TIDMSPA
RNS Number : 2901N
1Spatial Plc
29 September 2021
29 September 2021
1Spatial plc (AIM: SPA)
("1Spatial", the "Group" or the "Company")
Interim Results for the six-month period ended 31 July 2021 ("H1
2022")
Strategic plan delivering an acceleration in revenue growth
rates
H1 2022 highlights
-- 80% increase in Term Licences revenue to GBP1.0m (H1 2021: GBP0.6m)
-- 63% increase in Term Licences Annualised Recurring Revenue
("ARR") * to GBP2.1m (H1 2021: GBP1.3m at constant currency)
-- Revenue growth in the US region accelerated to 34% (48% at
constant currency) (H1 2021: 12% )
-- 12% increase in total ARR * to GBP11.6m (H1 2021: GBP10.3m at constant currency)
-- Recently announced two record value landmark contract wins,
which are expected to drive further increase in longer-term revenue
growth rate
Group financial highlights
Half-year Half-year Change Growth
to 31 to 31
July July
21 20
GBPm GBPm GBPm %
Revenue 12.6 11.7 +0.9 +8%
Adjusted EBITDA** 1.8 1.7 +0.1 +10%
Adjusted EBITDA** margin
(%) 14.5 14.2 +0.3pp
Operating loss (0.2) (0.8) +0.6
Loss before tax (0.3) (0.9) +0.6
Loss per share - basic
and diluted (p) (0.2) (0.7) +0.5p
Operating cash generated
*** 1.0 1.8 (0.8)
* Term Licences Annualised Recurring Revenue ("ARR") is the
annualised value at the period-end of committed recurring contracts
for term licences. Total ARR is the annualised value at the
period-end of committed recurring contracts for term licences and
support & maintenance
** Adjusted EBITDA is a company-specific measure which is
calculated as operating loss before depreciation (including right
of use asset depreciation), amortisation and impairment of
intangible assets, share-based payment charge and strategic,
integration, other non-recurring items
*** Excludes one-off cash costs on prior year restructuring
Group operational highlights
-- New customer wins in all regions, including multi-year
contracts with HM Land Registry in the UK and VINCI Highways in
France; software licences with three further US States for our
repeatable 911 offering
-- Land and expand strategy driving revenue growth from existing
customers, including Google Real Estate and Workplace Services, the
Department for Environment, Food and Rural Affairs , the US Federal
Highways, Northern Gas Networks, Ordnance Survey Great Britain, and
the Energy Networks Association
-- Increased investment in R&D with successful release of 3D
version of 1Integrate, and the planned beta version of Traffic
Management Plan Automation (TMPA)
-- Positive operating cash generation but lower than prior year
mainly due to investment in sales and delivery capacity and
non-recurring items (e.g. prior year restructuring costs); net cash
at period-end of GBP2.8m (H1 FY21: GBP3.4m)
Current trading & Outlook
-- Successful investment in partner collaboration resulted in
substantial contract awards post period end, which are expected to
deliver greater revenue growth in future years including:
o Major Government contract - GBP8.0m contract over five years
(announced on 27 September)
o Geospatial Commission, National Underground Asset Register
("NUAR") - GBP6.5m contract over three years (announced on 13
September)
-- The term licence Annualised Recurring Revenue ("ARR")
increased to GBP3.8m (on a pro-forma basis), with the addition of
the two recent major contract wins
-- The level of ARR is building nicely and the committed
services revenue is now at a record level for the Group of
GBP11.8m
-- The recently awarded major UK Government contract also
allowed the Board to upgrade its expectations for FY 2023, as
announced on 27 Septembe r 2021
Commenting on the results, 1Spatial CEO, Claire Milverton,
said:
"We are delighted to see such positive early indicators of the
success of our strategic growth plan. The increase in our term
licence revenue, strong growth in the US and significant recent
multi-year contract wins point to a gear change in the growth
prospects for 1Spatial.
"We believe we are just at the start of a major transformation
of our market. As evidenced by our recent contract wins, we are
increasingly seen across the globe as the specialists in the
management of spatial data issues, sitting right at the heart of
changes across multiple sectors, whether that be to facilitate
infrastructure upgrades, the transition to green energy or new
digital transformation strategies.
"New business signed since the end of H1 has been excellent and
we have a record level of committed services revenue.
"The depth of the sales pipeline, positive market landscape, our
expanding influential partner network and growing levels of
recurring revenue, provide the Board with confidence in the
expected outturn for the year and an exciting long-term future for
1Spatial."
The management team will host a presentation for analysts at
11am today. Analysts who wish to attend can register at
1Spatial@almapr.co.uk . The recording of the event will be made
available on the website shortly thereafter.
The management team will host a presentation for retail
investors on the Investor Meet Company platform at 1pm on 30
September 2021. Shareholders who already follow 1Spatial on the
platform will automatically be invited, others are invited to
register in advance via the following link:
https://www.investormeetcompany.com/1spatial-plc/register-investor
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
For further information, please contact:
1Spatial plc 01223 420 414
Claire Milverton / Andrew Fabian
Liberum 020 3100 2000
Neil Patel/Cameron Duncan / Ed Phillips
/ Miquela Bezuidenhoudt
Alma PR 020 3405 0205
Caroline Forde / Justine James / Molly 1spatial@almapr.co.uk
Gretton
LEI Code: 213800VG7OZYQES6PN67
About 1Spatial plc
Unlocking the Value of Location Data
1Spatial plc is a global leader in providing Location Master
Data Management (LMDM) software, solutions, and business
applications, primarily to the Government, Utilities and Transport
sectors via the 1Spatial platform. Our solutions ensure data
governance, facilitating the efficient, effective and sustainable
operation of customers around the world. Our global clients include
national mapping and land management agencies, utility companies,
transportation organisations, government, and defence
departments.
Today, when using and sharing trusted data provides significant
opportunities for businesses and governments to deliver against
important sustainability and Net Zero goals, our vision is clear -
to make the world safer, smarter, and more sustainable by unlocking
the value in data, enabling better decisions and greater
insights.
