TIDMSWG
RNS Number : 8501H
Shearwater Group PLC
29 November 2022
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (as amended), which forms
part of domestic UK law pursuant to the European Union (Withdrawal)
Act 2018. Upon publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
29 November 2022
SHEARWATER GROUP PLC
("Shearwater", or the "Group")
Interim Results for the six months ended 30 September 2022
Continued confidence in delivering revenue in line with full
year market expectations
Shearwater Group plc, the cybersecurity, advisory and managed
security services group, is pleased to announce its unaudited
results for the six months ended 30 September 2022.
Financial highlights
-- A strong pipeline of second half opportunities across both
Software and Services underpins confidence in delivering full year
revenue in line with market expectations.
-- The Group has delivered a robust first half trading
performance despite challenging economic conditions with revenue
increasing to GBP10.8 million (H1 FY22: GBP10.6 million), driven by
new client wins and successful contract renewals.
-- Adjusted H1 FY23 EBITDA(1) was down at GBP0.1 million (H1
FY22: GBP1.3 million), reflecting the impact of the weaker Sterling
against the USD during the first half period and primarily relating
to a GBP0.9 million unrealised FX charge on future USD liabilities
at 30 September 2022, of which GBP0.2 million had unwound by 31
October 2022. Excluding the H1 FX impacts underlying profit
performance would have been in line with the prior year.
-- Net cash at 30 September 2022 was down at GBP0.9 million
reflecting the expected working capital absorption during the
period, which is expected to reverse in the second half. As at the
end of October 2022 Net Cash was GBP1.5 million with further
improvement forecast in the balance of the year.
Business highlights
-- Significant progress in the Software division with new
GeoLang product launch and enhanced functionality at SecurEnvoy
provides confidence to the second half outlook, with strong levels
of interest from the marketplace following an initial purchase of
GeoLang products by an international bank.
-- Signed a global distribution network agreement with Ingram
Micro Inc, one of the world's largest providers of technology, to
promote the Group's identity and access authentication product
solutions.
-- Robust performance in the Services division, including securing an expanded contract with a multinational blue-chip organisation.
-- 20% increase in revenue generating security consultant
capacity during the period, reflecting continued investment to
support ongoing demand.
-- 52 new customer wins during the period across the group, with
encouraging traction in Software at the period end.
(1. Adjusted EBITDA is defined as profit before tax, before one
off exceptional items, share based payment charges, finance
charges, impairment of intangible assets, fair value adjustments to
deferred consideration, other income, depreciation and
amortisation.)
Phil Higgins, Chief Executive Officer of Shearwater Group PLC,
commented: "The Group has delivered a solid trading performance
amidst a challenging trading environment. As we move into the
traditionally weighted second half, we are bolstered by a pipeline
of further advisory work, penetration testing and managed security
services opportunities, as well as the launch of our new Software
capability which have been received well. With good visibility of
revenues and an expanded, global footprint, there is growing
momentum across the Group as we move into a more favourable
macroeconomic environment in H2, with confidence levels higher than
they were this time last year."
Enquiries:
Shearwater Group plc www.shearwatergroup.com
David Williams, Chairman c/o Alma PR
Phil Higgins, CEO
Cenkos Securities plc - NOMAD and
Broker
Ben Jeynes / Max Gould - Corporate
Finance
Alex Pollen / Michael Johnson - Sales +44 (0) 20 7397 8900
Alma PR shearwater@almapr.co.uk
Justine James / Joe Pederzolli +44 (0) 20 3405 0205
About Shearwater Group plc
Shearwater Group plc is an award-winning group providing cyber
security, managed security and professional advisory solutions to
create a safer online environment for organisations and their end
users.
The Group's differentiated full service offering spans identity
and access management and data security, cybersecurity solutions
and managed security services, and security governance, risk and
compliance. Its growth strategy is focused on building a scalable
group that caters to the entire spectrum of cyber security and
managed security needs, through a focused buy and build
approach.
The Group is headquartered in the UK, serving customers globally
across a broad spectrum of industries.
Shearwater shares are listed on the London Stock Exchange's AIM
under the ticker "SWG". For more information, please visit
www.shearwatergroup.com .
Chief Executive's review
Overview
Cyber security has expanded to encompass every aspect of our
digital society, we are at the precipice of a time when every facet
of society will need to be protected and defended against the
constantly expanding threat of cyber-attack. This situation offers
considerable opportunities for Shearwater and underpins our
Group-wide confidence in future growth. In the period we
experienced increased customer account penetration expanding our
Services delivery, most notably to our larger telco, banking and
retail customers, in addition to securing new blue-chip
customers.
We are pleased with the sales performance of our Services
division, including the recent improvements in utilisation across
our consulting offerings driven by a growing client base.
