TIDMIDOX
RNS Number : 1335X
IDOX PLC
08 January 2014
8 January 2014
IDOX plc
IDOX plc (AIM: IDOX, 'Idox' or 'the Group'), a leading supplier
of software and services, announces final results for the year
ended 31 October 2013.
Highlights
-- Revenues from continuing operations up 3% to GBP57m (2012: GBP55m*);
- Engineering Information Management Division revenues now 34%
of total (2012: 32%)
- 33% of revenues generated internationally (2012: 33%) with
growth in mainland Europe and a decline in the US
-- Adjusted EBITDA** fell 9% to GBP15.0m (2012: GBP16.6m)
-- Adjusted profit before tax*** GBP13.2m (2012: GBP14.8m)
-- Profit before tax down 5% to GBP7.5m (2012: GBP7.9m)
-- Adjusted EPS*** 3.53p (2012: 3.83p), Basic EPS 2.17p (2012: 1.94p)
-- Final proposed dividend of 0.4p (2012: 0.4p), total for year
0.7p (2012: 0.675p), 4% increase over last year
-- In 2013, 61% of Public Sector revenue and 51% of EIM revenue were from recurring business
Completed and integrated GBP2m of acquisitions funded by cash
flow and acquisition debt facility resulting in year-end net debt
of GBP19.8m (2012: GBP21.5m)
-- Idox Elections appointed by Norwegian Ministry for general election
-- Acquisition of Artesys International extending geographical
reach of Engineering Information Management into Africa
-- Since September, EIM division has won three new contracts worth over $5.5m
-- Disposal of non-core recruitment business TFPL Limited
Martin Brooks, Chairman of Idox, commented:
"Despite the disappointments in 2013, the Group has continued to
develop its market leading positions in its two technically linked
chosen markets of Public Sector Software and Engineering
Information Management.
Operational and managerial issues were identified earlier in the
year and an ongoing corrective programme is underway, already
resulting in a good recovery in the second half of the year, which
generated GBP9.2m of EBITDA in H2, ahead of last year. The Group's
portfolio of businesses has also been simplified with a greater
focus on our higher margin activities going forward. We have
continued to enjoy good competitive wins in our Public Sector
business and we have also been able to demonstrate this in the
Engineering Information Management market by announcing three new
major contracts since September.
As a result the Group starts the new financial year in an
improved position in terms of capability, reliability and revenue
visibility going forward."
* Adjusted from GBP57.9m due to sale of TPFL Ltd in June
2013
** Adjusted EBITDA is defined as earnings before goodwill
impairment, amortisation, depreciation, restructuring, acquisition
and share option costs
*** Adjusted profit before tax and adjusted EPS excludes
amortisation, restructuring, acquisition and share option costs
Enquiries:
Idox plc +44 (0) 20 7332 6000
Martin Brooks, Chairman
Richard Kellett-Clarke, Chief Executive
N+1 Singer (NOMAD and Broker) +44 (0) 20 7496 3000
Shaun Dobson / Nick Donovan
Leander (Financial PR) +44 (0) 7795 168 157
Christian Taylor-Wilkinson
About Idox plc
Idox plc is a supplier of specialist document management
collaboration solutions and services to the UK public sector and
increasingly to highly regulated asset intensive industries around
the world in the wider corporate sector.
Its Public Sector Software Division is the leading applications
provider to UK local government for core functions relating to
land, people and property, such as its market leading planning
systems and election management software. Over 90% of UK local
authorities are now customers. The Division provides public sector
organisations with tools to manage information and knowledge,
documents, content, business processes and workflow as well as
connecting directly with the citizen via the web. It also supplies,
predominantly to the public sector, decision support content such
as grants and planning policy information as well as related
specialist services.
The Engineering Information Management Division delivers
engineering document control, project collaboration and facility
management applications to many leading companies in industries
such as oil & gas, architecture and construction, mining,
utilities, pharmaceuticals and transportation around the world.
The Group employs over 500 staff located in the UK, the USA,
Europe, India and Australia.
For more information see www.idoxplc.com
Chairman's Statement
2013 was a disappointing year for Idox, following an outstanding
2012. Our core Public Sector Software Division (PSS) has continued
to perform strongly, but our Engineering Information Management
Division (EIM) failed to complete the required number of large
scale Enterprise software sales in the period, although most of
these prospects remain to be completed in what continues to be a
substantial pipeline. Therefore profit before tax from continuing
operations fell by GBP429,000 on a modest GBP1.9 million rise in
continuing Group revenues.
As a result we have taken a number of positive actions including
strengthening and deepening our senior management team overall
where there have been a number of significant changes, particularly
in the EIM division which begins the year under new leadership.
This includes adding to the group management capability by
recruiting a corporate lawyer. This process will culminate in the
appointment of a new Group CFO to the Board.
During the year we have also taken the opportunity to
restructure and simplify Idox by disposing of the non-core
recruitment division TFPL Limited. We have refocused the business
on our core two divisions; Public Sector Software (PSS) and
Engineering Information Management (EIM). Our Information Solutions
business which largely supplies the public sector with content has
been absorbed and integrated into the PSS division. This continuing
integration process together with the termination period of a
number of UK building leases will afford us considerable cost
rationalisation opportunities in the current financial year.
We continue to place greater emphasis on longer term customer
relationships in our PSS division and increasingly in EIM as well,
through managed service and "zero infrastructure" client agreements
utilising our data centres and cloud based solutions. In PSS we
have been successful in winning a number of notable clients from
our competition on this basis and we are now adopting this model
for EIM which has already proven successful, with the award of
long-term extensions to two existing document management managed
service contracts, worth over USD 3 million in total for the first
year.
The extension of the business into international markets has
continued and now includes the PSS division where we have won a
significant portion of the Norwegian government election management
business. We now have an EIM presence in Africa's fast growing
energy sector via our acquisition of Artesys, and the large
Enterprise sale we secured with PSEG Nuclear in New Jersey, USA has
deepened our increasing involvement with the nuclear industry in
three continents. Despite the disappointments in EIM, the division
has increased its overall significance to the Group accounting for
34% of revenues (2012: 32%), with EMEA sales enjoying positive
momentum. We remain confident that opportunities in North America,
where the historic focus of our business is, as well as across the
rest of the world, will come through this year and in the future as
large organisations start committing greater amounts of their
generally improving cash reserves to corporate asset infrastructure
renewal and development.
