TIDMACSO
RNS Number : 7602J
Accesso Technology Group PLC
14 September 2016
14 September 2016
accesso(R) Technology Group plc
("accesso" or the "Group")
INTERIM RESULTS
for the six-month period ended 30 June 2016
accesso Technology Group plc (AIM: ACSO), the premier technology
solutions provider to leisure, entertainment and cultural markets,
today announces interim results for the six months ended 30 June
2016. The first half numbers show strong year-on-year growth and
are consistent with the Group achieving its aims for the year as a
whole, notwithstanding the fact that full year performance will
this year, as in prior years, remain significantly second half
weighted.
Financial Highlights
Six months Six months Year ended
ended ended 31 December
30 June 2016 30 June 2015 % change 2015
-------------------------------- -------------- -------------- ------------ -------------
$m $m $m
Revenue 39.7 32.1 23.7% 93.2
EBITDA 6.1 2.7 125.9% 14.6
Adjusted operating profit* 5.0 1.6 212.5% 12.6
Profit before tax 2.3 (1.1) 7.2
Cash generated from operations 2.2 (1.0) 14.7
Net debt** 12.5 18.8 9.4
Adjusted earnings per share
- basic (cents) 15.74 4.37 260.2% 40.96
Earnings per share - basic
(cents) 7.36 (3.46) 24.47
--------------------------------- -------------- -------------- ------------ -------------
* Operating profit before the deduction of amortisation related
to acquisitions, and share based payments (note 4)
** Cash and cash equivalents less borrowings
Operational Highlights
Starting as we mean to go on
o Accelerating growth in key financial metrics driven by
continued market traction, and supported by good weather
o 1H revenue growth of 23.7%, adjusted operating profit up
212.5% and adjusted EPS up 260.2%.
o 57 new business wins and 72 new sites going live in the period
across the business, with solution interoperability driving
increased cross-selling
o Merlin rollout continuing as planned, with major sites
expected to have the accesso Passport(R) solution installed by the
end of 2017
o Extension of accesso Passport and accesso LoQueue(sm)
partnerships with Six Flags Entertainment Corporation through
2025
accesso LoQueue - new year, new wins, new ideas
o Two new queueing parks won in the first half - Denmark's
LEGOLAND(R) Billund and Schlitterbahn Waterpark and Resort in
Texas
o Expanded opportunity reflected in total guest revenue up 31%,
with revenue per guest up 3.3% indicating improving share of guest
wallet
o Queueless park trials continue to bring accesso's concept more
clearly into view
o Product investment and renewal remains a priority
accesso Passport - anchoring our growth in ticketing success
o Total volumes up 31% with shift in mix towards mobile
continuing, now at 37% compared with 22% in 1H 2015
o Notable cross-selling wins with existing accesso
Siriusware(SM) clients at The Henry Ford Museum in Dearborn,
Michigan and The Pacific Science Center in Seattle now live
o A number of other accesso Siriusware attraction and ski resort
customers are also in the process of converting to accesso Passport
for eCommerce
o Merlin roll-out driving geographic diversification reflected
by European volumes now at 9% of total (1H 2015: 5%)
accesso Siriusware - maximising the cross-sell opportunity
o accesso Siriusware now live at Blackpool Pleasure Beach - the
first installation at a European client
o 11 new clients signed in the period, across ski, cultural and
attraction operators and 9 sites going live
o Interest for the accesso Siriusware product in the UK and
Latin America has increased significantly with multiple,
high-profile leads currently being pursued
o Continued product development as new system administration
module is completed
accesso ShoWare(SM) - fully part of the accesso family
o Rebrand completed in May 2016 finalising ShoWare's integration
into accesso
o 41 new customers secured throughout the US, Mexico, Argentina,
Canada and Brazil in the period and 39 sites going live for the
first time
o Longwood Gardens in Philadelphia became the first accesso
Siriusware client to also select accesso ShoWare
o Expansion into sizable sports market continues with our first
major Mexican Football Club signed
Commenting on the results Tom Burnet, Executive Chairman of
accesso, said:
"The first half of 2016 has seen Accesso win new business,
extend market leadership and chart a course towards a successful
full year.
