TIDMADS
RNS Number : 2532W
Adsure Services PLC
11 December 2023
11 December 2023
Adsure Services PLC
("Adsure" or "the Company")
INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2023
Adsure (AQSE: ADS), the holding company for TIAA Limited
(together "the Group"), a specialist business assurance provider
operating across the Housing, Healthcare, Government, Education,
Charities, and other sectors, is pleased to announce its inaugural
consolidated interim results for the six months ended 30 September
2023.
Subsequent to the period end, on 30 October 2023 the Company
admitted its entire issued share capital to trading on the Aquis
Growth Market.
The Group offers a wide range of services through its two
operational divisions, Risk & Assurance and Risk &
Advisory. TIAA Limited has been providing business assurance
services for over 20 years.
Financial Highlights
-- Turnover of GBP4.25m for the 6 months ended 30 September
2023, a growth of 1.2% on the same period for 2022 (GBP4.20m - for
the 6 months ended 30 September 2022).
-- Gross profit before overheads increases by 2.5% for the 6
months ended 30 September 2023 to GBP1.14m (GBP1.11m - for the 6
months ended 30 September 2022).
-- Underlying EBITDA increased by 20.2% for the 6 months ended
30 September 2023 to GBP0.16m (GBP0.14m - for the 6 months ended 30
September 2022).
-- Strong cash balances at 30 September 2023 of GBP1.27m (GBP1.58m - at 30 September 2022).
Operational Highlights
-- Since the beginning of the financial year the following key milestones have been reached:
-- Successful listing on the Aquis exchange.
-- Launch of a new five-year corporate plan focusing on
developing the organisation, corporate and operational staff.
-- A review and reorganisation of the Corporate Services
function and realignment of operational delivery staff to maximise
the value of the overhead contribution to the business.
-- Announcement of the onboarding of a new Information and
Technology partner through a contract to consolidate our ICT
platforms and provide significant benefits including improved
resiliency, increased support capacity and access to new
technologies implemented the use of intelligent automation.
For the second half of 2023/24 our key targets are:
-- Refine our operating model to harness the opportunities for
growth in our core target markets.
-- To deliver greater efficiency in delivery of our core
services by harnessing the benefits of a reconfiguration of the
core ICT system. Ensuring the most effective and efficient
functionality.
-- Commence the identification of opportunities to diversify our portfolio.
Adsure Services PLC
Kevin Limn, Chief Executive Officer
T: +44 (0) 845 300 3333
E: enquiries@adsureservicesplc.co.uk
Guild Financial Advisory Limited
- Corporate Adviser
R oss Andrews T: +44 (0)7973 839767
Evangeline Klaassen E: ross.andrews@guildfin.co.uk
T: +44 (0)7972 841276
E: evangeline.klaassen@guild.co.uk
CHIEF EXECUTIVE'S STATEMENT
I am delighted to announce the interim results of Adsure
Services PLC. Our successful listing on the Aquis Stock Exchange is
a milestone moment for the Company and creates significant benefits
for our shareholders, customers and staff. The second half of the
year is trading in line with the board's expectations supporting
our strategy to grow and expand the market share of Adsure. The
scale of the market opportunity in our existing core markets and
the significant benefits of our public listing and the financial
strength of the Company, all allow us to look confidently to the
future with positive aspirations for continued growth.
K Limn
8th December 2023
CHAIR'S STATEMENT
Overview
Adsure Services PLC works with organisations to identify and
navigate their strategic risks. Our portfolio of advisory and
assurance services is tailored to address the key social, economic
and other risks faced by our clients. As a people business, the
Group's dedicated teams of specialist advisors create bespoke
solutions to meet the challenges of providing high quality
services. Our mission is to provide every client with the knowledge
and tools it needs to manage risk.
Our wholly owned subsidiary TIAA Limited (TIAA) began trading in
1995, providing risk and assurance services to six housing
organisations in London. Over the last 28 years, TIAA has grown and
developed and now provides services to over 400 high-profile
organisations. The vision for TIAA is to be the UK's leading risk,
assurance and advisory business for publicly funded
organisations.
