Half-Year Results

14 November 2024

Premier Foods plc (the "Group" or the "Company")

Further, strong, volume led branded revenue growth

"We've delivered another really strong branded performance in the first half, underpinned by double-digit volume growth. This demonstrates the success of our proven branded growth model which was also supported by sharper promotional pricing. We gained both volume and value market share, outperforming the market as many consumers switched into our leading brands from own label. Our innovation programme continues apace as we brought many new products to market in the period, including Sharwood's curry kits, Mr Kipling Loaf cakes and Loyd Grossman Pesto."

"As inflation has begun to ease and shoppers are starting to feel more confident, we've seen consumers treat themselves more, helping sales of both Mr Kipling Signature Bites and Ambrosia Deluxe more than double in the first half of the year."

"We've continued to make very good progress against all the pillars of our growth strategy. We accelerated capital investment in our supply chain, continuing to invest in projects to improve automation and increase efficiency, in addition to enabling growth through new product development. Angel Delight ice cream and Ambrosia porridge pots contributed to strong progress in our new categories, which grew 67%, while the international business performed very well, with revenue up 31%⁸. We continue to be very pleased by the progress of our acquired brands, The Spice Tailor and FUEL10K and we now have the biggest selling granola product on the market."

"As we look to the second half, we have exciting plans in place across all our brands, with our best ever Mr Kipling Signature mince pies benefitting from expanded distribution. With this, and our continued branded momentum, we are on track to deliver on expectations for the full year. As we look further ahead, we expect revenue growth to continue to be generated from our strategic priorities of growing our UK branded core, extending into new categories, overseas expansion and M&A activity."

The effectiveness of the Group's branded growth model and investment in promotional pricing have delivered a strong branded volume and revenue performance in the first half of the year. With this momentum, and strong plans in place for further branded growth in the second half, the Group is on track to deliver on expectations for the full year.

The Group employs a five pillar strategy, to drive growth and create value, which is outlined below.

The Group is highly cash generative, benefits from strong EBITDA margins in line with global branded food sector peers and has substantially reduced its interest costs in recent years.

In March 2024, the Group announced the suspension of pension deficit contribution payments, which historically have consumed a significant proportion of cash. This position creates significantly increased free cash flow from FY24/25, and presents increased options to help the Group deliver on its growth ambitions. Management allocates capital according to a clear and disciplined framework:

The Group's Net debt/EBITDA leverage target of 1.5x remains unchanged.

The Group's 'Enriching Life Plan', encompasses the three strategic pillars of Product, Planet and People; more details can be found in the Group's Annual Report for the 52 weeks ended 30 March 2024 and corporate website. Highlights in the first half of the year include 66% of Grocery portfolio sales are non-HFSS (non-high fat, salt & sugar), a 17% reduction in Scope 1 emissions compared to last year and further plans to extend solar power generation across the supply chain footprint.

A presentation to investors and analysts will be webcast today at 9:00am GMT.

To register for the webcast follow the link: www.premierfoods.co.uk/investors/investor-centre

A recording of the webcast will be available on the Company's website later in the day.

A conference call for bond investors and analysts will take place today, 14 November 2024, at 1:00pm GMT. Dial in details are outlined below:

A factsheet providing an overview of the Half year results is available at:

www.premierfoods.co.uk/investors/results-centre

A Premier Foods image gallery is available using the following link:

www.premierfoods.co.uk/media/image-gallery/

As one of Britain's largest food producers, we're passionate about food and believe each and every day we have the opportunity to enrich life for everyone. Premier Foods employs over 4,000 people operating from 13 sites across the country, supplying a range of retail, wholesale, foodservice and other customers with our iconic brands which feature in millions of homes every day. 

Through some of the nation's best-loved brands, including Ambrosia, Batchelors, Bisto, Loyd Grossman, Mr Kipling, OXO and Sharwood's, we're creating great tasting products that contribute to healthy and balanced diets, while committing to nurturing our people and our local communities, and going further in the pursuit of a healthier planet, in line with our Purpose of 'Enriching Life Through Food'. 

