TIDMDOTD
RNS Number : 4626D
dotDigital Group plc
03 March 2022
3 March 2022
Dotdigital Group plc
("Dotdigital" or the "Group")
Interim results for the six months ended 31 December 2021
Dotdigital Group plc (AIM: DOTD), the leading 'SaaS' provider of
an omnichannel marketing automation and customer engagement platform,
announces its unaudited interim results for the six months ended
31 December 2021 ("H1 2022").
Financial Highlights -- Organic revenue up by 10% to GBP30.9m (H1 2021: GBP28.2m) driven by growth in
sales from both
new and existing customers
* Recurring revenue as a percentage of total revenue
increased to 94% ( 30 June 2021: 93%)
* Monthly ARPC(1) up by 19% to GBP1,422 per month (H1
2021: GBP1,196 per month)
-- Adjusted EBITDA(2) grew 17% to GBP12.2m (H1 2021: GBP10.5m) and adjusted
operating profit(3)
grew 17% to GBP8.9m (H1 2021: GBP7.6m)
-- R&D continues to underpin Dotdigital's growth strategy, with recurring
revenues from enhanced
product functionality growing by 22% to GBP10.8m (H1 2021: GBP8.9m)
-- Strong net cash balance as of 31 December 2021 of GBP40.0m (30 June 2021:
GBP32.0m)
Operational Highlights -- International revenue increased by 4% to GBP9.7m (H1 2021: GBP9.3m), with
international sales
representing 31% to total revenue (H1 2021: 33%)
-- Strengthening of strategic partnerships in both ecommerce and CRM, with sales
through connectors
increasing by 9% to GBP13.9m (H1 2021: GBP12.8m)
-- Significant enhancements, such as single customer view and program analytics
and reporting,
to the Dotdigital platform, driving new growth opportunities and deepen
existing customer
relationships
Current Trading and Outlook -- Unwinding of customer buying behaviour in post-lockdown environment, with
reduced growth in
demand for SMS, and macro headwinds affecting international activities as
previously highlighted.
The Board now expects full year revenue growth to be slower than previous
expectations during
the current and future financial years
-- The Group is committed to investing in its people and its culture, in an
increasingly competitive
global labour market, in order to continue to achieve year on year revenue
growth
Milan Patel, CEO of Dotdigital, commented:
"The Group delivered a first half performance of strong growth and
profitability driven by new customer wins and expanded use of the
platform across the existing customer base. Our consistent strategy
continues to support our growth ambition in what is a significant
market opportunity.
"Although we appear to be moving away from the worst of the pandemic,
it triggered a dramatic acceleration in organisations' adoption
of digital marketing that is set to endure, and the strength of
our platform puts us in an ideal position to benefit from that trend.
Whilst we continue to navigate through market challenges, particularly
related to hiring, and adjust to a post-lockdown environment, the
Board is committed to investing in our teams in line with the growth
opportunity available, supported by a strong financial position
and recurring SaaS business model."
Investor Presentation : https://www.dotdigitalgroup.com/events-presentations/
Live presentation to investors: Management will host a live presentation
to investors via the Investor Meet Company platform on 4 March at
4pm UK time. Investors who already follow Dotdigital on the platform
will automatically be invited, others are invited to register in
advance via the following link: https://www.investormeetcompany.com/dotdigital-group-plc/register-investor
.
Notes
1. ARPC means Average Revenue Per Customer (including new customers
added in period and existing customers)
(2. EBITDA is earnings before interest, tax, depreciation and amortization
and adjusted for acquisition costs and share-based payments)
(3. Operating profit is adjusted for acquisition costs and share-based
payments)
For further information please contact:
Dotdigital Group plc Tel: 020 3953 3072
Milan Patel, CEO InvestorRelations@dotdigital.co
m
Alma PR (Financial PR) Tel: 020 3405 0210
Hilary Buchanan dotdigital@almapr.co.uk
David Ison
Kieran Breheny
Canaccord Genuity (Nominated Advisor Tel: 020 7523 8000
and Joint Broker)
Bobbie Hilliam
Georgina McCooke
Jonathan Barr, Sales
finnCap (Joint Broker) Tel: 020 7220 0500
Stuart Andrews, Corporate Finance
Alice Lane, ECM
Rhys Williams, Sales
Singer Capital Markets (Joint Broker) Tel: 020 7496 3000
Shaun Dobson, Head of Corporate Finance
Alex Bond, Corporate Finance
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION
OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED
TO BE IN THE PUBLIC DOMAIN.
OPERATIONAL REVIEW
Introduction
For the first half period the Group delivered solid growth in a
more normalised trading environment against a strong comparative
period in the prior year. The marketing industry's march towards
digital continues at pace, and while the mix of channel usage ebbs
and flows, our omnichannel offering positions us well to capture
the full range of opportunities it presents.
The focus in the first half of 2022 has been on cementing our position
as one of the leading marketing automation platforms through enhancing
the functionality of our Engagement Cloud, deepening our strategic
partnerships and hiring exciting talent to build demand across our
territories among both new and existing customers.
We continue to be trusted by household names to help them engage
with and get closer to their audiences. In the period, we signed
Warner Bros, Sunderland Football Club, and the British Dental Association
as new customers, and the pipeline for the second half remains healthy.
We continue to invest in product innovation, geographic expansion
and strategic partnerships - the three components of our growth
strategy - to grow our share of the market while protecting our
strong margins. Demand for our platform is growing globally, underpinned
by a robust, pureplay SaaS model, which provides high-quality and
highly visible recurring revenues.
Current Trading and Outlook
Trading in the first half of the year, which delivered 10% growth
and strong profitability, reflects a period of more normalised trading
following a spike in one-off pandemic related SMS activity in the
prior year. This trend has continued with the emergence from lockdown
in EMEA accelerating post period end, and while our core offering
has made an encouraging start to the second half, we have seen a
further softening of transactional based SMS of which we will see
the full impact next financial year.
