TIDMAQSG
RNS Number : 6804H
Aquila Services Group PLC
28 November 2022
For immediate release
28 November 2022
Aquila Services Group plc
Unaudited Interim Results for the six months ended 30 September
2022
Aquila Services Group plc ("the Company"), is the holding
company for Altair Consultancy and 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 6 months to Year ended
to 30 Sept 2021 31 March
30 Sept 2022 (unaudited) 2022 (audited)
(unaudited)
GBP'000 GBP'000 GBP'000
Revenue 5,874 4,855 10,119
Gross profit 1,078 1,055 2,206
Operating profit 302 304 718
Profit after tax 244 247 579
Earnings per share 0.61p 0.62p 1.45p
Cash balances 1,718 1,886 2,193
Total dividend payable 0.25p 0.20p 0.60p
Dividend
The directors propose an interim dividend of 0.25p (2021:
0.20p). This will be paid on 20 December 2022 to shareholders on
the register at 9 December 2022.
A copy of the interim results will be available from the
Company's website:
https://aquilaservicesgroup.co.uk/investor-information
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 as it forms
part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR").
For further information please visit
www.aquilaservicesgroup.co.uk or contact:
Aquila Services Group plc
Claire Banks
Claire.banks@aquilaservicesgrp.co.uk
Group Finance Director and Company Secretary
Tel: 020 7934 0175
Beaumont Cornish Limited, Financial Adviser
roland@b-cornish.co.uk
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 2022.
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.
The services provided by the Group are embedded in the
activities which are or should be a necessary requirement of a
responsible society. We assist our clients whether public, private
or NGO's in assisting organisations and communities in the delivery
of better housing options, education and funding opportunities for
schools and charities through our professional expertise. The Group
has a responsibility to ensure that our consultants and advisors
provide high quality services that are founded in both experience,
technical expertise and are value for money. These services embrace
an agenda that includes contributions to addressing inequalities
and reducing or reversing the impact of climate change.
The six months under review have overseen the transition from
managing the business during a pandemic to taking advantage of our
growth agenda. Increased demand has seen turnover grow by over 20%
when comparing the current period to the same period last year. To
support this expansion in certain areas of the business we have
recruited a number of senior-level consultants with specific skills
and to facilitate retention in a highly competitive marketplace
have also reviewed and enhanced our reward packages. In addition to
direct recruitment costs the period under review has seen
investment in both induction and client relationship time to ensure
the success of these new appointments.
Supplementing this expansion of senior appointments, we continue
to invest in our staff, believing in our 'grow your own' programme
with in-house and external training including offering management
development courses for all our aspiring managers. We have
successfully recruited to the second year of our graduate
programme, which continues to be an essential part of our medium
term strategy. Taken together this investment in the future has
increased direct costs so that operating profit remains at the same
level as the comparable period.
I am pleased to report that turnover for the six months ended 30
September 2022 was GBP5.9m (30 September 2021 GBP4.9m), earnings
before tax were GBP302k (30 September 2021 GBP304k) and net current
assets including cash of GBP1.7m continues to be strong at GBP2.7m
(30 September 2021 GBP2.4m including cash of GBP1.9m).
The Directors have declared an interim dividend of 0.25p per
share (interim 30 September 2021 0.20p per share), an increase of
25% which will be paid on 20 December 2022 to shareholders on the
register at 9 December 2022. This increase reflects the progressive
dividend strategy of the Group going forward.
The results for the half year are encouraging given the
transition that was needed as the pandemic restrictions were
lifted, moving delivery to reflect the requirements of clients
which included more on-site working as well as continued virtual
engagement. This had to be balanced with increased recruitment and
training responsibility for members of the Executive team.
Not all the sectors we work in have opened up at the same pace.
The housing and sporting sectors have moved ahead faster than
education and international though both the latter are now showing
early signs of recovery. Despite the travails of the world economy
especially the tragedy of the Ukraine invasion and the confused
domestic political, economic and fiscal environment we continue to
see opportunities for growth in our business sectors. To take
advantage of these we need to continue our investment in
consultancy resources and into our development of digital
platforms.