The 1Spatial platform is a comprehensive set of data and system
agnostic LMDM software components which helps ensure master data is
compliant, current, complete, consistent, and coordinated - and
that customers can be confident it will remain that way as it
evolves. It allows them to master their data on any device,
anywhere, anytime and can be deployed as SaaS in the cloud,
on-premise, or as a hybrid of both.
Our domain expertise and data agnostic approach allows us to be
an integral and important part of the Geospatial Ecosystem,
supporting the wider digital economy. We partner with major
technology consultancies and GIS providers such as ESRI and bring
together our people, innovative solutions, industry knowledge and
experience from our extensive customer base to deliver world class
solutions.
1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with
operations in the UK, Ireland, USA, France, Belgium, Tunisia, and
Australia.
For more information visit www.1spatial.com
Half-year review
1Spatial has continued to make excellent progress against its
three-year growth plan in the first half of the year, winning new
customers in each of its markets and target industries, expanding
its product offering and delivering growth in revenues, term
licence revenue, ARR and adjusted EBITDA. While the double-digit
revenue growth in the USA and Australia was particularly
noteworthy, it is encouraging to see that all markets delivered a
positive performance. COVID-19 continues to have some impact on the
length of sales cycle, however we are seeing a gradual return to
more normal timescales and an increased new business win rate.
We believe we are now just at the start of the transformation of
our market. We continue to see increasing interest in our
offerings, with a growing awareness across multiple industries, not
only that location data is a vital element in the delivery of
better, faster, and safer services, but that the data needs to be
accurate and shareable. Location data is increasingly being used as
the main point of reference when connecting multiple systems. Our
rules engine, 1Integrate, and cloud portal, 1Data Gateway, are
recognised, both by our customers and a growing number of
influential partners, as powerful tools to ensure good quality data
and trust when sharing data.
The proof of the success of our strategy and the growth in our
market can be seen in the recently announced strategic wins,
secured post period end. These include the award of an GBP8m
multi-year contract in partnership with a consortium to deliver a
significant digital transformation programme for a department of
the UK Government, and a GBP6.5m contract for the UK Government's
Geospatial Commission supporting Atkins to deliver the National
Underground Asset Register. These contracts provide GBP1.7m in
annual recurring revenue and underline the quality of our
world-class technology and geospatial expertise.
We continue to make positive progress both with our recently won
accounts and new customers, including:
-- a multi-year contract with the HM Land Registry in
partnership with Landmark, to support the national digital Local
Land Charges ("LLC") programme;
-- further expansion with Google in the US;
-- the addition of three further US States to our 911 Emergency Services offering;
-- a contract with the Energy Networks Association ("ENA") and
Ordnance Survey in the UK to build a digital map of the energy
system;
-- a multi-year contract with the Department for Environment,
Food and Rural Affairs ( Defra); and
-- extensions with the US Federal Highways and Ordnance Survey Great Britain.
Successes such as these, and the considerable size of our sales
pipeline, give us the confidence to continue to invest in the
business, in line with revenue growth, to ensure we have the right
structure to deliver on our opportunity, including additional
delivery and pre-sales resource, partner enablement, and marketing
and sales resource.
Delivering our strategy
We help customers make better business decisions and move
forward to a smarter world by unlocking the value of location data.
We are building our highly scalable business on three pillars:
Innovation, Customer Relationships and Smart Partnerships.
1. Innovation
Innovation lies at the heart of 1Spatial. Our technology
development hubs in the UK (Cambridge) and France (Paris) have been
at the forefront of continually adapting to provide innovative
solutions to manage location data for many years. R&D costs
capitalised in H1 increased to GBP1.3m (H1 FY 2021: GBP1.0m) as we
continued our investment in our core products, repeatable solutions
and cloud platform.
Launch of next generation LMDM cloud platform
The 1Spatial platform is a comprehensive set of Location Master
Data Management ("LMDM") software components, which ensure data
management processes are automated and repeatable across the
different technology platforms for the whole enterprise. Our
patented technology also gives them the ability to solve complex
and unique challenges in the management of their spatial and
non-spatial data.
Over the last two years we have invested in the transition of
our LMDM platform to the cloud, with the cloud platform on track
for launch in the second half of the year. The platform will enable
us to increase our addressable market and existing customer demand
for web-based access to our solutions, the need for which has been
particularly highlighted by the move to remote working. The
multi-tenancy SaaS platform will be more cost effective for
1Spatial as we will be managing fewer deployments and the elastic
nature of the platform architecture is more cost efficient.
We are also building targeted solutions on the platform, such as
Traffic Management Plan Automation ("TMPA"), due for beta testing
at select customer and partners in the second half of the year,
providing the Group with potential exciting new "go to" market
models, such as Validation as a Service ("VaaS") lowering the price
point for new customers onto the platform.
Earlier in the year, we were granted a UK Patent for
Modification and Validation of Spatial Data, recognising its power
as a tool to ensure good quality data and facilitate trust when
sharing data. The patent protects the use of 1Spatial's Rules
Engine technology, which is used in 1Integrate, further
strengthening the Group's international patent coverage, which
includes a US patent for Modification and Validation of Spatial
Data.
We continue to enhance our core products such as 1Integrate and
1Data Gateway. 1Integrate has recently been upgraded to include
added support for 3D data, allowing our customers to integrate
verified and accurate 3D data into their processes such as managing
more accurately sunlight availability, noise propagation, building
heat loss, solar panel capacity or building occupancy.
2. Customer Relationships
We want to be our customers' strategic partner and trusted
advisor in LMDM in our chosen industries and geographies. The
success of our customer focus, combined with ongoing transition to
recurring term licence contracts, is evidenced by the 80% growth in
term licence revenue driven both by new customer wins and expansion
of existing customer accounts.
Land & Expand
The Group delivered a healthy number of new customer wins in the
period across all regions, including a number of strategic wins
within our LMDM offering, with the US once again performing
particularly well, but also strategic wins in the UK & Ireland
and France. We now have a customer base of over 1,000 in total
across the Group, the majority on recurring contracts, providing a
strong basis for future expansion.
We continue to benefit from the release of our 1Data Gateway
portal last year and are seeing an increasing number of coupled
sales of 1Data Gateway and 1Integrate, with the 1Data Gateway
portal proving to be a compelling sales tool, enabling new
prospects to quickly visualise how we can transform their data
collection, cleansing and management.
