TIDMPRSM
RNS Number : 1670C
Blue Prism Group PLC
17 June 2021
BLUE PRISM GROUP PLC
'BLUE PRISM' OR 'THE GROUP'
INTERM RESULTS FOR THE SIX MONTHSED 30 APRIL 2021
JASON KINGDON, CHAIRMAN & CEO, COMMENTED:
"Bookings grew 35% in the first half, with constant currency
revenues increasing by 24%. We continue to attain strong retention
metrics and new bookings for our Blue Prism Cloud (BPC) SaaS
platform grew 65% year on year and accounted for 22% of new
bookings for the period. Whilst remaining disciplined on spending
and re-confirming our aim to be cash break-even by the end of the
full financial period, we have significantly invested in R&D,
enabling a record number of product releases to enhance scale and
usability of the core product. With over 2,000 customers, we want
to remain at the forefront of developing next generation
intelligent automation, so we are reviewing our go-to-market model
and the product and service formats to ensure we meet the needs for
strategic transformation demanded in the C-suite. Our global
customer base remains robust."
FINANCIAL HIGHLIGHTS 1H21 1H20 reported % change
(restated) (constant
currency)
Group revenue 80.4 66.6 24%
---------------------------- ======= -------------- -----------
Share of recurring licence
revenues 98% 97% -
---------------------------- ======= -------------- -----------
Adjusted EBITDA loss* (8.0) (32.8) 76%
---------------------------- ======= -------------- -----------
Operating loss (20.9) (53.8) 61%
---------------------------- ======= -------------- -----------
Cash used in operations (8.1) (31.2) n/a
---------------------------- ======= -------------- -----------
Net cash** 126.5 140.8 n/a
---------------------------- ======= -------------- -----------
* Adjusted EBITDA loss is EBITDA loss adjusted to exclude
contingent share-based payments and exceptional expenses
**Cash in 1H20 includes cash on deposit classified as short-term
investments.
See financial information below for details of the 1H20
restatement
HIGHLIGHTS
-- Bookings of GBP98m, growing 35% compared to 1H20 (39% at
constant currency).
-- Continued to strengthen long-term relationships with
enterprise customers, with significant in-built opportunities for
continued scaling:
- 98% gross revenue retention; 115% net revenue retention.
- Top 50 customers spending an average of $1.5m per annum.
-- Increased investment in product and R&D:
- Release of Version 7 in May.
- Plan to double Product function headcount by calendar year end.
-- Technology & partner ecosystem continued to grow.
-- Certified as a "Great Place to Work".
-- The Group continues to plan to achieve exit run-rate
underlying cash breakeven within the 2021 financial year and
continues to expect financial performance to be in the ranges
outlined at the May trading update.
CONTACT DETAILS
For further information please contact:
Blue Prism Group plc
Tom Hull, Head of Investor Relations +44 (0)77 3670 7407
Investec Bank plc +44 (0)20 7597 5970
Carlton Nelson
Ben Griffiths
BofA Securities +44 (0)20 7628 1000
James Robertson
Oliver Elias
Brunswick +44 (0)20 7404 5959
Caroline Daniel
FINANCIAL CALAR
Full year results 20 January 2022
ANALYST PRESENTATION
Jason Kingdon (Chairman and CEO) and Ijoma Maluza (CFO) will
host a Zoom call presenting these results and hosting a Q&A at
3pm GMT/10am ET/7am PT today. A link to register can be found
below.
https://events.blueprism.com/half-year-results
The Zoom link will be open from 2.55pm BST/9.55am ET
A replay will be available from investors.blueprism.com after
the call.
If you have problems accessing Zoom then please contact
investor.relations@blueprism.com for a dial in - please note
participants who dial in will be in listen in mode only and will be
unable to ask questions.
FORWARD LOOKING STATEMENTS
This announcement may contain statements that are, or may be
deemed to be, forward-looking statements (including such words as
"believe", "expect", "estimate", "intend", "anticipate" and words
of similar meaning). These forward-looking statements are neither
historical facts nor guarantees of future performance. Such
statements are based on the Board's current expectations and belief
and, by their nature, are subject to a number of known and unknown
risks, uncertainties and assumptions which may cause the actual
results, events, prospects and developments of the Group's business
to differ materially from those expressed or implied by the
forward-looking statements. Forward-looking statements contained in
this announcement regarding past trends or activities should not be
taken as a representation that such trends or activities will
continue in the future. Except as required by applicable law or
regulation, the Group undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
RESULTS FOR THE SIX MONTHSED 30 APRIL 2021
FINANCIAL PERFORMANCE
The Group delivered GBP98m (1H20: GBP73m) of total bookings
(Total Contract Value of all New Licence, Renewals, Support &
Maintenance, and Services) from new and existing customers, driving
revenue growth in 1H21 and future periods. The total value of new
bookings from new customers and upsells was GBP58m (1H20: GBP53m).
Remaining performance obligations (RPO), which represents future
revenues under contract but not yet recognised as revenue, were
GBP311m (including a foreign currency headwind of GBP11m from the
end of FY20).
Group revenue of GBP80.4m increased 24% (at constant currency)
and the ARR (annual recurring revenue) generated at the end of
April was GBP162m on a reported basis (FY20: GBP153.6m). Absent of
currency impacts, additions to ARR were in line with 2H20, a stable
performance when noting that the Group historically wins the
majority of new business in the second half of the financial
year.
The adjusted EBITDA loss for the period of GBP(8.0)m improved by
76% compared to 1H20, on a constant currency basis. This
improvement was as a result of revenue growth combined with
financial discipline across the business and reduced spending on
areas like travel during the continued measures relating to the
COVID-19 pandemic and phasing of costs. This was offset partly by
an increase of 46% in Product and R&D.
The reported operating loss was GBP(20.9)m (1H20: GBP(53.8)m
restated). The difference between reported operating loss and
EBITDA loss is driven by contingent share-based payments and
exceptionals.
CUSTOMERS
The Group closed the period ended 30 April 2021 with over 2,000
customers, representing a significant opportunity for the Group.
The largest customers increasingly provide a blueprint for other
customers to scale and the Group's continued track record in
upselling underpins this opportunity further.
In the first half of 2021 Blue Prism upsold into over 20% of the
customer base, driving a net retention rate of 115%, an increase on
the 1H20 rate of 110% and in line with 2H20. During the period, the
Group delivered healthy levels of upselling across its largest
customers, with over 50% of its top 50 customers by revenue
upselling. The Group's top 50 customers accounted for around 34% of
enterprise ARR, with an average spend of $1.5m a year.