Confidence across Services remains high for the second half
underpinned by the increased visibility from our contract
pipeline.
Although Software revenue performance in H1 was modest we have
made good progress launching new features in both GeoLang and
SecurEnvoy which have been well received by the marketplace.
Additionally, we have expanded our geographic reach in SecurEnvoy,
having signed an agreement with a North American distributor,
Ingram Micro Inc, one of the world's largest providers of
technology. These developments have received strong client feedback
which has resulted in a growing pipeline of customer opportunities,
which we aim to convert to revenue in H2.
As a result, the Group expects to benefit from a strong and
growing pipeline of Software and Services opportunities in the
second half. The Group continues to serve blue-chip customers
globally across a broad spectrum of industries, and with an
expanded footprint in Europe and North America, and a strengthened
team, there is a strong sense of optimism across all our
businesses.
The Group has delivered robust financial results amidst a
challenging trading environment with revenue, in the traditionally
quieter first half, of GBP10.8 million (H1 FY22: GBP10.6 million)
and adjusted EBITDA of GBP0.1 million (H1 FY22: GBP1.3 million).
Adjusted EBITDA was impacted by the weaker Sterling against the USD
during the first half period, primarily relating to a GBP0.9
million unrealised FX charge related to future USD liabilities at
30 September 2022. Excluding the impact of these significant FX
movements the underlying performance of the business would have
been in line with the prior year. The strengthening of the pound
since the half year has already unwound this 30 September 2022
impact by GBP0.2 million as at 31 October 2022. Furthermore,
forward contracts have been put in place, post the period end,
which protect 75% of the exposure against further downside should
sterling weaken again.
Net cash was GBP0.9 million as at 30 September 2022 (30
September 2021: GBP4.4 million) reflecting the expected working
capital absorption in the period which is forecast to unwind in the
second half. As at 31 October 2022 net cash had increased to GBP1.5
million, with further improvement forecast by the year end. The
Group continues to maintain a strong balance sheet and continues to
benefit from its revolving credit facility of GBP4.0 million, which
remained undrawn throughout the first half period.
Current trading and outlook
Trading in the second half has started strongly with the Group
6% ahead of the prior year for the 7 months ended 31 October, and
the Board remain confident, based on delivering the existing
pipeline of opportunities, of a full year revenue performance in
line with market expectations.
Our Services division, having been bolstered by a number of H1
wins with multinational organisations, continues to benefit from an
increasing number of opportunities which our expanded and
experienced team are well-equipped to deal with as the pipeline
grows. Confidence across the Software division is also strong as we
continue to expand our footprint and launch new products to
market.
As we move into the typically weighted second half, we have good
visibility of H2 revenue opportunities including those identified
from existing contract renewals. Furthermore, p rojects that were
delayed due to the pandemic have restarted and are progressing
well. Our consulting utilisation rates are increasing with a
healthy orderbook, professional advisory enquires are growing and
our solutions business is strong.
Growth strategy
The market opportunity which lies within the cybersecurity space
has never been more apparent and provides us with a strong degree
of confidence moving forwards. With the number of businesses being
compromised steadily increasing, trends such as ransomware and DDOS
attacks are only set to become more prevalent moving forwards. The
growing need for our services, coupled with Shearwater's global
reach and established reputation in dealing with such issues,
underlines the market opportunity for the Group.
Our vision remains unchanged in becoming the provider of choice,
delivering professional advisory, cyber security services and
solutions, and next generation cyber technology. Within our
award-winning Services division, we aim to be the partner of choice
delivering managed security solutions, test and advisory
consulting; again, providing an end-to-end offering.
Within our Software division we aim to deliver a 'must have'
next generation converged access management and data discovery
platform. We continue to invest in our software to bring new
service offerings to market whilst seeking potential software
acquisitions in order to further build out the capabilities.
Alongside organic growth, our M&A strategy remains,
highlighted by the newly established Mergers & Acquisitions
Committee, who continue to search and review potential
opportunities with a clear strategic fit. We have an active
pipeline of acquisition opportunities in the pursuit of a business
that would add to our Software portfolio, add scale in Services, or
drive synergies across the Group.
Operational review
Our Group comprises of two divisions, Services (85% revenue) and
Software (15% revenue). Our Services division clients are largely
blue chips, and we have particular strength in the banking, telco
and technology sectors. Our Software offerings are sold through
distributors to the global reseller channel.
We continue to invest in talent globally, to enhance performance
and support our vision across both the Services and Software
divisions. We now have an expanded footprint, winning clients in
new territories while retaining long-term clients. During the
period we increased our total headcount by 11 to 99 while also
investing in staff training which will benefit the Group in the
second half and beyond.