The Group secured several new clients in the period, most
notably:
-- A multi-year contract with HM Land Registry ("HMLR"), in
partnership with Landmark to support HM Land Registry's national
digital Local Land Charges (LLC) programme: a three-year digital
transformation programme of the land charges records that will
deliver a single national digital register across England and
Wales.
-- A contract with the Energy Networks Association ("ENA") and
Ordnance Survey to build a digital map of the UK's energy system
that uses the power of data to support a more efficient pathway to
Net Zero.
-- A multi-year contract with the Department for Environment,
Food and Rural Affairs ( Defra) and the Rural Payments Agency
("RPA"). The contract will enable both organisations to deliver the
Basic Payment schemes and transition to their new Environmental
Land Management Scheme as part of the UK Government's 25-year
environment plan and commitment to net zero emissions by 2050.
-- Three new contracts for next generation 911 solutions in the
US, with the States of Georgia, Minnesota and Arizona,
demonstrating the replicability of this solution.
-- Our first multi-year term licence in France, with VINCI
Highways, to supply 1Telecom, a 1Spatial app built on the Esri
platform
The Group secured multiple customer expansion contracts in the
period, including:
-- A multi-year contract with Northern Gas Networks (NGN), to
deliver the UK's first enterprise migration to Esri's new ArcGIS
Utility Network model. 1Spatial's platform, including its
1Integrate tools, will be deployed to conduct the data quality
audit, data cleanse and enhancement to ensure the data is fit for
migration to the new model, which will be implemented in the ArcGIS
Utility Network. We believe this to be another highly replicable
solution and post period end we are pleased to have signed our
first additional proof of concept with another water company for
the solution.
-- A significant contract extension with Google Real Estate and
Workplace Services, a division of Google, Inc for the use of 1Data
Gateway and 1Integrate in the management of their facilities.
-- The award of a proof of concept contract alongside Ordnance
Survey Great Britain for the Energy Networks Association to deliver
a digital map of the UK energy network.
Other expansion contracts include the US Federal Highways
Administration, Ordnance Survey Great Britain and Tours Metropole
in France, an existing customer which has expanded to use arcOpole
Pro Street Management.
In France, 11 existing customers have now completed their
migration from the Group's legacy platform to the Esri platform,
and a further 13 have commenced the migration process, paving the
way for future expansion.
3. Smart Partnerships
We use smart partnerships to extend our market reach, providing
additional scale to our capabilities. We target three types of
partners: major technology consultancies, software platform
providers, and domain industry specialists.
We continue to make good progress in adding new partnerships and
strengthening existing relationships. We are increasingly being
utilised by our partners as their data integrity provider,
cleansing the data before passing it back through wider systems.
The success of this approach can be seen in the recently announced
wins, post period end with NUAR (in partnership with Atkins), and
another major Government contract.
We were also delighted to receive a prestigious award at the
global 2021 Esri Partner Conference. The 'Web GIS Transformation
Award' was presented to 1Spatial for its innovative and extensive
product integration within ArcGIS Enterprise and the provision of
Esri-based business applications and solutions to customers with
ArcGIS Online using a SaaS model.
Corporate activity
We will continue to identify potential strategic and bolt-on
acquisitions to complement our organic growth.
Strategic priorities for the second half
We will continue to focus on the three pillars of our growth
strategy.
The successful launch of the cloud LMDM platform in the coming
months is a key strategic focus for the Group. We believe this,
alongside new SaaS solutions such as TMPA, can be transformational
for the Group in future years.
We will continue to invest in the business to support our
expanded customer base, while maintaining our focus on the
financial goals of increased revenue growth underpinned by growing
annual recurring revenue and continue our trajectory of increased
profitability at adjusted EBITDA level and higher cash generation
over the long-term.
Current Trading & Outlook
We are delighted to see such positive early indicators of the
success of our strategic growth plan. The increase in our term
licence revenue, strong growth in the US and significant recent
multi-year contract wins point to a gear change in the growth
prospects of 1Spatial.
We believe we are just at the start of the transformation of our
market. As evidenced by our recent contract wins, we are
increasingly seen across the globe as the specialists in the
management of spatial data issues, sitting right at the heart of
changes across multiple sectors, whether that be to facilitate
infrastructure upgrades, the transition to green energy or new
digital transformation strategies.
New business signed since the end of H1 2022 has been excellent
and as a result, the Board has upgraded its expectations for FY
2023, as announced on 27 September 2021.
The depth of the sales pipeline, positive market landscape,
expanding influential partner network and growing levels of
recurring revenue, provide the Board with confidence in the
expected outturn for the year and an exciting long-term future for
1Spatial.
Claire Milverton
Chief Executive Officer
Financial performance
Summary
The Group delivered an excellent financial performance in the
period, with further growth in revenues, ARR and adjusted EBITDA
profit levels, while increasing its spending on innovation,
pre-sales and delivery capacity in order to aim to secure higher
value contracts.
Revenue
Group revenue increased by 8% to GBP12.6m (11% at constant
currency) from GBP11.7m in H1 2021. The business strategy is to
grow revenue from repeatable business solutions on longer-term
contracts, including recurring term licences, rather than one-off
perpetual licences. The Board approved a three-year revenue growth
plan, with increased spending on technology, sales and delivery
capacity in order to effect a gear change in revenue growth.
Pleasingly, as a result of this focus, revenue from term
subscription licences in the period increased by 80% to GBP1.0m
from GBP0.6m and the Group achieved organic growth in revenue of
8%. The revenue by type is shown below:
Revenue by type
H1 2022 H1 2021 % change
Recurring revenue * 5.63 5.19 8%
Services 5.93 5.52 7%
Revenue (excluding perpetual
licences) 11.56 10.71 8%
Perpetual licences 1.08 1.02 6%
Total revenue 12.64 11.73 8%
* Recurring revenue comprises term licences and support and
maintenance revenue.
Committed revenue
The level of sales of committed revenue (revenue for future
services, licences and support contracts committed contracted at
the balance sheet date) increased in the period from the business
focus of extending the duration of contracts and signing higher
value service contracts.
