BUILDING A BETTER AA. 21 st February 2018

Transcription

1 BUILDING A BETTER AA 21 st February 2018

2 AGENDA New Strategy Financial Overview Q&A 2

3 VISION FOR THE AA ROADSIDE Innovate & grow INSURANCE Invest to accelerate growth OPERATIONAL & SERVICE EXCELLENCE HIGH PERFORMING CULTURE Putting service, innovation and data at the heart of the AA 3

4 FIRST 150 DAYS Business Review bottom-up Leadership fresh talent at exec level Employee Engagement first review Product Innovation new team Tech and Data full audit Strategic Review Customers extensive understanding Insurance deep dive 4

5 THE AA IS UNIQUELY PLACED TO SUCCEED Key Strengths: Market leader Roadside market share Consumer Roadside B2B Roadside Trusted brand Loyal customer base Strong service ethos 40% 3.3m 60% 65% 9.9m 35% Committed employees Prognostics & member data Patrol & dispatch technology Insurance brand consideration #1 for motor insurance #6 for home insurance Nascent Insurance growth Sources: Old Street Data Sciences Brand tracker for consumer, Q4 2017, direct purchase of breakdown cover; FY17 B2B manufacturer share figures; GfK Financial Research Survey 6 months to September

6 CLEAR SUCCESSES, BUT CHALLENGES REMAIN Progress since IPO Remaining challenges New business growth in Road membership Improved pricing capability App roll-out and engagement Breakdown telematics launched Core dispatching system installed Core membership system being rolled out Improved patrol service levels Growth in motor Insurance Competitive landscape & increasing regulatory scrutiny Emerging automotive trends Need for continuous product innovation Restricted operational flexibility Remaining legacy systems and data infrastructure Failure to optimise on potential 6

7 LONG-TERM GROWTH OVER SHORT-TERM PROFIT LIMITED RUNWAY IN SHORT-TERM PROFIT Maintaining current profitability will require reduced investment in: Sales and marketing Product development Customer service Insurance growth The net of these activities would be: Declining Roadside membership Flat Insurance portfolio WE HAVE THEREFORE CHOSEN LONG-TERM GROWTH 7

8 ROADSIDE ROADSIDE Innovate & grow INSURANCE Invest to accelerate growth OPERATIONAL & SERVICE EXCELLENCE HIGH PERFORMING CULTURE Putting service, innovation and data at the heart of the AA 8

9 SIGNIFICANT PROGRESS MADE ROADSIDE Paid new members up 23% since FY15 Customer loyalty at a high Retention at 82% 1.3m customers with us for 10 + yrs. Strong call & save capabilities (Stay AA) 100% retention of major B2B accounts over past 3 yrs. combined with Lex Autolease win Increasing digital engagement Online sales up by more than a 1/3rd 1/3rd of members registered for the App and 30% use at breakdown Connected Car JV with European Clubs and Car Genie launch Ongoing implementation of core member systems 9

10 MEMBERSHIP FLAT AT BEST ROADSIDE CHANGES TO MEMBERSHIP HOLDINGS, FY m 3.33m 3.34m 3.29m Outflows greater than inflows Inflows greater than outflows Outflows greater than inflows FY15 Yr. End FY16 Yr. End FY17 Yr. End FY18 Yr. End Free to paid members Paid new members Member outflows The business worked hard to stabilise membership in FY17 after many years of decline: Closing gap on new / renewal prices Pricing sophistication in Stay AA Investment in brand CRM improvements However, despite continued growth in paid new business in FY18, overall membership did not grow: Winding down of free to paid membership Increased renewal price transparency Price rises to cover IPT increases and inflation Activity to reduce double cover Increasing competitive activity and market channel shifts 10

11 ACTIONS MOVING FORWARD ROADSIDE 1 Transform our breakdown service to be fully connected Market to grow our base with younger segments Ongoing innovation to resolve breakdowns Drive digital adoption and broader member engagement Membership systems investment to drive retention 11

