A note of confidence

1Spatial 18 June 2018 Update
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1Spatial

A note of confidence

Capital markets day

Software & comp services

 

18 June 2018

Price

3.85p

Market cap

£29m

Net cash (£m) at 31 January 2018

0.3

Shares in issue

760.2m

Free float

91%

Code

SPA

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

23.1

9.6

23.1

Rel (local)

24.0

2.8

18.6

52-week high/low

4.2p

2.8p

Business description

1Spatial’s core technology validates, rectifies and enhances customers’ geospatial data. The combination of its software and advisory services reduces the need for costly manual checking and correcting of data.

Next events

Interim results

October 2018

Analysts

Dan Ridsdale

+44 (0)20 3077 5729

Alasdair Young

+44 (0)20 3077 5700

1Spatial is a research client of Edison Investment Research Limited

1Spatial recently held its first capital markets day for a number of years. We see this as a positive signal that, following a substantial transformation programme, management is confident in its strategy and prospects. The recovery programme has been based on three fundamental principles – get the strategy right, assemble a strong team and build closer customer relationships. The capital markets day indicated that the company has made good progress on all three fronts.

Year end

Revenue (£m)

EBITDA (£m)

PBT* (£m)

EPS* (p)

DPS (p)

EV/sales (x)

P/E (x)

01/17**

15.1

(0.9)

(12.8)

(1.75)

0.0

1.9

N/A

01/18**

16.9

0.4

(1.5)

(0.19)

0.0

1.7

N/A

01/19e

17.8

1.0

(1.0)

(0.13)

0.0

1.7

N/A

01/20e

18.8

1.6

0.3

0.04

0.0

1.6

96

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **Continuing businesses only.

Core proposition: Ensuring geospatial data are reliable

1Spatial’s core competence is in ensuring that geospatial data are reliable, a capability that is underpinned by the company’s proprietary geospatial rules-based engine. The investor day demonstrated why the company’s 1Integrate platform achieves this so effectively, why traditional non-geospatial platforms fall down in this area and why this capability is so valuable to the business and its clients (see page 2). The complexity and volumes of geospatial data are growing exponentially, as is the reliance that customers place upon these data.

Land expand, rinse and repeat

We believe the business is now putting in place the commercial model to convert the strength of its technology and expertise into robust operationally geared growth. The direct sales, solutions-driven model instigated as the start of the transformation process now appears to be converting into larger, multi-faceted engagements with the customer base. Customer Northern Gas Networks presented at the event and described how an initial project has grown to six ongoing schemes, with scope for more to come. The ability to replicate solutions provided across different customers will be a key factor in enhancing competitiveness and driving operational leverage.

Growth opportunities across the UK, EU and the US

1Spatial has identified good growth opportunities across the UK, Europe and the US, while it remains focused on the core government, utilities and transport sectors. The progress made in the US is notable, where 1Spatial’s customer base has moved from three clients in 2015 to 19 in 2018. The customer acquisition rate is expected to remain on a similar trajectory this year.

Valuation: 2.0x FY19e EV/sales readily justifiable

Our near-term forecasts appear well underpinned. New contract wins could prompt upgrades while the company’s strong IP base and value proposition should support a healthy, long-term growth trajectory. We maintain our view that an FY19e EV/sales multiple of 2.0x (vs 1.7x on current forecasts) is justifiable, implying a value of c 5p per share, with plenty of scope for further growth from there.

The platform: Ensuring data are reliable

1Spatial’s unique geospatial rules engine is at the heart of its core 1Integrate product and value proposition. The platform operates in a fundamentally different way to other data platforms in that, through processing multiple data types (object, geometry, topology, lifecyle, etc), it enables the user to work directly with geospatial business rules. Examples of such rules include a curb must not overlap with a building or pipes must not pass within a certain distance of each other. New rules are continually being created for clients or use cases. The system can also process non-spatial data business data, which enables the system to be deployed into the broader workflows of the clients business.

Competing enterprise solutions operate with linear, scalar data (ie a value must be greater than, less than or equal to another). Although some have bolt-on spatial capabilities, the underlying structure of the database limits the utility and depth of spatial data that can be captured, organised and analysed.

Enhancements could enhance competitiveness and enlarge addressable market

A recent enhancement to the platform includes the introduction of a data gateway, which is essentially a portal for enabling internal or external users validate or enhance data while conforming to quality standards and Service Level Agreements (SLA). From a business perspective, we see this product as a potentially valuable mechanism for generating a network effect, whereby the companies collaborating with 1Spatial’s clients use and become familiar with the company’s platform.

