MONTREAL, Nov. 13, 2019 (GLOBE NEWSWIRE) -- IPL Plastics Inc. (“IPL Plastics”, “IPLP”, the “Group” or the “Company”) (TSX: IPLP) today reported financial results for the third quarter and nine months ended September 30, 2019 (“Q3 2019” and “YTD 2019”).

All financial information is in U.S. dollars unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures. See “Non-IFRS Financial Measures” below.

Results in Q3 2019 and YTD 2019 reflect an overall improvement in operating and financial performance as measured by Net Income and Adjusted EBITDA. The results for Q3 2019 also demonstrate significant positive free cash flow generation.

Q3 2019 Highlights

• Net income was $7.4 million, an increase of $2.6 million from $4.8 million in Q3 2018 driven by an improved operating performance, partially offset by increased finance costs due primarily to the acquisition of Loomans Group N.V. (“Loomans”) and an increased income tax charge;
• Revenue decreased by 6.3% to $158.5 million primarily driven by negative foreign exchange translation impact from the strengthening U.S. dollar, the effect of passing through resin price reductions, delayed resumption of the automotive bin manufacturing in the Returnable Packaging Solutions (“RPS”) division and a reduction in environmental container rollouts in the Large Format Packaging and Environmental Solutions (“LF&E”) division, partially offset by the contribution from the acquisition of Loomans, price increases and volume growth in the Consumer Packaging Solutions (“CPS”) division in North America;
• Adjusted EBITDA increased by 32.7% to $27.2 million due to lower resin input costs, operational improvements, efficiencies and the effect of the Loomans acquisition;
• Adjusted EBITDA margins at an overall group level increased by 5.1% to 17.2%, LF&E margins increased 6.5% to 16.9%, CPS margins increased by 4.1% to 21.0% and RPS margins increased by 6.5% to 20.9%;
• RPS automotive manufacturing is unlikely to resume in 2019 with the extended delay now likely to reduce divisional adjusted EBITDA performance in the range of approximately $2 to $3 million in 2019;
• Net cash flow from operating activities improved by $9.3 million to $25.9 million in Q3 2019 and Adjusted Free Cash Flow improved by $0.9 million to an inflow of $19.3 million in Q3 2019; and
• Net Debt, which includes the impact of the adoption of IFRS 16 Leases ($19.6 million), declined to $319.5 million as at September 30, 2019 when compared with $342.9 million as at June 30, 2019, reflecting an improvement in the Net Debt to Adjusted EBITDA financial leverage ratio from 3.64x as at June 30, 2019 to 3.31x as at September 30, 2019

Commenting on the results, Alan Walsh, CEO of IPL Plastics said “Our focus throughout 2019 has been to improve free cash flow generation while rebuilding margins and enhancing operational performance. The Q3 2019 performance reflects delivery of those objectives with a strong earnings performance on lower revenue.

We continue to expect to deliver a solid improvement in the Group’s trading performance in this financial year, growing cash flows from operations and further reducing our Net Debt to Adjusted EBITDA ratio by the end of the year.  

Revenue growth is expected to recover in 2020, underpinned by recent new contract wins, benefits from the investment in our LF&E sales team and business optimization measures and a more diversified RPS division with a recovery in agricultural bin volumes, a broader automotive bin product offering and additional opportunities within the MacroTrac segment.”

Third Quarter Financial Results and Company Developments

($million, unless otherwise specified)	Q3 2019	Q3 2018	% change	YTD 2019	YTD 2018	% change
Revenue	158.5	169.2	(6.3%)	469.0	495.8	(5.4%)
Gross Profit	32.0	28.0	14.3%	96.0	83.5	15.0%
Adjusted EBITDA	27.2	20.5	32.7%	73.0	60.4	20.9%
Net Income	7.4	4.8	54.9%	16.9	3.6	NM
Adjusted Net Income	9.9	10.5	(5.7%)	24.6	24.3	1.2%
Diluted Earnings Per Share (in $)	0.13	0.09	44.4%	0.31	0.08	NM
Pro Forma Adjusted Diluted Earnings Per Share (in $)	0.18	0.19	(5.3%)	0.45	0.44	2.2%
Net Cash Flow from Operating Activities	25.9	16.6	56.0%	35.3	(3.2)	NM
Adjusted Free Cash Flow	19.3	18.4	4.9%	21.4	(9.0)	NM

