BlackRock Income and Growth Investment Trust plc (LON:BRIG) has announced its half year report for the six months ended 30 April 2023.
For more information on the BlackRock Income and Growth Investment Trust, please visit: www.blackrock.com/uk/brig
PERFORMANCE RECORD
| For the six months ended 30 April 2023 | For the year ended 31 October 2022 | |
| Performance (with dividends reinvested) | ||
| Net asset value per share2 | 14.8% | -2.3% |
| Ordinary share price2 | 14.4% | -7.0% |
| FTSE All-Share Index | 12.5% | -2.8% |
| ========== | ========== |
| As at 30 April 2023 | As at 31 October 2022 | |
| Net assets (£’000)1 | 45,089 | 40,572 |
| Net asset value per ordinary share (pence) | 215.22 | 191.63 |
| Ordinary share price (mid-market) (pence) | 191.00 | 171.00 |
| Discount to net asset value2 | 11.3% | 10.8% |
| FTSE All-Share Index | 8940.12 | 7945.76 |
| ========== | ========== |
| For the six months ended 30 April 2023 | For the six months ended 30 April 2022 | Change % | |
| Revenue | |||
| Net profit after taxation (£’000) | 722 | 752 | -4.0 |
| Revenue earnings per ordinary share (pence)3 | 3.44 | 3.53 | -2.5 |
| Dividends (pence) | |||
| Interim | 2.60 | 2.60 | – |
| ========== | ========== | ========== |
1 The change in net assets reflects portfolio movements, the purchase of the Company’s own shares and dividends paid.
2 Alternative Performance Measures, see Glossary in the Half Yearly Financial Report.
3 Further details are given in the Glossary in the Half Yearly Financial Report.
CHAIRMAN’S STATEMENT
Dear Shareholder
Overview
I am pleased to report that our portfolio has performed well during the six months to 30 April 2023, delivering a strong positive return and outperforming our benchmark. It has also continued to provide shareholders with capital growth and income during what has been a particularly turbulent first half to the financial year.
The period was once again dominated by powerful macroeconomic drivers, as stubborn inflation and the threat of a US banking crisis (and contagion in the UK) acted to undermine already fragile market confidence, which had been briefly buoyed by the mild winter averting an energy crisis in Europe. Swift intervention by central banks did help stabilise markets. In the UK, double digit inflation and persistent wage growth data left the Bank of England with little option but to implement a 25 basis point rise in interest rates in May, raising the base rate to 4.5%, the highest level since 2008. The central bank’s own forecasts for the UK economy have improved, with a recession in 2023 now expected to be avoided. The UK market responded well to this revision of UK GDP growth and performed strongly towards the end of our half year. Sentiment was also aided by indications that the rate hiking cycle may be nearing its peak, stronger than anticipated consumer spending data, and China’s reopening, which was supportive of markets globally.
Performance
Against this challenging backdrop, the Company’s net asset value per share (NAV) returned 14.8%, compared with the Company’s benchmark, the FTSE All-Share Index (total return), which returned 12.5%. The Company’s share price returned 14.4% (all percentages in Sterling with dividends reinvested).
Subsequent to the period end and as at 19 June 2023, the net asset value per share of the Company has decreased by 2.9% from 215.22 pence per share to 209.01 pence per share and the Company’s share price has fallen by 1.8% from 191.00 pence per share to 187.50 pence per share. The Company’s Benchmark Index has decreased by 2.8% over the same period.
Further information on the significant components of overall performance and the changes to portfolio composition are set out in the Investment Manager’s report below.
Revenue Profit and Dividends
Revenue profit for the period was 3.44 pence per share (six months to 30 April 2022: 3.53 pence per share), a small decrease of 2.5% year-on-year. The Board is declaring an unchanged interim dividend of 2.60 pence per share which will be paid on 1 September 2023 to shareholders on the Company’s register at the close of business on 21 July 2023 (the ex-dividend date is 20 July 2023). I am pleased to report that our interim dividend is fully covered by the revenue generated during the six-month period to 30 April 2023.
Share Capital
The Directors recognise the importance to investors that the Company’s share price should not trade at a significant discount to NAV, and therefore, in normal market conditions, may use the Company’s share buy back, sale of shares from treasury and share issuance powers to seek to ensure that the share price does not differ excessively from the underlying NAV. During the period the Company’s shares traded at an average discount of 8.8% and ended the period at 11.3%. At the close of business on 19 June 2023 the discount had narrowed to 10.3%.
