TIDMAQSG
RNS Number : 6826G
Aquila Services Group PLC
27 November 2020
For immediate release
27 November 2020
Aquila Services Group plc
Unaudited Interim Results for the six months ended 30 September
2020
Aquila Services Group plc ("the Company"), is the holding
company for Altair Consultancy & Advisory Services Ltd
("Altair"), Aquila Treasury and Finance Solutions Ltd ("ATFS") and
Oaks Consultancy Ltd ("Oaks") which form the Group ("the
Group").
The Group works in the UK and internationally. Its expertise is
in the provision, financing and management of affordable housing by
housing associations, local authorities, government agencies and
other non-profit organisations, high level business advice to the
property sector and support for organisations including
multi-academy education trusts and sports foundations working in
communities to improve health and well-being opportunities.
Results highlights
6 Months to 6 months to Year ended
30 Sept 2020 30 Sept 2019 31 March 2020
(unaudited) (unaudited) (audited)
GBP'000s GBP'000s GBP'000s
Turnover 3,509 3,891 7,963
Gross profit 658 980 1,752
Underlying operating profit 313 306 468
Share option credit/(charge) 64 (52) (105)
Restructuring costs relating
to COVID-19 (175) - (186)
Acquisition costs - - (51)
Operating profit 202 254 126
Profit after tax 174 195 126
EPS 0.45p 0.55p 0.35p
Cash balances 1,443 1,127 828
Underlying operating profit is shown as operating profit before
share options charges, redundancy costs and costs of
reorganisation. The Group uses this as a performance measure of
"operational profits" providing a clearer measure year on year
without the distortion of unusual items.
Dividend
The directors propose an interim dividend of 0.15p (2019:
0.30p). This will be paid on 21 December 2020 to shareholders on
the register at 11 December 2020.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014.
For further information please visit
www.aquilaservicesgroup.plc.co.uk or contact:
Aquila Services Group plc
Claire Banks
Group Finance Director and Company Secretary
Tel: 020 7934 0175
Beaumont Cornish Limited, Financial Adviser
Roland Cornish
Tel: 020 7628 3396
Chair's statement
Dear Shareholder,
I am pleased to present the half-yearly report and the interim
results for the six months to 30 September 2020.
Aquila Services Group plc ('the Company') is the holding company
for Altair Consultancy & Advisory Services Ltd (Altair), Aquila
Treasury & Financial Solutions Ltd (ATFS) and Oaks Consultancy
Ltd (Oaks) which form the Group ('the Group').
The Group is an independent consultancy specialising in the
provision, financing, and management of affordable housing by
housing associations, local authorities, government agencies and
other non-profit organisations. The Group also provides high level
business advice to the commercial property sector and support for
organisations including multi-academy education trusts and sports
foundations, working in communities to improve health and
well-being opportunities.
This is not the report that I would have envisaged writing a
year ago when presenting the interim report for the six months
ended 30 September 2019. The ongoing strategy was to grow the
business through a combination of organic growth and targeted
acquisitions. These would widen both the range and depth of
services that we offered to clients. The success of this strategy
had been demonstrated through the acquisition of Oaks and
Finalysis, and with the expansion of our international and property
divisions as described in the Annual Report.
From late February 2020 to the present emphasis has changed to
understanding the impact on our business of the pandemic and
strategies that would protect the integrity of the Company and the
resilience of its revenues. The Annual Report for the financial
year ended 31 March 2020 published in July 2020 describes the
immediate actions which unfortunately included a number of
redundancies and the furloughing of other staff as restrictions on
travel and meetings affected our contracts with clients,
particularly in the public sector, whose responsibilities were
necessarily diverted elsewhere. At the same time we were minimising
our overheads and governance costs as well as building up our cash
reserves which included a limited equity raising share issue.
I am pleased to report that on turnover of GBP3.509m (30
September 2019: GBP3.891m) the earnings before tax were GBP202k (30
September 2019: GBP254k) and that these were achieved after
including GBP175k of redundancy costs (31 March 2020: GBP186k 30
September 2019: nil).