Strategy
We believe there are opportunities for the Group to create a
diverse portfolio of advisory and assurance services, with teams
able to support any business through the complex global risk
environment. Adsure will position itself as a business able to meet
the specialist requirements of any company in need of support.
Initially, this will focus on expanding our presence in TIAA's
core markets. Longer-term, Adsure aims to reach a broader range of
markets and offer a wider portfolio of services.
During 2024/25, we will further invest in our delivery
infrastructure, including process automation, leveraging the
benefits of Artificial Intelligence and Natural Language
Processing. This investment will complement the continued
recruitment of skilled professionals; it reflects our ambitious
growth objectives and will deliver our services more
efficiently.
Board and management
The composition of the Board and the executive management
structure will be kept under review and any required changes will
be made.
Results
The financial results for the half year to the 30 September 2023
are shown below. These Interim Financial Statements are the first
prepared by the Group. They present unaudited comparatives for the
half year to 30 September 2022, extracted from management's
internal reporting system, alongside comparatives for the year
ended 31 March 2023, the latter extracted from the audited
statutory accounts of TIAA Limited.
The Group adopted the measurement basis of IFRS for its 31 March
2023 statutory accounts, and prior to this reported based on UK
GAAP (FRS 102). The full year 2022 converted financial statements
have been audited under IFRS.
During the first half year TIAA revenue totalled GBP4.25m which
is a 1.2% growth on the same period in 2022/23.
Total direct expenditure increased modestly due to an increase
in direct staff salaries which was offset by a decrease in other
direct expenditure. Gross profit before overheads totals GBP1.14m
which is a 2.54% growth (GBP1.11m for the same period in
2022/23).
Support staff salaries show a year-on-year reduction of 23%
(GBP0.11m) on the same period last year, due to the planned review
and reorganisation of Corporate Services staff. Direct and support
staff salaries include one-off costs in the first six months of
GBP0.08m.
-- The increase in ICT office and support costs increase of
GBP0.11m include one-off costs associated with the listing of
GBP0.84m.
-- The resulting EBITDA+ of GBP0.16m shows a 20% increase on the
same period in 2022/23 (GBP0.14m).
-- The reported loss before taxation includes the one-off
reported costs of GBP0.16m as detailed above.
-- As at 30 September 2023 the Group presented a strong balance
sheet with cash balances totalling GBP1.27m.
-- The change in the lease liabilities of GBP0.09m relates a
change in the payment profile of the lease car fleet in the
period.
Outlook
The Directors and Executives of the Group believe that the
financial performance for the first six months of 2023/24 is
positive. This reflects the momentum the Group has built through
its strategic focus, increased brand awareness and improved
management information systems.
We will continue to capitalise on the benefits of our public
listing and maximise the exposure of our brand to drive growth in
core and new markets. We will also continue to work with Aquis
Stock Exchange on improving the liquidity of our stock.
Jeff Zitron
8th December 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2023 2022 2023
(see Note 2 for Adsure Group As TIAA As TIAA
important Unaudited Unaudited Audited
information
on the basis of
the accounts
information
presented)
GBP GBP GBP
Revenue 4,252,128 4,201,509 8,998,667
Direct staff
salaries (2,898,234) (2,847,129) (5,689,042)
Other direct
expenditure (217,825) (246,461) (549,886)
------------------------------------------ ------------------------------------------ ------------------------------------------
Gross profit
before
overheads 1,136,069 1,107,919 2,759,739
Support staff
salaries (462,327) (571,964) (1,148,685)
ICT, office and
support costs (509,223) (399,094) (857,340)
------------------------------------------ ------------------------------------------ ------------------------------------------
EBITDA+ 164,519 136,861 753,714
(Earnings before interest, tax, depreciation, amortisation
and non-recurring expenditure)
Depreciation and
amortisation (140,221) (158,999) (297,345)
Professional
costs incurred
in
respect of
listing (35,625) - (89,299)
Interest
receivable and
similar
income 9,073 768 5,720
Interest payable
and similar
expenses (42,006) (27,168) (98,300)
------------------------------------------ ------------------------------------------ ------------------------------------------
(Loss)/Profit
before taxation (44,260) (48,538) 274,490
Taxation - - 6,071
------------------------------------------ ------------------------------------------ ------------------------------------------
(Loss)/Profit
for the
financial
period (44,260) (48,538) 280,561
========================================== ========================================== ==========================================
