Arsenal Holdings plcResults for the six months ended 30 November 2014ARSENAL ANNOUNCE HALF YEAR RESULTS * Turnover from football increased to £148.5 million (2013 - £135.9 million) with strong growth in commercial activity driven by the new kit partnership with PUMA. * Significant investment in the squad with a record level of expenditure on player acquisitions (£93.7 million) which has in turn resulted in a higher amortisation and higher wage costs in the profit and loss account. * Profit on sale of player registrations amounted to £26.7 million which was significantly higher than the prior period comparative (2013 - £6.1 million). * Minimal activity during this half year in the Property side of the Group. * Group recorded an overall profit before tax of £11.1 million (2013 - loss of £2.2 million). * The Group has no short-term debt and its cash reserves, excluding the balances designated as debt service reserves, amounted £138.8 million (2013 - £120.6 million). * The liabilities for player acquisitions are in part payable in instalments and transfer creditors rose to £82.8 million (2013 - £37.9 million). * Overall result for the year expected to be fully compliant with all of the requirements of both the Premier League and UEFA financial regulatory regimes.Commenting on the results for the six months, the Club's Chairman, Sir ChipsKeswick, said:"Our commitment to investment in the squad was evidenced by a record level ofexpenditure on players joining the Club. Crucially, this investment remains ata level which is consistent with our principle of affordability and which isfinancially sustainable in accordance with the applicable regulatory regimes.On the field, the team has produced some strong results and the squad islooking fit and better balanced. However, we need to find our best form on amore consistent basis as we approach, what I hope will be, an exciting end tothe season."CHAIRMAN'S STATEMENTWe enter the final phase of this season in a strong position on and off thepitch.As you will see from the financial results, which are considered in more detailin the Financial Review section of this report, the Group has reported anoverall profit for the half year.This has been made possible by our continued commercial momentum. The PUMApartnership has made a very strong start and we have also made furtheradditions to our roster of Official and Regional partnerships. In addition, wehave established a retail presence in Indonesia in partnership with MAP Active,an on-line store in China in association with Venue Retail International andcontinued to invest in our retail operations at home.On the field, the team has produced some strong results and the squad islooking fit and better balanced. However, we need to find our best form on amore consistent basis as we approach, what I hope will be, an exciting end tothe season.It has been particularly rewarding to see the recent emergence into the firstteam squad of Francis Coquelin and Hector Bellerin. Francis is a great exampleto everyone of what can happen if you are patient and dedicated. He thoroughlydeserves all the accolades currently heading in his direction. Hector isanother young player who has shown tremendous application and effort and he isgrowing in confidence game by game.The progress of both players is testimony to the philosophy of the Board, ourmajority owner Stan Kroenke and manager Arsène Wenger. In an era when many areseeking short term results and instant action, we remain true to our principlesof investing in the future by continuing to sign outstanding internationaltalent while developing our own.We have assembled and developed a young squad, with many of the first team aged25 years or under, secured to long term contracts which will allow them to growtogether. In addition, we are excited by the prospects that a number of ouryounger players can make the step up to the First Team in the next couple ofseasons.Our commitment to investment in the squad was evidenced by a record level ofexpenditure on players joining during the summer with the acquisitions of CalumChambers, Mathieu Debuchy, David Ospina, Alexis Sanchez and Danny Welbeck. Therecent acquisition of defender Gabriel from Villarreal will take our totaltransfer expenditure for the year to well in excess of £100 million. Thissubstantial investment has inevitably led to increased amortisation and wagecosts in our profit and loss account but, crucially, this remains at a levelwhich is consistent with our principle of affordability and which isfinancially sustainable in accordance with the requirements of the applicableregulatory regimes.This season has seen the Club and the entire football family mark the centenaryof the end of the First World War. There have been many poignant events acrossthe country and I know our Under-19 squad was particularly