National Milk Records plc

June 16, 2015 02:00 ET

Audited Final Results

                                                                                                 16 June 2015
                                          National Milk Records plc
                                          ('NMR' or 'the Company')
                                            Audited Final Results
National  Milk Records plc, the ISDX-quoted leading supplier of dairy and livestock services, is  pleased  to
announce its results for the year ended 31 March 2015.

    *   Cost savings and expansion increased operating profits by 103% and turnover by 8% to GBP1,810,000
        and GBP20,159,000 respectively (2014: GBP893,000 and GBP18,667,000)
    *   Successful  acquisition of bull semen supplier Inimex Genetics Limited to provide a  synergistic
        offering to the UK dairy industry - trading in line with expectations
    *   Continued focus on innovating Group's products and services to facilitate organic growth:
        o    Product launch alongside partner Silent Herdsman Limited - innovative health detection module 
             to complement the already proven heat detection product
        o    Building strategic relationships with food retailers, food suppliers and agricultural bodies to
             strengthen NMR's value proposition within the food chain
        o    Opportunities offered through national control programmes for bovine diseases such as Johne's and
             Bovine Viral Diarrhoea (BVD)
        o    In line with strategy to extend market share by continually providing useful and significant
             products, services and solutions to current markets
    *   Global  demand for dairy products remains strong although pressures in the Ukraine are  creating

Chairman's Report

National Milk Records plc (NMR), the ISDX quoted leading supplier of dairy and livestock services, is pleased
to announce its audited results for the year ended 31 March 2015.

Chairman's Statement
The  financial year ended 31 March 2015 was a strong year for NMR during which our operating profit increased
by   103%  to  GBP1,810,000  (2014:  GBP893,000)  and  turnover  increased  by  8%  to  GBP20,159,000  (2014:
GBP18,667,000). A key achievement during the year was the acquisition of Inimex Genetics Limited ('Inimex') a
leading genetics supplier in the UK and mainland Europe. Using cash generated from trading, on 1 October 2014
NMR  purchased the entire issued share capital of Inimex for a total consideration of GBP3,115,000, of  which
GBP2,533,000 was paid in cash on completion and GBP582,000 is payable over the next 4 years contingent on its
achievement  of profit targets. GBP736,000 of net cash was also acquired in the transaction. This acquisition
has been incorporated successfully into the Group structure and is trading in line with expectations. Despite
the  cash  outflow  to  fund  the investment in Inimex, on 31 March 2015 the Group  had  GBP1,974,000  (2014:
GBP1,443,000) of cash at the bank and no further borrowings. We look forward to a full year of trading  as  a
combined Group and believe our operations will continue to deliver growth due to our focus on innovation  and
service.  The  Group's Diluted Earnings per Share for the year ended 31 March 2015 have  increased  to  23.35
pence per share from 9.61 pence per share for the year ended 31 March 2014.

In  respect to the wider market global events including the situation in the Ukraine began to have a profound
effect  on  NMR  in the final quarter of the 2014/15 financial year. The hostilities in the Ukraine  and  the
subsequent  sanctions against Russia compounded an already weak global dairy market to drive down  the  price
our  UK  dairy  customers  receive for their milk and in many cases this can  now  be  below  their  cost  of
production.  The necessary nature of many of the Group's services does provide some protection to  the  Group
from  the  adverse  market conditions being experienced by our farmer customers however we  must  temper  our
growth  expectations  for 2015/16 in line with a realistic view of the health of the UK  dairy  sector.   The
Ukraine  hostilities  also  contribute to the overall nervousness of the  financial  markets  more  generally
leading  to weakness in a number of financial indices including corporate bond yields. The unprecedented  low
discount  rate used to calculate the liabilities of the Milk Pension Fund has led to a worsening position  of
the  defined benefit pension scheme deficit before deferred tax asset which increases to GBP9,700,000  (2014:
GBP8,252,000). The NMR Board is acutely aware of the impact the pension obligations have on the business  and
continues  to  work  to  mitigate  the impact whilst recognising the Group's commitments  to  pensioners  and
deferred pensioners.

