
£1.8m
(Loss)/earnings per share
Adjusted EPS
(6.6p)
3.6p
Basic EPS
(10.6p)
0.5p
Dividend per share2
14.69p
14.04p
Capital expenditure
Group (incl. SES)
£331.8m
£266.3m
South West Water
£306.0m
£234.4m
At 30 Sept 2024
At 31 Mar 2024
Water Group
RCV3
£5916m
£5536m
Gearing4
65.0%
64.4%
SWW
Cumulative RORE (realnotional)5
6.0%
7.3%
Cumulative RORE (nominalactual6
10.8%
Financial results for H1 2024/25
· Results for H1 2024/25 in line with management expectation7
· On a like for like basis, lower revenues in South West Water (SWW) compared to H1 2023/24 driven by successful water demand customer initiatives resulting in a loss before tax on both an underlying and statutory basis, with regulatory revenue mechanisms in place to protect future recovery
· As anticipated, newly acquired Sutton and East Surrey Group (SES) incurred a loss for the period - we are focused on reducing interest costs and right sizing the cost base to improve profitability
· Profitable sector leading B2B retailers
Pennon Water Services (PWS) and Water2Business - with plans to consolidate SES Business Water
· Loss before tax for the Group increased to £38.8m reflecting the cost of interventions to return quality water supplies to Brixham (c.£16m) and the costs of restructuring to reshape the Groups activities (c.£4m)
· Capital expenditure run rate is slightly lower than H2 2023/24, but increased by £65.5m on H1 2023/24, as we invest to secure operational improvements
· Solid relative performance for the wholesale water businesses in respect of common Outcome Delivery Incentives (ODIs)
· Balance sheet for the Group is robust with Pennon Group gearing at c.68%8, and total Water Group RCV gearing of 65% (SWW gearing of 64%)
· Strong investment grade credit rating with liquidity of c.£675m in place to support continued investment
· Return on regulated equity for SWW is relatively strong, equating to 10.8% on a nominal, actual balance sheet basis, and 6.0% on a real notional WaterShare basis
· Interim dividend of 14.69p is in line with policy of CPIH +2%
Reshaping our business
· Four clear business units established focused on Water Services, Wastewater Services, Pennon Power and Retail Services, aligned with our four strategic priorities
· Reshaping the Group to drive greater efficiencies, as we grow, with improvements in processes and operational effectiveness delivered and in progress of c.£55m of annualised efficiencies in H1 2024/25 against the targeted c.£86m annualised run rate for K8. The programme is targeted to
o deliver the synergies identified through the water company acquisitions of Bristol Water in 2021 and SES in 2024
§ c.£18m delivered in H1 2024/25 in Bristol Water, and we are on track for the c.£20m targeted by the end of 2024/25
§ c.£2m delivered in H1 2024/25 in SES, with a target of c.£11m
o right size and reshape the Group to ensure we have resources focused on our priorities - bolstering front line staff by c.100, and ensuring we have a best-in-class customer service platform to serve our customers
Investment driving benefit
· SWW capital expenditure in H1 2024/25 broadly in line with the K8 run rate
delivering investments to meet our K7 commitments, support performance in our ODIs and respond to operational incidents as well as accelerate agreed K8 transitional spend and early start planning and design activities
· Investment in water resource diversification continues with the completion of the abstraction and new water treatment works at Rialton - supplementing resources in Cornwall by c.4%, bringing the cumulative resource position to 34% since 2022, with Devon benefitting from the cumulative 30% uplift in availability reported in the 2023/24 results
· Water quality investments are on track including the two new treatment works in Bournemouth - the treatment works will serve c.85% of the population of Bournemouth - with the first works on track for commissioning by the end of 2024/25
· Tackling sewer overflow spills through our WaterFit 2025 programme - preventing c.12,5000 spills with over c.350 interventions, with two thirds of our top spillers in 2023 resolved this year
· Pennon Power solar investments on track with construction underway at two sites equating to c.45% of our targeted generation with first energisation expected at the end of 2024/25
· Supporting customers with c.£110m customer benefit for K7, including innovative tariffs driving water efficiency and affordability
Strong relative sector performance
· Upper quartile performance inSWW on internal sewer flooding and water quality for water and sewerage companies
Bristol Water on customer service
SES Water on supply interruptions and water quality
· Growing and profitable non-household retail businesses - with c.15% market share, strong customer service - with Trustpilot scores for PWS and W2B of 4.8 and 5.0, respectively - alongside a doubling of business retail PBT from H1 2022/23
Underpinned by an outstanding Business Plan for K8
· SWWs Business Plan for Bournemouth, Bristol, Cornwall, Devon, and the Isles of Scilly categorised as outstanding and recognised as a leading plan in July
· Having acquired SES Water in January 2024, Ofwat has assessed their plan as standard, confirming this plan is generally good
· SWW Draft Determination reflects minimum c.30% RCV growth to 2030, with a cost of capital protected against reduction between Draft and Final Determinations, with 30bps upside potential
· SES Draft Determination reflects growth of c.11% and 5bps upside for a good standard plan
· Representations made to Ofwat in respect of risk return balance (particularly focused on ODIs), providing additional evidence for our totex investments, requesting that natural rates are applied for capital charges and the balance between our regions and priorities
· Final Determination confirmed as 19 December 2024
Well positioned for a period of significant growth
· We have a sustainable supply chain to deliver our K8 programme - over 1,000 schemes already underway, with transition expenditure of c.£75m for storm overflows we have launched our Turning the Tide storm overflow investment programme
· Strong investment grade credit ratings secured, with £2.5bn EMTN programme launched and an inaugural £400m public bond issuance. We have access to good liquidity funding through our sustainable financing framework to support our growing capital programme
Notes
All percentage movements are on a half on half basis unless otherwise stated
Results include the results of SES in the current period. SES was acquired in January 2024 and therefore the prior year comparative period excludes the impact of this acquisition
^ Measures with this symbol are defined in the Alternative Performance Measures (APM) section of this document, underlying measures are presented before non-underlying items
1 Non-underlying items are adjusted for by virtue of their size, nature or incidence to enable a full understanding of financial performance.
2 Dividend policy of CPIH+2%. The CPIH rate used is 2.6% at 30 September 2024
3 Forecast shadow RCV at 31 March 2025 based on K7 Business Plan levels of investment, Green Recovery, accelerated delivery, and transitional investment, along with regulatory true-ups and inflationary impacts and the impact of acquisitions and shadow RCV at 31 March 2024
4 Based on Water Group (SWW including Bristol Water and SES Water) - net debt at period end/forecast shadow RCV at 31 March
5 Real cumulative RORE on underlying totex, financing and ODIs with notional gearing
6 Nominal cumulative RORE based on underlying real RORE using actual gearing plus average inflation over K7 at 4.3%
7 As set out in our Trading Statement in September 2024
8 Pennon Group net debt excluding fair value adjustments/Water Group forecast shadow RCV at 31 March 2025 and effective value of the non-regulated businesses
Results presentation
A presentation of the Half Year 2024/25 results hosted by Susan Davy, Group Chief Executive Officer and Laura Flowerdew, Group Chief Financial Officer, will be available at 08:00am (GMT) today, 27 November 2024. This will be followed by a live Q&A session at 08:45am (GMT). The presentation and Q&A session can be accessed here: www.pennon-group.co.uk/investor-information
For further informationplease contact
Institutional equity investors and analysts
Louise Rowe - ComplianceESG and IR Director
01392 446 688
James Murgatroyd - FGS Global
020 7251 3801
Debt investors
Chris Tregenna - Group Treasurer
01392 446 688
Retail investors
Link Asset Services
0371 664 9234
GROUP CHIEF EXECUTIVE OFFICERS REVIEW
Overview
Water companies are rightly being challenged to do more for customers today and into the future. We are doing both, with good progress in K7, ensuring we are well positioned for the delivery of our 2025-30 (K8) Business Plan and in laying the foundations for sustainable future growth.
Our c.4,000 colleagues who live and work in the communities we support, care passionately about what we do, each day and I couldnt be more proud. Our customer and community roadshows continue to ensure we are hearing first-hand what matters most and as we fix the things they care about. From Bristol to Bournemouth, Devon, Cornwall, and the Isles of Scilly, and now Sutton and East Surrey, we continue to help customers to use less and save more with a range of money saving campaigns and pilots, leading the way.
Whilst South West Water (SWW) revenues are lower on a like for like basis due to our water efficiency initiatives, its the right thing to do and is protected by future regulatory mechanisms.
Agile group delivering for all in K7
As we are closing the K7 regulatory period we look back on a period of significant change for the Group. Our agility in delivering for all stakeholders has been a constant.
Following the sale of Viridor in 2020, as part of a highly disciplined strategic review
· we responsibly deployed capital, positioning the Group sustainably by minimising liabilities
· we have reinvested in UK Water with the acquisition of Bristol and SES at a total value of £0.6bn[9]
· we have recognised shareholder support through our K7 dividend policy of CIPH+2%.
We have made record investment in the asset base of c.£1.8bn[10] as we focus on the things that matter most. Alongside our acquisitive growth strategy this results in RCV growth of 75%[11].
We are also expanding our non-regulated business
our three retailers now having a combined market share of around 15% and our investments in Pennon Power are on track.
Customers have benefitted through our innovative first of its kind WaterShare+ scheme. Launched in 2020, this gives customers a stake and a say in our business and they have also shared in financial benefits.
Alongside this we have delivered solid relative sector performance with c.70% of ODIs met over the period and we have focused on supporting customers, keeping bills as low as possible through a drive for efficiency and providing tangible support to those who need it most achieving 100% affordability for the first time.
Reshaping our business to align with our four strategic priorities
To support the delivery of our outstanding and good rated Business Plans for SWW and SES we are reshaping the Group. We are putting more resources on the front line than ever before, with clear business lines, aligned to our four strategic priorities.
With Managing Directors in place for Water Services, Wastewater Services, Pennon Power and Retail Services, we have also commenced a Group-wide reshaping programme ensuring we have the right resources and capabilities, with more resources on the front line, supported by expert and streamlined corporate functions. Our supply chain partnership amplify has already been stood up and is on track to deliver £75m of accelerated investment to kick start our plans to reduce storm overflows.
At September 2024, our transformation and restructuring programmes have delivered, or are in progress to deliver, c.£35m of annualised savings. This is in addition to the synergies delivered through our acquisitions of Bristol Water and SES Water where we have delivered synergies of c.£18m and c.£2m, respectively, and are on track to achieve the savings we set ourselves at acquisition. This is a step towards our targeted annualised savings of c.£86m in K8.
Investment driving benefits
With over £300m of capital investment in SWW in the first half of 2024/25, we are investing to make sure we make good operational progress on our four priorities in the long term. We are well prepared to deliver almost double the rate of investment from K7 ending the period at the K8 run rate.
Building water resourcesimproving water quality
Our investments mean we are making good progress in providing a more resilient and diverse portfolio for water resources across Devon and Cornwall. This has been a monumental undertaking, with teams across South West Water and our supply chain partners. Blackpool pit has been fully operational since the end of March with construction completed at the new treatment works at Rialton. We have supplemented capacity in Cornwall by 4% in this half year, with 34% cumulatively achieved since 2022, alongside the 30% uplift to Devon. Overall, water resource levels are at 80% across Devon and Cornwall, and we achieved 100% supply demand balance index for the first time in the 2023/24 EPA.
There are always two sides to the coin to ensuring a sustainable supply demand balance, and reducing demand is also key to future resilience.
| Year | Revenue (£m) | Underlying EBITDA (£m) | Underlying (Loss)/Profit Before Tax (£m) | Non-underlying Items Before Tax (£m) | Loss Before Tax - Statutory (£m) | Loss After Tax - Statutory (£m) | Loss Per Share (p) | Adjusted EPS (p) | Basic EPS (p) | Dividend Per Share (£) | Capital Expenditure (£m) | RCV (£m) | Gearing (%) | SWW Cumulative RORE (real, notional) (%) | SWW Cumulative RORE (nominal, actual) (%) | |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| | 2024/25 | 527.2 | 163.5 | (18.6) | (20.2) | (38.8) | (30.0) | (10.6) | (6.6) | (0.5) | 14.69 | 331.8 | 5,916 | 65.0 | 6.0 | 10.8 | | 2023/24 | 448.6 | 168.5 | 9.1 | (5.9) | 3.2 | 1.8 | 0.5 | 3.6 | 3.2 | 14.04 | 266.3 | 5,536 | 64.4 | 7.3 | N/A |
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AUTG