Growth in term licence ARR
In the period since 31 July 2020, we have almost tripled the
annualised value of term licences, with the inclusion of the
contract wins recently announced, as shown in the table below.
Pro-forma * H1 2022 FY 2021** H1 2021**
ARR for term licences 3.82 2.12 1.63 1.30
* This pro-forma ARR includes the impact of term licences of
GBP1.7m signed after period end from two major contracts announced
in September 2021.
** ARR for FY 2021 and H1 2021 have been restated at constant
fx.
Total ARR Growth
The Annualised Recurring Revenue ("ARR") (annualised value at
the year-end of committed recurring contracts for term licences and
support and maintenance) increased in the twelve months by 12% (at
constant currency) from GBP10.3m to GBP11.6m as at 31 July 2021.
The growth rates varied by region as shown in the table below with
the US growing at the fastest rate of 45% and the overall renewal
rate improved to 94% from 90%.
Following the recently announced major contact awards, the
pro-forma Annualised Recurring Revenue increased to GBP13.3m.
ARR by region
Annual
H1 2022 FY 2021* H1 2021* % growth
UK/Ireland 4.00 3.86 3.45 16%
Europe 4.91 4.86 4.89 -%
US 1.45 1.22 1.00 45%
Australia 1.21 1.00 0.97 25%
-------- --------- --------- ----------
Total ARR 11.57 10.94 10.31 12%
-------- --------- --------- ----------
* ARR for FY 2021 and H1 2021 have been restated at constant
fx.
Committed services revenue
Including the recently announced contract awards, the level of
committed services revenue more than doubled from GBP5.7m at the
start of the financial year to GBP11.8m, which underpins the
Groups' strong financial footing.
The combination of growing ARR, committed services revenue and a
strong and growing pipeline of prospects means that the business is
on track to make further progress on its revenue growth plan. With
the business focus on developing and selling repeatable software
solutions under a SaaS model, there is an increased level of
revenue visibility, which allows the Board to continue to invest
with confidence.
Regional revenue
Revenue growth by region is shown in the table below:
Regional revenue
Growth
H1 2022 H1 2021 %
UK/Ireland 4.45 4.34 3%
Europe 5.31 5.09 4%
US 1.55 1.16 34%
Australia 1.33 1.14 17%
-------- --------
12.64 11.73 8%
-------- --------
Following a challenging year in FY 2021 in some regions, it was
pleasing that revenue increased in all regions. Organic growth
returned to Europe and the UK/Ireland regions, which represent the
bulk of our current revenue. Revenue in the US, which represents
12% of Group revenue, had the highest growth rate, and increased at
34% (48% at constant currency), a higher rate than the prior year.
Also, it was pleasing to have double digit revenue growth of 17% in
Australia.
Gross profit margin
The gross margin reduced to 51% compared to 52% following the
Board's decision to increase spending on innovation, sales and
delivery capacity in order to aim to secure higher value contracts.
Also, the prior year benefitted (within the cost of sales) from
GBP0.3m of grants from overseas governments as part of business
support schemes in relation to Covid-19. Excluding this benefit, on
a like-for-like basis, the gross margin improved to 51% from an
effective rate of 49%. Going forward, the management team are
focused on driving improvements to the gross margin levels, through
revenue growth of higher margin term licences.
Adjusted EBITDA
The adjusted EBITDA increased by 10% to GBP1.8m from GBP1.7m in
the prior period. The EBITDA margin was slightly higher than the
prior period at 14.5% ( H1 2021: 14.2% or 11.3% excluding the Covid
support received in the prior period mentioned above). Cost
management continues to be an important focus during FY 2022,
although the businesses is incurring some increases in costs in
order to ensure future revenue growth.
Strategic, integration and other non-recurring items
There were no strategic, integration and other non-recurring
items incurred in the period. Cash costs of GBP0.3m relating to the
provisions made in the prior year for costs for the final steps in
the integration of Geomap-Imagis ("G-I") acquisition, impacted the
cash flow for the period.
Operating loss and loss before tax
The Group recorded a significantly reduced operating loss of
GBP0.2m compared to GBP0.8m in the prior period and the Group's
loss before tax reduced to GBP0.3m from GBP0.9m for the comparable
period.
Taxation
The net tax credit for the period was GBP0.1m (H1 2021:
GBP0.1m).
Balance sheet
The Group's net assets reduced to GBP14.6m at 31 July 2021 (H1
2021: GBP15.3m). Trade and other receivables increased year on year
to GBP9.4m (H1 2021: GBP9.0m), mainly due to increased accrued
income at period end following contract wins in Q2. The reduction
in trade and other payables from GBP10.9m to GBP10.5m was primarily
driven by payments of exceptional and other items.
Cash flow
Operating cash flow inflow (before strategic, integration and
other non-recurring items) was GBP1.0m (H1 2021: GBP1.8m). This was
lower than the prior year primarily due to:
-- the Board's decision to increase spend for future revenue growth;
-- Covid support cash benefits received in the prior year
(including some reversals in current period);
-- The cash impact of the prior year's European integration.
The operating cash flow impacts of Covid support and
non-recurring items are shown in the table below:
One-off impacts on cashflow
H1 2022 H1 2021 Variance
GBP'000 GBP'000 GBP'000
Covid support from overseas Governments - 346 (346)
VAT deferral (120) 265 (385)
Lease concession - 88 (88)
Covid impact on cashflow (120) 699 (819)
Cashflow on strategic, integration
and other non-recurring items (311) (29) (282)
Total one-off impacts on cashflow (431) 670 (1,101)
Indeed, adjusting for the cash impact of Covid support, the
normalised operating cash flow in the period was similar to the
prior year as shown below:
Summarised cash flow H1 2022 H1 2021
GBP000 GBP000
Adjusted* EBITDA 1,830 1,666
Working capital adjustments (1,184) 78
--------- ---------
Cash generated from operations after strategic,
integration and other non-recurring items 646 1,744
Add back: strategic, integration and other
non-recurring items 311 29
--------- ---------
Cash generated from operations before strategic,
integration and other non-recurring items 957 1,773
Adjustments for: Covid cash support in H1
2021/reversal in H1 2022 120 (699)
--------- ---------
Normalised * operating cash flow 1,077 1,074
--------- ---------
Whilst H2 is typically stronger for cash generation than H1, the
reduced operating cash flow impacted the free cash flow* in the
period, as shown in the table below:
Free cash flow H1 2022 H1 2021
GBP'000 GBP'000
-------- --------
Cash generated from operations before strategic,
integration and other non-recurring items
(see note 10) 957 1,773
Net interest paid (105) (72)
Net tax paid - (70)
Expenditure on product development and
intellectual property capitalised (1,291) (965)
Purchase of property, plant and equipment (88) (102)
Lease payments (580) (598)
-------- --------
Free cash flow before strategic, integration
and other non-recurring items (1,107) (34)
Cashflow on strategic, integration and
other non-recurring items (311) (29)
-------- --------
Free cash flow * (1,418) (63)
-------- --------
* Free cash flow is defined as net increase/ (decrease) in cash
for the year before cash flows from the acquisition of
subsidiaries, cash flows from new borrowings and repayments of
borrowings and cash flow from new share issue.
