TIDMCRE
RNS Number : 6409C
Conduit Holdings Limited
24 February 2022
Conduit Holdings Limited 2021 Preliminary Results
Announcement
Conduit Holdings Limited ("CHL" or the "Group") (Ticker:CRE)
Pembroke, Bermuda - 24 February 2022
CHL is today announcing its preliminary results for the year
ended 31 December 2021.
Neil Eckert, Group Executive Chairman, said:
"Market conditions are attractive and we are anticipating
further rate hardening during 2022. Our CEO Trevor Carvey and his
team have achieved a huge amount in our first year of operations
and built a well-balanced underwriting portfolio. As we enter our
second year, our January 2022 premiums were ahead of management
expectations. I am confident that Conduit Re will deliver on its
long term objectives."
Key highlights:
-- From a standing start, approximately $460 million of
estimated ultimate premiums written, in line with our first year
plan
-- Strategic focus on quota share business to access best
pricing and terms and conditions resulted in optimal
diversification, lower volatility within the portfolio and an
embedded pipeline into 2022
-- 2021 indicative renewal rate increase of +13.7%
-- Combined ratio of 119.4% (of which 27.7% resulted from natural catastrophes)
-- Final dividend of US$0.18 (approximately 13 pence) per common
share (in respect of H2 2021). This takes the full 2021 dividend to
US$0.36 (approximately 26 pence) per common share in line with our
stated dividend policy
-- Strong momentum in 1 January 2022 renewals:
-- 1 January 2022 renewals estimated ultimate premiums written of $268.2 million; up 74% on 2021
-- a high-quality submission flow and highly selective
underwriting approach, leading to a c.20% selection rate
-- +5% net rate change, adjusted for claims inflation, changes
in exposure and other relevant terms and conditions
Financial highlights ($m) 12 months ended 31 December 2021
Estimated ultimate premiums written 458.5
Gross premiums written 378.8
Net premiums written 346.2
Net premiums earned 194.2
Underwriting loss (7.0)
Comprehensive loss (42.0)
Financial ratios (%) 12 months ended 31 December 2021
Return on equity (4.0)
Net loss ratio 73.2
Net acquisition cost ratio 30.4
Other operating expense ratio 15.8
Combined ratio 119.4
Total investment return (0.3)
Trevor Carvey, Group Chief Executive Officer, commented:
"To have accomplished the goals we set ourselves for our first
year has been an outstanding achievement for Conduit Re. For me,
the highlight has been the development of our non-cat account which
represents 69% of our premium income. Our selective and technical
approach to underwriting the business, together with ongoing
favourable market conditions, have allowed us to construct a
high-quality and diversified core portfolio in what has been a year
of significant losses for the industry. We have been able to
minimise our exposure to the volatility of the year's external
events and our hard work and discipline should reap rewards in the
coming years."
Business review
After a successful IPO on 7 December 2020, Conduit Re began its
first year of underwriting on 1 January 2021. Consequently,
financial comparatives are only provided where available and
applicable.
Generally, pricing and terms and conditions have continued to
improve across all our core classes of business, with the greatest
impact being felt in the underlying primary markets. We consider
quota share business to have provided the optimum balance between
price and risk as we build our underwriting portfolio and we expect
to continue to have an increased weighting towards quota share
contracts versus excess of loss business in the near term. While
quota share contracts typically have higher acquisition costs
associated with them, there tends to be less volatility in the
underlying loss ratio.
Our current book has been priced to estimated ultimate loss
ratios that are broadly in line with management expectations. As a
start-up we reserve our portfolio based on prudent loss estimates,
reflecting the early stage of our portfolio's development.
Our combined ratio is further impacted by the full recognition
of our ceded reinsurance and other operating expenses, while our
gross premium earned is only 49.3% of ultimate premiums written. We
expect these factors to normalise over time as the business
matures.