Interim Results

Autins Group plc

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PETS

FY25 Interim Results

Pets at Home Group Plc

Pets at Home Group Plc has released its FY25 Interim Results for the 28-week period ending on October 10, 2024. The report highlights the companys performance in a subdued market, with a focus on its digital platform, distribution center, and store investments. The company experienced growth in its Pets Club members, total group revenue, and vet group revenue. The launch of the new digital platform has resulted in almost double app sales. The Stafford distribution center is performing well, and the company expects to unlock efficiency savings through automation in e-commerce. The companys stores remain a competitive advantage, offering unrivaled presence and expertise to pet lovers. However, the pet retail market has been unusually subdued, and the company expects this trend to continue through H2. Despite this, the company remains confident in its investments and market leadership, projecting continued outperformance. The report also includes financial highlights, current trading and outlook, and a review of the companys strategy and performance.
YearRevenueNet Operating CostsProfit Before TaxNet Debt
2024£774.2m£316.5m£34.7m£12.1m
2025£789.1m£305.4m£51.1m£(8.3)m
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CORD

Interim report to 30 September 2024

Cordiant Digital Infrastructure Limited

Cordiant Digital Infrastructure Limited, a Guernsey-based investment company, released its unaudited interim results for the six months ended September 30, 2024. The company reported strong financial performance, with a total return of 5.4% on ex-dividend opening NAV, <mark style="background-color:yellow">ahead</mark> of its 9% annual target. The net asset value per share rose to 124.4p, driven by portfolio company EBITDA growth and a small reduction in the weighted average discount rate. The companys profit for the period was 5.4% of the opening ex-dividend NAV, with a share price total return of 38.9%. Cordiant Digital Infrastructures financial position remains strong, with available liquidity of £243.8 million, including cash and undrawn loan facilities. The companys dividend policy remains progressive, with a 4.2p per share target for the year, and it has maintained a disciplined approach to capital allocation.
YearRevenueEBITDAProfitDebt
2024£160.8 million£77.4 million5.4%£653.3 million
2023N/AN/A9.4%N/A
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MAB

Full Year Results

Mitchells & Butlers PLC

Mitchells & Butlers PLC released its full-year results for the 52 weeks ended September 28, 2024, reporting strong financial performance. The companys like-for-like sales grew by 5.3%, with an operating profit of £312 million, a 41.2% increase from the prior year. The operating margin strengthened to 12.0%, and net debt, including leases, was reduced by £197 million. The reported results for the 53-week period in 2023 showed a total revenue of £2,503 million, an operating profit of £98 million, and a loss before tax of £13 million. The adjusted operating profit for the 52-week period in 2023 was £221 million, with adjusted earnings per share of 15.6p. The companys cash inflow before bond amortization was £185 million, and it reduced its net debt to £989 million. Mitchells & Butlers PLC also reported strong performances across all market segments and completed nearly 200 investment projects, yielding strong returns. The current trading update for FY 2025 shows a strong start, with like-for-like sales growth of 4.0% in the first seven weeks.
YearRevenueOperating ProfitProfit/(Loss) Before TaxNet Debt
2024£2,610m£300m£199m£1,436m
2023£2,503m£98m£(13)m£1,633m
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JMAT

Johnson Matthey half year results

Johnson Matthey PLC

Johnson Matthey released its half-year results for the six months ended September 30, 2024, reporting a resilient performance with underlying operating profit excluding divestments down 4%, in line with expectations, against a challenging macroeconomic backdrop. The companys transformation program is on track, with cumulative cost savings of £155 million delivered to date and on course to achieve £200 million by the end of 2024/25. Johnson Matthey maintains its full-year outlook, with performance more weighted towards the second half, driven by greater benefits from transformation and stronger performance in PGM Services. The companys net debt to <mark style="background-color:yellow">EBIT</mark>DA ratio stands at 1.4 times, reflecting a strong balance sheet. A £250 million share buyback program is underway, with £205 million completed as of November 22, 2024.
YearRevenue (£m)Operating Profit (£m)Profit Before Tax (£m)Profit After Tax (£m)Net Debt (£m)
20245,632575554484783
20236,53113682631,044
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37PN

