The directors present the strategic report for the year ended 31 December 2024.
Blue Gem Holdings Limited is a diversified services company specialising in the flexible office market, operating through four complementary brands: One Avenue Group, Flexioffices, Iconomy, and Identity. The Group’s mission is to create exceptional workspaces and service experiences that empower businesses to thrive in the evolving commercial real estate landscape.
The year 2024 has been a transformative one, marked by substantial investment in the next generation of our brands, a milestone transition to Employee Ownership Trust (EOT), and continued commitment to long-term sustainable growth and expansion.
The year 2024 represents the first year of trading under the new structure of One Avenue Property Holdings Limited, following the successful restructuring and separation of One Avenue Holdings Limited into two distinct entities; One Avenue Property Holdings Limited, which holds the property assets, and Blue Gem Holdings Limited, which operates the serviced office and associated service brands.
As Blue Gem Holdings Limited was formed as part of this restructuring and represents the first year in which the serviced office operations are consolidated under this new structure, the financial year ended 2024 represents the Company’s first year of trading. As such, direct like-for-like comparisons with prior periods are not applicable.
Financial and Operational Highlights
Despite incurring significant development and restructuring costs associated with launching Iconomy and repositioning Flexioffices, the Group’s underlying performance remained robust and cash generative.
Key Financial Highlights (2024):
Cash generation of £3.9 million a robust operational cash inflow demonstrating strong revenue conversion and effective cost management despite heavy investment in brand expansion.
The Group closed the financial year with net assets of £26.5 million, reflecting a strong balance sheet position and continued financial stability.
Turnover growth across the portfolio, driven by consistent client retention and strong recurring revenue from serviced office operations, supported by new brand contributions from Iconomy and Flexioffices.
Gross profit margin maintained at over 70%, reflecting the high-value service model and efficiency of the Group’s flexible office operations.
Strong working capital management, evidenced by stable receivables and reduced creditor exposure, ensuring operational flexibility.
Capital investment programme sustained, including refurbishments and digital infrastructure enhancements supporting long-term brand differentiation.
Improved group solvency and liquidity ratios, indicating a more resilient capital structure entering 2025
Brand and Operational Highlights
One Avenue Group maintained consistently high occupancy levels across its London portfolio, exceeding 90% throughout the year.
Flexioffices successfully completed its brand transformation, with early signs of enhanced client acquisition and improved cost efficiency.
Iconomy, although in its launch phase, achieved early traction and strong market engagement, positioning it as a future revenue contributor.
Identity continued to deliver stable margins and customer retention and branching out into the managed space.
Cross-brand collaboration initiatives are yielding measurable benefits in marketing efficiency and shared operational expertise.
Strategic and Governance Milestones
Establishment of the Employee Ownership Trust (EOT) in 2024, marking a pivotal cultural and structural shift towards inclusive ownership.
Ownership transferred to an Employee Ownership Trust for the benefit of employees, ensuring long-term continuity and alignment.
Enhanced corporate governance framework implemented post-EOT, ensuring transparency and accountability at all operational levels.
Positive 2025 trading indicators confirm improving revenue momentum and profitability across Flexioffices and Iconomy.
These figures align with strategic reinvestment in scalable operations and technology platforms while maintaining liquidity to fund future expansion.
Strategic Context and Market Position
The flexible workspace industry continues to evolve, driven by hybrid working and demand for agile office solutions. Blue Gem Holdings is positioned to capitalise on these trends through its multi-brand model.
Strategic themes include:
Expanding occupancy through premium and mid-tier brands.
Leveraging digital marketing and data analytics to enhance lead conversion.
Deepening landlord and partner relationships to improve asset utilisation.
Enhancing customer experience through technology-enabled workspace management.
Employee Ownership Trust (EOT) and Cultural Transformation
In 2024, the Group underwent a significant milestone with the establishment of an Employee Ownership Trust. Ownership was transferred from the founding shareholders to a trust for the benefit of employees.
This represents a cultural and strategic realignment around shared success.
Benefits of the EOT:
The move to employee ownership provides a range of benefits that align directly with the company’s long-term strategy:
Enhanced employee engagement and retention: Staff now have a direct stake in the company’s success, fostering accountability and motivation.
Attraction of top talent: The ownership model acts as a differentiator in the competitive flexible office sector.
Alignment of purpose: Ensures that strategic goals serve the long-term interests of the business and its people.
Sustainable growth: EOT governance promotes responsible decision-making and reinvestment in future expansion.
Cultural cohesion: Promotes collaboration across all brands, uniting teams behind a shared vision of excellence and innovation.
Strategic Link to Performance
The EOT model empowers our team to make agile, market-responsive decisions while maintaining a focus on long-term value creation. This aligns directly with our financial trajectory combining profitability, employee participation, and reinvestment to build sustainable business strength.
The Group is well positioned to capitalise on this sectoral momentum by continuing to develop high-quality, client-centric workspace products and strengthening its partnerships with landlords and occupiers across key markets.
Governance and Future Outlook
The Board recognises that 2024’s performance was a year of transition, balancing strategic investment with operational stability.
Looking ahead, 2025–2026 will focus on:
Strengthening the profitability of Flexioffices and Iconomy following their relaunch.
Deepening integration across the Group’s brands to maximise synergies.
Leveraging EOT ownership to drive innovation and leadership development.
Continuing to build liquidity reserves and operational cash generation.
