TIDMPHD
RNS Number : 2356L
PROACTIS Holdings PLC
29 April 2020
PROACTIS Holdings PLC
Interim results for the six months ended 31 January 2020
PROACTIS Holdings PLC, the business spend management solution
provider, today announces its interim results for the six-month
period ended 31 January 2020.
Key highlights:
-- Reported revenue was GBP24.5m (31 January 2019: GBP27.7m) due
to high customer churn in prior years
-- Total Contract Value ("TCV"), excluding renewals, signed was
GBP7.5m (H1 FY2019: GBP6.1m; H2 FY2019: GBP5.2m), an increase of
44% against H2 FY2019
-- Solid new business deal activity: 29 new name deals (31 January 2019: 34)
-- Strong upsell activity with existing customers: 70 deals in
the perio d (31 January 2019: 54)
-- Annualised recurring revenue(3) ("ARR"), excluding heightened
risk accounts ("HRAs"), increased to GBP40.7m (31 July 2019:
GBP39.3m), representing 3.6% organic growth in the core
business
-- ARR including HRAs was GBP43.4m (31 July 2019: GBP44.3m)
-- Retention in the core business remain normalised and, in the HRAs, was better than expected
-- Adjusted EBITDA(1) decreased to GBP5.6m (31 January 2019:
GBP8.0m ) due to high customer churn in prior years, as mentioned
above
-- Net bank debt(2) decreased to GBP35.6m (31 July 2019: GBP36.5m)
-- Net cash flow from operating activities was GBP5.1m (31 January 2019: GBP4.4m)
Formal Sales Process ("FSP"):
-- FSP concluded on 4 March 2020 with no acceptable or firm
offers being presented to the Board
Post period end highlights:
-- TCV, excluding renewals, signed to date of GBP10.8m compared
with GBP11.3m for the whole prior financial year
-- Organic growth in buyer ARR has been maintained with a
further net GBP0.4m added to the date of this announcement
-- Retention rates have improved further across the core
business and also within the HRAs, including approximately GBP2.1m
ARR from the renewal of contracts with three of the Group's largest
customers
-- Reset banking facilities with HSBC in order to support the
Group's current business plan for the mid-term
-- bePayd deployed live to support Proactis' UK supplier base
with positive supplier response and the pipeline is building
Response to COVID-19:
-- All staff have transitioned to working from home with minimal
disruption from the COVID-19 crisis
-- Recurring revenue, long-term contract business model is
proving resilient to the short-term market uncertainty during the
early stages of the COVID-19 crisis
-- Contingency plans in place
1 - Adjusted EBITDA is stated before non-core net expenditure,
amortisation of intangible assets and share based payment charges
and Adjusted EPS is stated after the equivalent post tax effects of
Adjusted EBITDA
2 - Excludes right of use assets recognised under IFRS 16 Leases
and unsecured convertible loan notes of GBP6.5m maturing during
July 2022, August 2023 and November 2024. IFRS 16 Leases was
adopted from 1 August 2019
3 - Annualised Recurring Revenue is the Group's estimate of the
annualised value of revenue of customers currently contracted with
the Group
Tim Sykes, Chief Executive Officer, commented:
"The Group has returned to organic growth of ARR in its core
business during the period and to date as a result of improved new
business performance and customer retention which, along with a
strong pipeline build across all of the geographies that we
operate, are clear indicators that the Board's strategy is working
well.
"In addition, the technical progress on our new product, bePayd,
has been substantial and it is now ready for market and
commercialisation.
"The Group has dealt with the immediate effect of the COVID-19
crisis extremely well and the recurring revenue, long-term contract
business model is proving resilient at this stage. Our team is
performing well, remaining highly connected and there has been no
disruption to customer service. We remain vigilant to any
indicators of risk, particularly around staff welfare, deferred
pipeline build, reduced volume in transactional-priced contracts
and potential delays to implementation projects which may have a
more significant impact on the business if the crisis persists.
" "I am encouraged to have fundamentally reset our facilities
with HSBC UK, which has demonstrated its ongoing support for the
Group. This is an essential foundation to our financial strategy
and the facilities are now in line with the Group's business plan
for the mid-term.
The Group has made substantial progress during the first period
of execution of its new strategy and this has continued to improve
further after the period end. Whilst mindful of the wider economic
outlook, the Group's return to organic growth in its ARR coupled
with its forward revenue visibility, profitability and solid
financial position provides me and the Board with confidence that
the Group can now move forward confidently to execute its strategy
and realise its potential. Accordingly, at this stage, the Board
maintains its guidance for the full year outturn."
An interview with CEO Tim Sykes covering the results is
available here: https://bit.ly/PHD_H120
For further information, please contact:
Proactis Holdings PLC 01937 545070 x1115
Tim Sykes, Chief Executive Officer investorcontact@Proactis.com
Richard Hughes, Chief Financial Officer
finnCap Ltd
Stuart Andrews, Carl Holmes, Matthew Radley
- Corporate Finance
Andrew Burdis, Richard Chambers - ECM 0207 220 0500
Alma PR
Rebecca Sanders-Hewett, David Ison, Sam Modlin 020 3405 0205
Proactis@almapr.co.uk
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Notes to editors:
Proactis creates, sells and maintains software and services
which enable organisations to streamline, control and monitor all
indirect expenditure. Its solutions are used in approximately 1,100
buying organisations around the world from the commercial, public
and not-for-profit sectors.
CHAIRMAN'S AND CHIEF EXECUTIVE OFFICER'S REPORT
Strategy
The Group has a long-term strategy of building an international
business focussed on delivering best value to its customers by
enabling the digital transformation of their procurement systems
and processes through the application of the Group's software
technology and provision of its expert services. The critical
success factors in delivering this strategy are a combination of
building market relevant solutions supported by strong new business
execution teams and customer management processes designed to
sustain long-term customer relationships.
This strategy is delivered through the Group's business model
which is designed to deliver a strong financial proposition of
profitable, cash generative organic growth with a high level of
recurring revenue and visibility in a predominantly SaaS based
business model.
This strategy can be summarised as follows:
-- Maximise existing customer relationships with focussed up-selling
-- Accelerate new business performance across all territories served
-- Drive adoption of existing supplier-paid products
-- Roll-out bePayd
-- Extend supplier-paid product portfolio
The Group will also look to undertake selective M&A
activity, as and when appropriate, with a focus on complementary
customer bases, solutions and technologies.