Interim Financial Report to 30 September 2024

37PN

Half-year/Interim Report
Compare financials and debt year on year and return as table code for following text Go to News Explorer RNS Half-year/Interim Report Share INTERIM FINANCIAL REPORT TO 30 SEPTEMBER 2024 VIRGIN MONEY UK PLC Released 07:00:07 27 November 2024 RNS Number : 7639N Virgin Money UK PLC 27 November 2024 BASIS OF PRESENTATION Virgin Money UK PLC ('Virgin Money', 'VMUK' or 'the Company'), together with its subsidiary undertakings (which together comprise the 'Group'), operate under the Clydesdale Bank, Yorkshire Bank and Virgin Money brands. Following the acquisition of the Group by Nationwide Building Society (Nationwide), the financial year end of the Company was changed from 30 September to 31 March in order to align to Nationwide's financial year end. This release therefore covers the interim results of the Group for the 6 months ended 30 September 2024 and the Group's next Annual Report and Accounts will cover the 18-month period ending 31 March 2025. Unless otherwise stated, income statement commentaries throughout this document compare the 12 months ended 30 September 2024 to the 12 months ended 30 September 2023 and the balance sheet analysis compares the Group balance sheet as at 30 September 2024 to the Group balance sheet as at 30 September 2023. The Interim Financial Report is unaudited and the independent review report is included on page 56. Statutory basis: Statutory information is set out within the interim condensed consolidated financial statements. Excluding notable items basis: Management exclude certain items from the Group's statutory position to arrive at an 'excluding notable items' basis. The exclusion of notable items aims to remove the impact of one-offs and other volatile items which may distort period-on-period comparisons. Rationale for the notable items is shown on page 87. This basis is classed as an alternative performance measure, see below. In the Group's 2023 Annual Report and Accounts, items adjusted from the Group's statutory position resulted in an 'underlying basis' of performance. Since then, the Group has not presented results on an underlying basis, moving instead to a statutory presentation of its income statement, whilst still providing details of notable items of income and expenditure. Comparative periods have not been restated as the 'excluding notable items basis' is directly comparable to the previously disclosed 'underlying basis'. Further information on this change is shown on page 87. Alternative performance measures (APMs): the key performance indicators (KPIs) and performance metrics used in monitoring the Group's performance and reflected throughout this report fall into two categories: financial and non-financial, and are detailed at 'Measuring the Group's performance' on pages 372 to 380 of the Group's 2023 Annual Report and Accounts. APMs are closely scrutinised to ensure that they provide genuine insights into the Group's progress; however, statutory measures are the key determinant of dividend paying capability. Certain figures contained in this document, including financial information, may have been subject to rounding adjustments and foreign exchange conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given. FORWARD-LOOKING STATEMENTS This document and any other written or oral material discussed or distributed in connection with the results (the 'Information') may include forward-looking statements, which are based on assumptions, expectations, valuations, targets, estimates, forecasts and projections about future events. These can be identified by the use of words such as 'expects', 'aims', 'targets', 'seeks', 'anticipates', 'plans', 'intends', 'prospects', 'outlooks', 'projects', 'forecasts', 'believes', 'estimates', 'potential', 'possible', and similar words or phrases. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and its securities, investments and the environment in which it operates, including, among other things, the development of its business and strategy, any acquisitions, combinations, disposals or other corporate activity undertaken by the Group, trends in its operating industry, changes to customer behaviours and covenant, macroeconomic and/or geopolitical factors, changes to its Board and/or employee composition, exposures to terrorist activity, IT system failures, cyber-crime, fraud and pension scheme liabilities, risks relating to environmental matters such as climate change including the Group's ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, changes to law and/or the policies and practices of the Bank of England (BoE), the Financial Conduct Authority (FCA) and/or other regulatory and governmental bodies, inflation, deflation, interest rates, exchange rates, tax and national insurance rates, changes in the liquidity, capital, funding and/or asset position and/or credit ratings of the Group, future capital expenditures and acquisitions, the repercussions of the UK's exit from the European Union (EU) (including any change to the UK's currency and the terms of any trade agreements (or lack thereof) between the UK and the EU), Eurozone instability, the repercussions of Russia's invasion of Ukraine, the conflict in the Middle East and any UK or global cost of living crisis or recession. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. Forward-looking statements involve inherent risks and uncertainties and should be viewed as hypothetical. Other events not taken into account may occur and may significantly affect the analysis of the forward-looking statements. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates (each a 'VMUK Party') gives any representation, warranty or assurance that any such projections or estimates will be realised, or that actual results or other results will not be materially lower than those set out in the Information. No representation or warranty is made that any forward-looking statement will come to pass. Whilst every effort has been made to ensure the accuracy of the Information, no VMUK Party takes any responsibility for the Information or to update or revise it. They will not be liable for any loss or damages incurred through the reliance on or use of it. The Information is subject to change. No representation or warranty, express or implied, as to the truth, fullness, fairness, merchantability, accuracy, sufficiency or completeness of the Information is given. Certain industry, market and competitive position data contained in the Information comes from official or third party sources. There is no guarantee of the accuracy or completeness of such data. While the Group reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, no member of the Group or their respective directors, officers, employees, agents, advisers or affiliates have independently verified the data. In addition, certain industry, market and competitive position data contained in the Information comes from the Group's own internal research and estimates based on the knowledge and experience of the Group's management in the markets in which the Group operates. While the Group reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness, and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in the Information. The Information does not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. The distribution of the Information in certain jurisdictions may be restricted by law. Recipients are required to inform themselves about and to observe any such restrictions. No liability to any person is accepted in relation to the distribution or possession of the Information in any jurisdiction. No statement in the Information is intended as a profit forecast, profit estimate or quantified benefit statement for any period and no statement in the Information should be interpreted to mean that earnings per share for the Company for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share (EPS) for the Company or the Group. Interim financial report For the six months ended 30 September 2024 Contents Virgin Money UK PLC Interim results for the six months ended 30 September 2024 1 Business and financial review 2 Risk management 14 Risk overview 15 Credit risk 17 Financial risk 43 Statement of Directors' responsibilities 55 Independent review report to Virgin Money UK PLC 56 Financial statements 57 Interim condensed consolidated income statement 57 Interim condensed consolidated statement of comprehensive income 58 Interim condensed consolidated balance sheet 59 Interim condensed consolidated statement of changes in equity 60 Interim condensed consolidated statement of cash flows 61 Notes to the interim condensed consolidated financial statements 62 Additional information 83 Virgin Money UK PLC Interim results for the 6 months ended 30 September 2024 Summary financials 12 months to 30 Sep 2024 12 months to 30 Sep 2023 Change 6 months to 30 Sep 2024 6 months to 30 Sep 2023 Change £m £m % £m £m % Net interest income (excluding notable items) 1,778 1,716 4 910 861 6 Non-interest income (OOI) (excluding notable items) 146 157 (7) 74 79 (6) Total operating income (excluding notable items) 1,924 1,873 3 984 940 5 Notable items in income(1) (3) (46) (93) 14 (27) n/a Statutory total operating income 1,921 1,827 5 998 913 9 Operating and administrative expenses (excluding notable items) (1,028) (971) 6 (526) (494) 6 Notable items in expenses(1) (158) (202) (22) (109) (145) (25) Statutory operating and administrative expenses (1,186) (1,173) 1 (635) (639) (1) Statutory operating profit before impairment losses 735 654 12 363 274 32 Impairment losses on credit exposures (177) (309) (43) (84) (165) (49) Statutory profit on ordinary activities before tax 558 345 62 279 109 156 Performance metrics(2) Total customer lending 71,296 72,754 (2.0)% 71,296 72,754 (2.0)% Net interest margin (NIM) 1.98% 1.91% 7bps 2.01% 1.91% 10bps Return on tangible equity (RoTE) 6.7% 3.9% 2.8%pts 4.3% 1.6% 2.7% Cost: income ratio 61.7% 64.2% (2.5)%pts 63.6% 70.0% (6.4)%pts Adjusted cost: income ratio(3) 53.0% 51.9%
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GTLY

