TIDMILX
RNS Number : 9217W
ILX Group PLC
29 November 2010
ILX Group PLC
Interim Results for the Six Months ended 30 September 2010
ILX Group plc ("ILX" or "the Company"), the AIM quoted provider
of e-learning software and business training, announces its Interim
Results for the six months ended 30 September 2010.
Corporate Highlights
-- Financial classroom training to cease from 31 December 2010
with the closure of CTG
-- UK revenues remain robust
-- Strong growth in International Revenues, particularly
Australia and Middle East
-- Best Practice revenues continue to grow
-- ILX remains global market leader in PRINCE2 training
Post Period
-- Further investment post results from Octopus
-- New Director to be appointed
Financial Highlights
-- Results affected by decline and closure of CTG
-- Revenue of GBP6.635 million (6 months to 30 September 2009:
GBP7.397 million)
-- Loss before tax and exceptional items GBP0.087 million (6
months to 30 September 2009: profit of GBP0.491 million)
-- Write-down of GBP10.35 million in goodwill and intangible
assets relating to CTG
-- Adjusted fully diluted loss per share 0.26p (6 months to 30
September 2009: earnings of 1.76p)
-- GBP900,000 new investment secured from Octopus Capital For
Enterprise Fund at 26.5p per share
Ken Scott, Chief Executive, ILX Group plc commented:
"The results are overshadowed by the effects of the closure of
CTG, but the performance of the remainder of the business remains
encouraging. Business is holding up domestically and combined with
further strong growth internationally we are confident of meeting
market expectation and restoring the dividend payment.
We are delighted with the new investment from the Octopus
Capital for Enterprise fund secured at 26.5 pence per share, and
look forward to welcoming Chris Allner to the board as
non-executive director.
The changes have left a truly focused, scalable business that
has delivered strong results over the years and offers huge
potential going forward, particularly overseas."
29 November 2010
For further information, please contact:
ILX Group plc 020 7751 7100
Ken Scott, Chief Executive
FinnCap 020 7600 1658
Marc Young
Lothbury Financial Services 020 7868 2010
Michael Padley / Chris Roberts
Chairman's Statement
For the Six Months ended 30 September 2010
I am pleased to present the unaudited interim results for the
six months ended 30 September 2010.
The period showed steady growth in the Best Practice division
which was offset by the continued decline in CTG, of which we have
announced the closure. Despite this we expect a positive outcome
for the year, in line with expectations.
The financial results for the period are significantly affected
by the decline and the planned closure of CTG, the larger part of
the Group's Financial Training division, and to aid a full
understanding of the figures I will address this division
first.
Finance Training Division
The Finance Division delivered revenues in the period of
GBP1.206 million (2009: GBP2.424 million), and a loss, before
exceptional impairment charges, of GBP0.132 million (2009: profit
of GBP0.657 million). This was due to the further decline in CTG
revenues which led ultimately to the decision to close this
business with effect from 31 December 2010, following an agreement
reached with another training provider to deliver any remaining
programmes after that date and to work with clients going forward,
for a largely contingent fee. The decision to close the business
has also given rise to an exceptional write-down of goodwill and
other intangible assets totalling GBP10.3 million.
CTG contributed a loss of GBP0.286 million in the second half of
the last financial year and its closure, which will be achieved at
or close to break-even, will therefore deliver a boost to our
second half results. More importantly, it will allow the business
to focus on its core strength of scalable e-learning software.
The remaining part of the Finance Division, the e-learning
software covering principally Finance for non-Financial Managers,
continues to deliver steady revenues and profits and has a strong
pipeline over the coming months. However, we do expect to integrate
it within the remainder of the business with effect from the next
financial year.
Best Practice Division (Global)
The Best Practice division, on which we will now focus,
continues to grow and to offer significant opportunities for
sustained growth. It delivered revenues of GBP5.429 million (2009:
GBP4.973 million) and an operating profit of GBP0.671 million
(2009: GBP0.608 million). We are pleased to have delivered 9% top
line growth and a small increase in operating margins despite an
increasingly competitive environment and tough trading conditions
in the UK.