A successful future for the Group is achieved by ensuring that
there is a continuing balance between investment in service
provision, growing reserves to ensure the Group continues to be
financially resilient and enhancing returns to shareholders such as
through the progressive dividend policy. Current business trends
give us confidence that we have the resources and strategies in
place to continue to grow and meet all three objectives.
The Group works with organisations and agencies whose objectives
are those of social responsibility in enhancing the life
opportunities of their communities. For us to support our clients
both efficiently and successfully we must share those objectives
and understand the needs of both clients and their constituents. We
want everybody who works for us, with us and those that support us,
including our shareholders, to join our clients in being proud of
what is being achieved.
Derek Joseph - Chair
25 November 2022
Management report
The Management of the Group are pleased to present their report
for the period ended 30 September 2022.
Aquila at a Glance
Aquila Services Group plc ('the Company') is the holding company
for Altair Consultancy and Advisory Services Ltd ('Altair'), Aquila
Treasury and Financial Solutions Ltd ('ATFS') and Oaks Consultancy
Ltd ('Oaks') which form the group ('the Group').
The Group continues to implement its business strategy to
encompass all the professional consultancy services that the
Group's client base demands. The Group now provides advice and
support across the affordable housing, regeneration, sport, charity
and education sectors. Its purpose is to assist organisations that
benefit local communities such as housing associations, local
authorities, government agencies, multi-academy trusts, charities,
other non-profit organisations and those set up for community
benefit, as well as providing related high-level business advice to
the commercial property sector.
Business performance and position
Altair Consultancy and Advisory Services Ltd ("Altair")
Altair is a specialist management consultancy company that works
with organisations that govern, manage, regulate or build housing.
Operating within the UK and Europe, its international client base
is increasing with continuing and new contracts in Africa and
investment in expansion into Asia.
The services that Altair offers cover housing development and
regeneration, property asset management, health and safety
compliance and building safety advice, strategic financial advice,
governance and risk management, executive and non-executive
recruitment. Our digital, transformation and people services and
our technical asset team are areas of continued significant
investment and growth.
Clients contract with Altair on a fixed-fee basis, through
retained contracts in our finance, governance and transformation
business streams, and placements for members of the property team,
and increasingly for our transformation team, at client sites.
The first half of the year has seen significant growth,
specifically in our technology, transformation and people business
stream where we have been successful in winning further large-scale
projects with housing associations wishing to transform their
businesses in a post-COVID world where different working practices
have been developed and the infrastructure now needs to change to
reflect this. We have continued to invest in this growing team,
both with permanent and associate consultants.
We have further invested in our technical team, dealing with
health and safety compliance, building safety and asset management.
Our partnership with Cadline Ltd to develop a digital Building
Information Management-aligned tool, DynamicAIM, has led to a
number of pilot projects being implemented within our client base.
All organisations need to hold digital records of their buildings
over 18 metres as required by the Building Safety Act 2022 and
indications are that this may be rolled out on a wider basis to
smaller buildings in coming regulatory updates. We are leading the
way in developing a digital tool and will continue to invest in
this important area of building safety.
There continues to be demands for our property team, both
assisting Registered Providers and Local Authorities in their
development and regeneration programmes. Our digital appraisal
model Podplan has had further success with circa 40 clients now
using the model.
Our international work is returning and we have won new
contracts in Burkina Faso and Rwanda. With the ongoing housing
crisis in many developing countries, some caused by climate change,
we continue to develop our products and services for these
markets.
Governance and finance continue to be resilient and our teams
are delivering work across the United Kingdom and Republic of
Ireland. We have won the first merger advisory piece of work in the
Republic of Ireland which will provide the template for future
partnerships.
We expect to see a return on the investment in employees in the
second half of the year. The uncertain economic and policy
landscape will provide further opportunities for us to further
support our clients across the entirety of their business.
Aquila Treasury and Financial Solutions Ltd ("ATFS")
ATFS is a specialist treasury management consultancy authorised
and regulated by the Financial Conduct Authority that operates
across the UK and Europe. It provides advice on treasury policy and
strategy, debt and capital market finance, banking and card
merchant services, value for money, and financial market
information services to local authorities, charities, housing
associations, education bodies, private sector housing providers
and government bodies.
Work is delivered through fixed price contracts as retained
general treasury advisers and information subscription agreements.