The Group has made substantial progress in line with this
strategy which has already resulted in significantly improved new
business sales performance and also in customer retention which,
together, have delivered a return to organic growth of Annual
Recurring Revenue ("ARR") , the primary indicator of value
creation.
This focus on customer retention has enabled the Group to
deliver a strong retention performance within the heightened risk
accounts (as described in the Group's Final Results on 29 October
2019 ("2019 Final Results")) where the vast majority of ARR
scheduled for renewal during the period and to the date of this
announcement has been retained.
This progress will deliver enhanced future financial and cash
flow performance because the revenues associated with the organic
growth of ARR will largely be recognised in future periods because
of the Group's SaaS-based business model.
The Group has undertaken an operational re-organisation during
the period and has invested in its executive leadership team, new
business teams and product strategy to create a foundation for
growth which is sustainable in the short-term and can be
accelerated in the longer term if market conditions remain
attractive following the COVID-19 crisis.
The Board is cognisant of the relatively high level of net debt
and, accordingly, this potential risk has been managed by way a
fundamental reset of the Group's banking facilities as described
within the Group's announcement on 28 April 2020. These facilities
now support the Group's current business plan for the long-term and
this provides a stable financial platform for the Group to build
from.
Operational review
The Group's focus is to replicate the strong performance of its
United Kingdom and Netherlands commercial teams in each of its
French, German and United States commercial teams.
The actions arising focused on:
-- Target market segment and customer profile definition
-- Alignment of product portfolio
-- Bolstering new business capabilities
-- Focusing on retention
-- Driving growth within the existing customer base
-- Active management and leadership
-- Financial position
Target market segment and customer profile definition
The Group has historically delivered a significant level of new
business from its United Kingdom and Netherlands commercial teams
to a market segment and customer profile that is well defined
around the variables of vertical focus within the private and
public sectors, scale, complexity, existing technology stack and
the buying process of the customer. The Group's value proposition
and differentiating factors to this segment are well defined and
compelling. This approach allows for a more efficient go-to-market
strategy with an increased likelihood of success and a lower
average cost of sale and a significantly lower pipeline risk. The
Group has made a significant investment in its leadership and new
business teams to build capacity and capability to execute within
this market segment and now has a healthy pipeline of early
opportunities of this type in all of its operating territories.
Alignment of product portfolio
The Group has an extensive product portfolio as a result of its
acquisition history. Whilst many of these products are
complementary and offer substantial up-selling opportunities within
the customer base, there is a degree of overlap within some of the
Group's Spend Management solutions.
Following the shift to focus on the same specific market
segments across all of its international new business
opportunities, the Group will be able to better leverage its
solution portfolio without detriment to existing customer
experience. The Group is going through a programme to rationalise
its product portfolio in order to make best use of internal
resources whilst continuing to deliver the same level of service to
customers. Total cash spent on product development reduc ed to
GBP4.1m for the six-month period ended 31 January 2020 (six month
period ended 31 July 2019: GBP4.3m).
Bolstering new business capabilities
The Group has completed the transition of its new business teams
in France, Germany and United States, and is now focussing its
marketing and business development activities on this same market
segment and customer profile throughout the Group. New business
performance was strong with all territories contributing to the
largest ever total contract value ("TCV") signed, excluding
renewals, in a half year period for the Group of GBP7.5m. This
level of performance is a 44% increase from the second half of
FY2019 (GBP5.2m).
Following the end of the period, this win rate had continued
and, cumulatively, TCV signed to the date of the announcement i s
GBP10.8m which compares to GBP11.3m TCV signed during the whole of
the prior financial year.
Focusing on retention
During Spring 2019, the Group undertook a detailed analysis of
its customer base with a view to highlighting customers and ARR
with a heightened risk of loss ("HRAs"). The Board quantified this
at approximately GBP5m of ARR. Of that, GBP3.4m was due for renewal
during the six-month period ended 31 January 2020. The Board is
pleased to be able to report that only GBP1.2m of the GBP3.4m ARR
was actually lost, with GBP2.2m being retained. Since the end of
the period and up to the date of this announcement, a further
GBP0.6m was due for renewal which was all retained. This
performance is well ahead of the Board's expectations.
In respect of the retention of existing customers excluding
those identified above, churn (expressed as ARR lost through either
loss or downgrade of contracts with existing customers) was GBP0.8m
in the period and since the period end and up to the date of this
announcement, there was further churn of GBP0.5m. This performance
is in line with the Board's expectations.
Driving growth within the existing customer base
The Group's existing customer base continues to offer
significant growth opportunities. This growth opportunity has not
yet been fully accessed in the US, France and Germany. However, the
Board is confident that the strategic focus of those commercial
teams has now been re-balanced toward up-selling to existing
customers as well as winning new customers and that this provides a
strong opportunity for the future.
Active management and leadership
The executive leadership team has been restructured and
re-organised to facilitate the delivery of the Group's strategy,
providing open, transparent energetic and engaged leadership to the
teams that they support. This has included the transition of its
Group CEO, its US and European business managers and multiple roles
within the field marketing and new business teams in each
territory. This strategy has been supported with the creation of
the Group's vision, mission and positioning statement which has
been communicated to the entire staff along with an employee
engagement and communications programme designed to facilitate much
stronger relationships between the Group's management and staff so
that goals and objectives can be aligned. Only one key hire
remains, in the US for a commercial lead, and this is scheduled for
later during 2020.
Financial position
The Group is now delivering organic growth, is profitable and
cash generative and has an established long-term, supportive
relationship with its bank, HSBC UK Bank plc. This has been
demonstrated further through a fundamental reset of the facility,
as announced on 28 April 2020 to support the Group's current
business plan for the mid-term. This reset includes the
rescheduling of the amortisation profile in the short-term, revised
covenants providing material headroom to the current business plan
and a conditional option to extend the term of the current facility
from 31 July 2022 to 31 July 2023.
Net bank debt of the Group reduced to GBP35.6m at 31 January
2020 (31 July 2019: GBP36.5m). The Board is aware of the level of
bank debt that the Group carries and continues to investigate
opportunities to reduce this level further through continued tight
management of its net operating expenditure; the focussing of the
Group's investment in product development on a tighter product
portfolio and on a customer informed roadmap as well as the
potential divestment of more peripheral assets of the Group.