The gross retention rate for the year was 98%, with very low
levels of revenue churn. The high levels of revenue retention and
customer commitments demonstrated provide the Group confidence in
the margin potential.
PRODUCT
At the end of 2019 the Group prioritised investments in Product
and R&D to preserve and expand on its product differentiators.
In 1H21 spending in these areas increased to GBP14.2m, around 18%
of revenues (1H20: GBP9.7m restated). GBP9.0m of the R&D cost
base is classified as operating expenses, with the remaining
GBP5.2m classified as 'direct employee cost of delivery' in the
cost of sales.
MARKETPLACE
In May 2021 Gartner found Blue Prism to have moved-up to 3(rd)
place in their global market share analysis for the robotic process
automation rankings (Gartner Market Share Analysis: Robotic Process
Automation, Worldwide). This ranks Blue Prism with circa 10% of the
total RPA market. IDC also published their Semi-annual Software
Tracker, 2H 2020, which showed Blue Prism as the second fastest
growing vendor in 2020, by revenue.
AGM VOTE AND POTENTIAL SECONDARY LISTING IN THE US
Following the voting results of the Group's 2021 AGM the Board
committed to consult with shareholders. The recently appointed
Board members Maurizio Carli, Rachel Mooney and Murray Rode
conducted an extensive series of conversations with investors
during April 2021 in response. The Board would like to thank
shareholders for their engagement in the process so far and is
actively working on the appropriate course of action. A full
response will be provided within six months from the AGM date at
the latest.
The Board previously announced that it was exploring the
potential for a secondary listing in the US, and it appointed legal
and financial advisors to support the potential secondary listing
including accounting and compliance processes and legal
documentation. The Board are pleased that this preparatory work has
been substantially progressed, however the Board is reviewing the
timing of any potential secondary listing in the context of current
market conditions and the Group's own market development. A further
update will be provided in due course.
OUTLOOK
The outlook remains unchanged from the trading update statement.
Based on H1 reported ARR of GBP162m, the Board believes FY21
revenue is likely to be towards the lower end of the GBP170-180m
previously guided range. As previously stated FX is estimated to
have negatively impacted the original guidance by GBP2m. The Group
continues to expect an EBITDA loss for the year of c.GBP25m.
TRADING
REVENUES
Recognised revenues for the period increased by 21% to GBP80.4m
(1H20: GBP66.6m restated) and 24% on a constant currency basis,
with recurring, subscription-based, licence revenue accounting for
98% (1H20: 97%).
Other revenues accounted for 2% of total revenues, with
professional services and training revenues of GBP1.5m (1H20:
GBP1.7m) and sponsorship and other revenue of GBP0.1m (1H20:
GBPnil).
ARR, which is the annualised exit run rate of monthly recurring
revenue at the last month of the reporting period, was GBP162m
(1H20: GBP139.2m). Growth in ARR was impacted by the strengthening
of GBP and on a constant currency basis would have been 22%.
Recognised revenues by geography were as follows:
As reported 1H21 1H20 restated % MOVEMENT
GBPM %OF TOTAL GBPM %OF TOTAL
------------- ===== ========== ----- ----------
EMEA 38.2 48% 32.6 49% 17%
------------- ===== ========== ----- ---------- -----------
Americas 31.6 39% 25.8 39% 22%
------------- ===== ========== ----- ---------- -----------
APAC 10.6 13% 8.2 12% 29%
------------- ===== ========== ----- ---------- -----------
Total 80.4 - 66.6 - 21%
------------- ===== ========== ----- ---------- -----------
Blue Prism Cloud accounted for GBP7.1m of revenues in the
period, compared to GBP5.5m in the first half of 2020. Blue Prism
Cloud bookings increased by 65% in the half and contributed around
22% of the new bookings (excluding renewals) achieved by the
Group.
LOSS FROM OPERATIONS
The Group recorded an operating loss for the period of
GBP(20.9)m (1H20: GBP(53.8)m restated). The reduction in the loss
was driven by revenue growth alongside a reduction in the cost base
due to cost management and lower travel costs as a result of
restrictions due to the COVID-19 pandemic. Offsetting some of these
cost reductions were investments in Product and R&D. Operating
expenditure (before contingent share-based payments and exceptional
costs) is categorised as follows:
GBPm 1H21 1H20 - restated
General & administrative 13.3 15.3
--------------------------------- ===== ----------------
Chief Revenue Office
& Corporate Marketing 47.1 69.0
--------------------------------- ===== ----------------
Product Group 9.0 6.4
--------------------------------- ===== ----------------
Depreciation and amortisation 2.9 3.2
--------------------------------- ===== ----------------
Foreign exchange losses/(gains) 3.8 (2.2)
--------------------------------- ===== ----------------
Total 76.1 91.7
--------------------------------- ===== ----------------
CASH FLOW
Net cash at the period end was GBP126.5m (1H20: GBP140.8m). The
Group continues to plan to reach exit run-rate cash break-even at
the end of the second half of the 2021 financial year.
Cash used in operations for the year was GBP(8.1)m (1H20:
GBP(32.1)m). The improvement in operating cashflow was primarily
driven by improving adjusted EBITDA loss GBP(8.0)m (1H20:
GBP(32.8)m restated).
OTHER COMPREHENSIVE INCOME
During the period the translation of the overseas subsidiaries
from their local currency into the Group's reporting currency
resulted in other comprehensive income of GBP4.2m (1H20: loss of
GBP(2.9)m).
STATEMENT OF FINANCIAL POSITION
Deferred revenue was higher than the prior year at GBP96.7m
(1H20: GBP89.5m restated) in line with the growth of the
business.
Trade and other receivables were GBP46.2m (1H20: GBP47.8m
restated).
In addition, costs to obtain contract assets of GBP30.4m (1H20:
GBP27.7m) have been recognised in line with the capitalisation of
commission under IFRS 15.
PRINCIPAL RISKS & UNCERTAINTIES
In day to day operations the Group faces risks and
uncertainties. The Board aim to mitigate and manage these risks by
regularly reviewing and assessing these risks and identifying
suitable strategies to minimise the risks. The risks and mitigation
strategies will be described in more detail in the Annual Report
and Accounts and a list of the key risks is presented below:
- Growth strategies and management
- Macroeconomic and political conditions
- Software reliability and performance
- Security breaches
- Market and technological changes
- Talent management
- Pandemic management
- Intellectual property
GLOSSARY OF METRICS REFERENCED
Annual recurring revenue: Exit run rate of recurring revenue at
the last month of the reporting period, annualised
Bookings: The total contract value (TCV) contracted during the
period, including new business and renewals.