In terms of governance and risk management, we took on board
that we needed to strengthen and deepen our management capability
as we are now a much larger global organisation than we were last
year, with our clients operating across many industries and across
much of the developed and developing world. Idox has had a long
tradition of running a very lean business in terms of costs and
people and we now recognise that we need more depth and capability
across the Group to manage our newer activities around the world
and provide more cover and support when needed in critical
management positions. In addition, the complexities of the sales
process for both software and services in large global
organisations means we need to be more competitive in terms of
management skills. We have achieved this during the last year by
external recruitment, internal promotion and some departures which
will put us in a much stronger position for 2014.
We have also continued to add to the capability and independence
of our board by recruiting Jeremy Millard of Smith Square Partners
and lately of Rothschild as a financially and technically
experienced Chartered Accountant and City professional in the TMT
sector. Jeremy joins the board as a non-executive director. Jeremy
was awarded a first class honours engineering degree at Cambridge
and honed his operational management skills at Mars and the
Ministry of Defence before moving into corporate finance. During
the year Christopher Wright stood down as our longest serving
non-executive director having joined the board ahead of Idox's
flotation. Christopher's international investment banking and
management background, together with his advice on the board has
been of great value and we wish him well for the future. This board
development process will continue in the current financial year
with the further appointment of an experienced non-executive
director familiar with the larger size of organisation to which we
aspire.
Notwithstanding the disappointing trading year, the board
proposes subject to shareholder approval a final dividend of 0.4p,
resulting in a total of 0.7p for the year, a modest 3.7% increase
over 2012, in line with maintaining our progressive dividend
policy.
I would like to thank our staff, advisers and shareholders for
their support in what has been a challenging year for the Group.
Such difficult times require that extra degree of fortitude, but
the board believes that, following the streamlining of the business
and operational and management changes that have been implemented,
the Group is now better positioned to build on its underlying
strengths and high market share in its two chosen markets to
deliver an improved 2014.
Chief Executive's Review
We are disappointed to report a set of results for the Group for
the year which are below our expectations at the start of 2013,
although they do not truly represent the substantial improvements
that have been made this year. We do believe we have made good
progress and are laying good foundations to make further progress
in the years ahead.
We started the year with some challenging, and over optimistic
goals and objectives, and immediately met some head winds that blew
us off course. Illness, macro-economic and market factors, growth
pains from the merger of several businesses, and the loss of key
staff all contributed to a slow start to the year. The recovery has
been challenging alongside addressing a number of issues in the
business, but the strong second half performance attests to
resolving those issues.
The PSS division started the year slowly but gathered momentum
throughout the period resulting in our most successful year yet in
market share gains with over 108 new systems (2012: 76) won in the
year. The challenge in 2013 which depressed revenues, came from the
change in mix away from software purchases to more managed and
hosted solutions. Although signed order value was 69% up on the
previous year, recognisable revenue is only marginally up. The
division ended the year with over 90% market share in its core
target markets and with encouraging wins in other local government
departments where we have been asked to assist in delivering
improved services at lower cost.
This year has seen the division begin to expand into overseas
territories, winning its first frame work agreement for elections
in Norway and supplying to 30% of the Norwegian market. 2014 will
see further investment to sow the seeds for overseas expansion in
2015. The division has continued to improve its operational
efficiency as well as successfully deliver all its services on
time, thus building on our goal to be the partner of choice for
local government.
The EIM division had a challenging year. The 31% growth in
revenues in 2012 which added size and complexity to the business,
the roll-out of large contracts, the addition of two acquisitions,
and the impact of large macro-economic factors deferring decisions
in the customer base, caused a few problems which it has taken time
to respond to. The expected growth in Asia and the execution of
large enterprise deals were delayed due to customer nervousness
around economic factors and a focus to improve return on existing
assets, rather than to invest in the future. The integration of our
acquisitions have proven challenging both in cultural fit and
language issues, but this is close to being behind us. We started
the year looking to strengthen the management team and this has
taken the whole year to achieve with new management in professional
services, and the appointment of a new divisional CEO.
In spite of all of this the division still managed to introduce
new mobile Apps, web-based enquiry tools, communication and
interoperability interfaces between the various systems,
internationalisation of the products, Building Information
Management (BIM) compliance for Architectural Engineering and
Construction (AEC) customers, integrated document and facilities
management, as well as upgrades to the customer interfaces, and to
broaden the ability of the systems to extend from feed, design,
deliverables, into operations with the acquisition of Artesys.
Artesys is also close to delivering an upgrade to their solution in
collaboration with Documentum using their D2 platform. New contract
wins were disappointing as they were in line with the previous
year's activity levels, excluding last year's two large enterprise
sales wins.
McLaren also launched its first BPO service in the year and it
has subsequently expanded this by the year end.
The Information Solutions division was merged into the PSS
division to streamline the business and drive further operating
efficiencies. Its project work continued to be adversely affected
by government cut backs and it did not manage to increase its
managed content service revenues. The Dutch business grew market
share but this was offset by the reduction in the Dutch government
grant rate.
Outlook
The focus for 2014 and beyond is on improving organic growth,
operational improvement and innovation.
We will continue to concentrate on growing top line revenue in
both parts of the business which is now refocused on our two core
activies, and look to expand our public sector business into new
areas both in the UK and overseas. We also expect to close a large
proportion of the EIM pipeline deals, now we have bolstered the
senior management team and improved the way we respond to our
customers' requirements.
Our aim is to continue to grow our non UK revenues and to invest
to strengthen our domain specific expertise in our chosen
markets.
We believe the Group is well placed to benefit from an improving
economic outlook and today has the technical capability to deliver
unique solutions to its customers and future proof their investment
and commitment in Idox's solutions.
Financial Review
Group revenues from continuing operations grew by 3% to GBP57m
(2012: GBP55m) due to organic growth in the PSS division and the
impact of the three acquisitions made during 2012. The Group
maintained the geographical split of its revenues with 33%
generated outside of the UK (2012: 33%). Gross profit earned was 4%
higher at GBP52m (2012: GBP50m) and the Group saw an increase in
gross margin from 90% to 91% as a result of an increased mix of
higher margin software business. Earnings before goodwill,
amortisation, depreciation, restructuring, acquisition and share
option costs ("Adjusted EBITDA") decreased by 9% to GBP15.0m (2012:
GBP16.6m) with EBITDA margins of 26% (2012: 30%).