12 1. OPPORTUNITIES IN THE CHANGING LANDSCAPE ROADSIDE Trend Our View Opportunities for the AA Now Connected Car In 10 yrs. embedded connectivity could reach more than 60% 1 ; remainder open to device market B2B/C breakdown prediction and resolution Electric / Hybrid Vehicle Growth Penetration currently <3% and forecast to rise to c10% by Impact on car reliability unclear; key self induced faults (e.g. tyres, locked out) unchanged New electric / hybrid services for fleet and consumers Changing Ownership Vehicle ownership still increasing 3 ; shift to deeper financing in 2 nd hand car market; significant reductions to ownership would only materialise over the long term (10 + yrs.) centered on urban areas New B2C finance offerings building on existing financial services business 10 + yrs. Autonomous Vehicles Full automation 10 + yrs. away with penetration forecast to remain <30% by B2B and mobility solutions, capitalising on AA scale 1. Internal estimates; 2. OC&C forecasts; 3. Department for transport 2016 data; 4.KPMG 12

13 1. CONNECTED CAR MOVING THE AA BEYOND BREAKDOWN ROADSIDE Solving customer problems when they break down PREDICTION DIAGNOSTICS Predict Prevent Protect 13

14 1. CONNECTED CAR WHAT WE BELIEVE AND WHAT WE HAVE LEARNT ROADSIDE What we believe Will drive membership growth Will drive engagement / retention Will protect and grow B2B business Will drive down operational costs What we have learnt Early signs of strong appeal with target customers Highly engaging app experience 20% of users log in daily Average app session >3mins Significant interest from B2B partners with discussions in progress Predicts up to 1/3 of breakdowns Car Genie launched Aug 17 5,000 connected devices - now in all regions of the UK Car Genie cars range from 1 month to almost 20 years old 14

15 1. CONNECTED CAR PLAN ROADSIDE FY19-20 SCALE FY19/20 Substantial Connected Car roll-out, identifying: Member impact Operational benefits Distribution models Integrate into membership proposition FY20 INNOVATE FY20/21 Develop version 2 of proposition Consumer, B2B, Insurance Develop platforms for embedded data streams ADOPT FY21 onwards Mass adoption of connected membership Scale through prognostics as a service for B2B partners 15

16 2. MARKET TO GROW OUR BASE WITH YOUNGER SEGMENTS ROADSIDE Maintain (historical focus) Grow Stretch c60% AA share of drivers within segment with B2C cover Retiring to the Easy Life % of Driving Public % of Driving Public 16% Freedom Seekers 24% c30% AA share of drivers within segment with B2C cover Life s too Short % of Driving Public 21% c20% AA share of drivers within segment with B2C cover Be there if I need you Older Avg. 68 Strong connection with AA Open direct mail; read newspapers Get me back on track Younger Avg. 41 Less emotional AA history TV; Magazines; Internet Just fix it for me Younger Avg. 37 Need new reasons to buy AA direct TV; Internet; Cinema Source: Old Street Data Sciences UK Driver Segmentation 16

17 3. ONGOING INNOVATION TO RESOLVE BREAKDOWNS ROADSIDE B2B Example: Customer s car cannot be repaired we solve the problem at the roadside & keep them moving 1. Patrols DVLA check & initiate driver insurance instantly via tablet or iphone 2. Patrols select a relevant replacement vehicle 3. Patrol takes customer to nearest dealer to collect replacement car 5. Replacement car sorted in less than 30mins versus c120mins today 4. AA team coordinate the endto-end vehicle repair and return process between dealers, repair centres and customers 17

18 4. DIGITAL ADOPTION - BREAKDOWN ROADSIDE DIGITAL BREAKDOWN REPORTING & TRACKING As % B2C Breakdowns 50% 40% 35% AA Members have registered with the App 30% 20% 10% 45% Member breakdowns are tracked on web & app 0% FY16 Q1 FY16 Q3 FY17 Q1 FY17 Q3 FY18 Q1 FY18 Q3 20% Member breakdowns do not involve a call Reported on App Tracked on App Tracked Online 18