Remaining performance obligations: The total of invoiced but not
yet recognised revenues (deferred revenues) and revenue contracted
but not yet invoiced (off-balance sheet deferred revenue).
Indicates the outstanding commitments made by customers to the
Group, including commitments made prior to 1H21 and demonstrates
the minimum future contracted revenue.
Gross retention rate: ARR at the beginning of the period less
ARR losses from lost customers divided by ARR at the beginning of
the year, annualised
Net retention rate: Measures the net growth in MRR from
customers at the beginning of the reporting period
Ijoma Maluza, CFO
Jason Kingdon, Chairman & CEO
Blue Prism Group plc
Consolidated statement of profit or loss and other comprehensive
income
Restated
Six months Six months Year ended
ended 30 ended 30 31 October
Note April 2021 April 2020 2020
GBP'm GBP'm GBP'm
Unaudited Unaudited Audited
Revenue 2 80.4 66.6 141.4
Cost of sales 3 (14.2) (10.4) (22.2)
_______ _______ _______
Gross profit 66.2 56.2 119.2
Operating expenses (86.2) (109.4) (198.1)
Operating expenses before contingent
share based payments and exceptional
costs (76.1) (91.7) (166.7)
Contingent share based payments 14 (5.7) (7.0) (13.2)
Exceptional costs 1 (4.4) (10.7) (18.2)
---------------------------------------------- ---- ----------- ----------- -----------
Net impairment losses on financial
assets (0.9) (0.6) (1.8)
Other operating income - - 0.3
_______ _______ _______
Operating loss (20.9) (53.8) (80.4)
Interest receivable - 0.2 0.5
Finance costs (0.1) (0.2) (0.3)
_______ _______ _______
Loss before tax (21.0) (53.8) (80.2)
Income tax expense (0.5) (0.3) (0.4)
_______ _______ _______
Loss after tax (21.5) (54.1) (80.6)
_______ _______ _______
Other comprehensive income / (loss)
Items which will subsequently be
reclassified to profit or loss:
Exchange gains / (losses) on translation
of foreign operations 4.2 (2.9) (2.6)
_______ _______ _______
Total other comprehensive income
/ (loss) 4.2 (2.9) (2.6)
_______ _______ _______
Total comprehensive loss for the
period (17.3) (57.0) (83.2)
_______ _______ _______
Basic and diluted loss per share
attributable to ordinary equity shareholders
(p) 5 (22.70) (65.38) (91.56)
_______ _______ _______
Total comprehensive loss for the period has been derived from
continuing operations.
Blue Prism Group plc
Consolidated statement of financial position
Restated
30 Apr 30 Apr 31 Oct
Note 2021 2020 2020
GBP'm GBP'm GBP'm
Non-current assets Unaudited Unaudited Audited
Intangible assets 6 33.2 36.5 34.8
Costs to obtain contracts 8 16.3 15.8 17.2
Property, plant and equipment 3.7 6.1 4.8
_______ _______ _______
Total non-current assets 53.2 58.4 56.8
_______ _______ _______
Current assets
Costs to obtain contracts 8 14.1 11.9 13.3
Corporation tax receivable 0.9 0.9 1.1
Trade and other receivables 7 46.2 47.8 44.4
Cash and cash equivalents 12 126.5 90.8 137.6
Short-term investments 12 - 50.0 -
_______ _______ _______
Total current assets 187.7 201.4 196.4
_______ _______ _______
Total assets 240.9 259.8 253.2
_______ _______ _______
Current liabilities
Trade and other payables 9 33.7 40.6 37.5
Deferred revenue 8 90.1 79.8 88.8
Contingent consideration - 2.6 3.9
_______ _______ _______
Total current liabilities 123.8 123.0 130.2
_______ _______ _______
Non-current liabilities
Other payables 9 2.0 3.1 2.6
Deferred revenue 8 6.6 9.7 6.9
_______ _______ _______
Total non-current liabilities 8.6 12.8 9.5
_______ _______ _______
Total liabilities 132.4 135.8 139.7
_______ _______ _______
Net assets 108.5 124.0 113.5
_______ _______ _______
Equity attributable to shareholders
Called up share capital 10 0.9 2.0 2.0
Share premium 11 157.9 153.4 155.1
Capital redemption reserve 11 1.1 - -
Shares to be issued 11 2.1 4.2 2.1
Merger reserve 11 117.5 115.4 117.5
Foreign exchange reserve 11 3.0 (1.5) (1.2)
Share based payment reserve 11 56.3 32.7 46.8
Accumulated losses 11 (230.3) (182.2) (208.8)
_______ _______ _______
Total equity 108.5 124.0 113.5
_______ _______ _______
Blue Prism Group plc
Consolidated statement of cash flows
Restated
Six months Six months Year ended
ended 30 ended 30 31 October
Note April 2021 April 2020 2020
GBP'm GBP'm GBP'm
Unaudited Unaudited Audited
Cash flows from operating activities
Loss after tax (21.5) (54.1) (80.6)
Adjustments for:
Amortisation of intangible fixed
assets 6 1.6 1.7 3.3
Depreciation of property, plant
and equipment 1.2 1.6 2.9
Interest receivable - (0.2) (0.5)
Finance costs 0.1 0.2 0.3
Share based payment - options and
awards 14 6.3 6.0 13.9
Exceptional costs 1 4.4 10.7 18.2
Income tax expense 0.5 0.3 0.4
_______ _______ _______
(7.4) (33.8) (42.1)
Increase in trade and other receivables 7 (2.1) (7.3) (2.8)
Decrease / (increase) in costs to
obtain contracts 8 0.1 0.7 (2.3)
Increase / (decrease) in trade and
other payables 9 0.3 (3.8) (6.6)
Increase in deferred revenue 8 1.0 12.1 18.4
_______ _______ _______
Cash used in operations (8.1) (32.1) (35.4)
Settlement of contingent consideration (3.5) - -
Income taxes paid (0.3) - (0.9)
_______ _______ _______
Net cash outflows from operating
activities (11.9) (32.1) (36.3)
Investing activities
Purchases of property, plant and
equipment (0.1) (0.3) (0.3)
(Investments in) / maturity of short-term
investments 12 - (21.4) 28.6
Interest received - 0.2 0.5
_______ _______ _______
Net cash (used in) / generated from
investing activities (0.1) (21.5) 28.8
Financing activities
Issue of ordinary shares 2.8 103.5 104.8
Issue costs - (2.9) (2.9)
Repayment of lease liabilities (0.9) (1.1) (2.1)
Interest on lease liabilities (0.1) (0.1) (0.3)
_______ _______ _______
Net cash generated from financing
activities 1.8 99.0 99.5
Net (decrease) / increase in cash
and cash equivalents (10.2) 45.4 92.0
Cash and cash equivalents at beginning
of period / year 137.6 45.5 45.5
Effect of foreign exchange on cash
and cash equivalents (0.9) (0.1) 0.1
_______ _______ _______
Cash and cash equivalents at end
of period / year 126.5 90.8 137.6
_______ _______ _______
Blue Prism Group plc
Consolidated statement of changes in equity
for the six months ended 30 April 2021
Share
Capital Foreign based
Share Share redemption Shares Merger exchange payment Accumulated Total
Note capital premium reserve to be issued reserve reserve reserve losses equity
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
Equity as at 1
November
2020
(audited) 2.0 155.1 - 2.1 117.5 (1.2) 46.8 (208.8) 113.5
Comprehensive