Cash inflow has been strong since the period end and up to the
date of this announcement which the Group has used to invest in its
working capital. The Group is comfortably within its facilities and
the successful renewal of some of its more significant contracts
during that period and the initial payments on new contracts
delivered through organic growth both present strong drivers for
forward cash generation and a robust working capital position.
Solutions and markets
Buyer solutions
The Group provides business spend management solutions to
customers that enable those customers to reduce the cost of goods
or services purchased through enhanced sourcing activities, access
efficiencies through the automation of manual processes using
technology and also to provide an enhanced level of corporate
governance and compliance through work flows designed into the
technology.
During the period, the Group won new business in both the
private and public sectors with examples being State of Connecticut
(US), APHP Hopitaux de Paris (FR), DYWIDAG-Systems International
GmbH (DE), The Christie NHS Foundation Trust (UK) and Stork
Technical Services BV (NL) with some examples of customer goals
being as follows:
- Implementing a new purchasing solution to support sourcing
projects;
- Centralising the management of contracts and suppliers;
- Increasing purchasing power to gain discounts through volume
purchasing;
- Improving accountability through authorisation and approval
workflows;
- Increasing control through departmentally tailored tracking;
and
- Reducing manual processing to enable people to focus in more
strategic tasks.
Buyer revenues for the period were GBP20.4m (H1 FY2019:
GBP23.2m). The decrease is analysed further below and is a direct
consequence of high levels of customer churn in the prior financial
year.
Supplier solutions
The Group provides access to technology that enables suppliers
to transact digitally with their customers. This technology is
often referred to as networking technology and the technology can
allow multiple documents in any format to be passed between
suppliers and their customers and it can also allow greater
collaboration between suppliers and their customers through the
provision of other trading information, In addition, the Group uses
its technology to deliver tailored new business opportunities to
suppliers through its search and selection of a vast number of new
business opportunities, tenders, from a number of international
sources.
Revenues for the period were GBP4.1m (H1 FY2019: GBP4.5m) which
was in line with the Board's expectations.
Financial solutions
The Group's supplier-paid financial solution, "bePayd", (
www.bepayd.com ) enables suppliers to accelerate the payment of
their approved invoices before the due date. The product is now
completed and was deployed to support the Group's own supplier base
in the UK during February 2020 .
The product is not limited to buyers using Proactis' business
spend management solutions and can be used by any buyer with any
equivalent business spend management or ERP system. This service is
multi-faceted in terms of its technological structure and is
complete to minimal viable product ("MVP").
The bePayd team have developed an encouraging pipeline of
potential early adopter customers.
Performance overview
The Board monitors the Group's performance through a combination
of several key performance indicators as follows:
6 months ended 6 months ended Year ended
31 January 31 January 31 July 2019
2020 2019
-------------------------- --------------- -------------- --------------
Total TCV(1) signed GBP7.5m GBP6.1m GBP11.3m
TCV of new name deals GBP5.4m GBP4.0m GBP6.4m
Number of new name deals 29 34 60
TCV of upsell / cross GBP2.1m GBP2.1m GBP4.9m
sell deals
Number of upsell / cross
sell deals 70 54 127
Reported revenue GBP24.5m GBP27.7m GBP54.1m
Reported revenue growth (11.6%) 5% 4%
CAGR 3-year revenue
growth 28% 47% 41%
ARR excl. heightened GBP40.7m GBP42.6m GBP39.3m
risk accounts
ARR incl. heightened GBP43.4m GBP47.6m GBP44.3m
risk accounts
-------------------------- --------------- -------------- --------------
Note 1: Aggregate Total Contract Value
The Board considers that retention of existing customers is a
key performance indicator and the measure of this indicator is
included routinely within its internal financial reporting
dashboard.
Customer churn (expressed in terms ARR lost through either loss
or downgrade of contracts with existing customers) of existing
customers was GBP0.8m in the Group's core business (and GBP2.0m
including the impact of heightened risk accounts) for the six-month
period ended 31 January 2020 which is a significant improvement
against the six-month period ended 31 July 2019 of GBP4.1m (six
month period ended 31 January 2019 was GBP3.2m).
The total ARR associated with heightened risk accounts was
GBP5.0m and, of that, GBP3.4m came up for renewal during the
six-month period ended 31 January 2020. The Board is pleased to be
able to report that only GBP1.2m of the GBP3.4m ARR was actually
lost and the GBP2.2m retained is well ahead of the Board's
expectations.
The reduction in reported revenue is principally a reflection of
the significant net loss of ARR during the two prior financial
years ended 31 July 2019 and 31 July 2018.
New business performance analysis
The Group's TCV for new deals and upsell / cross sell deals can
be analysed by market segment as follows:
6 months ended 6 months ended Year ended
31 January 2020 31 January 2019 31 July 2019
------------------
TCV of Number TCV of Number TCV of Number
new name of new new name of new new name of new
deals name deals deals name deals deals name deals
------------------ ----------- ------------ --------- ----------- ---------- ------------
United Kingdom GBP0.6m 16 GBP2.4m 25 GBP3.1m 41
France & Germany GBP1.2m 3 GBP0.2m 3 GBP0.7m 5
United States GBP1.7m 5 GBP0.9m 3 GBP1.0m 4
Netherlands GBP1.9m 5 GBP0.5m 3 GBP1.6m 10
------------------ ----------- ------------ --------- ----------- ---------- ------------
During February 2020, the UK signed TCV of GBP1.8m following the
delayed negotiation of a particular contract.