Specific advisory project contracts are on a fixed fee basis, won
through competitive procurement tenders, payable on agreed project
milestones.
Following the retirement of the Chief Executive at the end of
the financial year we have recruited a Corporate Finance Director
to lead the team and further develop its products to reflect the
changing landscape, including a new ESG offering.
The housing business in England continues to perform in-line
with expectations and the next half should see further improvement
in this position. Competitive pressures have slowed the work in
Scotland and we are refining our offering to be able to ensure a
stronger second half.
The debt advisory work within the education sector continues to
be challenging and we have increased our marketing and relationship
management across this area. The card services business has seen a
successful transition following the retirement of the previous
director and we continue to be a leader in this area.
Oaks Consultancy Limited ("Oaks")
Oaks is a specialist sports, charity, statutory and education
consultancy operating within the UK and Europe with an increasing
international presence. Oaks' clients include national and
international sports teams and governing bodies, national and
international charities, statutory organisations and local
authorities, multi academy trusts and teaching school alliances,
housing associations and corporate businesses.
Oaks provides consultancy advice and guidance on strategy and
business planning, organisational and cultural change programmes,
impact measurement, together with implementation support in
relation to income generation and diversification. Contracts
are
delivered through a mix of fixed-fee projects and retained
contracts for general advisory services.
The sports and charities sector have proved to be resilient and
provided Oaks with a strong start to the year. The Education sector
continues to be challenging and the business has reviewed its
offering in this area to reflect the changed economic environment.
We anticipate this continuing into the second half. To
counter-balance this the work in the charities sector has grown,
providing strategic advice to national charities as well as
fund-raising opportunities to smaller organisations.
Advice to the sports sector continues to be the central pillar
of Oaks work. The UEFA contracts within Europe have continued and
grown and being able to travel has meant that work can be delivered
in-country. The large number of Sports Foundations have provided
sustainable projects on and retainers for the delivery of their
community projects plus assisting them in raising the necessary
funds.
In addition to its current European profile, Oaks is delivering
commissions in the USA through its Laureus relationship and is
exploring further international opportunities.
Cross-group working continues, specifically within the housing
sector and this will provide opportunities for further growth.
Investments
The Group continues to hold a 5.3% equity stake in AssetCore, a
company building a financial debt management platform for the
affordable housing sector.
Group-wide initiatives
Green Group
The objective of the Green Group is to reduce the Group's
environmental impact, to maintain Carbon Neutral Plus status and
develop further initiatives to mitigate the Group's impact on the
environment.
EDI Group
The purpose of the Equality Diversity and Inclusion (EDI) Group
is to drive the EDI agenda across subsidiaries including developing
frameworks and raising awareness for the implementation of a range
of initiatives to foster a culture of equality, diversity and
inclusion at Aquila.
Further information about, and activities within the groups, is
available on the website.
Outlook
The strong performance and investment in the first half has
positioned the Group well for the second half of the year being
reported.
Challenges remain with the uncertain economic outlook and the
cost-of-living pressures which affects clients and colleagues
alike. We have reviewed and invested in those areas that will help
organisations through this period to ensure there is potential for
continued growth across the Group.
The focus on technology, transformation, building safety and
asset management in the housing sector should provide a significant
return on the investment in the first half of the year. The changes
in Government and the economic pressures, including the recent
announcement in the Autumn Statement capping social housing rents
at 7% (the previously agreed rent formula would have meant a rent
increase of 11.1%), will mean significantly reduced income for
these organisations. This will require changes to their operating
model, development and investment programmes, and some will need to
seek partnerships and mergers for their long-term future. The Group
is positioned well to respond to these pressures.
There continues to be opportunities within the sports and
charities sectors for raising funds through grant awards during
this time of 'economic squeeze' which in turn provides the platform
for further work on developing and changing strategies to ensure a
robust future for our clients.
Our changed approach to delivering treasury advice into the
housing and education sectors is leading to new contracts and the
increasing importance of ESG across all sectors gives the Group the
opportunity to provide advice to new and existing clients.
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.
The Group does not have any bank debt and remains in a strong
cash position with balances at the end of September 2022 at GBP1.7m
and net current assets at GBP2.7m.