The breakdown of our overall ultimate premiums written during
2021 was as follows:
Ultimate premiums written ($m) Property % Casualty % Specialty % Total %
Quota share 104.8 174.1 57.9 336.8 73.5
Quota share of excess of loss 68.6 - 4.3 72.9 15.9
Excess of loss 31.6 8.3 8.9 48.8 10.6
Total 205.0 44.7 182.4 39.8 71.1 15.5 458.5 100
Property
Estimated ultimate premiums written were $205.0 million with
gross premiums written in the 2021 financial year of $183.4
million. Quota share policies accounted for $85.4 million (46.6%),
while excess of loss and quota share excess of loss accounted for
$31.6 million (17.2%) and $66.4 million (36.2%) respectively.
The indicative renewal price index for Property in 2021 was
12.2% (1) .
Casualty
Estimated ultimate premiums written were $182.4 million with
gross premiums written in the 2021 financial year of $129.0
million. Quota share policies accounted for $120.7 million (93.6%)
with excess of loss at $8.3 million (6.4%).
The indicative renewal price index for Casualty in 2021 was
16.0% (2) .
Specialty
Estimated ultimate premiums written were $71.1 million with
gross premiums written in the 2021 financial year of $66.4 million.
Quota share policies accounted for $53.1 million (80.0%), while
excess of loss and quota share excess of loss accounted for $8.9
million (13.4%) and $4.4 million (6.6%) respectively.
The indicative renewal price index for Specialty in 2021 was
12.0% (3) .
Ceded
Ceded reinsurance premiums were $32.6 million for 2021. The
majority of the cost represents our cover purchased on an excess of
loss basis, with the remaining cost relating to reinstatement
premiums stemming from the catastrophe loss events which occurred
during the year.
Losses
2021 was characterised by another year of higher than average
natural catastrophe losses for the industry. The Group's net loss
ratio for 2021 was 73.2%.
In what has been widely reported as the fourth costliest
catastrophe loss year on record, our net natural catastrophe
related losses in 2021 were $53.8 million, which contributed 27.7%
of our reported loss ratio and combined ratio.
The largest impact on our net loss ratio from 2021 events were
from Hurricane Ida and the European floods, which both occurred in
the third quarter of the year. Our ultimate loss estimate, net of
reinsurance and reinstatement premiums, for these two events is
$27.1 million, of which $15.0 million is in respect of Hurricane
Ida and $12.1 million is in respect of the European floods.
While reserves have been recorded for these events, our reserve
estimates have been derived from a combination of market data and
assumptions, modelled loss projections and reports from brokers and
cedants. We will continue to keep these estimates under review as
more detailed information becomes available.
As this is the first year of underwriting, there are no prior
year developments to report on. The ratio of net reserves incurred
but not reported to total net loss reserves was 78.8% as at 31
December 2021 and with only $44.4 million of claims paid and
reported to date across all of Property, Casualty and Specialty,
uncertainty exists in relation to the ultimate losses.
Investments
In line with our stated strategy, we continue to maintain our
conservative approach to managing our invested assets with a strong
emphasis on preserving capital and liquidity. Our strategy remains
maintaining a short duration, highly creditworthy portfolio, with
due consideration of the duration of our liabilities.
The Group recorded a loss of 0.3% on the investment portfolio
for 2021 due primarily to rising treasury yields in the fourth
quarter following the announcement by the Federal Reserve that they
intend to bring forward the timing of their projected interest rate
increases in 2022. With the prospect of rising rates ahead we will
maintain our short duration positioning.
Net investment income, excluding realised gains and unrealised
losses, was $5.5 million for the year ended 31 December 2021. Total
investment return, including net investment income, net realised
gains and losses, and net change in unrealised gains and losses,
was a loss of $3.1 million.
The managed portfolio consists of 95.3% fixed maturity
securities and 4.7% cash and cash equivalents with a portfolio
duration of 2.4 years and a credit quality of AA-. The book yield
of the portfolio for 2021 was 0.9% while market yield was 1.2%.
ESG considerations are incorporated into our individual
portfolio investment guidelines. We believe that, all other things
being equal, it is less risky to own securities with strong ESG
ratings.
Other operating expenses and equity-based incentives
Other operating expenses were $30.6 million for the year ended
31 December 2021, while our equity-based incentives expense was
$0.3 million.
Other operating expenses contributed 15.8% to the Group's
combined ratio as they are incurred in advance of the underlying
premium recognition. However, other operating expenses represented
6.7% of the Group's estimated ultimate premiums written. In future
years, as we grow our portfolio, these should represent a much
lower proportion of net premiums earned.