We continue to promote cross-selling across the Group, with
momentum in H2 expected to gain traction following the latest
software product launches. We are pleased to report that c.70% of
cross-sales from 2021 are still clients today and we aim to
continue to build upon this strong performance. There remain great
opportunities to further expand cross-selling across the Group with
significant opportunities identified in both the Services and
Software businesses.
KPI Review
- 52 new customer wins in the period (30 September 2021: 90)
- New software revenue of GBP0.2 million (30 September 2021: GBP0.4 million)
- Good visibility with c.30% of H2 revenues identified from
either contracted, scheduled or existing contract renewals, this
excludes the pipeline of cross-selling opportunities and other new
projects currently in the pipeline from new and existing
customers.
- 1% of revenues are now generated through cross-selling (2021:
2%) with an element of this being repeatable in nature
Services
We have been encouraged by a number of wins within our Services
division which have helped drive the strong H1 revenue performance,
most notably securing an expanded contract with a multinational
blue-chip organisation. Our solution business has also expanded
having won new enterprise clients as well as becoming a supplier on
the UK Governments G-Cloud approved suppliers list. Confidence
across Services remains high to deliver a strong second half
performance.
As reported above, earnings in the period were impacted by the
weakening of sterling against the USD and particularly a GBP0.9
million charge relating to revaluation of US dollar liabilities due
in May 2023 and May 2024. Adjusting for the impact of FX related
movements in the first half would have resulted in gross margins in
line with the prior year.
Additional year-on-year investment into recruitment and training
of revenue generating consultants has provided an additional 20% of
revenue generating capacity to service the increased demand for
advisory services going forward.
12 months to
H1 FY23 H1 FY22 YOY 31 March 2022
GBP (000) GBP (000) % GBP (000)
----------- ----------- ------- ----------------
Revenue 9,136 8,689 5% 32,540
----------- ----------- ------- ----------------
Gross profit 1,571 2,639 (40%) 8,602
----------- ----------- ------- ----------------
Gross profit margin
% 17% 30% 26%
----------- ----------- ------- ----------------
Overheads 1,738 1,735 3,939
----------- ----------- ------- ----------------
Adjusted EBITDA (167) 905 4,663
----------- ----------- ------- ----------------
Adjusted EBITDA % (2%) 10% 14%
----------- ----------- ------- ----------------
Software
We have continued to expand our geographical footprint within
our Software division, successfully securing our first north
American distributor, Ingram Micro Inc (NYSE:IM), one of the
world's largest providers of technology to promote identity
solutions. With Ingram Micro Inc having o ffices and
representatives in 61 countries, SecurEnvoy authentication products
are now available to their partner network globally. Furthermore,
we have also secured a contract with TD SYNNEX (NYSE:SNX), a
leading Canadian distributor. These new distributor agreements
provide an additional c.200 partners across North America with
access to SecurEnvoy solutions and provide a fantastic opportunity
to further expand our client base in the world's largest market,
North America.
GeoLang's optical character recognition ("OCR") feature allows
customers to search scanned documents and PDFs for sensitive data
and it is now being used by a leading international bank with a
number of scheduled presentations to other leading corporates.
SecurEnvoy's newly released geolocation enhancement allows
customers to control and restrict the geographic location someone
can log in to the corporate network giving greater control over
network access. SecurEnvoy's new distribution agreements extend our
market beyond our c.350 resellers, increasing it to c.550, allowing
both managed service providers (MSP) and managed security service
providers (MSSP) to represent our software as their own to their
client base on a white label basis.
Additional investment in new sales roles, in addition to a
temporary increase in cloud platform hosting costs have impacted
gross profitability in the period which otherwise would have been
in line with the prior period. Cloud platform costs will return to
their previous levels early in H2.
12 months to
H1 FY23 H1 FY22 YOY 31 March 2022
GBP (000) GBP (000) % GBP (000)
----------- ----------- ------- ----------------
Revenue 1,654 1,887 (12%) 3,336
----------- ----------- ------- ----------------
Gross profit 1,144 1,462 (22%) 2,221
----------- ----------- ------- ----------------
Gross profit margin
% 69% 77% - 67%
----------- ----------- ------- ----------------
Overheads 441 552 (20%) 686
----------- ----------- ------- ----------------
Adjusted EBITDA 703 910 (23%) 1,535
----------- ----------- ------- ----------------
Adjusted EBITDA
% 43% 48% - 46%
----------- ----------- ------- ----------------
Finance review
Revenue
Revenue of GBP10.8 million (H1 FY22: GBP10.6 million) is
marginally ahead of the prior year with increased spending from
long term Services clients contributing to the year-on-year
improvement.