Q3 2019 revenue decreased by 6.3% to $158.5 million, compared to $169.2 million for Q3 2018, driven by negative foreign exchange translation impacts from the strengthening U.S. dollar, the effect of passing through resin price reductions and a reduction in sales volumes. In LF&E, there has been a reduction in new environmental container rollouts in Q3 2019 when compared with a particularly high quarter for environmental container tenders in Q3 2018. The number and timing of municipal and public council environmental tenders fluctuates by year and is dependent on local micro economic conditions. As previously disclosed, revenue in the second quarter of 2019 was impacted by temporary issues affecting sales of both agricultural and automotive bins. Trading conditions and market dynamics for agricultural bin sales started to return to more normalized levels in Q3 2019, as overall sales of agricultural bin units increased by 115.5% when compared with Q1 2019 and 15.3% when compared with Q2 2019. Despite this recovery, the fall in agricultural bin sales contributed to a revenue decrease in the RPS division in Q3 2019. RPS sales were also affected by the continued delay in the resumption of the automotive bin manufacturing and by a decrease in sales of MacroTrac following a very strong first half of 2019 for this product. CPS in Europe has experienced a reduction in demand from its largest customer. These reductions were partially offset by volume growth in CPS North America, price increases and the revenue contribution from Loomans.

Gross profit increased by 14.3% to $32.0 million in Q3 2019, compared to $28.0 million in Q3 2018. Gross profit margin for Q3 2019 was 20.2%, compared to 16.6% in Q3 2018. Adjusted EBITDA was $27.2 million in Q3 2019, compared to $20.5 million in Q3 2018, while Adjusted EBITDA margin was 17.2% in Q3 2019 and 12.2% in Q3 2018. Adjusted EBITDA margins expanded by 6.5% to 16.9% in the LF&E division, by 4.1% to 21.0% in the CPS division, and by 6.5% to 20.9% in the RPS division. The increase in the Group’s Adjusted EBITDA reflects lower resin input costs, operational improvement efforts and the acquisition of Loomans partially offset by reduced revenues and labor cost increases.

Net income in Q3 2019 was $7.4 million, compared to $4.8 million in Q3 2018. The variance was primarily attributable to improved Adjusted EBIT partially offset by an increase in both finance costs and the income tax charge for the period. Diluted Earnings Per Share were $0.13 in Q3 2019, an increase of $0.04 from $0.09 in Q3 2018.

Adjusted Net Income was $9.9 million in Q3 2019, compared to $10.5 million in Q3 2018 (the prior year included a credit arising from the reassessment of the corporation tax accrual). Adjusted Diluted Earnings Per Share and Pro Forma Adjusted Diluted Earnings Per Share were $0.18 in Q3 2019, broadly in line with the $0.19 in Q3 2018.

Net cash inflow from operating activities improved by $9.3 million in Q3 2019 to $25.9 million from $16.6 million in Q3 2018.  Adjusted Free Cash Flow was $19.3 million in Q3 2019, compared to $18.4 million in the prior year. Cash outflow with respect to capital purchases of property, plant and equipment amounted to $9.1 million in Q3 2019, which was broadly in line with the prior year.

Net Debt (which includes the impact of the adoption of IFRS 16 leases of $19.6 million) amounts to $319.5 million at 30 September 2019. The Net Debt to Adjusted EBITDA financial leverage ratio is expected to return to approximately 3.0x by December 31, 2019 (based on foreign exchange rates at September 30, 2019). The Net Debt to Adjusted EBITDA financial leverage ratio has reduced from 3.64x as at June 30, 2019 to 3.31x as at September 30, 2019.

