TIDMBIRD
RNS Number : 7693D
Blackbird PLC
07 March 2022
7 March 2022
Blackbird plc
("Blackbird" or the "Company")
Audited full year results for the year ended 31 December
2021
Blackbird plc (AIM: BIRD, OTCQX: BBRDF), the technology
licensor, developer and seller of the multi award-winning
cloud-native video editing platform, Blackbird , announces its
audited full year results for the year ended 31 December 2021.
Ian McDonough, CEO of Blackbird, commented:
"I am thrilled to firstly report record revenues for the fourth
consecutive year of GBP2.07 million, up 32% on the previous year
and also to be able to explain how 2021 has laid the groundwork for
the transformation of Blackbird in the long term. 2021 has been
transformational in multiple ways for the Company with more
high-profile customer wins, our first technology licensing deal,
the launch of the 'Powered by Blackbird' brand for technology
licensing, followed by a successful GBP8.0 million fundraise in
December to develop 'Powered by Blackbird' products based on our
core IP and launch them into new markets."
"Blackbird published two strategic white papers in the year. The
first one was on sustainability highlighting the impact of the
media industry on the environment and how using cloud native
solutions, such as Blackbird, can dramatically reduce carbon
emissions. The second one was on Total Cost of Ownership showing
that although Blackbird takes up to a 10x share of wallet compared
to traditional editing software it is still up to 35% cheaper than
other cloud-based workflows. As sustainability rapidly grows in
importance on the agenda of Companies within the media industry,
Blackbird's credentials of lowering carbon emissions by up to 91%
compared to other cloud-based workflows, coupled with the Company's
cost benefits will provide a compelling reason to purchase. These
white papers have significantly raised the Company's profile in the
media industry and led to a raft of awards which we are very proud
to receive. We will continue to promote these initiatives during
2022."
"We start 2022 in a very strong position financially, with a
strong balance sheet and an order book 93% higher than at the start
of last year. Strategically we have plans in place to develop
market opportunities outside of media and entertainment and I very
much look forward to working with the Blackbird team to deliver
further success."
Operational highlights (post period end)
-- Achieved AWS Technology Partner status and completed
Foundational Technical Review to accelerate AWS engagement
o stepping stone to launching Blackbird in a Public Cloud which
will open up the Company's addressable market
-- Univision 'land and expand' deal secured
-- Won 2021 NAB Show Product of the Year Award
-- GBP2,025k* revenue secured for 2022, at end of February 2022,
which is up 81% year on year (2021 comparative at end of February
2021: GBP1,117k)
-- Contracted but unrecognised revenue of GBP3,436k* at end of
February 2022. Of this, GBP1,416k is to be recognised in 2022, a
further GBP824k in 2023, with the remainder in 2024 and beyond
*Unaudited and subject to exchange rate fluctuations
Operational highlights (during the year under review)
-- Raised GBP8.0 million (before expenses) from existing and new
investors to enter new markets with our 'Powered by Blackbird'
intellectual property
-- First technology licensing deal with a global broadcast
company who have licensed Blackbird's core video technology for a
5-year period:
o first proof point of the value of the patented technology
suite outside the core Blackbird platform; and
o a commercially attractive new route to market that opens up
markets inside and outside professional video production
-- High profile infrastructure deals signed with:
o CBS Sports Digital, our first US major, a division of
ViacomCBS;
o FIFA, multi-year deal signed;
o Univision, multi-year deal, the leading Spanish-language media
and content company in the United States to drive large-scale video
production efficiencies across its streaming and digital media
operations;
o Cheddar News annual deal for ultra-efficient, flexible and
sustainable video production;
o BT annual deal for ultra-fast and sustainable cloud native
video editing and publishing;
o Athletes Unlimited, a fast-growing network of next generation
US sports leagues covering softball, volleyball and lacrosse;
o ODK Media for flexible and efficient cloud video production
for their new OnDemandLatino service; and
o e-learning companies Typsy and Boclips
-- New and growing OEM Partnerships:
o deal with EVS to deploy for two major international sporting
events endorsing the OEM go to market strategy and that Blackbird
is a trusted partner for the world's most valuable content;
o expansion of deal with TownNews to 80 local U.S. TV station
reaffirming the Company's OEM and 'land and expand' strategy;
o Contracted with Eurovision Sport to drive cloud native video
production workflow efficiencies for its members in a multi-year