A total of 222,118 ordinary shares were bought back and cancelled during the period at an average price of 181.43 pence.
Gearing
The Company operates a flexible gearing policy which depends on prevailing conditions and the outlook for the market. Gearing is subject to a maximum level of 20% of net assets at the time of investment. As at 30 April 2023 the Company had net gearing of 5.3%. Gearing levels and sources of funding are reviewed regularly to ensure that the Company has access to the most competitive borrowing rates available to it. The Company has a one-year unsecured Sterling Revolving Credit Facility of £8,000,000 with The Bank of New York Mellon (International) Limited, of which £4,000,000 is currently drawn.
Shareholder Communication
The Board appreciates how important access to regular information is to our shareholders. To supplement our Company website, we now offer shareholders the ability to sign up to the Trust Matters newsletter which includes information on the Company as well as news, views and insights. Further information on how to sign up is included on the inside cover of the Half Yearly Financial Report.
Outlook
As you will read in their report which follows below, your portfolio managers expect economic and market volatility to remain a key theme as we move through the second half of the financial year. In this challenging environment, they favour companies that have resilience, robust balance sheets, strong cash flows and, importantly, pricing power. They also believe weaker competitors will flounder against a backdrop of demand weakness, wage inflation and margin pressure. By contrast, companies which possess these characteristics will prosper and consolidate their market position. Therefore, they remain focused on bottom-up stock selection and are excited about the increasing opportunities on offer.
Your Board remains fully supportive of our portfolio managers’ approach as they continue to deliver on the Company’s investment objective of providing growth in capital and income over the longer term.
GRAEME PROUDFOOT
Chairman
21 June 2023
INVESTMENT MANAGER’S REPORT
Performance
For the six months since 31 October 2022, the Company’s NAV returned 14.8%, outperforming its Benchmark Index, the FTSE All-Share Index, which returned 12.5% over the same period.
Investment approach
In assembling the Company’s portfolio, we adopt a concentrated investment approach to ensure that our best ideas contribute significantly to returns. We believe that it is the role of the portfolio overall to generate an attractive and growing yield alongside capital growth rather than every individual company within the portfolio. This gives the Company increased flexibility to invest where returns are most attractive. This approach results in a portfolio which differs substantially from the Benchmark Index and in any individual year the returns will vary, sometimes significantly from those of the Benchmark Index. Over longer periods our objective is to achieve returns greater than the Benchmark Index, but with lower volatility. The foundation of the portfolio, approximately 70%, is in high free cash flow generating companies that can sustain cash generation and pay growing dividends whilst aiming to deliver a double-digit total return. Additionally, we look to identify and invest 20% of the portfolio in ‘growth’ companies that have significant barriers to entry and scalable business models that enable them to grow consistently. We also look for turnaround companies, for around 10% of the portfolio, which represent those companies that are out of favour with the market, facing temporary challenges with high yields or very low valuations, but with attractive recovery potential.
Market overview
Markets remained focused on interest rate policy, driven as much by the quantum and duration of the moves as by the impact of the tightening in policy over the last 15 months. Just after central bankers had been quick to reaffirm their commitment to curbing inflation, markets were hit by fears of a banking crisis, caused not by asset quality problems but by liquidity concerns: the collapse of Silicon Valley Bank was triggered by a breath-takingly fast run on deposits, which also pressurised regional banks in the United States of America (US); Credit Suisse was, in turn, rescued by UBS with assistance from the Swiss government; and finally the collapse of First Republic Bank in April 2023. The spike in volatility led market participants to question how much further tightening was needed but also to wonder how much damage had already been done. Despite this, UK equities made progress over the reporting period, helped by lower commodity prices in Europe, China’s rapid reopening and further signs that the domestic economy may be under less pressure than feared.
There were few themes driving market performance although large-caps continued to outperform small-cap and mid-cap indices. Domestic cyclicals performed well: UK consumer spending habits proved more robust than expected, boosting retailers and leisure stocks. In addition, towards the end of the period, we saw a spike in mergers and acquisitions activity for UK companies, particularly in the mid and small-cap space, with growing interest in the attractive valuation discount seen across the UK market.