H1 25 Trading update and notice of results

Gateley (Holdings) Plc

Here is a summary of the trading statement from Gateley (Holdings) PLC
Gateley (Holdings) PLC released a positive trading update for the first half of the fiscal year 2025 (H1 25), ending October 31, 2024. The professional services group expects revenue of at least £86.0 million, reflecting a c.5.0% increase compared to the same period in the previous year. Underlying profit before tax is anticipated to be no less than £10.5 million, representing c.5.0% growth. Gateley attributes these strong results to the diverse business lines it has invested in. The Groups balance sheet has strengthened, with a net cash position of £1.2 million at the end of H1 25, compared to a net debt position in the previous year. Activity levels, particularly transactional services, increased during the period, and fee earner utilization remains <mark style="background-color:yellow">ahead</mark> of the prior year. The Group expects to perform in line with market expectations for the full year. However, they anticipate a c£1.8 million impact on costs due to changes in National Insurance contributions in FY26, which they aim to mitigate through pricing and efficiency improvements. The full H1 25 results will be announced on January 15, 2025.
YearRevenueUnderlying Profit Before TaxNet Cash/Debt
H1 25 (2024)£86.0m£10.5mNet Cash: £1.2m
H1 24 (2023)£82.0m£10.0mNet Debt: £2.2m
FY24 (2024)N/AN/AN/A
FY23 (2023)N/AN/AN/A
Note: The table presents a comparison of Gateley (Holdings) PLC's financial performance and debt position for the first half of fiscal years 2024 and 2023, along with the expected full-year figures for 2024 and 2023. The figures are in millions (£). The revenue and underlying profit before tax show a year-on-year increase, while the company has improved its debt position, moving from net debt to net cash in H1 25.
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MOTR

Half-year Report

Motorpoint Group PLC

<mark style="background-coloryellow"></mark>
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ATG

Final Results

Auction Technology Group PLC

Auction Technology Group plc released its financial results for the year ended September 30, 2024. The company reported a 5% increase in revenue, driven by growth in Auction and Commerce revenue, and a 2% increase in organic revenue. Adjusted EBITDA increased by 2%, while the operating profit rose by 17%. The companys cash generation remained strong, resulting in significant deleveraging and a decrease in the adjusted net debt/adjusted EBITDA ratio. The company expects revenue growth of 4-6% and an adjusted EBITDA margin of 45-46% for FY25.
YearRevenueAdjusted EBITDAOperating ProfitAdjusted Net Debt
2024$174.2m$80.0m$32.4m$114.7m
2023$165.9m$78.4m$27.6m$141.2m
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NBS