6 months ended 6 months ended Year ended
31 January 2020 31 January 2019 31 July 2019
------------------
TCV of Number TCV of Number TCV of Number
upsell of upsell upsell of upsell upsell of upsell
deals deals deals deals deals deals
------------------ --------- ----------- ------- ---------- -------- -----------
United Kingdom GBP1.4m 49 GBP1.1m 48 GBP3.2m 108
France & Germany GBP0.1m 3 - 1 GBP0.4m 7
United States GBP0.5m 3 GBP0.5m 2 GBP0.6m 5
Netherlands GBP0.1m 15 GBP0.5m 3 GBP0.7m 7
------------------ --------- ----------- ------- ---------- -------- -----------
Revenue performance analysis
The Group's revenues can be analysed by market segment and
customer type as follows:
Buyer revenue
6 months ended 6 months ended Year ended
31 January 31 January 31 July 2019
2020 2019
GBPm GBPm GBPm
------------------ --------------- --------------- -------------
United Kingdom 8.2 9.4 19.1
France & Germany 3.7 4.9 8.9
United States 5.4 6.3 11.7
Netherlands 3.1 2.6 5.7
------------------ --------------- --------------- -------------
20.4 23.2 45.4
------------------ --------------- --------------- -------------
Supplier revenue
------------------ -----------------------------------------------
6 months ended 6 months ended Year ended
31 January 31 January 31 July 2019
2020 2019 GBPm
GBPm GBPm
------------------ --------------- --------------- -------------
United Kingdom 1.9 2.0 3.9
France & Germany 2.2 2.5 4.8
United States - - -
Netherlands - - -
------------------ --------------- --------------- -------------
4.1 4.5 8.7
------------------ --------------- --------------- -------------
Total revenue 24.5 27.7 54.1
------------------ --------------- --------------- -------------
Revenue visibility
This key performance indicator is the Group's estimate of the
annualised run rate of subscription, managed service, support and
hosting revenues currently contracted with the Group and is
referred to as Annual Recurring Revenue ('ARR').
This is crucially important to the Group's stakeholders as it
provides a real indicator to:
-- Investors of the amount of revenue from new business required
to be won in order to hit expectations in future periods;
-- The Group's bank, HSBC Bank plc, in its deliberations as to
the level of debt that the business can conservatively support and
hence assist in the overall return to investors; and
-- The Group's customers, suppliers and associates of the overall strength of the Group.
The Group's ARR can be analysed as follows:
As at 31 January 2020 Buyer revenue Supply revenue Total
GBPm GBPm GBPm
----------------------- -------------- --------------- ------
United Kingdom 14.4 3.9 18.3
France & Germany 7.6 3.9 11.5
United States 8.7 - 8.7
Netherlands 4.9 - 4.9
----------------------- -------------- --------------- ------
35.6 7.8 43.4
----------------------- -------------- --------------- ------
The Board previously quantified a GBP5.0m heightened risk area
in its customer accounts. As at 31 January 2020 GBP3.4m of the
GBP5.0m has come up for renewal in the period, and GBP2.2 m of that
GBP3.4m renewed. The Board will continue to monitor and report
against this position.
As at 31 July 2019 Buyer revenue Supply revenue Total
GBPm GBPm GBPm
-------------------- -------------- --------------- ------
United Kingdom 14.6 3.7 18.3
France & Germany 7.0 4.5 11.5
United States 9.9 - 9.9
Netherlands 4.6 - 4.6
-------------------- -------------- --------------- ------
36.1 8.2 44.3
-------------------- -------------- --------------- ------
Staff costs and other operating expenses
The aggregate of staff costs and other operating expenses
(excluding depreciation of property, plant and equipment and
amortisation of intangibles assets decreased to GBP16.8m (2019:
GBP18.0m).
This part of the Group's costs has recently included significant
items of income or expenditure associated primarily with the
Group's acquisition activity and the resultant integration
programme (together, "non-core net expenditure").
The impact of this non-core net expenditure on the aggregate of
staff costs and other operating expenses is as follows:
6 months 6 months Year ended
ended 31 ended 31 31 July
January 2020 January 2019 2019
GBPm GBPm GBPm
-------------------------------------- -------------- ------------- -----------
Aggregate of staff costs and
other operating expenses (reported) 16.8 18.0 34.1
Non-core net expenditure (0.7) (1.3) (1.2)
--------------------------------------
Aggregate of staff costs and
other operating expenses (excluding
non-core net expenditure) 16.1 16.7 32.9
-------------------------------------- -------------- ------------- -----------
Non-core net expenditure can be analysed as follows:
6 months 6 months ended Year ended
ended 31 31 January 31 July
January 2020 2019 2019
GBPm GBPm GBPm
------------------------------------- -------------- -------------- -----------
Expenses of acquisition related
activities 0.1 0.1 0.1
Release of contingent consideration - - (0.9)
Costs of restructuring Group
operations - staff 0.4 0.9 1.6
Costs of restructuring Group
operations - other 0.2 0.1 0.4
Legal and professional fees 0.1 0.2 0.4
Foreign exchange impacts (0.1) - (0.4)
0.7 1.3 1.2
------------------------------------- -------------- -------------- -----------
Reported profit and Group Adjusted profit performance
The Board considers that each of the two periods ended 31
January 2020 and 31 January 2019 have been significantly impacted
by non-core net expenditure incurred primarily as part the Group's
historical acquisition activity, resultant integration programmes
as well as, more recently, group rationalisation activities.
A summary of the various profit measures is set out below.
6 months ended 6 months ended Year ended
31 January 31 January 2019 31 July 2019
2020
Reported (1) Adjusted Reported (1) Adjusted Reported (1) Adjusted
Earnings before
interest,
tax, depreciation GBP4.9m GBP5.6m GBP6.8m GBP8.0m GBP13.9m GBP15.1m
and
amortisation
('EBITDA')(1)
Operating (loss) (GBP1.4m) GBP1.7m GBP1.1m GBP4.7m (GBP24.4m) GBP8.8m
/ profit
(Loss) / profit (GBP2.2m) GBP0.9m GBP0.4m GBP4.0m (GBP25.8m) GBP7.5m
/ before tax
Diluted earnings
per share (note
3) (1.9p) 1.1p 0.1p 3.4p (27.9p) 6.4p
-------------------- --------------- ------------- -------- ------------ ----------------- -------------
Note 1: See Additional Information - Reconciliation of
alternative performance measures
Cash flow
An analysis of the Group Adjusted Free Cash Flow is as
follows:
6 months ended 6 months Year ended
31 January 2020 ended 31 31 July
January 2019 2019
GBPm GBPm GBPm
---- --------------------------- ----------------- ------------- -----------
Net cash flow from operating
activities 5.1 4.4 11.9
Non-core net expenditure
incurred in prior period
but paid in current
- period 0.3 0.6 0.6
Non-core net expenditure
charged and paid within
- the same period 0.7 0.7 2.6
---- --------------------------- ----------------- ------------- -----------
Adjusted Net cash flow
from operating activities 6.1 5.7 15.1
Purchase of plant and
- equipment (0.3) (0.4) (0.6)
Development expenditure
- capitalised (3.9) (3.8) (7.6)
---- --------------------------- ----------------- ------------- -----------
Adjusted Group Net Free
Cash Flow 1.9 1.5 6.9
--------------------------------- ----------------- ------------- -----------
The Group had net bank debt of approximately GBP35.6m at 31
January 2020 (31 July 2019: GBP36.5m).