The Directors propose an interim dividend of 0.15p per share
(2019: 0.30p) payable on 21 December 2020. For the full year to 31
March 2020 at the height of our concerns about the pandemic we did
not recommend a final dividend, wanting to preserve as much cash in
the business as possible. There are still major concerns about the
future, but the Board feel confident enough to re-start the
dividend stream, albeit at a lower rate. With the continuing
uncertainty, it would be inappropriate to predict the position at
the full year.
The above figures reflect the success of the strategy that
concentrated resources on those business streams which would be
least impacted by the restrictions that would be needed to contain
the transmission of COVID-19 infections. We already had in place
strategies for home working and a robust IT system that would
support virtual meetings and easy document transmission. It was
less clear how the range of clients and institutions with whom we
work would adapt to these changes. I am pleased to report that
these have strengthened our relationships with our clients and
partners. A pleasing outcome has been bringing back all the
furloughed staff and integrating them back into the business.
The financing strategy has allowed us to strengthen our balance
sheet. At 30 September 2020 cash balances were approximately
GBP1.4m compared to GBP1.1m at 30 September 2019 and GBP828k at 31
March 2020. As a matter of policy and preference, the Group has not
entered into any external debt and has not taken part in any of the
government-backed loan schemes.
We believe that the strength of our balance sheet will allow the
Group to continue its growth strategy when the pandemic has been
brought under control. It is possible that other specialist
consultancy companies that operate in our sectors might welcome the
opportunity to be part of a quoted Group with significant strength
and depth.
The impact of the pandemic is not over yet. The immediate
concerns of a second wave of infections and further spikes are yet
to be fully realised whilst the efficacy and roll out speeds for
potential vaccines are still uncertain. The significant increase in
government debt of both the UK and the rest of the world as well
as, potentially, lasting cultural changes, could restrict the
sectors where we specialise and the level of investment in those
communities. Although we are pleased at how the Group has adapted
and our continuing response to a changing environment, we still
need to work within the economic restraints that drive our client
base.
It would have been optimistic to have predicted at the beginning
of the pandemic how well we have managed eight months after
lockdowns first started. This success has only been possible
because of the hard work, flexibility and innovation of our staff,
my fellow Group board directors, and the executive directors of our
subsidiaries, all the people with whom we work and our clients. It
is all of them we have to thank.
Derek Joseph - Chair
26 November 2020
Management report
The Management of the Group are pleased to present their report
for the period ended 30 September 2020.
Business performance and position
Altair
Altair's business has remained in line with revised post-COVID
expectations during the six months to the period ending September
2020. The action taken in the first three months, which resulted in
six colleagues leaving the business due to redundancy and three
placed on furlough, has enabled Altair to continue to operate
profitably and commissions are now returning to pre-COVID levels.
We are pleased to report that our colleagues placed on furlough
returned at the beginning of August 2020.
There has been continued strong delivery from the property team
with increasing focus on building safety. The technical health and
safety team continued to work with clients throughout the first
lockdown returning to assist with cladding safety works when the
government eased restrictions in July. Other areas of the business,
transformation and change and governance work continues to build.
The team is fully functioning and working with clients in the new
virtual norm. Our work with for-profit providers has increased as
more opportunities arise with investors seeing worth in the social
housing sector. The executive interim market outside of the
development sphere has been challenging, and we have approached
this in line with the agreed strategy highlighted in our annual
report in March 2020.
Our clients are well positioned to weather the second lockdown
and we will continue to support them, recognising the risks that
are now coming to the fore, their customers will be affected
through the worsening economic outlook, the possibility of a
no-trade deal Brexit and possible negative interest rates. We
welcome the publication of the housing White Paper, The Charter for
Social Housing Residents and we are preparing to work closely with
clients and the different regulatory bodies as this is implemented.
The foundations we have laid in the first half, modernising
services, developing our sustainability offer and a commercial
partnership with a specialist procurement company, positions us
well for the remainder of the year.
The international work has slowed due to the pandemic, work has
focused on continuing and completing existing contracts. The team
continues to monitor the situation and have been successful in
winning some international projects during this period.