moved by a visit toa war cemetery during their Champions Youth League trip to Brussels in theautumn.Our work through the Arsenal Foundation continues to thrive and once againplayers, staff and supporters showed their generosity towards our dedicatedmatch-day in December, raising some £220,000. The money raised continues tohelp us deliver work that transforms young peoples' lives here in London andfurther afield and we are grateful for everyone's contribution.Making a difference in our community has always been central to what we standfor as a Club and 2015 marks the 30th anniversary of the formal establishmentof our Arsenal in the Community programme. That team has been led for manyyears by our own Alan Sefton who was very deservedly awarded an MBE in theQueen's New Year's Honours list. We all send him our congratulations and lookforward to seeing the team's work develop further as we move closer to openinga new Arsenal in the Community centre in the spring which will provideimportant facilities for us to develop activities for local people.FINANCIAL REVIEWThe financial results for the six months ended 30 November 2014 show furthergrowth in the Group's revenues driven by the commencement of our kitpartnership with PUMA. The total turnover from football was £148.5 millioncompared with £135.9 million for the same period last year.These improved commercial revenues and the underlying strong financial positionhave allowed us to make further significant investments into the Club's playingresources. Additions to player registrations in the first half of the year were£93.7 million and these additions, together with certain contract extensions,have driven both a higher amortisation charge in the profit and loss accountand a higher wage bill.The final main feature of the half year results is the gain of £26.7 million(2013 - £6.1 million) made from the sale of players and from realising thevalue of an option the Club held in relation to the registration of formerplayer, Carlos Vela.The overall result for the period was a profit before tax of £11.1 million ascompared to a loss of £2.2 million for the first half last year. 2014 2013 £m £mTurnoverFootball 148.5 135.9Property development 0.3 2.0Total turnover 148.8 137.9Operating profits*Football* 21.9 22.2Property development 0.1 0.7Total operating profit* 22.0 22.9Player trading 1.4 (12.6)Depreciation and (6.5) (6.4)amortisation of goodwillJoint venture 0.5 0.4Net finance charges (6.3) (6.5)Profit / (loss) before tax 11.1 (2.2)*= operating profits before depreciation and player trading costsBroadcasting was again the largest source of income at £53.0 million (2013 - £52.0 million). The similar level of TV income is to be expected given we are inthe second season of three for the current Premier League broadcastingcontracts and the final year of the existing UEFA contracts.Looking beyond the current year, UEFA's successful marketing of ChampionsLeague broadcast and commercial rights for its next three year cycle (includingBT's purchase of exclusive UK rights) should drive further growth in values forthe participating English clubs from next season. The expected underlyingrevenue growth may be slightly offset by a weaker Euro. The Premier League hasrecently announced a significant uplift in the value achieved for the UK TVrights for the three seasons commencing 2016/17. The process of tendering theinternational rights has yet to fully commence. An investigation into the saleof live broadcast rights in the UK is currently being undertaken by OFCOM theoutcome of which cannot be predicted at this early stage.Our combined Commercial and Retail revenues rose sharply and at £52.3 million(2013 - £38.4 million) fell only just below the total for broadcasting. Growthof 36% on top of 39% in the prior period demonstrates a significant stepforward although, inevitably, this growth rate will now slow as we have our keypartnerships with Emirates and PUMA in place for the medium term.Our new kit partnership with PUMA has made an excellent start with a reallypositive impact on our retail and licensing businesses. In addition, webenefited from a major re-fit of our flagship Armoury store which was completedto coincide with the launch of the new PUMA kits at the start of July.We can also report good progress in terms of secondary partnerships, addingCapital Bank and Markets.com to the seven new deals and renewals previouslyreported for 2014/15 and bringing the Club's total number of currentpartnerships up to 25. The previously reported new partnerships being withVitality, Europcar, Cooper and Hansa (new deals) and BT, Citroen and Indesit(renewals)Match day revenue includes the match fees received in respect of our pre-seasonmatches and overseas tours. Although there was time to stage another verysuccessful and well attended Emirates Cup, last