Contributors to and detractors from performance
The portfolio outperformed its Benchmark Index during the period driven by strong stock specific factors. In Financial Services, 3i Group was the contributor to relative portfolio performance as the company delivered strong results with discount retailer Action performing very well over the Christmas period. This drove a significant increase in 3i Group’s NAV which positively surprised against expectations. Standard Chartered was another positive contributor to performance during the period. Buoyed by some bid speculation, the shares were supported by a mix of solid short-term results and greater optimism from management in achieving their return on equity targets.
Elsewhere, several of the more defensive holdings within the Company performed strongly including RELX, Reckitt, Tate & Lyle and Smith & Nephew where results highlighted improved trading conditions and/or continued strong cash generation. Amongst the smaller cap holdings within the portfolio, Games Workshop, a recent addition to the portfolio, performed strongly in December on the back of the announcement that the company formed an agreement in principle with Amazon to develop film/TV projects with their Warhammer franchise.
Pearson was a detractor from relative performance during the period; the company was a very strong performer in 2022 and the beginning of 2023 saw some consolidation in its share price, particularly after the announcement of the impact of generative Artificial Intelligence (AI) at US peer Chegg. Watches of Switzerland was another detractor from performance as the company’s share price fell on the back of their Q3 results. While the sales growth slowed down in Q3, this was predominantly driven by jewellery, which fell mainly as a result of the company’s own decision not to discount and to hold its price premium versus competition.
Moonpig, the online card and gifting platform, performed weakly as postal strikes during the holiday period caused customers to fear that their cards would not be delivered on time. EuroAPI, the European pharmaceutical manufacturer, cut 2022 earnings expectations due to an issue with documentation in their Budapest plant and disappointing volumes from a major customer.
Use of gearing has been fairly consistent during the period which has ranged between 3 to 8%.
Transactions
During the period we purchased Swiss pharmaceutical company, Roche Holding, following a period of underperformance. We believe there is a good opportunity to purchase a leading oncology franchise and research and development capability at a very attractive valuation and supported by a strong balance sheet. Similarly, we also purchased Admiral Group late in Q1 following a period of weakness in the shares. We are starting to see the motor insurance market stabilise following a period of volatility during COVID-19.
We funded these new holdings from sales in Equifax, Kone and Whitbread following strong recent performance. Whilst Kone and Equifax have been relatively recent additions, purchased in the second half of 2022, we have been pleasantly surprised by the early strong performance. Both share prices reached levels where we felt their prospects were well understood and consequently used these to fund purchases later. We also meaningfully reduced our position in British American Tobacco following its outperformance during 2022.
We also fully exited our remaining small position in Moonpig as we view the relative strength of the balance sheets and revenue opportunities at some of our other consumer facing holdings to be more attractive.
We added three new midcaps to the portfolio including Games Workshop, Howden Joinery, and Watches of Switzerland following significant share price underperformance due to a weakening consumer backdrop; we believe that these are advantaged franchises which, aided by strong balance sheets, cash generation and continued investment, will emerge from this downturn as stronger competitors and with enhanced return prospects.
Outlook
Inflation has consistently surprised in its depth and breadth, driven by resilient demand, supply chain constraints, and most importantly by rising wages in more recent data. Central banks across the developed world continue to unwind ten years of excess liquidity by tightening monetary policy, desperate to prevent the entrenchment of higher inflation expectations. Meanwhile, March saw the first signs of financial stress with the bankruptcy of Silicon Valley Bank and Signature Bank in the US serving to highlight the potential issues of the aggressive retrenchment of liquidity. Whilst the ramifications of this crisis remain unclear, it is likely that credit conditions and the availability of credit will continue to recede. This strengthens our belief that companies with robust balance sheets capable of funding their own growth will outperform. We are mindful of this and feel it is incredibly important to focus on companies with strong, competitive positions, at attractive valuations that can deliver in this environment.
The political and economic impact of the war in Ukraine has been significant in uniting Europe and its allies, whilst exacerbating the demand/supply imbalance in the oil and soft commodity markets. We are conscious of the impact this has on the cost of energy, and we continue to expect divergent regional monetary approaches with the US being somewhat more insulated from the impact of the conflict, than for example, Europe. We also see the potential for longer-term inflationary pressures from decarbonisation and deglobalisation, the latter as geopolitical tensions rise more broadly across the world.