The company has also introduced a mobile solution to enable field workers to collect, confirm and correct data on-site, while following the rule-set put in place for that client. From a customer’s standpoint, this has the potential to significantly improve the efficiency of collecting and processing data, while enlarging the addressable market for 1Spatial.

Good growth prospects across all key geographies

The company’s regional heads from each of 1Spatial’s key markets, UK, France and Belgium and the US all presented at the event. We believe there are good growth prospects in all of these regions, although the US presents the most exciting growth potential.

Building on strengths in the UK and Europe

In the UK, the benefits from the shift towards a more customer-focused, direct sales model is manifested in an improvement in the win rate to one win for every two bids from one in four previously and revenue growth of 15% to £6.6m in FY18. The utilities segment is the fastest growing vertical in this market, with need to be able to rapidly adapt to regulatory change (from OFGEM or OFWAT), a key driver behind this. The presentation from client Northern Gas Networks, which started working with 1Spatial on one project and is now engaged on six, with potential to expand further, demonstrates the benefits of the company’s collaborative approach and upside from the land and expand strategy. In the government sector the business is seeing opportunity in the repatriation of government agencies post Brexit, while in transport the company has the potential to significantly expand its engagement with a major UK rail infrastructure company to manage data on a much broader scale.

In France and Belgium the company appears to have a good opportunity to upsell to its 230 customers in the region with live contracts. It is also looking to expand into other geographies, particularly Germany, where it is much less well penetrated.

US potential

The US business has progressed from being a potentially vulnerable outpost to an established business with strong growth prospects. The focus is on government agencies, where there is a substantial growth opportunity due to the enormity of both federal- and state-level IT budgets.

The customer base has moved from three clients in 2015 to 19 in 2018 and management expects the customer acquisition rate to remain on a similar trajectory. Despite this, we believe the company is only scratching the surface of the US opportunity with multiple agencies in each of the 50 states, which are broken down into over 3,000 counties and 19,000 municipalities.

The highly fragmented distribution of these budgets is a hurdle, but management is focused on identifying the larger accounts to engage with directly. An indirect strategy may be adopted to address the long tail of potential customers. A growing roster of client references and work with a major US tech player could strengthen the network base to unlock more of these budgets.

Exhibit 1: Growth in client base of US business

Source: 1Spatial, Edison Investment Research

New data types could support penetration of new verticals

The company has recently added two new data types to the 1Integrate platform: linear referencing systems data, which could strengthen the company’s offering in infrastructure and transport; and computer-aided design (CAD) data, which are expected to open up opportunities in the facilities management market. With respect CAD, the company recently completed an $80,000 Proof of Concept (PoC) engagement with a very large US technology vendor to clean and integrate CAD-based GIS data. The company is now engaging with this client to carry out work on a number of other campuses. While it remains early days yet, other opportunities have also emerged in this vertical. Successful execution on these opportunities could open up a significantly larger addressable market to the business.

Valuation: Recovery not priced in

1Spatial’s shares still trade on typical recovery multiples, with a low EV/sales multiple (FY19e: 1.7x) but high P/E (loss in FY19e, 96x in FY20e) due to the compressed margin status. However, our confidence that the company will consolidate its recovery has strengthened; we feel that our estimates may look conservative and potential revenue upgrades should gear strongly to earnings if they come through. The company’s strong IP base and value proposition should support a healthy long term growth trajectory.

Consequently, we believe1Spatial should progressively shake off its recovery multiple as further evidence that it is consolidating its recovery and moving into profitability comes through. Looking beyond this, the location master data management opportunity provides the potential for an operationally geared acceleration in growth. While it is too early to price in such an acceleration at present, we believe the company’s potential in this space could prompt some strategic interest.

On this basis, we believe that an FY19e EV/Sales multiple of 2.0x (vs 1.7x on current forecasts) would be easily justifiable, implying a value of c 5p per share, with plenty of scope for further growth from there.

Exhibit 2: Peer comparison

Name

Quoted currency

Market cap

(m)

EV/Sales FY1 (x)

EV/Sales FY2 (x)

EV/EBITDA FY1 (x)

EV/EBITDA FY2 (x)

P/E

FY1 (x)

P/E

FY2 (x)