deal;
o new international sports league with TATA Communications which
is under strict non-disclosure terms; and
o new OEM partnership with LiveU who partnered with Blackbird to
deliver live clipping from the German elections for RTL and other
German public service broadcasters
-- Strategic white papers released by the Company on:
o Total Cost of Ownership ("TCO"): showing Blackbird's cloud
native solution delivering up to 35% lower TCO than cloud adapted
on premise video editing; and
o Sustainability: highlighting Blackbird's cloud native workflow
generates up to 91% less carbon than on premise video editing
workflows
-- Developmental and technology advancements:
o development of robust multifunctional APIs making Blackbird
more interoperable with third party products;
o modularisation of the software suite to enable 'Powered by
Blackbird' tech licensing;
o acceleration of Public Cloud integrations; and
o multiple new end user features such as blur and highlights
effects
-- Blackbird's shares begin trading on OTCQX Best platform in
July, which will lead to enhanced investor benefits, including
easier trading access for investors located in the US, and greater
liquidity due to a broader geographic pool of potential
investors
-- Awarded London Stock Exchange's Green Economy Mark,
recognition of the Company's sustainable, low-carbon solutions
-- Blackbird was included in an Industry wide proof of concept
led by BT Sport, BBC Sport, Sky Sports and NBC Universal to
demonstrate how cloud tools can reduce carbon emissions. The
results were published in January showing a 70% reduction in
technical infrastructure - other partners included Amazon Web
Services and Microsoft
-- Industry accolades including:
o 'Best Tech Company 2021' - SportsPro OTT Awards ; and
o Inaugural IABM 'Environmental Sustainability Company of the
Year 2021'
Financial highlights
-- Share placing raising GBP7.5 million (net of expenses) to
facilitate 'Powered by Blackbird' opportunities in new markets. The
placing was at 28 pence per share, double the price of the previous
placing in December 2019
-- Record revenues of GBP2,066k for the 12 months to 31 December
2021, up 32% year-on-year (12 months to 31 December 2020:
GBP1,567k)
-- North American revenues of GBP1,256k up 30% year-on-year (12
months to 31 December 2020: GBP968k)
-- Contracted but unrecognised revenue of GBP3,732k up 93%
year-on-year (as at 31 December 2020: GBP1,931k). GBP1,810k of this
balance is to be recognised in 2022 (as at 31 December 2020:
GBP1,058k to be recognised in 2021), GBP731k in 2023, GBP601k in
2024 and the remainder in 2025 and 2026
-- Operating costs, excluding LTIP provision, increased to
GBP3,107k (12 months to 31 December 2020: GBP2,721k) predominantly
due to i) increased staff costs - mainly due from the impact of a
full year of 2020 staff hires and strengthening the team this year
in R&D and product development and ii) product development
costs
-- EBITDA pre LTIP provision improved by GBP124k compared to
2020 as the increase in revenues outweighed the rise in operating
costs
-- LTIP provision of GBP358k (2020: GBP98k) booked in the year
based on a year-end share price of 30.75pence. In 2022, with
amongst other items a sell-off in global technology stocks and the
escalating crisis in Ukraine, the Company's share price has fallen.
The share price could rise or fall further prior to the LTIP payout
resulting in a material difference between the 31 December 2021
LTIP provision and the actual LTIP payout
-- EBITDA loss increased GBP259k year on year to GBP1,554k due
to an increase in the LTIP provision driven by the increase in
share price in 2021 and an additional year of the LTIP period
-- Net loss after tax GBP2,135k (12 months to 31 December 2020: net loss after tax GBP1,881k)
-- Net cash outflow, ignoring proceeds from share issues and
transfers into short-term deposits, reduced to GBP1,468k (12 months
to 31 December 2020: GBP1,579k)
-- At 31 December 2021 the Company had cash and short-term
deposits of GBP12,839k (2020: GBP6,546k) and no debt
Enquiries:
Blackbird plc Tel: +44 (0)20 8879
7245
Ian McDonough, Chief Executive Officer
Stephen White, Chief Operating and Financial
Officer
Allenby Capital Limited (Nominated Adviser Tel: +44 (0)20 3328
and Broker) 5656
Nick Naylor / Piers Shimwell (Corporate
Finance)
Amrit Nahal (Equity Sales)
About Blackbird plc
Blackbird plc operates in the fast-growing SaaS and cloud video
market. It has created Blackbird(R), the world's most advanced
suite of cloud-native computing applications for video, all
underpinned by its lightning-fast codec. Blackbird plc's patented
technology allows for frame accurate navigation, playback, viewing
and editing in the cloud. Blackbird(R) enables multiple
applications, which are used by rights holders, broadcasters,
sports and news video specialists, esports, live events and content
owners, post-production houses, other mass market digital video
channels and corporations.
