TIDMDSG
RNS Number : 1694Z
Dillistone Group PLC
16 September 2015
16 September 2015
Dillistone Group Plc
("Dillistone", the "Company" or the "Group")
Interim Results
Dillistone Group Plc, the AIM quoted supplier of software and
services for the recruitment sector, is pleased to announce its
interim results for the six months ended 30 June 2015.
Highlights include:
Financial
-- Revenue up 12% to GBP4.71m
o Recurring revenues up 14% to GBP3.26m
o Non-recurring revenues up 6% to GBP1.20m
-- Adjusted EBITDA(1) up 9% to GBP1.19m
-- Depreciation & amortisation up 53% following uplift in R&D
-- Adjusted operating profits(2) down 6% to GBP0.78m
-- Adjusted basic EPS(3) down 7% to 3.31p
-- Cash balances of GBP1.34m at 30 June 2015 (2014: GBP1.19m)
and debt of GBP0.40m (2014: GBPnil) after making final payments
associated with acquisition of FCP
-- 4% increase in interim dividend to 1.35p (2014: 1.30p)
Operational
Dillistone Systems Division
-- Notable contract wins include multiple clients taken from direct competitors
-- Preferred Provider Agreements signed with two major global executive search groups
-- Significant improvement in client retention rates and return of a large former client
-- Incoming order values up approx. 20% since launch of
FileFinder Anywhere Further details available at:
http://www.dillistone.com/en/page/Interim_Results_Presentation
Voyager Software Division
-- Launch of cloud hosted version of Infinity with additional
functionality for use in the temporary staffing sector
-- Launch of integration of ISV FastPath and Infinity to facilitate cross selling opportunities
-- Launch of version 6 of Evolve software
Commenting on the results and prospects, Mike Love,
Non-Executive Chairman, said:
"These results demonstrate growth in revenue and EBITDA, with
the benefits of our acquisition strategy showing through.
"We continue to invest in our products, services and
infrastructure across the Group. These investments are expected to
deliver long term shareholder benefits and strengthen Dillistone's
position in its chosen markets.
"Our confidence in the future has allowed us to declare a
further increase in our interim dividend."
Dr Mike Love, Chairman
(1) Adjusted EBITDA is adjusted operating profit with
depreciation and amortisation added back.
(2) Adjusted operating profit is statutory operating profit
before acquisition costs, related intangible amortisation,
movements in deferred consideration and other one-off costs
relating to acquisitions.
(3.) Adjusted earnings per share is computed from statutory
profits after tax adjusted to exclude the post-tax effect of
acquisition costs, related intangible amortisation, movements in
deferred consideration and other one-off costs relating to
acquisitions.
Results Webinar: Jason Starr, Chief Executive, and Julie
Pomeroy, Finance Director, will be hosting a webinar at 2.45pm
today to review the results and prospects. Those wishing to
participate should register at
https://attendee.gotowebinar.com/register/145321721560845569 or
contact Tom Cooper on tom.cooper@walbrookpr.com or 0797 122
1972.
Enquiries:
Dillistone Group
Plc
Mike Love Chairman 020 7749 6100
Jason Starr Chief Executive 020 7749 6100
Julie Pomeroy Finance Director 020 7749 6100
WH Ireland Limited (Nominated
adviser)
Head of Corporate
Chris Fielding Finance 020 7220 1650
Walbrook PR
Tom Cooper / Paul
Vann 020 7933 8780
0797 122 1972
tom.cooper@walbrookpr.com
Notes to Editors:
Dillistone Group Plc (www.dillistonegroup.com) is a leader in
the supply and support of software and services to the recruitment
industry. It has four trading businesses operating through two
divisions: Dillistone Systems, which targets the executive search
industry (www.dillistone.com); and Voyager Software, which targets
other recruitment markets (www.voyagersoftware.com).
Dillistone has made three acquisitions: Voyager Software in
September 2011, FCP Internet in July 2013 and ISV Software in
September 2014. The Group operates under the FileFinder, Infinity,
Evolve and ISV brands.