Early 2025 trading data and forward indicators suggest a material improvement in both profitability and brand momentum, validating the strategic course set during the 2024 financial year.
Market Environment and Industry Outlook
The flexible workspace sector continues to experience sustained structural growth, underpinned by lasting shifts in occupier behaviour, the adoption of hybrid working models, and the increasing requirement for agile, service-led office solutions. Demand for flexible workspace now consistently exceeds pre-pandemic levels, reflecting a broader transition away from long-term conventional leases towards shorter, scalable arrangements that reduce operational risk for businesses. Occupiers are increasingly prioritising high-quality environments, turnkey readiness and service-led experiences, with flexible workspace becoming an integral component of modern real estate strategies rather than a temporary or secondary option.
From an ownership and asset perspective, flexible workspace has become an essential mechanism for enhancing building occupancy, preserving asset value and meeting evolving tenant expectations. Many landlords are now actively seeking specialist partners capable of delivering operationally complex, amenity-rich flexible products that can be fully integrated into broader building strategies. This shift aligns closely with the Group’s strategic focus areas already outlined in the report, including strengthening landlord partnerships, improving asset utilisation and expanding service-led workspace solutions.
Within the wider market landscape, the ecosystem remains dominated by brokers, advisory firms and design-led providers, each offering narrow functional value but limited operational depth. This has created a notable gap for a fully integrated flexible workspace operator that can combine hospitality-led service, operational excellence and asset-aligned commercial models. As a result, there is a meaningful opportunity for the Group to further leverage its multi-brand platform, deep operational capability and strong service culture to expand its presence within the growing flexible office segment.
Conclusion
The year 2024 has positioned Blue Gem Holdings for a new era of growth, culture, and purpose. The Group’s transition to employee ownership underscores its belief that shared success drives sustainable results. As the Company enters this next chapter of growth, the Board will be strengthened through the addition of senior leadership across all key disciplines to guide and accelerate the Group’s strategic ambitions. By combining strong financial discipline, an empowered workforce, and a clear strategic direction, the Company is poised to deliver consistent and sustainable value to its stakeholders in 2025 and beyond.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M J Bushell Audit LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Blue Gem Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The auditor’s explanation of its audit response will depend on the risks identified but may include:
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
The auditor’s explanation of its audit response will depend on the risks identified but may include:
- Enquiry of management, those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0.
Blue Gem Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of Blue Gem Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Blue Gem Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Administrative and management services, including staff, are provided by the company to related companies by virtue of common key management.
The cost of these services charged by the company in the year totals £2,336,015 and this is excluded from the above.
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
On 4 January 2024, the Group underwent a restructuring process, whereby the trading activities of the One Avenue Group were separated from its property business, allowing for the demerger of the trade. This group was valued at £27,060,000.
Details of the company's subsidiaries at 31 December 2024 are as follows:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The company has one class of ordinary shares which carry full voting rights and rank equally for dividends.
Upon incorporation, the Company allotted 1 Ordinary share at nominal value £1.
Subsequently, as part of the group restructuring and share-for-share exchange completed on 04 January 2024, the Company issued and allotted 27,060,000 ordinary shares of £1 each.
The allotment formed part of the reorganisation under which the Company became the new holding company of the Group. No cash consideration was received in respect of the share issue; instead the fair value of the shares issued represented the consideration transferred for the acquisition of the subsidiaries.
On 4 January 2024 the group acquired 100 percent of the issued capital of Blue Gem Management Services Limited and its subsidiaries.
The Company has provided a guarantee in connection with the Employee Ownership Trust transaction entered into on 4 January 2024, securing the obligations of the Buyer (Trident Trust Company (U.K.) Limited) to the Sellers.
The guarantee covers all amounts due under the related agreement, up to £27,060,000, plus any associated costs. No claim has been made under the guarantee, and the directors consider the likelihood of any liability arising to be remote. Accordingly, no provision has been recognised.
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
On 4th January 2024, the group completed a significant legal and corporate reorganisation as part of a wider transaction to establish an Employee Ownership Trust (“EOT”). The restructuring was undertaken to separate the group’s serviced office trading operations from the property-holding activities previously carried out within the wider One Avenue group.
As part of the reorganisation:
Transfer of trade and assets: The trade and associated assets of several companies within the former One Avenue group were transferred to Blue Gem Management Services Limited (“BGMS”), the principal trading subsidiary of the group. This resulted in the recognition of assets, liabilities, and associated trading operations within BGMS at their fair values on transfer.
Recognition of investments: The group recognised new investments in the acquired trading operations following their transfer from the former group, reflecting their fair value at the date of reorganisation.
Intercompany and pre-acquisition adjustments: Certain pre-existing intercompany balances were released prior to the restructuring. These transactions are treated as pre-acquisition adjustments and therefore do not impact the consolidated profit and loss account.
Investment in Flexi Holdings: The group acquired the investment in Flexi Holdings Limited from One Avenue Holdings Limited for nominal consideration as part of the restructuring process.
These transactions are non-recurring and exceptional in nature and were undertaken solely to implement the new EOT group structure. Following the reorganisation, the trading group now provides ongoing management and operational services to the wider group. As the majority of restructuring adjustments were accounted for as pre-acquisition adjustments, they are eliminated on consolidation and therefore do not impact the group’s consolidated profit and loss account. The consolidated results therefore reflect the group’s underlying trading performance.