Other
comprehensive
income:
Actuarial loss
on defined
benefit
pension schemes - - (209,000)
Taxation
relating to
other
comprehensive
income - - 108,590
------------------------------------------ ------------------------------------------ ------------------------------------------
Total
comprehensive
income for
the financial
period (44,260) (48,538) 180,151
========================================== ========================================== ==========================================
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANICAL
POSITION
At At At
30 September 30 September 31 March
2023 2022 2023
(see Note 2 for Adsure Group As TIAA As TIAA
important Unaudited Unaudited Audited
information
on the basis of
the accounts
information
presented)
GBP GBP GBP
Non-current
assets
Intangible
assets 54,476 97,152 76,087
Property, plant
and equipment 284,033 408,036 302,451
Deferred tax
asset 449,536 317,186 449,536
------------------------------------------ ------------------------------------------ ------------------------------------------
788,045 822,374 828,074
Current assets
Trade and other
receivables 1,623,900 1,381,447 1,530,837
Cash and cash
equivalents 1,267,774 1,577,701 1,858,553
------------------------------------------ ------------------------------------------ ------------------------------------------
2,891,674 2,959,148 3,389,390
Current
liabilities
Trade and other
payables (1,477,424) (1,289,453) (1,576,162)
Borrowings (220,000) (221,874) (221,874)
Lease
liabilities (73,256) (161,914) (145,028)
------------------------------------------ ------------------------------------------ ------------------------------------------
(1,770,680) (1,673,241) (1,943,064)
Non-current
liabilities
Borrowings (366,667) (586,667) (487,287)
Lease
liabilities (105,012) (127,278) (59,229)
Deferred tax
liabilities (42,499) (24,810) (42,499)
Retirement
benefit
obligations (1,023,428) (1,031,918) (1,148,000)
------------------------------------------ ------------------------------------------ ------------------------------------------
(Loss)/Profit
for the
financial
period (1,537,606) (1,770,673) (1,737,015)
------------------------------------------ ------------------------------------------ ------------------------------------------
Net assets 371,433 337,608 537,385
========================================== ========================================== ==========================================
Capital and
reserves
Called up share
capital 52,912 5,124 5,124
Share premium
account - 64,109 64,109
Own share
reserve - (314) (314)
Merger reserve 16,321 - -
Retained
earnings 302,200 268,689 468,466
------------------------------------------ ------------------------------------------ ------------------------------------------
Total
comprehensive
income for
the financial
period 371,433 337,608 537,385
========================================== ========================================== ==========================================
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Share Own share Merger Retained
capital premium reserve reserve earnings Total
GBP GBP GBP GBP GBP GBP
TIAA Limited
Balances at 1
April
2022 5,124 64,109 (314) - 417,229 486,148
========================================== ========================================== ========================================== ========================================== ========================================== ==========================================
Per the audited
statutory
accounts of TIAA
Limited
Loss for the 6
months
financial
period - - - - (48,538) (48,538)
Other
comprehensive
income for
period - - - - - -
Dividends - - - - (100,002) (100,002)
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------
Balances at 30
September
2022 5,124 64,109 (314) - 268,689 337,608
========================================== ========================================== ========================================== ========================================== ========================================== ==========================================
Per the
unaudited
TIAA management
reports
Profit for the 6
months
financial
period - - - - 329,098 329,098
Other
comprehensive
income for
period - - - - (100,410) (100,410)
Dividends - - - - (28,911) (28,911)
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------
Balances at 31
March
2023 5,124 64,109 (314) - 468,466 537,385
========================================== ========================================== ========================================== ========================================== ========================================== ==========================================
Per the audited
statutory
accounts of TIAA
Limited
Loss for the 6
months
financial
period - - - - (44,260) (44,260)
Other
comprehensive
income for
period - - - - - -
Dividends - - - - (115,445) (115,445)
Share
redemptions
in TIAA prior
to Adsure
exchange - - 314 - (6,561) (6,247)
Merger of Adsure
via
share-for-share
exchange 47,788 (64,109) - 16,321 - -
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------
Balances at 30
September