Dillistone was admitted to AIM, a market operated by the London
Stock Exchange plc, in June 2006. The Group employs over 100 people
globally with offices in London (head office) Basingstoke and
Southampton, Frankfurt, New Jersey and Sydney.
Chairman's Statement
The Group has made good progress in the first half, delivering a
solid set of financial results coupled with an impressive number of
product updates launched in the period. We continue to pursue a
growth strategy of investing in our products and services and
targeting complementary acquisitions. This is a strategy that has
served us well in the past and which remains our conviction at this
time.
Revenues increased by 12% over the 6 months to June 2014 with
recurring revenues up by 14% and now representing 69% of total
revenues. Revenues have benefited from the acquisition of ISV in
October 2014. Excluding the impact of ISV, which did not contribute
to the comparative first half period in 2014, underlying revenue
growth was 3%.
Administration expenses have risen in H1 2015, not only through
the acquisition of the ISV business, but also through increased
depreciation and amortisation charges, relating primarily to
investment in product development. Excluding depreciation and
amortisation and the impact of ISV, administrative expenses rose 3%
over H1 2014.
EBITDA grew 9% to GBP1.19m (2014: GBP1.09m). Total depreciation
and amortisation, including acquisition intangibles, increased to
GBP0.60m (2014: GBP0.39m) resulting in profit before tax being down
12% to GBP0.57m (2014: GBP0.65m). Operating profits, excluding
acquisition intangibles, were therefore GBP0.78m, down 6% on
2014.
Divisional review
Dillistone Systems (www.dillistone.com) reported revenues of
GBP2.306m (2014: GBP2.302m).
The launch of FF Anywhere in September 2014 has been well
received by existing clients and we have benefitted from a
significant number of these clients upgrading, which has resulted
in improved retention rates. The product has also led to us
achieving a number of notable new client wins, with the most recent
of these including our largest win in South America since 2006 and
our largest win in the UK since 2012. These are in addition to the
previously referenced notable wins in mainland Europe and North
America. We are delighted to report that incoming order values for
FileFinder have risen by approximately 20% in the year since the
launch of FileFinder Anywhere.
http://www.dillistone.com/en/page/Interim_Results_Presentation
Divisional profits are GBP0.218m down in the period mainly due
to increased depreciation and amortisation charges, relating
primarily to development costs and also to increased fixed assets,
following our head office relocation in October 2014, and higher
staff costs.
Voyager Software (www.voyagersoftware.com) has also enjoyed a
good trading period with revenue 27% ahead of 2014 at GBP2.400m
(2014: GBP1.896m). It has benefited from the impact of the ISV
acquisition, which took place in October 2014. On a like for like
basis, excluding ISV, underlying revenue would have been ahead by
nearly 6%.
The Division continues to invest in product development and in
the period launched a Cloud hosted version of its Infinity product
together with additional functionality to allow the product to be
used by clients in the temporary staffing sector.
We also launched our new integration between the ISV FastPath
product and Infinity. We believe that this development will
facilitate cross selling within the Division.
In July 2015 we were delighted to announce the release of
version 6 of Evolve. The Evolve(TM) product was acquired through
our acquisition of FCP in 2013 and this represents its biggest
release in many years and again demonstrates our commitment to
product development.
Divisional profits increased by GBP0.164m in the period.
Financial Performance
Revenue in the six months ended 30 June 2015 increased by 12% to
GBP4.706m (2014: GBP4.198m). Recurring revenues increased by 14% to
GBP3.257m over the comparable period last year (2014: GBP2.861m)
and represented 69% of total revenues (2014: 68%). Non recurring
revenues increased 6% to GBP1.202m (2014: GBP1.129m).
Costs of sales increased to GBP0.661m (2014: GBP0.548m) mainly
due to the inclusion of ISV. Excluding acquisition related costs,
administrative costs increased by 16% to GBP3.270m (2014:
GBP2.825m). Excluding ISV costs, administrative costs grew 8%. In
addition depreciation, excluding amortisation of acquisition
intangibles, increased by 55% to GBP0.411m (2014: GBP0.265m),
reflecting the impact of the increased amortisation of development
costs. Administrative costs also include GBP0.189m (2014:
GBP0.128m) relating to the amortisation of acquisition
intangibles.