In addition, we are seeing a lag in US growth due to the impact
of a challenging labour market on our pace of recruitment and retention.
In the US we have put in place a new management structure and team
to support the region, which will start contributing through the
second half of the year.
As a result of the above, the Board anticipates revenue for the
full year to show growth in the range of 7 - 8%, slightly below
current expectations. Whilst our operating margin at the half year
is higher than normal levels, we expect this to be in the region
of 20 - 22% margin by the end of the year as we accelerate our investment
in our teams due to wage inflation and strengthen our international
operations. This investment in talent and the actions taken as described
above, positions us well for continued revenue growth in the next
financial year and beyond.
We appear to be moving away from the worst of the pandemic, yet
the acceleration in organisations' adoption of digital marketing
triggered is set to endure, and the strength of our platform puts
us in an ideal position to benefit from that trend. There remain
industry-wide pressures to overcome, but they don't detract from
the confidence we have in continuing to make significant strides
forward with each period that passes. We continue to grow our presence
in key territories around the world, developing a product that meets
the changing needs of marketeers while strengthening the organisational
infrastructure that underpins it.
Market
The shift from traditional to digital marketing is a long-term trend,
dramatically accelerated by the pandemic as organisations quickly
grew to rely on digital channels from both a customer retention
and acquisition perspective. At the same time, we have seen a marked
increase in demand for a more sophisticated approach, as marketeers
recognise the step change in ROI possible from developing more targeted
and personalised campaigns based on increasingly rich data sets.
This is evident in the continued adoption of channels in addition
to email, which remains the most widely used means of engagement,
and strong growth in functionality recurring revenue seen in the
period.
As a result of the pandemic and the increased frequency and depth
of engagement, organisations have grown their contact bases, and
the audiences now expect a personalised end-to-end experience; a
trend that will persist long after Covid-related restrictions ease.
We have developed Dotdigital's platform to provide marketeers with
everything they need to meet these expectations and more, from highly
customisable user experiences to the most advanced analytics on
the market, ensuring every campaign and touchpoint is memorable
and feeds back data to drive continuous ROI enhancements.
We continue to see digital marketing grow as a percentage of overall
revenue spend and expect to see organisations in those industries
worst affected by the pandemic such as travel continue to increase
their budgets as they ramp back up.
As the world moves towards a point where there is acceptance of
Covid as part and parcel of normal life, organisations will adapt
their strategies accordingly, but their reliance on marketing automation
will continue to grow apace and the strength of our offering puts
us in a strong position to capitalise.
Strategy
The Group's strategy has organic growth at its core, centred around
three strategic pillars: international diversification, expanded
market reach through partnership relationships, and continuous product
innovation.
Geographic expansion
Organic international revenue increased by 4% to GBP9.7m (H1 2021:
GBP9.3m) in the period, with international sales contributing 31%
to total revenue (H1 2021: 33%).
EMEA
EMEA showed solid revenue growth of c.10% in the period to GBP23.6m
(H1 2021: GBP21.5m).
The Group continues to see growing demand in the region for its
omnichannel capability, as marketeers increase their focus on relevancy
and personalisation to provide the best possible customer experience.
As international travel is now opening, our teams have started to
meet customers face to face and build further pipeline through the
partner and sales teams.
People was a major focus in EMEA across the period. We continued
to: invest in our customer success team, which is already having
a tangible, positive impact on retention; strengthen our partnership
team to deepen relationships and drive greater reach into their
respective customer bases; and broaden our agency and technology
partner ecosystem, helping to build 'top of funnel' lead generation
demand.
North America
Revenues from North America grew organically by c.3% to $6.5m (H1
2021: $6.3m).
The recruitment of talent and expanding the employee base is key
to improving growth rates within the region. In a challenging labour
market with high levels of wage inflation, the Directors continue
to focus on strengthening the management team in the region, most
recently with the hire of a new VP of Growth and VP of Customer
Success. Whilst investment in management bandwidth will take time
to flow through to the financial results, this provides us with
the right structure to support future growth. With the addition
of more customer success specialists to support growth and consultants
to help drive increased uptake of our platform from upper-tier mid-market
companies and larger enterprises, and plans to further strengthen
our senior team, our prospects for the territory remain strong.
APAC
APAC revenue grew organically by c.27% to AUS$4.4m (H1 2021: AUS$3.5m).
The Group's Japan office is now operational and uptake of the platform
in Singapore has been encouraging. The Group has continued to develop
its presence in Australia despite the challenges posed by lockdowns.
As our newest region, the focus in APAC continues to be building
our teams on the ground, deepening relationships with strategic
partners, and driving brand awareness.
The Group continues to navigate various cost pressures, particularly
regarding hiring, across all regions but is confident of actions
being taken by management to support the Group's geographic expansion
strategy in the second half and beyond.
Strategic partnerships
The Group continues to broaden and deepen its partnership relationships,
amplifying the Group's market reach beyond its direct sales channel.
A strategic technology partner for the Group is defined as a partner
where our customer using that technology integration has the potential
to represent or accounts for 10% of Group revenue. This strategic
partnership model is complemented by a broader general partner referral
network which includes over 200 active global partners. A core focus
of the strategic partnership network is forging connectors into
both ecommerce and CRM platforms, with the aim of building brand
awareness as we push out into international markets.
Sales through connectors into our strategic partners increased by
9% to GBP13.9m (H1 2021: GBP12.8m). Magento connector revenue grew
6%, Shopify connector revenue grew by 47% and MS Dynamics connector
revenue grew by 3% compared to the same period in the previous year.
