TIDMKRM
RNS Number : 9295Z
KRM22 PLC
20 September 2022
KRM22 plc
("KRM22", the "Group" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2022
KRM22 plc (AIM: KRM.L), the technology and software investment
company, with a particular focus on risk management in capital
markets, announces its unaudited interim results for the six months
ended 30 June 2022 ("H1 2022" or the "Period").
Highlights
Financial
-- Gross cash and cash equivalents at 30 June 2022 of GBP3.6m (FY 2021: GBP5.4m)
-- Annualised Recurring Revenue* ("ARR") of GBP4.1m at 30 June 2022 (H1 2021: GBP3.7m)
o New contracted ARR in the period of GBP0.7m (H1 2021:
GBP0.3m)
-- Total revenue recognised of GBP1.9m (H1 2021: GBP2.2m)
-- Adjusted EBITDA loss** of GBP0.7m (H1 2021: loss of GBP0.3m)
-- Loss before tax of GBP1.2m (H1 2021: loss before tax of GBP1.7m)
Operational
-- Launch of 'Limits Manager', the first joint product with
Trading Technologies International, Inc ("TT") following the
distribution agreement signed in December 2021
-- Conversion of sales opportunities generated by the relationship with TT
-- Ten new ARR contracts with six new customers, including a Tier One bank
-- Internal reorganisation of staff to bring clarity to operations and responsibilities
-- Significant reduction in unplanned customer churn with only
one institutional customer loss in the period
Post-Period Events
-- Growth in ARR to GBP4.4m from a further six new contracts
* Annualised Recurring Revenue (ARR) is the value of contracted
Software-as-a-Service (SaaS) revenue normalised to a one year
period and excludes one time fees
** Adjusted EBITDA is the reported profit/(loss), adjusted for
depreciation, amortisation, share-based payment charges and
unrealised foreign currency gains/losses and non-recurring
exceptional costs including impairment charges, reorganisation
costs, gain on extinguishment of debt and acquisition and funding
costs, gain/loss on disposal of property, plant and equipment
Commenting on the results, CEO of KRM22, Stephen Casner,
said:
"Our success in the first half of the year has been driven by
the five key initiatives that we defined at the start of the year.
These initiatives have seen an increase in ARR, a reduction in the
level of customer churn and an improvement in the underlying
processes that will support KRM22's continued growth.
There is no doubt that the Company needs to continue to improve
performance to achieve profitability and produce positive cash
flow. We strongly believe that if we continue to repeat the success
we demonstrated in H1 2022, we have the right products,
distribution, talent and sufficient capital to get there."
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
For further information please contact:
KRM22 plc InvestorRelations@krm22.com
Keith Todd CBE, Executive Chairman
Stephen Casner, CEO
Kim Suter, CFO
finnCap Ltd (Nominated Adviser and Broker) +44 (0)20 7220 0500
Carl Holmes / James Balicki
Alice Lane / Sunila de Silva (ECM)
About KRM22 plc
KRM22 is a closed-ended investment company which listed on AIM
on 30 April 2018. The Company has been established with the
objective of creating value for its investors through the
investment in, and subsequent growth and development of, target
companies in the technology and software sector, with a focus on
risk management in capital markets.
Through its investments and the Global Risk Platform, KRM22
helps capital market companies reduce the cost and complexity of
risk management. The Global Risk Platform provides applications to
help address firms' market, compliance, operations and technology
risk challenges and to manage their entire enterprise risk
profile.
Capital markets companies' partner with KRM22 to optimise risk
management systems and processes, improving profitability and
expanding opportunities to increase portfolio returns by leveraging
risk as alpha.
KRM22 plc is listed on AIM and the Group is headquartered in
London, with offices in several of the world's major financial
centres.
See more about KRM22 at www.krm22.com
CEO'S REPORT
Pursuant to an equity investment and entering a product
distribution agreement with Trading Technologies International, Inc
("TT") at the end of 2021, the Company defined five key initiatives
to embark on during the Period. The initiatives include generating
revenue from the TT relationship, growing the Company's ARR, reduce
the level of customer churn as experienced in the previous two
years, improving the success and adoption of the Risk Cockpit, and
reorganising the workforce to help grow the business and support
the other initiatives.
I am pleased to report the Company found success in each
endeavour.
The amount of ARR KRM22 has under contract has increased, the
relationships KRM22 has with its customers has improved and the
Company has been positioned for significant growth through our new
direct sales team and the addition of the TT sales team as a new
sales channel.