Following  the  acquisition  of Inimex in October, Nicholas Kirby who is the principal  Director  at  Inimex,
joined  the  NMR  Board as an Executive Director. I look forward to the contribution Nick  can  make  to  the
overall  direction of the Group as well as continuing to manage the Inimex business.  A biography of each  of
the current NMR Directors can be found on the NMR website at

Organic  growth  has been achieved across the Group and we have also continued to benefit  from  the  stream-
lining  of  our costs reported last year. Add this to the successful acquisition of a complementary  business
and  the development of innovative new products alongside partners such as Silent Herdsman Limited and we are
well placed for steady future growth. We take pleasure in the positive impact our services have across the UK
and  Irish  dairy  sectors and believe in helping farmers deliver the best quality product  at  a  commercial
price. A more detailed analysis of our business performance is set out in the Strategic Report. I would  like
to  thank  our shareholders for their continued support and all our employees for their hard work during  the

Philip Kirkham
16 June 2015


To the members of National Milk Records Plc

This  Strategic  Report  has been prepared to provide additional information to shareholders  to  assess  the
Company's strategies and the potential for those strategies to succeed.
The Strategic Report contains certain forward-looking statements.  These statements are made by the directors
in  good faith based on the information available to them up to the time of their approval of this report and
such  statements  should be treated with caution due to inherent uncertainties, including both  economic  and
business risk factors, underlying any such forward-looking information.
The directors, in preparing this Strategic Report, have complied with s414C of the Companies Act 2006.
This  Strategic  Report has been prepared for the Group as a whole and therefore gives  greater  emphasis  to
those  matters which are significant to National Milk Records Plc and its subsidiary undertakings when viewed
as a whole.

The business model

The  principal  activity of the Group in the year remains the provision of management  information  to  dairy
farmers via National Milk Records (NMR) and the provision of milk payment testing services to milk buyers via
National  Milk Laboratories (NML). Both these services have achieved relatively high market shares  in  their
respective  UK sectors. Both NMR and NML are achieving organic growth by launching new services  to  existing
customers along with the development of new farmer customers in geographic territories where market share  is
relatively  low such as Scotland and Northern Ireland. The advent of national control programmes  for  bovine
diseases  such  as  Johne's and Bovine Viral Diarrhoea (BVD) create opportunities for both  NMR  and  NML  to
develop new testing services.

On  1  October 2014 NMR acquired the genetics company, Inimex Genetics Limited. Inimex acts principally as  a
reseller  of  genetic products in the UK and mainland Europe sourced from Cooperative Resources International
(CRI)  in the USA. The dairy genetics sector has many synergies with the core milk recording business of  NMR
as  reflected in the common business model in other global markets in which the milk recording businesses and
genetics  businesses are within the same overall group. In the short term the plan is  to  run  Inimex  as  a
standalone  business to ensure the core competence of Inimex (encompassed by the strapline  "Great  Bulls  at
Fair Prices") is not lost. In the medium term we intend to explore how the key values of both Inimex and  NMR
can be combined to launch new and innovative services for UK dairy farmers.

NMR  has been working with Silent Herdsman Limited to develop a new product in the automated heat and  health
detection  sector.  In April 2015 NMR and Silent Herdsman launched an innovative health detection  module  to
complement the already proven heat detection product. This technology is combined with a new rental  business
model which gives excellent growth opportunity in this new and exciting sector.

The  Group  currently  also  has two other areas of significant potential revenue  growth.  Independent  Milk
Laboratories  (iML)  is  a joint venture in The Republic of Ireland which replicates  NML's  payment  testing
services in a market of comparable size to that of the UK. National Livestock Records (NLR) is a wholly owned
subsidiary which currently sells identification tags to dairy, beef and sheep farmers but is also engaged  in
development of management information services to both the beef and sheep sectors. The combined turnover from
iML  and NLR is currently GBP1,110,000, just 5% of the Group's total. Improvement in turnover in both iML and
NLR is likely to generate a step change in revenue growth.