While the Group works through pressures in the US, it continues
to build on its work with its strategic partners, both in the ecommerce
and CRM platform space, to drive brand awareness across their customer
bases through joint go to market plans. In H1, the Group increased
its investment in adding new channel managers into its international
operations, building on the strong relationships it has with its
agency and technology partners that operate within the ecosystem.
The pipeline continues to build as we move through the second half,
with the Group now also exploring opportunities to expand its strategic
partner base and further diversify its revenues into areas such
as service clouds, as is evident with the recent Zendesk Sell integration.
Product innovation
The Group's growth is supported by a focussed R&D investment programme
which continues to drive value for both our new and existing customers.
Recurring revenue from enhanced product functionality and upgrades
increased 22% to GBP10.8m. The key areas of investment for the Group
remain: enhancing our customer data and experience platform capabilities;
data visualisations through reporting and analytics; deeper integrations
with new and existing technology partners; and our user experience
of the platform.
During the period we invested GBP3.4m in R&D, underpinning management's
commitment to continuous product innovation. Our focus for product
innovation centres around the key areas of:
* Data and intelligence - joining all data together to
create a single customer view and help our customers
better personalise their campaigns and be relevant
* Marketing automation - harnessing artificial
intelligence (AI) and machine learning across
targeted parts of the platform's architecture,
informed by our customers' needs and requirements to
give efficiencies to time-poor marketeers
* Building out further omni-channel functionality to
Engagement Cloud to assist businesses through the
full customer journey at every touch point they have
with their customers
During the period we introduced single customer view, giving marketeers
and merchants a holistic, real-time view of their customer data
and interactions. We also released new program analytics and reporting,
empowering marketeers to optimise their customer journeys. New segment
analytics provide our customers additional insight into marketing
and commerce audiences, and we were the first to market with a toolkit
to help customers mitigate the impact of iOS 15 and mail privacy
protections. We also, developed new data integrations with Zoom
Webinar, Zendesk Sell, Oracle Netsuite and Shopware 6, expanding
our addressable market and providing customers with greater functionality.
M&A
To support the Group's organic growth strategy, the Board continues
to evaluate the market for complementary acquisitions, backed by
the Group's robust financial position. The Board's acquisition strategy
is focused on set criteria, being: synergy technology for new revenue
streams; bolt-on functionality to accelerate platform development,
new talent acquisition and the expansion of expertise, and extension
of the customer base in strategic territories.
People
Our success to date is solely down to the highly talented team we
have built at Dotdigital. We have built a special culture around
empowering colleagues to make decisions, recognising that everyone
plays an important role in helping us reach our growth ambitions
and giving them the freedom to express themselves. The togetherness
this creates has again paid dividends in the first half, as we continued
to meet challenges head on while driving the business forwards.
On behalf of myself and the Board I would like to thank everyone
at Dotdigital for their continued hard work and dedication.
As announced on 25 February 2022, Chief Financial Officer Paraag
Amin has informed the Board of his intention to step down as an
Executive Director of the Company, effective as of 31 March 2022.
The Company has appointed Spencer Stuart to conduct a formal search
process will update shareholders in due course. We thank Paraag
for his valuable contribution and wish him well in his future endeavours.
To continue to grow and increase our presence around the world,
we need to continue to hire and retain exceptional individuals and
invest in our talent. We have continued to bolster our product development
teams and sales teams while bringing in highly experienced customer
success professionals and continue to work hard to attract more
senior talent to help us realise our vision.
FINANCIAL REVIEW
Revenue
Revenue during the period grew 10% to GBP30.9m from GBP28.2m in
H1 2021. This performance was driven primarily by new customer wins
and existing customer growth.
Recurring revenue represents c.94% of revenues, improving visibility
on future revenues. Enhanced functionality revenue (which includes
licence fees and bolt-on functionality) grew 22% to GBP10.8m from
GBP8.9m in H1 2021.
International revenue was 31% of total sales in the period, from
33% in H1 2021. Of that, revenues were up 3% in the US to $6.5m
(H1 2021: $6.3m), and up 27% in APAC to AUS$4.4m (H1 2021: AUS$3.5m).
EMEA revenues grew 10% in the period to GBP23.6m (H1 2021: GBP21.5m).
During the period ARPC(3) increased by 19% to GBP1422 per month
(H1 2021: GBP1196 per month).
EBITDA
We achieved an adjusted EBITDA(1) margin of 40% and an adjusted
operating profit margin of 29% in the first half, which was in line
with management expectations. The adjustments include a share-based
payment charge of GBP0.22m and exceptional costs of GBP0.06m.
Balance Sheet & Cash Position
Dotdigital continues to generate strong cash flow from its Engagement
Cloud operations with an interim period end net cash balance of
GBP40.0m.
The Group continues to prioritise product development and during
the period spent GBP3.4m on development (compared to GBP3.1m in
H1 2021).
Dividend Policy
A dividend of 0.86p per ordinary share (2021: 0.83p) was proposed
by the Company at the time of its Final Results in November last
year, demonstrating a commitment from the Board to deliver value
by focusing on total shareholder return. This dividend was approved
by shareholders at the Annual General Meeting on 22 December 2021
and paid on 31 January 2022.
The Group will continue to conduct a full dividend review at year
end; therefore, in line with previous years the Board is not proposing
an interim dividend.