As you review the progress made in the period, I would like to
highlight how we stand on the key initiatives we embarked on at the
start of 2022.
Creating revenue from TT's customer base
Our relationship with TT has been one of the primary keys to our
success this year. We signed our first sales contract from the TT
sales channel in June. This contract allows us to leverage our
Pre-Trade Limit Manager product to be used as a custom limit system
for a major European commodity exchange. This three-year contract
provides GBP0.1m of ARR and GBP0.2m of non-recurring implementation
revenue to KRM22.
We announced in March two key products that TT will distribute
for KRM22. A major component of the announcement was that these
products would operate on TT's technical platform. This allows TT
customers to contract for the KRM22 services under their existing
TT license agreement conforming to technical audits and without
migrating data to a different environment. We jointly decided to
make this investment to reduce the amount of "friction" TT would
experience in selling KRM22's products.
This is a direct response to how our core market has changed the
way they acquire software products, allowing them to test and use
the applications before making a financial commitment.
We are impressed with how KRM22 and TT worked collaboratively on
our first product. By the end of June, we had successfully
integrated KRM22's Limits Manager onto the TT platform. This
allowed us to commence TT's sales campaign for KRM22's Limits
Manager in August.
While these initiatives are a work in progress, and it is
unclear exactly how and when revenue acceleration will materialise,
both TT and KRM22 strongly believe that we are on the right path
for success. We believe so strongly in this process that both
companies are investing in delivering a second risk product, KRM22
Risk Manager, to the TT customer base. This product is currently
being co-implemented by KRM22 and TT and we anticipate deployment
to be completed before the end of 2022 with revenue expected to
follow in 2023.
Revenue growth
While our relationship with TT is important, we also must prove
that we can directly sell our products to new customers and expand
the use of our products by our existing customers. I am pleased to
report our 2022 selling initiatives have been successful and our
new sales team is being led by the Company's Chief Revenue Officer,
Billy Murray.
As of the date of this report, our ARR is GBP4.4m, having signed
16 new contracts totaling GBP0.9m - eight with new customers,
including a Tier One bank, and eight with existing customers for
new products and extensions of existing products. Pleasingly, the
total new contracted ARR in 2022 so far is higher than the total
amount of new contracted ARR the Company signed in all of 2021
demonstrating good traction and the effective new approach to
direct sales.
One disappointment in the period is that whilst we have had
strong performance generating new contractual ARR, we have been
less successful in delivering non-recurring revenue ("NRR") which
would have improved the underlying Adjusted EBITDA loss for H1
2022.
We are currently seeing a turnaround in contracted NRR with
approximately GBP0.4m of contracted NRR that will be delivered in
the second half of 2022 and this, combined with continued growth in
ARR, will eventually decrease the underlying Adjusted EBITDA loss
as we drive towards profitability.
Retention of Customers
The level of customer attrition the Company experienced in prior
years, with total churn of GBP1.4m notified to us in 2021, was
debilitating and is not sustainable for the Company to succeed.
Thus, we embarked upon a defined customer retention plan led by
our Customer Services team which resulted in the prevention of
"surprise" churn in the customer base in H1 2022. In the year to
date we have only had one customer contract, with GBP0.1m ARR, that
we did not anticipate terminating and this was a Belarusian
customer with the termination driven by the Russia/Ukraine
geopolitical crisis.
A highlight of our retention plan in H1 2022 included the roll
out of a series of "KRM22 health dashboards" to our customers. This
initiative highlights how many transactions we process for our
customers each day, gives our customers a direct and instantaneous
view of open and closed support tickets as well as the availability
of future product updates and associated new features and
functions. These dashboards, in combination with our monthly
newsletter program, has significantly extended our daily customer
touch points and has improved the value we deliver to each of our
customers every day.
Another key part of our customer retention plan is to deliver
the integrated benefit of KRM22's Global Risk Platform to our
Showcase Global Risk Platform Customer, and we delivered excellent
progress in the period. The Global Risk Platform is now fully
operational for Market and Compliance risk at our Showcase Global
Risk Platform Customer and we began the implementation of our Risk
Cockpit product for this customer in H1 2022.
This means that by the end of 2022, we will have a major UK
customer operating a true "end-to-end" risk platform for Market,
Compliance and Enterprise Risk using common data services on our
Global Risk Platform. We believe once this customer is fully
operational, we will be able to convince the customers we acquired
through the Ancoa, Prime Analytics and Object + acquisitions, to
migrate to this next generation SaaS platform.