The growth has been delivered primarily by our International
division, which has seen revenues increase 55% to GBP1.180 million
(2009: GBP0.760 million), now representing 22% of Best Practice
revenues (2009: 15%). This has been driven in particular by the
establishment of an Australian subsidiary and some major contract
wins in the Middle East. Further growth in the second half of the
year is expected following the establishment of an office in
Copenhagen to accelerate our growth into the Nordic regions. We
will continue to expand internationally where the evidence, in the
form of both market intelligence and export sales, suggests that
demand is strong. We fully expect that international sales will
start to exceed UK sales within the next 5 years.
Revenues within the UK have remained largely flat at GBP4.249
million (2009: GBP4.212 million). Trading conditions have been
tough but our strong sales team, our unrivalled e-learning
products, and market-leading position in PRINCE2 have all helped to
maintain sales. The roll out of newer product lines in ISO20000 and
Software Testing qualifications provides additional opportunities
for the second half, and whilst we are prepared for a decline in
public sector spending (although broadly spread, approximately 20%
of Group revenues are derived from UK Public Sector), our
e-learning offer, which continues to deliver exceptional
examination pass-rates, provides an opportunity for customers to
increase value for money.
Consolidated Financial Results
For the full year, the results of CTG will be shown separately
on the face of the Consolidated Statement of Comprehensive Income
as a discontinued business stream; however as the business will not
formally close until 31 December, these results are included within
Underlying Results, with the impairment charge shown under
Exceptional Items.
In addition to the results achieved and described above, the
Group achieved a 28% cut in central costs, which fell to GBP0.436
million (2009: GBP0.605 million).
The consolidation of this and the divisional results gave
revenue for the period of GBP6.635 million (2009: GBP7.397
million), and an operating profit before interest, tax and
exceptional items of GBP0.103 million (2009: GBP0.660 million).
Our interest cost for the period rose to GBP0.190 million (2009:
GBP0.169 million) principally as a result of the change in interest
rates imposed by the Bank when the Group took advantage of a
payment holiday last financial year.
After interest, the Group delivered a loss before tax and
exceptional items of GBP0.087 million (2009: profit of GBP0.491
million). Adjusted fully diluted loss per share was 0.26p (2009:
earnings of 1.76p). Prior to the acquisition of CTG in 2006, the
Group's results were always strongly weighted towards the second
half of the year and given the decline in this part of the Group we
expect the business to return to this seasonal profile for the next
2 years at least.
After the exceptional impairment charge in the period totalling
GBP10.3 million, and a GBP0.047 million credit as a result of the
six-monthly revaluation of our interest rate SWAP (covered in Note
4 to this Interim Statement), the Group delivered a Retained Loss
of GBP10.391 million (2009: profit of GBP0.186 million).
The Group delivered a small positive cash flow from operating
activities in the period of GBP0.068 million (2009: GBP0.751
million). Net debt increased during the period to GBP3.688 million
(At 31 March 2010, GBP3.163 million; at 30 September 2009, GBP4.334
million). The Group refinanced its debt with effect from 30
September 2010 in order to provide facilities more suitable to fund
the International growth and to provide additional headroom.
Further to this refinance, after the balance sheet date, the
Group has secured an investment of GBP900,000 from Octopus Capital
for Enterprise Fund at 26.5 pence per share, which further
strengthens the balance sheet. After this investment the Octopus
Capital for Enterprise Fund now holds 20% of our issued share
capital and I would like to welcome Chris Allner of Octopus who
will join the Board as a non-executive director.
Dividend
As previously announced, the payment of a dividend for the year
ended 31 March 2010 was, regrettably, cancelled as part of the bank
refinancing. As in previous years the Group does not intend to
declare an interim dividend but remains committed to
re-establishing an annual dividend.