Dotdigital Group Plc
Consolidated Income Statement
For the six months ended 31 December 2021
------------------------------------------------------------------------------------
Restated*
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 June
2021 2020 2021
Unaudited Unaudited Audited
Note GBP'000s GBP'000s GBP'000s
Continuing operations
Revenue from contracts with
customers 4 30,911 28,226 58,124
Cost of sales (5,541) (5,067) (10,356)
---------- ---------- -----------
Gross profit 4 25,370 23,159 47,768
Administrative expenses (16,470) (15,583) (34,089)
Share based payments (222) (344) (625)
Exceptional costs** (60) (68) (188)
---------- ---------- -----------
Operating profit from continuing
operations 8,618 7,164 12,866
Finance income 16 16 20
Finance costs (30) (41) (74)
---------- ---------- -----------
Profit before income tax from
continuing operations 8,604 7,139 12,812
Income tax expense (1,825) (815) (1,322)
---------- ---------- -----------
Profit for the period from
continuing operations 6,779 6,324 11,490
---------- ---------- -----------
Discontinuing operations
Loss for the period from discontinued
operations - (424) (899)
Profit for the period attributable
to the owners of the Company 6,779 5,900 10,591
========== ========== ===========
Earnings per share from all operations (pence per share)
Basic 6 2.27 1.98 3.55
Diluted 6 2.23 1.95 3.50
Adjusted basic 6 2.36 2.11 3.82
Adjusted diluted 6 2.32 2.08 3.76
* Restated see note 11
** The exceptional costs relate to amortisation of technology
and in the prior year to amortisation of technology and acquisition
costs of Comapi.
Dotdigital Group Plc
Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2021
---------------------------------------------------------------------------------------------------------
Restated*
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 June
2021 2020 2021
Unaudited Unaudited Audited
Note GBP'000s GBP'000s GBP'000s
Earnings per share from continuing operations (pence per share)
Basic 6 2.27 2.12 3.85
Diluted 6 2.23 2.09 3.79
Adjusted basic 6 2.36 2.26 4.12
Adjusted diluted 6 2.32 2.22 4.06
Earnings per share from discontinued operations (pence per share)
Basic 6 - (0.14) (0.30)
Diluted 6 - (0.14) (0.30)
Adjusted basic 6 - (0.14) (0.30)
Adjusted diluted 6 - (0.14) (0.30)
Dotdigital Group Plc
Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2021
---------------------------------------------------------------------------------------------
Restated*
6 months 6 months 12 months
to 31 Dec to 31 to 30 June
2021 Dec 2020 2021
Unaudited Unaudited Audited
note GBP'000s GBP'000s GBP'000s
Profit for the period 6,779 5,900 10,591
Other comprehensive income
Items that may be subsequently
reclassified to
profit and loss:
Exchange differences on translating
foreign operations 29 (79) (87)
---------- ---------- -----------
Total comprehensive income attributable
to:
Owners of the parent 4 6,808 5,821 10,504
Total comprehensive income for
the year
Comprehensive income from continuing
operations 6,808 6,245 11,403
Comprehensive income from discontinued
operations - (424) (899)
========== ========== ===========
Dotdigital Group Plc
Consolidated Statement of Financial Position
For the six months ended 31 December 2021
-------------------------------------------------------------------
Restated*
Note As at As at As at
31 Dec 31 Dec 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Assets
Non-current assets
Goodwill 9,680 9,680 9,680
Intangible assets 16,749 14,893 16,134
Property, plant and equipment 639 722 649
Right-of-use asset 2,983 3,805 3,323
---------- -------------- ---------
30,051 29,100 29,786
---------- -------------- ---------
Current assets
Trade and other receivables 12,838 13,253 13,350
Cash and cash equivalents 40,035 27,556 31,951
---------- -------------- ---------
52,873 40,809 45,301
---------- -------------- ---------
Total assets 4 82,924 69,909 75,087
========== ============== =========
Equity attributable to the owners of the
parent
Called up share capital 8 1,494 1,493 1,494
Share premium 7,124 6,967 7,124
Reverse acquisition reserve (4,695) (4,695) (4,695)
Other reserves 3,829 2,087 3,066
Retranslation reserve (8) (29) (37)
Retained earnings 60,863 50,883 54,081
---------- -------------- ---------
Total equity 68,607 56,706 61,033
========== ============== =========
Dotdigital Group Plc
Consolidated Statement of Financial Position
For the six months ended 31 December 2021
------------------------------------------------------------------
Restated*
As at As at As at
31 Dec 31 Dec 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Liabilities
Non-current liabilities
Lease liabilities 2,174 2,885 2,489
Deferred tax 1,451 1,365 1,207
---------- ---------- ---------
3,625 4,250 3,696
---------- ---------- ---------
Current liabilities
Trade and other payables 9,739 7,830 9,334
Lease liabilities 902 1,031 934
Current tax payable 51 92 90
---------- ---------- ---------
10,692 8,953 10,358
---------- ---------- ---------
Total liabilities 14,317 13,203 14,054
========== ========== =========
Total equity and liabilities 82,924 69,909 75,087
========== ========== =========
Dotdigital Group Plc
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2021
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Share Share Retained Other Reverse Re-translation Total
capital premium Earnings reserves acquisition Reserve
reserve
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
As at 1 July
2020 as
previously
stated 1,493 6,967 45,514 1,372 (4,695) 50 50,701
---------------- ------------ ------------------ ------------------- ---------------- --------------------- ---------------------------- ---------
Impact of
correction
of errors
(note
11) - - 141 228 - - 369
---------------- ------------ ------------------ ------------------- ---------------- --------------------- ---------------------------- ---------
Restated as
at 1 July 2020 1,493 6,967 45,655 1,600 (4,695) 50 51,070
---------------- ------------ ------------------ ------------------- ---------------- --------------------- ---------------------------- ---------
Profit for the
period - - 5,900 - - - 5,900
Retranslation
reserve - - - - - (79) (79)
Dividends - - (950) - - - (950)
Reserve
Transfer - - 278 (278) - - -
Deferred tax
on share
options - - - 421 - - 421
Share based
payments - - - 344 - - 344
------------ ------------------ ------------------- ---------------- --------------------- ---------------------------- ---------
As at 31
December
2020 1,493 6,967 50,883 2,087 (4,695) (29) 56,706
------------ ------------------ ------------------- ---------------- --------------------- ---------------------------- ---------
As at 1 January
2021 1,493 6,967 50,883 2,087 (4,695) (29) 56,706
Profit for the
period - - 4,691 - - - 4,691
Dividends - - (1,522) - - - (1,522)
Retranslation
reserve - - - - - (8) (8)
Issue of share
capital 1 157 - - - - 158
Reserve
Transfer - - 29 (29) - - -
Deferred tax
on share
options - - - 727 - - 727
Share based
payments - - - 281 - - 281
------------ ------------------ ------------------- ---------------- --------------------- ---------------------------- ---------
As at 30 June
2021 1,494 7,124 54,081 3,066 (4,695) (37) 61,033
------------ ------------------ ------------------- ---------------- --------------------- ---------------------------- ---------
As at 1 July
2021 1,494 7,124 54,081 3,066 (4,695) (37) 61,033
Profit for the
period - - 6,779 - - - 6,779
Dividends - - - - - - -
Retranslation
reserve - - - - - 29 29
Reserve
transfer - - 3 (3) - - -
Deferred tax
on share
options - - - 544 - - 544
Share based
payments - - - 222 - - 222
------------ ------------------ ------------------- ---------------- --------------------- ---------------------------- ---------
As at 31
December
2021 1,494 7,124 60,863 3,829 (4,695) (8) 68,607
============ ================== =================== ================ ===================== ============================ =========
Dotdigital Group Plc
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2021
---------------------------------------------
- Share capital is the amount subscribed for shares at nominal
value.