Profit before tax and acquisition related items fell by 7% to
GBP0.772m (2014: GBP0.828m). Profit before tax and after
acquisition related items fell by 12% to GBP0.566m (2014:
GBP0.646).
The tax charge fell to GBP0.090m in the period to 30 June 2015
(2014: GBP0.132m). This gave an effective global tax rate of 15.9%
(2014: 20.4%). The 2014 and 2015 rates have been reduced by claims
in the UK for research and development tax credits reflecting the
continuing development of our products. The falling UK tax rates
have also had a positive impact on the charge, which is offset by
the higher rates of corporation tax payable in the US and
Australia.
Adjusted basic EPS fell 7% to 3.31p (2014: 3.55p), before
acquisition related items, and fell 13% to 2.45p after such
items.
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Cash generated from operating activities remained strong at
GBP1.111m (2014: GBP1.179m). Total cash flow in the 6 months ended
30 June 2015 showed a net cash outflow of GBP0.560m (2014: outflow
GBP0.198m). The main elements of non-operating expenditure related
to dividends paid in the period of GBP0.528m (2014: GBP0.475m) and
investment in new product development of GBP0.464m (2014:
GBP0.324m) and deferred and contingent consideration payments in
respect of ISV and FCP totalling GBP0.666m (2014: GBP0.550m). At 30
June 2015 we had cash reserves of GBP1.335m (2014: GBP1.193m) and
GBP0.406m in borrowings (2014: GBPnil).
We continue to follow a progressive dividend policy and,
reflecting this, the Board has declared an increase in the interim
dividend for 2015 of 4%. Accordingly, a dividend of 1.35p per share
(2014: 1.30p) will be paid on 19 November 2015 to holders on the
register on 16 October 2015. Shares will trade ex-dividend from 15
October 2015.
Strategy
The Group remains committed to a strategy of both organic and
acquisitive growth underpinned by continued investment in our core
products. Following the acquisition of ISV we have delivered a key
goal with the launch of the integration between the ISV FastPath
product and Voyager Infinity.
Outlook
The Board is pleased that our Dillistone Systems division has
seen revenues grow after the fall seen last year. We expect this to
continue as new and existing clients increasingly turn to the
FileFinder Anywhere suite and more and more firms sign up for our
cloud services.
The Board is aware that the executive search software market in
which Dillistone Systems operates is far more competitive than it
has been in previous years. Increased competition means that the
Division has to work harder to win business and maintain standards,
and this has required and continues to require ongoing investment
in our products, in our services, and in our infrastructure.
The turnaround in Sales seen since the launch if FF Anywhere
demonstrates that this strategy is working. It is particularly
pleasing to note that, in the 12 months since launch, the value of
total incoming orders has risen by approximately 20% and the
Division has won more contracts and more users from our two closest
competitors than in the previous four years combined.
The Board is of the view that it is in the best long term
interest of all stakeholders that the Division continues to invest
in products and services but is aware that, in reality, this means
that, while Dillistone Systems will continue to operate in a very
profitable manner, margins will be impacted and pre-tax profits
will fall in 2015.
Our Voyager Software division has shown growth at both the
revenue and the pre-tax profit level, and we expect this to
continue into the second half. Our Infinity SaaS product, launched
earlier in the summer, has already led to new business contract
wins and we are optimistic that revenue growth will continue in
2015.
In the short term, expected growth in Voyager will not make up
for the increased investment in Dillistone Systems and, as a
result, Group revenue will grow but profits will fall in 2015
compared to 2014. However, the Group will continue to be very
profitable.
The Board therefore remains confident in the future prospects of
the Group and has declared an increase in the interim dividend to
1.35p per share.