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
2022. These are listed below:
-- Financial risk
-- Unfavourable economic conditions and/or changes to government policy
-- Competition
-- Staff skills, retention, recruitment and succession
-- Data governance
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.
A detailed explanation of the risks relevant to the Group is on
Page 22 of the Annual Report and Accounts for the year ended 31
March 2022 and is available on the Company's website at
www.aquilaservicesgroup.co.uk .
Fiona Underwood - Executive Director
25 November 2022
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 ("IAS 34").
The Directors confirm that, to the best of their knowledge, this
Unaudited Interim Condensed Consolidated Report has been prepared
in accordance with UK-adopted International Accounting Standard 34.
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.
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
2022 (unaudited) 2021 (unaudited) 2022
(audited)
GBP'000 GBP'000 GBP'000
Wages and salaries 499 580 1,189
Share-based payments 5 (7) (7)
Post-retirement benefits 24 24 49
------------------ ------------------ ------------
528 597 1,228
================== ================== ============
Claire Banks - Group Finance Director
25 November 2022
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2022
Six months to 30 September 2022 Six months to 30 September 2021 Year ended
31 March
2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 5,874 4,855 10,119
Cost of sales (4,796) (3,800) (7,913)
-------------------------------- -------------------------------- -----------
Gross profit 1,078 1,055 2,206
Administrative expenses (776) (751) (1,488)
-------------------------------- -------------------------------- -----------
Operating profit 302 304 718
Income tax expense (58) (57) (139)
-------------------------------- -------------------------------- -----------
Profit for the period 244 247 579
================================ ================================ ===========
Earnings per share attributable to
owners of the parent
Weighted average number of shares: '000 '000 '000
* Basic 39,962 39,962 39,962
* Diluted 41,016 41,153 41,153
Basic earnings per share 0.61p 0.62p 1.45p
Diluted earnings per share 0.60p 0.60p 1.41p
Condensed Consolidated Statement of Financial Position
As at 30 September 2022
30 September 2022 30 September 2021 31 March
2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 3,317 3,317 3,317
Right of use assets 229 317 273
Property, plant and equipment 50 32 40
Investments 71 71 71
------------------ ------------------ ----------
3,667 3,737 3,701
Current assets
Trade and other receivables 2,574 2,110 2,593
Cash and bank balances 1,718 1,886 2,193
------------------ ------------------ ----------
4,292 3,996 4,786
Current liabilities
Trade and other payables 1,266 1,380 1,917
Lease liabilities 89 85 88
Corporation tax 222 157 144
1,577 1,622 2,149
Net current assets 2,715 2,374 2,637
------------------ ------------------ ----------
Non-current lease liabilities 150 241 196
Net assets 6,232 5,870 6,142
================== ================== ==========
Equity
Share capital 1,998 1,998 1,998
Share premium account 1,712 1,712 1,712
Merger reserve 3,042 3,042 3,042
Share-based payment reserve 358 396 415
Retained losses (878) (1,278) (1,025)
------------------ ------------------ ----------
Equity attributable to the owners of the parent 6,232 5,870 6,142
Condensed Consolidated Statement of Changes in Equity
Share Share based
Share premium Merger payment Retained Total
capital account reserve reserve losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
1 April 2021 1,998 1,712 3,042 580 (1,537) 5,795
Transfer on
reserves - - - (172) 172 -
Total comprehensive
income - - - - 247 247
Share based
payment charge - - - (12) - (12)
Dividend - - - - (160) (160)
Balance at
30 September
2021 1,998 1,712 3,042 396 (1,278) 5,870
-------- -------- -------- ------------ --------- --------
Transfer on
reserves - - - (1) 1 -
Total comprehensive
income - - - - 332 332
Share based
payment charge - - - 20 - 20
Dividend - - - - (80) (80)
Balance at
31 March 2022 1,998 1,712 3,042 415 (1,025) 6,142
Transfer on
reserves - - - (63) 63 -
Total comprehensive
income - - - - 244 244
Share based
payment charge - - - 6 - 6
Dividend - - - - (160) (160)
Balance at
30 September
2022 1,998 1,712 3,042 358 (878) 6,232
======== ======== ======== ============ ========= ========
Condensed Consolidated Statement of Cash Flows
for the six months ended 30 September 2022
Six months to 30 September Six months to 30 September Year ended
31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Profit for the period 244 247 579
Income tax expense 58 57 139