The development of the Group's technology platforms and
recruitment of the wider teams are progressing well and remain in
line with our plan and expectations.
Capital and dividends
The Group remains well capitalised to achieve the business plan
presented in the IPO Prospectus. Total capital and tangible capital
available to the Group was $0.98 billion at 31 December 2021 (31
December 2020: $1.05 billion).
Tangible net assets per share at 31 December 2021 were $5.93 (31
December 2020: $6.37).
In December 2021, the Group commenced on-market purchases of
CHL's shares under a share purchase programme announced on 29
December 2021, where shares may be repurchased pursuant to
authority obtained at CHL's most recent annual general meeting.
Shares repurchased during the year amounted to $0.2 million and
will be held in treasury to meet future obligations under CHL's
variable incentive schemes.
On 23 February 2022 the Group's Board of Directors declared a
final dividend of US$0.18 (approximately 13 pence) per common
share, resulting in an aggregate payment of $29.7 million. The
dividend will be paid in pounds sterling on 22 April 2022 to
shareholders of record on 25 March 2022 (the "Record Date") using
the pound sterling / US dollar spot exchange rate at 12 noon BST on
the Record Date.
CHL previously declared and paid an interim dividend during 2021
of US$0.18 (approximately 13 pence) per common share.
Outlook
In our Trading Update on 19 January, we reported a strong start
to 2022 with $268.2 million (4) of estimated ultimate premiums
written, an increase of 74% from 2021. Net rate increases
(including the impact of claims inflation, changes in exposure and
other relevant terms and conditions) in the 1 January portfolio
were +5%. Pricing and terms and conditions continue to improve
across our core classes which we expect this to continue throughout
2022.
Management believes that Conduit Re remains on track to deliver
on its five-year business plan.
Conference Call & Presentation
The Group will host a live analyst and investor videoconference,
including a question and answer session, on Thursday, 24 February
2022 at 12pm (midday) UK time / 8am Bermuda time.
The video conference will be available at:
https://conduitreinsurance.zoom.us/j/89860432363?pwd=MDF1YytTQXRYTXEvMXRmdUNYam01UT09
Meeting ID: 898 6043 2363
Passcode: 705418
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Meeting ID: 898 6043 2363
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Find your local number:
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An archive of the conference call will be available together
with the presentation slides through the Investors section of CHL's
website at www.conduitreinsurance.com from approximately 4:00 p.m.
BST on 24 February 2022.
--
Media contacts
Haggie Partners - David Haggie, Caroline Klein
+44 (0) 207 562 4444
conduitre@haggie.co.uk
Investor relations and other enquiries:
info@conduitreinsurance.com
About Conduit Re
Conduit Re is a pure play global reinsurance business based in
Bermuda. Conduit Reinsurance Limited is licensed by the Bermuda
Monetary Authority as a Class 4 insurer. A.M. Best has assigned a
Financial Strength Rating of A- (Excellent) and a Long-Term Issuer
Credit Rating of a- (Excellent) to Conduit Reinsurance Limited. The
outlook assigned to these ratings is stable.
Conduit Holdings Limited is the ultimate parent of Conduit Re
and is listed on the London Stock Exchange (ticker : CRE).
Learn more about Conduit Re:
Website: https://conduitreinsurance.com/
LinkedIn: https://www.linkedin.com/company/conduit-re
Twitter: https://twitter.com/Conduit_Re
Additional Performance Measures (APMs)
The Group presents certain APMs to evaluate, monitor and manage
the business and to aid readers' understanding of the Group
financials and methodologies used. These are common measures used
across the (re)insurance industry and allow the reader of the
Group's financial reports to compare those with other companies in
the (re)insurance industry. The APMs should be viewed as
complementary to, rather than a substitute for, the figures
prepared in accordance with IFRS. The Group's Audit Committee has
evaluated the use of these APMs and reviewed their overall
presentation to ensure that they were not given undue prominence.
This information has not been audited.