Review of the business

The focus of activity in the previous two periods has been the investment in our new operational site at Four
Ashes  and  the closure of the three sites at Harrogate, Wolverhampton and Meaford. Four Ashes is  now  fully
operational and operational savings have been delivered. The Group's operating profit has increased  by  103%
to  GBP1,810,000 (2014: GBP893,000). Total turnover (excluding share of the joint venture) in the same period
has  increased  by 8% to GBP20,159,000 (2014:GBP18,667,000), with Inimex turnover for the 6 month  period  to
March 2015 being GBP662,000. The turnover for the Group excluding Acquisitions was GBP19,497,000, an increase
of  4%  on  2014: Increasing the Group's turnover is the key focus for the coming period. The acquisition  of
Inimex  is  a  significant step in this regard along with planned organic growth in both  NMR  and  NML.  The
macroeconomic  environment for the dairy sector in the UK is forecast to be very tight  for  the  first  nine
months  of 2015 caused largely by the cyclical nature of the global dairy sector. Industry commentators  have
forecast  an  improving picture during the latter part of 2015 and into 2016 however tangible  indicators  of
this have yet to be seen.

Future developments

The  directors  will  continue to focus on the core business of the Company and its subsidiary  undertakings,
whilst  looking  to  take advantage of new opportunities as they arise. In general terms the  Board  believes
overall  market  dynamics  in the UK and Irish dairy sectors in the medium term  are  favourable  which  will
increase demand for its products. Global demand for dairy products remains strong driven principally  by  new
consumer  demand from developing markets such as China. This global consumer demand for dairy  products  will
help  support the milk price in the UK which adds value to the services provided by the NMR Group. This value
is further supported by increased awareness of food provenance in the UK following the horse meat scandal and
a reawakening of the health benefits of dairy products.

The NMR Group continues to build strategic relationships with food retailers, food suppliers and agricultural
bodies  to strengthen its value proposition within the food chain. The consolidation process in the UK  dairy
sector by which fewer dairy farmers tend to have larger, more professionally managed herds creates demand for
NMR's management information services. This same consolidation process also creates an opportunity for NMR to
broaden  its product range as other suppliers find a third party distribution channel is more efficient.  The
acquisition of Inimex during the period follows this strategy. The corporate structure of genetics  and  milk
recording  providers  within  the same corporate entity is a model commonly found  in  most  developed  dairy
sectors around the globe. These potential synergies have been strengthened by the advent of genomics and  NMR
is well placed to capitalise on this development.

Strategy and objectives

NMR's  market share in the milk recording sector varies in different geographic areas between 5% and 61%  and
areas of lower market share such as Scotland represent opportunities to grow. In areas of higher market share
our  strategy is to sell additional products to existing customers. Competition is active and challenging  in
the  milk  recording sector as well as new product sectors such as heat detection. NMR seeks to differentiate
its products by improving service levels.

NML  has a 100% market share of the quality testing sector which covers any dairy farmer who sells milk to  a
third  party.  Competition in this sector is potentially challenging as there are a number of  companies  who
have  the capability and capacity to enter the market. NML has a number of growth opportunities largely based
on increasing the frequency and depth of the quality testing suite of tests.

In  both  sectors the Group has growth strategies as well as defensive strategies. The Group aims  to  extend
market  share by continually providing useful and significant products, services and solutions to markets  it
already  serves  and to expand into new areas that build on the Group's competencies and customer  interests.
The Group aims to be influential in the markets in which it operates.

Key performance indicators

The directors monitor the Group's progress against its strategic objectives and the financial performance  of
the  Group's operations on a regular basis. Details of the most significant key performance indicators (KPIs)
used by the Group are as follows:

Turnover (growth)

NMR  views change in the market as an opportunity to grow, and to use its profits and ability to develop  and
produce  innovative products, services and solutions that satisfy emerging customer needs. Growth comes  from
taking  considered risks, based on the state of the industry, but also in inducing change in the industry  in
which NMR operates.

For  the  year  ended 31 March 2015, Group turnover (excluding share of the joint venture) was  GBP20,159,000
(2014:  GBP18,667,000),  which  represents an 8% increase on the previous year.  NMR  has  been  focusing  on
stabilising  its traditional core business and developing new innovative products and services  which  should
lead to turnover growth over the next few years.


In  order  to be successful, NMR needs to achieve sufficient profit to finance growth, create value  for  the
Group's shareholders and provide the resource needed to achieve any of the Group's other objectives. For  the
year ended 31 March 2015, gross profit was GBP7,076,000, equivalent to 35% gross margin. This was up from 34%
gross  margin  in  the  year  ended  31  March 2014 being a margin  of  GBP6,383,000.  Operating  profit  was
GBP1,810,000 representing a 103% increase on the previous year (2014: GBP893,000).

