Strong growth, strong balance sheet

S&U 20 May 2016 Update

S&U

Strong growth, strong balance sheet

Full year results

Financial services

20 May 2016

Price

2,240p

Market cap

£267m

Net debt (£m) at 31 January 2016
(including preference shares)

12.4

Shares in issue

11.9m

Free float

26%

Code

SUS

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

2.9

(3.3)

7.4

Rel (local)

8.1

(5.4)

22.4

52-week high/low

2,560.0p

1,992.5p

Business description

S&U’s Advantage motor finance business lends on a simple hire purchase basis to lower and middle income groups who may have impaired credit records that restrict their access to mainstream products. It has over 32,000 customers currently.

Next event

Half year end

September 2016

Analysts

Andrew Mitchell

+44 (0)20 3681 2500

Martyn King

+44 (0)20 3077 5745

S&U is a research client of Edison Investment Research Limited

Following last year’s profitable sale of its stable but relatively low-growth home credit activity, S&U is now focused on its well-established and fast-growing motor finance business, Advantage. It is also looking for opportunities to invest in a new business, but will not do so unless the right opportunity appears. In the meantime, Advantage continues to make strong progress and S&U appears cautiously valued.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

01/15

36.1

14.8

99.0

66.0

22.6

2.9

01/16

45.2

19.5

132.4

76.0

16.9

3.4

01/17e

58.3

25.7

171.4

89.6

13.1

4.0

01/18e

71.7

30.4

202.8

109.5

11.0

4.9

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **FY16 DPS ex-exceptional payment of 125p.

FY16 results

On a continuing basis (excluding the home credit business) revenues increased by 25% to £45.2m and profits 32% to £19.5m, reflecting 36% growth in motor finance receivables. While the impairment charge increased by 30% as a proportion of revenues, the increase was only modest, from 16.2% to 16.8%, and remains low by historical standards. The ordinary dividend was increased by 15% to 76p and there was an exceptional payment of 125p following the home credit sale in August, which generated a profit on disposal of £50.1m.

Outlook

The macroeconomic outlook has become less certain and global/UK GDP growth estimates have been trimmed this year, while the UK’s EU referendum could give rise to additional volatility. However, absent a further significant worsening in background, the prospects for Advantage appear promising and it has recently reported an acceleration in its transactions growth rate. Competitor activity has picked up over the last three years according to S&U and other players also report very strong lending growth, but there has been no softening in pricing and the withdrawal of mainstream lenders since the financial crisis leaves substantial scope for profitable growth. The group is also undertaking a search for an investment in a new business following the home credit sale, with the strong returns and growth at Advantage and the board’s commitment to maintaining “steady, sustainable growth” as standards to measure potential additions against.

Valuation: Cautious despite a record of growth

In the context of a selection of non-standard lending peers, S&U’s valuation appears in line when comparing its return on equity and price/net asset value multiple. However, on our ROE/COE model the market appears to be making conservative assumptions on prospective ROE and/or growth with the current price, on our assumptions, pointing to an ROE of c 15%, below prospective returns. Our updated base case assumptions point to a value of c 2,600p (page 6).

Company description: Shifting emphasis

During 2015 S&U underwent a fundamental change with the sale of Loansathome4u, the home credit company that grew from the credit drapery business originally founded in 1938 by the chairman’s grandfather, Clifford Coombs. As a result S&U now comprises the fast-growing Advantage motor finance business, while management are looking for opportunities for investment/acquisition, focusing on areas within specialist credit.

Advantage was formed in 1999 and is based in Grimsby with over 90 employees. The majority of the management team have been with the company since launch. Growth has been rapid with 30% compound growth in customer receivables over the last five years to £145m at the end of January 2016. It has 35,600 live customers and recorded 15,100 new transactions last financial year (FY16), an increase of 27%. Advantage focuses on the non-prime area of the market and its lending is primarily through about 40 brokers (85%), with the balance through dealerships or, to a limited extent, to existing customers. The brokers in turn source their business through dealer relationships and the internet. Most loans are in the £5,000 to £7,000 range, with a maximum deal size set at £12,000.