19 4. DIGITAL ADOPTION MEMBER ENGAGEMENT ROADSIDE USE OF MEMBER BENEFITS (MOBILE APP) # of unique monthly users 120, ,000 80,000 60,000 40,000 20,000 0 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 19

20 5. MEMBERSHIP SYSTEMS - INVESTMENT TO DRIVE RETENTION ROADSIDE Improvements in systems full deployment of new membership system CATHIE NEW RETENTION CAMPAIGN IMPACT, % Control Test +1ppt +2ppt Increased sophistication in renewal pricing & proactive retention targeted approach Further improvement in call & save reactive retention (Stay AA) workflow and organisational changes 1 yr 2-4 yrs Customer tenure MORE CAMPAIGNS CAN BE TESTED FASTER AND MADE SMARTER WITH OUR NEW CRM SYSTEMS 20

21 RETURNING ROADSIDE TO GROWTH BY FY21 ROADSIDE Returning membership to growth by FY21 50% members registered on App 20% reduction in breakdowns calls into the contact centres Plus additional upside from Connected Car 21

22 INSURANCE ROADSIDE Innovate & grow INSURANCE Invest to accelerate growth OPERATIONAL & SERVICE EXCELLENCE HIGH PERFORMING CULTURE Putting service, innovation and data at the heart of the AA 22

23 Share of new business (%) FUNDAMENTALS FOR GROWTH INSURANCE MOTOR INSURANCE CUSTOMER REPORTED CONSIDERATION AND SHARE Brands outgrowing Consideration Hastings Direct Direct Line Brand Consideration (%) Admiral Brands that underperform Consideration New 5 yr. growth plan Proven management team Powerful brand Scope for growth with members and non members 3.3m members, only 9% with AA motor insurance Ability to underwrite in-house Best-in-class data and analytics Highly efficient cost base Source: GfK Financial Research Survey 6 months to September

24 Motor Policies (000) AAUICL Panel Share STRONG PROGRESS MADE INSURANCE MOTOR INSURANCE POLICIES & AAUICL PANEL SHARE 640 AAUICL Panel Share Motor Policies Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 60% 50% 40% 30% 20% 10% 0% Returned motor portfolio to growth - now at over 600k policies Insurer hosted pricing (IHP) leading to more competitive net rates from the panel Successful launch of in-house insurer (AAUICL) - now at over 400k policies across home and motor 24

25 ACTIONS MOVING FORWARD INSURANCE 1 Broaden underwriting footprint 2 3 Drive more competitive premiums New Insurance innovation 25

26 1. BROADEN FOOTPRINT TO INCLUDE NEVER- MEMBERS AND YOUNGER CUSTOMERS INSURANCE Underwriter currently does not offer quotes to never-members and younger customers Significant number of quote requests from never-members and younger segments Therefore sizeable opportunity to broaden our underwriting footprint Proven learnings from member data portable to ensure profitable underwriting of these new types of customer Brings new customers to the AA - Roadside cross-sell opportunities AA INSURANCE QUOTE REQUESTS, % Never- Members Under 25 87% 35% Members 6% Ex-Members 7% 65% Over 25 Source: Internal quotes across channels for w/c 6th Feb

27 2. DRIVING MORE COMPETITIVE PREMIUMS INSURANCE In-house underwriter launched 2 yrs. ago Provides more competitive premiums where it has proprietary data Creates a strong platform to drive more competitive premiums for a broader set of customers Continued insurer hosted pricing (IHP) roll-out and improved data & analytics Provides the opportunity for more competitive premiums from the panel Five of our large panel members now have IHP capability and have seen significant growth since launch This will require investment of c 20-25m from PLC cash 27

28 3. NEW INSURANCE INNOVATION INSURANCE Uniquely poised to collect driving data through Connected Car prior to insuring Integrated Roadside and Insurance offer would allow compelling telematics economics and leading customer offer Opportunity to develop proposition to drive growth with young driver segments Potential to explore Driving School proposition (84k pupils in FY18) 28