- Share premium represents the excess of the amount subscribed
for Share Capital over the nominal value net of the share issue
expenses.
- Retained earnings represents the cumulative earnings of the
Group attributable to equity shareholders.
- The reverse acquisition reserve relates to the adjustment
required to account the reverse acquisition in accordance with
International Financial Reporting Standards.
- Other reserves relate to the charge for the share-based
payments in accordance with International Financial Reporting
Standard 2. The reserve transfer in the period relates to lapsed
share options.
- Retranslation reserve relates to the retranslation of a
foreign subsidiary into the functional currency of the Group.
Dotdigital Group Plc
Consolidated Statement of Cash Flows
For the six months ended 31 December 2021
----------------------------------------------------------------------------------------------------
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 June
2021 2020 2021
Unaudited Unaudited Audited
note GBP'000s GBP'000s GBP'000s
Cash flow from operating activities 7 13,258 7,944 17,969
Tax paid (1,075) (982) (975)
------------ ---------- ------------------
Net cash generated from operating activities 12,183 6,962 16,994
------------ ---------- ------------------
Net cash used in continuing operating
activities 12,183 7,534 20,710
Net cash used in discontinuing operating
activities - (572) (3,716)
Cash flow from investing activities
Purchase of intangible fixed assets (3,439) (3,147) (6,870)
Purchase of property, plant and equipment (162) (57) (169)
Proceeds from sale of property, plant
and equipment - - 2
Interest received 16 16 20
------------ ---------- ------------------
Net cash used in investing activities (3,585) (3,188) (7,017)
------------ ---------- ------------------
Net cash used in continuing investing
activities (3,585) (3,188) (7,017)
Net cash used in discontinuing investing
activities - - -
Cash flows from financing activities
Equity dividends paid - (950) (2,472)
Payment of leasing liabilities (543) (572) (1,182)
Proceeds from share issues - - 158
------------ ---------- ------------------
Net cash used in financing activities (543) (1,522) (3,496)
------------ ---------- ------------------
Net cash used in continuing financing
activities (543) (1,492) (3,446)
Net cash used in discontinuing financing
activities - (30) (50)
Increase in cash and cash equivalents 8,055 2,252 6,481
============ ========== ==================
Cash and cash equivalents at beginning
of period 31,951 25,383 25,383
Effect of foreign exchange rate changes 29 (79) 87
Cash and cash equivalents at end of
period. 40,035 27,556 31,951
============ ========== ==================
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. GENERAL INFORMATION
Dotdigital Group Plc is a company incorporated in England and Wales and
quoted on the AIM market.
2. BASIS OF INFORMATION
These consolidated interim financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS") as
adopted by the UK and on a historical basis, using the accounting policies
which are consistent with those set out in the Group's annual report and
accounts for the year ended 30 June 2021. The interim financial information
for the six months to 31 December 2021, which complies with IAS 34 'Interim
Financial Reporting' has been approved by the Board of Directors on 3
March 2022.
The unaudited interim financial information for the period ended 31 December
2021 does not constitute statutory accounts within the meaning of Section
435 of the Companies Act 2006. The comparative figures for the year ended
30 June 2021 are extracted from the statutory financial statements which
have been filed with the Registrar of Companies and contain an unqualified
audit report and did not contain statements under Section 498 to 502 of
the Companies Act 2006.
3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied are consistent with those of the annual
financial statements for the year ended 30 June 2021, as described in
those financial statements.
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
4. SEGMENTAL REPORTING
The Group's single line of business is the provision of data-driven omnichannel
marketing automation. The chief operating decision maker considers the
Group's reportable segments to be by geographical location this being
EMEA, US and APAC operations and by business activity, this being core
Dotdigital and CPaaS as shown below:
Geographical revenue and results (from all
operations) 6 months to 31 December 2021
------------------------------------------------
EMEA US APAC
Operations Operations Operations Total
GBP'000s GBP'000s GBP'000s GBP'000s
Income statement
Revenue 23,644 4,885 2,382 30,911
Gross profit 18,927 4,367 2,076 25,370
Profit/(Loss) before
income tax 8,774 96 (266) 8,604
----------- ----------- ----------- ---------
Total comprehensive income
attributable to the owners
of the parent 7,046 13 (251) 6,808
=========== =========== =========== =========
Financial position
Total assets 75,743 4,670 2,511 82,924
Net current assets 36,957 3,727 1,497 42,181
=========== =========== =========== =========
Restated 6 months to 31 December 2020
------------------------------------------------
EMEA US APAC
Operations Operations Operations Total
GBP'000s GBP'000s GBP'000s GBP'000s
Income statement
Revenue 22,973 4,842 1,933 29,748
Gross profit (restated
see note 11) 17,251 4,354 1,775 23,380
Profit before income
tax 6,386 425 (96) 6,715
----------- ----------- ----------- ---------
Total comprehensive
income attributable to
the owners of the parent
(restated see note 11) 5,576 362 (117) 5,821
=========== =========== =========== =========
Financial position
Total assets 63,279 4,629 2,001 69,909
Net current assets (restated
see note 11) 26,757 3,623 1,476 31,856
=========== =========== =========== =========
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
4. SEGMENTAL REPORTING (CONTINUED...)
12 months to 30 June 2021
------------------------------------------------
EMEA US APAC
Operations Operations Operations Total
GBP'000s GBP'000s GBP'000s GBP'000s
Income statement
Revenue 47,024 9,264 4,262 60,550
Gross profit 36,878 8,241 3,864 48,983
Profit/(Loss) before
income tax 11,699 609 (294) 12,014
----------- ----------- ----------- ---------
Total comprehensive income
attributable to the
owners of the parent 10,436 379 (311) 10,504
=========== =========== =========== =========
Financial position
Total assets 71,566 3,098 423 75,087
Net current assets/(liabilities) 33,942 1,387 (386) 34,943
=========== =========== =========== =========
Business activity revenue and results from all operations
6 months to 31 December 2021
---------------------------------
Core CPaaS Total
GBP'000s GBP'000s GBP'000s
Income statement
Revenue 30,911 - 30,911
Gross profit 25,370 - 25,370
Profit/(Loss) before income tax 8,604 - 8,604
---------- ---------- ---------
Total comprehensive income attributable
to the owners of the parent 6,808 - 6,808
========== ========== =========
Financial position
Total assets 82,882 42 82,924
Net current assets/(liabilities) 42,213 (32) 42,181
========== ========== =========
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
--------------------------------------------
4. SEGMENTAL REPORTING (CONTINUED...)
Restated 6 months to 31 December
2020
-------------------------------------
Core CPaaS Total
GBP'000s GBP'000s GBP'000s
Income statement
Revenue 28,226 1,522 29,748
Gross profit (restated see note
11) 23,159 221 23,380
Profit/(Loss) before income tax 7,139 (424) 6,715
----------- ----------- -----------
Total comprehensive income attributable
to the owners of the parent (restated
see note 11) 6,245 (424) 5,821
=========== =========== ===========
Financial position
Total assets 67,069 2,840 69,909
Net current assets (restated
see note 11) 31,088 768 31,856
=========== =========== ===========
12 months to 30 June 2021
-------------------------------
Core CPaaS Total
GBP'000s GBP'000s GBP'000s
Income statement
Revenue 58,124 2,426 60,550
Gross profit 47,768 1,215 48,983
Profit/(Loss) before income
tax 12,812 (798) 12,014
--------- --------- ---------
Total comprehensive income attributable
to the owners of the parent 11,403 (899) 10,504
========= ========= =========
Financial position
Total assets 74,976 111 75,087
Net current assets 34,974 (31) 34,943
========= ========= =========
5. DIVIDS
The proposed final dividend of GBP2,563,819 for the year ended
30 June 2021 of 0.86p per share was paid on the 31 January
2022.
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
--------------------------------------------
6. EARNINGS PER SHARE
Earnings per share data is based on the consolidated profit
using the weighted average number of shares in issue of the parent
Company. Basic earnings per share are 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. Adjusted earnings per share is
based on the consolidated profit deducting the acquisition related
exceptional costs and share-based payment.
A number of non-IFRS adjusted profit measures are used in the
annual report and financial statements and in these interim
financial statements. Adjusting items are excluded from our
headline performance measures by virtue of their size and nature,
in order to reflect management's view of the performance of the
Group. Summarised below is a reconciliation between statutory
results to adjusted results. The Group believes that alternative
performance measures such as adjusted EBITDA are commonly reported
by companies in the markets in which it competes and are widely
used by investors in comparing performance on a consistent basis
without regard to factors such as depreciation and amortisation,
which can vary significantly depending upon accounting methods
(particularly when acquisitions have occurred) or based on factors
which do not reflect the underlying performance of the business.
The adjusted profit after tax earnings measure is also used for the
purpose of calculating adjusted earnings per share.
Reconciliations to earnings figures 6 months 6 months 12 months
used in arriving at adjusted earnings to 31 December to 31 December to 30 June
per share are as follows: 2021 2020 2021
From all operations GBP'000s GBP'000s GBP'000s
Profit for the year attributable to
the owners of the parent 6,779 5,900 10,591
Amortisation of acquisition-related
intangible fixed asset 60 60 120
Other exceptional costs - 8 68
Share-based payment 222 344 625
---------------- ---------------- ----------------
Adjusted profit for the year attributable
to the owners of the parent 7,061 6,312 11,404
---------------- ---------------- ----------------
Adjusted profit for the year attributable to the owners of the parent
from:
Continuing operations: 7,061 6,736 12,303
Discontinuing operations: - (424) (899)
---------------- ---------------- ------------
7,061 6,312 11,404
Management does not consider the above adjustments to reflect
the underlying business performance.