We are now a long-term and trusted partner to many of the
world's leading attractions operators. This places us in a very
exciting position, with operators not simply using our technology
but increasingly informing its evolution and even, in some cases,
influencing the planning of new attractions.
The Group's strong performance in the first half reflects the
work done last year to prepare Accesso for a period of accelerating
growth. Although the first half of the year traditionally accounts
for less than 40% of full year revenues and July and August have
presented challenges with unhelpful weather conditions in some key
markets, the early momentum gives the Board confidence that the
Group is on track to meet its expectations for 2016."
Steve Brown, Chief Executive Officer, added:
"We have made significant strides forward over the past six
months: with our products, with our technology and in our ever
strengthening market position. These developments do not happen in
isolation. They happen because of the efforts of our team and I
would like to thank every Accesso team member for their energy and
contribution. As we move in to the second half, I know that this
energy will continue to show through, as we push ahead with
embedding the new business we have won and delivering the real,
meaningful results our clients have come to expect."
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation
For further information, please contact:
accesso Technology Group plc +44 (0)118 934 7400
Tom Burnet, Executive Chairman
Steve Brown, Chief Executive Officer
John Alder, Chief Financial Officer
FTI Consulting, LLP +44 (0)20 3727 1000
Matt Dixon, Adam Davidson
Canaccord Genuity Limited +44 (0)20 7523 8000
Simon Bridges, Cameron Duncan
Numis Securities Limited +44 (0)20 7260 1000
Simon Willis, Mark Lander
About accesso(R) Technology Group
accesso (AIM: ACSO) is the premier technology solutions provider
to leisure, entertainment and cultural markets. Our patented and
award-winning technology solutions drive increased revenue for
attraction operators while improving the guest experience.
Our solutions add value to operators at every point of the guest
experience with our technology facilitating the key points of
contact with their many millions of guests.
We drive attendance
The accesso Passport(R) and accesso ShoWare(SM) ticketing suites
are comprehensive, easy-to-use cloud solutions that process tens of
millions of tickets every year for assigned seat and general
admission venues, enabling operators to maximize up-sell and
cross-sell with ease to drive greater revenue.
We handle payments
Our payment gateway carries level 1 PCI security certification
and 24/7 support. It provides the tools, security and support
operators need to drive sales and has so far processed more than $5
billion in transactions.
We take guests out of line
Since 2001 more than 11 million guests have used a patented
accesso LoQueue(SM) solution to queue less, ride more, enjoy a
better experience and increase in-attraction spend.
We simplify point-of-sale
Our accesso Siriusware(SM) point-of-sale solution offers
software modules that combine ticketing, membership, retail,
food/beverage transactions, rentals, credit card processing and
many other functions into a single system eliminating the need for
separate systems and databases.
More than 1000 attractions and venues worldwide currently employ
accesso technology - from theme parks, water parks, cultural
attractions, live performance venues and sporting events to ski and
snow parks. We are proud that our solutions are trusted by the
majority of the leading names in the leisure industry including Six
Flags Entertainment, Cedar Fair Entertainment, Merlin
Entertainments, International Speedway Corporation, Palace
Entertainment, Compagnie des Alpes and Herschend Family
Entertainment.
accesso is a public company, listed on AIM: a market operated by
the London Stock Exchange. For more information visit:
www.accesso.com.
Financial Review
accesso's financial performance during the first half of 2016
has been strong. With four fully integrated business lines under
the accesso banner we are now able to address customer needs in a
highly responsive way, tailoring solutions to individual
requirements and meeting a range of challenges with a broad and
complementary product suite. This breadth and flexibility is
combined with a business model designed to generate high quality
and repeatable revenue streams, derived principally through
transaction-based agreements which help develop relationships that
endure and expand over time.
The participative nature of such agreements ensures that each
and every day is as important to accesso as the first, entrenching
our commitment to continuous product development that allows our
customers to maximise the opportunity before them. Helping our
customers drive improved revenues in turn allows us to benefit from
the higher value transactions we facilitate, reinforcing the sense
of partnership we enjoy with our customers. These partnerships are
the foundation of a number of highly important and highly valuable
long-term agreements that we have been able to sign in recent
years. The success of this approach owes much to the excellent
people we have working right across accesso, and I thank them for
all of their efforts.