loss for
period
Loss after tax - - - - - - - (21.5) (21.5)
Other
comprehensive
income - - - - - 4.2 - - 4.2
____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Total
comprehensive
loss
for the
period - - - - - 4.2 - (21.5) (17.3)
Contributions
by and
distributions
to owners
Exercise of
options - 2.8 - - - - - - 2.8
Share based
payments -
acquisition
of subsidiary - - - - - - 3.2 - 3.2
Share based
payments -
options and
awards 14 - - - - - - 6.3 - 6.3
Cancellation
of deferred
shares (1.1) - 1.1 - - - - - -
____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Equity as at
30 April
2021
(unaudited) 0.9 157.9 1.1 2.1 117.5 3.0 56.3 (230.3) 108.5
____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Blue Prism Group plc
Consolidated statement of changes in equity
for the six months ended 30 April 2020
Share
Capital Foreign based
Share Share redemption Shares Merger exchange payment Accumulated Total
Note capital premium reserve to be issued reserve reserve reserve losses equity
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
Equity as at 1
November
2019
(restated) 1.9 150.3 - 4.2 15.5 1.4 17.3 (125.1) 65.5
Impact of
initial
adoption
of IFRS 16 - - - - - - - (0.2) (0.2)
____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Equity as at 1
November
2019
(restated) 1.9 150.3 - 4.2 15.5 1.4 17.3 (125.3) 65.3
Comprehensive
loss for
period
Loss after tax
(restated) - - - - - - - (54.1) (54.1)
Other
comprehensive
income - - - - - (2.9) - - (2.9)
____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Total
comprehensive
loss
for the
period - - - - - (2.9) - (54.1) (57.0)
Contributions
by and
distributions
to owners
Exercise of
options - 3.1 - - - - - - 3.1
Issue of
shares -
placing 0.1 - - - 99.9 - - - 100.0
Cost of
placing - - - - - - - (2.8) (2.8)
Share based
payments -
acquisition
of subsidiary - - - - - - 9.4 - 9.4
Share based
payments -
options and
awards 14 - - - - - - 6.0 - 6.0
____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Equity as at
30 April
2020
(unaudited) 2.0 153.4 - 4.2 115.4 (1.5) 32.7 (182.2) 124.0
____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Blue Prism Group plc
Consolidated statement of changes in equity
for the six months ended 31 October 2020
Share
Capital Foreign based
Share Share redemption Shares Merger exchange payment Accumulated Total
Note capital premium reserve to be issued reserve reserve reserve losses equity
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
Equity as at 1 May
2020
(unaudited) 2.0 153.4 - 4.2 115.4 (1.5) 32.7 (182.2) 124.0
Comprehensive
loss for
period
Loss after tax
(restated) - - - - - - - (26.6) (26.6)
Other comprehensive
income - - - - - 0.3 - - 0.3
____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Total comprehensive
loss
for the period - - - - - 0.3 - (26.6) (26.3)
Contributions
by and
distributions
to owners
Exercise of options - 1.7 - - - - - - 1.7
Issue of shares -
acquisition
of subsidiary - - - (2.1) 2.1 - - - -
Share based payments
-
acquisition of
subsidiary - - - - - - 6.2 - 6.2
Share based payments
-
options and awards - - - - - - 7.9 - 7.9
____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Equity as at 31
October
2020 (audited) 2.0 155.1 - 2.1 117.5 (1.2) 46.8 (208.8) 113.5
____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Blue Prism Group plc
Notes forming part of the Group interim financial statements
for the period ended 30 April 2021
1 Accounting policies
Basis of preparation
Blue Prism Group plc is a public limited company incorporated in
the United Kingdom, listed on the Alternative Investment Market
('AIM') of the London Stock Exchange. Blue Prism Group plc and its
subsidiaries ('the Group') have as their registered office and
principal place of business 2 Cinnamon Park, Crab Lane, Warrington,
WA2 0XP, United Kingdom.
The principal accounting policies adopted in the preparation of
the interim financial statements are set out below. The Group's
full accounting policies are contained in the Annual Report. The
policies have been consistently applied to all the periods
presented, unless otherwise stated.
These interim financial statements are for the six months ended
30 April 2021. They have been prepared on a going concern basis and
in accordance with IAS 34, Interim Financial Reporting in
accordance with International Financial Reporting Standards
('IFRS') in conformity with the requirements of the Companies Act
2006. They do not include all of the information required for full
annual financial statements and should be read in conjunction with
Blue Prism Group Plc's audited financial statements for the year
ended 31 October 2020.
The financial information for the year ended 31 October 2020 set
out in this interim report does not constitute
statutory accounts as defined in Section 434 of the Companies
Act 2006. The Group's statutory financial statements for the year
ended 31 October 2020 have been filed with the Registrar of
Companies and can be found on the Group's website. The auditor's
report on those financial statements was unqualified and did not
contain statements under Section 498(2) or Section 498(3) of the
Companies Act 2006.
The preparation of financial statements in compliance with
adopted IFRS requires the use of certain critical accounting
estimates. It also requires Group management to exercise judgment
in applying the Group's accounting policies.
The Group's interim financial statements have been prepared on
an accruals basis and under the historical cost convention with the
exception of financial instruments, assets and liabilities acquired
through a business combination, and share based payments. Financial
instruments have been recorded initially on a fair value basis and
then at amortised cost. Share-based payments and assets and
liabilities acquired through a business combination have been
measured at fair value.
All figures presented are rounded to the nearest GBPm to 1
decimal place, unless stated otherwise.
Going Concern
The Directors have a reasonable expectation that there are no
material uncertainties that cast significant doubt about the
Group's ability to continue in operation and meet its liabilities
as they fall due for the foreseeable future, being a period of at
least 12 months from the date of approval of the interim financial
statements. The possible continuing and future impact of COVID-19
on the Group has been considered in the preparation of the interim
financial statements.