The net bank debt figure excludes convertible loan notes of
approximately GBP6.5m that mature from August 2022 onwards. During
the period convertible loan notes of GBP0.9m were issued as a
result of year 1 revenue targets arising from the Esize acquisition
in August 2018. This amount had been fully provided as deferred
consideration.
COVID-19
The Group announced a statement on 20 April 2020 in response to
the COVID-19 pandemic the Group has taken a number of actions to
ensure that all staff are healthy, safe and working from home and
are supporting our customers with no compromise on service
levels.
The Board remains cautious and vigilant in the very short-term
as the full impact of COVID-19 on the general economy is not yet
known but it remains confident of the opportunity to realise its
strategy for growth in the mid-term.
Summary and Outlook
The Group has made encouraging progress in the first period with
the deployment of its new strategy. New business performance and
customer retention have both improved significantly across all
territories in which the Group operates. This has enabled the Group
to report organic growth of ARR through the period and up to the
date of this announcement which is a step change in the trajectory
of the performance of the Group.
In the short-term, subject to the full impact of COVID-19 crisis
on the general economy becoming clear, the growth in pipeline
across the Group and the profile of forward renewals supports
further organic growth and the Board remains confident of the
potential to accelerate this further in the mid-term. The Group's
business model has proved robust in the early stages of the
COVID-19 crisis, although management and the Board remain vigilant
for risk, particularly to new business trends, project
implementation deferrals, volume-based contracts and customer
solvency.
The Group has reset its facilities with its lenders, HSBC, for
the long-term and this is a fundamental step in the financial
strategy of the Group. Whilst net debt remains relatively high in
comparison to earnings in the short-term, the Group's financial
position is solid and the Board anticipates net debt to reduce as
the Group delivers its business plan.
The Board acknowledges its earlier commitment to strengthen the
independence of its non-executive directors. It has identified a
shortlist of candidates and will progress this further during the
coming months.
The Group is now in a good position to continue to execute its
growth strategy from a position of relative strength from
commercial, technological and financial standpoints. Progress has
been encouraging and it is evident that our solutions are highly
relevant and that the Group is well placed to capitalise on the
significant market opportunity in the long-term and a ccordingly,
at this stage, the Board maintains its guidance for the full year
outturn . The Board remains confident in its strategy for growth
and looks forward to delivering increased value to the Group's
stakeholders as a whole.
Alan Aubrey Tim Sykes
Chairman Chief Executive Officer
29 April 2020
Consolidated income statement
for the six months ended 31 January 2020
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 July 2019
31 January 31 January
2020 2019
GBP000 GBP000 GBP000
Revenue 24,468 27,688 54,140
Cost of sales (2,845) (3,088) (6,659)
Staff costs (11,504) (11,521) (22,892)
Other operating expenses (5,342) (6,481) (11,231)
Depreciation of property, plant
and equipment (813) (264) (608)
Amortisation of intangible
assets (5,347) (5,282) (10,136)
Impairment of goodwill and
intangible assets - - (26,999)
------------- ------------- -------------
Operating (loss) / profit (1,383) 1,052 (24,385)
Finance income - 5 5
Finance expenses (795) (756) (1,440)
------------- ------------- -------------
(Loss) / profit before taxation (2,178) 301 (25,820)
Income tax credit/(charge) 331 (256) (703)
------------- ------------- -------------
(Loss) / profit for the period (1,847) 45 (26,523)
------------- ------------- -------------
Attributable to:
Equity holders of the parent (1,832) 54 (26,462)
Non-controlling interest (15) (9) (61)
------------- ------------- -------------
(1,847) 45 (26,523)
------------- ------------- -------------
Earnings per ordinary share
(Note 3)
- Basic (1.9)p 0.1p (27.9)p
------------- ------------- -------------
- Diluted (1.9)p 0.1p (27.9)p
------------- ------------- -------------
Consolidated statement of other comprehensive income
for the six months ended 31 January 2020
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 July 2019
31 January 31 January
2020 2019
GBP000 GBP000 GBP000
(Loss)/Profit for the period (1,847) 45 (26,523)
Other comprehensive income
Items that are or may be reclassified
to profit or loss
Foreign operations - foreign
currency translation differences (46) (132) (192)
------------- ------------- -------------
Other comprehensive loss, net
of tax (46) (132) (192)
------------- ------------- -------------
Total comprehensive loss (1,893) (87) (26,715)
------------- ------------- -------------
Attributable to:
Equity holders of the parent (1,770) (78) (26,711)
Non-controlling interest (123) (9) (4)
------------- ------------- -------------
(1,893) (87) (26,715)
------------- ------------- -------------
Condensed consolidated statement of changes in equity
As at 31 January 2020
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Share Share premium Merger Capital Foreign Equity Retained Non-controlling
capital reserve reserve exchange reserve earnings Total interest Total
reserve equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 31 July
2018 9,324 81,464 556 449 (1,137) 80 2,875 93,611 1,604 95,215
IFRS 15
transition
impact - - - - - - 606 606 - 606
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
At 1 August
2018 9,324 81,464 556 449 (1,137) 80 3,481 94,217 1,604 95,821
Result for the
period - - - - - - 54 54 (9) 45
Other
comprehensive
income - - - - (132) - - (132) 23 (109)
Total
comprehensive
income
for the
period - - - - (132) - 54 (78) 14 (64)
Shares issued
during the
period 129 1,267 - - - - - 1,396 - 1,396
Share options
exercised 10 18 - - - - - 28 - 28
Loan note
conversion 59 764 - - - (20) 20 823 - 823
Issue of
convertible
notes - - - - - 29 - 29 - 29
Dividend - - - - - - (1,419) (1,419) - (1,419)
Share based
payment
charges - - - - - - 189 189 - 189
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