We would expect broader demand weakness although the ‘scars’ of supply chain disruption are likely to support parts of industrial capital expenditure demand as companies seek to enhance the resilience of their supply chains. A notable feature of our conversations with a wide range of corporates has been the ease with which they have been able to pass on cost increases and protect or even expand margins during 2022 as evidenced by US corporate margins reaching 70-year highs. As we look ahead into the second half of 2023, we believe demand will weaken as the transitory inflationary pressures start to fade. This will mean that pricing conversations will become more challenging despite continued pressure from wage inflation which may prove more persistent. While this does not bode well for margins in aggregate, we believe we will continue to see greater differentiation as corporates’ pricing power will come under intense scrutiny.
The UK’s fiscal policy has somewhat diverged from the G7 as the present government attempts to create stability after the severe reaction from the “mini-budget”. The early signs of stability are welcome as financial market liquidity has increased and the outlook, whilst challenging, has improved. Although the UK stock market retains a majority of internationally weighted revenues, the domestic facing companies have continued to be impacted by this backdrop, notably financials, housebuilders and property companies. The valuation of the UK market remains highly supportive as Sterling weakness supports earnings of international companies, whilst UK companies are in many cases at COVID-19 or Brexit lows in share price or valuation terms. Although we anticipate further volatility ahead as earnings estimates moderate, we know that in the course of time, risk appetites will return, and opportunities emerge.
We continue to focus the portfolio on cash generative businesses with durable, competitive advantages boasting strong leadership as we believe these companies are best-placed to drive returns over the long term. We anticipate economic and market volatility will persist throughout the year and we are excited by the opportunities this will likely create by identifying those companies using this cycle to strengthen their long-term prospects as well as attractive turnaround situations.
ADAM AVIGDORI AND DAVID GOLDMAN
BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED
21 June 2023
TEN LARGEST INVESTMENTS
1 = AstraZeneca (2022: 1st)
Sector: Pharmaceuticals & Biotechnology
Market value: £3,574,000
Percentage of portfolio: 7.5% (2022: 8.4%)
AstraZeneca is an Anglo-Swedish multinational pharmaceutical group with its headquarters in the UK. It is a science-led biopharmaceutical business with a portfolio of products for major disease areas including cancer, cardiovascular infection, neuroscience and respiration.
2 = Shell (2022: 2nd)
Sector: Oil & Gas Producers
Market value: £3,567,000
Percentage of portfolio: 7.5% (2022: 8.4%)
Shell is a global oil and gas company. The company operates in both Upstream and Downstream industries. The Upstream division is engaged in searching for and recovering crude oil and natural gas, the liquefaction and transportation of gas. The Downstream division is engaged in manufacturing, distribution and marketing activities for oil products and chemicals.
3 = RELX (2022: 3rd)
Sector: Media
Market value: £2,499,000
Percentage of portfolio: 5.3% (2022: 5.8%)
RELX is a global provider of professional information solutions that includes publication of scientific, medical, technical and legal journals. It also has the world’s leading exhibitions, conference and events business.
4 = Reckitt (2022: 4th)
Sector: Household Goods & Home Construction
Market value: £2,380,000
Percentage of portfolio: 5.0% (2022: 4.7%)
Reckitt is a global leader in consumer health, hygiene and household products. Its products are sold in 200 countries and its 19 most profitable brands are responsible for 70% of net revenues.
5 + 3i Group (2022: 8th)
Sector: Financial Services
Market value: £1,918,000
Percentage of portfolio: 4.0% (2022: 3.2%)
3i Group is a leading international investor focused on mid-market private equity and infrastructure.
6 = Rio Tinto (2022: 6th)
Sector: Mining
Market value: £1,837,000
Percentage of portfolio: 3.9% (2022: 4.0%)
Rio Tinto is a metals and mining group operating in approximately 36 countries around the world, producing iron ore, copper, diamonds, gold and uranium.
7 + Smith & Nephew (2022: 10th)
Sector: Health Care Equipment & Services
Market value: £1,532,000
Percentage of portfolio: 3.2% (2022: 2.9%)
Smith & Nephew develops and markets advanced medical devices. The company is involved in orthopaedics, endoscopy and advanced wound management. The company is in relatively economically defensive products with expected revenue growth from the sale of medical science devices with market leading trauma and sports medicine businesses which represent over 50% of revenues.