Contacts:

Institutional investors and analysts:

Duncan Leggett, Chief Financial Officer

Richard Godden, Director of Investor Relations

Investor.relations@premierfoods.co.uk

Media enquiries:

Lisa Kavanagh, Director of Communications & Public Affairs

Headland                                                                                                                          

- Ends -

This announcement may contain "forward-looking statements" that are based on estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements are all statements other than statements of historical fact or statements in the present tense, and can be identified by words such as "targets", "aims", "aspires", "assumes", "believes", "estimates", "anticipates", "expects", "intends", "hopes", "may", "would", "should", "could", "will", "plans", "predicts" and "potential", as well as the negatives of these terms and other words of similar meaning. Any forward-looking statements in this announcement are made based upon Premier Foods' estimates, expectations and beliefs concerning future events affecting the Group and subject to a number of known and unknown risks and uncertainties. Such forward-looking statements are based on numerous assumptions regarding the Premier Foods Group's present and future business strategies and the environment in which it will operate, which may prove not to be accurate. Premier Foods cautions that these forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in these forward-looking statements. Undue reliance should, therefore, not be placed on such forward-looking statements. Any forward-looking statements contained in this announcement apply only as at the date of this announcement and are not intended to give any assurance as to future results. Premier Foods will update this announcement as required by applicable law, including the Prospectus Rules, the UK Listing Rules, the Disclosure Guidance and Transparency Rules, the rules of the London Stock Exchange and any other applicable law or regulations, but otherwise expressly disclaims any obligation or undertaking to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

Headline revenue excludes Charnwood & Knighton; reconciliations are provided in the appendices.

Headline Revenue, which excludes Charnwood and Knighton, grew by 4.6% in the first half of the year. Divisional contribution increased by 4.3% to £105.0m and Headline Trading profit increased by 5.5% to £70.2m. Group and corporate costs were marginally higher in the period at £34.8m. Headline Trading profit margins of 14.1% were slightly ahead of the prior period. Adjusted profit before tax increased by 8.9%, while adjusted earnings per share grew by 8.1%. Basic earnings per share for the first half of the year decreased by 8.0% to 4.6p as Headline Trading profit growth was offset by a £4.1m lower non-cash pensions credit compared to the prior period and slightly higher net finance costs.

Statutory overview

The table above is presented including results from Charnwood and Knighton.

Group revenue on a statutory basis increased by 1.4% in the period, led by branded revenue which increased by 6.8%. Non-branded declined 27.4% owing to the closure of the Charnwood and Knighton manufacturing sites, consumers switching to brands and some contract exits. Grocery revenue was 1.1% higher than the prior period at £376.4m and Sweet Treats grew 2.2% to £124.6m. Profit before tax in the first half of the year was £53.5m; £4.6m lower than the prior period as Trading profit growth was offset by a lower pensions credit as described above. Basic earnings per share was 4.6 pence (FY23/24 H1: 5.0 pence).

Trading performance

Grocery

The table above is presented excluding the impact of Charnwood and Knighton

On a headline basis (excluding Charnwood and Knighton) Grocery revenue increased by 5.4% in the period to £374.1m, with branded revenue leading the growth, advancing 7.0% to £339.0m. Non-branded revenue was 7.6% lower at £35.1m. In the second quarter, Grocery revenue (on a headline basis) increased by 4.0%, with branded growth of 5.6% partly offset by Non-branded revenue which declined 10.1%. Non-branded revenue trends in the period were due to consumers switching to our brands and some contract exits.

The Grocery business delivered 12% branded volume growth in the period which was also reflected in strong volume share gains. Promotional investment was higher compared to the prior period, due to the lower promotional price points, which served to support these volume trends, alongside the benefit of the Group's branded growth model strategy. This model leverages the strength of the Group's market leading brands, launching insightful new products, supporting the brands with emotionally engaging advertising and building strategic retail partnerships. This volume performance was instrumental in delivering branded revenue growth of 7.0% in the first half of the year.

Divisional contribution increased by 5.3% to £93.3m; margins were broadly in line with the prior period, reflecting the positive branded mix benefits of the trading performance, offset by some salary inflation. Grocery brand investment continued in the period, with Ambrosia, Batchelors, Bisto and OXO all benefitting from advertising campaigns. A new OXO advertisement was introduced under the 'Made with Love' campaign, working in conjunction with an online competition and impactful instore execution, all of which will continue in the second half of the year.

Nissin noodles yet again grew strongly in the period, as the Group commenced the distribution of the Demae Ramen range supporting the momentum of the brand which is now worth over £60m¹³ in retail sales value. New product development launched in the first half included Sharwood's curry kits, Mr Kipling no bake cheesecake kits, and Loyd Grossman Tomato & Mascarpone sauce and Pesto. New product development for the second half of the year includes  a range of microwaveable Batchelors Pasta n Sauce variants, OXO Turkey stock pots for the Christmas season and The Spice Tailor pastes.

