The Society announced its full year results today, reporting a profit before tax of £4.7m, £3.2m higher than for the same period in the prior year . However, profit levels remain lower than our expectations at the time of the Liability Management Exercise (LME) undertaken in April 2018, primarily reflecting the current economic and operating environment. The Society maintained the Interim Distribution for the period to 30 September 2020 at £0.50p per CCDS, which was paid in February 2021, and indicated an update would be provided alongside the full year results as the outlook became clearer. In the context of the continuing uncertain outlook for the UK economy, the Board would like to provide updated guidance on its current expectation for the final CCDS distribution for August 2021 (the Final Distribution ). Although profit levels have remained below the levels envisaged at the time of the LME, the Society has maintained its capital streng