Outlook

The Company generated improved gross profit, gross profit margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and net income in Q3 2019 and YTD 2019 when compared with Q3 2018 and YTD 2018, delivering an overall improvement in operating and financial performance. The improved margin performance is unlikely to fully offset the impact of the weaker revenue line, which is expected to negatively impact Adjusted EBITDA for Fiscal 2019 in the range of approximately $2.0 to $3.0 million, driven primarily by the delay in the resumption of automotive bin manufacturing 

The U.S. dollar has strengthened in Q3 2019 and YTD 2019 when compared to the Canadian dollar, Pound Sterling and euro giving rise to adverse impacts on revenue and Adjusted EBITDA in Q3 2019 and YTD 2019 when compared with the same periods in 2018. It is expected that foreign currency headwinds will continue for the remainder of 2019 particularly with respect to the Pound Sterling as uncertainty remains on the outlook for the U.K. economy depending on the results of the general election there and the final agreed terms of Britain’s proposed exit from the European Union on or before January 31, 2020.

In North America, average IHS resin index prices for polypropylene were 23.7% lower in Q3 2019 compared with Q3 2018 while HDPE polyethylene prices reduced by 5.8% when compared with Q3 2018. In Europe, average ICIS resin index prices for polypropylene and polyethylene were 6.9% and 7.9% lower respectively in Q3 2019 compared with Q3 2018. The near-term outlook is that resin prices are expected to remain relatively stable for the remainder of Q4 2019.

With good success to date in Fiscal 2019, management remains focused on delivering an overall improvement in operating and financial performance in Fiscal 2019 when compared with Fiscal 2018. This goal, which does not include the impact of the Loomans acquisition, is supported by the recently completed significant capital expenditure program, advances in resin procurement strategies, stabilization of freight costs and improved Adjusted EBITDA performance in the LF&E division in North America as the operational improvement program progresses.  

The Company expects top-line revenue growth to recover in Fiscal 2020 underpinned by a number of recent contractual wins secured by the CPS division in North America which are expected to begin to generate revenues in early 2020. In LF&E, the benefits of an enhanced and restructured sales team combined with the optimization measures positions the division for a recovery in revenue growth in Fiscal 2020. Trading conditions and market dynamics for our extensive range of bin and MacroTrac products is expected to support growth in the RPS division in Fiscal 2020.

Consolidated Financial Statements and Management’s Discussion and Analysis
The Company’s unaudited condensed consolidated financial statements and accompanying notes for the three and nine months ended September 30, 2019 and related Management’s Discussion and Analysis (“MD&A”) are available under the Company’s profile on SEDAR at www.sedar.com and in the Investor Relations section of the Company’s website at www.iplpgroup.com.

Conference Call
Management will host a conference call for analysts and investors on Thursday, November 14, 2019 at 10:00 am (ET). The dial-in numbers for participants are 1-866-996-7190 in North America and 1-800-902189 in Ireland and the Conference ID is 4588901. Presentation slides to be referenced on the conference call will be available prior to the call on the Company’s website at https://iplpgroup.com/investor-relations/presentations-events/.

A replay of the call will be available until Thursday, November 21, 2019. To access the replay, call 1-855-859-2056 and enter passcode: 4588901.  A transcript of the call will be posted on the Company’s website.

About IPLP
IPLP is a leading sustainable packaging solutions provider primarily in the food, consumer, agricultural, logistics and environmental end-markets operating in Canada, the U.S, the U.K., Ireland, Belgium, China and Mexico. IPLP employs approximately 2,100 people and has corporate offices in Montreal and Dublin. For more information, please visit the Company’s website at www.iplpgroup.com.