2023 52,912 - - 16,321 302,200 371,433
========================================== ========================================== ========================================== ========================================== ========================================== ==========================================
Per the
unaudited
TIAA management
reports
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2023 2022 2023
(see Note 2 for Adsure Group As TIAA As TIAA
important Unaudited Unaudited Audited
information
on the basis of the
accounts
information
presented)
GBP GBP GBP
Cash flows from
operating activities
(Loss)/Profit for
the period (44,260) (48,538) 280,561
Adjustments for:
Taxation - - (6,071)
Finance costs 42,006 27,168 98,300
Investment income (9,073) (768) (5,720)
Amortisation and
depreciation 140,221 158,999 297,346
------------------------------------------ ------------------------------------------ ------------------------------------------
Operating cash flow
before working
capital changes 128,894 136,861 664,416
Movements in working
capital:
Decrease/(increase)
in trade
and other
receivables (83,580) (122,876) (272,266)
Increase/(decrease)
in trade
and other payables (95,728) (117,180) 166,490
Contributions to
defined benefit
pensions (136,072) (129,082) (257,000)
------------------------------------------ ------------------------------------------ ------------------------------------------
Cash generated
from/(consumed
in) operations (186,486) (232,277) 301,640
Interest and similar
costs paid (30,506) (27,168) (63,300)
Tax paid/(refunded) - 64,183 65,349
------------------------------------------ ------------------------------------------ ------------------------------------------
Net cash
inflow/(outflow)
from
operating
activities (216,992) (195,262) 303,689
Investing activities
Purchase of
property, plant and
equipment (19,750) (16,501) (88,942)
Interest received 9,073 768 5,720
------------------------------------------ ------------------------------------------ ------------------------------------------
Net cash used in
investing
activities (10,677) (210,995) (83,222)
Financing activities
Repayment of
borrowings (122,493) (122,494) (220,000)
Repayment of lease
liabilities (106,431) (111,365) (135,558)
Dividends paid (115,445) (100,002) (128,913)
Share redemptions in
TIAA prior
to Adsure exchange (18,741) - -
------------------------------------------ ------------------------------------------ ------------------------------------------
Net cash used in
financing
activities (363,110) (333,861) (484,471)
------------------------------------------ ------------------------------------------ ------------------------------------------
Net decrease in cash
and cash
equivalents (590,779) (544,856) (264,004)
========================================== ========================================== ==========================================
Cash and cash
equivalents at
beginning of period 1,858,553 2,122,557 2,122,557
------------------------------------------ ------------------------------------------ ------------------------------------------
Cash and cash
equivalents at
end of period 1,267,774 1,577,701 1,858,553
========================================== ========================================== ==========================================
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 GENERAL INFORMATION
Adsure Services PLC ("the Company"), Registered Number:
14514054, is a public company, limited by shares, and incorporated
and domiciled in the United Kingdom. The Company was incorporated
on 29 November 2022 and was listed on the Aquis Growth Market
(AQSE: ADS) on 30 October 2023.
The address of its registered office and the principal place of
business are located at Artillery House, Fort Fareham, Newgate
Lane, Fareham, PO14 1AH.
2 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
These consolidated interim results (Interim Financial
Statements) of Adsure Services PLC comprise the results of the
Group for the 6 months ended 30 September 2023.
The Interim Financial Statements are presented in Sterling,
which is the functional currency of the company. Monetary amounts
in these Interim Financial Statements are rounded to the nearest
GBP.
2.1 Accounting convention
The Interim Financial Statements included in this half-yearly
financial report have been prepared in accordance with UK adopted
International Accounting Standard 34, Interim Financial Reporting
and the Disclosure and Transparency Rules of the Financial Conduct
Authority, except for as noted in 2.3, in relation to the
comparatives not being directly comparable. The annual financial
statements of the Group will be prepared in accordance with UK
adopted International Financial Reporting Standards.
These Interim Financial Statements do not constitute statutory
accounts within the meaning of section 434(3) of the Companies Act
2006 and should be read in conjunction with the financial
statements prepared for TIAA Limited for the twelve months ended 31
March 2023, which were prepared in accordance with International
Financial Reporting Standards (IFRS) and are filed with Companies
House.