The services division has delivered 5% year-on-year revenue
growth in the period with the Group's advisory revenues having
performed robustly delivering an improvement, which, in addition to
the continued growth of security solutions revenues has offset some
delays which have impacted managed services revenue, which we now
expect to occur in H2. Software revenues for the period of GBP1.7
million were, as expected, GBP0.2 million behind the prior year (H1
FY22: GBP1.9 million) due to a prior year GeoLang revenue that was
not due to repeat in the current period and a year-on-year
reduction in new business revenues from our legacy product-set. As
we move into H2 it is pleasing to see a significant increase in
interest for our newly developed software products which creates
some exciting opportunities to add highly profitable incremental
revenues to the Group's software division.
Adjusted EBITDA
Adjusted EBITDA of GBP0.1 million (H1 FY22: GBP1.3 million) was
down on the prior year driven by the impact of the strengthening
USD against sterling in the first half of the financial year.
Excluding the FX impacts the Group would have delivered an Adjusted
EBITDA in line with the prior year.
The FX impact includes a GBP0.9 million unrealised foreign
exchange charge relating to US dollar liabilities due in May 2023
and May 2024 that have been revalued at 30 September 2022 which has
impacted the Group's Service Division in the period. At 31 October
2022 this exchange impact had unwound by GBP0.2 million. Post the
reporting date, forward contracts have been put in place which
protects 75% of the exposure against further downside should
sterling weaken.
The income statement below details both statutory and
alternative measures which, in the Directors' opinion provides
additional relevant information to the reader in assessing the
adjusted performance of the business.
12 months
to 31 March
H1 FY23 H1 FY22 Change 2022
GBP
(000) GBP (000) % GBP (000)
-------------------------------------- --------- ----------- -------- --------------
Revenue 10,790 10,576 2% 35,876
Gross profit 2,715 4,101 (34%) 10,823
Gross profit margin % 25% 39% 30%
Overheads 2,653 2,840 7% 6,425
-------------------------------------- --------- ----------- -------- --------------
Adjusted EBITDA 61 1,261 (95%) 4,398
Adjusted EBITDA margin % 1% 12% 12%
Finance charge 31 56 110
Depreciation 127 136 263
Amortisation of intangible
assets - computer software 396 526 1,050
-------------------------------------- --------- ----------- -------- --------------
Adjusted (loss)/profit before
tax (494) 543 2,975
Amortisation of acquired intangible
assets 1,050 1,050 2,099
Share based payments 82 31 10
Other income - (20) (70)
(Loss) before tax (1,625) (518) 936
Taxation (credit)/charge (306) (138) 1,228
Loss after tax (1,319) (380) (292)
-------------------------------------- --------- ----------- -------- --------------
Finance charges
The year-on-year reduction in Finance charges reflects savings
on interest on loan balances that were fully repaid in the prior
year.
Depreciation
Depreciation, which includes Right of Use assets is tracking in
line with the previous year.
Amortisation of intangibles assets - computer software
A reduced amortisation charge in the period reflects assets that
were fully written off in the prior period.
Adjusted profit before tax
Adjusted loss before tax of GBP0.5 million (H1 FY22: adjusted
profit before tax GBP0.5 million) driven by lower Adjusted EBITDA
offset by savings in amortisation of intangible computer software,
finance charges and depreciation.
Amortisation of acquired intangible assets
Amortisation of acquired intangible assets of GBP1.1 million (H1
FY22: GBP1.1 million) is in line with the previous year.
Other income
Other income in the prior year consists of the early repayment
discount relating to a GBP0.3 million loan liability which was
repaid in April 2021.
Share based payments
A charge of GBP0.1million (H1 FY22: GBP0.03 million) has been
incurred in relation to long-term incentive plans.
Earnings per share
Adjusted basic and diluted loss per share of GBP0.01 (H1 FY22:
earnings per share GBP0.02) incorporates the year-on-year reduction
in adjusted profit/(loss) after tax. Reported basic loss per share
of GBP0.06 and diluted loss per share of GBP0.05 (H1 FY22: basic
and diluted loss per share GBP0.02) includes the year-on-year
reduction in adjusted profit/(loss) after tax, increased
share-based payments less other income recognised in the prior
year.
Loss before tax
A reduced loss before tax in the period of GBP1.6million (H1
FY22: GBP0.5 million) recognises the year-on-year reduction in
adjusted profit/(loss) before tax plus increases in share-based
payments less other income recognised in the period.
Statement of Cash flow
The Group saw an operating cash outflow in the first half of the
year of GBP3.9 million which is primarily driven by an operating
cash outflow associated with a large contract won in the prior
year, which will become cash positive going forward and an expected
client receipts that were remitted before the period end but not
received until early October. As in previous years H2 is expected
to generate an operational cash inflow.
During the period the Group increased its investment into the
development of internally created software and services with
expenditure up 58% on a year-on-year basis. As we move into H2 it
is pleasing to see a number of these products and services now live
and creating new sales opportunities for new and existing
clients.