Since it is cloud-native, Blackbird(R) removes the need for
costly, high-end workstations and can be used from almost anywhere
on almost any device. It also allows full visibility on
multi-location digital content, improves time to market for live
content such as video clips and highlights for digital
distribution, and ultimately results in much more effective
monetisation.
Blackbird plc is a licensor of its core video technology under
its 'Powered by Blackbird' licensing model. Enabling video
companies to accelerate their path to true cloud business models,
licensees benefit from power and carbon reductions, cost and time
savings, less hardware and bandwidth requirements and easy
scalability.
Chairman's statement
For many people, 2021 continued to be an extension of the
lifestyle and the workplace adjustments that we all had made in
2020. Working remotely via the use of innovative cloud-based
technology continues to be the norm. As a pioneer of cloud native
video technology, Blackbird continues to be the most efficient
platform available for our customers and their employees to work
collaboratively and remotely on any connected device.
2021 was also a year of increased and widening recognition for
Blackbird, winning three major media technology awards including
SportsPro's 'Technology Company of the Year'. Similarly, as ESG
continues to be a major factor in all business activities, the
important role that Blackbird plays in the potential to
significantly reduce the carbon footprint of our customers is also
being increasingly recognised. Sustainability is one of the key
differentiators for the Blackbird platform, reducing carbon
emissions by up to 91% relative to other nonlinear editors (NLE's)
of some of our major competitors, according to the independent
environmental research company Green Element.
The increased levels of awareness for our platform have allowed
us to continue the sales momentum that we achieved in 2020. As well
as year-on-year revenue growth of 32%, we also grew our contracted
but unrecognised revenue by 93% to GBP3,732k. As we onboarded yet
more meaningful global brands to our platform, our OEM strategy of
partnering with key major players where we access our partners'
sales channels as a route to market, resulted in new distribution
partnerships and a number of key infrastructure deals, which will
allow us to significantly broaden our market reach.
Our results for the year continue to show strong growth
underpinned by our increased market presence and strategic
partnerships. The Company recognised revenues of GBP2,066k (2020:
GBP1,567k). We continued to grow our North American business to
GBP1,256k (2020: GBP968k) and it now comprises 61% of our revenues.
Our revenue mix remained strong with OEM revenue accounting for 45%
in the year, 48% coming from infrastructure deals and 7% from
development work on our first 'Powered by Blackbird' deal.
Strategy
In 2021 we passed a key inflection point for our business via
the licensing of packaged modules to a global broadcast company of
the core underlying technology upon which our own editor is built.
Not only is this a significant deal, but it paves the way for
multiple market sectors to incorporate our technology into their
technology with a range of compelling benefits including superior
performance, flexibility, sustainability and reduced operating
costs. This B2B 'Powered by Blackbird' approach is a major
milestone to the unlocking of the true potential of our unique
patented technology and significantly grow our total addressable
market.
Outside of the NLE professional video editor market, the
patented Blackbird technology has many significant potential
applications around the creation, publishing and distribution of
content. By the end of 2021 the Board of Directors agreed to seek
additional funding in order to resource a wider exploitation of our
technology. To this end we successfully raised GBP8.0 million
(before costs) via a market placement, for the sole purpose of
funding the development and exploitation of our technology in new
areas whilst not compromising our core market focus today.
Regarding our core market of professional media and
entertainment video editing, the Blackbird platform continues to be
optimised for use on scalable public cloud infrastructure. This is
to support its availability as a more tightly integrated part of
our OEM partner systems and makes possible our 'Powered by
Blackbird' expansion. Similarly, we are ensuring that Blackbird can
be integrated with wider third- party functionality through
developing our APIs.
As we go forward, we remain committed to maintaining the
superiority of our video codec, and other unique components of our
platform, to extend our applicable markets. We will broaden our
strategic focus and build upon our unique points of difference. We
will continue to create meaningful IP that has strong commercial
potential and will test it in the market as appropriate.