Key financial metrics
This is the first year since 2012 where there has been no
benefit from acquisitions within the current period numbers. In
line with previous years, however, the majority of accesso's
revenue and the significant majority of our profit will be
generated in the second half of the year. Therefore, while
pleasing, the first half's performance should be viewed in the
context of its lesser overall contribution to accesso's full year
ambitions.
The first half has seen accesso benefit from a combination of
strong trading conditions owing to good weather and high
attendances, a geographically diversified business and a
high-quality suite of products. Group revenue in the first half was
$39.7m, an increase of 23.7% year on year from $32.1m in 1H 2015.
This included the benefit of two additional trading days in 1H
2016, increased implementation revenues, the continued drive by
operators to upsell guests to season passes and the more favourable
weather. The impact of foreign exchange movements on revenue was
immaterial. The gross profit margin was 56.1% in 1H 2016, compared
to 52.7% in 1H 2015, despite a slightly higher proportion of
queueing revenue in 2016, as we benefited from improved margins on
our non-queueing business.
Operating costs across the group increased 13% in the period
(approximately 16% in constant currency) reflecting the investments
in 2H 2015, the continued scale-up of the organisation generally,
and particularly in Asia and Australia, where a new office has been
opened in Sydney to serve a growing stable of around 20 customers,
including attractions operated by Merlin Entertainments in that
region.
Adjusted operating profit, which the Board considers a key
underlying metric, increased by 212.5% to $5.0m (1H 2015: $1.6m),
while profit before tax increased to $2.3m (1H 2015: Loss of
$1.1m). Approximately $0.4m of this increase related to currency
movements. It is not expected that currency will be a significant
factor on a full year basis.
Adjusted earnings per share in the first half of 2016 increased
260.2% to 15.74 cents (1H 2015: 4.37 cents).
Capitalised development expenditure in the period was at $6.2m
(1H 2015: $2.8m) owing to a significant accelerated programme of
both hardware and software product development from which accesso
will start to benefit later in 2017. The majority of the increase
of this expenditure from 1H 2015 will be non-recurring.
Due to the seasonality of the business, the 1H period has
traditionally been one which is not cash generative. Cash generated
from operations was $2.2m (1H 2015: outflow $1.0m) and despite the
significant increase in development expenditure, net debt increased
for the six-month period by $3.1m to $12.5m from $9.4m at 31
December 2015, compared with an increase of $4.5m for the same
period in 2015. Net debt did also benefit from a $2.1m inflow
relating to share option exercises and a reduction in shares held
in trust.
As noted at the time of the 2015 preliminary results, to prepare
the Group for the next stage in its development we renewed and
extended our banking facility with Lloyds Bank on 14 March 2016.
The extended facility provides the Group with a fixed drawdown
facility of $25m, plus an additional $10m for potential M&A
investments, all at an improved rate of 1.35% above LIBOR and an
improved commitment rate. The facility terminates on 14 March 2019,
with the possibility for this to extend for a further 12
months.
Tax
The Board expects the 2016 tax rate for the full year to be
approximately 28% which is the rate that has been used within 1H
2016 (1H 2015: 28%). The Group continues to review and implement
opportunities for maintaining or lowering its effective rate, while
mindful of the fact that the majority of taxable income will
continue to be generated in markets with significantly higher
headline tax rates than the UK.
Dividend
The Board maintains its view that the payment of a dividend is
unlikely in the short to medium term with cash better invested in
growth focused investment opportunities.
Operational Progress
Following a series of landmark agreements and a period of
significant investment, the first half of 2016 has seen the first
signs of an increase in accesso's operational capability flowing
through to a step-change in the performance of the business.
We are particularly pleased to have extended our accesso
Passport and accesso LoQueue relationships with Six Flags through
the end of 2025. Our relationship with Six Flags, the world's
largest Regional Theme Park Operator, has been built over many
years and we are extremely proud and grateful that they should have
chosen to extend our relationship further. Beyond that, a key area
of focus has been to try to maximise the opportunity around cross
and up-selling additional services to existing customers, thereby
embedding accesso at the heart of operators' systems and future
plans. While we continue to win new business with our
market-leading solutions on a stand-alone basis, the work done to
centralise our sales functions and harmonise our offering across
the Group has allowed us to leverage the strength and versatility
of our product suite, growing the number of same-site integrations
and increasing awareness that operators and guests alike can
benefit from using more than one accesso product or service at the
same venue.