Building on the track record in previous periods, the Group's share of distribution points, a measure of presence of brands and products on retailers' shelves, increased by 78 basis points in the second quarter due to the strong performance of its brands and innovation programme. Additionally, the Group employs strategies to deliver effective and impactful instore activity across many of its brands and categories. These activities can be single or multi category and are often sited at the end of aisle in retailers to deliver maximum impact and returns. Partnerships are also used to create impactful activity; in the first half of the year this included DC Warner Brothers' Superman with Batchelors activity and a Cluedo Who Stole The Recipe? Campaign for Sharwood's, The Spice Tailor and Loyd Grossman cooking sauces.

Revenue growth from expanding into adjacent new categories increased by 67%, as the Group's brands continue to demonstrate their brand stretch capabilities. Ambrosia porridge pots grew by 62%; they now hold a 10% share of the category, the performance in the period reflecting inclusion in wider Ambrosia brand TV advertising and the launch of an Apple & Blueberry variant. In the second half of the year, distribution will be extended to include another major retailer and the launch of a new Sweet Cinnamon flavour. Angel Delight and Mr Kipling ice-cream more than doubled revenue, up 139% year on year, with Angel Delight benefitting from handheld formats in the summer months. OXO marinades and Cape Herb & Spice both delivered a strong first half of the year, with revenue up 80% and 54% respectively.

The Spice Tailor extended further beyond its Indian cuisine heartland in H1, with the launch of Chinese kits including Spicy Kung Po and Fiery Szechuan. Brand investment included digital activity bringing to life delicious meals to increase brand awareness and recruit new consumers, together with instore promotional activity alongside the Group's other cooking sauces brands. FUEL10K's Chocolate chunks was the UK's biggest selling Granola product line in the second quarter, with total Granola sales up 27% in H1. Out of home media for the brand is planned for the second half of the year alongside new products such as Multigrain Flakes and high protein Noodle pots.

Sweet Treats

Total revenue increased by 2.2% in Sweet Treats, led by branded revenue which advanced 6.1% to £105.7m. The Sweet Treats business gained volume and value share throughout the first half of the year, with both Mr Kipling and Cadbury cake contributing strongly to these gains. Non-branded revenue was 15.1% lower due to a combination of contract exits in Fancies and consumers switching to brands. Sweet Treats delivered Divisional contribution of £11.7m in the period compared to £12.1m in the prior period.

Volume growth was strong throughout the first half of the year, reflecting the benefits of the branded growth model and also sharper promotional price points across both the Mr Kipling and Cadbury cake ranges. Divisional contribution margins were slightly lower reflecting elevated cocoa prices. Brand investment in Mr Kipling continued through the period with the 'Piano' TV advert, while new product launches included Signature collection Chocolate and Caramel layer cakes, indulgent loaf cakes and Strawberries and Cream Fancies. Signature bites also continued to perform strongly, with revenue more than doubling, as they tap into the indulgence consumer trend. The Group continues to deliver impactful, branded bay instore execution of both Mr Kipling and Cadbury cake to assist shoppers navigate the cake category with greater ease.

In the second half of the year, seasonal ranges will include building on the Mr Kipling best ever, indulgent, mince pies for Christmas coupled with exceptional instore execution across the cake portfolio.

International

Overseas Revenue (on a constant currency basis) grew strongly in the period, up 31%⁸ compared to the prior year. Across the Group's target markets, Australia & New Zealand delivered growth of 39%, North America increased revenue by 28% and EMEA grew 9%. Much of the growth is due to increasing distribution of the Group's brands, leveraging its growing retailer relationships.

In Australia and New Zealand, application of the Group's branded growth model delivered growth in both the Sweet Treats and Cooking Sauces categories. Mr Kipling TV advertising expanded to an additional region utilising the popular 'Little Thief' advert while on pack activity included the 'Cake a Difference' campaign, supporting families facing childhood cancer. Sharwood's cooking sauces benefitted from innovation including family size jars and The Spice Tailor also launched new products such as Coastal Mango Curry and Spicy Butter Chicken. Retailer stock holdings normalised during H1 which also contributed to revenue growth in the period.

In North America, Canada delivered a strong period of trading, as it benefitted from increased distribution for both Mr Kipling and The Spice Tailor, with the former now available in over 1,000 stores across two major retailers. In the US, momentum of Mr Kipling is focused on driving rate of sale on current distribution.

The Spice Tailor continues to gain listings in European countries; the brand is available in over 700 stores in both France and Germany and now distributed in a total of 11 countries. In the Middle East, the Group is exploring the opportunity to grow cake in the medium term.