Forward Looking Statements

This press release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements include all matters that are not historical facts. Specifically, forward looking statements in this press release include, but are not limited to, statements regarding the Company’s anticipated growth opportunities and its outlook for its 2019 revenue and Adjusted EBITDA, the expected completion dates of certain of the Company’s capital projects, the Company’s ability to pass through material price input change to customers, the Company’s expectations regarding resin and freight costs and the results from the Company’s response thereto including the impact on gross margin and Adjusted EBITDA margin for Fiscal 2019, expectations regarding securing labor and labor cost inflation and expected cash outflows for Fiscal 2019, the impact of the RPS division's high order backlog on the Company's Adjusted EBITDA margin for Fiscal 2019. These forward-looking statements may be identified by the use of forward looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions.

This information reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s MD&A dated November 13, 2019. This information is based on the Company’s reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority.

The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company’s results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See “Forward-looking Information” and “Risk Factors” within the Company’s MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.

Non-IFRS Financial Measures

This press release uses certain non-IFRS financial measures and ratios. Management uses these non-IFRS financial measures for purposes of comparison to prior periods, to prepare annual operating budgets, and for the development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing its financial condition, business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. IPLP uses non-IFRS financial measures including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted Net Income, Adjusted Basic Earnings per Share, Adjusted Diluted Earnings per Share, Pro Forma Adjusted Basic and Adjusted Diluted Earnings per Share, Net Debt and Adjusted Free Cash Flow to provide supplemental measures of its operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

Adjusted EBITDA and Adjusted EBIT is provided to assist investors in determining the financial performance of the Company and its divisions’ operating activities on a consistent basis by excluding items such as business reorganization and integration costs, restructuring costs and acquisition related costs, finance costs and tax charges as they are considered not being reflective of the operational performance of the Company. Adjusted EBITDA also excludes certain non-cash elements such as depreciation and amortization expense. Adjusted EBITDA margin provides a percentage of revenue analysis of the Adjusted EBITDA measure. These measures are also used by Management to measure the underlying trading performance of the Company’s operating segments. We believe that these financial measures are useful financial metrics to assess our operating performance from period to period by excluding certain items that we believe are not representative of our core business.

Adjusted Net Income also assists key stakeholders in determining the financial performance of the Company on a consistent basis by excluding from net income certain one-off costs as noted above, amortization costs related to intangible assets recognized on acquisition of subsidiaries and adjusted to reflect the tax effect on these elements. Adjusted Basic and Diluted Earnings Per Share give a consistent measure of the earnings of the Company by dividing the Adjusted Net Income by the basic and diluted weighted average number of shares. Pro Forma Adjusted Basic and Adjusted Diluted Earnings per Share include adjustments to ensure any significant changes in the weighted average number of shares are normalized with reference to the comparative periods. Net Debt is a measure indicating the financial indebtedness of the Company assuming that all cash on hand is used to repay a portion of the outstanding debt. Adjusted Free Cash Flow is a measure indicating the relative amount of cash generated by the Company during the period and available to fund dividends, debt repayments and acquisitions We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance and financial condition.

The definitions of the measures noted above are included in the “Reconciliation of non-IFRS Measures” section of this MD&A.

The Company believes that the presentation of these financial measures enhances an investor’s understanding of its financial performance and financial condition. The Company further believes that these financial measures are useful financial metrics to assess its operating performance from period to period by excluding certain items that management believes are not representative of the Company’s core business. The following tables below show a reconciliation of the non-IFRS measures included in this press release.

Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income:

Adjusted EBITDA consists of net income before income taxes, net finance costs, share of profit of equity-accounted investees, refinancing transaction costs, business reorganization, acquisition and integration costs, initial public offering and related costs, depreciation and amortization, and other income/(expenses). Adjusted EBIT is Adjusted EBITDA less depreciation and amortization.