Half-year Report

Nationwide Building Society

Nationwide Building Society
Interim Results
for the period ended 30 September 2024
Contents
Page
Chief Executives review
4
Performance summary
7
Financial review
8
Risk report
15
Condensed consolidated interim financial statements
62
Notes to the condensed consolidated interim financial statements
68
Responsibility statement
92
Independent review report to Nationwide Building Society
93
Other information
95
Contacts
95
Introduction
Unless otherwise stated, the income statement analysis compares the period from 5 April 2024 to 30 September 2024 to the corresponding six months of 2023 and balance sheet analysis compares the position at 30 September 2024 to the position at 4 April 2024.
Underlying profit
Profit before tax shown on a statutory and underlying basis is set out on page 9. The purpose of the underlying profit measure is to reflect managements view of the Groups underlying performance and to assist with like-for-like comparisons of performance across periods. Underlying profit is not designed to measure sustainable levels of profitability as that potentially requires exclusion of non-recurring items even though they are closely related to (or even a direct consequence of) the Groups core business activities.
Forward-looking statements
Certain statements in this document are forward-looking with respect to plans, goals and expectations relating to the future financial position, business performance and results of the Group. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, the Group can give no assurance that these expectations will prove to be an accurate reflection of actual results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Group including, amongst other things, UK domestic and global economic and business conditions, market-related risks such as fluctuation in interest rates and exchange rates, inflation/deflation, the impact of competition, changes in customer preferences, risks concerning borrower credit quality, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations involving the Society and/or within relevant industries, risks relating to sustainability and climate change, the policies and actions of regulatory authorities and the impact of tax or other legislation and other regulations in the jurisdictions in which the Group operates. The economic outlook remains uncertain and, as a result, the Groups actual future financial condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. Due to such risks and uncertainties, the Group cautions readers not to place undue reliance on such forward-looking statements.
The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.
This document is not intended to, and does not constitute, represent or form part of any offer invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No securities are being offered to the public by means of this document. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the Group and will contain detailed information about the Group and its management, as well as its financial statements.
Chief Executives review
Record growth and value to members
Debbie CrosbieChief ExecutiveNationwide Building Societysaid
"Nationwide delivered record first half growth in both mortgages and deposits, and record member value. Over the past 18 months, our mutual model has enabled us to provide over £3.5 billion in member value, including £729 million through the Nationwide Fairer Share Payment.
"Following our acquisition of Virgin Money on 1 October, weve recorded a gain of £2.3bn, as the value of net assets acquired is well above the price we paid. This gain provides significant headroom to cover our investment in integration, as well as in service and value.
"Future profits generated by Virgin Money can now be used for the benefit of customers, rather than being paid to external shareholders."
Business and trading highlights for the period ended 30 September 2024
Record first half year growth in mortgages and deposits
· Mortgage balances of £210.8bn (4 April 2024: £204.5bn), with record half year net lending of £6.3bn (H1 2023/24: £0.5bn). Market share of balances increased to 12.6% (4 April 2024: 12.3%).
· Member deposit balances increased by £8.3bn (H1 2023/24: £4.2bn) to £201.7bn (4 April 2024: £193.4bn). This was a record increase for a first half year. Deposit market share was 9.6% (4 April 2024: 9.5%).
· Continued growth in current account volumes, and a market share of 9.7%1(February 2024: 9.7%).
Leading customer service, giving customers a choice in how they bank with us
· First for customer satisfaction among our peer group for over 12 years, with a lead of 6.8%pts2 (March 2024: lead of 5.5%pts).
· We continue to have the largest single-brand branch network in the UK, supported by our Branch Promise - everywhere we have a branch, we promise to still be there until at least the start of 2028.
· More than 35% of our new current accounts were opened in branches this half year.
Mutual model delivers record value to our members
· Member financial benefit increased to £950m (H1 2023/24: £885m), from pricing and incentives that were better than the market average.
· Distributed £385m through our Nationwide Fairer Share Payments to 3.85m eligible members in June 2024.
· On average, interest rates on deposits were 30% higher than the market average, largely driven by our savings rates.
1CACIs Current Account and Savings Database, Stock (August 2024).
2Lead at September 20246.8%pts, March 2024: 5.5%pts. © Ipsos 2024, Financial Research Survey (FRS), for the 12 months ending 31 March 2013 to 12 months ending 30 September 2024. Results based on a sample of around 47,000 adults (aged 16+). The survey contacts around 51,000 adults (aged 16+) a year in total across Great Britain. Interviews were face to face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of extremely satisfied and very satisfied customers minus the percentage of customers who were extremely or very or fairly dissatisfied across those customers with a main current account, mortgage or savings. Those in our peer group are Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, those in our peer group were Barclays, Halifax, HSBC, Lloyds Bank (Lloyds TSB prior to April 2015), NatWest and Santander.
Robust financial performance and balance sheet strength
· Underlying profit before tax decreased to £959m (H1 2023/24: £1,262m) and statutory profit before tax was £568m (H1 2023/24: £989m), primarily due to the profile of interest rates over the period and our choice to offer competitive rates.
· Total underlying income of £2,129m (H1 2023/24: £2,449m). Net interest margin of 1.50% (H1 2023/24: 1.66%), higher than H2 2023/24 net interest margin of 1.46%.
· Credit impairment charges of £7m (H1 2023/24: £54m), reflecting the resilience of our lending.
· Underlying costs of £1154m (H1 2023/24: £1115m).
· CET1 ratio of 28.4% (4 April 202427.1%) and leverage ratio of 6.7% (4 April 2024: 6.5%).
Making a meaningful impact across society
· Helped 53,000 (H1 2023/2431,000) first time buyers into a home of their own.
· Continued to commit 1% of pre-tax profits to good causes each year3, which for 2024/25 includes committing £9m to our three new charity partners, Centrepoint, Action for Children and Dementia UK, under our new Fairer Futures social impact strategy.
Acquisition of Virgin Money UK plc on 1 October 2024
Gain on acquisition of £2.3bn, resulting from a net asset value well in excess of the £2.8bn acquisition price.
· Peer-leading combined group CET1 ratio of 19.6% and combined group leverage ratio of 5.4% at 1 October 2024, both comfortably above regulatory minimums.
· A unique opportunity, underpinned by an exceptionally strong business case.
Positioning us to become the UKs first full-service mutual banking provider.
· Acquisition broadens our product range to include business banking, which we intend to offer to more customers over time.
· This will diversify our funding and strengthen us financially, enabling us to deliver even greater value for our customers, including through our Branch Promise, focus on customer service, and competitive deposit and lending rates.
Delivering scale and connecting us with one in three people in the UK.
· Now the UKs second largest provider of mortgages4 and retail deposits, with total assets of over £370 billion.