Performance by segment
The Group made a significant step forward to increase the focus
of the business with the sale of its recruitment business at the
half year. Following the disposal, the Group has been reorganised
into two operating segments; Public Sector Software, the merger of
the original public sector business and Information Solutions
divisions, and Engineering Information Management.
The PSS division, which accounted for 66% of Group revenues
(2012: 68%), delivered revenues of GBP38m (2012: GBP37.6m). Product
and services revenue grew organically by 10% on the previous year.
Election revenue remained stable at GBP2.4m, reflecting a real
decrease from 2012. It benefited from the full year impact of the
acquisition of Opt2Vote election managed services business in March
2012, and the expansion of that business into Norway, but this was
offset by the absence of revenue from fewer local elections in
2013. Solutions project income fell by 54% (GBP0.4m) due to a lack
of tenders in poor market conditions.
Recurring revenues within the PSS division were 61% (2012: 62%)
excluding election revenue. The decrease in recurring revenues is
due to the wind down of the capital value of the managed service
contracts acquired in March 2010 for the provision of land and
property information solutions. Renewal rates on grant
subscriptions performed well in poor market conditions and remained
consistent with prior years. Divisional Adjusted EBITDA fell by 5%
to GBP10.6m (2012: GBP11.3m), delivering a 28% margin, a 2% drop on
2012 due to the inclusion of the lower gross margin e-learning and
solutions training and information projects business.
The EIM division accounted for 34% of Group revenues (2012: 32%)
and had revenue growth of 8% to GBP19.2m (2012: GBP17.7m). This
growth represents a full year of FMx and seven months of Artesys
acquired on 9 April 2013. Visibility of revenue in the EIM business
has also increased during the year with 51% (2012: 48%) of revenues
coming from recurring maintenance and Software-as-a-Service
("SaaS") contracts. The business is also becoming increasingly
international within 76% of revenues generated outside the UK; 46%
USA, 22% Europe and Asia, and 8% from Australia.
EBITDA for the EIM business decreased to GBP4.4m (2012:
GBP5.3m), 29% of the Group total. The decrease represents the
reduction in licence deals in comparison to 2012 offset by
additional contributions from FMx and Artesys plus cost synergies.
Margins decreased to 23% (2012: 30%) reflecting the absence of
organic growth on licence sales and the impact of integration costs
relating to the acquired businesses.
Profit before tax
Within the income statement, we present both profit before tax
and adjusted profit before tax which is a performance measure that
is not defined by GAAP but which the directors believe provides a
reliable and consistent measure of the Group's underlying financial
performance. Adjusted profit before tax and adjusted EPS excludes
amortisation, restructuring, acquisition and share option
costs.
Adjusted profit before tax decreased 10% to GBP13.2m (2012:
GBP14.8m). Staff costs increased by 8% to GBP28m (2012: GBP26m).
The GBP2.5m increase in staff costs was due to 12 months of the
2012 acquisitions and 7 months of Artesys. Real staff costs fell as
a result of cost savings. Other administrative expenses increased
by 18% to GBP8.9m (2012: GBP7.5m). 48% of the increase was due to a
full year of acquisitions and the new acquisition in 2013. Travel
costs increased due to increased revenues in new territories with
the elections and EIM businesses.
Financing costs reduced from GBP1.3m to GBP1.2m and includes
interest payable of GBP0.9m (2012: GBP0.9m) and amortisation of the
loan facility fees of GBP0.16m (2012: GBP0.2m).
Reported profit before tax decreased by 5% to GBP7.5m (2012:
GBP7.9m). Amortisation of intangibles increased from GBP4.6m to
GBP5.3m as a result of acquisitions made during the year and a full
year of 2012 acquisitions. Restructuring charges of GBP0.5m (2012:
GBP0.4m) relate to the integration of acquisitions made during the
year plus internal reorganisations. There was a one off benefit of
GBP0.8m included in acquisition costs related to the release of
earn-out obligations on the Opt2Vote acquisition which did not
become payable. Excluding this GBP0.8m benefit acquisition costs
reduced to GBP0.2m (2012: GBP1.1m) representing GBP0.64m
acquisition costs for Artesys and other aborted acquisition
fees.
The Group continues to invest in developing innovative
technology solutions and has incurred capitalised Research and
Development costs of GBP1.3m (2012: GBP0.8m). Research and
development costs expensed in the year were GBP3.8m (2012:
GBP3.2m).
Taxation
The Group's effective tax rate for the year was -12.75% compared
to 3% in 2012. The reduction in the effective rate of tax is the
result of recognition of a deferred tax asset in relation to
previously unrecognised losses within the EIM business and
recognition of a deferred tax asset in respect of share options.
Excluding the effect of recognising the deferred tax asset the
effective tax rate was 13%. Unrelieved trading losses of
GBP2,652,000 in the UK remain available to offset against future
taxable trading profits. Unrelieved trading losses arising overseas
of GBP3,286,000 have been recognised during the year. The board
believe the Group will benefit from these tax losses in the
future.
Earnings per share and dividends
Adjusted earnings per share fell 8% to 3.53p (2012: 3.83p).
Diluted adjusted earnings per share fell 7% to 3.38p (2012:
3.63p).
Basic earnings per share were up 12% to 2.17p (2012: 1.94p).
Diluted earnings per share increased by 13% to 2.07p (2012:
1.84p).
The Board proposes a final dividend of 0.4p, to give a full year
dividend of 0.7p (2012: 0.675p). Subject to approval at the Annual
General Meeting, the final dividend will be paid on 25 April 2014
to shareholders on the register at 11 April 2014.
Balance sheet and cashflows
Idox's balance sheet continued to strengthen during the year and
at 31 October 2013 net assets were GBP44.7m compared to GBP38.9m at
31 October 2012.
Cash generated from operating activities before tax as a
percentage of Adjusted EBITDA was 79%, up from 75% in the previous
year.
The Group ended the year with net debt of GBP19.8m (2012:
GBP21.5m) after making acquisition related payments (net of cash
acquired) of GBP1.8m and after total dividends of GBP2.4m. The
Group's total signed debt facilities at 31 October 2013 stood at
GBP30.4m, a combination of a term loan and flexible working capital
and acquisition revolving credit facilities. The working capital
facility of GBP8m is due to expire during the next 12 months,
however this is expected to be renegotiated with the bank on
similar terms; the Company have not sought written confirmation
that the facility will be renewed. The board has considered the
headroom in the bank facilities and are comfortable that unless
there was a substantial deterioration in trading, Group budgets do
not indicate any covenant breaches on the bank facilities currently
in place.