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
--------------------------------------------------------------------------------------------------
6. EARNINGS PER SHARE (CONTINUED...)
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 June
2021 2020 2021
Unaudited Unaudited Audited
All operations
Earnings per Ordinary share:
Basic (pence) 2.27 1.98 3.55
Diluted (pence) 2.23 1.95 3.50
Adjusted basic (pence) 2.36 2.11 3.82
Adjusted diluted (pence) 2.32 2.08 3.76
=========== ================ ==============
Continuing operations
Earnings per Ordinary share:
Basic (pence) 2.27 2.12 3.85
Diluted (pence) 2.23 2.09 3.79
Adjusted basic (pence) 2.36 2.26 4.12
Adjusted diluted (pence) 2.32 2.22 4.06
=========== ================ ==============
Discontinued operations
Earnings per Ordinary share:
Basic (pence) - (0.14) (0.30)
Diluted (pence) - (0.14) (0.30)
Adjusted basic (pence) - (0.14) (0.30)
Adjusted diluted (pence) - (0.14) (0.30)
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
---------------------------------------------------------------------------------------------
6. EARNINGS PER SHARE (CONTINUED...)
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Profit for the period from all
operations for the purpose of earnings
per share:
Basic 6,779 5,900 10,591
Adjusted 7,061 6,312 11,404
=========== ================ ==============
Profit for the period from
continuing
operations for the purpose
of earnings
per share:
Basic 6,779 6,324 11,490
Adjusted 7,061 6,736 12,303
=========== ================ ==============
Profit for the period from
discontinued
operations for the purpose
of earnings
per share:
Basic - (424) (899)
Adjusted - (424) (899)
=========== ================ ==============
Weighted average number of shares in issue
as follows:
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 June
2021 2020 2021
Unaudited Unaudited Audited
Weighted average number
Basic 298,778,630 298,547,645 298,598,459
Diluted 304,006,513 303,231,752 302,921,327
================ ================ ============
The adjusted profit for the period, adjusted basic earnings per
ordinary share and adjusted diluted earnings per ordinary share
exclude exceptional costs relating to share based payments GBP221,767
(2020: GBP343,920, 2021: GBP624,881), ongoing acquisition costs
of Comapi GBPnil (2020: GBP7,857, 2021: GBP68,095) and amortisation
of acquired intangibles GBP60,000 (2020: GBP60,000, 2021: GBP120,000).
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
7. RECONCILIATION OF PROFIT BEFORE CORPORATION TAX TO NET CASH
GENERATED FROM OPERATIONS
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Profit before income tax
from all operations 8,604 6,715 12,014
Adjustments for:
Depreciation 565 651 1,267
Amortisation 2,824 2,314 4,795
Exceptional costs - 8 68
Gain on disposal of fixed
assets - - (2)
Share-based payments 222 344 625
Finance lease non-cash movement 96 140 (48)
Finance expense 30 41 75
Decrease/ (increase) in trade
and other receivables 512 (266) (363)
Increase/(decrease) in trade
and other payables 405 (2,003) (462)
-------------- -------------- -----------
Net cash from operations 13,258 7,944 17,969
============== ============== ===========
8. CALLED UP SHARE CAPITAL
During the period no shares were issued.
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
----------------------------------------------------------------------------------------
9. RELATED PARTY NOTE
Transactions between the company and its subsidiaries, who are related
parties, have been eliminated on
consolidation and are not disclosed
in this note.
Key management remuneration:
Key management include Directors and non-executive
Directors
The remuneration paid for key management for employee services are
as follows:
12 months
6 months 6 months
to 31 Dec to 31 Dec to 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Aggregate emoluments 312 285 1,136
Share-based payments
on the LTIP options
granted 133 220 347
Company contributions
to money purchase
pension scheme 13 13 26
----------- ------------------ ----------------
458 518 1,509
=========== ================== ================
The end-to-end awards granted to Milan Patel and to Paraag Amin
can only be exercised at the end of a 3-year vesting period, based
on challenging absolute total shareholder return performance
targets. Under IFRS 2 Share-based payments, the Group must provide
an estimate for the costs based on a Black Scholes model valuation
each year, as if they fully paid out at the end of the performance
period in December 2020 to Milan Patel and October 2021 for Paraag
Amin. To fully vest, the Group must achieve an annual compounded
TSR of 35% over a c.3 year period. In the period, part of the
end-to-end share options awarded to Milan vested and the remainder
lapsed. A new grant was made by the remuneration committee under
the long-term incentive program with performance measures that are
based on the company's total shareholder return and earnings per
share in 2024.
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
--------------------------------------------
9.RELATED PARTY NOTE (CONTINUED...)
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
The following transactions were carried out
with related parties
Sale of services
Entities controlled by non - executive director
of the Group:
Ipswich Town Football Club 5 - 4
Epwin Group Plc - Email marketing
services 3 3 6
Cadence Performance Ltd - Email 1
marketing services - -
---------- --------------------- ---------------
8 4 10
========== ===================== ===============
Year end balances arising from
the sale of services
Entities controlled by non-executive directors
of the Group:
Ipswich Town Football Club - - 1
Epwin Group Plc - Email marketing
services - 1 1
---------- --------------------- ---------------
- 1 2
========== ===================== ===============
10. SUBSEQUENT EVENTS TO 31 DECEMBER
2021
As at the date of these statements and the date they were approved
by the Board of Directors there were no such events to report.
Copies of this interim statement are available form the Company
at its registered office at, No 1 London Bridge London, SE1 9BG.
The interim financial information document will also be available
on the Company's website www.dotdigitalgroup.com.
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
--------------------------------------------
11. PRIOR YEAR RESTATEMENT NOTE
During the year ended 30 June 2021, the Group made the decision
to modify the classification of direct marketing from cost of sales
to administrative expenses and tech infrastructure from under
administrative expenses to cost of sales, to reflect more
appropriately gross profit and gross profit margin plus also
administrative expenses under continuing operations. Comparative
amounts in the 6 months ended 31 December 2020 in the Consolidated
Income Statement have been reclassified for consistency. As a
result, GBP66,111 was reclassified from administrative expenses to
cost of sales. There has been no impact on the profit for the 6
months ended 31 December 2020 however gross profit has decreased
from GBP23,225,000 to GBP23,159,000 and administrative expenses
decreased from GBP15,649,000 to GBP15,583,000.