	Three months ended September 30		Nine months ended September 30
($’000)	2019	2018	2019	2018
Net income	7,374	4,760	16,921	3,605
Income tax expense/(credit)	1,653	517	(3,623)	(6,165)
Refinancing transaction costs	—	897	—	5,658
Finance costs (net)	4,660	2,586	(13,052)	12,476
Other (income)/expenses (net)	(87)	205	(421)	170
Share of profit of equity-accounted investees	—	(1,147)	—	(1,953)
Operating Profit	13,600	7,818	33,175	13,791
Business reorganization, acquisition and integration costs	1,627	2,462	4,861	5,834
Initial public offering and related costs	—	—	—	9,923
Adjusted EBIT	15,227	10,280	38,036	29,548
Depreciation and amortization	12,000	10,241	34,977	30,825
Adjusted EBITDA	27,227	20,521	73,013	60,373

Reconciliation of Adjusted Net Income, Adjusted Basic Earnings per Share, Adjusted Diluted Earnings per Share and Pro Forma Earnings per Share:

Adjusted Net Income, Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share

Adjusted Net Income consists of net income before share of profit of equity-accounted investees, business reorganization, acquisition and integration costs, initial public offering and related costs, amortization of acquisition-related intangibles, other income/(expenses), income tax related to the above noted items and the effects of change in tax rates. Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share is calculated by dividing the Adjusted Net Income by the weighted-average number of common shares outstanding. In the case of Adjusted Diluted Earnings per Share, the number of outstanding common shares is adjusted for the effects of options with a dilutive effect.

	Three months ended September 30		Nine months ended September 30
($’000, unless otherwise stated)	2019	2018	2019	2018
Net income	7,374	4,760	16,921	3,605
Refinancing transaction costs	—	897	—	5,658
Business reorganization, acquisition and integration costs	1,627	2,462	4,861	5,834
Initial public offering and related costs	—	—	—	9,923
Amortization of acquisition related intangibles	1,692	1,645	5,362	4,978
Other (income)/expenses (net)	(87)	205	(421)	170
Share of profit of equity-accounted investees	—	(1,147)	—	(1,953)
Taxes related to the above noted items	(723)	1,715	(2,121)	(3,871)
Adjusted Net Income	9,883	10,537	24,602	24,344
Weighted-average number of common shares	54,046	53,190	53,885	43,332
Adjusted basic earnings per share (in $)	0.18	0.20	0.46	0.56
Equity instruments with a dilutive effect – share options	583	1,430	583	1,488
Weighted-average number of common shares (diluted)	54,629	54,620	54,468	44,820
Adjusted diluted earnings per share (in $)	0.18	0.19	0.45	0.54

Pro Forma Basic and Diluted Earnings per Share

Pro Forma Earnings per Share reflects historical earnings per share recast using the number of common shares outstanding for the relevant period end dates, after giving effect to the share reorganization transaction on February 28, 2018 where the minority shareholders’ equity interests in IPL Inc. were exchanged for 47,238,242 shares in IPL Plastics Ltd (“IPL Ltd”). It also gives effect to the Scheme of Arrangement pursuant to which the holders of ordinary shares exchanged their shares for Class B common shares on the basis of five shares of IPL Ltd for one Class B common share in IPL Plastics Inc. Finally, the Pro Forma Earnings per Share gives effect to the 14,200,000 common shares issued on closing of the initial public offering and the number of shares redeemed with respect to the Buy-Back Option.

	Three months ended September 30		Nine months ended September 30
($’000, unless otherwise stated)	2019	2018	2019	2018
Net income	7,374	4.760	16,921	3,605
Weighted-average number of common shares	54,046	53,190	53,885	43,332
Pro-forma adjustment for shares issued on share reorganization	—	—	—	2,015
Pro-forma adjustment for shares issued on initial public offering	—	286	—	9,399
Pro-forma adjustment for shares redeemed with respect to the Buy-Back Option	—	—	—	(1,346)
	54,046	53,476	53,885	53,400
Pro Forma basic earnings per share (in $)	0.14	0.09	0.31	0.07
Equity instruments with a dilutive effect – share options(1)	583	1,430	583	1,488
Weighted-average number of common shares (diluted)	54,629	54,906	54,468	54,888
Pro Forma diluted earnings per share (in $)	0.13	0.09	0.31	0.07

(1)	After giving effect to the Scheme of Arrangement pursuant to which the holders of ordinary shares exchanged their shares for Class B common shares on the basis of five shares of IPL Ltd for one Class B common share in IPL Plastics Inc.