29 STEP-CHANGED GROWTH IN INSURANCE BUSINESS INSURANCE 2m+ motor and home polices by end FY % EBITDA CAGR FY19-23 Short term EBITDA hit from investment to fund growth 29

30 OPERATIONAL AND SERVICE EXCELLENCE ROADSIDE Innovate & grow INSURANCE Invest to accelerate growth OPERATIONAL & SERVICE EXCELLENCE HIGH PERFORMING CULTURE Putting service, innovation and data at the heart of the AA 30

31 OPERATIONAL RESILIENCE OPERATIONS CALL TO ARRIVE TIME, FY18 Measures the time taken from customer breakdown call to Patrol arrival Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 CALL HANDLING SERVICE LEVELS %, FY18 Measures the % of breakdown calls answered within 20 seconds Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Peaks in demand created high levels of workload volatility Drives reliance on 3 rd party garaging both for Roadside Assistance and for Recovery - service quality impacted Investment in front-line resources - including Patrols - reducing use of 3 rd party garaging on difficult days Stability and more flexibility in our Contact Centres improving operational resilience 31

32 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 DELIVERING SERVICE EXCELLENCE IN FY19 OPERATIONS CALL TO ARRIVE TIME, FY19 TARGETS CALL HANDLING SERVICE LEVEL %, FY19 TARGETS Leadership New team in place Management restructure underway Investing in Contact Centres +200 staff (H1) Cross-training to improve demand handling Investing in Roadside Operations +25 Roadside Patrols +40 Recovery Patrols Investment in training Engagement Listening to our front line teams 32

33 CONTINUOUS IMPROVEMENT IN COSTS OPERATIONS Investment in FY19 positions us to target absorbing inflation in FY20/21 through continuous improvement drive Contact Centres Drive app usage in breakdown Deflect routine admin calls online Implement end to end case management and next best action techniques Cross-skill teams to improve resilience during high demand Road Operations Enhance proposition on ancillary sales - 10% improvement Improve drive times - dispatch and traffic based routing technology Improve roadside repair rate - more granular task-based performance measurement and training Reduce garaging - targeted patrol recruitment and utilisation improvements Improve flexibility and utilisation - new roster for Recovery Patrols 33

34 IMPROVEMENTS IN CUSTOMER SERVICE OPERATIONS 10% pa increase in ancillary sales Maintain improvement in roadside repair rate Aim to absorb inflation in FY20 and FY21 Improve consistency of call to arrive time at 45mins Improve consistency of call handling at 80% in 20s 34

35 HIGH PERFORMING CULTURE ROADSIDE Innovate & grow INSURANCE Invest to accelerate growth OPERATIONAL & SERVICE EXCELLENCE HIGH PERFORMING CULTURE Putting service, innovation and data at the heart of the AA 35

36 RECENT FOCUS CULTURE 3-year planning process Focus on delivery Clear accountabilities Operational improvements embedded Organisational design review conducted New leadership internal communications Engagement survey first in five years 36

37 DELIVERED IN THREE PHASES Phase 1 Enhanced Roadside products Step-change CRM capabilities Connected Car Roll-out Insurance Growth Phase 1 Phase 2 Connected Car Road, Insurance and B2B new propositions in market Insurance Growth Phase 2 Phase 3 Fully utilising our data and digital offering to deliver connected, integrated Roadside and Insurance propositions Continuous Operational Improvements Continuous Cultural Change 37

38 AGENDA New Strategy Financial Overview Q&A 38

39 INVESTMENT IN OUR KEY PRIORITIES IN FY19 FY19 m OPEX CAPEX COMMENTS Roadside 8 14 Market to grow our base with younger segments Membership systems to drive retention Ongoing innovation to resolve breakdowns Drive digital adoption and broader member engagement Transform our breakdown service to be fully connected Insurance 10 5 Broaden underwriting footprint Driving more competitive premiums Build improved digital and connected car offers Operational and service excellence 7 - Improvement to leadership structure Investment in contact centres Front-line engagement drive Continuous cost and service focus High performing culture 1 - Review of rewards and benefits New Learning & Development plan to build expertise Organisational design that promotes accountability OPEX investment expected to be c 20m pa in FY20 and FY21 39