Making the Risk Cockpit successful
We know that having a corporate risk tool is a unique compliment
to the Market Risk and Compliance Risk tools we have been
successfully selling to new customers.
We have been disappointed in the rate of adoption of the Risk
Cockpit product since the product was developed and launched in
2019. We have created a new plan with new resources to help us make
that change. The results of our efforts are just beginning to come
to fruition.
This new plan, in conjunction with the continued success of the
deployment of our Risk Cockpit for our Showcase Global Risk
Platform Customer has renewed our commitment to this product and
will allow us to differentiate our Global Risk Platform from our
competitors in market.
Reorganise the workforce
At the start of 2022, and following my appointment as CEO of
KRM22, we took the action to restructure KRM22's internal teams and
their responsibilities, as this is key to the Company's future
success. The senior leadership team was streamlined and refocused
into four distinct areas: Revenue, Customer Services, Technology
and Finance/HR/Legal. We completed a successful search for a new
Chief Revenue Officer, Billy Murray, who joined in September 2022.
Dan Carter was promoted to run Customer Services, Viliam Dzupin's
Technology responsibilities extended to cover Product, whilst Kim
Suter's responsibilities were extended to cover legal contracts and
administration.
This new leadership team has brought clarity and efficiency to
the organisation and is a primary reason for the Company's success
in the year to date.
Outlook
Overall, we are on the right path to achieve the objectives and
internal KPI's set out at the start of 2022. These provide a strong
foundation on which to build in 2023.
We have defined a goal to get to GBP10.0m of ARR while achieving
positive EBITDA and cash flow and we have the right foundations in
place to achieve this goal. Notwithstanding a backdrop of
challenging market conditions, which we do not expect to materially
change anytime in the near future, we will continue to consistently
drive the acceleration of revenue through each of our sales
channels. We also will continue to manage the underlying cost base
of the business to ensure we have sufficient cash to give us the
runway to achieve our goal.
As to the timing of achieving our goal, the amount of variables
we have in our revenue plan still inhibit us forecasting exactly
when this will occur. We believe that by remaining diligently
focused on growing ARR, retaining customers and managing costs, the
time frame for our success will begin to come into focus in our
subsequent reporting periods.
As always, we thank you for your support and look forward to
continuing to build one of the capital markets best risk management
companies.
Stephen Casner
CEO
19 September 2022
FINANCIAL REVIEW
Income statement
Total revenue
Total revenue reported in the period was GBP1.9m (H1 2021:
GBP2.2m) and 96% (H1 2021: 94%) was generated from recurring
customer contracts.
Recurring revenue
Recurring revenue recognised for the period was GBP1.8m (H1
2021: GBP2.0m). As at 30 June 2022, the Group had contracted ARR of
GBP4.1m and as at the date of this report, contracted ARR had
increased to GBP4.4m.
Gross profit
Gross profit for the period was GBP1.5m (H1 2021: GBP1.8m) and
the reduction in gross profit margin to 78% (H1 2021: 84%) was due
to additional hosting costs required to service the increase in
customer numbers, which was further compounded by the adverse
movement in the USD:GBP exchange rate, as a significant amount of
hosting costs are invoiced in USD.
Adjusted EBITDA
Adjusted EBITDA is a key metric to consider in order to
understand the cash-profitability of the business due in particular
to the non-cash items that impact the Income Statement under IFRS
accounting, such as non-cash share-based costs.
Adjusted EBITDA for the period was a loss of GBP0.7m (H1 2021:
loss of GBP0.3m) and a reconciliation of adjusted EBITDA loss to
operating loss is provided as follows:
H1 2022 H1 2021
GBP'm GBP'm
Adjusted EBITDA loss (0.7) (0.3)
Depreciation and amortisation (1.0) (0.8)
Unrealised foreign exchange gain/(loss) 0.8 (0.2)
Share-based payment expense (0.1) (0.3)
Operating loss (1.0) (1.6)
-------- --------
Loss for the period
Reported operating loss for the period was GBP1.0m (H1 2021:
loss of GBP1.6m).
Finance charges
The net finance expense for the period was GBP0.2m (H1 2021:
GBP0.2m) and includes loan interest of GBP0.1m (H1 2021: GBP0.1m)
and IFRS16 lease liability interest of GBP0.1m (H1 2021:
GBP0.1m)
Financial position
Cash and cash equivalents
As of 30 June 2022, KRM22 held GBP3.6m in cash (31 December
2021: GBP5.4m).