In the second half, Australia will benefit from further Mr Kipling new product launches and Sharwood's has new listings in New Zealand. In Canada, The Spice Tailor's distribution will be extended to two further major retailers.

Operating profit

Operating profit was £65.4m in the period compared to £69.0m in the prior period. Headline Trading profit increased by 5.5% to £70.2m, as described above. Brand amortisation of £10.2m was broadly in line with the comparative period. Net interest on pensions and administrative expenses was a credit of £9.7m (FY23/24 H1: £15.6m credit), the reduction due to a lower opening combined surplus of the pension scheme compared to the prior period of £14.0m, partly offset by £4.3m of administrative expenses. Non-trading items⁹ of £3.8m (FY23/24 H1: £3.7m) relate to costs associated with the closure of the Charnwood and Knighton manufacturing sites.

Finance costs

Net finance cost was £11.9m in the first half of FY24/25, an increase of £1.0m compared to FY23/24 H1. Net regular interest⁵ decreased by £1.4m to £9.2m, largely due to £1.0m higher interest receivable reflecting increased average cash balances over the period and slightly higher average SONIA rates. A discount provision unwind relating to acquisition contingent consideration was £1.0m. Write off of financing costs of £1.4m in the period relate to write off of debt issuance costs associated with the previous revolving credit facility (RCF). Interest on the Group's Senior secured notes of £5.8m were in line with the prior period.

The Group completed the signing of a new five year £227.5m revolving credit facility (RCF) in the period replacing the previous £175m facility. The new agreement, on improved terms, currently attracts a margin of 2.0% above SONIA and matures in May 2029.

Taxation

The taxation charge for the period was £14.0m (2023/24 H1: £15.4m) and was largely due to a charge on operating activities of £13.4m (2023/24 H1: £14.5m). Tax on operating activities substantially reflects the rate of UK corporation tax (25%) owing to the predominantly UK presence of the Group's operations. The Group has started paying modest levels of cash tax, reflecting brought forward losses available to offset against future tax liabilities.

Earnings per share

The Group reported profit before tax of £53.5m in the first half of FY24/25, £4.6m lower than the prior period, as Headline Trading profit growth was offset by a lower net credit related to interest on pensions and administrative expenses. Profit after tax was £39.5m (FY23/24 H1: £42.7m) and basic earnings per share was 4.6 pence, a decrease of 8.0%.

Cash flow

Net debt as at 28 September 2024 was £221.3m, a reduction of £51.8m compared to the same point a year ago and £14.3m lower than 30 March 2024.

Headline Trading profit was £70.2m, as described above, while depreciation and software amortisation¹⁰ totalled £12.2m. There was a working capital outflow of £2.9m in the period, reflecting lower levels of inflation than previous periods. Non-trading items were £6.4m and related to payments associated with closure of the Knighton and Charnwood manufacturing sites. The Group expects non-trading items to be significantly lower in the second half of the year. Pension payments were £5.6m, of which administration costs including government levies were £2.9m and £2.7m being the last monthly payment of deficit contributions (relating to March 2024), prior to suspension. A dividend match payment to the Group's pension schemes of £5.0m was also made in the period.

On a statutory basis, cash generated from operating activities was £50.6m (FY23/24 H1: £34.8m) after deducting net interest paid of £12.0m (FY23/24 H1: £9.7m), of which £3.7m is transaction costs related to the new RCF. The Group paid Tax of £4.0m in the period (2023/24 H1: £0.8m).

Cash used in investing activities was £22.5m (FY23/24 H1: £13.8m), solely due to the Group accelerating its capital expenditure in the period, and in line with its full year guidance of £40-45m of expenditure. Such investment includes both growth projects supporting the Group's innovation strategy and cost release projects to deliver efficiency savings. With pension deficit payments suspended, the Group is allocating more funds to capital investment which will provide the fuel to deliver further branded growth. Examples of investment in the period include a new pot filling machine at the Ambrosia factory and a new, innovative energy efficient process to manufacture iced-topped cake products, which increases line efficiency and also reduces carbon emissions.

Cash used in financing activities was £16.5m in the period (FY23/24 H1: £16.7m) which included a £14.9m dividend payment to shareholders (FY23/24 H1: £12.4m). As at 28 September 2024, the Group held cash and bank deposits of £113.9m and its newly arranged revolving credit facility, maturing May 2029, was undrawn.