Summary
The decline and closure of CTG has been difficult for the
business and it is a decision that was taken with regret.
Nevertheless, it leaves a leaner and more focused business, based
around e-learning software, which has delivered strong results over
a long period. The Group has applied for Stock Exchange
reclassification from professional services to software to better
reflect what we do and to better highlight the scalability we have
as a software business. This is expected to take effect from
December.
The business today is based primarily around the technical
capability of the original Intellexis business and the revenue
streams from the two acquisitions, Key Skills and Mindscope, which
were made during 2004 and which launched ILX Group into the Best
Practice marketplace. The latter two businesses delivered a
combined revenue stream of just GBP2.0 million on acquisition but
this has grown in excess of five times in the intervening
years.
Despite challenging conditions in the UK, we remain confident in
meeting full year market expectations and in delivering strong
growth, particularly internationally, over the coming years.
Paul Lever
Chairman
29 November 2010
Independent Review Report
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 September 2010 which comprises specifically the
primary financial statements and the related explanatory notes that
have been reviewed. We have read the other information contained in
the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the London Stock Exchange Alternative Investment
Market's (AIM) Rulebook for Companies. Our review has been
undertaken so that we might state to the company those matters we
are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the company for our
review work, for this report, or for the conclusions we have
reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rulebook for Companies.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting," as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
September 2010 is not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by
the European Union and the AIM Rulebook for Companies.
Saffery Champness
Chartered Accountants
Beaufort House
2 Beaufort Road
Clifton
Bristol
BS8 2AE
24 November 2010
Consolidated Statement of Comprehensive Income
For the Six Months ended 30 September 2010
Six months ended Six months ended Year ended
30 September 2010 30 September 2009 31 March 2010
Unaudited Unaudited Audited
Underlying Exceptional Total Underlying Exceptional Total Underlying Exceptional Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 6,635 - 6,635 7,397 - 7,397 14,703 - 14,703
Cost of
sales (3,627) - (3,627) (3,889) - (3,889) (7,827) - (7,827)
----------- ------------ ---------- ----------- ------------ ---------- ----------- ------------ --------
Gross profit 3,008 - 3,008 3,508 - 3,508 6,876 - 6,876
Administrative
and
distribution
expenses (2,858) - (2,858) (2,788) (271) (3,059) (5,310) (359) (5,669)
----------- ------------ ---------- ----------- ------------ ---------- ----------- ------------ --------
Earnings
before
interest,
tax and
depreciation 150 - 150 720 (271) 449 1,566 (359) 1,207
Depreciation (47) - (47) (60) - (60) (114) - (114)
Impairment 4 - (10,351) (10,351) - - - - (2,290) (2,290)
----------- ------------ ---------- ----------- ------------ ---------- ----------- ------------ --------
Operating
profit
/ (loss) 103 (10,351) (10,248) 660 (271) 389 1,452 (2,649) (1,197)
=========== ============ ========== =========== ============ ========== =========== ============ ========
Finance
income - - - - - - 1 - 1
Finance
costs (190) 47 (143) (169) 38 (131) (385) 85 (300)
----------- ------------ ---------- ----------- ------------ ---------- ----------- ------------ --------
Profit
/ (loss)
before
tax (87) (10,304) (10,391) 491 (233) 258 1,068 (2,564) (1,496)
=========== ============ =========== ============ =========== ============
Tax expense - (72) (224)
---------- ---------- --------
Loss for
the period
attributable
to equity
shareholders (10,391) 186 (1,720)
Other
comprehensive
income - - -
---------- ---------- --------
Total
comprehensive
income (10,391) 186 (1,720)
========== ========== ========
Earnings
/ (loss)
per share:
Basic 5 (44.09p) 0.96p (8.45p)
Diluted 5 (43.69p) 0.94p (8.35p)
Consolidated Statement of Financial Position
As at 30 September 2010
As at As at
30 September 30 September As at
2010 2009 31 March 2010
Unaudited Unaudited Audited
Assets Notes GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and
equipment 122 159 135
Intangible assets 9,385 21,167 19,496
Total non-current
assets 9,507 21,326 19,631
-------------- -------------- ---------------
Current assets
Trade and other
receivables 2,804 3,241 2,916
Cash and cash