Advantage has achieved 16 years of consecutive profit growth, reflecting growth in the loan book together with successful credit control underpinned by the continuous refinement of a bespoke underwriting and scoring system developed in conjunction with Experian. The provisional approval rate for loan applications has been broadly stable in recent years and in the last financial year was 28%, with 140,000 approved out of 500,000 applications. As noted, just over 15,000 actually signed up: 3% of the original applications.

FY16 results and trading update

Key points from the results for the year to end January 2016 are listed below, with figures on a continuing basis, excluding the home credit business, unless stated.

Revenues increased by 25% to £45.2m.

Pre-tax profit of £19.5m was 32% ahead.

Motor receivables were 36% up at £145.1m.

The impairment charge was up 30%, but only rose modestly from 16.2% of sales to 16.8%.

Basic earnings per share were 133.6p versus 100.1p.

The total ordinary dividend for the year is 76p (+15%).

The home credit business was sold for £82.4m, generating a profit on disposal of £50.1m.

£14.9m of the proceeds were returned to shareholders through an exceptional dividend of 125p.

Exhibit 1 sets out the results from 2011 to 2016 on a continuing basis. The strong growth in receivables over the period, reflecting healthy demand for second-hand cars and the reduced availability of mainstream finance after the financial crisis, was the driver of revenues. The level of revenue yield on average receivables had been in a range between 40% and 45% until FY16 when it was 36%, 4.3 percentage points lower than FY15, reflecting a combination of business mix and the effect of taking away the offer of insurance policies (such as gap and breakdown insurance). Offsetting this, the removal of the insurance offer has made the processing of applications much simpler and faster, helping Advantage provide a competitive service and contributing to strong growth.

Exhibit 1: Results for the ongoing business, financial years to end January 2011-16

£m except where shown

2011

2012

2013

2014

2015

2016

Accounts receivable

39.3

42.3

52.5

73.0

106.4

145.1

Profit and loss

Revenue

16.2

17.9

20.9

26.2

36.1

45.2

Cost of sales

(2.3)

(2.7)

(3.6)

(4.8)

(6.7)

(9.0)

Impairment

(6.1)

(5.9)

(5.3)

(5.1)

(5.9)

(7.6)

Administration expenses

(4.2)

(4.6)

(5.1)

(6.1)

(7.0)

(7.3)

Finance costs

(1.1)

(0.6)

(0.6)

(0.7)

(1.7)

(1.8)

Profit before tax

2.5

4.1

6.3

9.5

14.8

19.5

% of revenues

Cost of sales

14.2

15.1

17.2

18.3

18.6

19.9

Impairment

37.7

33.0

25.4

19.5

16.3

16.8

Admin expenses

25.9

25.7

24.4

23.3

19.4

16.2

Finance costs

6.8

3.4

2.9

2.7

4.7

3.9

Pre-tax profit

15.4

22.9

30.1

36.3

41.0

43.1

% of average receivables

Revenue

41.4

43.9

44.1

41.8

40.3

35.9

Impairment

15.6

14.5

11.2

8.1

6.6

6.1

Revenue less impairment

25.8

29.4

32.9

33.6

33.7

29.9

Source: S&U, Edison Investment Research

The somewhat lower revenue yield contributed to a rise in the cost of sales as a percentage of revenue. Measured against average receivables they fell from 7.7% to 7.1% over the last two years, but over the whole period shown the cost of sales has risen on both measures, perhaps reflecting a tendency for commissions paid to brokers to increase triggered by volume thresholds.

Impairment costs as a proportion of either revenue or receivables have fallen substantially since FY11, reflecting the efficacy of S&U’s scoring/underwriting system and the relatively benign background in terms of credit risk and robust demand for loans. This has enabled S&U to expand its book rapidly but without incurring undue cost of risk. In the final row of Exhibit 1 we have shown how revenue less the impairment charge (risk-adjusted margin) has increased as a percentage of average receivables over the period, albeit softening in FY16 compared with the level of the prior three years.