The information presented for the 6-month period ended 30 June
2023 (and comparatives presented for the 6-month period ended 30
June 2022) have not been audited.
2.2 Merger accounting basis (Business combination)
On 6 September 2023, the Company acquired the entire issued
share capital of TIAA Limited (together "the Group") via a
share-for-share exchange.
The insertion of the Company as a holding company on top of the
pre-existing trading entity, TIAA Limited ("TIAA") does not
constitute a business combination under IFRS 3 Business
Combinations. This transaction has been deemed to be a merger in
line with guidance from the Interpretations Committee (IFRIC) and
as such the consolidated accounts for the Group are treated as a
continuation of the accounts of TIAA.
Under the principles of merger accounting (continuation
accounting) the consolidated financial statement of the newly
formed Group must reflect:
-- The assets and liabilities of TIAA as pre-combination carrying amounts.
-- The retained earnings and other equity balance of TIAA at pre-combination carrying amounts.
-- The assets and liabilities of the Company at fair value.
-- The share capital of the Company.
The consolidated reserves of the Group have been adjusted in the
current period following the share-for-share exchange to reflect
the share capital of the Company with the difference giving rise to
a merger reserve.
2.3 Comparatives not directly comparable
The Interim Financial Statements include comparative information
on the performance of TIAA for its 6 months ended 30 September
2022. This information is derived financial year 2022/23 accounts
which were audited under IFRS. The management reports at the time,
were still being prepared by TIAA's management using UK GAAP (in
accordance with FRS 102) and was not fully in accordance with the
measurement basis per UK adopted IFRS, which is the accounting
framework TIAA applied to its statutory financial statements for
its year ended 31 March 2023.
2.4 Going concern
At the time of approving the financial statements, the
directors, after considering all available information about the
future, making enquiries and reviewing the forecasts and
projections, have a reasonable expectation that the company has
adequate resources to continue in operational existence for the
foreseeable future and to discharge its liabilities as they fall
due for a period covering at least twelve months from the date of
the approval of the financial statements. Thus, the directors
continue to adopt the going concern basis of accounting in
preparing the financial statements.
2.5 Revenue
Revenue is recognised to the extent that the Group obtains the
right to consideration in exchange for its performance. Revenue is
measured at the fair value of the consideration receivable for the
performance provided in the period, excluding VAT.
Revenue is recognised over time if the contract with the
customer ensures the Group is entitled to payment for its
performance to date throughout the contract period, otherwise
Revenue is recognised at a point in time as the company satisfies
the performance obligations by providing the specific services to
its customer, typically on delivery of reports to the customer.
The Group recognises contract liabilities for consideration
received in respect of unsatisfied performance obligations and
reports these amounts within creditors. Similarly, if the company
satisfies a performance obligation before it receives the
consideration, the company recognises either a contract asset or a
receivable within debtors.
In obtaining these contracts with customers, the Group incurs a
number of incremental costs directly attributable to the planning
and necessary performance of the contract. In accordance with IFRS
15 these contract costs are capitalised within contract assets and
amortised over the performance of the contract.
2.6 Intangible assets
Intangible assets comprise software and development costs, are
costs capitalised in respect of the development of the company's
'Assure' management system. Assure is designed to provide the
company with better monitoring capabilities of the performance of
the company's contracts, and to assist in its audit delivery.
Included within the costs capitalised are labour costs that are
directly attributable to bringing the Assure management system into
working condition for its intended use. Initial capitalisation of
costs was based on management's judgement that technical economic
feasibility was confirmed. Management also determines the period
over which intangible asset is then amortised straight line over on
its expected useful life of 2-4 years from commencement of its
use.
2.7 Property, plant and equipment
Property, plant and equipment are initially measured at cost and
subsequently measured at cost or valuation, net of depreciation and
any impairment losses.
Depreciation is recognised so as to write off the cost or
valuation of assets less their residual values over their useful
lives on the following bases:
Fixtures, fittings & equipment Straight line over 3 years
Computer equipment Straight line over 2 to 5 years
Right-of-use assets - Vehicles Straight line over the lease
period (typically 3-4 years)
Right-of-use assets - Properties Straight line over the lease period
2.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks and other short-term liquid investments with
original maturities of three months or less.