equivalents 466 145 838
-------------- -------------- ---------------
Total current assets 3,270 3,386 3,754
Total assets 12,777 24,712 23,385
============== ============== ===============
Current liabilities
Trade and other
payables (2,754) (2,886) (3,044)
Contingent
consideration (35) - (35)
Tax liabilities (988) (1,152) (1,077)
Bank loans and
overdrafts (1,750) (1,596) (1,757)
-------------- -------------- ---------------
Total current
liabilities (5,527) (5,634) (5,913)
-------------- -------------- ---------------
Non-current
liabilities
Derivative financial
instruments (77) (172) (125)
Contingent
consideration (289) - (300)
Bank loans (2,404) (2,883) (2,243)
-------------- -------------- ---------------
Total non-current
liabilities (2,770) (3,055) (2,668)
-------------- -------------- ---------------
Total liabilities (8,297) (8,689) (8,581)
============== ============== ===============
Net assets 4,480 16,023 14,804
============== ============== ===============
Equity
Issued share capital 2,357 1,939 2,357
Share premium 12,341 11,802 12,341
Own shares in trust 7 (1,852) (1,825) (1,852)
Share option reserve 260 189 204
Buyback reserve - 1,178 -
Retained earnings (8,626) 2,740 1,754
-------------- -------------- ---------------
Total equity 4,480 16,023 14,804
============== ============== ===============
The financial statements were approved by the board of directors
and authorised for issue on 29 November 2010.
Consolidated Cash Flow Statement
For the Six Months ended 30 September 2010
Six months Six months
ended ended
30 September 30 September Year ended
2010 2009 31 March 2010
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
(Loss) / profit from
operations (10,248) 389 (1,197)
Adjustments for:
Depreciation 47 60 114
Impairment 10,351 - 2,290
Share option charge 56 76 101
Movement in trade and other
receivables 213 (10) 291
Movement in trade and other
payables (362) 231 429
Exchange differences on
consolidation 11 5 -
Cash generated from
operating activities 68 751 2,028
Tax paid - (13) (274)
-------------- -------------- ---------------
Net cash generated from
operating activities 68 738 1,754
-------------- -------------- ---------------
Investing activities
Interest received - - 1
Proceeds on disposal of
property and equipment - - 1
Purchases of property and
equipment (48) (35) (66)
Expenditure on product
development (240) (161) (441)
Acquisition of subsidiaries
(net of cash acquired) - - (4)
-------------- -------------- ---------------
Net cash used by investing
activities (288) (196) (509)
-------------- -------------- ---------------
Financing activities
Increase / (decrease) in
borrowings 629 (27) (667)
Net proceeds of share issue - - 930
Interest and refinancing
costs paid (306) (186) (383)
Dividend paid - - (263)
-------------- ---------------
Net cash from financing
activities 323 (213) (383)
-------------- -------------- ---------------
Net change in cash and cash
equivalents 103 329 862
Cash and cash equivalents at
start of period 363 (499) (499)
--------------
Cash and cash equivalents at
end of period 466 (170) 363
============== ============== ===============
Cash and cash equivalents
represented by:
Bank overdraft - (315) (475)
Cash at bank 466 145 838
-------------- ---------------
466 (170) 363
============== ============== ===============
Consolidated Statement of Changes in Equity
For the Six Months ended 30 September 2010
Six months Six months
ended ended
30 September 30 September Year ended
2010 2009 31 March 2010
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Balance at start of period 14,804 15,756 15,756
Comprehensive income (10,391) 186 (1,720)
Transactions with owners
Dividends paid - - (263)
Options granted 56 76 101
Share issue - - 1,018
Scrip issue - - 10
Costs relating to share
issue - - (98)
Exchange differences
arising on consolidation 11 5 -
-------------- -------------- ---------------
Balance at end of period 4,480 16,023 14,804
============== ============== ===============
Notes to the Interim Report
For the Six Months ended 30 September 2010
1. The financial information contained in the Interim Report
does not constitute statutory accounts as defined by the Companies
Act 2006. The Interim Report is in compliance with International
Accounting Standard 34 (Interim Financial Reporting).The
comparative figures for the year ended 31 March 2010 were derived
from the statutory accounts for that year which have been delivered
to the Registrar of Companies. Those accounts received an
unqualified audit report which did not contain statements under
sections 498(2) or (3) (accounting record or returns inadequate,
accounts not agreeing with records and returns or failure to obtain
necessary information and explanations) of the Companies Act
2006.