Liabilities
As at 30 June 2022, our principal liabilities were:
-- GBP3.0m Convertible Loan owed to Kestrel Partners LLP. The
interest rate payable on the loan is 9.5% payable in cash quarterly
in arears. The loan can be converted into new Ordinary Shares in
the Company at any time at a conversion price of 38p and the
conversion can be requested by Kestrel Partners at any time. The
Company has the right to request conversion eighteen months
following the date of the agreement, 15 September 2020, subject to
certain conditions regarding the Company's share price at that
time.
-- GBP0.8m (US$1.1m) discounted (GBP1.1m (US$1.6m) undiscounted)
deferred consideration for earn out payments for the acquisition of
Object+. The liability can be satisfied in either cash or Company
ordinary shares at the Company's discretion.
-- GBP0.9m for the right of use assets relating to all future
payments of leased-office rentals under IFRS16 'Leases' whereby
such lease payments are provided for at today's value however, in
practice, these rental payments will be spread over the term of the
leases. As a result, GBP0.4m of the related liability could be paid
within twelve months with the balance for periods greater than one
year.
-- GBP1.4m of deferred revenue; contracted and paid services
that will be released within one year.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group remain
broadly consistent with the Principal Risks and Uncertainties
reported in the Group's 31 December 2021 Annual Report and continue
to be monitored by the Board.
Kim Suter
CFO
19 September 2022
Consolidated income statement and statement of comprehensive
income
for the six months ended 30 June 2022
Note 6 months 6 months
to to
30 June 30 June
2022 2021
(unaudited) (unaudited)
GBP'000 GBP'000
Revenue 4 1,904 2,153
Cost of sales (413) (334)
Gross profit 1,491 1,819
Other income 65 112
Administrative expenses (2,573) (3,488)
-------------- --------------
Operating loss before interest, taxation,
depreciation, amortisation, share based
payment and exceptional items ("Adjusted
EBITDA") (741) (325)
Depreciation and amortisation (1,002) (823)
(Loss)/profit on disposal of tangible
assets (2) 8
Unrealised foreign exchange gain/(loss) 795 (147)
Group restructuring costs - (2)
Share-based payment expense (67) (268)
-------------- --------------
Operating loss (1,017) (1,557)
------------------------------------------- ------ --- -------------- --- --------------
Net finance charge (214) (171)
Loss before taxation (1,231) (1,728)
Taxation credit 112 47
Loss for the period (1,119) (1,681)
Other comprehensive income
Exchange gain/(loss) on translating
foreign operations 442 (40)
-------------- --------------
Total comprehensive loss for the period (677) (1,721)
============== ==============
Loss for the period attributable to:
Owners of the parent (1,119) (1,681)
(1,119) (1,681)
============== ==============
Total comprehensive loss for the period
attributable to:
Owners of the parent (677) (1,721)
(677) (1,721)
============== ==============
Earnings per share for loss for the
period attributable to the owners of
the parent during the period
Basic and diluted earnings per share
(pence) 5 (0.03) (0.06)
All amounts relate to continuing activities.
Interim consolidated statement of financial position
at 30 June 2022
30 June 31 December
2022 2021
(unaudited) (audited)
GBP'000 GBP'000
Assets
Non-current assets
Goodwill 5,109 4,841
Other intangible assets 2,338 2,573
Property, plant and equipment 33 54
Right of use assets 486 632
-------------- -------------
7,966 8,100
Current assets
Trade and other receivables 683 741
Cash and cash equivalents 3,557 5,362
-------------- -------------
4,240 6,103
Total assets 12,206 14,203
Current liabilities
Trade and other payables 3,028 3,436
Lease liabilities 509 483
Loans and borrowings 99 97
Derivative financial liability 45 45
-------------- -------------
3,681 4,061
-------------- -------------
Net current assets 559 2,042
Non-current liabilities
Trade and other payables 46 45
Lease liabilities 215 321
Loans and borrowings 2,815 2,763
Deferred tax liability 231 301
-------------- -------------
3,307 3,430
Total liabilities 6,988 7,491
Net Assets 5,218 6,712
============== =============
Equity
Share capital 3,567 3,567
Share premium reserve 20,517 20,517
Merger reserve (190) (190)
Convertible debt reserve 224 224
Foreign exchange reserve (327) 115
Share-based payment reserve 2,979 2,912
Retained losses (21,552) (20,433)
--------- ---------
Total equity 5,218 6,712
========= =========
Interim consolidated statement of cash flows
for the six months ended 30 June 2022
6 months 6 months
to to
30 June 30 June
2022 2021