2.9 Trade and other receivables
Trade and other receivables are stated at estimated realisable
value after each debt has been considered individually . Where the
payment of a debt becomes doubtful a provision is made and charged
to the income statement.
2.10 Trade and other payables
Trade and other payables are recognised initially at the
transaction price and subsequently measured at amortised cost using
the effective interest method.
2.11 Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
Current tax
The Group's liability for current tax is calculated using tax
rates that have been enacted by the reporting period date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit and is accounted for using the
balance sheet liability method.
The carrying amount of deferred tax assets is reviewed at each
reporting end date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered.
2.12 Retirement benefit schemes
The Group makes payments to defined contribution pension schemes
in respect of its employees, and also participates in certain
defined benefit pension schemes.
Defined contribution pensions
Payments to defined contribution retirement benefit schemes are
charged as an expense as they fall due.
Defined benefit pensions
The cost of providing benefits under defined benefit plans is
determined separately for each plan using the projected unit credit
method and is based on actuarial advice.
The net defined benefit pension asset or liability in the
balance sheet comprises the total of the present value of the
defined benefit obligation (using a discount rate based on high
quality corporate bonds), less the fair value of plan assets out of
which the obligations are to be settled directly. Fair value is
based on market price information, and in the case of quoted
securities is the published bid price.
The actuary's remeasurement of the defined benefit plan, is
performed annually, for the purpose of its valuation and disclosure
in the statutory accounts prepared to 31 March each year. Hence the
value of the Retirement benefit obligations has not been remeasured
within the Interim Financial Statements.
2.13 Leases
Leases are accounted for in accordance with IFRS 16. Where a
tangible asset is acquired through a lease, the company recognises
a right-of-use asset and a lease liability at the lease
commencement date. Right-of-use assets are included within
property, plant and equipment, initially measured at cost, and
subsequently depreciated on a straight-line basis over the lease
term. The lease liability is measured at the present value of the
lease payments that are unpaid at the commencement date, discounted
using the interest rate implicit in the lease.
3 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated using the weighted
average number of shares adjusted to assume the conversion of all
dilutive potential ordinary shares.
Underlying EPS is calculated using underling EBITDA (earnings
before interest, tax, depreciation, amortisation and non-recurring
expenditure), which excludes costs relating to the Listing on Aquis
Stock Exchange.
The calculation is based on Adsure share capital, as all TIAA
shares were acquired on a share-for-share basis on 6 September
2023.
Weighted
average Earnings
Earnings no. of shares per share
Earnings attributable to ordinary shareholders
for the
6 months GBP
ended 30
September
2023 No. Pence
Basic
earnings
per share (44,260) 10,582,440 (0.4p)
Diluted EPS
No dilutive
securities
in effect (44,260) 10,582,440 (0.4p)
Underlying
EPS
Adjusted
earnings
(EBITDA+) 164,518 10,582,440 1.6p
========================================== ========================================== ==========================================
6 months GBP
ended 30
September
2022 No. Pence
Basic
earnings
per share (48,538) 10,582,440 (0.5p)
Diluted EPS
No dilutive
securities
in effect (48,538) 10,582,440 (0.5p)
Underlying
EPS
Adjusted
earnings
(EBITDA+) 136,861 10,582,440 1.3p
========================================== ========================================== ==========================================
12 months GBP
ended 31
March 2023 No. Pence
Basic
earnings
per share 280,561 10,582,440 2.7p
Diluted EPS
No dilutive
securities
in effect 280,561 10,582,440 2.7p
Underlying
EPS
Adjusted
earnings
(EBITDA+) 753,714 10,582,440 7.1p
4 SHARE CAPITAL
On 6 September 2023, in line with the signed share transfer
agreement, Adsure Services PLC acquired all of the issued share
capital in TIAA Limited, comprising 96,204 Ordinary A shares of 5p
each, for total consideration of GBP52,912 settled by the issue of
10,582,430 Ordinary shares of 0.5p each.
The Company's issued share capital at 30 September 2023
comprises 10,582,440 Ordinary shares of 0.5p each.
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December 11, 2023 02:00 ET (07:00 GMT)
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