summer's World Cup meant thewindow for participating in pre-season activity was truncated, resulting in asingle overseas fixture, against New York Red Bulls. As a consequence match dayrevenue was lower at £42.9 million (2013 - £45.0 million). Match day revenueremains weighted to the second half of the financial year and at 30 November wehad played 11 (2013 - 11) of the 27 home fixtures we are so far certain ofplaying for the full season.Operating costs for the football side of the business were increased to £126.2million (2013 - £113.2 million). Our new signings, together with certain playercontract extensions, mean that higher football wage costs are the mostsignificant factor behind this increase. It is worth repeating that having theresources to grow our wage bill in a rational and responsible manner actuallyrepresents a positive outcome in line with our objectives of achieving moreon-field success for the Club. Outside player wage costs we also increased thelevel of expenditure in our football support and coaching staff and in certainother key areas such as youth development. Increased revenue activity,particularly within the retail business, has led to an up-lift to our directcosts of sales.In contrast to football, activity in the Group's property business was veryquiet with revenue of £0.3 million (2013 - £2.0 million) and operating profitof £0.1 million (2013 - £0.7 million), mainly from the rental of certainretained commercial units, such as the gym at Highbury Square. The timing ofsale for the remaining major property sites, on Hornsey Road and Holloway Road,is tied to the resolution of the underlying planning consents.Player trading, which resulted in a surplus of £1.4 million (2013 - deficit of£12.6 million), has, as usual, played a fairly key role in differentiating theoverall financial result against its prior period comparative. Player sales,including Thomas Vermaelen, generated a profit of £26.7 million (2013 - £6.1million); also included within this heading is the net proceeds of cancellingan option which the Club held to reacquire the registration of former playerCarlos Vela. This was a substantially higher profit than that achieved in theprior period and was only partially offset by an increased charge foramortisation of player registrations, which amounted to £25.6 million (2013 - £19.3 million).The book value of player registrations (intangible fixed assets) has beenincreased significantly to £181.3 million, from £115.0 million as at 31 May2014, mainly as a result of the player acquisitions to which we have alreadyreferred.In cash terms, as the liabilities for these acquisitions are in part payable ininstalments, the net outlay on transfers for the period was £30.7 million (2013- £12.7 million). This meant that the Group has actually slightly improved itsalready strong cash position with balances at 30 November amounting to £161.5million (2013 - £143.5 million), inclusive of debt service reserve balances,which are not available for football purposes, of £22.8 million (2013 - £22.8million). However, in contrast, the amount owing on transfers was increased to£82.8 million (2013 - £37.9 million).The Group enters into a number of transactions, relating mainly to itsparticipation in European competition (UEFA Champions League distributions arepaid in €) and player transfers, which create exposure to movements orvolatility in foreign exchange, including €. The Group monitors this foreignexchange exposure on a continuous basis and will usually hedge any significantexposure in its currency receivables and payables.SUMMARYThe Group's overall after tax profit for the six months was £10.1 million (2013- profit of £2.8 million).As always, the actual outcome for the second half will be strongly influencedby the extent of progress in the knock-out competitions and final PremierLeague position. We expect the overall result for the year to be fullycompliant with all of the requirements of both the Premier League and UEFAfinancial fair play rules.Looking ahead to next season we have recently announced that we will not bemaking any increase in ticket prices. This will be the sixth season since themove to Emirates Stadium that prices have been held.In closing I should thank everyone for their support so far this season. Theatmosphere at Emirates Stadium has been terrific and the support at every awaygame has, as ever, been first class. Keep backing the team and enjoy the restof the season.Sir Chips KeswickChairman27 February 2015Arsenal Holdings PlcConsolidated profit and loss accountFor the six months ended 30 November 2014 Six months to 30 Year ended November 31 May Six months to 30 November 2014 2013 2014 Unaudited Unaudited Audited Operations excluding player Player trading trading Total Total Total Notes £'000 £'000 £'000 £'000 £'000Turnover of the Group 