Share based payment charge 6 (12) 8
Depreciation 59 56 118
--------------------------- --------------------------- -----------
Operating cash flows before movement in
working capital 367 348 844
Decrease/(increase) in trade and other
receivables 19 163 (320)
(Decrease) in trade and other payables (652) (549) (12)
--------------------------- --------------------------- -----------
Cash generated by operations (266) (38) 512
Income taxes refunded/(paid) 20 11 (84)
Net cash (outflow)/inflow from operating
activities (246) (27) 428
Cash flows from investing activities
Purchase of property, plant and equipment (25) (11) (37)
Net cash (outflow) from investing activities (25) (11) (37)
Cash flows from financing activities
Lease liability payments (44) (43) (85)
Dividends paid (160) (160) (240)
Net cash (outflow) from financing activities (204) (203) (325)
Net (decrease)/increase in cash and cash
equivalents (475) (241) 66
Cash and cash equivalents at beginning of the
period 2,193 2,127 2,127
--------------------------- --------------------------- -----------
Cash and cash equivalents at end of the period 1,718 1,886 2,193
=========================== =========================== ===========
Notes to the Condensed set of Financial Statements
for the six months ended 30 September 2022
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. It provides specialist
housing, sport, education and treasury management consultancy
services.
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 2022 and expected to be
adopted in the financial information by the Company in preparing
its annual report for the year ending 31 March 2023.
This Interim Consolidated Financial Information for the six
months ended 30 September 2022 has been prepared in accordance with
UK-adopted International Accounting Standard 34. 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 2022, which
were prepared in accordance with UK-adopted International
Accounting Standards and have been delivered to the Registrar of
Companies. The auditors 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 2022 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.
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
2022 2021
GBP'000 GBP'000
Revenue from Consultancy 5,647 4,566
Revenue from Treasury Management 227 289
------------ ------------
5,874 4,855
============ ============
Within consultancy revenues, approximately 16% (2021: 8%) has
arisen from the segment's largest customer; within treasury
management 20% (2021: 27%).
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
2022 2021
GBP'000 GBP'000
UK 5,658 4,652
Europe 193 195
Rest of World 23 8
------------ ------------
5,874 4,855
============ ============
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
GBP'000
'000
As at 1 April 2021 39,961 1,998
As at 30 September 2021 39,961 1,998
As at 31 March 2022 39,961 1,998
As at 30 September 2022 39,961 1,998
======= ================================
5. Share-based payment transactions
The Company operates an Unapproved Scheme and an Enterprise
Management Incentives Scheme. The total cost recognised in the
period to 30 September 2022 arising from share-based payment
transactions is GBP6k (the credit for the period ended 30 September
2021: GBP12k).
Unapproved scheme Number Weighted average
'000 exercise price
Number of options outstanding at 1 April 171 GBP0.35
2022 and 30 September 2022
=======
The exercise price of the options outstanding at 30 September
2022 is GBP0.35
Number Weighted average
EMI scheme '000 exercise price
Number of options outstanding at 1 April
2022 1,474 GBP0.05
Lapsed during period (169) GBP0.05
Granted during period 931 GBP0.26
Cancelled during period (40) GBP0.26
-------
Number of options outstanding at 30 September
2022 2,196 GBP0.14
-------
Number of options exercisable at 30 September
2022 1,305 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 0.25p will be paid on 20 December 2022 to
shareholders on the register at 9 December 2022 at a cost of
GBP99,905.
8. Related party disclosures
Balances and transactions between the Group and other related
parties are disclosed below:
During the 6 months to 30 September 2022, Derek Joseph, Chair,
was paid GBP11.7k (6 months to September 2021: GBP11.5k) which
includes GBP6.7k (6 months to September 2021: GBP6.5k) of
consultancy fees in relation the Group's International
business.
Richard Wollenberg, non-executive director, accrued fees of
GBP2k (6 months to September 2021: GBP2k). At 30 September 2022,
the balance owed to Richard Wollenberg for services as a
non-executive director was GBP6k (6 months to September 2021:
GBP2k).
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END
IR EELFLLFLEFBK
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