After the period end, GBP0.2m has been received in relation to
R&D Tax credit from HMRC.
Investment in R&D
Development costs capitalised in the period amounted to GBP1.3m
(H1 2021: GBP1.0m). Amortisation of development costs was GBP0.9m
(H1 2021: GBP1.0m).
Financing
The Group repaid as scheduled GBP0.2m (H1 2021: GBP6,000) in
relation to its bank loans. At the period-end the total loans
outstanding were GBP2.7m. With a gross cash position of GBP5.5m at
31 July 2021 (H1 2021: GBP6.6m) and with a growing order backlog
and pipeline, the business is in a much stronger financial position
than a year ago, which gives the Board the confidence to continue
to invest in its three-pillared growth plan.
Going forward, the Board and management teams are focused on
increasing revenues, in particular recurring revenues, whilst
maintaining or improving the Group's profitability and cash
generation.
Andrew Fabian
Chief Financial Officer
Condensed consolidated statement of comprehensive income
Six months ended 31 July 2021
Unaudited Audited Unaudited
Six months Six months
ended Year ended ended
31 July 31 January 31 July
2021 2021 2020
Note GBP'000 GBP'000 GBP'000
---------------------------------------- ----- ----------- ------------ -----------
Revenue 3 12,637 24,600 11,726
Cost of sales ( net of government
grants of nil (H1 2021: GBP346,000)
) (6,237) (11,451) (5,655)
---------------------------------------- ----- ----------- ------------ -----------
Gross profit 6,400 13,149 6,071
Administrative expenses (6,556) (14,395) (6,861)
---------------------------------------- ----- ----------- ------------ -----------
(156) (1,246) (790)
---------------------------------------- ----- ----------- ------------ -----------
Adjusted* EBITDA 1,830 3,632 1,666
Less: depreciation (99) (202) (97)
Less: depreciation on right of use
asset (503) (1,106) (559)
Less: amortisation and impairment
of intangible assets 8 (1,184) (2,806) (1,500)
Less: share-based payment charge (200) (272) (175)
Less: strategic, integration and
other non-recurring items 7 - (492) (125)
---------------------------------------- ----- ----------- ------------ -----------
Operating loss (156) (1,246) (790)
Finance income 5 39 13
Finance cost (110) (226) (85)
---------------------------------------- ----- ----------- ------------ -----------
Net finance cost (105) (187) (72)
Loss before tax (261) (1,433) (862)
Income tax credit 4 61 308 135
---------------------------------------- ----- ----------- ------------ -----------
Loss for the period (200) (1,125) (727)
Other comprehensive income
Items that may subsequently be reclassified
to profit or loss:
Actuarial losses arising on defined - (15) -
benefit pension, net of tax
Exchange differences on translating
foreign operations (166) 148 381
Other comprehensive (loss)/income
for the period, net of tax (166) 133 381
======================================== ===== =========== ============ ===========
Total comprehensive loss for the
period attributable to the equity
shareholders of the Parent (366) (992) (346)
======================================== ===== =========== ============ ===========
* Adjusted for strategic, integration and other non-recurring
items (note 7) and share-based payments.
Loss per ordinary share from continuing operations attributable
to the equity shareholders of the Parent during the period (expressed
in pence per ordinary share):
Basic and diluted loss per share 5 (0.2) (1.0) (0.7)
Condensed consolidated statement of financial position
As at 31 July 2021
Unaudited Audited Unaudited
As at As at As at
31 July 31 January 31 July
2021 2021 2020
--------------------------------------------------------------- ----- ---------- ------------ ----------
Note GBP'000 GBP'000 GBP'000
--------------------------------------------------------------- ----- ---------- ------------ ----------
Assets
Non-current assets
Intangible assets including goodwill 8 14,994 15,187 15,590
Property, plant and equipment 376 392 415
Right-of-use assets 2,144 2,694 3,265
Total non-current assets 17,514 18,273 19,270
--------------------------------------------------------------- ----- ---------- ------------ ----------
Current assets
Trade and other receivables 9 9,353 10,890 8,951
Current income tax receivable 279 164 308
Cash and cash equivalents 10 5,493 7,278 6,569
--------------------------------------------------------------- ----- ---------- ------------ ----------
Total current assets 15,125 18,332 15,828
--------------------------------------------------------------- ----- ---------- ------------ ----------
Total assets 32,639 36,605 35,098
--------------------------------------------------------------- ----- ---------- ------------ ----------
Liabilities
Current liabilities
Bank borrowings 10 (468) (470) (1,267)
Trade and other payables 11 (10,469) (13,418) (10,861)
Lease liabilities (847) (925) (985)
Total current liabilities (11,784) (14,813) (13,113)
--------------------------------------------------------------- ----- ---------- ------------ ----------
Non-current liabilities
Bank borrowings 10 (2,217) (2,542) (1,869)
Lease liabilities (1,276) (1,743) (2,330)
Deferred consideration (376) (390) (398)
Defined benefit pension obligation (1,594) (1,606) (1,567)
Deferred tax (823) (776) (537)
Total non-current liabilities (6,286) (7,057) (6,701)
--------------------------------------------------------------- ----- ---------- ------------ ----------
Total liabilities (18,070) (21,870) (19,814)
Net assets 14,569 14,735 15,284
=============================================================== ===== ========== ============ ==========
Share capital and reserves
Share capital 12 20,150 20,150 20,150
Share premium account 30,479 30,479 30,479
Own shares held (303) (303) (303)
Equity-settled employee benefits
reserve 3,804 3,604 3,507
Merger reserve 16,465 16,465 16,465
Reverse acquisition reserve (11,584) (11,584) (11,584)
Currency translation reserve 166 332 565
Accumulated losses (44,131) (43,931) (43,518)
Purchase of non-controlling interest
reserves (477) (477) (477)
--------------------------------------------------------------- ----- ---------- ------------ ----------
Equity attributable to shareholders
of the parent company 14,569 14,735 15,284
--------------------------------------------------------------- ----- ---------- ------------ ----------