Management believes the APMs included in the consolidated
financial statements are important for understanding the Group's
overall results of operations and may be helpful to investors and
other interested parties who may benefit from having a consistent
basis for comparison with other companies within the (re)insurance
industry. However, these measures may not be comparable to
similarly labelled measures used by companies inside or outside the
(re)insurance industry. In addition, the information contained
herein should not be viewed as superior to, or a substitute for,
the measures determined in accordance with the accounting
principles used by the Group for its audited consolidated financial
statements or in accordance with IFRS.
Below are explanations, and associated calculations, of the APMs
presented by the Group:
APM Explanation Calculation
Net loss ratio Ratio of net losses and loss adjustment Net losses and loss adjustment expenses /
expenses expressed as a percentage of net Net premiums earned
premiums
earned in a period.
------------------------------------------ ------------------------------------------
Net acquisition expense ratio Ratio of net acquisition expenses charged Net acquisition expenses / Net premiums
by insurance brokers and other insurance earned
intermediaries
to the Group expressed as a percentage of
net premiums earned in a period.
------------------------------------------ ------------------------------------------
Other operating expense ratio Ratio of other operating expenses Other operating expenses / Net premiums
expressed as a percentage of net premiums earned
earned in a period.
------------------------------------------ ------------------------------------------
Combined ratio The sum of the net loss ratio, net Net loss ratio + Net acquisition expense
acquisition expense ratio and other ratio + Other operating expense ratio
operating expense ratio.
A combined ratio below 100% generally
indicates profitable underwriting,
whereas a combined
ratio over 100% generally indicates
unprofitable underwriting, each prior to
the consideration
of total net investment return.
------------------------------------------ ------------------------------------------
Accident year loss ratio Ratio of the net accident year ultimate Accident year net losses and loss
liability revalued at the current balance adjustment expenses / Net premiums earned
sheet date
expressed as a percentage of net premiums
earned in a period.
------------------------------------------ ------------------------------------------
Underwriting year loss ratio Ratio of net losses and loss adjustment Underwriting year net losses and loss
expenses of an underwriting year (or adjustment expenses / Net premiums earned
calendar year)
expressed as a percentage of net premiums
earned in a period.
------------------------------------------ ------------------------------------------
Total net investment return The Group's principal investment Net investment income + Net unrealised
objective is to preserve capital and gains (losses) on investments + Net
provide adequate liquidity realised gains
to support the payment of losses and (losses) on investments / Non-operating
other liabilities. In light of this, the cash and cash equivalents + Fixed
Group looks maturity securities,
to generate an appropriate total net at beginning of period
investment return. The Group bases its
total net investment
return on the sum of non-operating cash
and cash equivalents and fixed maturity
securities.
Total net investment return is calculated
daily and expressed as a percentage.
------------------------------------------ ------------------------------------------
Return on equity ROE enables the Group to compare itself Profit (loss) after tax for the period /
against other peer companies in the Total shareholders' equity, at beginning
immediate industry, of period
it is also a key measure internally, and
is integral in the performance-related
pay determinations.
ROE is calculated as the profit for the
period divided by the adjusted opening
total shareholders'
equity.
------------------------------------------ ------------------------------------------
Total shareholder return TSR allows the Group to compare itself Closing common share price - Opening
against other public peer companies. TSR common share price + Common share
is calculated dividends during the
as the percentage change in common share period / Opening common share price
price over a period, after adjustment for
common
share dividends.
------------------------------------------ ------------------------------------------
Dividend yield Calculated by dividing the annual Annual dividends per common share /
dividends per common share by the common Closing common share price
share price on
the last day of the given year and
expressed as a percentage.
------------------------------------------ ------------------------------------------
Underwriting profit / loss Profit or loss directly related to the Net premiums earned - net losses and loss
underwriting activities of the Group. adjustment expenses - net acquisition
costs
------------------------------------------ ------------------------------------------
Important Information
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements may be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"goals", "objective", "rewards", "expectations", "projects",
"anticipates", "expects", "achieve", "intends", "tends", "on
track", "well placed", "estimated", "projected", "may", "will",
"aims", "could" 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.