(unaudited) (unaudited)
GBP'000 GBP'000
Cash flows from operating activities
Loss for the period (1,119) (1,681)
Adjustments for:
Deferred tax credit (112) (47)
Net finance charge 214 171
Depreciation and amortisation 1,002 823
Loss/(profit) on disposal of tangible
assets 2 (8)
Unrealised foreign exchange loss (795) 147
Share-based payment expense 67 268
Bad debt provision (49) 146
Income taxes received 38 -
Grant income related to COVID-19 - (76)
-------------- --------------
(752) (257)
Decrease in trade and other receivables 185 717
Decrease in trade and other payables (565) (569)
-------------- --------------
(380) 148
Net cash outflows from operating
activities (1,132) (109)
============== ==============
Cash flows from investing activities
Purchases of intangible assets (406) (402)
Purchases of property, plant and
equipment - (6)
-------------- --------------
Net cash used in investing activities (406) (408)
============== ==============
Financing activities
Proceeds from issue of shares (net) - 9
Lease payments principal (106) (109)
Lease payments interest (19) (25)
Loans and borrowings receipts - 186
Loans and borrowings repayments (142) (142)
-------------- --------------
Net cash used in financing activities (267) (81)
============== ==============
Net decrease in cash and cash equivalents (1,805) (598)
Cash and cash equivalent at beginning
of the period 5,362 1,974
Cash and cash equivalent at end
of the period 3,557 1,376
============== ==============
Notes to the interim financial information
1. General information
KRM22 Plc (the "Company") is a public limited company
incorporated in England and Wales on 2 March 2018 under
registration number 11231735. The address of its registered office
is 5 Ireland Yard, London, EC4V 5EH. The Company listed on the
London Stock Exchange on 30 April 2018.
The principal activity the Company and together with its
subsidiaries (the "Group") is to develop and invest in leading risk
tools to support regulatory, market, technology and operational
risks.
The Board of Directors approved this interim report on 19
September 2022.
2. Basis of preparation and consolidation
These interim consolidated financial statements have been
prepared using accounting policies based on International Financial
Reporting Standards (IFRS and IFRIC Interpretations) issued by the
International Accounting Standards Board ("IASB") in conformity
with the requirements of the Companies Act 2006. They do not
include all disclosures that would otherwise be required in a
complete set of financial statements and should be read in
conjunction with the 31 December 2021 Annual Report. The financial
information for the half years ended 30 June 2022 and 30 June 2021
does not constitute statutory accounts within the meaning of
Section 434 (3) of the Companies Act 2006 and both periods are
unaudited.
The annual financial statements of KRM 22 Plc (the "Group") are
prepared in accordance with IFRS. The statutory Annual Report and
Financial Statements for 2021 have been filed with the Registrar of
Companies. The Independent Auditors' Report on the Annual Report
and Financial Statements for the year ended 31 December 2021, which
was unqualified, did draw attention to a material uncertainty,
being going concern and did not contain a statement under 498(2) or
498(3) of the Companies Act 2006.
The Group has applied the same accounting policies and methods
of computation in its interim consolidated financial statements as
in its 31 December 2021 annual financial statements, except for
those that relate to new standards and interpretations effective
for the first time for periods beginning on (or after) 1 January
2022 and will be adopted in the 2022 financial statements. There
are deemed to be no new and amended standards and/or
interpretations that will apply for the first time in the next
annual financial statements that are expected to have a material
impact on the Group.
3. Going concern
In carrying out the going concern assessment, the Directors have
considered a range of scenarios in relation to revenue and cash
forecasts for the next twelve months including, but not limited to,
existing customer churn at different churn rates, no new contracted
sales revenue, delayed sales and a combination of these different
scenarios.
Having assessed the sensitivity analysis on cashflows, the key
risks to KRM22 remaining a going concern without implementing
extensive cost reduction measures is, existing customers paying on
payment terms and within 45 days of invoice, customer churn of up
to 10%, conversion of some of the sales opportunities that are
currently at contract negotiation stage and maintaining control of
the cost base.