Total equity 14,569 14,735 15,284
=============================================================== ===== ========== ============ ==========
Condensed
consolidated
statement
of changes in
equity
Period ended
31 July 2021
Purchase
Equity-settled of
Share Own employee Reverse Currency non-controlling
Share premium shares benefits Merger acquisition translation interest Accumulated Total
GBP'000 capital account held reserve reserve reserve reserve reserve losses equity
Balance at 1
February 2020 20,150 30,479 (303) 3,332 16,465 (11,584) 184 (477) (42,791) 15,455
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Comprehensive
income/(loss)
Loss for the
year - - - - - - - - (1,125) (1,125)
Other
comprehensive
(loss)/income
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Actuarial
gains arising
on
defined
benefit
pension - - - - - - - - (15) (15)
Exchange
differences
on
translating
foreign
operations - - - - - - 148 - - 148
Total other
comprehensive
income - - - - - - 148 - (15) 133
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Total
comprehensive
(loss)/income - - - - - - 148 - (1,140) (992)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Transactions
with owners
recognised
directly in
equity
Recognition of
share-based
payments - - - 272 - - - - - 272
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
- - - - - - - - - 272
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Balance at
31 January
2021
(Audited) 20,150 30,479 (303) 3,604 16,465 (11,584) 332 (477) (43,931) 14,735
=============== ======== ======== ======= =============== ======== ============ ============ ================ ============ ========
Comprehensive
loss
Loss for the
period - - - - - - - - (200) (200)
Other
comprehensive
income
Exchange
differences
on
translating
foreign
operations - - - - - - (166) - - (166)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Total other
comprehensive
income - - - - - - (166) - (200) (366)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Total
comprehensive
(loss)/income - - - - - - (166) - (200) (366)
Transactions
with owners
recognised
directly in
equity
Recognition of
share-based
payments - - - 200 - - - - - 200
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
- - - - - - - - - -
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Balance at
31 July 2021
(Unaudited) 20,150 30,479 (303) 3,804 16,465 (11,584) 166 (477) (44,131) 14,569
=============== ======== ======== ======= =============== ======== ============ ============ ================ ============ ========
* Total equity attributable to the equity shareholders of the
parent.
Purchase
Equity-settled of
Share Own employee Reverse Currency non-controlling
Share premium shares benefits Merger acquisition translation interest Accumulated Total
GBP'000 capital account held reserve reserve reserve reserve reserve losses equity
Balance at 1
February 2020 20,150 30,479 (303) 3,332 16,465 (11,584) 184 (477) (42,791) 15,455
---------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Comprehensive
income/(loss)
Loss for the
period - - - - - - - - (727) (727)
Other
comprehensive
(loss)/income)
Exchange
differences on
translating
foreign
operations - - - - - - 381 - - 381
---------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Total other
comprehensive
income - - - - - - 381 - - 381
---------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Total
comprehensive
(loss)/income - - - - - - 381 - (727) (346)
---------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Transactions
with owners
recognised
directly in
equity
---------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Recognition of
share-based
payments - - - 175 - - - - - 175
---------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
- - - 175 - - 381 - (727) (171)
---------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Balance at 31
July 2020
(Unaudited) 20,150 30,479 (303) 3,507 16,465 (11,584) 565 (477) (43,518) 15,284
================ ======== ======== ======= =============== ======== ============ ============ ================= ============ ========
* Total equity attributable to the equity shareholders of the
parent.
Condensed consolidated statement of cash flows
Period ended 31 July 2021
Unaudited Audited Unaudited
31 July 31 January 31 July
2021 2021 2020
Note GBP'000 GBP'000 GBP'000
---------------------------------------- ----- ---------- ----------- ----------
Cash flows from operating activities
Cash generated from operations 10 646 3,983 1,744
Interest received 5 39 13
Interest paid (110) (218) (85)
Tax (paid)/received - 484 (70)
Net cash from operating activities 541 4,288 1,602
---------------------------------------- ----- ---------- ----------- ----------
Cash flows from investing activities
Acquisition of subsidiaries (net
of cash acquired) - - (585)
Purchase of property, plant and
equipment (88) (192) (102)
Expenditure on product development
and intellectual property capitalised (1,291) (2,120) (965)
Net cash used in investing activities (1,379) (2,312) (1,652)
---------------------------------------- ----- ---------- ----------- ----------
Cash flows from financing activities
New borrowings - 1,800 1,832
Repayment of borrowings (218) (146) (6)
Repayment of obligations under
leases (580) (1,069) (598)
Payment of deferred consideration (585)
on acquisition - -
Net cash (used in)/generated from
financing activities (798) - 1,228
---------------------------------------- ----- ---------- ----------- ----------
Net (decrease)/increase in cash
and cash equivalents (1,636) 1,976 1,178
Cash and cash equivalents at start
of period 7,278 5,108 5,108
Effects of foreign exchange on
cash and cash equivalents (149) 194 283
Cash and cash equivalents at end
of period 10 5,493 7,278 6,569
---------------------------------------- ----- ---------- ----------- ----------
Notes to the Interim Financial Statements
1. Principal activity
1Spatial plc is a public limited company which is listed on the
AIM London Stock Exchange and is incorporated and domiciled in the
UK. The address of the registered office is Tennyson House,
Cambridge Business Park, Cowley Road, Cambridge, CB4 0WZ. The
registered number of the Company is 5429800.
The principal activity of the Group is the development and sale
of software along with related consultancy and support.