40 FY18 TO FY19 TRADING EBITDA BRIDGE (7) (5) 9 (26) 6 (9) m (5) (12) FY18 Revenue holdings decline in B2C and B2B Increase in IPT Insurance upside Opex initiatives for growth Strategic projects inc. AA cars One-off Non-recurring adjustments & tax benefits releases Central costs including additional pension charge FY19 Trading EBITDA guidance for FY m, adjusted EPS c15p 40

41 FORWARD GROWTH EXPECTATIONS TO FY23 REVENUE CAGR FROM FY19 TRADING EBITDA CAGR FROM FY19 Roadside Assistance 2-5% 3-6% Insurance Services and Insurance Underwriting 6-9% 9-14% Group 3-5% 5-8% Excludes additional upside from Connected Car 41

42 CAPEX GUIDANCE m FY19 FY20 FY21 COMMENTS IT transformation Additional IT and new initiatives Connected car Growth capex IT maintenance Finance lease capital repayments net of proceeds from sale of fixed assets IT transformation capex in relation to CRM implementation for existing members App and digital development, connected car integration and investment in insurance business Roll-out of connected car product including additional product and systems development Higher than FY18 due to additional IT maintenance and improvement investment In line with FY18 Depreciation charge of c 70m in FY19 and c 90m in FY20 and FY21 Annual maintenance capex 55m from FY19 Property & equipment In line with FY18 Maintenance capex Total capex 105* Notes: *Excludes capex accrual of 5m **Solvency capital for growth of underwriter of c 20-25m to be funded by AA plc and is excluded from the breakdown above. 42

43 FY19 A LOW POINT IN FCF DUE TO INVESTMENTS SIGNIFICANT NORMALISED CASH GENERATION m (24) (23) (17) c276 (110) (128) (8) (10) Underlying adjustments c c107 Higher capex funded through internal funds Debt interest costs projected to decrease to c 115m (current punitive swap arrangements terminate in FY19) No additional financing requirements in FY19 FY19 Trading EBITDA Cash tax Pension Working contributions capital & exceptionals Net cash flow from operating activities Capital expenditure Debt interest Other finance interest Acquisitions & disposals FY19 Free Cash flow Transformation & capex add back Swap costs eliminated in FY19 Acquisitions & disposals Working capital & exceptionals FY19 Normalised Free Cash Normalised level of capex spend expected to deliver free cash flow to equity in excess of 80m in FY20 and over 100m pa from FY21 Flow 43

44 DIVIDENDS Dividend policy Changed to reflect operation of WBS gating covenant and investment plans Proposal of 2p per share per year until profit and cash flow enables a policy change Dividend proposal FY18: Expected 1.4p final giving total of 5p per share FY19: Expected split 0.6p interim and 1.4p per share final 44

45 DEBT STRUCTURE FOLLOWING JULY 2017 REFINANCING Gross debt: 2,770m 500m 700m 500m 570m Blended cost of debt significantly reduced to 4.52% following pay down of 98m of STF in July 2017 No immediate refinancing requirements 250m 250m 138m weighted average maturity just over 5 years Working Capital Facility (undrawn) of 75m in place Senior Term Facility Class A3 notes Class A5 notes Class A6 notes Class A2 notes Class B2 notes 5 Cash Rating: A notes BBB-; B2 notes B+ Key metrics H1 18 FY19E Interest rate Effective maturity 5.71% % 2.88% 2.75% 6.27% 5.50% Net debt/ebitda 2 6.7x 7.8x Run rate cash interest cover 3 2.7x 2.5x Financial covenants H1 18 Notes: 1 Fixed interest rates with LIBOR hedged for Senior Term Facility: to 31/7/18 fixed at 5.71%; 31/7/18 to 31/1/19 fixed at 8.42%; 1/2/19 to 31/7/21 fixed at 2.75% 2 Total Net debt, including finance leases net of cash, to Trading EBITDA for the last 12 months 3 Run rate cash interest: Trading EBITDA 4 Free cash flow: debt service cover ratio 5 Total group cash as at 31 July 2017 Class A FCF to DSCR 4 (covenant > 1.35x) 3.1x Class B FCF to DSCR 4 (covenant > 1.0x) 2.2x Significant headroom above financial covenants 45