Mike Love
15 September 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note 6 Months ended 30 Year ended
June 31 Dec
2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 4 4,706 4,198 8,625
Cost of sales (661) (548) (1,108)
----------- ----------- -----------
Gross profit 4,045 3,650 7,517
Administrative expenses (3,459) (2,954) (6,115)
----------- ----------- -----------
Result from operating
activities 4 586 696 1,402
Analysed as:
Result from operating
activities before acquisition
related items 775 824 1,820
Acquisition related
items 5 (189) (128) (418)
----------- ----------- -----------
Result after acquisition
related items 586 696 1,402
-------------------------------- ----- ----------- ----------- -----------
Financial income 4 4 6
Financial cost (24) (54) (103)
----------- ----------- -----------
Profit before tax 566 646 1,305
Tax expense 6 (90) (132) (160)
----------- ----------- -----------
Profit for the period 476 514 1,145
Other comprehensive
income net of tax:
Currency translation
differences (14) 3 (8)
----------- ----------- -----------
Total comprehensive
income for period net
of tax 462 517 1,137
=========== =========== ===========
Earnings per share (pence)
Basic 8 2.45 2.82 6.18
Diluted 2.34 2.72 5.95
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at
As at 30 June 31 Dec
2015 2014 2014
Unaudited Unaudited Audited
ASSETS GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 3,415 2,745 3,415
Intangible assets 6,245 4,808 6,317
Property plant & equipment 295 117 299
---------- ----------
9,955 7,670 10,031
Current assets
Inventories 27 59 41
Trade and other receivables 1,839 1,855 1,784
Cash and cash equivalents 1,335 1,193 1,929
---------- ---------- --------
3,201 3,107 3,754
--------
Total assets 13,156 10,777 13,785
========== ========== ========
EQUITY AND LIABILITIES
Equity
Share capital 978 914 969
Share premium 1,553 498 1,432
Merger reserve 365 365 365
Share option reserve 130 140 118
Retained earnings 3,462 3,115 3,514
Translation reserve 114 139 128
---------- ---------- --------
Total equity 6,602 5,171 6,526
Liabilities
Non current liabilities
Trade and other payables 428 55 666
Borrowings 242 - 325
Deferred tax 1,139 860 1,152
Current liabilities
Trade and other payables 4,281 4,297 4,669
Borrowings 164 - 162
Current tax payable 300 394 285
---------- ---------- --------
Total liabilities 6,554 5,606 7,259
Total liabilities and equity 13,156 10,777 13,785
========== ========== ========
The interim report was approved by the Board of directors and
authorised for issue on 15 September 2015. They were signed on its
behalf by:
JS Starr J P Pomeroy
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended
6 months ended 30 June 31 Dec
2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating Activities
Profit before tax 566 646 1,305
Add taxation (paid)/ repaid (92) 29 (122)
Adjustment for
Financial income (4) (4) (6)
Financial cost 24 54 103
Depreciation and amortisation 600 393 868
Share option expense 22 18 13
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Other including foreign exchange
adjustments arising from operations (10) 1 (3)
-----------
Operating cash flows before
movements
in working capital 1,106 1,137 2,158
Increase in receivables (83) (57) (81)
Decrease / (Increase) in inventories 14 19 37
Increase in payables 74 80 4
------------ ----------- -----------
Net cash generated from operating
activities 1,111 1,179 2,118
------------ ----------- -----------
Investing Activities
Interest received 4 4 6
Finance cost (7) - (2)
Purchases of property plant
and equipment (60) (32) (259)
Investment in development costs (464) (324) (814)
Acquisition of subsidiaries
net of cash acquired - - (718)
Contingent consideration paid (666) (550) (550)
-----------
Net cash used in investing
activities (1,193) (902) (2,337)
------------ ----------- -----------
Financing Activities
Proceeds from issue of share
capital 130 - 989
Bank loan received - - 500
Bank loan repayments made (80) - (13)
Dividends paid (528) (475) (723)
-----------
Net cash (used by) / generated
from financing activities (478) (475) 753
------------ ----------- -----------
Net change in cash and cash
equivalents (560) (198) 534
Cash and cash equivalents at
beginning of the period 1,929 1,399 1,399
Effect of foreign exchange
rate changes (34) (8) (4)
Cash and cash equivalents at