Pro Forma Adjusted Basic and Adjusted Diluted Earnings per Share

The Pro Forma Adjusted Earnings per Share is defined as the Adjusted Net Income divided by the same pro forma number of common shares outstanding. In the case of the Pro Forma Diluted Earnings per Share and the Pro Forma Adjusted Diluted Earnings per Share, the number of outstanding common shares is adjusted for the effects of options with a dilutive impact.

	Three months ended September 30		Nine months ended September 30
($’000, unless otherwise stated)	2019	2018	2019	2018
Adjusted Net Income	9,883	10,537	24,602	24,344
Weighted-average number of common shares	54,046	53,190	53,885	43,332
Pro-forma adjustment for shares issued on share reorganization	—	—	—	2,015
Pro-forma adjustment for shares issued on initial public offering	—	286	—	9,399
Pro-forma adjustment for shares redeemed with respect to the Buy-Back Option	—	—	—	(1,346)
	54,046	53,476	53,885	53,400
Pro Forma adjusted basic earnings per share (in $)	0.18	0.20	0.46	0.46
Equity instruments with a dilutive effect – share options(1)	583	1,430	583	1,488
Weighted-average number of common shares (diluted)	54,629	54,906	54,468	54,888
Pro Forma adjusted diluted earnings per share (in $)	0.18	0.19	0.45	0.44

(1)	After giving effect to the Scheme of Arrangement pursuant to which the holders of ordinary shares of IPL Ltd exchanged their shares for Class B common shares on the basis of five ordinary shares of IPL Ltd for one Class B common share.

Reconciliation of Net Debt:

The table below sets out the Net Debt position of the Company at the various period ends. Net Debt is defined as loans and borrowings, lease liabilities and convertible loan notes less cash and cash equivalents. The Net Debt definition was revised in Q2 2019 to include lease liabilities recognized on adoption of IFRS 16 Leases. These lease liabilities are not included in the reported Net Debt at March 31, 2019 or Fiscal 2018 and amounts to additional debt of $19.6 million as at September 30, 2019.

	As at September 30	As at December 31
($’000)	2019	2018
Loans and Borrowings	350,381	258,431
Lease liabilities	21,573	544
Convertible loan notes	1,350	1,420
Cash and cash equivalents	(53,806)	(49,857)
Net Debt	319,498	210,538

Reconciliation of Adjusted Free Cash Flow:

Adjusted Free Cash Flow represents cash generated by IPLP activities and available for reinvestment elsewhere, including the early repayment of debt. It is defined as the net cash flow used in operating activities, less finance costs and maintenance capital expenditure amounts paid, adding back business reorganization, acquisition and integration costs paid which excludes investing and financing related costs and in prior periods includes the payment of initial public offering and related costs and other (income)/expenses (received)/paid.

	Three months ended September 30		Nine months ended September 30
($’000)	2019	2018	2019	2018
Net cash flows from/(used in) operating activities	25,926	16,621	35,305	(3,165)
Business reorganization, acquisition and integration costs paid (excluding investing and financing related costs)	1,541	8,394	7,922	11,490
Other income/(expenses) (net)	19	—	159	(55)
Adjusted net cash flow used in operating activities	27,484	25,015	43,386	8,270
Maintenance capital expenditure	(3,450)	(2,120)	(9,540)	(7,011)
Finance costs paid	(4,737)	(4,463)	(12,444)	(10,221)
Adjusted Free Cash Flow	19,297	18,432	21,402	(8,962)

Investor Enquiries

Contact
Paul Meade, Head of investor relations, +353 87 0655368