Forward-looking statements include statements relating to the
following: (i) future capital expenditures, expenses, revenues,
pricing rate changes, terms and conditions, earnings, synergies,
economic performance, indebtedness, financial condition, dividend
policy, claims development, losses and future prospects; and (ii)
business and management strategies and the expansion and growth of
CHL's operations.
Forward-looking statements may and often do differ materially
from actual results. Forward-looking statements reflect CHL's
current view with respect to future events and are subject to risks
relating to future events and other risks, uncertainties and
assumptions relating to CHL's business, results of operations,
financial position, liquidity, prospects, growth and strategies.
These risks, uncertainties and assumptions include, but are not
limited to: the possibility of greater frequency or severity of
claims and loss activity than CHL's underwriting, reserving or
investment practices have anticipated; the reliability of
catastrophe pricing, accumulation and estimated loss models; the
actual development of losses and expenses impacting estimates for
claims which arose as a result of recent loss activity such as
Hurricane Ida, and the European storms and floods in 2021; the
impact of complex causation and coverage issues associated with
attribution of losses to wind or flood damage; unusual loss
frequency or losses that are not modelled; the effectiveness of
CHL's risk management and loss limitation methods, including to
manage volatility; the development of CHL's technology platforms; a
decline in Conduit Re's ratings with A.M. Best or other rating
agencies; the impact that CHL's future operating results, capital
position and ratings may have on the execution of CHL's business
plan, capital management initiatives or dividends; CHL's ability to
implement successfully its business plan and strategy during 'soft'
as well as 'hard' markets; the premium rates which are available at
the time of renewals within Conduit Re's targeted business lines;
increased competition on the basis of pricing, capacity or coverage
terms and the related demand and supply dynamics as contracts come
up for renewal; the successful recruitment, retention and
motivation of CHL's key management and the potential loss of key
personnel; the credit environment for issuers of fixed maturity
investments in CHL's portfolio; the impact of swings in market
interest rates, currency exchange rates and securities prices;
changes by central banks regarding the level of interest rates and
the timing and extent of any such changes; the impact of inflation
or deflation in relevant economies in which CHL operates; CHL
becoming subject to income taxes in the United States or in the
United Kingdom; and changes in insurance or tax laws or regulations
in jurisdictions where CHL conducts business
Forward-looking statements speak only as of the date they are
made. No representation or warranty is made that any
forward-looking statement will come to pass. These forward-looking
statements speak only as at the date of this announcement. CHL
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect actual
results or any change in the assumptions, conditions or
circumstances on which any such statements are based unless
required to do so by law or regulation.
The Conduit Re indicative renewal price index measure is an
internal methodology that management intends to use to track trends
in premium rates of a portfolio of reinsurance contracts. The
change measure reflects management's assessment of relative changes
in price, terms, conditions and limits. The calculation involves a
degree of judgement in relation to comparability of contracts and
the assessment noted above, particularly in Conduit Re's initial
years of underwriting. To enhance the methodology, management may
revise the methodology and assumptions underlying the change
measure, so the trends in premium rates reflected in the change
measure may not be comparable over time. Consideration is only
given to renewals of a comparable nature so it does not reflect
every contract in the portfolio of Conduit Re's contracts. The
future profitability of the portfolio of contracts within the
change measure is dependent upon many factors besides the trends in
premium rates, including policy terms, conditions and wording.