The Directors have reviewed the forecasts for the Group for the
period to 31 October 2022 and have a reasonable expectation that
there are no material uncertainties that cast significant doubt
about the Group's ability to continue in operational existence for
at least 12 months from the date of signing these interim financial
statements. Accordingly, they continue to adopt the going concern
basis in preparing the interim financial statements.
1 Accounting policies (continued)
Estimates and judgements
The preparation of the interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets
and liabilities, income and expenses. These estimates, judgements
and assumptions are based on historical experience and other
factors that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates. The critical
accounting judgements and the major sources of estimation
uncertainty were the same as those described in the last annual
financial statements for the year ended 31 October 2020. Details of
the estimates and judgements are included on page 78 of the 2020
Annual Report.
Changes to accounting policies
As disclosed in the annual report and accounts for the year
ended 31 October 2020, the Group revised its revenue recognition
policy. Further details of the Group's revenue recognition policy
are included below. As such, results for the period ended 30 April
2020 have been restated to retrospectively apply the updated
revenue recognition policy. The impact is to reduce revenue in the
period ended 30 April 2020 from GBP68.5m as previously reported to
GBP66.6m as restated.
There is no impact on cashflows, customer commitments or the
Group's obligations as a result of this restatement.
The Group also revised its accounting policy for the delivery of
revenue performance obligations and the treatment of deferred
consideration. Further details can be found in the Group's annual
report and accounts for the year ended 31 October 2020. The total
impact of these changes on the period ended 30 April 2020 is shown
on the table below.
1 Accounting policies (continued)
Quantitative impact of restatements on interim financial
statements (Unaudited)
Reduction Removing
in the Costs Reclassifying discount Reclassify
number of contingent for share
Period ended As of delivering payment consideration premium Acquisition
30 April originally performance performance as lock-up to merger accounting As
2020 reported obligations obligations remuneration period reserve adjustments restated
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
Consolidated
statement
of profit
or loss
and other
comprehensive
income
Revenue 68.5 (1.9) - - - - - 66.6
Cost of
sales (8.4) - (2.0) - - - - (10.4)
Operating
expenses (101.1) - 2.4 (10.7) - - - (109.4)
--------------- ----------- ------------ ------------ -------------- -------------- ----------- ------------ ---------
of which,
exceptional
costs - - (10.7) - - - (10.7)
--------------- ----------- ------------ ------------ -------------- -------------- ----------- ------------ ---------
Net impairment
losses (0.4) - - - - - (0.2) (0.6)
Loss after
tax (41.7) (1.9) 0.4 (10.7) - - (0.2) (54.1)
Earnings
per share (50.39p) (2.30p) 0.48p (12.93p) - - (0.24p) (65.38p)
Consolidated
statement
of financial
position
Intangible
assets 63.6 - (3.5) (29.4) 5.1 - 0.7 36.5
Trade and
other
receivables 48.7 - - - - - (0.9) 47.8
Trade and
other
payables (40.0) - - - - - (0.6) (40.6)
Deferred
revenue (83.4) (6.1) - - - - - (89.5)
Contingent
consideration (4.4) - - 1.8 - - - (2.6)
Net assets 156.9 (6.1) (3.5) (27.6) 5.1 - (0.8) 124.0
Share premium 250.4 - - - - (97.0) - 153.4
Shares to
be issued 26.2 - - (25.8) 3.8 - - 4.2
Merger reserve 0.4 - - - 1.3 99.9 13.8 115.5
Other reserve 13.8 - - - - - (13.8) -
Share based
payment
reserve 17.8 - - 14.9 - - - 32.7
Accumulated
losses (152.2) (6.1) (3.5) (16.7) - (2.9) (0.8) (182.2)
Net assets 156.9 (6.1) (3.5) (27.6) 5.1 - (0.8) 124.0
1 Accounting policies (continued)
Exceptional items
Exceptional items comprised professional fees of GBP1.7m
associated with exploring a potential secondary US listing (HY20:
GBPnil) and exceptional deferred consideration remuneration of
GBP2.7m (HY20: GBP10.7m) payable to former shareholders of the
Thoughtonomy group in the period.
Revenue recognition
Licence and support revenue
Software licence revenue represents fees earned from the licence
of our software to customers. Licences of our product are delivered
by providing our customers with a licence key that enables them to
install and use the software in their on-premise IT
infrastructures.
The Group identifies two performance obligations implicit in the
sale of a software licence:
- firstly, the right to the licence and upgrades to the licence
over the licence term, and
- secondly, the right to access support during the licence
term.
All revenue from licence sales is recognised evenly over the
contract term.
Software support revenue represents fees earned from providing
customers with support services at standard and premium rates.
These benefits are received and continued over the contract term.
Revenues from support services are recognised on a straight-line
basis over the contract term.
Revenue from SaaS cloud offerings where the Group's performance
obligation is the grant of a right to continuously access a cloud
offering for a certain term is recognised based on time elapsed and
thus rateably over the term.
No revenue is recognised in respect of licences that are
provided free of charge.
Professional services and training
Professional services and training revenue are typically
recognised over time. Where the Group stands ready to provide the
service (such as access to learning content), revenue is recognised
based on time elapsed and thus rateably over the service period.
Consumption-based services, for example separately identifiable
professional services, are recognised over time as the services are
utilised, typically following the percentage-of-completion method
or rateably.
Sponsorship and other revenue
Revenue is recognised from Blue Prism World events. This mainly
relates to sponsorship revenue received from various partners and
external organisations participating in the events. Revenue is
recognised at the time of the event taking place.
Costs of obtaining customer contracts
The Group incurs certain costs to obtain customer contracts in
the form of commissions paid to sales employees. The commission
costs of obtaining any contract with a customer are recognised as
an asset on the statement of financial position. They are then
subsequently amortised over the period during which the related
revenue is recognised, with the cost reflected in cost of sales.
Other directly attributable costs are expensed as incurred.
1 Accounting policies (continued)
Share based payments
Where equity settled share options or awards are awarded to
employees, the fair value of the options at the date of grant is
charged to the consolidated statement of comprehensive income over
the vesting period. Non-market vesting conditions are taken into
account by adjusting the number of equity instruments expected to
vest at each reporting date so that, ultimately, the cumulative
amount recognised over the vesting period is based on the number of
options that eventually vest. Non-vesting conditions and market
vesting conditions are factored into the fair value of the options
granted. As long as all other vesting conditions are satisfied, a
charge is made irrespective of whether the market vesting
conditions are satisfied. The cumulative expense is not adjusted
for failure to achieve a market vesting condition or where a
non-vesting condition is not satisfied.