There are challenges ahead, which are detailed in our outlook
report.
ATFS
The integration of Finalysis, which was acquired by the Group in
January 2020, has been successful and the smooth transition of both
colleagues and clients into ATFS has meant that the subsidiary has
continued to perform in line with our revised post-COVID
expectations.
In the first three months of the financial year, since April
2020, clients across the housing and education sectors were coping
with significant changes to the way in which they operated which
resulted in some treasury services being delayed. The end of the
first lockdown saw re-commissioning of work although some delays
were experienced within the education sector as, until September,
educational institutions remained closed.
A focus on developing new products and services that will serve
both the housing and education sectors will position ATFS for the
second half of the year. The financial risks associated with a
no-trade deal Brexit and the economic outlook will mean continued
demand for debt advisory work.
Oaks
Oaks business has remained in line with pre-COVID expectations.
The education sector was significantly affected at the start of the
pandemic and some contracts were paused or delayed. This has now
returned, and the outlook is positive.
Oak's presence in the sports sector continues to be strong,
other sporting bodies are beginning to assess how the impact of the
pandemic will shape how they will work in the future which has
included exploring alternative funding mechanisms. The work with
UEFA continues to grow and the international strategies being
developed are being undertaken virtually. At the beginning of this
financial year Oaks secured the 2022 Commonwealth Games England
fundraising strategy.
During this half of the year the synergy between the operating
subsidiaries Oaks and Altair has resulted in the first major win
within the health sector, delivering a board strategy project for a
Clinical Commissioning Group (CCG) There have also been
opportunities for Oaks to enter the housing sector, one example is
working with a longstanding client of Altair to set up an
innovative social incubator investing in local start-ups to benefit
customers of the association and to assist in creating sustainable
communities. Further cross-Group working is anticipated in the
second half of the year.
Associates and investments
On 9 October 2020 the Group sold its 25% shareholding in 3C
Consultants Ltd, a company providing IT consultancy services to the
housing sector under a share buyback arrangement for cost plus 15%
providing the Group with a cash inflow of GBP252k.
The Group continues to hold a 6% equity stake in AssetCore, a
company building a financial debt management platform for the
affordable housing sector.
Group-wide initiatives
The employee-led Green Group continues its work and is currently
progressing with the development and implementation of a strategy
to enable the Group to become a carbon neutral organisation.
Since the financial year end, the Group has set up an
employee-led Equality, Diversity and Inclusion Group (EDI). The
team is working on an action plan to drive forward the EDI agenda
across the Group, to raise awareness and to develop an overall
framework.
We will report further on these two initiatives at the year end
and will be publishing progress on our website.
Outlook
The actions that the Group took in response to the pandemic has
positioned it well for the second half of the year being
reported.
Challenges remain for our clients, specifically with the risks
associated with the external operating environment, the constraints
that remain as the United Kingdom continues with the impact of the
pandemic and the possibility of a no-trade deal Brexit.
As a consequence of increased government spending to assist
businesses during the pandemic, local authority funding has come
under severe pressure. The Company is cognisant of the potential
risk that may have on our business, although there is no immediate
sign of withdrawal of services or commissioning of work. The
Company maintains a broad
portfolio of clients and is not solely reliant on local
authorities which serves to mitigate this potential risk.
The outlook for the international business remains challenging
and the Group will continue to work closely with its partners and
monitor the situation in order to be able to respond as aid and
government funding becoming available.
The Company's clients have successfully adapted and demonstrated
their resilience to the government's restrictions of the first
lockdown and are now operating as near to 'normal' as possible. The
Company's investment in IT in the previous year has meant that we
have been able to adapt and continue to provide advice virtually
when required. We anticipate this will continue in the second half
of the year and our product development has focused on moving some
services on-line which will position the company favourably with
its clients and the current operating environment.