Deferred income, representing invoiced maintenance and SaaS
contracts yet to be recognised in revenue stood at GBP13.9m at 31
October 2013 (2012: GBP13.5m), increasing visibility of revenue in
the new financial year.
Consolidated Statement of Comprehensive Income for the year
ended 31 October 2013
As restated
Continuing operations Note 2013 2012
GBP000 GBP000
Revenue 2 57,319 55,382
Cost of sales (5,298) (5,335)
---------- -----------
Gross profit 52,021 50,047
Administrative expenses (36,967) (33,430)
Earnings before goodwill impairment,
amortisation, depreciation, restructuring,
acquisition costs and share option
costs 15,054 16,617
Depreciation (722) (589)
Amortisation (5,388) (4,609)
Restructuring costs (525) (406)
Acquisition costs 664 (1,109)
Share option costs (499) (707)
Operating profit 8,584 9,197
Finance income 138 18
Finance costs (1,209) (1,273)
---------- -----------
Profit before taxation 7,513 7,942
------------------------------------------------- --- ---------- --- -----------
Analysed as:
Adjusted profit before tax 13,261 14,773
Amortisation of intangibles (5,388) (4,609)
Restructuring costs (525) (406)
Acquisition costs 664 (1,109)
Share option costs (499) (707)
------------------------------------------------- --- ---------- --- -----------
Income tax credit / (expense) 3 851 (201)
---------- -----------
Profit for the year from continuing
operations 8,364 7,741
---------- -----------
Discontinued operations
Net results for the year from discontinued
operations 4 (519) (1,036)
Loss on disposal of discontinued operations 4 (322) -
---------- -----------
Net result for the year from discontinued
operations (841) (1,036)
Total operations
---------- -----------
Net result for the year attributable
to owners of the parent 7,523 6,705
---------- -----------
Other comprehensive income for the
year
Items that will be reclassified subsequently
to profit or loss:
Exchange gains on retranslation of
foreign operations 43 61
---------- -----------
Other comprehensive income for the
year, net of tax 43 61
---------- -----------
Total comprehensive income for the
year attributable to owners of the
parent from continuing operations 7,566 6,766
========== ===========
Earnings per share from continuing
and discontinued operations attributable
to owners of the parent during the
year
Basic earnings per share
From continuing operations 5 2.41p 2.24p
From discontinued operations 5 (0.24p) (0.30p)
---------- -----------
From total operations 2.17p 1.94p
---------- -----------
Diluted earnings per share
From continuing operations 5 2.30p 2.12p
From discontinued operations 5 (0.23p) (0.28p)
---------- -----------
From total operations 2.07p 1.84p
---------- -----------
Consolidated Balance Sheet at 31 October 2013
2013 2012
GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 850 817
Intangible assets 69,484 71,371
Deferred tax assets 2,509 1,417
Other receivables 1,723 1,863
------ ------
Total non-current assets 74,566 75,468
------ ------
Current assets
Trade and other receivables 17,344 15,050
Cash and cash equivalents 3,399 3,640
Total current assets 20,743 18,690
------ ------
Total assets 95,309 94,158
------ ------
LIABILITIES
Current liabilities
Trade and other payables 4,662 5,460
Other liabilities 16,790 17,286
Provisions 56 76
Current tax 985 1,020
Derivative financial instruments 66 136
Borrowings 3,732 2,300
Total current liabilities 26,291 26,278
------ ------
Non-current liabilities
Deferred tax liabilities 4,870 6,101
Borrowings 19,462 22,879
------ ------
Total non-current liabilities 24,332 28,980
------ ------
Total liabilities 50,623 55,258
------ ------
Net assets 44,686 38,900
====== ======
EQUITY
Called up share capital 3,493 3,485
Capital redemption reserve 1,112 1,112
Share premium account 10,355 10,197
Treasury reserve (12) (107)
Share options reserve 1,955 1,825
Merger reserve 1,294 1,294
ESOP trust (142) (95)
Foreign currency retranslation
reserve 145 102
Retained earnings 26,486 21,087
------ ------
Total equity 44,686 38,900
====== ======
Consolidated Statement of Changes in Equity at 31 October
2013
Called Capital Share Treasury Share Merger ESOP Foreign Retained Total
up redemption Premium reserve options reserve Trust currency earnings
share reserve account reserve retranslation
capital reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 31 October 2013 GBP000
Balance at 1 November 2011 3,463 1,112 10,017 (204) 1,366 1,294 (93) 41 17,375 34,371
Issue of share capital 22 - 180 - - - - - - 202
Transfer on exercise of
share options - - - 134 (109) - - - (797) (772)
Purchase of treasury shares - - - (37) - - - - - (37)
Share options granted - - - - 568 - - - - 568
ESOP trust - - - - - - (2) - - (2)
Equity dividends paid - - - - - - - - (2,196) (2,196)
Transactions with owners 22 - 180 97 459 - (2) - (2,993) (2,237)
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Profit for the period - - - - - - - - 6,705 6,705
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Other comprehensive income
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Exchange gains on
retranslation
of foreign operations - - - - - - - 61 - 61
Total comprehensive income
for the period - - - - - - - 61 6,705 6,766
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Balance at 31 October 2012 3,485 1,112 10,197 (107) 1,825 1,294 (95) 102 21,087 38,900
======== =========== ======== ========= ======== ======== ======= ============== ========= ========
Issue of share capital 8 - 158 - - - - - - 166
Transfer on exercise of
share options - - - 95 (83) - - - 31 43
Share options granted - - - - 290 - - - 206 496
Disposal of share options (77) 77 -
ESOP trust - - - - - - (47) - - (47)
Equity dividends paid - - - - - - - - (2,438) (2,438)
Transactions with owners 8 - 158 95 130 - (47) - (2,124) (1,780)
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Profit for the period - - - - - - - - 7,523 7,523
Other comprehensive income
Exchange gains on
retranslation
of foreign operations - - - - - - - 43 - 43
Total comprehensive income
for the period - - - - - - - 43 7,523 7,566
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
At 31 October 2013 3,493 1,112 10,355 (12) 1,955 1,294 (142) 145 26,486 44,686
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Consolidated cash flow statement for the year ended 31 October