S&U reports that there has been increased competitor activity since the end of 2014, although indicating this has not affected its pricing. Advantage does compete on service and has allowed the term of loans to be slightly longer (this has risen from 47 to 49 months) to help win business. Notable among the competitors is Moneybarn (acquired by Provident Financial in August 2014), which addresses a similar segment of the market. With the benefit of its parent’s financial backing, Moneybarn’s receivables grew by 45% in 2015 to £220m. It comments that the non-standard car finance market has suffered from an approximate halving in lending volume from the pre-financial crisis level, suggesting significant further potential growth for suppliers of credit in this area.

At the time of its AGM (17 May) S&U gave a positive trading update, reporting that Advantage has seen an acceleration in its transactions growth rate. The number of customers increased by 3,000 or 9% in the first three and a half months of FY17 while net receivables were up by more than 10% to over £160m. The company indicate that its finance facilities can accommodate the run rate of investment in Advantage (£4m per month) and that its projections suggest gearing should not exceed 55% as the business matures (gearing 19% at the time of the statement and our estimated net debt/equity for end FY17 is 33%). S&U also noted that collections, profit margins and average loan sizes were all on budget.

Outlook

In terms of the macroeconomic background, estimates globally and for the UK have generally been reduced this year. The Office for Budget Responsibility (OBR), for example, reduced its estimated UK GDP growth for this calendar year and next by 0.4 and 0.3 percentage points to 2.0% and 2.2%, respectively (Exhibit 2). Even so, if this proves to be close to the outcome and unemployment matches the expected level of 5%, only rising to 5.3% by 2020, then the trading background for S&U would be benign. There are risks to this central scenario, including the result of the EU membership referendum in June, which could give rise to increased volatility for a period. A sharper slowdown in growth or a renewed recession accompanied by increased unemployment would be likely to push up the current relatively low level of impairments experienced by S&U and its peers.

Exhibit 2: UK economic growth and unemployment estimates (OBR)

Source: Office of Budget Responsibility

While there are economic uncertainties, trends in the used car market have been positive, with the volume of transactions running at around 7m compared with 6.3m in 2009; the value of transactions has increased at a compound rate of 6% between 2009 and 2014 (Exhibit 3). The growth in car finance for new and used cars1 has been at a faster pace with a compound growth rate of 17% (2009-14, Exhibit 4). Providing there is not a significant worsening in conditions, there is potential for growth to continue although it may not match historical levels.

  Over the 12 months to end February 2016, used cars accounted for 43% of lending.

Exhibit 3: UK used car market value by source

Exhibit 4: Car finance through dealerships

Source: BCA 2015 report TNS-BMRBB/Buckingham

Source: Finance Lease Association

Exhibit 3: UK used car market value by source

Source: BCA 2015 report TNS-BMRBB/Buckingham

Exhibit 4: Car finance through dealerships

Source: Finance Lease Association

The increase in competitor activity mentioned by S&U does flag an area to monitor, but the withdrawal of mainstream lenders from this area following the financial crisis does suggest there is still significant scope to increase lending without seeing pricing or lending criteria become markedly less attractive. Moneybarn cites a market share of 20-25%, but S&U notes that this reflects a narrower market definition than it would use and believes Advantage has a market share of at most 15%, with closer to 3% appropriate on a broader definition. On anything but the narrowest definition this would suggest there is still a good opportunity for share gains even in a more subdued market.

Following the sale of the home credit business, S&U has been reviewing opportunities to invest in a new business that would be consistent with the skills and experience the management team have. This and the intention to avoid diluting sustainable return on capital is likely to mean that any purchase would be in the non-prime lending area. There is a team of two engaged in the search, with a good supply of ideas to assess, but the board feels no compulsion to make a move if an appropriate opportunity does not arise. The growth and returns at Advantage set the bar high for any new business; this is a reassuring feature for investors in S&U, given the risks involved in any acquisition.