Going concern basis
The Board updates its three-year business plan annually. This
includes a review of the Company's cash flows and other key
financial ratios over the period. These metrics are subject to
sensitivity analysis which involves flexing a number of the main
assumptions underlying the forecast, both individually and in
unison. Where appropriate, this analysis is carried out to evaluate
the potential impact of the Company's principal risks. The
three-year review also makes certain assumptions about the normal
level of capital investment likely to occur and considers whether
additional financing facilities will be required.
At the start of the pandemic the Group took advantage of the
Government's VAT payment deferral plan and have built into the
cashflow forecast the payment in March 2021. The Company did not
seek assistance through the CBILS scheme but instead issued shares
to a new investor to provide additional cash balances to the Group.
The Group remains in a strong cash position with balances at the
end of September 2020 at GBP1.4m and net current assets at
GBP1.8m.
The Directors continue to review the forecasts on a monthly
basis applying stress tests to the reforecasts to ensure viability
of the outputs. The Group continue to monitor cash balances,
debtors and cash generation on a daily basis. Based on the results
of these analyses, the Directors have a reasonable expectation that
the company will be able to continue in operation and meet its
liabilities as they fall due in the next twelve months and over the
three-year period of their assessment.
Risks and uncertainties
The key risks and uncertainties relating to the Group's
operations remain largely consistent with those disclosed in the
Group's Annual Report and Accounts for the year ended 31 March
2020. These are listed below:
-- Financial instruments
-- COVID-19
-- Brexit
-- The implementation of IR35 within the interim market
-- Competition
-- Data governance
-- Business conditions, general economy and geopolitical issues
-- Staff skills, retention, recruitment and succession
The Group seeks to mitigate all these risks through ensuring
that it monitors changes in statutory, regulatory and financial
requirements and maintains good relationships with its clients,
principal contacts within government, regulators and other key
influencers within the sector. The Group is well placed to provide
the full range of services needed by its clients as the external
environment changes. Despite the impact and uncertainty of
COVID-19, the outlook for the Group remains positive.
A detailed explanation of the risks relevant to the Group is on
Page 9 of the Annual Report and Accounts for the year ended 31
March 2020 and is available on the Company's website at
www.aquilaservicesgroup.co.uk .
Fiona Underwood - Executive Director
26 November 2020
Directors' report
Responsibility Statement
The Directors, whose names and functions are set out at the end
of this report, are responsible for preparing the Unaudited Interim
Condensed Consolidated Financial Statements in accordance with the
Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority ('DTR') and with International
Accounting Standard 34 on Interim Financial reporting (IAS34). The
Directors confirm that, to the best of their knowledge, this
Unaudited Interim Condensed Consolidated Report has been prepared
in accordance with IAS34 as adopted by the European Union. The
interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8 namely:
-- an indication of key events occurred during the period and
their impact on the Unaudited Interim Condensed Consolidated
Financial Statements and a description of the principal risks and
uncertainties for the second half of the financial year; and
-- material related party transactions that have taken place
during the period and that have materially affected the financial
position or the performance of the business during that period.
Related party transactions
During the 6 months to 30 September 2020, Derek Joseph was paid
GBP29k (6 months to September 2019: GBP29k) which includes GBP24k
(6 months to September 2019: GBP24k) of consultancy fees in
relation the Group's International business. Richard Wollenberg,
non-executive director, accrued fees of GBP2k (6 months to
September 2019: GBP2k), the balance owed to Richard Wollenberg for
services as a non-executive director was GBP2k (30 September 2019:
GBP6k).
Remuneration of Directors and key management personnel
The remuneration of the key management personnel of the Group,
including all directors of subsidiary companies, is set out below
in aggregate for each of the categories specified in IAS 24 Related
Party Disclosures.