end of period 1,335 1,193 1,929
============ =========== ===========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Merger Retained Share Foreign Total
capital premium Reserve earnings option exchange
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December
2013 914 498 365 3,076 121 136 5,110
Comprehensive income
Profit for the 6
months ended 30 June
2014 - - - 514 - - 514
Other comprehensive
income
Exchange differences
on translation of
overseas operations - - - - - 3 3
Total comprehensive
income - - - 514 - 3 517
-------- -------- -------- --------- -------- --------- --------
Transactions with
owners
Issue of share capital - - - - - -
Share option charge - - - - 19 - 19
Dividends paid - - - (475) - - (475)
-
Balance at 30 June
2014 914 498 365 3,115 140 139 5,171
======== ======== ======== ========= ======== ========= ========
Comprehensive income
Profit for the 6
months ended 31 Dec
2014 - - - 631 - - 631
Other comprehensive
income
Exchange differences
on translation of
overseas operations - - - - - (11) (11)
Total comprehensive
income - - - 631 - (11) 620
-------- -------- -------- --------- -------- --------- --------
Transactions with
owners
Issue of share capital 55 934 989
Share option charge - - - 16 (22) - (6)
Dividends paid - - - (248) - - (248)
Balance at 31 December
2014 969 1,432 365 3,514 118 128 6,526
======== ======== ======== ========= ======== ========= ========
Comprehensive income
Profit for the 6
months ended 30 June
2015 - - - 476 - - 476
Other comprehensive
income
Exchange differences
on translation of
overseas operations - - - - - (14) (14)
Total comprehensive
income - - - 476 - (14) 462
-------- -------- -------- --------- -------- --------- --------
Transactions with
owners
Issue of share capital 9 121 - - - - 130
Share option charge - - - - 12 - 12
Dividends paid - - - (528) - - (528)
Balance at 30 June
2015 978 1,553 365 3,462 130 114 6,602
======== ======== ======== ========= ======== ========= ========
NOTES TO THE INTERIM
NOTES TO THE UNAUDITED INTERIM REPORT
CONSOLIDATED STATEMENT OF
1. Basis of Preparation
The financial information for the six months ended 30 June 2015
included in this condensed interim report comprises the
consolidated statement of comprehensive income, the consolidated
statement of financial position, the consolidated statement of cash
flows, the consolidated statement of changes in equity and the
related notes.
These interim financial statements have not been audited nor
have they been reviewed by the auditors under ISRE 2410 of the
Auditing Practices Board. The financial information set out in this
report does not constitute statutory accounts as defined by the
Companies Act 2006. The comparative figures for the year ended 31
December 2014 were derived from the statutory accounts for that
year which have been delivered to the Registrar of Companies. Those
accounts received an unqualified audit report which did not contain
statements under sections 498(2) or (3) (accounting records or
returns inadequate, accounts not agreeing with records and returns
or failure to obtain necessary information and explanations) of the
Companies Act 2006.
The interim financial statements have been prepared on the basis
of the accounting policies set out in the December 2014 financial
statements of Dillistone Group Plc and on a going concern basis.
They are presented in sterling which is also the functional
currency of the parent company. They do not include all of the
information required in annual financial statements in accordance
with IFRS and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 31 December
2014.
Dillistone Group Plc is the Group's ultimate parent company. It
is a public listed company and is domiciled in the United Kingdom.
The address of its registered office and principal place of
business is 50 Leman St, London, E1 8HQ. Dillistone Group Plc's
shares are listed on the Alternative Investment Market (AIM).
2. Share Based Payments
The Company operates two share option schemes. The fair value of
the options granted under these schemes is recognised as an
employee expense with a corresponding increase in equity. The fair
value is measured at grant date and spread over the period at the
end of which the option holder may exercise the option. The fair
value of the options granted is measured using the Black-Scholes
model.