At 31 January
2019 9,522 83,513 556 449 (1,269) 89 2,325 95,185 1,618 96,803
Result for the
period - - - - - - (26,516) (26,516) (52) (26,568)
Other
comprehensive
income - - - - (117) - - (117) 34 (83)
Total
comprehensive
income
for the
period - - - - (117) - (26,516) (26,633) (18) (26,651)
Share based
payment
charges - - - - - - 352 352 - 352
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
At 1 August
2019 9,522 83,513 556 449 (1,386) 89 (23,839) 68,904 1,600 70,504
Result for the
period - - - - - - (1,832) (1,832) (15) (1,847)
Other
comprehensive
income - - - - 62 - - 62 (108) (46)
Total
comprehensive
income
for the
period - - - - 62 - (1,832) (1,770) (123) (1,893)
Shares issued
during the
period 31 146 - - - - - 177 - 177
Issue of
convertible
notes - - - - - 13 - 13 - 13
Share based
payment
charges - - - - - - 124 124 - 124
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
At 31 January
2020 9,553 83,659 556 449 (1,324) 102 (25,547) 67,448 1,477 68,925
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Consolidated balance sheet
as at 31 January 2020
Unaudited Unaudited Audited
As at 31 As at 31 As at 31
January January July 2019
2020 2019
GBP000 GBP000 GBP000
Non-current assets
Property, plant & equipment
(Note 2) 5,801 1,703 1,625
Intangible assets (Note 4) 133,987 163,749 136,082
Deferred tax asset 748 1,570 755
------------- ------------- -------------
140,536 167,022 138,462
------------- ------------- -------------
Current assets
Trade and other receivables 26,929 26,524 23,048
Cash and cash equivalents 7,548 7,062 7,732
------------- ------------- -------------
34,477 33,586 30,780
------------- ------------- -------------
Total assets 175,013 200,608 169,242
------------- ------------- -------------
Current liabilities
Trade and other payables 25,450 22,916 21,616
Obligations under finance leases - 48 30
Lease liabilities 982 - -
Contract liabilities 16,897 17,890 17,306
Income taxes 278 732 -
Loans and borrowings (Note 6) 3,192 3,272 3,181
------------- ------------- -------------
46,799 44,858 42,133
------------- ------------- -------------
Non-current liabilities
Contract liabilities 190 296 192
Deferred tax liabilities 8,435 9,346 9,153
Loans and borrowings (Note 6) 46,492 48,628 46,577
Obligations under finance leases - 33 27
Lease liabilities 3,483 - -
Provisions 689 644 656
------------- ------------- -------------
59,289 58,947 56,605
------------- ------------- -------------
Total liabilities 106,088 103,805 98,738
------------- ------------- -------------
Net assets 68,925 96,803 70,504
------------- ------------- -------------
Equity
Called up share capital 9,553 9,522 9,522
Share premium account 83,659 83,513 83,513
Equity reserve 102 89 89
Merger reserve 556 556 556
Capital reserve 449 449 449
Foreign exchange reserve (1,324) (1,269) (1,386)
Retained earnings (25,547) 2,325 (23,839)
------------- ------------- -------------
Equity attributable to equity
holders of the parent 67,448 95,185 68,904
Non-controlling interest 1,477 1,618 1,600
------------- ------------- -------------
Total equity 68,925 96,803 70,504
------------- ------------- -------------
Consolidated statement of cash flows
for the six months ended 31 January 2020
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 July
31 January 31 January 2019
2020 2019
GBP000 GBP000 GBP000
Operating activities
(Loss) / profit for the period (1,847) 45 (26,523)
Amortisation of intangible assets 5,347 5,282 10,136
Impairment of goodwill and intangible
assets - - 26,999
Depreciation 813 264 608
Net finance expense 795 751 1,435
Income tax (credit)/charge (331) 256 703
Share based payment charges 124 189 541
------------- ------------- -------------
Operating cash flow before changes
in working capital 4,901 6,787 13,899
Movement in trade and other receivables (4,141) (2,935) 489
Movement in trade and other payables
and deferred income 4,732 1,545 (204)
------------- ------------- -------------
Operating cash flow from operations 5,492 5,397 14,184
Finance income - 5 -
Interest paid (652) (627) (1,269)
Income tax received/(paid) 237 (329) (995)
------------- ------------- -------------
Net cash flow from operating activities 5,077 4,446 11,920
------------- ------------- -------------
Investing activities
Purchase of plant and equipment (299) (371) (586)
Payments to acquire subsidiary undertakings - (8,364) (8,365)
Development expenditure capitalised (3,900) (3,812) (7,649)
------------- ------------- -------------
Net cash flow from investing activities (4,199) (12,547) (16,600)
------------- ------------- -------------
Financing activities
Proceeds from issue of new shares - 28 28
Receipts from bank borrowings 830 10,178 10,178
Repayment of bank borrowings (1,500) (3,348) (5,286)
Payment of lease liabilities (2019:
Finance lease payments) (558) (35) (60)
Dividend payment - (1,419) (1,419)
------------- ------------- -------------
Net cash flow from financing activities (1,228) 5,404 3,441
------------- ------------- -------------
Effects of currency translation on
cash and cash equivalents 166 198 (590)
Net decrease in cash and cash equivalents (350) (2,697) (1,239)
Cash and cash equivalents at the beginning
of the period 7,732 9,561 9,561
------------- ------------- -------------
Cash and cash equivalents at the end
of the period 7,548 7,062 7,732
------------- ------------- -------------
Unaudited notes
1. Basis of preparation and accounting policies
PROACTIS Holdings PLC is a company incorporated in England and
Wales under the Companies Act 2006.
The condensed financial statements are unaudited and were
approved by the Board of Directors on 28 April 2020.
The interim financial information for the six months ended 31
January 2020, including comparative financial information, has been
prepared on the basis of the accounting policies set out in the
last annual report and accounts and in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union.
The preparation of the interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expense. Actual results
may subsequently differ from those estimates.
In preparing the interim financial statements, the significant
judgements made by management in applying the Group's accounting
policies and key sources of estimation uncertainty were the same,
in all material respects, as those applied to the consolidated
financial statements for the year ended 31 July 2019.