2013
As restated
2013 2012
GBP000 GBP000
Cash flows from operating activities
Profit for the period before
taxation 7,513 7,942
Adjustments for:
Depreciation 723 589
Amortisation 5,388 4,609
Finance income (33) (18)
Finance costs 973 791
Interest rate swap liability (70) 136
Debt issue costs amortisation 159 109
Share option costs 499 544
Exchange losses 42 60
Movement in receivables (1,675) (2,765)
Movement in payables (1,663) 452
-------- -----------
Cash generated by operations 11,856 12,449
Tax on profit paid (1,728) (2,560)
Cash generated from discontinued
operations (285) (154)
Net cash from operating activities 9,843 9,735
Cash flows from investing activities
Acquisition of subsidiaries
net of cash acquired (1,779) (23,266)
Deferred consideration paid
relating to subsidiaries acquired
in prior period (585) (320)
Purchase of property, plant
and equipment (774) (523)
Purchase of intangible assets (1,696) (1,240)
Disposal of discontinued operation 312 -
Finance income 33 18
-------- -----------
Net cash used in investing activities (4,489) (25,331)
Cash flows from financing activities
Interest paid (853) (620)
New loans 8,900 27,800
Loan related costs (123) (430)
Loan repayments (11,322) (2,300)
Equity dividends paid (2,438) (2,196)
Sale/purchase of own shares 241 (610)
-------- -----------
Net cash flows from financing
activities (5,595) 21,644
Net movement on cash and cash
equivalents (241) 6,048
-------- -----------
Cash and cash equivalents at
the beginning of the period 3,640 (2,408)
-------- -----------
Cash and cash equivalents at
the end of the period 3,399 3,640
======== ===========
Notes to the announcement
For the year ended 31 October 2013
1 ACCOUNTING POLICIES
Basis of preparation
These financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union (EU) and the Companies Act 2006 applicable to
companies reporting under IFRS.
The financial statements have been prepared under the historical
cost convention as modified by the revaluation of certain financial
assets and liabilities, being derivatives at fair value through
profit or loss.
The financial information set out in the announcement does not
constitute the group's statutory accounts for the year ended 31
October 2013 within the meaning of section 434 of the Companies Act
2006. The financial information for the year ended 31 October 2012
is derived from the statutory accounts for that year which have
been delivered to the Registrar of Companies. The auditors reported
on those accounts; their report was unqualified and did not contain
a statement under Section 498(2) or (3) of the Companies Act 2006.
The statutory accounts for the year ended 31 October 2013 are
expected to be finalised on the basis of the financial information
presented by the directors in this preliminary announcement.
Restatement of comparative figures
The Group have restated the 2012 comparative figures to show the
results of TFPL Limited as a discontinued operation.
Amounts recoverable on contracts are included in trade and other
receivables and represent revenue recognised in excess of payments
on account. Amounts recoverable on contracts of GBP1,863k have been
restated for the prior year to disclose this balance as being a
non-current asset. This was previously disclosed in the notes to
the financial statements as a long term debtor however it had been
disclosed within total current assets on the balance sheet. This
has now been restated for comparative purposes.
2 SEGMENTAL ANALYSIS
As at 31 October 2013, the Group is primarily organised into two
main operating segments, which are detailed below. On 1 July 2013
the recruitment segment was sold. As Recruitment was a separately
identifiable operating segment the results for the period ended 31
October 2013, and comparative periods, have been reclassified as a
discontinued operation. On 1(st) September 2013 following an
internal reorganisation, the Information Solutions segment was
combined with Public Sector Software. The results for the period
are included within the Public Sector Software Segment and the
comparative periods have been restated.
Financial information is reported to the chief operating
decision maker, which comprises the Chief Executive Officer and the
Chief Financial Officer, monthly on a business unit basis with
revenue and operating profits split by business unit. Each business
unit is deemed an operating segment as each offers different
products and services.
-- Public Sector Software - delivering software and information
service solutions to local government customers and public sector
organisations across a broad range of departments
-- Engineering Information Management - delivering engineering
document management and control solutions to asset intensive
industry sectors
Segment revenue comprises sales to external customers and
excludes gains arising on the disposal of assets and finance
income. Segment profit reported to the Board represents the profit
earned by each segment before the allocation of taxation, Group
interest payments and Group acquisition costs. The assets and
liabilities of the Group are not reviewed by the chief operating
decision maker on a segment basis.
The Group does not place reliance on any specific customer and
has no individual customer that generates 10% or more of its total
Group revenue.
The segment revenues by geographic location for the year ended
31 October 2013 are as follows:
Continuing Discontinued
operations operations Total operations
GBP000 GBP000 GBP000
Revenues from external
customers
United Kingdom 38,369 1,226 39,595
USA 8,862 - 8,862
Europe 7,990 76 8,066
Australia 1,470 - 1,470
Rest of World 628 5 633
----------- ------------ ----------------
57,319 1,307 58,626
=========== ============ ================
The segment revenues by geographic location for the year ended
31 October 2012 are as follows:
Continuing Discontinued
operations operations Total operations
GBP000 GBP000 GBP000
Revenues from external
customers
United Kingdom 37,237 2,451 39,688
USA 10,635 - 10,635
Europe 5,676 56 5,732
Australia 1,603 - 1,603
Rest of World 231 14 245
----------- ------------ ----------------
55,382 2,521 57,903
=========== ============ ================
Revenues are attributed to individual countries on the basis of
the location of the customer.