Financials

In Exhibit 5 we show the changes in our estimates for FY17 and new numbers for FY18. At the earnings level, the continuing business beat our expectation by 6% for FY16 and our estimate for FY17 is increased by a similar percentage (7%).

Exhibit 5: Estimate revisions

Revenue (£m)

PBT (£m)

EPS (p)

Year end 31 January

Old

New

Old

New

Old

New

2016e/actual

43.5

45.2

18.8

19.5

124.8

132.4

2017e

57.0

58.3

23.9

25.7

159.2

171.4

2018e

N/A

71.7

N/A

30.4

202.8

Source: Edison Investment Research. Note: 2016 numbers exclude the discontinued business.

We have assumed that receivables growth for FY17e is 25% followed by 19% in FY18e, that the revenue yield is modestly lower than FY16 and that impairment provisions are stable at 17% (they were 16.8% in FY16).

Following the home credit disposal, the level of net debt to equity has been substantially reduced even after payment of the exceptional dividend (Exhibit 6). This leaves room for further growth in the Advantage loan book and for the acquisition/development of an additional activity should an attractive opportunity present itself.

Exhibit 6: Cash flow and gearing

FY15

FY16

Net debt brought forward

(32.4)

(53.6)

Collections

154.8

132.1

Disposal proceeds – home credit

82.4

Exceptional dividend

(15.0)

Advances and other outflows

(176.0)

(157.8)

Net debt carried forward

(53.6)

(11.9)

Gearing (excluding £0.45m preference shares)

65.8%

9.3%

Source: S&U. Note: The net debt shown in the financial summary includes preference shares.

Valuation

As a starting point we show S&U’s valuation measures in the context of a group of companies that include non-standard lending and motor finance as part of their activities. They constitute a diverse set of companies serving different parts of the market, but each may be of interest to investors seeking exposure to the growth in non-standard lending against the backdrop in which major banks are focusing on their core activities and building up their capital bases. Here we can see that S&U has a calendar 2016e P/E that is below the average, an above-average yield and an ROE and price/NAV that are both below average.

Exhibit 7: Peer comparison

Price
(p)

Market cap
(£m)

P/E ratio
(x)

Yield
(%)

ROE
(%)

Price/NAV
(x)

S&U

2,240.0

267.5

13.4

3.4

15.2

2.1

1PM

70.0

36.8

11.8

0.5

10.8

1.5

Close Brothers

1,233.0

1,848.6

10.2

4.3

18.2

1.8

Private and Commercial Finance

32.5

51.7

15.9

0.0

13.4

2.3

Provident Financial

2,764.0

4,080.0

16.0

4.3

33.0

5.7

Secure Trust Bank

2,700.0

491.2

15.3

2.7

21.6

3.5

Average

13.8

2.5

18.7

2.8

Source: Bloomberg, Edison Investment Research. Note: Figures for P/E ratio are for calendar 2016e, whereas yield, ROE and NAV are historical. Prices as at 19 May.

The next chart plots the ROE and price/NAV together. While this is a small selection of differentiated companies, S&U does not appear obviously out of line on this comparison (incidentally the same would be true were we to include the challenger banks in the chart). Much will depend on its relative growth and whether it is able to invest the capital released by the home credit sale profitably (organically and otherwise).

Exhibit 8: Return on equity and price/NAV for S&U and selected peers

Source: Bloomberg. Note: OPM (1PM), PCF (Private and Commercial Finance), CBG (Close Brothers), PFG (Provident Financial). Based on historical numbers for ROE and NAV. As at 19 May.