3 Reconciliation of adjusted operating profits to consolidated
statement of comprehensive income
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30 June 2015 and 30 June 2014
Adjusted Adjusted
operating Acquisition operating Acquisition
profits related profits related
30 June items 30 June 30 June items 30 June
2015 2015* 2015 2014 2014* 2014
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 4,706 - 4,706 4,198 - 4,198
Cost of sales (661) - (661) (548) - (548)
--------------- -------------- --------- --------------- -------------- ---------
Gross profit 4,045 - 4,045 3,650 - 3,650
Administrative
expenses (3,270) (189) (3,459) (2,826) (128) (2,954)
Results from operating
activities 775 (189) 586 824 (128) 696
Financial income 4 - 4 4 - 4
Financial cost (7) (17) (24) - (54) (54)
Profit before
tax 772 (206) 566 828 (182) 646
Tax expense (128) 38 (90) (180) 48 (132)
Profit for the
year 644 (168) 476 648 (134) 514
Other comprehensive
income net of
tax:
Currency translation
differences (14) - (14) 3 - 3
Total comprehensive
income for the
year net of tax 630 (168) 462 651 (134) 517
=============== ============== ========= =============== ============== =========
Earnings per share - from continuing activities
Basic 3.31p 2.45p 3.55p 2.82p
Diluted 3.16p 2.34p 3.41p 2.72p
* see accounts note 5
31 December 2014
Adjusted
operating Acquisition
profits related
31 Dec items 31Dec
2014 2014* 2014
GBP'000 GBP'000 GBP'000
Revenue 8,625 - 8,625
Cost of sales (1,108) - (1,108)
--------------- -------------- -------------
Gross profit 7,517 - 7,517
Administrative expenses (5,697) (418) (6,115)
Results from operating
activities 1,820 (418) 1,402
Financial income 6 - 6
Financial cost (2) (101) (103)
Profit before tax 1,824 (519) 1,305
Tax expense (240) 80 (160)
Profit for the year 1,584 (439) 1,145
Other comprehensive
income net of tax:
Currency translation
differences (8) - (8)
Total comprehensive
income for the year
net of tax 1,576 (439) 1,137
=============== ============== =============
Earnings per share - from continuing activities
Basic 8.56p 6.18p
Diluted 8.23p 5.95p
* see accounts note 5
4. Segment reporting
Year ended
6 Months ended 30 June 31 Dec
2015 2014 2014
GBP'000 GBP'000 GBP'000
Revenue
Dillistone Systems 2,306 2,302 4,557
Voyager Software 2,400 1,896 4,068
Total revenue 4,706 4,198 8,625
-------------- --------- -----------
Results by division
Year ended
6 Months ended 30 June 31 Dec
2015 2014 2014
GBP'000 GBP'000 GBP'000
Results from operating activities
Dillistone Systems 480 698 1,168
Voyager Software 392 228 649
------ -------- -----------
872 926 1,817
Central (97) (102) 3
Amortisation of acquisition
intangibles (189) (128) (418)
Result from operating
activities 586 696 1,402
====== ======== ===========
Geographical segments
The following table provides an analysis of the Group's revenues
by geographical market.
Year ended
6 months ended 30 June 31 Dec
2015 2014 2014
GBP'000 GBP'000 GBP'000
UK 3,805 3,308 6,859
US 676 593 1,198
Australia 225 297 568
4,706 4,198 8,625
======================= ======== =====================
4. Segment reporting (continued)
Business Segment
The following table provides an analysis of the Group's revenues
by products and services.
Year ended
6 months ended 30 June 31 Dec
2015 2014 2014
GBP'000 GBP'000 GBP'000
Recurring 3,257 2,861 5,929
Non recurring 1,202 1,129 2,285
Third party revenues 247 208 411
4,706 4,198 8,625
======================= ======== ===========
Recurring income includes all support services, software as
a service income (SaaS) and hosting income. Non-recurring income
includes sales of new licenses, and income derived from installing
those licenses including training, installation, and data translation.
Third party revenues arise from the sale of third party software.
5 Acquisition related items
Year ended
6 months ended 30 June 31 Dec
2015 2014 2014
GBP'000 GBP'000 GBP'000
Estimated change in fair
value of contingent consideration - - (9)
Amortisation of acquisition
intangibles 189 128 286
Fees relating to acquisition - - 141
------------ ----------- -----------
189 128 418
Unwinding of discount on
contingent consideration 17 54 101
Total 206 182 519
============ =========== ===========
6 Tax
Year ended
6 months ended 30 June 31 Dec
2015 2014 2014
GBP'000 GBP'000 GBP'000
Current tax charge 103 175 200
Deferred tax charge 25 5 40
Deferred tax re acquisition
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