Our market-leading position has also started to see accesso act
as a hub for the best and most innovative ideas in our industry.
Our product development work continues to be driven by our
customers' unique and varied functionality requirements, leading us
to invest in developing solutions that are then incorporated into
our systems on a non-exclusive basis to be shared by all accesso
users. This approach ensures that our products continually
incorporate the latest problem-solving ideas, increasing the
differentiation of our product set and creating a cycle of positive
change that enhances our market-leadership still further.
The impact of these important dynamics can be seen across our
business portfolio, as laid out below:
accesso LoQueue
accesso's queuing business performed well in the first half,
with two new parks added in the period. These were Denmark's
LEGOLAND(R) Billund and the Texas-based Schlitterbahn Waterpark and
Resort. Across our entire enlarged estate we saw 1H queueing
revenues increase by 31%, while revenue per guest, a metric
important for describing accesso's ability to improve vendors'
revenue generation, was up 3.3% on the first half of 2015.
Within accesso LoQueue we continue to pursue our ambition of
helping operators create entirely queueless theme parks. accesso
has long been focused on efforts to take guests out of line,
improving the experience of a day at a leisure attraction for
guests and offering operators the opportunity to increase their
in-park spend per guest. The concept of an entirely queueless park
is the logical progression of this strategy, and each successful
trial refines our thinking, demonstrates the capability of our
solutions and brings us closer to achieving our ambition.
This drive towards queueless parks is also informing our
approach to R&D within the queueing business. We remain
committed to upgrading our product suite on a continuous basis,
ensuring our queueing products have the most advanced functionality
available. These efforts will enable accesso to accompany guests
throughout an entire visit to any kind of venue; for example, by
enabling new interaction and payments capabilities to supplement
our traditional queueing technology. By overlaying these additional
services on top of the core product we hope to increase the number
of accesso touch-points with the customer and further embed our
business at the heart of venues' operations.
accesso Passport
accesso's accelerating growth continues to be anchored in the
success of accesso Passport, the comprehensive suite of solutions
at the centre of our ticketing business. In the first half, revenue
generation benefitted from ticket volumes up 31% reflecting strong
organic growth in addition to the benefits of new business coming
in to the Group, which includes the ongoing roll-out of our
agreement to provide ticketing across the entire Merlin
Entertainments portfolio. Venues now live include those in Japan,
North America, Australia and parts of the UK (including London).
Pleasingly, accesso Passport is also driving the geographical
diversification of our business, with European volumes now at 9% of
our total (1H 2015: 5%).
The strong growth in the proportion of our accesso Passport
revenues derived from mobile transactions continues, now comprising
37% of the total (1H 2015: 22%). We continue to respond to signals
from guests who prefer to shop in comfort, in their own time or
while traveling to an attraction, and with any device they choose,
by tailoring our eCommerce solutions accordingly. Our fully
responsive Shopland 5.0 platform, launched in 2015, has not only
allowed accesso to benefit from this trend but has helped us to
actively shape how eCommerce is evolving in our industry.
Notable wins in the period also reflect our increasing ability
to cross-sell our products and increase accesso's presence within
single venues. The Henry Ford Museum in Dearborn, Michigan and The
Pacific Science Center in Seattle both now utilise accesso Passport
alongside the accesso Siriusware suite of point of sale and guest
management solutions. Our first accesso Passport / accesso
Siriusware integration is also now live in accesso Siriusware's
core ski industry. We believe strongly in the logic and benefits of
integrating accesso systems and will continue to focus our sales
efforts on deepening and broadening existing relationships in this
way.