149,959 258 150,217 139,149 304,267including its share ofjoint venturesShare of turnover of (1,449) - (1,449) (1,214) (2,395)joint ventures ________ ________ _______ ________ ________Group turnover 4 148,510 258 148,768 137,935 301,872Operating expenses- other (132,935) - (132,935) (120,862) (251,736)- amortisation of player - (25,560) (25,560) (19,284) (40,072)registrationsTotal operating expenses (132,935) (25,560) (158,495) (140,146) (291,808) ________ ________ _______ ________ ________Operating profit/(loss) 15,575 (25,302) (9,727) (2,211) 10,064Share of operating 470 - 470 405 710profit of joint ventureProfit on disposal of - 26,740 26,740 6,120 6,912player registrations ________ ________ _______ ________ ________Profit on ordinary 16,045 1,438 17,483 4,314 17,686activities before netfinance charges ________ ________Net finance charges (6,337) (6,490) (13,018) ________ ________ ________Profit/(loss) onordinary activitiesbefore taxation 11,146 (2,176) 4,668Taxation (1,084) 4,988 2,603 ________ ________ ________Profit after taxationretained forthe financial period 10,062 2,812 7,271 ________ ________ ________Earnings per share 5 £161.72 £45.20 £116.87 ________ ________ ________All trading resulted from continuing operations.The accompanying notes are an integral part of these statements.Arsenal Holdings PlcConsolidated balance sheetAt 30 November 2014 Notes 30 November 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000Fixed assetsGoodwill 1,285 1,711 1,498Tangible assets 419,931 418,826 421,402Intangible assets 6 181,269 130,001 114,986Investment in joint venture 3,943 3,340 3,571 ________ ________ ________ 606,428 553,878 541,457 ________ ________ ________Current assetsStock - Development properties 9,843 12,467 9,849Stock - Retail merchandise 4,169 2,426 4,935Debtors - Due within one year 52,922 59,572 65,642Debtors - Due after one year 10,624 9,741 4,861Cash and short-term deposits 7 161,546 143,474 207,878 ________ ________ ________ 239,104 227,680 293,165Creditors: Amounts falling due (198,146) (167,486) (203,032)within one year ________ ________ ________Net current assets 40,958 60,194 90,133 ________ ________ ________Total assets less current 647,386 614,072 631,590liabilitiesCreditors: Amounts falling due after (274,346) (251,881) (266,478)more than one yearProvisions for liabilities (52,355) (56,029) (54,494) ________ ________ ________Net assets 320,685 306,162 310,618 ________ ________ ________Capital and reservesCalled up share capital 62 62 62Share premium 29,997 29,997 29,997Merger reserve 26,699 26,699 26,699Profit and loss account 8 263,927 249,404 253,860 ________ ________ ________Shareholders' funds 9 320,685 306,162 310,618 ________ ________ ________The accompanying notes are an integral part of this consolidated balance sheet.Arsenal Holdings PlcConsolidated cash flow statementFor the six months ended 30 November 2014 Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000Net cash inflow from operating activities 5,490 20,129 96,169Player registrations (30,667) (12,728) (11,121)Returns on investment and servicing of (6,018) (6,227) (12,409)financeTaxation (996) 58 (2,445)Capital expenditure (6,867) (4,316) (8,873) ________ ________ ________Cash (outflow)/inflow before financing (39,058) (3,084) 61,321Financing (7,274) (6,899) (6,900)Management of liquid resources 42,689 24,283 (39,781) ________ ________ ________Change in cash in the period (3,643) 14,300 14,640Change in short-term deposits (42,689) (24,283) 39,781 ________ ________ ________(Decrease)/increase in cash and short-term (46,332) (9,983) 54,421deposits ________ ________ ________Arsenal Holdings PlcNotes to the cash flow statement Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000a) Reconciliation of operating resultto netcash inflow/(outflow)from operatingactivitiesOperating (loss)/profit (9,727) (2,211) 10,064Loss/(profit) on disposal of tangible fixed 297 (9) (140)assetsAmortisation of goodwill 213 213 426Depreciation (net of grant amortisation) 6,554 6,211 12,418Amortisation of player registrations 25,560 19,284 40,072Decrease/(increase) in stock 772 225 (2,472)Decrease in debtors 17,574 17,033 9,657(Decrease)/increase in creditors (35,753) (20,617) 26,144 ________ ________ ________Net cash inflow from operating activities 5,490 20,129 96,169 ________ ________ ________b) Reconciliation of net cash flow tomovement in net debt(Decrease)/increase in cash and short term (46,332) (9,983) 54,421depositsCash outflow from decrease in debt 7,274 6,899 6,900 ________ ________ ________Change in net debt resulting from cash flows (39,058) (3,084) 61,321Increase in debt resulting from non cash (337) (341) (677)changesNet debt at start of period (32,577) (93,221) (93,221) ________ ________ ________Net debt at close of period (71,972) (96,646) (32,577) ________ ________ ________c) Analysis