6 months to 6 months to Year ended
30 September 30 September 31 March
2020 (unaudited) 2019 (unaudited) 2020
(audited)
GBP'000s GBP'000s GBP'000s
Short-term employee
benefits 524 296 664
Share-based payments (20) 27 29
Post-retirement benefits 22 10 22
------------------ ------------------ -----------
526 333 715
================== ================== ===========
Claire Banks - Group Finance Director
26 November 2020
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2020
Six months to 30 September 2020 Six months to 30 September 2019 Year ended
31 March
2020
(unaudited) (unaudited) (audited)
GBP'000s GBP'000s GBP'000s
Revenue 3,509 3,891 7,963
Cost of sales (2,851) (2,911) (6,211)
-------------------------------- -------------------------------- -----------
Gross profit 658 980 1,752
Administrative expenses (456) (726) (1,626)
-------------------------------- -------------------------------- -----------
Operating profit 202 254 126
Finance income - - 1
Release of contingent consideration - - 555
Impairment of goodwill - - (555)
Share of profits from associate - - 51
Profit before taxation 202 254 178
Income tax expense (28) (59) (52)
-------------------------------- -------------------------------- -----------
Profit for the period 174 195 126
================================ ================================ ===========
Earnings per share attributable to
owners of the parent
Weighted average number of shares: '000 '000 '000
* Basic 38,324 35,308 35,272
* Diluted 43,476 40,689 40,353
Basic earnings per share 0.45p 0.55p 0.35p
Diluted earnings per share 0.40p 0.48p 0.32p
Condensed Consolidated Statement of Financial Position
As at 30 September 2020
30 September 2020 30 September 2019 31 March
2020
(unaudited) (unaudited) (audited)
GBP'000s GBP'000s GBP'000s
Non-current assets
Goodwill 3,317 3,779 3,317
Property, plant and equipment 451 94 518
Investment in associates 278 227 278
Investments 121 121 121
------------------ ------------------ ----------
4,167 4,221 4,234
Current assets
Trade and other receivables 2,275 2,261 2,387
Cash and bank balances 1,443 1,127 828
------------------ ------------------ ----------
3,718 3,388 3,215
Current liabilities
Trade and other payables 1,690 2,702 1,683
Lease liabilities 86 - 79
Corporation tax 104 269 76
1,880 2,971 1,838
Net current assets 1,838 417 1,377
------------------ ------------------ ----------
Non-current lease liabilities 320 - 369
Net assets 5,685 4,638 5,242
================== ================== ==========
Equity
Share capital 1,993 1,765 1,897
Share premium account 1,712 1,487 1,475
Merger reserve 3,042 2,413 3,042
Share-based payment reserve 698 720 769
Retained losses (1,760) (1,747) (1,941)
------------------ ------------------ ----------
Equity attributable to the owners of the parent 5,685 4,638 5,242
Condensed Consolidated Statement of Changes in Equity
Share Share based
Share premium Merger payment Retained Total
capital account reserve reserve losses equity
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
Balance at 1
April 2019 1,765 1,487 2,413 668 (1,730) 4,603
Total comprehensive
income - - - - 195 195
Share based
payment charge - - - 52 - 52
Dividend - - - (212) (212)
--------- --------- --------- ------------ --------- ---------
Balance at 30
September 2019 1,765 1,487 2,413 720 (1,747) 4,638
--------- --------- --------- ------------ --------- ---------
Issue of shares 132 (12) 629 - - 749
Transfer on
exercise of
options - - - (4) 4 -
Total comprehensive
income - - - - (69) (69)
Share based
payment charge 53 - 53
Dividend - - - - (129) (129)
Balance at 31
March 2020 1,897 1,475 3,042 769 (1,941) 5,242
Issue of shares 96 237 - - - 333
Transfer on
exercise of
options - - - (7) 7 -
Total comprehensive
income - - - - 174 174
Share based
payment charge - - - (64) - (64)
Balance at 30
September 2020 1,993 1,712 3,042 698 (1,760) 5,685
========= ========= ========= ============ ========= =========
Condensed Consolidated Statement of Cash Flows
for the six months ended 30 September 2020
Six months to 30 September Six months to 30 September Year ended
31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP'000s GBP'000s GBP'000s
Cash flow from operating activities
Profit for the period 174 195 126
Interest received - - (1)
Income tax expense 28 59 52
Share based payment charge (64) 52 105
Profit from associate - (51)
Release of contingent consideration - (555)
Impairment of goodwill - 555
Depreciation 67 29 134
--------------------------- --------------------------- -----------
Operating cash flows before movement in
working capital 205 335 365
Decrease/(Increase) in trade and other
receivables 112 (67) 122
Increase/(Decrease) in trade and other