The segment results by business Public Total Recruitment
unit for the year ended 31 October Sector continuing (discontinued
2013 are as follows: Software EIM operations operation) Total
GBP000 GBP000 GBP000 GBP000 GBP000
Revenues from external customers 38,077 19,242 57,319 1,307 58,626
Cost of sales (3,431) (1,867) (5,298) (717) (6,015)
--------- -------- ------------ -------------- --------
Gross profit 34,646 17,375 52,021 590 52,611
Operating costs (24,004) (12,963) (36,967) (643) (37,610)
--------- -------- ------------ -------------- --------
Profit before interest, tax,
depreciation, amortisation,
impairment, share option costs,
acquisition costs and restructuring
costs 10,642 4,412 15,054 (53) 15,001
Depreciation (589) (133) (722) (1) (723)
Amortisation (4,138) (1,250) (5,388) - (5,388)
Impairment on goodwill - - - (457) (457)
Share option costs (415) (84) (499) (12) (511)
Restructuring (335) (190) (525) - (525)
Acquisition costs 841 (89) 752 - 752
--------- -------- ------------ -------------- --------
Profit before interest and taxation 6,006 2,666 8,672 (523) 8,149
Finance income 132 (64) 68 - 68
Finance costs (86) (29) (115) - (115)
Segment profit (see reconciliation
below) 6,052 2,573 8,625 (523) 8,102
--------- -------- ------------ -------------- --------
The segment results by business Public Total Recruitment
unit for the year ended 31 October Sector Continuing (discontinued
2012 are as follows: Software EIM Operations operation) Total
GBP000 GBP000 GBP000 GBP000 GBP000
Revenues from external customers 37,642 17,740 55,382 2,521 57,903
Cost of sales (3,988) (1,347) (5,335) (1,210) (6,545)
--------- -------- ------------ -------------- --------
Gross profit 33,654 16,393 50,047 1,311 51,358
Operating costs (22,360) (11,070) (33,430) (1,226) (34,656)
--------- -------- ------------ -------------- --------
Profit before interest, tax,
depreciation, amortisation,
impairment, share option costs,
acquisition costs and restructuring
costs 11,294 5,323 16,617 85 16,702
Depreciation (463) (126) (589) (7) (596)
Amortisation (3,645) (964) (4,609) (9) (4,618)
Impairment of goodwill - - - (1,018) (1,018)
Share option costs (605) (102) (707) (24) (731)
Restructuring (365) (41) (406) (59) (465)
Acquisition costs (254) (815) (1,069) - (1,069)
--------- -------- ------------ -------------- --------
Profit before interest and taxation 5,962 3,275 9,237 (1,032) 8,205
Finance income 3 1 4 - 4
Finance costs (13) (129) (142) (4) (146)
--------- -------- ------------ -------------- --------
Segment profit (see reconciliation
below) 5,952 3,147 9,099 (1,036) 8,063
--------- -------- ------------ -------------- --------
2013
Reconciliations of reportable
profit 2012
GBP000 GBP000
Profit
Total profit for reportable segments 8,102 8,063
Group acquisition costs (88) (40)
Net financial costs (1,024) (1,117)
Discontinued operations loss* 523 1,036
------- -------
Profit before taxation 7,513 7,942
======= =======
Group acquisition costs comprise legal fees in relation to
aborted acquisitions. Net financial costs relate to Group bank loan
interest, bank facility fee amortisation and fair value gain on
financial derivatives which have not been included in reportable
segments.
*Discontinued operations loss excludes Group costs allocated to
the segment relating to acquisition costs relating to disposal.
3 INCOME TAX
Continuing Continuing
operations operations
The tax charge is made up as follows: 2013 2012
GBP000 GBP000
Current tax
UK corporation tax on profits for the period 1,611 1,455
Foreign tax on overseas companies 624 1,108
Under/(over) provision in respect of prior
periods (652) (70)
---------- ----------
Total current tax 1,583 2,493
----------
Deferred tax
Origination and reversal of temporary differences (2,195) (1,712)
Adjustment for rate change (165) (580)
Adjustments in respect of prior periods (74) -
---------- ----------
Total deferred tax (2,434) (2,292)
---------- ----------
Total tax charge (851) 201
========== ==========
The below current year deferred tax credit on discontinued
activities arises on the non-utilisation of tax losses in the
period up until the sale of TFPL Ltd on 1 July 2013.
Discontinued Discontinued
operations operations
The tax charge is made up as follows: 2013 2012
GBP000 GBP000
Current tax
UK corporation tax on profits for the period - -
Foreign tax on overseas companies - -
Under/(over) provision in respect of prior - -
periods
------------ ------------
Total current tax - -
------------
Deferred tax
Origination and reversal of temporary differences (4) -
Adjustment for rate change 1 -
Adjustments in respect of prior periods - -
------------ ------------
Total deferred tax (3) -
------------ ------------
Total tax charge (3) -
============ ============
Factors affecting the tax charge in the 2013
period: 2012
GBP000 GBP000
Profit before taxation on continuing operations 6,669 6,906
======= =======
Profit on ordinary activities multiplied
by the standard
rate of corporation tax in the UK of 23%
(2012: 24%) 1,534 1,657
Effects of:
Capital allowances in excess of depreciation - 17
Other timing differences - 864
Deferred tax on losses, intangibles and
other movements - (1,350)
Share option deduction (36) (182)
Tax losses utilised (48) (689)
Recognition of previously unrecognised deferred
tax (1,744) (941)
Non-deductible expenses 424 900
Prior year over-provision (726) (75)
Non-taxable income (360) (3)
Adjustment for tax rate differences in foreign
jurisdictions 42 -
R&D enhanced relief (43) (10)
Foreign tax suffered 69 13
Deferred tax on acquisitions/disposal 37 -
(851) 201
======= =======
Movement on trading losses during 2013 are as follows:
UK unrelieved Foreign Total unrelieved
trading unrelieved trading
losses trading losses
losses Tax effect
Recognised trading losses GBP000 GBP000 GBP000 GBP000
As at 1 November 2012 4,089 - 4,089 940
Recognised during the year 2,439 3,286 5,725 1,317
Utilised during the year (3,876) (343) (4,219) (970)
Adjustment for difference
between standard rate of tax
at 23% and deferred tax rate
at 21% - - - (112)
------------- ----------- ---------------- ----------
2,652 2,943 5,595 1,175
============= =========== ================ ==========
Unrecognised trading losses
As at 1 November 2012 - 21 21 3
Recognised during year - (21) (21) (3)
Utilised during the year
- - - -
============= =========== ================ ==========
The unrelieved trading losses of GBP2,652,000 in the UK remain
available to offset against future taxable trading profits. Given
the high probability that the Group will continue to benefit from
these tax losses in the future, the deferred tax asset continues to
be recognised. The unrelieved trading losses arising overseas of
GBP2,943,000 have been recognised during the year with the
anticipation that the Group will benefit from these tax losses in
future. The foreign losses recognised during the year arise mainly
in the US, with a small element arising in France. Across the year
the total deferred tax asset in respect of unrelieved trading
losses has increased GBP235,000 to GBP1,175,000.