· Combined, we have £1 in every £6 of mortgage balances and hold £1 in every £8 of retail deposits in the UK.
· Now have an extensive network of 696 branches across the UK.
A long-term, measured and fully funded approach to integration.
· Acquired a profitable business so can take a longer-term approach to managing the Virgin Money business, with gradual integration following an initial 18-month strategic review.
· Gain on acquisition expected to provide significant headroom to cover costs associated with integration, investment in customer service and delivery of value under our mutual model.
· Future profits generated by Virgin Money will be fully retained within the Group, and available for investing in improving services and value for our customers, rather than being paid to shareholders.
The results for the period ended 30 September 2024 do not include the impacts of the Virgin Money acquisition. Further information is included in note 17 to the condensed consolidated interim financial statements, on page 89.
3The 1% is calculated based on average pre-tax profits over the previous three years.
4UK Finance 2023 balance database published on 31 July 2024 (latest available data).
Strategy update
More rewarding relationshipsWe will create deeper, lifelong relationships with our customers, that provide the best value in banking.
We delivered £950 million of member financial benefit, from pricing and incentives that were better than the market average, largely driven by our savings rates. In addition, we distributed £385 million through the Nationwide Fairer Share Payment in June 2024. Over the half year, we supported a record 39,000 (H1 2023/24: 14,700) students with our competitive FlexStudent current account, more than double that of the previous period. We continue to focus on supporting first time buyers, and in September 2024, we extended our Helping Hand mortgage to enable them to borrow six times their income, up to 33% more than through standard mortgages. We also increased the maximum loan to value available for purchasing a new-build house, from 85% to 90%.
Simply brilliant serviceWe will provide value beyond rates, with distinctive, personalised service our customers can trust, at every touchpoint.
We have the largest single-brand branch network in the UK, supported by our Branch Promise5. More than 35% of our new current accounts were opened in branches this half year, demonstrating the value of our branch network to customers. Our branches provide customers with choice in the way they can interact with us, alongside our digital channels, telephones, 24/7 online chat and dedicated cost-of-living helpline. We added further functionality to our new banking app, that launched in March 2024.
Beacon for mutual goodWe want to have a meaningful impact on our customers, colleagues, communities and society, by driving fairer banking practices and positive change.
We launched our new Fairer Futures social impact strategy, helping to tackle three of the biggest issues we see in society today - youth homelessness, families living in poverty and people living with dementia. We are headline partner to three key charities: Centrepoint, Action for Children, and Dementia UK, who will help us make a meaningful difference across these important causes. As part of this, we are rolling out dementia clinics in 200 of our branches.
Continuous improvementWe will be focused, fit and fast, and simplify our processes and ways of working to deliver for the benefit of our customers, while retaining resilient controls that protect our customers and their money.
We continue to drive greater efficiency across our operations and improve our customer experiences. We are enabling faster mortgage offers for customers through our new automated income verification and valuation tools, and we continue to streamline our mortgage advice service, reducing interview times for customers whilst still ensuring appropriate products and good outcomes.
Looking forward
The economic outlook remains uncertain, and the interest rate outlook means we expect to have passed peak profitability. However, lower interest rates and resilience in real earnings are supporting consumer finances which, if maintained, should support a strengthening in housing market activity and overall deposit growth. The credit quality of our lending portfolios remains strong, and our capital resources are robust.
Following the acquisition of Virgin Money, we will use our ongoing financial strength to deliver even greater value to Nationwide and Virgin Money customers, through competitive rates, focus on customer service, and our unique Branch Promise.
Debbie Crosbie
Chief Executive
5 All our 605 Nationwide branches will remain open until at least 1 January 2028. There may be exceptional circumstances outside of our control that mean we have to close a branch. But we will only do this if we do not have another workable option. We have now extended our Branch Promise to include Virgin Moneys 91 branches, following the acquisition on 1 October 2024.
Performance summary
Half year to
30 September 2024
Half year to
30 September 2023
30 September
4 April
2024
2024
Balance sheet
£bn
%
£bn
%
Financial performance
£m
£m
Total assets
282.4
271.9
Total underlying income
2129
2449
Loans and advances to customers
220.0
213.4
Underlying administrative expenses
1154
1115
Mortgage balances/market share (note iv)
210.8
12.6
204.5
12.3
Underlying profit before tax (note i)
959
1262
Member deposits/market share (note ii)
201.7
9.6
193.4
9.5
Statutory profit before tax
568
989
Asset quality
%
%
Mortgage Lending
£bn
%
£bn
%
Residential mortgages
Group residential - gross/market share
17.6
14.1
12.1
10.5
Proportion of residential mortgage accounts 3 months+ in arrears
0.42
0.41
Group residential - net
6.3
0.5
Average loan to value of new residential mortgages (by value)
73
71
Average indexed loan to value (by value)
55
55
Deposit balance movement
£bn
Nationwide Building Society Interim Results for the period ended 30 September 2024 Contents Page Chief Executive's review 4 Performance summary 7 Financial review 8 Risk report 15 Condensed consolidated interim financial statements 62 Notes to the condensed consolidated interim financial statements 68 Responsibility statement 92 Independent review report to Nationwide Building Society 93 Other information 95 Contacts 95 Introduction Unless otherwise stated, the income statement analysis compares the period from 5 April 2024 to 30 September 2024 to the corresponding six months of 2023 and balance sheet analysis compares the position at 30 September 2024 to the position at 4 April 2024. Underlying profit Profit before tax shown on a statutory and underlying basis is set out on page 9. The purpose of the underlying profit measure is to reflect management's view of the Group's underlying performance and to assist with like-for-like comparisons of performance across periods. Underlying profit is not designed to measure sustainable levels of profitability as that potentially requires exclusion of non-recurring items even though they are closely related to (or even a direct consequence of) the Group's core business activities. Forward-looking statements Certain statements in this document are forward-looking with respect to plans, goals and expectations relating to the future financial position, business performance and results of the Group. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, the Group can give no assurance that these expectations will prove to be an accurate reflection of actual results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Group including, amongst other things, UK domestic and global economic and business conditions, market-related risks such as fluctuation in interest rates and exchange rates, inflation/deflation, the impact of competition, changes in customer preferences, risks concerning borrower credit quality, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations involving the Society and/or within relevant industries, risks relating to sustainability and climate change, the policies and actions of regulatory authorities and the impact of tax or other legislation and other regulations in the jurisdictions in which the Group operates. The economic outlook remains uncertain and, as a result, the Group's actual future financial condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. Due to such risks and uncertainties, the Group cautions readers not to place undue reliance on such forward-looking statements. The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. This document is not intended to, and does not constitute, represent or form part of any offer invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No securities are being offered to the public by means of this document. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the Group and will contain detailed information about the Group and its management, as well as its financial statements. Chief Executive's review Record growth and value to members Debbie Crosbie, Chief Executive, Nationwide Building Society, said: "Nationwide delivered record first half growth in both mortgages and deposits, and record member value. Over the past 18 months, our mutual model has enabled us to provide over £3.5 billion in member value, including £729 million through the Nationwide Fairer Share Payment. "Following our acquisition of Virgin Money on 1 October, we've recorded a gain of £2.3bn, as the value of net assets acquired is well above the price we paid. This gain provides significant headroom to cover our investment in integration, as well as in service and value. "Future profits generated by Virgin Money can now be used for the benefit of customers, rather than being paid to external shareholders." Business and trading highlights for the period ended 30 September 2024 Record first half year growth in mortgages and deposits · Mortgage balances of £210.8bn (4 April 2024: £204.5bn), with record half year net lending of £6.3bn (H1 2023/24: £0.5bn). Market share of balances increased to 12.6% (4 April 2024: 12.3%). · Member deposit balances increased by £8.3bn (H1 2023/24: £4.2bn) to £201.7bn (4 April 2024: £193.4bn). This was a record increase for a first half year. Deposit market share was 9.6% (4 April 2024: 9.5%). · Continued growth in current account volumes, and a market share of 9.7%1(February 2024: 9.7%). Leading customer service, giving customers a choice in how they bank with us · First for customer satisfaction among our peer group for over 12 years, with a lead of 6.8%pts2 (March 2024: lead of 5.5%pts). · We continue to have the largest single-brand branch network in the UK, supported by our Branch Promise - everywhere we have a branch, we promise to still be there until at least the start of 2028. · More than 35% of our new current accounts were opened in branches this half year. Mutual model delivers record value to our members · Member financial benefit increased to £950m (H1 2023/24: £885m), from pricing and incentives that were better than the market average. · Distributed £385m through our Nationwide Fairer Share Payments to 3.85m eligible members in June 2024. · On average, interest rates on deposits were 30% higher than the market average, largely driven by our savings rates. 1CACI's Current Account and Savings Database, Stock (August 2024). 2Lead at September 2024: 6.8%pts, March 2024: 5.5%pts. © Ipsos 2024, Financial Research Survey (FRS), for the 12 months ending 31 March 2013 to 12 months ending 30 September 2024. Results based on a sample of around 47,000 adults (aged 16+). The survey contacts around 51,000 adults (aged 16+) a year in total across Great Britain. Interviews were face to face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of extremely satisfied and very satisfied customers minus the percentage of customers who were extremely or very or fairly dissatisfied across those customers with a main current account, mortgage or savings. Those in our peer group are Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, those in our peer group were Barclays, Halifax, HSBC, Lloyds Bank (Lloyds TSB prior to April 2015), NatWest and Santander. Robust financial performance and balance sheet strength · Underlying profit before tax decreased to £959m (H1 2023/24: £1,262m) and statutory profit before tax was £568m (H1 2023/24: £989m), primarily due to the profile of interest rates over the period and our choice to offer competitive rates. · Total underlying income of £2,129m (H1 2023/24: £2,449m). Net interest margin of 1.50% (H1 2023/24: 1.66%), higher than H2 2023/24 net interest margin of 1.46%. · Credit impairment charges of £7m (H1 2023/24: £54m), reflecting the resilience of our lending. · Underlying costs of £1,154m (H1 2023/24: £1,115m). · CET1 ratio of 28.4% (4 April 2024: 27.1%) and leverage ratio of 6.7% (4 April 2024: 6.5%). Making a meaningful impact across society · Helped 53,000 (H1 2023/24: 31,000) first time buyers into a home of their own. · Continued to commit 1% of pre-tax profits to good causes each year3, which for 2024/25 includes committing £9m to our three new charity partners, Centrepoint, Action for Children and Dementia UK, under our new Fairer Futures social impact strategy. Acquisition of Virgin Money UK plc on 1 October 2024 Gain on acquisition of £2.3bn, resulting from a net asset value well in excess of the £2.8bn acquisition price. · Peer-leading combined group CET1 ratio of 19.6% and combined group leverage ratio of 5.4% at 1 October 2024, both comfortably above regulatory minimums. · A unique opportunity, underpinned by an exceptionally strong business case. Positioning us to become the UK's first full-service mutual banking provider. · Acquisition broadens our product range to include business banking, which we intend to offer to more customers over time. · This will diversify our funding and strengthen us financially, enabling us to deliver even greater value for our customers, including through our Branch Promise, focus on customer service, and competitive deposit and lending rates. Delivering scale and connecting us with one in three people in the UK. · Now the UK's second largest provider of mortgages4 and retail deposits, with total assets of over £370 billion. · Combined, we have £1 in every £6 of mortgage balances and hold £1 in every £8 of retail deposits in the UK. · Now have an extensive network of 696 branches across the UK. A long-term, measured and fully funded approach to integration. · Acquired a profitable business so can take a longer-term approach to managing the Virgin Money business, with gradual integration following an initial 18-month strategic review. · Gain on acquisition expected to provide significant headroom to cover costs associated with integration, investment in customer service and delivery of value under our mutual model. · Future profits generated by Virgin Money will be fully retained within the Group, and available for investing in improving services and value for our customers, rather than being paid to shareholders. The results for the period ended 30 September 2024 do not include the impacts of the Virgin Money acquisition. Further information is included in note 17 to the condensed consolidated interim financial statements, on page 89. 3The 1% is calculated based on average pre-tax profits over the previous three years. 4UK Finance 2023 balance database published on 31 July 2024 (latest available data). Strategy update More rewarding relationships: We will create deeper, lifelong relationships with our customers, that provide the best value in banking. We delivered £950 million of member financial benefit, from pricing and incentives that were better than the market average, largely driven by our savings rates. In addition, we distributed £385 million through the Nationwide Fairer Share Payment in June 2024. Over the half year, we supported a record 39,000 (H1 2023/24: 14,700) students with our competitive FlexStudent current account, more than double that of the previous period. We continue to focus on supporting first time buyers, and in September 2024, we extended our Helping Hand mortgage to enable them to borrow six times their income, up to 33% more than through standard mortgages. We also increased the maximum loan to value available for purchasing a new-build house, from 85% to 90%. Simply brilliant service: We will provide value beyond rates, with distinctive, personalised service our customers can trust, at
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GAL

RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2024

Galantas Gold Corporation

Galantas Gold Corporation released its financial results for the quarter ended September 30, 2024, reporting nil revenue for the quarter, similar to the same period in 2023. The companys net loss for the quarter was $740,629, a decrease from the $1,313,355 loss in the third quarter of 2023. The companys cash balance as of September 30, 2024, was $383,011, compared to $609,047 at the end of the third quarter in 2023. The companys working capital deficit increased slightly to $14,098,845. The companys underground operations maintained a zero lost-time accident rate, and environmental monitoring showed a high level of regulatory compliance. The companys financial position and results were summarized, and the qualified persons for the financial and production components were noted. The special note regarding forward-looking statements was presented, highlighting the risks and uncertainties associated with the companys projections. The companys condensed interim consolidated financial statements for the three and nine months ended September 30, 2024, were provided, along with detailed notes. The companys going concern status and nature of operations were described, and the basis of preparation for the financial statements was outlined. Details on accounts receivable, prepaid expenses, inventories, property, plant and equipment, exploration and evaluation assets, decommissioning liability, accounts payable, financing facilities, convertible debentures, share capital, reserves, stock options, net loss per common share, revenues, and related-party disclosures were included. The segment disclosure and a note on the aggregates levy dispute contingency were also provided.
Financial ItemQ3 2024Q3 2023Change
Revenue$0$0$0
Cost and expenses of operations$22,283$24,728$-2,445
Loss before the undernoted$22,283$24,728$-2,445
Depreciation$110,126$135,597$-25,471
General administrative expenses$1,174,156$858,600$315,556
Foreign exchange gain (loss)$26,553$294,430$-267,877
Unrealized gain on derivative fair value adjustment$592,489$0$592,489
Net (Loss) for the quarter$740,629$1,313,355$-572,726
Working Capital Deficit$14,098,845$14,010,771$88,074
Cash gain/(loss) from operating activities before changes in non-cash working capital$21,801$-1,088,096$1,109,997
Cash at September 30$383,011$609,047$-226,036
Total assets$33,335,537$32,584,019$751,518
Total liabilities$23,496,797$21,226,863$2,270,934
Equity$9,838,740$11,357,156$-1,518,416
KLSO logo
Latest RNS 06:01
KLSO

Holding(s) in Company

Kelso Group Holdings PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Ophorst van Marwijk Kooy Vermogensbeheer N.v.', '2,928881', '3,00115']
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Market AI · 2024-11-27

LONDON MARKET CLOSE: Stocks eke out gains despite US inflation upturn

Here is the bullet-point summary of the text: London's FTSE 100 closed higher on Wednesday, outperforming European markets, while investors assessed US inflation and political concerns in France. The UK's Cboe…

Market AI · 2024-11-27

LONDON MARKET MIDDAY: FTSE 100 flat but tariffs, French woe hit peers

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Market AI · 2024-11-27

LONDON MARKET OPEN: FTSE 100 outperforms before US data dump

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Market AI · 2024-11-27

LONDON BROKER RATINGS: Jefferies cuts boohoo; Coca-Cola HBC raised

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Market AI · 2024-11-27

LONDON MARKET EARLY CALL: FTSE 100 to tread water before US data

London stocks are expected to open flat on Wednesday, following losses on Tuesday due to US tariff threats. The FTSE 100 is indicated to open just 1.6 points higher, recovering slightly from a 0.4% decline in t…

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