payables 7 (390) (257)
--------------------------- --------------------------- -----------
Cash generated by operations 324 (122) 230
Income taxes paid - 47 (139)
Net cash inflow/(outflow) from operating
activities 324 (75) 91
Cash flow from investing activities
Interest received - - 1
Purchase of property, plant and equipment (1) (51) (32)
Purchase of Subsidiary - (254) (544)
Net cash outflow from investing activities (1) (305) (575)
Cash flows from financing activities
Lease liability payments (41) (66)
Proceeds of share issue 333 - -
Dividends paid - (212) (341)
Net cash outflow from financing activities 292 (212) (407)
--------------------------- --------------------------- -----------
Net increase/(decrease) in cash and cash
equivalents 615 (592) (891)
Cash and cash equivalents at beginning of the
period 828 1,719 1,719
--------------------------- --------------------------- -----------
Cash and cash equivalents at end of the period 1,443 1,127 828
=========================== =========================== ===========
Notes to the Condensed set of Financial Statements
for the six months ended 30 September 2020
1. General information
The Company and its subsidiaries (together "the Group") are a
major provider of consultancy services to organisations that
develop, fund or manage affordable housing.
The Company is a public limited company domiciled in the United
Kingdom and incorporated under registered number 08988813 in
England and Wales. The Company's registered office is Tempus Wharf,
29a Bermondsey Wall West, London, SE16 4SA.
2. Basis of preparation
The Unaudited Condensed Consolidated Interim Financial
Statements of the Group have been prepared on the basis of the
accounting policies, presentation, methods of computation and
estimation techniques used in the preparation of the audited
accounts for the period ended 31 March 2020 and expected to be
adopted in the financial information by the Company in preparing
its annual report for the year ending 31 March 2021.
This Interim Consolidated Financial Information for the six
months ended 30 September 2020 has been prepared in accordance with
IAS 34, 'Interim Financial Reporting'. This Interim Consolidated
Financial Information is not the Group's statutory financial
statements and should be read in conjunction with the annual
financial statements for the year ended 31 March 2020, which have
been prepared in accordance with International Financial Reporting
Standard (IFRS) and have been delivered to the Registrar of
Companies. The auditors have reported on those accounts; their
report was unqualified, did not include references to any matters
to which the auditors drew attention by way of emphasis of matter
without qualifying their report and did not contain statements
under section 498(2) or (3) of the Companies Act 2006.
The Interim Consolidated Financial Information for the six
months ended 30 September 2020 is unaudited. In the opinion of the
Directors, the Interim Consolidated Financial Information presents
fairly the financial position, and results from operations and cash
flows for the period.
The Directors have made an assessment of the Group's ability to
continue as a going concern and are satisfied that the Group has
adequate resources to continue in operational existence for the
foreseeable future. The Group, therefore, continues to adopt the
going concern basis in preparing its consolidated financial
statements.
The financial statements are presented in sterling, which is the
Group's functional currency as the UK is the primary environment in
which it operates.
3. Operating segments
The Group has two reportable segments being: consultancy, and
treasury management services, the results of which are included
within the financial information. In accordance with IFRS8
'Operating Segments', information on segment assets is not shown,
as this is not provided to the chief operating decision-maker.
The principal activities of the Group are as follows:
Consultancy - a range of services to support the business needs
of a diverse range of organisations across the housing (including
housing associations and local authorities), education and sports
sectors. Most consultancy projects run over one to two months and
on-going business development is required to ensure a full pipeline
of consultancy work for the employed team.
Treasury Management - a range of services providing treasury
advice and fund-raising services to non-profit making organisations
working in the affordable housing and education sectors. Within
this segment of the business several client organisations enter
fixed period retainers to ensure immediate call-off of the required
services.