Consolidated statement of comprehensive loss (unaudited)
For the year ended 31 December 2021
2021 2020
$m $m
Gross premiums written 378.8 -
Ceded reinsurance premiums (32.6) -
Net premiums written 346.2 -
----------------------------------------------------------- -------- ---------
Change in unearned premiums (152.8) -
Change in unearned premiums on premiums ceded 0.8 -
Net premiums earned 194.2 -
----------------------------------------------------------- -------- ---------
Net investment income 5.5 0.1
Net realised losses on investments (1.0) -
Net unrealised losses on investments (7.6) -
Net foreign exchange (losses) gains (0.5) 0.1
Total net revenue 190.6 0.2
------------------------------------------------------------ -------- ---------
Insurance losses and loss adjustment expenses 191.0 -
Insurance losses and loss adjustment expenses recoverable (48.9) -
Net insurance losses 142.1 -
----------------------------------------------------------- -------- ---------
Insurance acquisition expenses 59.1 -
Equity-based compensation expense 0.3 0.3
Other operating expenses 30.6 4.5
Total expenses 232.1 4.8
------------------------------------------------------------ -------- ---------
Results of operating activities (41.5) (4.6)
Financing costs (0.5) -
Total comprehensive loss for the period (42.0) (4.6)
------------------------------------------------------------ -------- ---------
Loss per share
Basic and diluted $(0.25) $ (0.03)
Consolidated balance sheet (unaudited)
As at 31 December 2021
2021 2020
$m $m
Assets
Cash and cash equivalents 67.5 1,054.0
Accrued interest receivable 3.7 -
Investments 1,008.4 -
Inwards premiums receivable 155.0 -
Reinsurance assets
- Unearned premiums on premiums ceded 0.8 -
- Reinsurance recoverable 48.9 -
- Other reinsurance receivables 0.3 -
Other assets 1.6 1.1
Right-of-use assets 2.9 -
Deferred acquisition expenses 44.6 -
Intangible assets 1.1 0.2
Total assets 1,334.8 1,055.3
--------------------------------------------- -------- --------
Liabilities
Reinsurance contracts
- Losses and loss adjustment expenses 171.6 -
- Unearned premiums 152.8 -
Amounts payable to reinsurers 7.3 -
Other payables 19.0 2.5
Lease liabilities 2.9 -
Total liabilities 353.6 2.5
--------------------------------------------- -------- --------
Shareholders' equity
Share capital 1.7 1.7
Own shares (0.2) -
Other reserves 1,056.0 1,055.7
Dividends (29.7) -
Retained loss (46.6) (4.6)
Total shareholders' equity 981.2 1,052.8
--------------------------------------------- -------- --------
Total liabilities and shareholders' equity 1,334.8 1,055.3
--------------------------------------------- -------- --------
Statement of consolidated cash flows (unaudited)
For the year ended 31 December 2021
2021 2020
$m $m
Cash flows from (used in) operating activities
Comprehensive loss (42.0) (4.6)
Depreciation 0.1 -
Interest expense on lease liabilities 0.1 -
Net investment income (6.2) (0.1)
Net realised losses on investments 1.0 -
Net unrealised losses on investments 7.6 -
Net foreign exchange losses (gains) 0.3 (0.2)
Equity-based compensation expense 0.3 0.3
Change in operational assets and liabilities
- Reinsurance assets and liabilities 82.0 -
- Other assets and liabilities 5.5 1.5
Net cash flows from (used in) operating activities 48.7 (3.1)
------------------------------------------------------------------- ---------- --------
Cash flows used in investing activities
Purchase of investments (1,570.4) -
Proceeds on sale and maturity of investments 558.9 -
Interest received 7.5 0.1
Purchase of intangible assets (0.9) (0.2)
Purchase of property, plant and equipment (0.5) -
Net cash flows used in investing activities (1,005.4) (0.1)
------------------------------------------------------------------- ---------- --------
Cash flows (used in) from financing activities
Proceeds from issue of share capital - 1,057.1
Lease liabilities paid (0.1) -
Dividends paid (29.7) -
Purchase of own shares (0.2) -
Net cash flows (used in) from financing activities (30.0) 1,057.1
------------------------------------------------------------------- ---------- --------
Net (decrease) increase in cash and cash equivalents (986.7) 1,053.9
Cash and cash equivalents at the beginning of the year 1,054.0 -
Effect of exchange rate fluctuations on cash and cash equivalents 0.2 0.1
Cash and cash equivalents at end of year 67.5 1,054.0
------------------------------------------------------------------- ---------- --------
(1) The indicative renewal price index percentage presented here
is our assessment of the underlying pricing rate change experienced
by our cedant clients. As Conduit Re is now in a position to
compare the pricing and terms and conditions of its renewal
business to previous years, in future we will provide rate change
information on a "net" basis, reflecting management's assessment of
rate changes net of the impact of claims inflation, exposure
changes and changes in any other terms and conditions.
(2) Ibid
(3) Ibid
(4) Updated from the initial estimate of $262.8 million set out
in our Trading Update of 19 January 2022
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Conduit (LSE:CRE)
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