Laboratory processing time

NMR  seeks to differentiate its products by improving service levels. An example of improving service is that
during  the  year  ended  31  March 2015 the average laboratory processing time for  milk  recording  samples
arriving in the laboratory was 5.3 hours, compared to 5.5 hours in 2014 and 8.5 hours in 2013.

Principal risks and uncertainties

The  Group operates a risk management system that evaluates and prioritises risks and uncertainties. This  is
principally  a  function  of the Board of Directors led by the Executive team with  oversight  by  the  Audit

There is a range of risks and uncertainties facing the Group. The list below is not intended to be exhaustive
and  focuses  on those specific risks and uncertainties that the directors believe could have  a  significant
impact on the Group's performance, as analysed by its key performance indicators.

Market conditions and competitive pressures

The Group operates in a number of different markets that are influenced by economic cycles, the health of the
agricultural  market,  changes in government legislation and environmental factors. These  can  all  lead  to
changes in profitability of our customers and demand patterns for our products and services.

Through  an  experienced  management team, board oversight and commitment to  developing  products  that  are
focused  on customers' requirements, the Group addresses the risks of increased competition in developed  and
emerging  markets  by protecting and growing market share and margins in increasingly price sensitive  areas.
Where emerging markets are identified a joint venture business model is preferred after careful selection  of
appropriate partners to reduce the risk associated with entering these new markets.


The  Group is exposed, along with others, to the risk of failure of a third party member of the Milk  Pension
Fund  under  its  joint  and  several terms as well as exposure to costs that result  from  external  factors
impacting the size of the pension deficit (e.g. mortality rates, investment values).

This  area is actively managed at Board level with appropriate external advice and the agreement of actuarial
valuations and deficit reduction plans with the pension trustees. Investment strategies are reviewed and  the
joint and several liability in the Milk Pension Fund is regularly monitored by the Board of Directors.

The  Group's activities expose it to foreign currency exchange risks due to the use of European and  American
suppliers and its joint ventures based in Ireland and The Netherlands.

The  Group's  objective is to produce continuity of funding at a reasonable cost. To  do  this  it  seeks  to
arrange  committed funding that matches the assets or working capital it is designed to fund.  Funding  comes
from  a  limited number of providers. The Group finances its operations by a mixture of short term overdrafts
and  finance  leases, having paid off its bank loan in the previous year. It manages its interest  rate  risk
primarily through the use of fixed rate finance leases, matched against the assets being acquired.  It  does,
however, have a floating rate overdraft facility to manage day to day working capital requirements. The Group
does not enter into speculative derivative contracts.

The  Group's principal finance assets are bank balances, trade and other receivables. The Group's credit risk
is  primarily attributable to its trade receivables. The amounts presented in the balance sheet  are  net  of
allowances  for  doubtful receivables. An allowance for impairment is made where there is an identified  loss
event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows.

The  credit  risk  on  liquid funds is limited because the counterparties are banks with high  credit-ratings
assigned by international credit-rating agencies.

The  Group  has  no  significant concentration of credit risk, with exposure spread over a  large  number  of
counterparties and customers.

Other risks

The  risk of failure to attract or retain skills and experience within the Executive and Management teams  is
managed  by  external  consultation on Executive and Senior Management pay levels  led  by  the  Remuneration
Committee that also monitors senior management performance.
Business  continuity plans are in place for IT systems and all key locations to address the risks  associated
with loss of capability in these areas.


This report was approved by the Board of Directors on 16 June 2015 and signed on its behalf by:

Mr A J Warne
16 June 2015

Year ended 31 March 2015

                                                                                             2015             2014
                                                                                          GBP'000          GBP'000

Group and share of joint ventures - existing operations                                    20,218           19,212
Acquisitions                                                                                  662                -
                                                                                    _____________    _____________
                                                                                           20,880           19,212
Less: share of joint ventures' group turnover                                               (721)            (545)
                                                                                    _____________    _____________
                                                                                           20,159           18,667

Cost of sales                                                                            (13,083)         (12,284)
                                                                                    _____________    _____________
Gross profit                                                                                7,076            6,383

Administrative expenses                                                                   (5,266)          (5,490)
                                                                                    _____________    _____________
Existing operations                                                                         1,654              893
Acquisitions                                                                                  156                -
                                                                                    _____________    _____________
                                                                                            1,810              893