Overall, accesso Passport continues to help drive the Group
along its anticipated growth-path, providing new and high-quality
revenue streams and delivering international and vertical expansion
that is the engine of the latest stage of accesso's
development.
accesso Siriusware
accesso Siriusware has also had a successful start to 2016 with
11 new customers signed in the period. Our point-of-sale and
guest-management solution continued its Group-wide cross-selling
success with the go-live of a large same-site integration with
accesso LoQueue at Blackpool Pleasure Beach. Blackpool deployed
over 160 salespoints and uses accesso Siriusware in ticketing,
membership, retail, food and beverage and reservations. Initially
signed in 2015, the Blackpool Pleasure Beach go-live marks an
important extension of an existing long-term relationship with an
iconic UK venue, and demonstrates the value accesso Siriusware can
add at a variety of venues.
Pleasingly, interest for the accesso Siriusware product in the
UK has increased in 2016 with multiple, high-profile leads
currently being pursued and we are hopeful of adding a number of
clients in the next 12 months. Similarly, accesso Siriusware is
also making gains in Latin America with interest from significant
attractions in that region as well.
Product development remains a key priority and a new version of
the accesso Siriusware database management tool, Siriusware
Control, has been completed in the period. The new version is now
in testing and will be rolled out to clients in the fourth quarter
of 2016.
accesso ShoWare
On 5 May 2016, ShoWare was rebranded as accesso ShoWare to
reflect its full integration into the wider accesso family. The
accesso ShoWare SaaS platform allows operators to manage all
aspects of their advanced ticket sales, with options for call
centre ticket sales, mobile ticketing, online ticketing and social
ticket sales through Facebook pages.
Specifically focussing on assigned-seat venues, accesso ShoWare
has continued its rapid expansion in the first half, securing 41
new contracts with attractions and promoters throughout the US,
Mexico, Argentina, Canada and Brazil. In addition, accesso ShoWare
is also now live at Longwood Gardens in Philadelphia, making that
venue the first accesso Siriusware client to also select accesso
ShoWare.
It has been our privilege to sell tickets for a number of major
artists during the period, including Selena Gomez, Andrea Bocelli
& Ricky Martin. We are also delighted to have secured our first
major league Mexican soccer team as a client and see large
opportunities to expand our business in this space.
Board Changes
In May 2016 we announced that certain changes would be made to
the structure and composition of accesso's Board. With Tom Burnet
moving from CEO to Executive Chairman and Steve Brown assuming the
role of CEO, accesso has succeeded in ensuring its Board better
reflects the way in which the Group is already run, enabling the
Group to continue to pursue effectively the growth opportunities
open to it and ensuring that the location of key leadership roles
reflects the geographic spread of the Group's workforce and
operations.
John Weston stepped down from his role as Non-Executive Chairman
of the Group, but will continue to remain involved in the Group as
the Senior Independent Director. The Board would like once again to
thank John for his contribution to accesso since 2011. Other Board
changes include the appointment of Karen Slatford as Non-Executive
Director, replacing Matt Cooper, and as noted at the time of the
2015 preliminary results, Leonard Sim also stepped down in the
period and has now retired from the business.
Current Trading & Outlook
The Group's strong performance in the first half reflects the
work done last year to prepare accesso for a period of accelerating
growth. Although the first half accounts for a lesser proportion of
full year revenues and profits than the second, and July and August
have presented challenges on account of unhelpful weather
conditions in some key markets, the early momentum gives the Board
confidence that the Group is on track to meet its expectations for
2016.
This trading position, the highly repeatable revenue model that
we have implemented, and the trust we have developed with leading
global operators to give them the confidence to enter into long
term commitments, offers enviable revenue visibility that gives the
Board comfort that the Group has the opportunity to deliver
sustainable growth in future periods.
We also continue to evaluate opportunities for further M&A
activity. Having made 3 acquisitions between 2012 and 2015, we have
spent 18 months or so carefully integrating the businesses into the
organisation we have today. Looking ahead, we see further
opportunity to deliver our strategic ambitions through well
executed M&A activity.
It has become commonplace in recent months for companies to
comment on how the decision by Britain to leave the European Union
may affect their businesses. For accesso, with over 90% of revenue
generated outside of the UK and a relatively balanced exposure to
sterling generally, we believe any impact will be minimal, but we
nevertheless continue to monitor developments closely.