of changes in net debt At 1 June Non cash Cash At 30 November 2014 changes flows 2014 £'000 £'000 £'000 £'000Cash at bank and in hand 80,555 - (3,643) 76,912Short-term deposits 127,323 - (42,689) 84,634 _______ _______ _______ _______ 207,878 - (46,332) 161,546Debt due within one year ( (6,704) (7,678) 7,274 (7,108)bonds)Debt due after more than one (205,921) 7,530 - (198,391)year (bonds)Debt due after more than oneyear(debenture subscriptions) (27,830) (189) - (28,019) _______ _______ _______ _______Net debt (32,577) (337) (39,058) (71,972) _______ _______ _______ _______Non cash changes represent £288,000 in respect of the amortisation of costs ofraising finance, £189,000 in respect of rolled up, unpaid debenture interestfor the period less £140,000 in respect of amortisation of the premium oncertain of the Group's interest rate swaps.d) Gross cash flows Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000Player registrations:Payments for purchase of players (48,568) (35,054) (40,419)Receipts from sale of players 17,901 22,326 29,298 _______ _______ _______ (30,667) (12,728) (11,121) _______ _______ _______Returns on investment and servicing offinance:Interest received 540 418 862Interest paid (6,558) (6,645) (13,271) _______ _______ _______ (6,018) (6,227) (12,409) _______ _______ _______Capital expenditure:Payments to acquire tangible fixed assets (6,890) (4,326) (9,019)Receipts from sale of tangible fixed assets 23 10 146 _______ _______ _______ (6,867) (4,316) (8,873) _______ _______ _______Financing:Repayment of borrowings (7,274) (6,899) (6,900) _______ _______ _______Total debt repayment (7,274) (6,899) (6,900) _______ _______ _______Arsenal Holdings PlcNotes to the interim accounts30 November 20141 Basis of preparation of Group financial statementsThe Group financial statements consolidate the assets, liabilities and resultsof the company and its subsidiary undertakings made up to 30 November 2014. TheGroup has two classes of business - the principal activity of operating aprofessional football club and property development.The interim results have been prepared, in accordance with United KingdomGenerally Accepted Accounting Practice, on the same basis and using the sameaccounting policies as those used in the preparation of the full year'saccounts to 31 May 2014. The status of the Group's financing arrangements issummarised in the Chairman's Statement. The directors have a reasonableexpectation that the Group has adequate resources to continue in operationalexistence for the foreseeable future and the financial statements continue tobe prepared on the going concern basis.2 Significant accounting policiesIncome recognitionGate and other match day revenue is recognised over the period of the footballseason as games are played and events are staged. Sponsorship and similarcommercial income is recognised over the duration of the respective contracts.The fixed element of broadcasting revenues is recognised over the duration ofthe football season whilst facility fees for live coverage or highlights aretaken when earned at the point of broadcast. Merit awards are accounted foronly when known at the end of the financial period. UEFA pool distributionsrelating to participation in the Champions League are spread over the matchesplayed in the competition whilst distributions relating to match performanceare taken when earned; these distributions are classified as broadcastingrevenues. Fees receivable in respect of the loan of players are included inturnover over the period of the loan.Income from the sale of development properties is recognised on legalcompletion of the relevant sale contract. Where elements of the sale price aresubject to retentions by the purchaser the retained element of the sale priceis not recognised until such time as all of the conditions relating to theretention have been satisfied.Player registrationsThe costs associated with acquiring players' registrations or extending theircontracts, including agents' fees, are capitalised and amortised, in equalinstalments, over the period of the respective players' contracts. Where acontract life is renegotiated the unamortised costs, together with the newcosts relating to the contract extension, are amortised over the term of thenew contract. Where the acquisition of a player registration involves anon-cash consideration, such as an exchange for another player registration,the transaction is accounted for using an estimate of market value for thenon-cash consideration. Under the conditions of certain transfer agreements orcontract renegotiations, further fees will be payable in the event of theplayers concerned making a certain number of First Team appearances or on theoccurrence of certain other specified future events. Liabilities in respect ofthese additional fees are accounted for, as