46 CAPITAL STRUCTURE IS LOWER RISK THAN TRADITIONAL STRUCTURES Paving the way for constant value creation over time Resilient and low risk balance sheet Evergreen rolling structure: spread out maturity profile allows the company to refinance itself on a continuing basis All instruments are easy to refinance strong credit profile and investment grade rating attracts institutional and real-money investors Very remote risk of a financial covenant breach Whole Business Securitisation Credit enhancing characteristics of the Whole Business Securitisation (WBS) Attractively priced and long-dated bonds paying fixed interest rates No amortisation all cash is available to the business 46

47 NATURAL DELEVERAGING OFFERS ACCRETION TO THE VALUE OF EQUITY OVER TIME Value creation does not require significant EBITDA growth Significant deleveraging potential, generating equity value creation over time EV: 3.3bn (1) EV: 3.3bn EV: 3.3bn Equity Equity Equity The AA is effectively an equity for debt swap over time Annual cash flow accounts for a significant portion of existing equity value Simply maintaining the cash flows will generate significant equity value Net debt Net debt Net debt The projected growth in the business offers significant further accretion to equity holders over time Year 1 Year 3 Year 5 (1) Illustrative enterprise value of 3.3bn 47

48 SIGNIFICANT PROTECTION AFFORDED TO EQUITY HOLDERS Covenant-light structure Covenant-light structure, with only one maintenance Debt Service Coverage Ratio (DSCR) covenant associated with the Class A Notes This covenant, which effectively is an interest coverage ratio, is set at 1.35x: with c. 100m of annual interest cost for the Class A Notes (fixed in nature), Class A Free Cash Flow would need to more than halve before any breach could potentially occur (1) As such, the risk of default remains very low (2) (1) Based on latest reported Class A FCF DSCR ratio in July 2017 of 3.1x (2) Class A FCF DSCR would have to fall below 1.1x before an Event of Default could be triggered 48

49 REBUILDING ON A ROBUST BASE Investment to secure future growth from low base Cash conversion as strong as ever Dividend policy change Low risk, flexible capital structure Equity protected by undemanding covenants Debt to equity benefit for shareholders from deleveraging Investment for future growth and shift of value to equity 49

50 VISION FOR THE AA ROADSIDE Innovate & grow INSURANCE Invest to accelerate growth OPERATIONAL & SERVICE EXCELLENCE HIGH PERFORMING CULTURE Putting service, innovation and data at the heart of the AA 50

51 AGENDA New Strategy Financial Overview Q&A 51

52 DISCLAIMER This presentation contains forward-looking statements which are prospective in nature and are not based on historical facts, but rather on current expectations and projections about future events. Such statements are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as plans, expects or does not expect, is expected, is subject to, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or statements that certain actions, events or results may, could, should, would, might or will be taken, occur or be achieved. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forwardlooking statements, including business, economic and regulatory changes as well as the risks set out in the Company s annual report and accounts, which can be found on its website ( Such forward-looking statements should therefore be construed in the light of such factors. Neither the Company, nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the events expressed or implied in any forward-looking statements in this announcement will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the Listing Rules and the Disclosure Guidance and Transparency Rules), the Company is not under any obligation to update, revise or correct any forward-looking statements, whether as a result of new information, future events or otherwise. No statement in this presentation should be construed as a profit forecast or relied upon as a guide to future performance. 52

53 IR TEAM CONTACTS Jill Sherratt Head of Investor Relations Zeeshan Maqbool Investor Relations and Corporate Finance Manager Lisa Shailer IR Assistant

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