In a year that has been very difficult for many individuals and
for many businesses, Blackbird has continued to evolve and grow.
The Board believes that the Company continues to be well positioned
to exploit its technological advantages and continue to grow in the
large, dynamic cloud video market.
Income statement and statement of financial position
In the year ended 31 December 2021, the Company recorded
revenues of GBP2,066k (2020: GBP1,567k), which represented an
increase of 32% year-on-year. Revenues in Sports and News, our core
target sectors, both increased by 28% year on year. Additionally,
the Company recognised GBP137k revenue in the year from its first
technology licensing deal. Branded 'Powered by Blackbird' this will
open up a new route to market.
Operating costs, excluding LTIP provision, during the year to 31
December 2021 were GBP3,107k compared to GBP2,721k in the
corresponding period in 2020 as we strengthened the team in
R&D, Product and Sales and saw a full year impact of 2020
hires.
The Company has identified certain metrics such as i) EBITDA pre
LTIP provision and ii) cash burn excluding proceeds from share
issues and transfers into short-term deposits, which whilst they
are non-GAAP metrics, assist in the understanding of business
performance. These alternative performance measurements may not be
directly comparable with other companies' measures and are not
intended to be a substitute for any International Accounting
Standards performance measures. The Company believes that EBITDA
pre LTIP provision is the best measure to reflect core operational
performance and that cash burn, excluding proceeds from share
issues and transfers into short-term deposits, provides the best
measure of the cash being utilised by the business until it can be
self-generating.
The EBITDA pre LTIP provision improved to a loss of GBP1,197k
(2020: loss of GBP1,318k). The net loss for the year was GBP2,135k
compared to a net loss of GBP1,881k in 2020 due to a better EBITDA
pre LTIP provision offset by a higher LTIP provision of GBP358k
(2020: GBP98k) and higher amortization and share option charges.
The LTIP provision calculated at 31 December 2021 was based on a
30.75 pence share price. In 2022, with amongst other items a
sell-off in global technology stocks and the escalating crisis in
Ukraine, the Company's share price has fallen. The share price
could rise or fall further prior to the LTIP payout resulting in a
material difference between the 31 December 2021 LTIP provision and
the actual LTIP payout.
After the December placing, the Company ended the year with a
strong balance sheet including GBP12,839k of cash and short-term
deposits (31 December 2020: GBP6,546k). During the year the Company
reduced its cash burn, excluding proceeds from share issues and
transfers into short-term deposits, to GBP1,468k from GBP1,579k in
2020, a result of increased revenue partially offset by higher
operating costs.
Current trading and outlook
As noted earlier, we start the current year in a strong
financial position, with a strong balance sheet and contracted but
unrecognised revenue of GBP3,732k as at 31 December 2021 (as at 31
December 2020: GBP1,931k). GBP1,811k of this balance relates to
revenue to be recognised in 2022 which is up 71% compared to 2020
comparative of GBP1,058k. As a result, we are well positioned for
strong growth this year.
Looking forward, our 'Powered by Blackbird' strategy has the
potential to significantly increase our addressable markets and, as
the use of video penetrates most sectors, content creators, media
publishers and broadcasters will continue to look for more
effective solutions. The benefits of these solutions will include
improved remote collaboration and helping companies to reduce their
carbon footprint, 'Powered by Blackbird' enables our partners to
license our technology and incorporate it within their own
solutions making Blackbird well positioned for meaningful
growth.
With the proceeds of our recent fundraise, we will seek to apply
our technology to other commercially attractive sectors where we
have a compelling advantage and proven capability. We may address
these sectors using different routes to market, including by going
to market directly or through partnership arrangements. The Board
remains committed to realising the full potential of our remarkable
technology and will continue to test and refine the best ways in
which to achieve this.
Finally, the Blackbird brand continued to grow in awareness and
reputation over the last year and the Board would like to thank Ian
and his team for the significant progress that has been made during
a very challenging time.