2. Basis of preparation
This condensed consolidated interim financial report for the
half-year reporting period ended 31 July 2021 has been prepared in
accordance with UK adopted IAS 34 Interim Financial Reporting. The
interim report does not include all the information required for a
complete set of IFRS financial statements. Accordingly, this report
is to be read in conjunction with the annual report for the year
ended 31 January 2021 and any public announcements made by 1Spatial
Plc during the interim reporting period. The annual financial
statements of the Group were prepared in accordance UK adopted
international accounting standards.
The accounting policies adopted in the preparation of the
interim financial statements are consistent with those followed in
the preparation of the Group's consolidated financial statements as
at and for the year ended 31 January 2021.The Group has not early
adopted any standard, interpretation or amendment that has been
issued but is not yet effective.
Several amendments and interpretations apply for the first time
in 2021, but do not have a material impact on the interim financial
statements of the Group.
The financial information for the six months ended 31 July 2021
and 31 July 2020 is neither audited nor reviewed and does not
constitute statutory financial statements within the meaning of
section 434(3) of the Companies Act 2006 for 1Spatial plc or for
any of the entities comprising the 1Spatial Group. Statutory
financial statements for the preceding financial year ended 31
January 2021 were filed with the Registrar and included an
unqualified auditors' report.
After making enquiries, the Directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the half-yearly condensed consolidated financial
statements.
These interim financial statements were authorised for issue by
the Company's Board of Directors on 28 September 2021.
3. Revenue
The following table provides an analysis of the Group's revenue
by type:
Revenue by type
H1 2022 H1 2021
GBP000 GBP000
Term licences 1.01 0.56 80%
Support & maintenance 4.62 4.63 -
-------- --------
Recurring revenue 5.63 5.19 8%
--------------------------------- -------- --------
Services 5.93 5.52 7%
Perpetual licences 1.08 1.02 6%
--------------------------------- -------- --------
Total revenue 12.64 11.73 8%
--------------------------------- -------- --------
Percentage of recurring revenue 45% 44%
4. Taxation
The tax credit on the result for the six months ended 31 July
2021 is based on the estimated tax rates in the jurisdictions in
which the Group operates, for the year ending 31 January 2022.
5. Loss per share
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period plus
the EUR0.03m deferred shares to be satisfied in March 2023.
Unaudited Audited Unaudited
As at As at As at
31 July 31 January 31 July
2021 2021 2020
GBP'000 GBP'000 GBP'000
Loss attributable to equity holders
of the Parent (200) (1,125) (727)
------------------------------------- ---------- ------------ ----------
Number Number Number
000s 000s 000s
------------------------------------- ---------- ------------ ----------
Ordinary shares with voting rights 110,486 110,486 110,486
------------------------------------- ---------- ------------ ----------
Deferred consideration payable
in shares 72 1,394 1,628
------------------------------------- ---------- ------------ ----------
Basic weighted average number of
ordinary shares 110,558 111,880 112,114
------------------------------------- ---------- ------------ ----------
Impact of share options/LTIPs 3,986 2,495 1,355
------------------------------------- ---------- ------------ ----------
Diluted weighted average number
of ordinary shares 114,544 114,375 113,469
------------------------------------- ---------- ------------ ----------
Unaudited Audited Unaudited
As at As at As at
31 July 31 January 31 July
2021 2021 2020
Pence Pence pence
---------------------------------- ---------- ------------ ----------
Basic and diluted loss per share (0.2) (1.0) (0.7)
---------------------------------- ---------- ------------ ----------
Basic loss per share and diluted loss per share are the same
because the options are anti-dilutive. Therefore, they have been
excluded from the calculation of diluted weighted average number of
ordinary shares.
6. Dividends
No dividend is proposed for the six months ended 31 July 2021
(31 January 2021: nil; 31 July 2020: nil).
7. Strategic, integration and other non-recurring items
In accordance with the Group's policy for strategic, integration
and other non-recurring items, the following charges were included
in this category for the period:
Six months Six months
ended Year ended ended
31 July 31 January 31 July
2021 2021 2020
GBP'000 GBP'000 GBP'000
---------------------------------------- ------------ ------------ -----------
Costs associated with acquisitions and
disposals - 492 125
Total - 492 125
---------------------------------------- ------------ ------------ -----------
8 . Intangible assets including goodwill
Goodwill Brands Customers Software Development Website Intellectual Total
and related costs costs property
contracts
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 February
2021 17,447 464 4,764 6,757 19,285 - 72 48,789
Additions - - - 22 1,269 - - 1,291
Effect of foreign
exchange (214) (8) (130) (125) (285) - - (762)
----------------------
At 31 July 2021 17,233 456 4,634 6,654 20,269 - 72 49,318
---------------------- --------- -------- ------------- --------- ------------ -------- ------------- --------
Accumulated
impairment
and amortisation
At 1 February
2021 11,548 252 3,641 4,696 13,454 - 11 33,602
Amortisation - 23 79 223 856 - 3 1,184
Effect of foreign
exchange (131) (2) (90) (56) (183) - - (462)
At 31 July 2021 11,417 273 3,630 4,863 14,127 - 14 34,324
---------------------- --------- -------- ------------- --------- ------------ -------- ------------- --------
Net book amount
at
31 July 2021 5,816 183 1,004 1,791 6,142 - 58 14,994
====================== ========= ======== ============= ========= ============ ======== ============= ========
Goodwill Brands Customers Software Development Website Intellectual Total
and related costs costs property
contracts
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 February
2020 17,291 452 4,579 6,487 16,932 30 66 45,837
Additions - - - - 962 - 3 965
Effect of foreign
exchange 351 16 251 258 471 - - 1,347
----------------------
At 31 July 2020 17,642 468 4,830 6,745 18,365 30 69 48,149
---------------------- --------- -------- ------------- --------- ------------ -------- ------------- --------
Accumulated
impairment
and amortisation
At 1 February