12 months
to 31 March
2022 2021 2022
GBP GBP
(000) (000) GBP (000)
---------------------------------------- --------- --------- --------------
Adjusted EBITDA 61 1,261 4,398
Movements in working capital (3,959) (3,523) (4,656)
Cash used / generated from operations (3,898) (2,262) (258)
Capital expenditure (net of disposal
proceeds) (686) (433) (1,146)
Tax paid - (31) (62)
Interest paid (26) (35) (70)
Payments of lease liabilities (108) (112) (220)
Loan repayments (-) (250) (724)
FX and other 13 (3) 6
---------------------------------------- --------- --------- --------------
Movement in cash (4,705) (3,126) (2,474)
Opening cash and cash equivalents 5,575 8,049 8,049)
Closing cash and cash equivalents 870 4,923 5,575
---------------------------------------- --------- --------- --------------
Loans - (520) -
Net cash / (debt) 870 4,403 5,575
---------------------------------------- --------- --------- --------------
Despite the operating cash outflow reported in H1, the Group
continued to collect cash in an efficient manner, maintaining
strong cash collection with minimal bad debts. Unaudited net cash
was GBP1.5 million as at 31 October 2022.
Alternative performance measures
This review includes alternative performance measures ('APMs')
alongside the standard IFRS measures. The Directors believe that
alternative measures provide additional relevant information
regarding the adjusted performance of the business. APMs are used
to enhance the comparability of information between reporting
periods by adjusting for one off exceptional and other items that
affect the IFRS measure. Consequently, the Directors and management
use APM's in addition to IFRS measures to assess the adjusted
performance of the business.
Alternative performance measures used include:
-- Adjusted EBITDA
-- Adjusted profit before tax
-- Adjusted profit after tax
-- Adjusted earnings per share
Adjusting items include:
Exceptional items which are one off by their nature such as
acquisition costs or re-organisation costs and do not form part of
the underlying operational cost of the business.
Share based payment charges awarded form a long-term
remuneration incentive to certain staff. Despite this plan not
having a cash cost to the business, a share-based payment charge is
taken to the statement of comprehensive income which we believe
does not form part of the underlying operating cost of the
business.
Other income in the prior year generated from early repayments
discounts for loan liabilities is one off in its nature and
therefore not a consistent income stream.
Acquisition amortisation of identified intangible assets
acquired as part of an acquisition are charged to the statement of
comprehensive income but do not form part of the underlying
operating cost of the business.
A full reconciliation between adjusted and reported results is
detailed below:
Six months to 30 September H1 FY23 H1 FY22
GBP (000) GBP (000)
============================== =========== ===========
Adjusted EBITDA 61 1,261
Share based payments charge (82) (31)
EBITDA (21) 1,230
============================== =========== ===========
Six months to 30 September H1 FY23 H1 FY22
GBP (000) GBP (000)
==================================== =========== ===========
Adjusted (loss)/profit before tax (493) 543
Acquisition amortisation (1,050) (1,050)
Share based payments charges (82) (31)
Other income - 20
Reported loss before tax (1,625) (518)
==================================== =========== ===========
Six months to 30 September H1 FY23 H1 FY22
GBP (000) GBP (000)
============================== =========== ===========
Adjusted profit after tax (298) 570
Acquisition amortisation (939) (939)
Share based payments charge (82) (31)
Other income - 20
Reported loss after tax (1,319) (380)
============================== =========== ===========
Six months to 30 September H1 FY23 H1 FY22
GBP (000) GBP (000)
=============================== =========== ===========
Adjusted basic & diluted EPS (0.01) 0.02
Acquisition amortisation (0.04) (0.04)
Share based payments charge (0.00) 0.00
Other income 0.00 0.00
Reported diluted EPS (0.05) (0.02)
=============================== =========== ===========
Principal risks and uncertainties
The Group works to minimise its exposure to operational,
financial and other risks however in pursuit of achieving its
growth strategy there will always be an element of risk that needs
to be considered. The Group's principal risks and uncertainties, as
detailed in the financial statements for the year ended 31 March
2022, are all still considered to be valid. Over the past six
months these risks and uncertainties have remained very much in
place.
Statement of Directors' responsibilities
We confirm that to the best our knowledge that:
-- The condensed interim set of financial statements has been
prepared in accordance with IAS 34 Interim Financial Reporting as
adopted by the United Kingdom;
-- The interim report includes a fair review of information
required by DTR 4.2.7R (indication of important events during the
first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
-- The interim report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties transactions
and any change therein).