The effective tax rate was (12.75%). The decrease is due to the
recognition of historic deferred tax assets within the US entities
of the EIM business in relation to losses and other timing
differences of GBP4,492,000. Other factors in the decrease of the
tax rate include the origination of tax losses within the EIM
business in the UK of GBP2,439,000, which originated on
confirmation of the formalisation of a pre-acquisition intercompany
creditor, and an increase in the deferred tax asset recognised in
respect of share options of GBP508,000. A deferred tax asset of
GBP495,000 is recognised at the year-end in relation to share
options, based on the expected vesting period and exercise price.
These factors combined resulted in a credit to the corporation tax
charge of GBP1,733,000. Without these factors, the effective rate
of tax is 13%.
Factors affecting the effective tax rate 2013 % ETR 2012 % ETR
(ETR) in the period:
GBP000 movement GBP000 Movement
Profit before taxation on continuing
and discontinued operations 6,669 6,906
======= ======== ======= ========
Profit on ordinary activities multiplied
by the standard
Rate of corporation tax in the UK of
23% (2012: 24%) 1,534 23.00 1,657 24.00
Effects of:
Share option deduction (36) (0.53) (182) (2.63)
Tax losses arising/(utilised) in year (48) (0.72) (692) (10.01)
Recognition of historic deferred tax (1,744) (26.15) (1,111) (16.09)
Expenses not deductible for tax purposes 424 6.35 900 13.03
Prior year over-provision (726) (10.88) (75) (1.09)
Non-taxable income (360) (5.40) (3) (0.04)
Other 105 1.58 (293) (4.25)
(851) (12.75) 201 2.92
======= ======== ======= ========
4 DISCONTINUED OPERATIONS
The Group announced on 1 July 2013 the sale of the recruitment
business, TFPL Limited. The TFPL business represented an
identifiable division of the Group and as such has been disclosed
as a discontinued operation for the year ended 31 October 2013. A
single amount is shown on the consolidated statement of
comprehensive income representing the post-tax result of the
discontinued operation for the period until disposal. Additionally
the post-tax loss arising from the disposal of the operation has
been recognised within the discontinued operations section of the
consolidated statement of comprehensive income.
Period
to Year to
Discontinued operation financial 1 July 31 October
performance 2013 2012
GBP000 GBP000
Revenue 1,307 2,521
Costs of sale (717) (1,210)
Depreciation and amortisation (1) (16)
Impairment (457) (1,018)
Other operating expenses (655) (1,309)
-------- -------------------
Operating result (523) (1,032)
Finance costs - (4)
-------- -------------------
Result from discontinued operations before
taxation (523) (1,036)
Tax expense 4 -
Net operating result from discontinued
operations (519) (1,036)
-------- -------------------
Disposal of discontinued operation
GBP000 GBP000
Total consideration 300
Payment received to settle net
assets 100
-------------------
Net consideration for shares 400
Less: Assets associated with discontinued
operations (101)
Costs associated with disposal
-Staff bonuses (34)
-Professional fees (88)
-Other expenses and provisions (499)
--------
(621)
-------------------
Loss on disposal before taxation (322)
-------------------
Taxation -
-------------------
Loss on disposal after taxation (322)
-------------------
During the year the TFPL business incurred GBP420,000 (2012:
contributed GBP154,000) in relation to the Group's net operating
cash flows, paid GBPNil (2012: GBPNil) in respect of investing
activities and paid GBPNil (2012: GBPNil) in respect of financing
activities.
A reconciliation of the profit on disposal to the cash flow from
the disposal is given in the table below:
Receipt from disposal of discontinued operations GBP000
Loss on disposal after taxation (322)
Assets associated with discontinued operations 101
Costs associated with disposal not yet
paid 533
-------
Cash inflow from disposal of discontinued
operations 312
-------
5 EARninGS per share
The earnings per ordinary share is calculated by reference to
the earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during each period, as
follows:
Continuing operations 2013 2012
GBP000 GBP000
Profit for the year 8,364 7,741
----------- -----------
Basic earnings per share
Weighted average number of shares in issue 347,231,721 346,231,724
----------- -----------
Basic earnings per share 2.41p 2.24p
=========== ===========
Weighted average number of shares in issue 347,231,721 346,231,724
Add back:
Treasury shares 368,667 432,000
ESOP shares 1,018,343 128,618
----------- -----------
Weighted average allotted, called up and
fully paid share capital 348,618,731 346,792,342
----------- -----------
Diluted earnings per share
Weighted average number of shares in issue
used in basic earnings per share calculation 347,231,721 346,231,724
Dilutive share options 16,020,147 18,852,529
----------- -----------
Weighted average number of shares in issue
used in dilutive earnings per share calculation 363,251,868 365,084,253
Diluted earnings per share 2.30p 2.12p
=========== ===========
Discontinued operations 2013 2012
GBP000 GBP000
Loss for the year (841) (1,036)
----------- -----------
Basic earnings per share
Weighted average number of shares in issue 347,231,721 346,231,724
----------- -----------
Basic earnings per share (0.24p) (0.30p)
=========== ===========
Weighted average number of shares in issue 347,231,721 346,231,724
Add back:
Treasury shares 368,667 432,000
ESOP shares 1,018,343 128,618
----------- -----------
Weighted average allotted, called up and
fully paid share capital 348,618,731 346,792,342
----------- -----------
Diluted earnings per share
Weighted average number of shares in issue
used in basic earnings per share calculation 347,231,721 346,231,724
Dilutive share options 16,020,147 18,852,529
----------- -----------
Weighted average number of shares in issue
used in dilutive earnings per share calculation 363,251,868 365,084,253
Diluted earnings per share (0.23p) (0.28p)
=========== ===========
Total operations 2013 2012
GBP000 GBP000
Profit for the year 7,523 6,705
----------- -----------
Basic earnings per share
Weighted average number of shares in issue 347,231,721 346,231,724
----------- -----------
Basic earnings per share 2.17p 1.94p
=========== ===========
Weighted average number of shares in issue 347,231,721 346,231,724
Add back:
Treasury shares 368,667 432,000
ESOP shares 1,018,343 128,618
----------- -----------
Weighted average allotted, called up and
fully paid share capital 348,618,731 346,792,342
----------- -----------
Diluted earnings per share
Weighted average number of shares in issue
used in basic earnings per share calculation 347,231,721 346,231,724
Dilutive share options 16,020,147 18,852,529
----------- -----------
Weighted average number of shares in issue
used in dilutive earnings per share calculation 363,251,868 365,084,253
Diluted earnings per share 2.07p 1.84p
=========== ===========
2013 2012
Adjusted earnings per share GBP000 GBP000
Profit for the year 7,523 6,705
Add back:
Amortisation 5,388 4,618
Impairment 457 1,018
Share option costs 511 731
Acquisition costs (664) 1,109
Restructuring costs 525 465
Tax effect (1,477) (1,395)
-------------- --------------
Adjusted profit for year 12,263 13,251
-------------- --------------
Weighted average number of shares
in issue - basic 347,231,721 346,231,724
Weighted average number of shares
in issue - diluted 363,251,868 365,084,253
Adjusted earnings per share 3.53p 3.83p
Adjusted diluted earnings per
share 3.38p 3.63p
6 ACQUISITIONS
Artesys International
On 9 April 2013 the Group acquired the entire share capital of
Artesys International for a total consideration of EUR2.4m
(GBP2.1m) in cash. Artesys International provides engineering
document control solutions and applications supporting the
efficient and safe operation of processing plants. Opidis, an
intelligent P&ID and 3D Plant model navigation tool is used by
over 8,000 engineering operations and maintenance professionals to
locate validated plant documents and data. The acquisition of
Artesys International adds extended geographic coverage in Europe,
Africa and the Middle East and a complimentary portfolio of
products, customers, professional services and industry partners to
the Group.