As a final step we have refreshed our ROE/COE valuation, assuming as a base case a sustainable return on equity of 17%, a cost of equity of 10% and a growth rate of 5% (this is a somewhat more conservative set of assumptions than we have used previously). This points to a price/NAV of 2.4x and a value per share of c 2,600p, 16% above the current share price. Our previous central valuation was 2,989p, within a wide range. Given the potential for more rapid use of the balance sheet capacity and hence arguably a higher ROE target, we note that adding one percentage point to the ROE assumption pushes the value up by 217p. Alternatively, leaving the other assumptions unchanged, the current share price implies a sustainable ROE similar to last year’s figure (15.2%) and our estimate for FY17 (15.3%) but below our FY18 forecast of 16.4% .

Exhibit 9: Financial summary

£'000s

2014

2015

2016

2017e

2018e

Year end 31 January

PROFIT & LOSS

Revenue

 

 

60,823

36,102

45,182

58,305

71,688

Impairments

(12,847)

(5,863)

(7,611)

(9,912)

(12,187)

Other cost of sales

(6,866)

(6,674)

(8,980)

(11,953)

(14,839)

Administration expenses

(22,519)

(6,957)

(7,131)

(8,746)

(10,753)

EBITDA

 

 

18,591

16,608

21,460

27,695

33,908

Depreciation

 

 

(577)

(163)

(209)

(311)

(440)

Op. profit (incl. share-based payouts pre-except.)

 

 

18,014

16,445

21,251

27,384

33,469

Exceptionals

0

0

0

0

0

Non recurring items

0

0

0

0

0

Investment revenues / finance expense

(727)

(1,680)

(1,782)

(1,649)

(3,030)

Profit before tax (FRS 3)

 

 

17,287

14,765

19,469

25,735

30,439

Profit before tax (norm)

 

 

17,287

14,765

19,469

25,735

30,439

Tax

(3,955)

(2,920)

(3,583)

(5,147)

(6,088)

Discontinued business after tax

6,615

53,299

Profit after tax (FRS 3)

 

 

13,332

18,460

69,185

20,588

24,351

Profit after tax (norm)

 

 

13,332

11,845

15,886

20,588

24,351

Average Number of Shares Outstanding (m)

11.9

12.0

12.0

12.0

12.0

EPS - normalised (p)

 

 

112.0

99.0

132.4

171.4

202.8

Dividend per share (p)

54.0

66.0

201.0

89.6

109.5

EBITDA margin (%)

30.6%

46.0%

47.5%

47.5%

47.3%

Operating margin (before GW and except.) (%)

29.6%

45.6%

47.0%

47.0%

46.7%

Return on equity

20.5%

15.7%

15.2%

15.4%

16.6%

BALANCE SHEET

Non-current assets

 

 

52,212

76,781

103,653

135,967

161,661

Current assets

 

 

57,739

68,578

61,903

61,696

75,048

Total assets

 

 

109,951

145,359

165,556

197,663

236,709

Current liabilities

 

 

(10,091)

(8,945)

(6,850)

(7,266)

(7,678)

Non current liabilities inc prefs

(30,650)

(55,150)

(30,650)

(50,650)

(75,650)

Net assets

 

 

69,210

81,264

128,056

139,747

153,380

NAV per share (p)

588

689

1,084

1,181

1,296

CASH FLOW

Operating cash flow

 

 

(5,407)

(13,404)

(16,017)

(23,352)

(10,117)

Net cash from investing activities

(736)

(1,096)

80,716

(840)

(903)

Dividends paid

(5,664)

(6,734)

(23,090)

(9,397)

(11,218)

Other financing (excluding change in borrowing)

33

8

55

0

0

Net cash flow

 

 

(11,774)

(21,226)

41,664

(33,588)

(22,238)

Opening net (debt)/cash

 

 

(21,015)

(32,789)

(54,015)

(12,351)

(45,939)

Closing net (debt)/cash

 

 

(32,789)

(54,015)

(12,351)

(45,939)

(68,177)

Source: S&U accounts, Edison Investment Research. Note: Net debt includes £0.45m preference shares

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by S&U and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Share this with friends and colleagues