During the year ended 30 June 2021, the Group discovered that
the share-based payment arrangement had been erroneously recognised
in Dotdigital Group PLC instead of being recognised in the
subsidiaries in which the employees are employed. Under IFRS 2
Share-based payments, when a parent grants rights to it's equity
instruments to employees of its subsidiaries this arrangement
should be accounted for as equity-settled in the consolidated
financial statements but results in an investment being created in
the parent's own statement of financial position. Therefore, the
subsidiaries should in their own separate financial statements,
measure the services received from its employees in accordance with
the requirements of IFRS 2 applicable to equity-settled share-based
payment transactions. Thereby resulting in a corresponding increase
recognised in equity as a capital contribution from the parent.
There was no impact on the Group profit for the 6 months ended 31
December 2020.
At the year end, the Group discovered on the calculation of
deferred tax on the share options and the internally generated
development costs that this had been misallocated and miscalculated
respectively. On the misallocation of the deferred tax on the share
option under IFRS 2 Share based payment, where the final deferred
tax calculation exceeds the cumulative amount recognised as a
share-based expense in the Income statement, the maximum amount of
deferred tax income that can be recognised in the Income Statement
can only equal the total share-based payment expense. Any excess
deferred tax is recognised directly in reserves.
As for the miscalculation of deferred tax on the internally
generated development costs this is with respect to the
identification and calculation of the net book value for internally
generated development costs qualifying for research and
development, thereby impacting the deferred tax liability.
Both adjustments have impacted the prior year's profit for the 6
months ended 31 December 2020 where this has decreased from
GBP6,656,000 to GBP6,324,000. Net assets as per the consolidated of
financial position have increased from GBP56,248,000 to
GBP56,706,000.
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
--------------------------------------------
11. PRIOR YEAR RESTATEMENT NOTE continued
Consolidated Income Statement for the 6 months ended 31 December
2020
As previously
reported Adjustments As restated
GBP'000s GBP'000s GBP'000s
Continuing operations
Revenue from contracts
with customers 28,226 - 28,226
Cost of sales (5,001) (66) (5,067)
Gross profit 23,225 (66) 23,159
Administrative expenses (15,649) 66 (15,583)
Share based payments (344) - (344)
Exceptional costs (68) - (68)
-------------- ------------ ------------
Operating profit from continuing
operations 7,164 - 7,164
Finance income 16 - 16
Finance costs (41) - (41)
-------------- ------------ ------------
Profit before income tax
from continuing operations 7,139 - 7,139
Income tax expense (483) (332) (815)
-------------- ------------ ------------
Profit for the period from
continuing operations 6,656 (332) 6,324
-------------- ------------ ------------
Discontinuing operations
Loss for the year from
discontinued operations (424) - (424)
Profit for the period attributable
to the owners of the Company 6,232 (332) 5,900
-------------- ------------ ------------
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
--------------------------------------------
11. PRIOR YEAR RESTATEMENT NOTE continued
Consolidated Statement of Comprehensive Income for the 6 months
ended 31 December 2020
As previously Adjustments As restated
reported
Unaudited Unaudited Unaudited
GBP'000s GBP'000s GBP'000s
Profit for the period 6,232 (332) 5,900
Other comprehensive income
Items that may be subsequently reclassified
to
profit and loss:
Exchange differences on translating
foreign operations (79) - (79)
----------------------- -------------- ---------------
Total comprehensive income attributable
to:
Owners of the parent 6,153 (332) 5,821
Total comprehensive income for the
year
6,577 (332) 6,245
Comprehensive income from continuing
operations
Comprehensive income from discontinued
operations (424) - (424)
======================= ============== ===============
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
--------------------------------------------
11. PRIOR YEAR RESTATEMENT NOTE continued
Consolidated Statement of Financial Position as at 31 December
2020
As previously
reported Adjustments As restated
GBP'000s GBP'000s GBP'000s
Assets
Non-current assets
Goodwill 9,680 - 9,680
Intangible assets 14,893 - 14,893
Property, plant and equipment 4,527 - 4,527
-------------- ------------ ------------
29,100 - 29,100
Current assets
Trade and other receivables 13,253 - 13,253
Cash and cash equivalents 27,556 - 27,556
-------------- ------------ ------------
40,809 - 40,809
-------------- ------------ ------------
Total assets 69,909 - 69,909
============== ============ ============
Equity attributable to the owners
of the parent
Called up share capital 1,493 - 1,493
Share premium 6,967 - 6,967
Reverse acquisition reserve (4,695) - (4,695)
Other reserves 1,438 649 2,087
Retranslation reserve (29) - (29)
Retained earnings 51,074 (191) 50,883
-------------- ------------ ------------
Total equity 56,248 458 56,706
-------------- ------------ ------------
Dotdigital Group Plc
Notes to interim financial statements
For the six months ended 31 December 2021
--------------------------------------------
11. PRIOR YEAR RESTATEMENT NOTE continued
Consolidated Statement of Financial Position as at 31 December
2020
As previously
reported Adjustments As restated
GBP'000s GBP'000s GBP'000s
Liabilities
Non-current liabilities
Lease liabilities 2,885 - 2,885
Deferred tax 1,904 (539) 1,365
-------------- ------------ ------------
4,789 (539) 4,250
-------------- ------------ ------------
Current liabilities
Trade and other payables 7,830 - 7,830
Lease liabilities 1,031 - 1,031
Current tax payable 11 81 92
-------------- ------------ ------------
8,872 81 8,953
-------------- ------------ ------------
Total liabilities 13,661 (458) 13,203
============== ============ ============
Total equity and liabilities 69,909 - 69,909
============== ============ ============
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