Share of operating profit in joint ventures                                                   117               88
                                                                                    _____________    _____________
PROFIT ON ORDINARY ACTIVITIES BEFORE FINANCE INCOME                                         1,927              981

Finance income (net)                                                                          383              202
                                                                                    _____________    _____________
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                               2,310            1,183

Tax on profit on ordinary activities                                                        (588)            (485)
                                                                                    _____________    _____________
PROFIT FOR THE FINANCIAL YEAR                                                               1,722              698
                                                                                    _____________    _____________

Earnings per share expressed in pence per share

Basic                                                                                       24.13             9.99
Diluted                                                                                     23.25             9.61
                                                                                    _____________    _____________

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Year ended 31 March 2015

                                                                                             2015             2014
                                                                                          GBP'000          GBP'000

PROFIT FOR THE FINANCIAL YEAR                                                               1,722              698

Actuarial losses on pension scheme                                                        (2,400)          (1,858)
Movement on deferred tax relating to pension scheme                                           480              371
                                                                                    _____________    _____________
TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR                                              (198)            (789)
                                                                                    _____________    _____________

At 31 March 2015
                                                                           2015                          2014
                                                               GBP'000       GBP'000        GBP'000        GBP'000
Goodwill                                                                       1,882                             -
Tangible assets                                                                2,599                         3,185
  Interest in joint ventures
    Share of gross assets                                          525                        270
    Share of gross liabilities                                    (97)                       (61)
                                                         _____________              _____________
                                                                                 428                           209
  Other investments                                                                5                             5
                                                                       _____________                    __________
                                                                               4,914                         3,399

Stock                                                              497                        244
Debtors - due within one year                                    2,142                      1,834
Debtors - due after one year                                         -                         14
Cash at bank and in hand                                         1,974                      1,443
                                                         _____________              _____________
                                                                 4,613                      3,535
  WITHIN ONE YEAR                                              (3,873)                    (2,763)
                                                         _____________              _____________
NET CURRENT ASSETS                                                               740                           772
                                                                       _____________                    __________
TOTAL ASSETS LESS CURRENT LIABILITIES                                          5,654                         4,171

  AFTER MORE THAN ONE YEAR                                                     (957)                         (452)

PROVISIONS FOR LIABILITIES                                                     (309)                         (342)
                                                                       _____________                    __________
NET ASSETS EXCLUDING PENSION LIABILITY                                         4,388                         3,377

PENSION LIABILITY                                                            (7,760)                       (6,602)
                                                                       _____________                    __________
NET LIABILITIES                                                              (3,372)                       (3,225)
                                                                       _____________                 ___________

Called up share capital                                                          752                           742
Share premium                                                                     66                            25
Share option reserve                                                              22                            22
Profit and loss account                                                      (4,212)                       (4,014)
                                                                       _____________                    __________
SHAREHOLDERS' DEFICIT                                                        (3,372)                       (3,225)
                                                                       _____________                     _________

Year ended 31 March 2015

                                                                           2015                          2014
                                                               GBP'000       GBP'000      GBP'000          GBP'000

Net cash inflow from operating activities                                      2,402                         1,989

Returns on investment and servicing of finance                     183                       (61)
Taxation                                                         (347)                      (240)
Capital expenditure and financial investment                      (96)                      (188)
Acquisitions and disposals                                     (1,471)                          -
                                                         _____________              _____________
                                                                             (1,731)                         (489)
                                                                       _____________                 _____________
Cash inflow before management
of liquid resources and financing                                                671                         1,500

Financing                                                                      (140)                       (1,360)
                                                                       _____________                 _____________
Increase in cash in the year                                                     531                           140
                                                                       _____________                   ___________

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by  the
weighted average number of ordinary shares outstanding during the period.

Diluted  earnings per share is calculated using the weighted average number of shares adjusted to assume  the
conversion of all dilutive potential ordinary shares.

The  shares held by the Employee Share Option Plan are deducted from total shares in arriving at the weighted
average number of ordinary shares used in the earnings per share calculation.

Reconciliations are set out below.