In previous years the Group had three main reporting segments
the third being that of Interim Management, the impending
introduction of IR35 had an impact on the interim business, with
clients changing the way they resourced executive vacancies,
choosing to source in-house rather than through professional
services firms, the Group took a strategic decision not to actively
pursue this revenue stream and concentrate on the main operating
segment of Consultancy and Treasury Management, as a result the
turnover for Interim Management is no longer considered by
management to be a significant segment of the business.
The accounting policies of the reportable segments are the same
as the Group's accounting policies. Segment profit represents the
profit earned by each segment, without allocation of central
administration costs, including Directors' salaries, finance costs
and income tax expense. This is the measure reported to the Group's
executives for the purpose of resource allocation and assessment of
segment performance.
6 months 6 Months
to 30 Sept to 30 Sept
2020 2019
GBP'000s GBP'000s
Revenue from Consultancy 3,132 3,320
Revenue from Interim Management - 399
Revenue from Treasury Management 377 172
------------ ------------
3,509 3,891
============ ============
Within consultancy revenues, approximately 5% (2019: 6%) has
arisen from the segment's largest customer; within treasury
management 25% (2019: 34%).
Geographical information
Revenues from external customers, based on location of the
customer, are shown below:
6 months 6 months
to 30 Sept to 30 Sept
2020 2019
GBP'000s GBP'000s
UK 3,240 3,643
Europe 188 181
Rest of World 81 67
------------ ------------
3,509 3,891
============ ============
4. Share capital
The Company has one class of share in issue being ordinary
shares with a par value of 5p. Allotted, issued and called up
ordinary shares of GBP0.05 each:
Number Amount called up and fully paid
'000 GBP'000s
As at 1 April 2019 35,307 1,765
Issued during the period - -
------- --------------------------------
As at 30 September 2019 35,307 1,765
Issued during the period 2,640 132
------- --------------------------------
As at 31 March 2020 37,947 1,897
Issued during the period 1,911 96
------- --------------------------------
As at 30 September 2020 39,858 1,993
======= ================================
5. Share-based payment transactions
The Company operates an Unapproved Scheme and an Enterprise
Management Incentives Scheme. The total credit recognised in the
period to 30 September 2020 arising from share-based payment
transactions is GBP64k (the charge for the period ended 30
September 2019: GBP52k).
Weighted average
Unapproved scheme Number '000 exercise price
Number of options outstanding at 1 April
2020 2,758 GBP0.23
Granted during period - -
Lapsed during period (1,660) GBP0.23
Exercised during period (824) GBP0.10
------------
Number of options outstanding at 30
September 2020 274 GBP0.24
============
The exercise price of the options outstanding at 30 September
2020 range between GBP0.05 and GBP0.35.
Number Weighted average
EMI scheme '000 exercise price
Number of options outstanding at 1 April
2020 2,776 GBP0.05
Granted during period - -
Lapsed during period (375) GBP0.05
Forfeited during period (31) GBP0.05
Exercised during period - #
-------
Number of options outstanding at 30
September 2020 2,370
=======
Number of options exercisable at 30
September 2020 1,598 GBP0.05
======
6. Going concern
The Group has sufficient financial resources to enable it to
continue its operational activities for the foreseeable future.
Accordingly, the Directors consider it appropriate to adopt the
going concern basis in preparing these interim accounts.
7. Dividend
An interim dividend of 0.15p will be paid on 21 December 2020 to
shareholders on the register at 11 December 2020 at a cost of
GBP59,788.
8. Related party disclosures
Balances and transactions between the Group and other related
parties are disclosed below:
During the 6 months to 30 September 2020, Derek Joseph was paid
GBP29k (6 months to September 2019: GBP29k) which includes GBP24k
(6 months to September 2019: GBP24k) of consultancy fees in
relation the Group's International business.
Richard Wollenberg, non-executive director, accrued fees of
GBP2k (6 months to September 2019: GBP2k). At 30 September 2020,
the balance owed to Richard Wollenberg for services as a
non-executive director was GBP2k (2019: GBP6k).
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END
IR QQLFLBFLZFBF
(END) Dow Jones Newswires
November 27, 2020 02:00 ET (07:00 GMT)
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