Consolidated statement of comprehensive income
for the six month period ended 30 June 2016
Six months Six months
ended ended
30 June
30 June 2016 2015
$000 $000
------------------------------------------------- ------------- -----------------------------------------
Revenue 39,680 32,098
Cost of sales (17,425) (15,168)
------------- -----------------------------------------
Gross profit 22,255 16,930
Administrative expenses (19,802) (17,753)
Operating profit / (loss) 2,453 (823)
Finance expense (201) (236)
Finance income 2 5
------------- -----------------------------------------
Profit / (loss) before tax 2,254 (1,054)
Income tax (charge)/credit (631) 295
------------- -----------------------------------------
Profit / (loss) for the period 1,623 (759)
============= =========================================
Other comprehensive income
Items that will be reclassified to the income
statement
Exchanges differences on translating foreign
operations
(2015 restated - note 1) (705) 500
------------- -----------------------------------------
Other comprehensive (loss) / income for the period,
net of tax (705) 500
------------- -----------------------------------------
Total comprehensive income / (loss) for the period 918 (259)
============= =========================================
Profit / (loss) attributable
to:
Owners of the parent 1,633 (784)
Non-controlling interest (10) 25
1,623 (759)
============= =========================================
Total comprehensive income / (loss) attributable
to:
Owners of the parent 928 (284)
Non-controlling interest (10) 25
918 (259)
============= =========================================
Earnings per share expressed in cents per share:
Basic 7.36 (3.46)
Diluted 7.05 (3.46)
All activities of the company are classified as continuing
Consolidated statement of financial position
as at 30 June 2016
30 June 31 December
2016 2015
$000 $000
--------------------------------------- -------- ------------
Assets
Non-current assets
Intangible assets 74,930 71,924
Property, plant and equipment 3,051 3,077
Deferred tax 5,665 5,666
------------
83,646 80,667
-------- ------------
Current assets
Inventories 670 561
Trade and other receivables 11,927 9,080
Tax receivable 952 878
Cash and cash equivalents 6,570 5,307
------------
20,119 15,826
-------- ------------
Liabilities
Current liabilities
Trade and other payables 8,780 9,181
Finance lease liabilities 52 51
Corporation tax payable 549 84
------------
9,381 9,316
-------- ------------
Net current assets 10,738 6,510
-------- ------------
Non-current liabilities
Deferred tax 8,289 8,850
Finance lease liabilities 37 63
Borrowings 19,036 14,700
------------
27,362 23,613
Total liabilities 36,743 32,929
Net assets 67,022 63,564
======== ============
Shareholders' equity
Called up share capital 299 326
Share premium 22,959 24,313
Own shares held in trust (892) (1,971)
Other reserves 3,639 3,427
Retained earnings 21,593 21,033
Merger reserve 12,499 13,810
Translation reserve 6,933 2,624
-------- ------------
Total attributable to equity holders 67,030 63,562
Non-controlling interest (8) 2
-------- ------------
Total shareholders' equity 67,022 63,564
======== ============
Consolidated statement of cash flows
for the six month period ended 30 June 2016
Six months Six months
ended ended
30 June
2016 30 June 2015
$000 $000
Cash flows from operations
Profit / (loss) for the period 1,623 (759)
Adjustments for:
Amortisation on acquired intangibles 2,117 2,117
Amortisation on development costs 850 843
Depreciation and amortization on other fixed
assets 662 518
Share based payment 448 270
Finance expense 201 236
Finance income (2) (5)
Income tax expense / (credit) 631 (295)
------------ -------------
6,530 2,925
Increase in inventories (109) (389)
Increase in trade and other receivables (2,968) (3,164)
Decrease in trade and other payables (1,010) (650)
------------ -------------
2,443 (1,278)
Cash generated from operations
Tax (paid) / received (275) 315
------------ -------------
Net cash inflow / (outflow) from operating
activities 2,168 (963)
------------ -------------
Cash flows from investing activities
Purchase of intangible fixed assets (6,198) (2,798)
Purchase of property, plant and equipment (746) (449)
Interest received 2 5
------------ -------------
Net cash used in investing activities (6,942) (3,242)
------------ -------------
Cash flows from financing activities
Share Issue and sale of shares held in trust 2,092 25
Interest paid (182) (236)
Payments to finance lease creditors (22) (23)