Goodwill arising on the acquisition of Artesys has been
capitalised and consists largely of the workforce value, synergies
and economies of scale expected from combining the operations of
Artesys with Idox. None of the goodwill recognised is expected to
be deductible for income tax purposes. The purchase of Artesys has
been accounted for using the acquisition method of accounting.
Provisional
fair value
Book value adjustments Fair value
GBP000 GBP000 GBP000
Intangible assets 985 (298) 687
Property, plant and equipment 40 - 40
Trade receivables 1,008 - 1,008
Corporation tax 18 - 18
Other receivables 246 - 246
Cash at bank 285 - 285
------------- ------------- -------------
TOTAL ASSETS 2,582 (298) 2,284
Trade payables (149) - (149)
Provisions for liabilities and
charges (89) - (89)
Bank loans (342) - (342)
Other creditors (172) - (172)
Deferred income (274) - (274)
Social security and other taxes (352) - (352)
Deferred tax liability - (156) (156)
------------- -------------
TOTAL LIABILITIES (1,378) (156) (1,534)
------------- -------------
NET ASSETS 750
Purchased goodwill capitalised 1,314
-------------
Total consideration 2,064
-------------
Satisfied by:
Cash to vendor 2,064
Earn out consideration -
------
Total consideration 2,064
------
The fair values stated above are provisional. The fair value
adjustment for the intangible assets relates to customer
relationships, trade names and software. A related deferred tax
liability has also been recorded as a fair value adjustment.
The fair value of trade debtors is equal to the gross
contractual amounts receivable. All debts have been reviewed and
are considered recoverable.
The revenue included in the consolidated statement of
comprehensive income since 9 April 2013, contributed by Artesys was
GBP892,000. Artesys also made a loss of GBP311,000 for the same
period. If Artesys had been included from 1 November, it would have
contributed revenue of GBP1,894,000 and a loss after tax of
GBP437,000.
Acquisition costs of GBP64,000 have been written off in the
consolidated statement of comprehensive income.
Innovation Connect (formerly trading as Currency Connect)
There have been additional fair value adjustments in respect of
the acquisition of Innovation Connect on 3 May 2012. Since 31
October 2012, management have aligned the company's revenue
recognition policy with those of the Group. This change has meant
that accrued income is now only recognised when performance
obligations have been met and the right to receive the revenue can
be measured reliably dependent upon the nature of the individual
grant applications. This has resulted in an additional fair value
adjustment which has reduced accrued income by GBP446,000 and
increased goodwill by a corresponding amount.
There was a fair value adjustment of GBP46,000 to tangible fixed
assets to align the depreciation policy of the company to the Group
policy.
A final fair value adjustment of GBP58,000 was made to the bad
debt provision to align the provision with the Group.
There will be no further fair value adjustments and all opening
balances for Innovation Connect are now final.
Opt2Vote
During the year a fair value adjustment of GBP13,000 was made in
respect of the acquisition of Opt2Vote Limited on 27 March 2012.
The adjustment was made to remove an other receivable balance which
was deemed to be non-recoverable.
There will be no further fair value adjustments and all opening
balances for Opt2Vote are now final.
FMx
There have been two fair value adjustments during the year in
respect of the acquisition of FMx Limited on 18 October 2012. An
adjustment of GBP182,000 was made to align the deferred income
policy with the Group policy. A further adjustment of GBP15,000 was
made in respect of taxation timing differences.
There will be no further fair value adjustments and all opening
balances for FMx are now final.
No additional fair value adjustments have been made in the year
in respect of prior year acquisitions.
Acquisition cash flows
Acquisition cash flows in the year are as follows:
Net cash
Subsidiaries acquired during outflow
the year: GBP000
Artesys International 1,779
1,779
========
Deferred consideration paid on previous GBP000
year acquisitions
Grantfinder Limited 13
Interactive Dialogues BV 162
Innovation Connect 350
525
--------
The following contingent considerations were released in the
year:
GBP000
Opt2Vote Limited 800
Lalpac Limited 50
------
850
------
No additional fair value adjustments have been made in the year
in respect of prior year acquisitions.
7 POST BALANCE SHEET EVENTS
On 1 November 2013 the Group issued 816,914 ordinary shares of
1p each in order to satisfy an exercise of an employee share
option.
8 FURTHER COPIES
Copies of this announcement and, on finalisation, the full
annual report and accounts will be available, free of charge, for a
period of one month from the Company's Nominated Adviser and Broker
N+1 Singer Advisory LLP, 1 Bartholomew Lane, London, EC2N 2AX, Tel:
020 7496 3000 or from IDOX plc, 2nd floor, Chancery Exchange,
London, EC4A 1AB, Tel: 0870 333 7101. Copies of the full financial
statements will be made available to shareholders in due
course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UBSARSBAARUR
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