It should be noted that accounting estimates and assumptions are
used in preparation of the interim financial information. Although
these estimates are based on management's best knowledge and
judgement of current events and actions, actual results may
ultimately differ from those estimates. The areas involving a
higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the interim financial
information, are set out in note 2 to the interim financial
information.
2. The key estimates and judgements made by management are
detailed below:
Goodwill
Goodwill is determined by comparing the amount paid, including
the full undiscounted value of any deferred and contingent
consideration, on the acquisition of a subsidiary or associated
undertaking and the group's share of the aggregate fair value of
its separable net assets. It is considered to have an indefinite
useful economic life as there are no legal, regulatory,
contractual, or other limitations on its life. Goodwill is
therefore capitalised and is subject to annual impairment reviews
in accordance with applicable accounting standards.
Acquired customer relationships
The value of acquired customer relationships is determined by
estimating the net present value of the future profits expected
from the customer relationships. Where customer relationships
relate to contracts covering a pre-determined period, the value is
amortised over that period. Where the relationships have an
indefinite life, the value is subject to annual impairment reviews
in accordance with applicable accounting standards.
3. The interim financial statements have been prepared on the
basis of the accounting policies set out in the March 2010
financial statements of ILX Group Plc.
4. The Group presents as exceptional items those material items
of income, expenses, and other charges which, because of the nature
or the expected infrequency of the events giving rise to them,
merit separate presentation. This allows a better understanding of
trading performance for the period. During the period the group
incurred exceptional costs and charges totalling GBP10.35 million
(2009: GBP271 000), as detailed below. These costs are shown
separately on the face of the consolidated statement of
comprehensive income, in line with the presentation adopted in the
group's most recent annual accounts. In addition, included within
finance costs for the period is a credit of GBP47,000 resulting
from the revaluation of the group's interest rate swap agreement
(2009: credit of GBP38,000).
Six months Six months
ended ended
30 September 30 September Year ended
2010 2009 31 March 2010
GBP'000 GBP'000 GBP'000
Included within
administrative expenses
Restructuring costs - 269 356
Loss on disposal of fixed
assets - 2 3
- 271 359
============== ============== ===============
Included within operating
profit
Impairment of intangibles 10,351 - 2,290
============== ============== ===============
Included within finance
costs
Revaluation of interest rate
derivative (47) (38) (85)
============== ============== ===============
5. The basic loss per share calculation is based on a weighted
average number of ordinary shares of 10 pence each in issue during
the period of 23,567,352 (2009: 19,390,762).
To allow shareholders to gain a better understanding of the
underlying trading performance of the group, an adjusted earnings
per share and adjusted diluted earnings per share has been
calculated using an adjusted profit after taxation before
post-taxation exceptional items.