Proceeds from borrowings 5,316 2,075
Repayment of borrowings (1,000) -
Net cash generated from financing activities 6,204 1,841
------------ -------------
Increase / (decrease) in cash and cash equivalents
in the period 1,430 (2,364)
Cash and cash equivalents at beginning of year 5,307 5,693
Exchange loss on cash and cash equivalents (167) (63)
------------ -------------
Cash and cash equivalents at end of period 6,570 3,266
============ =============
Consolidated statement of changes in equity
for the six month period ended 30 June 2016
Share Share Retained Merger Other Own Translation Total Non-controlling Total
capital premium earnings reserve Reserves shares reserve attributable interest
held to equity
in holders
trust
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
---------------- --------- --------- --------- -------- ---------- -------- ------------ -------------- ----------------- -------
Balance at
31 December
2015 326 24,313 21,033 13,810 3,427 (1,971) 2,624 63,562 2 63,564
Comprehensive
Income for
the year
Profit for
period - - 1,633 - - - - 1,633 (10) 1,623
Exchange
differences
on translating
foreign
operations - - - - - - (705) (705) - (705)
--------- --------- --------- -------- ---------- -------- ------------ ----------------- -------
Total
comprehensive
income for
the year - - 1,633 - - - (705) 928 (10) 918
Contributions
by and
distributions
by owners
Issue of
share capital 3 953 - - - - - 956 - 956
Reduction
of shares
held in trust - - 244 - - 892 - 1,136 - 1,136
Share based
payments - - - - 448 - - 448 - 448
Exchange
differences
on opening
balances (30) (2,307) (1,317) (1,311) (236) 187 5,014 - - -
--------- --------- --------- -------- ---------- -------- ------------ ----------------- -------
Total
contributions
by and
distributions
by owners (27) (1,354) (1,073) (1,311) 212 1,079 5,014 2,540 - 2,540
--------- --------- --------- -------- ---------- -------- ------------ ----------------- -------
Balance at
30 June 2016 299 22,959 21,593 12,499 3,639 (892) 6,933 67,030 (8) 67,022
========= ========= ========= ======== ========== ======== ============ ============== ================= =======
Balance at
31 December
2014 342 25,229 16,236 14,540 2,593 (2,076) 22 56,886 - 56,886
Comprehensive
Income for
the year
Profit for
period - - (784) - - - - (784) 25 (759)
Exchange
differences
on translating
foreign
operations
- restated - - - - - - 500 500 - 500
Total
comprehensive
income for
the year - - (784) - - - 500 (284) 25 (259)
Contributions
by and
distributions
by owners
Issue of
share capital - 25 - - - - - 25 - 25
Share based
payments - - - - 270 - - 270 - 270
Items that - -
will be
reclassified
to income
statement
Exchange
differences
on opening
balances -
restated 3 225 71 130 18 (19) (428) - - -
Total
contributions
by and
distributions
by owners 3 250 71 130 288 (19) (428) 295 - 589
--------- --------- --------- -------- ---------- -------- ------------ -------------- ----------------- -------
Balance at
30 June 2015 345 25,479 15,523 14,670 2,881 (2,095) 94 56,897 25 56,922
========= ========= ========= ======== ========== ======== ============ ============== ================= =======
Notes to the Interim Statements
1. Basis of preparation
accesso Technology Group plc (the "Group") is a company
domiciled in England. The basis of preparation of this financial
information is consistent with the basis that will be adopted for
the full year accounts which will be prepared in accordance with
IFRS as adopted by the European Union.
While the financial figures included in this half-yearly report
have been computed in accordance with IFRS applicable to interim
periods, this half-yearly report does not contain sufficient
information to constitute an interim financial report as that term
is defined in IAS 34.
This interim financial information has neither been audited nor
reviewed pursuant to guidance issued by the FRC and the financial
information contained in this report does not constitute statutory
accounts within the meaning of Section 434 of the Companies Act
2006. The period to 31 December 2015 has been extracted from the
audited financial statements for that period.
Having considered the principal risks and uncertainties as
presented in the 31 December 2015 audited financial statements, and
those additional risks and uncertainties disclosed below, the
Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable
future. Therefore, they continue to adopt the going concern basis
in preparing the half-yearly financial information.