Phil Higgins Paul McFadden
Chief Executive Officer Chief Financial Officer
Consolidated statement of comprehensive income
for the 6 months to 30 September 2022
2022 2021
(unaudited) (unaudited)
Note GBP (000) GBP (000)
----------------------------------------------- ------ ------------- -------------
Revenue 3 10,790 10,576
Cost of sales (8,075) (6,475)
----------------------------------------------- ------ ------------- -------------
Gross profit 2,715 4,101
Administrative expenses (2,736) (2,871)
Depreciation and amortisation (1,573) (1,712)
Other operating expenses/income - 20
Total operating costs (4,309) (4,563)
----------------------------------------------- ------ ------------- -------------
Operating loss (1,594) (462)
Adjusted EBITDA 61 1,261
Depreciation and amortisation (1,573) (1,712)
Exceptional items - -
Share-based payments (82) (31)
Other operating expenses/income - 20
Operating loss (1,594) (462)
----------------------------------------------- ------ ------------- -------------
Finance cost 4 (31) (56)
Loss before taxation (1,625) (518)
----------------------------------------------- ------ ------------- -------------
Income tax credit 5 306 138
Loss for the period and attributable
to equity holders of the Company (1,319) (380)
----------------------------------------------- ------ ------------- -------------
Other comprehensive income
Items that may be reclassified to profit
and loss:
Change in financial assets at fair value
through OCI - -
Exchange differences on translation of
foreign operations 14 1
Total comprehensive loss for the period (1,305) (379)
----------------------------------------------- ------ ------------- -------------
Earnings / (loss) per ordinary share
attributable to the owners of the parent
Basic (GBP per share) 6 (0.06) (0.02)
Diluted (GBP per share) 6 (0.05) (0.02)
Adjusted basic and diluted (GBP per share) 6 (0.01) 0.02
Adjusted EBITDA is a non-GAAP company specific measure which is
considered to be a key performance indicator of the Group's financial
performance.
The results above are derived from continuing operations.
Consolidated statement of financial position
as at 30 September 2022
2022 2021
(unaudited) (unaudited)
Note GBP (000) GBP (000)
-------------------------------- ------ ------------- -------------
Assets
Non-current assets
Intangible assets 51,779 53,461
Property, plant and equipment 213 281
Trade receivable 7,094 -
Total non-current assets 59,086 53,742
---------------------------------- ------ ------------- -------------
Current assets
Trade and other receivables 7 13,960 5,580
Cash and cash equivalents 870 4,923
Total current assets 14,830 10,503
---------------------------------- ------ ------------- -------------
Total assets 73,916 64,245
---------------------------------- ------ ------------- -------------
Liabilities
Current liabilities
Trade and other payables 8 11,712 5,153
Total current liabilities 11,712 5,153
---------------------------------- ------ ------------- -------------
Non-current liabilities
Creditors: amounts falling
due after more than one
year 9 7,221 2,952
Total non-current liabilities 7,221 2,952
---------------------------------- ------ ------------- -------------
Total liabilities 18,933 8,105
---------------------------------- ------ ------------- -------------
Net assets 54,983 56,140
---------------------------------- ------ ------------- -------------
Capital and reserves
Share capital 10 22,278 22,277
Share premium 34,581 34,581
FVTOCI reserve - 14
Other reserves 24,468 24,407
Translation reserve 37 25
Accumulated losses (26,381) (25,164)
Equity attributable to owners
of the Company 54,983 56,140
--------------------------------- ------ ------------- -------------
Total equity and liabilities 73,916 64,245
---------------------------------- ------ ------------- -------------
Consolidated statement of changes in equity
for the 6 months to 30 September 2022
Share Share FVTOCI Other Translation Accumulated Total
capital premium reserve reserves reserve losses equity
GBP GBP GBP GBP GBP
(000) (000) (000) (000) GBP (000) GBP (000) (000)
---------------------------- ---------- ---------- ---------- ----------- ------------- ------------- ---------
At 31 March 2021 (audited) 22,277 34,581 14 24,376 24 (24,784) 56,488
Loss for the period - - - - - (380) (380)
Other comprehensive
profit for the period - - - - 1 - 1
---------------------------- ---------- ---------- ---------- ----------- ------------- ------------- ---------
Total comprehensive
loss for the period - - - - 1 (380) (379)
Contribution by and distribution
to owners
Share based payments - - - 31 - - 31
---------------------------- ---------- ---------- ---------- ----------- ------------- ------------- ---------
At 30 September 2021
(unaudited) 22,277 34,581 14 24,407 25 (25,164) 56,140
Profit for the period - - - - - 88 88
Other comprehensive
loss for the period - - (14) - (2) 14 (2)
---------------------------- ---------- ---------- ---------- ----------- ------------- ------------- ---------
Total comprehensive
profit for the period - - (14) - (2) 102 86
Contribution by and distribution
to owners
Issue of share capital 1 - - - - - 1
Share based payments - - - (21) - - (21)
---------------------------- ---------- ---------- ---------- ----------- ------------- ------------- ---------