                                                                                          average    Earnings
                                                                       Earnings            number   per share
                                                                        GBP'000         of shares       pence
        Basic EPS
        Earnings attributable to ordinary shareholders                    1,722        7,134,903        24.13
        Effect of dilutive securities
        Options                                                              -           270,000            -
                                                                      _____________ _____________    _________
        Diluted EPS
        Adjusted earnings                                                 1,722        7,404,903        23.25
                                                                      _____________ _____________    _________

                                                                                          average    Earnings
                                                                       Earnings            number   per share
                                                                        GBP'000         of shares       pence
        Basic EPS
        Earnings attributable to ordinary shareholders                      698        6,989,779         9.99
        Effect of dilutive securities
        Options                                                              -           270,000            -
                                                                      _____________ _____________    _________
        Diluted EPS
        Adjusted earnings                                                   698        7,259,779         9.61
                                                                      _____________ _____________    _________

        There  have been no other transactions involving ordinary shares or potential ordinary shares between
        the reporting date and the date of completion of these financial statements.

        Group                                                                2015           2014
                                                                          GBP'000        GBP'000
        At beginning of year                                              (3,225)        (2,470)
        Shares issued during the year                                          51             32
        Profit for the financial year                                       1,722            698
        Share option charge                                                     -              2
        Other gains and losses recognised in the year                     (1,920)        (1,487)
                                                                    ______________ _____________
        At end of year                                                    (3,372)        (3,225)
                                                                    _____________  _____________
        Company                                                              2015           2014
                                                                          GBP'000        GBP'000
        At beginning of year                                              (3,932)        (2,351)
        Shares issued during the year                                          51             32
        Profit/(loss) for the financial year                                1,053          (128)
        Share option charge                                                     -              2
        Other gains and losses recognised in the year                     (1,920)        (1,487)
                                                                    ______________ _____________
        At end of year                                                    (4,748)        (3,932)
                                                                     _____________ _____________

Going concern basis

The  Group's  business  activities together with the factors likely to affect its  future  development,  cash
flows, liquidity, performance and position are set out in the Strategic report.

The  Group  meets  its day-to-day working capital requirements through GBP1,974,000 of cash  at  bank  (2014:
GBP1,443,000) and an overdraft facility of GBP700,000 which is renewable on an annual basis in October.

The  pension scheme deficit puts the Group in a net liabilities position, however, a recovery plan was agreed
in  relation  to the Milk Pension Fund, fixing future pension contributions. These have been included  within
the Group's cash flow forecasts.

The  Group's  forecasts and projections, which allow for reasonable possible changes in trading  performance,
show  that  the  Group  has adequate headroom against the committed overdraft facility  across  the  forecast
period.  As  a consequence, the directors believe that the Group is well placed to manage its business  risks
successfully despite the current uncertain economic outlook.

After  making  enquiries, the directors have a reasonable expectation that the Group  and  the  Company  have
adequate  resources to continue in operational existence for the foreseeable future.  Thus, they continue  to
adopt the going concern basis in preparing the financial statements.

General Information

The basis of preparation of this preliminary announcement is set out below.

The financial information in this announcement, which was approved by the Board of Directors on 16 June 2015,
does not constitute the Company's statutory accounts for the years ended 31 March 2015 or 31 March 2014,  but
is derived from these accounts.

Statutory  accounts for the year ended 31 March 2014 have been delivered to the Registrar  of  Companies  and
those for the year ended 31 March 2015 will be delivered following the Company's Annual General Meeting.  The
auditors  have  reported on those accounts; their reports were unqualified, did not  draw  attention  to  any
matters by way of emphasis without qualifying their report and did not contain statements under S498  (2)  or
(3) of the Companies Act 2006.

Whilst  the  financial information included in this preliminary announcement has been completed in accordance
with  United  Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice  'UKGAAP'),
this announcement itself does not contain sufficient information to comply with UKGAAP.

The financial information has been prepared on the historical cost basis.

Copies  of  the  announcement  can be obtained from the Company's registered  office  at  Fox  Talbot  House,
Bellinger Close, Chippenham, SN15 1BN

It  is  intended that the full financial statements which comply with UKGAAP, or summary financial statements
where  the shareholder has elected to receive Summary Financial statements will be posted to shareholders  on
16 June 2015 and will be available to members of the public at the registered office of the Company from that
date and available on the Company's website:

Contact Information

  • National Milk Records plc