Restatement of other comprehensive income
The 30 June 2015 consolidated statement of comprehensive income
and statement of changes in Group equity have been restated to
remove from other comprehensive income exchange gains predominantly
arising on the retranslation of the parent company's equity from
sterling (its functional currency) into US Dollars (the Group's
presentational currency). This retranslation difference has instead
been recognised directly in equity. The exchange gain recognised in
the consolidated statement of comprehensive income now includes
only the net exchange differences arising on the retranslation of
the recognised assets, liabilities and profit of the Group's non-US
Dollar functional currency operations. The restatement has had no
effect on the consolidated statement of financial position.
2. Accounting policies
The condensed consolidated interim financial information has
been prepared using accounting policies consistent with those set
out on pages 30 to 36 in the audited financial statements for the
period ended 31 December 2015. These accounting policies have been
applied consistently to all periods presented in this financial
information.
3. Taxation
The tax expense for each period has been calculated on the
expected annual effective rate. The adjusted earnings per share
(note 5) for the six months ended 30 June 2016 has been presented
using an estimated effective rate for the period.
4. Reconciliation of profit / (loss) before tax to adjusted
operating profit
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
$000 $000 $000
--------------------------- ------------ -------------- ------------
Profit / (loss) before
tax 2,254 (1,054) 7,220
Finance income, net 199 231 488
Amortisation relating to
acquisitions 2,117 2,117 4,235
Share based compensation 448 270 629
---------------------------- ------------ -------------- ------------
Adjusted operating profit 5,018 1,564 12,572
============ ============== ============
5. Earnings per share ("EPS")
The calculation of the basic earnings per share is based on the
earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the period.
Diluted earnings per share is calculated by dividing the profit
/ (loss) attributable to ordinary shareholders by the weighted
average of ordinary shares outstanding during the period adjusted
for the effects of dilutive instruments. As the Group made a loss
for the period to 30 June 2015, the diluted earnings per share for
that period are equal to the basic earnings per share.
Adjusted earnings per share is calculated by dividing the profit
/ (loss) attributable to ordinary shareholders adjusted for costs
related to the amortisation on acquired intangibles, and share
based compensation, net of tax effects, by the weighted average
number of shares used in basic EPS.
Year
Six months Six months ended
ended ended 31 December
30 June 2016 30 June 2015 2015
$000 $000 $000
----------------------------------------- ------------- ------------- ------------
Profit / (loss) attributable to ordinary
shareholders 1,623 (759) 5,369
Basic EPS
Denominator
Weighted average number of shares
used in basic EPS 22,040 21,928 21,942
Basic earnings per share - cents 7.36 (3.46) 24.47
Diluted EPS
Denominator
Weighted average number of shares
used in basic EPS 22,040 21,928 21,942
Effect of dilutive securities 967 N/a 910
------------- ------------
Weighted average number of shares
used in diluted EPS 23,007 21,928 22,852
Diluted earnings per share - cents 7.05 (3.46) 23.50
Adjusted EPS
Profit / (loss) attributable to ordinary
shareholders 1,623 (759) 5,369
Adjustments to profit / (loss) for
the period:
Amortisation relating to acquired
intangibles from acquisitions 2,117 2,117 4,235
Shared based compensation 448 270 629
----------------------------------------- ------------- ------------- ------------
4,188 1,628 10,233
Tax relating to above adjustments:
(2016: 28%; 1H 2015: 28%; FY 2015:
25.6%)
Amortisation relating to acquired
intangibles from acquisitions (593) (593) (1,084)
Shared based compensation (125) (76) (161)
----------------------------------------- ------------- ------------- ------------
Adjusted profit attributable to ordinary
shareholders 3,470 959 8,988
Denominator
Weighted average number of shares
used in basic EPS 22,040 21,928 21,942
Adjusted earnings per share - cents 15.74 4.37 40.96
============= ============= ============
6. Dividend
No dividend has been proposed or recommended during the period.
The Board maintains the view that the payment of a dividend is
unlikely in the short to medium term with cash better invested on
growth-focused investment opportunities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFIEEDFMSEDU
(END) Dow Jones Newswires
September 14, 2016 02:01 ET (06:01 GMT)
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