At 31 March 2022 (audited) 22,278 34,581 - 24,386 23 (25,062) 56,206
Loss for the period - - - - - (1,319) (1,319)
Other comprehensive
income for the period - - - - 14 - 14
---------------------------- ---------- ---------- ---------- ----------- ------------- ------------- ---------
Total comprehensive
loss for the period - - - - 14 (1,319) (1,305)
Contribution by and distribution
to owners
Share based payments - - - 82 - - 82
---------------------------- ---------- ---------- ---------- ----------- ------------- ------------- ---------
At 30 September 2022
(unaudited) 22,278 34,581 - 24,468 37 (26,381) 54,983
Consolidated cash flow statement
for the 6 months to 30 September 2022
2022 2021
(unaudited) (unaudited)
Note GBP (000) GBP (000)
----------------------------------------------------- ------------- -------------
Cash flows from operating activities
Loss for the period (1,319) (380)
Adjustments for:
Amortisation of intangible
assets 1,446 1,576
Depreciation of property, plant
and equipment 127 136
Share-based payment charge 82 31
Other income - (20)
Finance cost 31 56
Income tax (306) (138)
Cash flow from operating activities
before changes in working capital 61 1,261
Decrease/(increase) in trade
and other receivables (726) 4,031
(Decrease)/increase in trade
and other payables (3,233) (7,554)
Cash used / generated from operations (3,898) (2,262)
---------------------------------------------- ------- ------------- -------------
Net foreign exchange movements 12 (3)
Finance cost paid (26) (35)
Tax (paid) / credit - (31)
---------------------------------------------- ------- ------------- -------------
Net cash used / generated from
operating activities (3,912) (2,331)
---------------------------------------------- ------- ------------- -------------
Investing activities
Purchase of property, plant and
machinery (25) (12)
Purchase of software (661) (421)
Net cash used in investing activities (686) (433)
---------------------------------------------- ------- ------------- -------------
Financing activities
Proceeds from issue of share
capital - -
Repayment of loan liabilities - (250)
Expenses paid in connection with
share issues - -
Repayment of lease liabilities (108) (112)
Net cash used in financing activities (108) (362)
---------------------------------------------- ------- ------------- -------------
Net increase/(decrease) in cash and
cash equivalents (4,706) (3,126)
----------------------------------------------- ------- ------------- -------------
Foreign exchange movement on cash and
cash equivalents 1 -
Cash and cash equivalents at the beginning
of the period 5,575 8,049
Cash and cash equivalents at
the end of the period 870 4,923
---------------------------------------------- ------- ------------- -------------
Notes
1. General information
The interim consolidated financial information was authorised by
the board of directors for issue on 29 November 2022. The
information for the six-month period ended 30 September 2022 has
not been audited and does not constitute statutory accounts as
defined in section 434 of the Companies Act 2006, and should
therefore be read in conjunction with the audited financial
statements of the Company and its subsidiaries for the year ended
31 March 2022, which have been prepared in accordance with UK
Adopted International Accounting Standards (IFRS). The interim
consolidated financial information does not comply with IAS 34
Interim Financial Reporting, as permissible under the rules of
AIM.
2. Statement of accounting policies
The significant accounting policies applied in preparing the
financial statements are outlined below. These policies have been
consistently applied for all the years presented, unless otherwise
stated
a) Basis of preparation
These interim consolidated financial statements have been
prepared in accordance with UK adopted International Accounting
Standards ('IFRS') and with those parts of the Companies Act 2006
applicable to companies reported under IFRS.
The consolidated financial statements have been prepared under
the historic cost convention. The consolidated financial statements
are presented in sterling, the functional currency of Shearwater
Group plc, the Parent Company. All values are rounded to the
nearest thousand pounds (GBP'000) except where otherwise
indicated.
b) Going concern
After making enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for at least twelve months from the date of
publication of these interim financial statements. Accordingly,
they continue to adopt the going concern basis in preparing these
consolidated financial statements.
The Directors have reviewed the Group's going concern position
taking into account its current business activities, performance to
date against budgeted targets and the factors likely to affect its
future development which include the Group's strategy, principal
risks and uncertainties and its exposure to credit and liquidity
risks.
The business maintains a strong balance sheet with net assets of
GBP55.0 million (H1 FY22: GBP56.1 million) which if you exclude
intangible assets, PPE and deferred taxation leaves an increased
net asset position of GBP6.7 million at 30 September 2022 (H1 FY22:
GBP5.3 million). At 30 September 2022 the Group had net cash of
GBP0.9 million ( H1 FY22 : GBP4.4 million).