Hexagon AB-B SHS

SEK

182,312

5.4

5.0

16.8

15.3

24.6

22.2

Trimble

USD

8,832

3.2

2.9

16.4

14.1

20.1

17.7

Nemetschek

EUR

4,077

8.9

7.8

33.8

29.0

54.0

45.7

First Derivatives

GBP

1,104

5.3

4.7

29.5

26.4

54.0

47.9

Saison Information Systems

JPY

24,187

0.7

0.7

N/A

N/A

19.2

12.6

D4T4 Solutions

GBP

55

2.6

2.2

10.0

9.3

13.8

12.7

Kainos Group

GBP

491

4.2

3.8

23.6

20.6

33.2

28.6

IDOX

GBP

133

1.6

1.7

6.2

6.6

8.2

9.4

K3 Business Technology Group

GBP

88

1.0

N/A

10.5

N/A

19.9

N/A

SDL

GBP

371

1.2

1.1

12.3

10.4

20.5

17.9

SCISYS

GBP

49

1.0

1.0

9.3

8.4

14.1

12.6

Iomart Group

GBP

403

4.0

3.7

9.7

9.0

18.7

16.7

Average

3.3

3.2

16.2

14.9

25.0

22.2

1Spatial

GBP

30

1.7

1.6

30.6

18.3

N/A

96.3

Source: Company data, Bloomberg. Note: Prices as at 18 June 2018.

Exhibit 3: Financial summary

£'000s

2017

2018

2019e

2020e

31-January

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

15,133

16,938

17,800

18,767

Delivery costs

(6,868)

(7,994)

(8,090)

(8,169)

Gross Profit

8,265

8,944

9,710

10,598

EBITDA

 

 

(874)

403

985

1,645

Operating Profit (before amort. and except.)

(12,494)

(1,302)

(846)

303

Acquired Intangible Amortisation

0

0

0

0

Exceptionals

(2,590)

(1,041)

(300)

0

Share based payments

(566)

538

(250)

(250)

Operating Profit

(15,650)

(1,805)

(1,396)

53

Net Interest

(25)

(151)

(161)

3

Other

(266)

0

0

0

Profit Before Tax (norm)

 

 

(12,785)

(1,453)

(1,007)

306

Profit Before Tax (FRS 3)

 

 

(15,941)

(1,956)

(1,557)

57

Tax

1,081

753

405

(11)

Profit After Tax (norm)

(12,785)

(1,453)

(1,007)

306

Profit After Tax (FRS 3)

(14,860)

(1,203)

(1,152)

46

Average Number of Shares Outstanding (m)

728.9

747.7

760.5

760.5

EPS - normalised (p)

 

 

(1.75)

(0.19)

(0.13)

0.04

EPS - normalised fully diluted (p)

 

 

(1.75)

(0.19)

(0.13)

0.04

EPS - (IFRS) (p)

 

 

(2.04)

(0.16)

(0.15)

0.01

Dividend per share (p)

0.0

0.0

0.0

0.0

Gross Margin (%)

54.6

52.8

54.6

56.5

EBITDA Margin (%)

N/A

2.4

5.5

8.8

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

N/A

N/A

N/A

1.6

BALANCE SHEET

Fixed Assets

 

 

13,025

10,873

10,130

10,121

Intangible Assets

11,968

10,540

10,011

10,002

Tangible Assets

1,057

333

119

119

Investments

0

0

0

0

Current Assets

 

 

10,761

7,050

6,434

7,473

Stocks

0

0

0

0

Debtors

8,929

5,510

5,790

6,105

Cash

1,285

1,319

423

1,147

Other

547

221

221

221

Current Liabilities

 

 

(13,029)

(10,234)

(9,777)

(10,296)

Creditors & other

(12,348)

(9,183)

(9,726)

(10,245)

Short term borrowings

(681)

(1,051)

(51)

(51)

Long Term Liabilities

 

 

(1,535)

(899)

(899)

(899)

Long term borrowings

0

0

0

0

Other long term liabilities

(1,535)

(899)

(899)

(899)

Net Assets

 

 

9,222

6,790

5,888

6,400

CASH FLOW

Operating Cash Flow

 

 

(1,061)

245

948

1,852

Net Interest

(166)

(167)

(161)

3

Tax

425

751

405

(11)

Capex

(4,042)

(1,035)

(1,088)

(1,120)

Acquisitions/disposals

(900)

115

0

0

Financing

896

0

0

0

Dividends

0

0

0

0

Net Cash Flow

(4,848)

(91)

104

724

Opening net debt/(cash)

 

 

(4,996)

(604)

(268)

(372)

HP finance leases initiated

0

0

0

0

Other

456

(245)

0

0

Closing net debt/(cash)

 

 

(604)

(268)

(372)

(1,096)

Source: Company accounts, Edison Investment Research. Note: 2017 and 2018 P&L figures relate to continuing businesses only. Loss from discontinued operations, not shown above, was £1,255k in 2018.

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. 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. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by 1Spatial 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 Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. 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 2018. “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

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. 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. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by 1Spatial 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 Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. 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 2018. “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

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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