8 – Unilever (2022: 7th)
Sector: Personal Goods
Market value: £1,523,000
Percentage of portfolio: 3.2% (2022: 3.3%)
The consumer staples business operating in food, home and personal care has strong positions in emerging markets, where long-term growth trends in various countries that currently generate the majority of revenues.
9 + Phoenix Group (2022: 13th)
Sector: Life Insurance
Market value: £1,446,000
Percentage of portfolio: 3.1% (2022: 2.8%)
Phoenix Group is one of the largest providers of insurance services in the United Kingdom. The company offers a broad range of pensions and savings products to support people across all stages of the savings life cycle.
10 – Pearson (2022: 9th)
Sector: Media
Market value: £1,327,000
Percentage of portfolio: 2.8% (2022: 3.2%)
The education business has been taken over by a new management team who have restricted the business and put focus on areas of growth including English language learning and virtual books.
All percentages reflect the value of the holding as a percentage of total investments as at 30 April 2023.
Percentages in brackets represent the value of the holding as at 31 October 2022.
Together, the ten largest investments represent 45.5% of total investments (ten largest investments as at 31 October 2022: 48.4%).
DISTRIBUTION OF INVESTMENTS AS AT 30 APRIL 2023
ANALYSIS OF PORTFOLIO BY SECTOR
| % of investments by market value | % of Benchmark Index | |
| Pharmaceuticals & Biotechnology | 10.6 | 10.8 |
| Support Services | 10.6 | 3.4 |
| Oil & Gas Producers | 9.4 | 11.4 |
| Media | 8.1 | 3.5 |
| Household Goods & Home Construction | 7.5 | 1.1 |
| Financial Services | 7.4 | 4.1 |
| Banks | 7.1 | 8.8 |
| Mining | 6.0 | 0.3 |
| Personal Goods | 4.5 | 0.5 |
| General Retailers | 4.2 | 3.1 |
| Non-Life Insurance | 3.8 | 0.8 |
| Health Care Equipment & Services | 3.2 | 0.7 |
| Life Insurance | 3.1 | 2.7 |
| Electronic & Electrical Equipment | 3.0 | 1.0 |
| Food Producers | 2.8 | 0.6 |
| Tobacco | 2.0 | 3.5 |
| Travel & Leisure | 1.6 | 3.2 |
| Gas, Water & Multiutilities | 1.5 | 3.6 |
| Fixed Line Telecommunications | 1.4 | 1.6 |
| Real Estate Investment Trusts | 1.2 | 2.6 |
| Leisure Goods | 1.0 | 0.2 |
Sources: BlackRock and Datastream.
INVESTMENT SIZE
| Number of investments | % of investments by market value | |
| <£1m | 29 | 35.2 |
| £1m to £2m | 14 | 39.5 |
| £2m to £3m | 2 | 10.3 |
| £3m to £4m | 2 | 15.0 |
Source: BlackRock.