If the forecasts are achieved, KRM22 will be able to operate
within its existing facilities. However, the time to close new
customers and the value of each customer, which are deemed
individually as high value and low volume in nature, is key. In
addition, delayed sales and/or increased existing customer churn
could result in the Company failing to comply with financial
covenants associated with the Convertible Loan and in this
circumstance KRM22 would be obliged to seek resolution with Kestrel
Partners on these financial covenants and may need to seek
additional funding through a placement of shares or other courses
of funding which have not yet been secured. This event indicates
the existence of a material uncertainty that may cast significant
doubt on KRM22's ability to continue as a going concern. However,
given the Group's forecast, visible sales pipeline and working
capital needs, the Directors have considered it is appropriate to
prepare interim financial statements on a going concern basis and
have not included the adjustments that would result if the Group
were unable to continue as a going concern.
The Directors have concluded that the circumstances set forth
above represent a material uncertainty, which may cast significant
doubt about the Group's ability to continue as a going concern.
However the Directors expect to be able to raise funds through a
placement of shares or other source of funding and believe that
taken as a whole, the factors described above enable the Group to
continue as a going concern for the foreseeable future. The interim
financial statements do not include the adjustments that would be
required if the Group were unable to continue as a going
concern.
4. Revenue (and segmental reporting)
The Board of Directors, as the chief operating decision maker in
accordance with IFRS 8 Operating Segments, has determined that
KRM22 has identified four risk domains as operating segments,
however for reporting purposes into a single global business
segment, as the nature of services delivered are common.
The Directors consider that the business has three risk domains:
Enterprise, Compliance and Market. In addition, the Directors
recognise Holistic as a revenue segment where customers adopt a
complete suite of risk domain products. Within these three risk
domains, there are two revenue streams with different
characteristics, which are generated from the same assets and cost
base.
6 months 6 months
to to
30 June 30 June
2022 2021
(unaudited) (unaudited)
GBP'000 GBP'000
Recurring 1,833 2,029
Non-recurring revenue 71 124
Total 1,904 2,153
============== ==============
KRM22's revenue from external customers by geography and risk
domain is detailed below:
6 months 6 months
to to
30 June 30 June
2022 2021
(unaudited) (unaudited)
GBP'000 GBP'000
UK 782 583
Europe 350 445
USA 628 937
Rest of world 144 188
-------------- --------------
Total 1,904 2,153
============== ==============
6 months 6 months
to to
30 June 30 June
2022 2021
(unaudited) (unaudited)
GBP'000 GBP'000
Holistic 70 -
Enterprise 244 190
Compliance 875 1,023
Market 715 940
Total 1,904 2,153
============== ==============
5. Loss per share
Basic earnings per share is calculated by dividing the loss
attributable to the equity holders of KRM22 by the weighted average
number of shares in issue during the period.
KRM22 has dilutive ordinary shares, this being warrants and
options granted to employees. As KRM22 has incurred a loss in both
periods, the diluted loss per share is the same as the basic
earnings per share as the loss has an anti-dilutive effect.
6 months 6 months to
to
30 June 30 June
2022
(unaudited) 2021
(unaudited)
GBP'000 GBP'000
Loss for the period attributable to equity
shareholders of the parent (1,119) (1,681)
Basic weighted average number of shares
in issue 35,666,336 26,731,309
Diluted weighted average number of shares
in issue 46,647,659 37,313,776
Basic and diluted loss per share (pence) (0.03) (0.06)
6. Intangibles
The Group capitalised GBP0.4m of costs (H1 2021: GBP0.4m, FY
2021: GBP0.7m) representing the development of KRM22's products
during the period, resulting in a net book value of GBP1.3m (H1
2021: GBP1.3m, FY 2021: GBP1.3m) after an amortisation and
impairment charge of GBP0.4m (H1 2021: GBP0.3m, FY 2021:
GBP0.8m).
7. Cautionary statement
This document contains certain forward-looking statements
relating to KRM22 plc (the "Group"). The Group considers any
statements that are not historical facts as "forward-looking
statements". They relate to events and trends that are subject to
risk and uncertainty that may cause actual results and the
financial performance of the Group to differ materially from those
contained in any forward-looking statement. These statements are
made by the Directors in good faith based on information available
to them and such statements should be treated with caution due to
the inherent uncertainties, including both economic and business
risk factors, underlying any such forward-looking information.
Copies of this report and all other announcements made by KRM22
plc are available on the Company's website at
https://www.krm22.com/investor-relations/home
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR FLFFDATIALIF
(END) Dow Jones Newswires
September 20, 2022 02:00 ET (06:00 GMT)
Krm22 (LSE:KRM)
Historical Stock Chart
From Apr 2024 to May 2024
Krm22 (LSE:KRM)
Historical Stock Chart
From May 2023 to May 2024