Pensions

As previously disclosed, the Group announced the suspension of deficit contribution payments to the pension scheme Trustee with effect from 1 April 2024. Consequently, the Group now benefits from increased free cash flow for the financial year ending 29 March 2025, and subject to the results of the next triennial valuation, at 31 March 2025, the Group anticipates no further contributions to be payable after this date.  Administrative expenses associated with running the scheme and the dividend match mechanism remain in place. The scheme continues to make good progress with its investment strategy and a full resolution, where the scheme has fully de-risked, is forecast to take place by the end of 2026.

The Group's pension scheme reported a combined surplus of £679.0m as at 28 September 2024, an increase of £77.5m compared to the prior period. This is equivalent to a surplus of £509.3m net of deferred tax of 25.0%. Asset values fell in both sections of the schemes as a result of hedging in place. The applicable discount rate used to value liabilities increased from 4.8% to 5.1%, as a result of rises in UK 15 year corporate bond yields. Accordingly, the value of liabilities fell by £151.8m to £2,811.7m. The RPI inflation rate assumption used decreased from 3.15% to 3.05%. Asset values in the scheme reduced by £74.3m, or 2.1% in the period.

Strong risk management is key to delivery of the Group's strategic objectives. It has an established risk management process, the Executive Leadership Team performing a formal robust assessment of the principal risks bi-annually which is reviewed by the Board and Audit Committee. Risks are monitored at a segment and functional level throughout the year considering both internal and external factors.  The Group's principal risks were disclosed on page 63 to 70 of the Group's Annual Report for the 52 weeks ended 30 March 2024 and these remain relevant for the current period. The major strategic and operational risks are summarised under the headings of Macroeconomic and geopolitical instability, Impact of Government legislation, Market and retailer actions, Operational integrity, Legal compliance, Climate risk, Technology, Product portfolio, HR and employee risk, Strategy delivery.  The nature and potential impact of the principal risks and uncertainties facing the Group are considered essentially unchanged in the six months ended 28th September 2024 and are not expected to change during the second half of the financial year. In accordance with the UK Corporate Governance Code 2018, the Board also included a viability statement on page 71-72 of the Group's Annual Report for the 52 weeks ended 30 March 2024.

The Company's Half year results are presented for the 26 weeks ended 28 September 2024 and the comparative period, 26 weeks ended 30 September 2023. All references to the 'period', unless otherwise stated, are for the 26 weeks ended 28 September 2024 and the comparative periods, 26 weeks ended 30 September 2023.

All references to the 'quarter', unless otherwise stated, are for the 13 weeks ended 28 September 2024 and the comparative periods, 13 weeks ended 30 September 2023.

Note: Headline revenue in the tables above exclude Charnwood and Knighton Foods in both periods.

The following table outlines the basis on which the Group will report Headline revenue, Trading profit and adjusted earnings per share for FY24/25. This includes acquisitions but excludes Revenue and Trading profit from the Charnwood site which closed in FY24/25 H1 and the Knighton site which closed in FY23/24. All Charnwood and Knighton Foods revenue was previously reported in Grocery - Non-branded.

The Company uses a number of alternative performance measures to measure and assess the financial performance of the business. The directors believe that these alternative performance measures assist in providing additional useful information on the underlying trends, performance and position of the Group. These alternative performance measures are used by the Group for reporting and planning purposes and it considers them to be helpful indicators for investors to assist them in assessing the strategic progress of the Group.

Additional notes:

Statement of directors' responsibilities

The directors confirm that these condensed interim financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

The maintenance and integrity of the Premier Foods plc website is the responsibility of the directors; the work carried out by the authors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that might have occurred to the interim financial statements since they were initially presented on the website.

The directors of Premier Foods plc are listed on pages 76-77 of the Premier Foods plc Annual report for the 52 weeks ended 30 March 2024. A list of current directors is maintained on the Premier Foods plc website: www.premierfoods.co.uk

Approved by the Board on 14 November 2024 and signed on its behalf by:

Alex Whitehouse

Chief Executive Officer

Duncan Leggett

Chief Financial Officer

Independent review report to Premier Foods plc

Report on the condensed consolidated interim financial statements

Our conclusion

We have reviewed Premier Foods plc's condensed consolidated interim financial statements (the "interim financial statements") in the Half year results of Premier Foods plc for the 26 week period ended 28 September 2024 (the "period").

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

The interim financial statements comprise:

The interim financial statements included in the Half year results of Premier Foods plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom ("ISRE (UK) 2410"). 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, 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.

We have read the other information contained in the Half year results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The Half year results, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Half year results in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the Half year results, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to express a conclusion on the interim financial statements in the Half year results based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers LLP

Chartered Accountants

London

14 November 2024