INVESTMENTS AS AT 30 APRIL 2023
| Market value £’000 | % of investments | |
| Pharmaceuticals & Biotechnology | ||
| AstraZeneca | 3,574 | 7.5 |
| Roche Holding1 | 1,278 | 2.7 |
| EuroAPI1 | 201 | 0.4 |
| —————- | —————- | |
| 5,053 | 10.6 | |
| ========== | ========== | |
| Support Services | ||
| Rentokil Initial | 1,308 | 2.8 |
| Hays | 1,069 | 2.3 |
| Mastercard1 | 1,058 | 2.2 |
| Ashtead Group | 716 | 1.5 |
| RS Group | 611 | 1.3 |
| Grafton Group | 236 | 0.5 |
| —————- | —————- | |
| 4,998 | 10.6 | |
| ========== | ========== | |
| Oil & Gas Producers | ||
| Shell | 3,567 | 7.5 |
| BP Group | 601 | 1.3 |
| Woodside Energy Group | 296 | 0.6 |
| —————- | —————- | |
| 4,464 | 9.4 | |
| ========== | ========== | |
| Media | ||
| RELX | 2,499 | 5.3 |
| Pearson | 1,327 | 2.8 |
| —————- | —————- | |
| 3,826 | 8.1 | |
| ========== | ========== | |
| Household Goods & Home Construction | ||
| Reckitt | 2,380 | 5.0 |
| Berkeley Group | 835 | 1.8 |
| Taylor Wimpey | 343 | 0.7 |
| —————- | —————- | |
| 3,558 | 7.5 | |
| ========== | ========== | |
| Financial Services | ||
| 3i Group | 1,918 | 4.0 |
| Ashmore Group | 713 | 1.5 |
| Premier Asset Management Group | 491 | 1.0 |
| London Stock Exchange Group | 434 | 0.9 |
| —————- | —————- | |
| 3,556 | 7.4 | |
| ========== | ========== | |
| Banks | ||
| Standard Chartered | 1,045 | 2.2 |
| HSBC Holdings | 1,017 | 2.1 |
| NatWest | 707 | 1.5 |
| Lloyds Banking Group | 601 | 1.3 |
| —————- | —————- | |
| 3,370 | 7.1 | |
| ========== | ========== | |
| Mining | ||
| Rio Tinto | 1,837 | 3.9 |
| BHP | 977 | 2.1 |
| —————- | —————- | |
| 2,814 | 6.0 | |
| ========== | ========== | |
| Personal Goods | ||
| Unilever | 1,523 | 3.2 |
| Watches of Switzerland | 594 | 1.3 |
| —————- | —————- | |
| 2,117 | 4.5 | |
| ========== | ========== | |
| General Retailers | ||
| Next | 916 | 1.9 |
| WH Smith | 687 | 1.4 |
| Howden Joinery | 433 | 0.9 |
| —————- | —————- | |
| 2,036 | 4.2 | |
| ========== | ========== | |
| Non-Life Insurance | ||
| Admiral Group | 1,061 | 2.2 |
| Hiscox | 733 | 1.6 |
| —————- | —————- | |
| 1,794 | 3.8 | |
| ========== | ========== | |
| Health Care Equipment & Services | ||
| Smith & Nephew | 1,532 | 3.2 |
| —————- | —————- | |
| 1,532 | 3.2 | |
| ========== | ========== | |
| Life Insurance | ||
| Phoenix Group | 1,446 | 3.1 |
| —————- | —————- | |
| 1,446 | 3.1 | |
| ========== | ========== | |
| Electronic & Electrical Equipment | ||
| Oxford Instruments | 834 | 1.7 |
| Schneider Electric1 | 610 | 1.3 |
| —————- | —————- | |
| 1,444 | 3.0 | |
| ========== | ========== | |
| Food Producers | ||
| Tate & Lyle | 1,309 | 2.8 |
| —————- | —————- | |
| 1,309 | 2.8 | |
| ========== | ========== | |
| Tobacco | ||
| British American Tobacco | 969 | 2.0 |
| —————- | —————- | |
| 969 | 2.0 | |
| ========== | ========== | |
| Travel & Leisure | ||
| Compass Group | 463 | 1.0 |
| Fuller Smith & Turner – A Shares | 280 | 0.6 |
| Patisserie Holdings2 | – | – |
| —————- | —————- | |
| 743 | 1.6 | |
| ========== | ========== | |
| Gas, Water & Multiutilities | ||
| Centrica | 713 | 1.5 |
| —————- | —————- | |
| 713 | 1.5 | |
| ========== | ========== | |
| Fixed Line Telecommunications | ||
| BT Group | 681 | 1.4 |
| —————- | —————- | |
| 681 | 1.4 | |
| ========== | ========== | |
| Real Estate Investment Trusts | ||
| Big Yellow Group | 567 | 1.2 |
| —————- | —————- | |
| 567 | 1.2 | |
| Leisure Goods | ========== | ========== |
| Games Workshop | 496 | 1.0 |
| —————- | —————- | |
| 496 | 1.0 | |
| ========== | ========== | |
| Total investments | 47,486 | 100.0 |
| ========== | ========== |
1 Non-UK listed investments.
2 Company under liquidation.
All investments are in ordinary shares unless otherwise stated. The total number of investments held at 30 April 2023 was 47 (31 October 2022: 45).
As at 30 April 2023, the Company did not hold any equity interests comprising more than 3% of any company’s share capital.
For more information on the BlackRock Income and Growth Investment Trust, please visit: www.blackrock.com/uk/brig