Andrew Bentley
Chairman
Chief Executive Officer's statement
Where 2020 was a year of disruption for our industry, 2021 was a
year where the expected return to a predictable normal never quite
happened. Media and Entertainment had to be prepared for the
unexpected and to an extended period of uncertainty and disrupted
work patterns. From a Blackbird perspective our preparation paid
off and this provided significant opportunities, as you would
expect. The accelerated shift to sustainable and efficient remote
production has seen Blackbird's profile rise prolifically in the
industry. We finished the year having been awarded three
prestigious industry accolades including 'Tech Company of the Year'
by SportsPro.
This year was transformational because of our first technology
licensing deal and subsequent 'Powered by Blackbird' brand launch.
Since I joined the Company, proving the value of our technology
outside of our core product has been a key goal. This opportunity
can result in significant value creation, which is why many of the
team, including myself, are significant investors in the business.
This year was the year we have that first official proof point. In
addition, it came via a Global Broadcast Company of high repute
targeting a global product rollout in 2022. The deal itself is made
up of several parts including a development fee, and an annual
minimum guarantee underpinning a revenue share of sales. It is
already double the size of any of the Company's previous contracts
at EUR2million over the 5-year term and one we expect to grow well
beyond the minimum guaranteed fees. I can happily report that the
contract execution is, at time of writing, progressing well and the
partner in question has expressed their happiness with the service
we are providing. We are both looking forward to a successful
high-profile rollout of the product starting towards the end of the
first half of 2022.
Outside of the technology licensing the key focus is scaling
Blackbird through OEM partnerships. Good progress was made in these
areas as can be seen by adding EVS, where we were involved in the
largest and most important international sporting games of 2021 and
also thus far of 2022. Unfortunately, confidentiality prevents us
naming these events. LiveU and Eurovision were also onboarded this
year as new OEM partners both bringing high profile paying
customers to add to our roster. LiveU brought Blackbird into its
deal in Germany for the national and local elections where we were
used to cut from live by RTL and other German public service
broadcasters. This was our first entry into that territory and one
where we can expect further growth. Eurovision, the production arm
of the European Broadcast Union (EBU) which has over 100
broadcasters as members has started using Blackbird on several
different international sports disciplines including cycling and
athletics. We also significantly grew existing OEM account TownNews
which from a single figure base in 2018 now has 80 stations using
Blackbird. Our relationship with TATA Communications while strong
and collaborative continues to find its feet and although it grew
this year with a significant new international sports competition
added, it was at a slower pace than we expected. There is appetite
on both sides to drive much further growth and we are working
together find a more streamlined approach in 2022.
In terms of direct infrastructure deals, Blackbird's reputation
of delivering world beating speed and efficiency into live news and
sports rooms ramped up with new deals with some major European and
US clients. Prize amongst these is our first US Studio deal with
CBS Sports where Blackbird is used on all European soccer
production. In addition, we have been deployed into Univision too
where the platform is used in live sports and news and where, post
year end, we have just seen an expansion. The trailblazing US news
network Cheddar News have also started to use Blackbird on a
nationwide basis with both field reporters and studio-based
journalists. Elsewhere we were deployed with Athletes Unlimited in
minority US growth sports such as softball and lacrosse. Our deal
with ODK showcases how Blackbird's infrastructure enables our most
international of workflows with a Korean company, using a
Vietnamese production team to prepare Latin American content for
delivery to a US audience. In the UK too we have expanded with BT
TV which is driving efficiencies in both sports and general
entertainment distribution. Just before the end of the year we also
signed a deal with FIFA, where deployment will take place in early
2022. We have also seen successes in both replacing traditional
non-linear editors, complimenting their usage through using
Blackbird in new workflows and also supplementing capability in
organisations such as A+E Networks. This was highlighted by the A+E
Networks operational team in a joint webinar showing that Blackbird
sits across multiple departments.
The financial and strategic benefits of launching our technology
licensor brand 'Powered by Blackbird' globally with the Global
Broadcast Company include that we have accelerated the
modularization of our platform for tech licensing ahead of public
cloud assimilation. In addition, we made excellent progress in the
public cloud initiative and in December we were awarded the
Foundation Technical Review by Amazon Web Services (AWS). This is a
significant milestone in the integration of our platform into the
largest of the public clouds. Public cloud integration will be a
key focus in 2022.
Elsewhere on the platform the integrations with EVS for the
international games and CBS were made possible by rapid advancement
of our API suite which are becoming both more robust and
multifunctional each month. Being a seamless part of a complex
media supply chain, as our Blackbird platform now is, means the
development of several high specification gateways which are now
operational.