There is a choice between presenting comprehensive income in one
statement or in two statements comprising an income statement and a
separate statement of comprehensive income. The Group has elected
to present comprehensive income in two statements.
Going concern assumption
The Group manages its cash requirements through a combination of
operating cash flows and long-term borrowings.
The Group's forecasts and projections, taking account of
reasonably possible changes in trading performance, show that the
Group should be able to operate within the level of its current
lending facilities.
Consequently, after making enquires, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis of
accounting in preparing the interim financial statements.
Information extracted from 2019 Annual Report
The financial figures for the year ended 31 July 2019, as set
out in this report, do not constitute statutory accounts but are
derived from the statutory accounts for that financial year.
The statutory accounts for the year ended 31 July 2019 were
prepared under IFRS and have been delivered to the Registrar of
Companies. The auditors reported on those accounts. Their report
was unqualified, did not draw attention to any matters by way of
emphasis and did not include a statement under Section 498(2) or
498(3) of the Companies Act 2006.
2. Change in significant accounting policies
IFRS 16 'leases' was adopted by the Group on the 1st August
2019. The new standard provides a single lease accounting model,
specifying how leases are recognised, measured, presented and
disclosed.
The Group has applied IFRS 16 using the modified retrospective
transition approach. Therefore, the comparative information has not
been restated and continues to be reported under IAS 17. Lease
liabilities were determined based on the value of the remaining
lease payments, discounted by the appropriate incremental borrowing
rates. The right-of-use (ROU) assets were measured based on the
related lease liability as at the date of transition, adjusted for
prepaid or accrued lease payments. The financial statement impact
of IFRS 16 is shown within this note.
On initial adoption, the Group has elected to use the following
practical expedients proposed by the standard:
- Lease payments for contracts with a duration of 12 months or
less to be expensed to the income statement on a straight-line
basis over the lease term.
- Lease payments for contracts for which the underlying asset is
of a low value to be expensed to the income statement on a
straight-line basis over the lease term.
- The application of a single discount rate to a portfolio of leases with reasonably similar characteristics, for example copiers with a similar lease term.
Judgements made in applying IFRS 16 include assessing the lease
term and identifying the discount rate to be used.
Under IFRS 16, the Group has capitalised the right of use of
properties, cars and copiers previously held under operating
leases. At the date of adoption 10 properties, 17 cars and 17
copiers were capitalised. The lease term corresponds to the
duration of the contracts signed.
The Group has recognised a right of use asset representing its
right to use the underlying asset and a corresponding lease
liability
representing its obligation to make lease payments. Operating
lease expenses have been replaced by a depreciation expense on
right of use assets recognised and an interest expense as the
interest rate implicit in the Group's lease liabilities unwinds.
When the interest rate implicit in the lease is not readily
determined, the Group's incremental borrowing rate has been
used.
Finance leases previously capitalised under IAS 17 'Leases' have
been reclassified to the right of use asset category under IFRS
16.
The following table summarises the impacts of adopting IFRS 16
on the Group's consolidated statement of financial position as at 1
August 2019.
Audited Unaudited Unaudited
Impact of adoption of IFRS
16
As reported IFRS 16 Adjusted
31 July impacts opening
2019 balance
sheet
GBP000 GBP000 GBP000
Non-current assets
Property, plant & equipment 1,625 5,180 6,805
Current assets
Trade and other receivables 23,048 (108) 22,940
Current liabilities
Trade and other payables 21,616 (216) 21,400
Obligations under finance leases 30 (30) -
Lease liabilities - 1,029 1,029
Non-current liabilities
Obligations under finance leases 27 (27) -
Lease liabilities - 4,316 4,316
2. Change in significant accounting policies (continued)
The following table summarises the impacts of adopting IFRS 16
on the Group's consolidated statement of financial position as at
31 January 2020.
Unaudited Unaudited Unaudited
Impact of adoption of IFRS
16
As reported IFRS 16 Amounts
impacts without
adoption
of IFRS
16
GBP000 GBP000 GBP000
Non-current assets
Property, plant & equipment 5,801 (4,246) 1,555
Current assets
Trade and other receivables 26,929 104 27,033
Current liabilities
Trade and other payables 25,450 216 25,666
Obligations under finance leases - 14 14
Lease liabilities 982 (982) -
Non-current liabilities
Obligations under finance leases - 20 20
Lease liabilities 3,483 (3,483) -
Equity
Retained earnings (25,547) 73 (25,474)
The following table summarises the impacts of adopting IFRS 16
on the Group's consolidated income statement for the period ended
31 January 2020.
Unaudited Unaudited Unaudited
Impact of adoption of IFRS
16
As reported IFRS 16 Amounts
impacts without
adoption
of IFRS
16
GBP000 GBP000 GBP000
Revenue 24,468 - 24,468
Cost of sales (2,845) - (2,845)
Staff costs (11,504) - (11,504)
Other operating expenses (5,342) (546) (5,888)
Depreciation of property, plant and
equipment (813) 552 (261)
Amortisation of intangible assets (5,347) - (5,347)
------------- ------------- -------------
Operating profit (1,383) 6 (1,377)
Finance expenses (795) 67 (728)
------------- ------------- -------------
Profit before taxation (2,178) 73 (2,105)
Income tax credit/(charge) 331 - 331
------------- ------------- -------------
(Loss)/Profit for the period (1,847) 73 (1,774)
2. Change in significant accounting policies (continued)
The following table summarises the impacts of adopting IFRS 16
on the Group's consolidated statement of cashflows for the period
ended 31 January 2020.