Where the terms and conditions of options are modified before
they vest, the increase in the fair value of the options, measured
immediately before and after the modification, is also charged to
the consolidated statement of comprehensive income over the
remaining vesting period.
Where equity instruments are granted to persons other than
employees, the consolidated statement of comprehensive income is
charged with the fair value of goods and services received.
Where employers' social security is liable on the exercise of a
share option or award, an estimate of the amount due is accrued
over the expected exercise period. The accrual is then reviewed and
amended at each subsequent statement of financial position date in
line with IFRS 2.
Amortisation of intangible assets
Intangible assets with finite lives are amortised on a straight
line basis over their useful life.
The estimated useful life of intangible assets is:
- 5 years for technology assets acquired in the business combination with Thoughtonomy
- 10 years for customer relationships acquired in the business combination with Thoughtonomy
2 Revenue analysis
The Group has one operating segment being the licensing of
Robotic Process Automation (RPA) software used to automate routine,
rules-based back office processes.
Assets, liabilities and profit/loss are not analysed by
geography as the business performance measure utilised by the chief
operating decision maker, the Executive Board, is the Group
profit/loss.
Revenue for each of the geographical areas is as follows:
Restated
Six months Six months Year ended
ended 30 ended 30 31 October
April April 2020
2021 2020
GBP'm GBP'm GBP'm
Unaudited Unaudited Audited
Revenue from EMEA Operations 38.2 32.6 67.1
Revenue from The Americas Operations 31.6 25.8 56.6
Revenue from APAC Operations 10.6 8.2 17.7
_______ _______ _______
Total 80.4 66.6 141.4
_______ _______ _______
The Group derives revenue from three sources, over time and at a
point in time, in the following major categories:
Restated
Unaudited Six months ended 30 Six months ended 30 April
April 2021 2020
GBP'm GBP'm GBP'm GBP'm
Timing of revenue recognition Over time At a point Over time At a point
in time in time
Licence and support 78.8 - 64.9 -
Professional services
and training 1.5 - 1.7 -
Sponsorship and other 0.1 - -
revenue -
_______ _______ _______ _______
Total 80.3 0.1 66.6 -
_______ _______ _______ _______
Audited Year ended 31 October
2020
GBP'm GBP'm
Timing of revenue recognition Over time At a point
in time
Licence and support 138.3 -
Professional services -
and training 3.0
Sponsorship and other
revenue - 0.1
_______ _______
Total 141.3 0.1
_______ _______
The Group has restated revenue for the period ended 30 April
2020 as discussed in Note 1. There is no impact on cash flows,
trade receivables, or the company's contractual commitments as a
result of this restatement.
There are no customers who generate 10% or more of the Group's
revenues (HY20: no customers).
3 Cost of sales and operating expenses Restated
Six months Six months Year ended
ended 30 ended 30 31 October
April April 2020
2021 2020
GBP'm GBP'm GBP'm
Unaudited Unaudited Audited
Cost of sales
Amortisation of costs to obtain
contracts 7.8 6.1 12.9
Direct employee costs of delivery 5.2 3.3 7.3
Direct cloud costs 1.2 1.0 2.0
_______ _______ _______
Total cost of sales 14.2 10.4 22.2
_______ _______ _______
Operating expenses
General and administrative 13.3 15.3 27.5
Chief revenue office and corporate
marketing 47.1 69.0 122.1
Product group 9.0 6.4 13.1
Depreciation and amortisation 2.9 3.2 6.2
Share-based payments 5.7 7.0 13.2
Exceptional costs 4.4 10.7 18.2
Foreign exchange losses/(gains) 3.8 (2.2) (2.2)
_______ _______ _______
Total operating expenses 86.2 109.4 198.1
_______ _______ _______
4 Staff costs
Six months Six months
ended 30 ended 30 Year ended
April April 31 October
2021 2020 2020
GBP'm GBP'm GBP'm
Unaudited Unaudited Audited
Staff costs (including Director's
emoluments) comprise:
Wages and salaries 51.7 56.4 100.8
Social security contributions and
similar taxes 6.5 5.8 11.0
Pension costs 1.8 1.7 3.3
Share based payment charge (note
14) 5.9 7.0 15.4
_______ _______ _______
Total staff costs 65.9 70.9 130.5
_______ _______ _______
Contingent consideration of GBP2.7m (HY20: GBP10.7m) payable to
shareholders of Thoughtonomy who have continued with the Group as
employees has been expensed as exceptional costs.
Average monthly number of employees (including Directors) during
the period:
Six months Six months
ended 30 ended 30 Year ended
April April 31 October
2021 2020 2020
Number Number Number
Unaudited Unaudited Audited
Directors 7 6 6
Staff
General and administrative 113 103 104
Chief revenue office and corporate
marketing 600 650 640
Product group 305 246 256
_______ _______ _______
1,025 1,005 1,006
_______ _______ _______
5 Basic and diluted loss per share
Restated
Six months Six months
ended 30 ended 30 Year ended
April April 31 October
2021 2020 2020
Unaudited Unaudited Audited
Numerator GBP'm GBP'm GBP'm
Loss for the period/year and earnings
used in basic EPS (21.5) (54.1) (80.6)
Denominator '000 '000 '000
Weighted average number of shares
used in basic EPS 94,734 82,747 88,034
_______ _______ _______
Basic and diluted losses per share
(pence) (22.70) (65.38) (91.56)
_______ _______ _______
Denominator '000 '000 '000
Maximum potential diluted number
of ordinary shares 98,255 88,606 97,537
_______ _______ _______
As the inclusion of potential ordinary shares would be
anti-dilutive and decrease the loss per share, they are not
included in the calculation of diluted loss per share.
6 Intangible fixed assets
Restated Restated
Customer
Goodwill relationships Technology Total
GBP'm GBP'm GBP'm GBP'm
Cost
At 1 November 2019, 30 April
2020, 31 October 2020 and 30
April 2021 16.2 12.6 10.2 39.0
_______ _______ _______ _______
Accumulated amortisation and
impairment
At 1 November 2019 - 0.3 0.6 0.9
Amortisation - 0.6 1.0 1.6
_______ _______ _______ _______
At 30 April 2020 - 0.9 1.6 2.5
_______ _______ _______ _______
Amortisation - 0.7 1.0 1.7
_______ _______ _______ _______
At 31 October 2020 - 1.6 2.6 4.2
_______ _______ _______ _______
Amortisation - 0.6 1.0 1.6
_______ _______ _______ _______
At 30 April 2021 - 2.2 3.6 5.8
_______ _______ _______ _______
Net book value
At 30 April 2020 (restated)
(unaudited) 16.2 11.7 8.6 36.5
At 31 October 2020 (audited) 16.2 11.0 7.6 34.8
_______ _______ _______ _______
At 30 April 2021 (unaudited) 16.2 10.4 6.6 33.2
_______ _______ _______ _______
On the 17 July 2019, the Group acquired 100% of the share
capital of the Thoughtonomy group.