2020 11,363 204 3,113 4,185 11,374 30 8 30,277
Amortisation - 23 297 221 957 - 2 1,500
Effect of foreign
exchange 249 1 154 94 284 - - 782
At 31 July 2020 11,612 228 3,564 4,500 12,615 30 10 32,559
Net book amount
at
31 July 2020 6,030 240 1,266 2,245 5,750 - 59 15,590
====================== ========= ======== ============= ========= ============ ======== ============= ========
8 . Intangible assets including goodwill (continued)
Goodwill Brands Customers Software Development Website Intellectual Total
and related costs costs property
contracts
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 February 2020 17,291 452 4,579 6,487 16,932 30 66 45,837
Additions - - - 75 2,039 - 6 2,120
Written-off - - - - - (30) - (30)
Effect of foreign
exchange 156 12 185 195 314 - - 862
----------------------
At 31 January 2021 17,447 464 4,764 6,757 19,285 - 72 48,789
---------------------- --------- -------- ------------- --------- ------------ -------- ------------- --------
Accumulated
impairment
and amortisation
At 1 February 2020 11,363 204 3,113 4,185 11,374 30 8 30,277
Amortisation - 47 422 445 1,889 - 3 2,806
Written-off - - - - - (30) - (30)
Effect of foreign
exchange 185 1 106 66 191 - - 549
At 31 January 2021 11,548 252 3,641 4,696 13,454 - 11 33,602
---------------------- --------- -------- ------------- --------- ------------ -------- ------------- --------
Net book amount
at
31 January 2021 5,899 212 1,123 2,061 5,831 - 61 15,187
====================== ========= ======== ============= ========= ============ ======== ============= ========
9. Trade and other receivables
As at As at As at
31 July 31 January 31 July
2021 2021 2020
Current GBP'000 GBP'000 GBP'000
----------------------------------------- --------- ------------ ---------
Trade receivables 2,858 5,607 3,462
Less: provision for impairment of trade
receivables (59) (80) (44)
----------------------------------------- --------- ------------ ---------
2,799 5,527 3,418
Other receivables 1,573 1,497 1,445
Prepayments and accrued income 4,981 3,866 4,088
----------------------------------------- --------- ------------ ---------
9,353 10,890 8,951
----------------------------------------- --------- ------------ ---------
10. Notes to the condensed consolidated statement of cash flows
a) Cash used in operations
Unaudited Audited Unaudited
As at 31 As at
As at January 31 July
31 July 2021 2021 2020
GBP'000 GBP'000 GBP'000
------------------------------------------------- ---------------- ---------- -----------
Loss before tax (261) (1,433) (862)
Adjustments for:
Net finance cost 105 187 72
Depreciation 602 1,308 656
Amortisation and impairment 1,184 2,806 1,500
Share-based payment charge 200 272 175
Decrease/(Increase) in trade and
other receivables 1,241 (655) 1,392
(Decrease)/Increase in trade and
other payables (2,527) 1,446 (1,177)
Increase in defined benefit pension
obligation 43 86 46
Net foreign exchange movement 59 (34) (58)
Cash from operations 646 3,983 1,744
------------------------------------------------- ---------------- ---------- -----------
Reconciliation of cash generated
before and after impact of strategic,
integration and other non-recurring
items Unaudited Audited Unaudited
As at As at As at
31 July 31 January 31 July
2021 2021 2020
Cash generated from/(used in) operations
before strategic, integration and
other non-recurring items 957 4,156 1,773
Cashflow on strategic, integration
and other non-recurring items (311) (173) (29)
------------------------------------------ ---------- ------------ ----------
Cash generated from/(used in) operations
after strategic, integration and
other non-recurring items 646 3,983 1,744
------------------------------------------ ---------- ------------ ----------
b) Reconciliation of net cash flow to movement in net funds
Unaudited Audited Unaudited
As at 31 As at
As at January 31 July
31 July 2021 2021 2020
GBP'000 GBP'000 GBP'000
------------------------------------------------- ---------------- ---------- -----------
(Decrease)/Increase in cash in the
period (1,636) 1,976 1,178
------------------------------------------------- ---------------- ---------- -----------
Changes resulting from cash flows (1,636) 1,976 1,178
Net cash inflow in respect of new
borrowings - (1,800) (1,832)
Net cash outflow in respect of borrowings
repaid 218 146 6
Effect of foreign exchange (40) 57 194
------------------------------------------------- ---------------- ---------- -----------
Change in net funds (1,458) 379 (454)
Net funds at beginning of period 4,266 3,887 3,887
-------------------------------------------------
Net funds at end of period 2,808 4,266 3,433
------------------------------------------------- ---------------- ---------- -----------
Analysis of net funds
Cash and cash equivalents classified
as:
Current assets 5,493 7,278 6,569
Bank and other loans (2,685) (3,012) (3,136)
Net funds at end of period 2,808 4,266 3,433
------------------------------------------------- ---------------- ---------- -----------
Net funds is defined as cash and cash equivalents net of bank
loans.
11. Trade and other payables
As at As at As at
31 July 31 January 31 July
2021 2021 2020
Current GBP'000 GBP'000 GBP'000
------------------------------------ --------- ------------ -----------
Trade payables 1,789 1,736 1,587
Other taxation and social security 2,792 3,496 2,829
Other payables 430 852 693
Accrued liabilities 1,280 1,464 1,137
Deferred income 4,178 5,870 4,615
------------------------------------ --------- ------------ -----------
10,469 13,418 10,861
------------------------------------ --------- ------------ -----------
12. Share capital
As at As at As at
31 July 31 January 31 July
2021 2021 2020
GBP'000 GBP'000 GBP'000
------------------------------------------- --------- ------------ ---------
Allotted, called up and fully paid
110,805,795 (H1 and FY 2021: 110,805,795)
ordinary shares of 10p each 11,082 11,082 11,082
226,699,878 (H1 and FY 2021: 226,699,878)
deferred shares of 4p each 9,068 9,068 9,068
------------------------------------------- --------- ------------ ---------
20,150 20,150 20,150
------------------------------------------- --------- ------------ ---------
There are 110,805,795 ordinary shares of 10p in issue, including
319,635 ordinary shares which are held in treasury. Consequently,
the total issued share capital is 110,486,160, each share having
equal voting rights.
The deferred shares of 4p each do not carry voting rights or a
right to receive a dividend. Accordingly, the deferred shares will
have no economic value.
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END
IR PPUMPBUPGGMR
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