Unaudited Unaudited Unaudited
Impact of adoption of IFRS
16
As reported IFRS 16 Amounts
impacts without
adoption
of IFRS
16
GBP000 GBP000 GBP000
Operating activities
Loss for the period (1,847) 73 (1,774)
Depreciation 813 (552) 261
Net finance expense 795 (67) 728
Movement in trade and other receivables (4,141) 4 (4,137)
Financing activities
Payment of lease liabilities (2019:
Finance lease payments) (558) 542 (16)
3. Basic and diluted earnings per ordinary share
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 July
31 January 31 January 2019
2020 2019
GBP000 GBP000 GBP000
(Loss)/profit for the period attributable
to owners of the Company (GBP000) (1,832) 54 (26,462)
Post tax effect of non-core net expenditure
(GBP000) 559 1,101 700
Post tax effect of customer related
intangible assets (GBP000) 1,727 1,759 3,454
Post tax effect of impairment of goodwill
(GBP000) - - 26,999
Post tax effect of share-based payment
charges (GBP000) 124 189 541
Post tax effect of convertible loan
note interest (GBP000) 55 57 113
Non-recurring tax factors (GBP000) 437 116 873
Non-controlling interest (GBP000) - (9) -
------------- ------------- -------------
Adjusted post tax earnings (GBP000) 1,070 3,267 6,218
------------- ------------- -------------
Weighted average number of shares
(number '000) 95,439 94,612 94,913
Dilutive effect of share options (number
'000) 1,105 2,011 1,771
------------- ------------- -------------
Fully diluted number of shares in
issue (number '000) 96,544 96,623 96,684
------------- ------------- -------------
Basic earnings per ordinary share
(pence) (1.9) 0.1 (27.9)
Adjusted earnings per ordinary share
(pence) 1.1 3.5 6.6
Basic diluted earnings per ordinary
share (pence) (1.9) 0.1 (27.9)
Adjusted diluted earnings per ordinary
share (pence) 1.1 3.4 6.4
------------- ------------- -------------
4. Intangible assets
Unaudited Unaudited Unaudited Unaudited Unaudited
Customer
related Development Software
Goodwill intangibles costs for own Total
use
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 31 July 2019 115,758 42,356 32,765 3,938 194,817
Additions - - - 34 34
Internally developed - - 3,878 26 3,904
Foreign exchange
differences - - (1,924) (62) (1,986)
------------- ------------- ------------- ------------- -------------
At 31 January 2020 115,758 42,356 34,719 3,936 196,769
------------- ------------- ------------- ------------- -------------
Amortisation and
impairment
At 31 July 2019 26,999 10,134 18,509 3,093 58,735
Amortisation for
the period - 1,739 3,378 230 5,347
Foreign exchange
differences - - (1,252) (48) (1,300)
------------- ------------- ------------- ------------- -------------
At 31 January 2020 26,999 11,873 20,635 3,275 62,782
------------- ------------- ------------- ------------- -------------
Carrying amounts
At 31 July 2019 88,759 32,222 14,256 845 136,082
------------- ------------- ------------- ------------- -------------
At 31 January 2020 88,759 30,483 14,084 661 133,987
------------- ------------- ------------- ------------- -------------
5. Alternative performance measure - Adjusted EBITDA (unaudited)
Management has presented the performance measure adjusted EBITDA
because it monitors this performance measure at a consolidated
level and it believes that this measure is relevant to an
understanding of the Group's financial performance. Adjusted EBITDA
is calculated by adjusting profit before taxation to exclude the
impact of net finance costs, depreciation, amortisation, share
based payment charges and non-core net expenditure. The non-core
net expenditure includes significant items of income or expenditure
associated primarily with the Groups acquisition activity and the
resultant restructuring programmes (together, "non-core-net
expenditure").
Adjusted EBITDA is not a defined performance measure in IFRS.
The Group's definition of adjusted EBITDA may not be comparable
with similarly titled performance measures and disclosures by other
entities.
6 months 6 months Year ended
to to 31 July
31 January 31 January 2019
2020 2019
GBP000 GBP000 GBP000
(Loss)/Profit before taxation (2,178) 301 (25,820)
Adjustments for:
Net finance costs 795 751 1,435
Depreciation 813 264 608
Amortisation 5,347 5,282 10,136
Share based payment charges 124 189 541
Impairment of goodwill and intangible
assets - - 26,999
Non-core net expenditure:
* Costs of restructuring the Group's operations - staff 456 855 1,533
* Costs of restructuring the Group's operations - other 190 104 427
* Expenses of acquisition related activities 81 120 128
* Release of contingent consideration - - (914)
* Legal and professional fees 83 180 417
* Non-core foreign exchange impacts (122) - (425)
------------- ------------- -------------
Adjusted EBITDA 5,589 8,046 15,065
------------- ------------- -------------
R&D capitalised (3,900) (3,812) (7,649)
------------- ------------- -------------
Adjusted cash EBITDA 1,689 4,234 7,416
------------- ------------- -------------
6. Net debt
Unaudited Unaudited Audited
31 January 31 January 31 July
2020 2019 2019
GBP000 GBP000 GBP000
Non-current
Secured bank loans 40,005 43,092 41,034
Convertible notes 6,487 5,536 5,543
Obligations under finance leases - 33 27
------------- ------------- -------------
Total non-current 46,492 48,661 46,604
------------- ------------- -------------
Current
Secured bank loans 3,192 3,272 3,181
Obligations under finance leases - 48 30
------------- ------------- -------------
Total current 3,192 3,320 3,211
------------- ------------- -------------
Total borrowings 49,684 51,981 49,815
Less:
Cash and cash equivalents (7,548) (7,062) (7,732)
------------- ------------- -------------
Net debt 42,136 44,919 42,083
------------- ------------- -------------
Bank net debt 35,649 39,302 36,483
------------- ------------- -------------
Additional information
Reconciliation of alternative performance measures:
Reported EBITDA Adjusted Adjusted Adjusted Adjusted
EBITDA operating profit profit
profit before after
tax tax
GBP000 GBP000 GBP000 GBP000 GBP000
Loss after tax (1,847) (1,847) (1,847) (1,847) (1,847)
Add back:
Tax credit (331) (331) (331) (331) (331)
Interest charge 795 795 795 - -
Share based payment
charges 124 124 124 124 124
Depreciation 813 813 - - -
Amortisation 5,347 5,347 - - -
Non-core net expenditure
(note 5) - 688 688 688 688
Non-recurring interest
charged on convertible
loan notes - - - 68 68
Amortisation charged
on fair value uplift
of acquired capitalised
development costs - - 502 502 502
Amortisation charged
on customer related
intangible assets - - 1,739 1,739 1,739
Non-recurring tax
factors - - - - 437
------------- ------------- ------------- ------------- -------------
Total 4,901 5,589 1,670 943 1,380
------------- ------------- ------------- ------------- -------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR KKFBNCBKDPQB
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April 29, 2020 02:00 ET (06:00 GMT)
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