Similarly, to become established in the media and entertainment
space you need to have the trust of customers. Certainly, being on
public cloud is a fast track to that in terms of convincing
management of blue chip companies of reliability and security.
Another is having SOC2 Type 2 status which is the gold standard of
US cyber and data security for the media industry. Blackbird
achieved SOC2 Type 1 and then SOC2 Type 2 statuses in 2021 and
maintained the SOC2 Type 2 accreditation this year. This has taken
some time and effort on the team's behalf, and it means contracts
that previously took months can now be completed in a much shorter
time.
The profile of Blackbird is also on a steep upward trajectory.
In 2021 we published two white papers. The first was a
groundbreaking piece on the carbon efficiency of the Blackbird
technology and product. The carbon footprint of video production
had for many years gone under the radar screen and was
underreported. We worked with an independent environmental agency,
Green Element, to be the first in our sector to put out
independently verified data points about the savings we make, which
garnered a huge amount of media coverage for the Company.
Especially when the data points are as compelling as a saving of up
to 91% carbon. I was personally interviewed on Sky News and
Blackbird was featured in over 40 different articles, features and
industry panels throughout the year talking about it. Our work
encouraged one of the key bodies in our industry, the International
Association of Broadcast Manufacturers (IABM) to launch an
'Environmental Sustainability' Award which we duly won in December.
This work also led the London Stock Exchange to award the company
its prestigious Green Economy Mark which just 5% of listed UK
businesses have received.
Within the year other accolades included the NAB Show 'Product
of the Year' and the top prize at the SportPro OTT Awards 'Best
Tech Company 2021'.
Sometimes it's easy to forget we only rebranded the software and
renamed the Company in 2018 and 2019. This year we released 28
press releases, hosted ten webinars with partners, conducted 25
interviews and were on twelve industry panels. It's safe to say
that if the industry hadn't heard of Blackbird pre-Covid, they have
now.
As a final act of 2021 we undertook a successful placing at 28p,
double the share price of the last placing in December 2019,
raising GBP8.0 million before costs. These funds will be used to
explore new markets for Blackbird outside of the professional media
and entertainment video editing market. This was presented to
shareholders at an Investor Meet Company meeting in December, a
recording of which can be found on our website and is discussed in
our Strategy section of the Annual Report.
We look forward to an incredibly exciting 2022 with a world
respected technology platform, an enviable client list, a sky-high
industry profile, a highly professional team and a very healthy
bank balance. We eagerly anticipate seeing Blackbird fully
integrated into the public cloud, the rollout of our first
technology licensing deal and the further adoption of our efficient
and sustainable solution on a global basis.
Ian McDonough
Chief Executive Officer
Income statement and statement of comprehensive income for the
year ended 31 December 2021
2021 2020
GBP GBP
CONTINUING OPERATIONS
Revenue 2,066,271 1,567,109
Cost of Sales (155,691) (163,338)
====================================================== ============ =====================
GROSS PROFIT 1,910,580 1,403,771
Other income - -
Operating costs excluding LTIP
provision (3,107,283) (2,721,465)
====================================================== ============ =====================
EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION,
AMORTISATION AND LTIP PROVISION (EBITDA
Pre LTIP) (1,196,703) (1,317,694)
LTIP provision (357,712) (98,227)
EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION,
AMORTISATION AND EMPLOYEE SHARE OPTION
COSTS (EBITDA) (1,554,415) (1,415,921)
Depreciation (117,199) (108,681)
Amortisation (337,078) (275,935)
Employee share option costs (176,583) (138,933)
------------ ---------------------
(630,860) (523,549)
OPERATING LOSS (2,185,275) (1,939,470)
Net Finance income 18,382 33,451
====================================================== ============ =====================
LOSS BEFORE INCOME TAX (2,166,893) (1,906,019)
Income tax 32,167 25,415
LOSS FOR THE YEAR (2,134,726) (1,880,604)
Other comprehensive income - -
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (2,134,726) (1,880,604)
Earnings per share expressed in pence per
share
Basic - continuing and total operations (0.63p) (0.56p)
Statements of financial position as at 31 December 2021
2021 2020
GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible assets 1,195,736 1,105,657
Property, plant and
equipment 256,655 308,565
-------------------------------------- ------------- -------------
1,452,391 1,414,222
CURRENT ASSETS
Trade and other receivables 395,315 292,834
Stock 895 15,728
Current tax assets 32,167 25,415
Short-term investments 4,169,186 1,617,820
Cash and bank balances 8,670,274 4,928,021
-------------------------------------- ------------- -------------
13,267,837 6,879,818
---------------------------------- ------------- -------------
TOTAL ASSETS 14,720,228 8,294,040
====================================== ============= =============
EQUITY AND LIABILITES
CAPITAL AND RESERVES
Issued share capital 2,940,524 2,696,433
Share premium 34,034,228 26,516,613
Capital contribution
reserve 125,000 125,000
Retained earnings (24,156,905) (22,198,762)
-------------------------------------- ------------- -------------
TOTAL EQUITY 12,942,847 7,139,284
NON-CURRENT LIABILITIES
Lease and other payables 131,908 324,044
131,908 324,044
CURRENT LIABILITIES
Trade and other payables 1,645,473 830,712
-------------------------------------- ------------- -------------
TOTAL LIABILITIES 1,777,381 1,154,756
-------------------------------------- ------------- -------------
TOTAL EQUITY AND LIABILITIES 14,720,228 8,294,040
====================================== ============= =============
Statement of changes in equity for the year ended 31 December
2021
Issued Retained Share premium Capital Total equity
share capital earnings contribution
reserve
GBP GBP GBP GBP GBP
Balance at 1 January
2020 2,681,913 (20,457,091) 26,371,502 125,000 8,721,324
Changes in equity
Issue of share capital 14,520 - 145,111 - 159,631
Share based payment - 138,933 - - 138,933
Total comprehensive
loss
for the year - (1,880,604) - - (1,880,604)
======================= =============== ============= ============== ============== =============
Balance at 31 December
2020 2,696,433 (22,198,762) 26,516,613 125,000 7,139,284
Changes in equity
Issue of share capital 244,091 - 7,517,615 - 7,761,706
Share based payment - 176,583 - - 176,583
Total comprehensive
loss
for the year - (2,134,726) - - (2,134,726)
======================= =============== ============= ============== ============== ===============
Balance at 31 December
2021 2,940,524 (24,156,905) 34,034,228 125,000 12,942,847
S ta tement of cash flows for the year ended 31 December
2021
2021 2020
Notes GBP GBP
Cash flows from operating
activities
Cash used in operations A (901,066) (1,089,946)
Interest paid on lease
liabilities (11,979) (16,059)
Tax received 25,415 32,424
------------------------------------------ ------------ ------------
Net cash from operating
activities (887,630) (1,073,581)
------------------------------------------ ------------ ------------
Cash flows from investing
activities
Payments for intangible
fixed assets (443,657) (425,848)
Payments for property,
plant and equipment (65,288) (26,203)
Transfer into short-term
investments (2,551,366) (1,617,820)
Interest received 25,393 43,172
------------------------------------------ ------------ ------------
Net cash from investing
activities (3,034,918) (2,026,699)
------------------------------------------ ------------ ------------
Cash flows from financing
activities
Share issues (net of
expenses) 7,761,706 159,631
Payment of lease liabilities (96,905) (96,821)
Net cash from financing
activities 7,664,801 62,810
------------------------------------------ ------------ ------------
Increase/(Decrease)
in cash and cash equivalents 3,742,253 (3,037,470)
Cash and cash equivalents
at beginning of year 4,928,021 7,965,491
------------------------------------------ ------------ ------------
Cash and cash equivalents
at end of year 8,670,274 4,928,021
========================================== ============ ============
A. Reconciliation of loss before income tax to cash used in operations
2021 2020
GBP GBP
Loss before income tax (2,166,893) (1,906,019)
Depreciation 117,199 108,681
Amortisation charges 337,078 275,935
Employee share option costs 176,583 138,933
Finance income (18,382) (33,451)
------------------------------------------ ------------ --------------------
Earnings before interest,
taxation, depreciation and
amortisation (1,554,415) (1,415,921)
------------------------------------------ ------------ --------------------
Movements in working capital:
(Increase)/ Decrease in trade
and other receivables (62,234) 202,145
Increase in trade and other
payables 715,583 123,830
------------------------------------------ ------------ --------------------
Cash used in operations (901,066) (1,089,946)
========================================== ============ ====================
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