Goodwill arose on the acquisition of the Thoughtonomy group
during the financial year ended 31 October 2019. As part of the
acquisition accounting the Group has restated the value of
Goodwill. See note 1 for further detail.
The technology relates to the work performed by the Thoughtonomy
group up to the point of acquisition, to develop the platform used
to deploy the products and services offered by the Group. The
customer relationships arose on the long-term contracts subscribed
directly by customers or by third parties. The remaining
amortisation period as at 30 April 2021 is 3.25 years (HY20: 4.25
years) for the technology asset and 8.25 years (HY20: 9.25 years)
for the customer relationships.
All intangible assets arise in the UK.
7 Trade and other receivables Restated
30 April 30 April 31 October
2021 2020 2020
GBP'm GBP'm GBP'm
Unaudited Unaudited Audited
Trade receivables 42.9 43.5 41.2
Less: provision for impairment
of trade receivables (2.3) (1.9) (2.0)
_______ _______ _______
Trade receivables - net 40.6 41.6 39.2
Prepayments 3.9 4.0 3.6
Accrued revenue 0.2 0.7 0.4
Other taxes - 0.2 -
Accrued interest - 0.1 -
Other receivables 1.5 1.2 1.2
_______ _______ _______
Total trade and other receivables 46.2 47.8 44.4
_______ _______ _______
An impairment charge of GBP0.9m (HY20: GBP0.6m (restated)) was
recognised in the period relating to aged receivables. The Group
applies the IFRS 9 simplified approach to measuring expected credit
losses ('ECLs') using a lifetime ECL provision for trade
receivables. To measure ECLs on a collective basis, trade
receivables are grouped based on similar credit risk and aging.
Due to the Group's policy of carrying out credit checks on new
customers and partners and recurrent nature of its business with
established customers, the Group considers all trade receivables to
have low credit risk upon initial recognition. The Group determines
whether the credit risk of financial instruments has increased
significantly since initial recognition by reviewing aged
receivables exceeding 90 days and contracts where customers are
known to be in financial difficulty. The Group writes off the trade
receivable when in its view there is no reasonable expectation of
recovery. There have been no changes in the estimation techniques
in this respect during the period.
The Group applies the general impairment model within IFRS 9 to
other receivables. Due to the nature of assets within this balance,
no ECL has been recognised.
7 Trade and other receivables
(continued)
The expected loss rates applied to trade receivables are based
on the Group's historical credit losses experienced over the last
financial year prior to the period end. Forward looking
information, including macroeconomic information, is applied only
where it is reliably available.
Expected credit loss allowance on trade receivables as at 30
April 2021 (unaudited)
<30 Days 31-60 Days 61-90 Days >90 Days Total
Gross trade receivables
(GBP'm) 33.5 2.5 2.2 4.7 42.9
Less: specifically impaired
receivables - - - (2.2) (2.2)
_______ _______ _______ _______ _______
Net trade receivables (GBP'm) 33.5 2.5 2.2 2.5 40.7
Expected credit loss rate 0.26% 0.54% 0.61% 0.66%
_______ _______ _______ _______ _______
Expected credit loss (GBP'm) - - - (0.1) (0.1)
_______ _______ _______ _______ _______
Net carrying amount (GBP'm) 33.5 2.5 2.2 2.4 40.6
_______ _______ _______ _______ _______
Restated
Provision for impairment of trade 30 April 30 April 31 October
receivables 2021 2020 2020
GBP'm GBP'm GBP'm
Unaudited Unaudited Audited
Opening provision for impairment of
trade receivables 2.0 1.4 1.4
Increase during the period/year 0.9 0.6 1.4
Receivable written off during the
period/year (0.6) (0.1) (0.8)
_______ _______ _______
Closing provision for impairment of
trade receivables 2.3 1.9 2.0
_______ _______ _______
Costs to obtain contracts and deferred
8 revenue
Six months Six months
ended 30 ended 30 Year ended
April April 31 October
2021 2020 2020
Unaudited Unaudited Audited
GBP'm GBP'm GBP'm
Costs to obtain contracts
Opening balance 30.5 28.2 28.2
Costs to obtain contracts with customers
during the period/year 7.8 5.5 15.2
Amortisation in line with contract
performance (7.9) (6.0) (12.9)
_______ _______ _______
Total costs to obtain contracts 30.4 27.7 30.5
_______ _______ _______
Costs to obtain contracts consists of commission payable to
sales employees and are amortised over the period of the customer
contract to which they relate. The Group assesses recoverability of
the costs to obtain contracts in line with IFRS 15. No impairment
has been recognised in the period ended 30 April 2021 (HY20:
GBPnil).
Six months Six months
ended 30 ended 30 Year ended
April April 31 October
2021 2020 2020
Unaudited Unaudited Audited
GBP'm GBP'm GBP'm
Current costs to obtain contracts 14.1 11.9 13.3
Non-current costs to obtain contracts 16.3 15.8 17.2
_______ _______ _______
Total costs to obtain contracts 30.4 27.7 30.5
_______ _______ _______
Restated
Six months Six months
ended 30 ended 30 Year ended
April April 31 October
2021 2020 2020
Unaudited Unaudited Audited
Deferred revenue GBP'm GBP'm GBP'm
Opening balance 95.7 77.4 77.4
Release of brought forward deferred
revenue (64.3) (48.1) (67.3)
Contracts invoiced in advance of performance
and not recognised as revenue 65.3 60.2 85.6
_______ _______ _______
Total deferred revenue 96.7 89.5 95.7
_______ _______ _______
8 Costs to obtain contracts and deferred revenue
(continued)
Restated
30 April 30 April 31 October
2021 2020 2020
Unaudited Unaudited Audited
GBP'm GBP'm GBP'm
Current deferred revenue 90.1 79.8 88.8
Non-current deferred revenue 6.6 9.7 6.9
_______ _______ _______
96.7 89.5 95.7
_______ _______ _______
Deferred revenue represents amounts invoiced in advance in line
with contractual arrangements. This will be amortised in future
periods in line with fulfilment of the respective performance
obligations. The Group expects to recognise most of the deferred
revenue balance within one year of the statement of financial
position date with a small amount being recognised as greater than
one year.