Six months Six months
ended ended
30 September 30 September Year ended
2010 2009 31 March 2010
GBP'000 GBP'000 GBP'000
Post tax (loss) / profit
for the period (10,391) 186 (1,720)
After tax interest on
outstanding options
multiplied by exercise
price 2 4 2
-------------- --------------
(Loss) / profit for diluted
earnings per share (10,389) 190 (1,718)
============== ============== ===============
GBP'000 GBP'000 GBP'000
Post tax (loss) / profit
for the period (10,391) 186 (1,720)
Add back actual tax charge - 72 224
Strip out exceptional items 10,304 233 2,564
Normalised tax charge 24 (138) (299)
(Loss) / profit for adjusted
earnings per share (63) 353 769
============== ============== ===============
GBP'000 GBP'000 GBP'000
(Loss) / profit for adjusted
earnings per share (63) 353 769
After tax interest on
outstanding options
multiplied by exercise
price 2 4 2
-------------- -------------- ---------------
(Loss) / profit for adjusted
diluted earnings per share (61) 357 771
============== ============== ===============
Number Number Number
Weighted average shares 23,567,352 19,390,762 20,360,949
Outstanding share options 211,500 902,250 211,500
-------------- --------------
Weighted average shares
for diluted earnings per
share 23,778,852 20,293,012 20,572,449
============== ============== ===============
Basic (loss) / earnings
per share (44.09p) 0.96p (8.45p)
Diluted (loss) / earnings
per share (43.69p) 0.94p (8.35p)
Adjusted (loss) / earnings (0.27p) 1.82p 3.78p
per share
Adjusted diluted (loss) (0.26p) 1.76p 3.75p
/ earnings per share
6. In accordance with IFRS8, the group now presents its
segmental analysis in terms of its two operating divisions, Best
Practice and Finance, as opposed to one segment of supply of
training and consultancy solutions. The analysis of revenue and
profit by division for the period and restated for prior periods,
is as follows:
Six
months
Six months ended ended 30
30 September September Year ended
2010 2009 31 March 2010
Revenue Profit Revenue Profit Revenue Profit
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Best Practice
division 5,429 671 4,973 608 11,375 2,020
Finance
division 1,206 (132) 2,424 657 3,328 442
Unrecharged
central
costs - (436) - (605) - (1,010)
-------- --------- ---------- -------- --------- --------
Continuing
operations 6,635 103 7,397 660 14,703 1,452
======== ========== =========
Interest (190) (169) (384)
--------- -------- --------
Underlying (loss) /
profit before tax (87) 491 1,068
Exceptional
items (10,304) (233) (2,564)
Taxation - (72) (224)
--------- -------- --------
Retained
(loss) /
profit (10,391) 186 (1,720)
========= ======== ========
In addition, revenues by geographic region were as follows:
Six months ended Six months ended
30 September 30 September Year ended
2010 2009 31 March 2010
GBP'000 %age GBP'000 %age GBP'000 %age
UK & Ireland 4,655 70.1% 6,113 82.8% 11,944 81.2%
Europe &
Scandinavia 775 11.7% 587 7.9% 1,205 8.2%
Middle East 419 6.3% 106 1.4% 341 2.3%
Australasia 371 5.6% 142 1.9% 362 2.5%
Americas 251 3.8% 224 3.0% 435 3.0%
Africa 103 1.6% 157 2.1% 310 2.1%
Asia 61 0.9% 68 0.9% 106 0.7%
---------- ------- ---------- ------- -------- -------
6,635 100.0% 7,397 100.0% 14,703 100.0%
7. The company holds 1,930,891 of its own ordinary shares in a
trust, administered by Investec Trust Jersey Ltd. The shares are
held in trust and represent 8.2% of the total called up share
capital. They will be utilised as required to satisfy share options
granted to directors and other senior management on vesting and
exercise.
8. The group has a related party relationship with its
subsidiaries, its directors, and other employees of the group with
management responsibility. There were no transactions with these
parties during the period outside the usual course of business.
There were no transactions with any other related parties.
Copies of these interim results will be sent to shareholders
shortly and will also be available at the company's registered
office at 1 London Wall, London EC2Y 5AB and from the group's
website, www.ilxgroup.com, where this announcement is also
reproduced.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGGQUGUPUGMQ
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