provisions, when it becomesprobable that the number of appearances will be achieved or the specifiedfuture events will occur. The additional costs are capitalised and amortised asset out above.3 Segmental analysisClass of business Football Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000Turnover 148,498 135,958 298,658 _______ _______ _______Profit/(loss) on ordinary activities before 10,780 (3,111) 3,817taxation _______ _______ _______Segment net assets 282,150 268,111 272,449 _______ _______ _______Class of business Property development Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000Turnover 270 1,977 3,214 _______ _______ _______Profit on ordinary activities before taxation 366 935 851 _______ _______ _______Segment net assets 38,535 38,051 38,169 _______ _______ _______Class of business Group Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000Turnover 148,768 137,935 301,872 _______ _______ _______Profit/(loss) on ordinary activities before 11,146 (2,176) 4,668taxation _______ _______ _______Net assets 320,685 306,162 310,618 _______ _______ _______4 Turnover Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000Gate and other match day revenues 42,939 44,961 100,229Player trading 258 540 513Broadcasting 52,992 52,025 120,762Retail and licensing income 14,212 10,389 17,938Commercial 38,097 28,043 59,216Property development 270 1,977 3,214 _______ _______ _______ 148,768 137,935 301,872 _______ _______ _______5 Earnings per shareThe calculation of earnings per share is based on the profit for the perioddivided by the weighted average number of ordinary shares in issue being 62,217(period to 30 November 2013 - 62,217 shares and year to 31 May 2014 - 62,217shares).6 Intangible fixed assets £'000Cost of player registrationsAt 1 June 2014 249,265Additions 93,684Disposals (34,101) _______At 30 November 2014 308,848 _______Amortisation of player registrationsAt 1 June 2014 134,279Charge for the period 25,560Disposals (32,260) _______At 30 November 2014 127,579 _______Net book amountAt 30 November 2014 181,269 _______At 31 May 2014 114,986 _______7 Cash at bank and in hand 30 November 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000Debt service reserve accounts 22,781 22,831 34,557Other accounts 138,765 120,643 173,321 _______ _______ _______ 161,546 143,474 207,878 _______ _______ _______The Group is required under the terms of its fixed and floating rate bonds tomaintain specified amounts on bank deposit as security against future paymentsof interest and principal. Accordingly the use of these debt service reserveaccounts is restricted to that purpose. Included in other accounts is a balanceof £0.2 million (30 November 2013 £0.5 million and 31 May 2014 £0.3 million)which is held in connection with the site works at Queensland Road. The use ofthis deposit is restricted to that purpose and Newlon Housing Trust is a jointsignatory.The Group uses short-term bank treasury deposits as a means of maximising theinterest earned on its cash balances. 30 November 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000Cash at bank and in hand 76,912 80,215 80,555Short-term deposits 84,634 63,259 127,323 _______ _______ _______ 161,546 143,474 207,878 _______ _______ _______8 Profit and loss account 30 November 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000At start of period 253,860 246,597 246,597Profit for the period 10,062 2,812 7,271Exchange difference 5 (5) (8) __________ __________ __________Balance at end of period 263,927 249,404 253,860 __________ __________ __________9 Reconciliation of shareholders' funds 30 November 31 May 2014 2013 2014 Unaudited Unaudited Audited £'000 £'000 £'000Opening shareholders' funds 310,618 303,355 303,355Profit for the period 10,062 2,812 7,271Exchange difference 5 (5) (8) __________ __________ __________Closing shareholders' funds 320,685 306,162 310,618 __________ __________ __________10 Additional informationa) The interim financial statements do not constitute statutory financialstatements within the meaning of Section 435 of the Companies Act 2006. Thefinancial information for the year ended 31 May 2014 has been extracted fromthe statutory accounts for the year then ended which have been filed with theRegistrar of Companies. The audit report on these accounts was unqualified anddid not contain any statements under Section 498 (2) or (3) Companies Act 2006.b) These results will be announced to ICAP Securities & Derivatives Exchange(ISDX Growth Market) on 27 February 2015 and posted to all shareholders on theregister at 26 February 2015. Copies of this interim report will be availablefrom the company's registered office at Highbury House, 75 Drayton Park, LondonN5 1BU.c) These interim results have been reviewed by the Group's auditors, DeloitteLLP, who have issued a review report on the results.