The Group has restated deferred revenue for the period ended 30
April 2020 in line with the restatement of revenue described in
Note 1. There is no impact on cash flows, trade receivables, or the
company's contractual commitments as a result of this
restatement.
Remaining Performance Obligations
The Group has un-invoiced amounts relating to the remaining term
of customer contracts which are not included in the deferred
revenue balance greater than one year. There are support and
upgrade performance obligations attached to the remaining term of
customer contracts not yet invoiced.
In total, the Group has GBP310.6m (HY20: GBP285.5m) in aggregate
allocated to performance obligations that are unsatisfied (or
partially unsatisfied) as at 30 April 2021. Of these, GBP96.7m
(HY20: GBP89.5m) are recorded in deferred revenue. These
obligations are estimated based on the prevailing exchange rates at
each period end. The remainder are off balance sheet and will be
invoiced in future periods on each anniversary of the contract
inception.
Remaining Performance Obligations do not include renewals of
contracts which have not been contractually committed to at the
reporting date.
Restated
30 April 30 April 31 October
2021 2020 2020
Unaudited Unaudited Audited
GBP'm GBP'm GBP'm
Within 1 year 50.3 52.5 50.1
1-2 years 84.2 75.6 88.1
More than 2 years 79.4 67.9 78.0
_______ _______ _______
Off balance sheet deferred revenue 213.9 196.0 216.2
_______ _______ _______
On balance sheet deferred revenue 96.7 89.5 95.7
_______ _______ _______
Total remaining performance obligations 310.6 285.5 311.9
_______ _______ _______
9 Trade and other payables Restated
30 April 30 April 31 October
2021 2020 2020
Unaudited Unaudited Audited
Current trade and other payables GBP'm GBP'm GBP'm
Trade payables 2.0 5.7 5.5
Other payables 4.8 7.5 5.1
Lease liabilities 0.9 2.0 1.4
Accruals 26.0 25.4 25.5
_______ _______ _______
Total current trade and other payables 33.7 40.6 37.5
_______ _______ _______
Non-current other payables
Lease liabilities 2.0 3.1 2.6
_______ _______ _______
Total non-current other payables 2.0 3.1 2.6
_______ _______ _______
10 Share capital
30 April 30 April 31 October
2021 2020 2020
Unaudited Unaudited Audited
Issued and fully paid GBP'm GBP'm GBP'm
Ordinary share capital at par GBP0.01 0.9 0.9 0.9
Deferred shares at par GBP0.01 - 1.1 1.1
_________ _________ _________
Total 0.9 2.0 2.0
_________ _________ _________
Authorised shares
The Company's Articles of Association do not contain any
restriction on the maximum authorised share capital.
During the year ended 31 October 2020, the deferred shares were
gifted to the Company by the shareholders for nil consideration.
The deferred shares were cancelled on 8 December 2020 and the
balance transferred to a capital redemption reserve. Prior to
cancellation, the deferred shares carried no voting rights, no
rights to income and the right to a return of a maximum of GBP0.001
on a winding up of the Company.
11 Reserves
The following describes the nature and purpose of each reserve
within equity:
Reserves Description and purpose
Share premium Amount subscribed for share capital in
excess of nominal value
Capital redemption reserve Reserve created on reduction of deferred
share capital
Shares to be issued Consideration in the form of shares to
be issued as part of the acquisition of
Thoughtonomy
Merger reserve Amounts arising on share for share exchange
Foreign exchange reserve Gains or losses arising on retranslation
of the net assets / liabilities of the
overseas operations into sterling
Share based payment reserve Equity settled share based employee remuneration
Accumulated losses All other net gains and losses and transactions
with owners (e.g. dividends) not recognised
elsewhere
12 Notes supporting statement of cash flows
Cash and cash equivalents for purposes of the statement of cash
flows comprises:
30 April 30 April 31 October
2021 2020 2020
Unaudited Unaudited Audited
GBP'm GBP'm GBP'm
Cash at bank available on demand 35.0 39.1 131.2
Short-term deposits - maturing
within 3 months 91.5 51.7 6.4
_______ _______ _______
Total cash and cash equivalents 126.5 90.8 137.6
_______ _______ _______
Short-term investments are readily convertible to cash:
30 April 30 April 31 October
2021 2020 2020
Unaudited Unaudited Audited
GBP'm GBP'm GBP'm
Short-term deposits - maturing
within 12 months - 50.0 -
_______ _______ _______
Total short-term investments - 50.0 -
_______ _______ _______
13 Controlling party
At the period end the Directors are of the opinion that there is
no ultimate controlling party.
14 Share options and share awards
Total share based payment charges for options and awards
recognised in the period are comprised of:
Six months Six months
ended 30 ended 30 Year ended
April April 31 October
2021 2020 2020
Unaudited Unaudited Audited
Options and awards contingent on continued
employment GBP'm GBP'm GBP'm
Share based payment charge - contingent
on continued employment 6.1 6.0 11.8
Social security charge - contingent
on continued employment (0.4) 1.0 1.4
_________ _________ _________
Contingent share based payment charge 5.7 7.0 13.2
_________ _________ _________
Deferred awards not contingent on
continued employment
Share based payment charge - not contingent
on continued employment 0.2 - 2.0
Social security charge - not contingent
on continued employment - - 0.2
_________ _________ _________
Non-contingent share based payment
charge 0.2 - 2.2
_________ _________ _________
Total share based payment charge
Share based payment charge - options
& awards 6.3 6.0 13.8
Social security charge - options &
awards (0.4) 1.0 1.6
_________ _________ _________
Total share based payment charge for
options & awards 5.9 7.0 15.4
_________ _________ _________
COMPANY INFORMATION
Company number
09759493
Directors
Name Position
Jason Kingdon Chairman and Chief Executive
Ijoma Maluza CFO
Ken Lever Non-Executive Director
Chris Batterham Non-Executive Director
Rachel Mooney Non-Executive Director
Maurizio Carli Non-Executive Director
Murray Rode Non-Executive Director
Company Secretary
John Warrick
Registered office
2 Cinnamon Park Crab Lane
Fearnhead
Warrington
WA2 0XP
Auditors
Grant Thornton UK LLP
30 Finsbury Square
London
EC2A 1AG
Registrars
Link Market Services Ltd
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Financial PR
Brunswick Financial Advisory LLP
16 Lincoln's Inn Fields
London
WC2A 3ED
Nominated advisor and broker
Investec plc
30 Gresham Street
London
EC2V 7QP
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IR DGGDLGBBDGBL
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