The Group's GBP4.0 million 3-year revolving credit facility with
Barclays Bank plc, signed on the 25 March 2021 remains in place
which can provide working capital support if required. To date this
facility remains un-utilised.
The Directors have reviewed a detailed reforecast of trading
which includes a cash flow forecast for a period which covers a
period of trading to March 2024 and have challenged the assumptions
used to create these forecasts. This forecast demonstrates that the
Group is able to pay its debts as they fall due during this
period.
The Directors have reviewed a highly sensitised reverse stress
test scenario which has factored in what the Directors believe
would be an extreme scenario which incorporates the removal of all
new business revenues across both segments of the Group including a
reduction of renewal rates in our software division and a scaling
back of revenues within our Services division. Costs have also been
scaled back in line with the reduction in revenues. Overall, the
sensitised cash flow forecast demonstrates that the Group will be
able to pay its debts as they fall due for the period to at least
31 March 2024.
c) Critical accounting judgements estimates and assumptions
The preparation of financial statements requires management to
make judgements, estimates and assumptions that affect the amounts
reported for income and expenses during the year and that affect
the amounts reported for assets and liabilities at the reporting
date.
The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those described in the last annual
financial statements.
Revenue recognition
Management make judgements, estimates and assumptions in
determining the revenue recognition of material contracts sold by
the Groups Services division. The Group work with large enterprise
clients, providing services and solutions to support the clients'
needs. In many cases a third-parties products or services will be
provided as part of a solution. Management will consider the
implications around timing of recognition, with factors such as
determining the point control passes to the client and the
subsequent fulfilment of the Group's performance obligations. In
addition to this management will consider if it is acting as agent
or principal.
Business Combinations
Management make judgments, estimates and assumptions in
assessing the fair value of the net assets acquired on a business
combination, in identifying and measuring intangible assets arising
on a business combination, and in determining the fair value of the
consideration. If the consideration includes an element of
contingent consideration, the final amount of which is dependent on
the future performance of the business, management assess the fair
value of that contingent consideration based on their reasonable
expectations of future performance. In determining the fair value
of intangible assets acquired, key assumptions used include
expected future cashflows, growth rates and the weighted average
cost of capital.
Impairment of goodwill, intangible assets and investment in
subsidiaries
Management make judgements, estimates and assumptions in
supporting the fair value of goodwill, intangible assets and
investments in subsidiaries. The Group carry out annual impairment
reviews to support the fair value of these assets. In doing so
management will estimate future growth rates, weighted average cost
of capital and terminal values.
Leases
Management make judgements, estimates and assumptions regarding
the life of leases. Management continue to review all existing
leases, which all relate to office space, and will look to reduce
the number of offices across the Group if they are not sufficiently
utilised. For this reason management have assumed that the life of
leases does not extend past the current contracted expiry date. A
judgement has been taken with regard to the incremental borrowing
rate based upon the rate at which the Group can borrow money.
d) Basis of consolidation
The group's interim consolidated financial statements
incorporate the results and net assets of Shearwater Group plc and
all its subsidiary undertakings made up to 30 September each year.
Subsidiaries are all entities over which the group has control. The
group controls an entity when the group is exposed to, or has
rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over
the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the group. They are deconsolidated
from the date that control ceases. Where necessary, adjustments are
made to the financial statements of subsidiaries to bring the
accounting policies used into line with those used by the group.
All inter-group transactions, balances, income and expenses are
eliminated on consolidation.
e) Business combinations and goodwill
Business combinations are accounted for using the acquisition
accounting method. This involves recognising identifiable assets
(including previously unrecognised intangible assets) and
liabilities of the acquired business at fair value. Any excess of
the cost of the business combination over the Group's interest in
the net fair value of the identifiable assets and liabilities is
recognised in the consolidated statement of financial position as
goodwill and is not amortised. To the extent that the net fair
value of the acquired entity's identifiable assets and liabilities
is greater than the cost of the investment, a gain is recognised
immediately in the consolidated statement of comprehensive
income.
After initial recognition, goodwill is stated at cost less any
accumulated impairment losses, with the carrying value being
reviewed for impairment at least annually and whenever events or
changes in circumstances indicate that the carrying value may be
impaired. Goodwill assets considered significant in comparison to
the Group's total carrying amount of such assets have been
allocated to cash-generating units or groups of cash-generating
units. Where the recoverable amount of the cash-generating unit is
less than its carrying amount including goodwill, an impairment
loss is recognised in the consolidated statement of comprehensive
income.
Acquisition costs are recognised in the consolidated statement
of comprehensive income as incurred.
f) Revenue
The Group recognises revenue in accordance with IFRS 15 Revenue
from Contracts with Customers. Revenue with customers is evaluated
based on the five-step model under IFRS 15 'Revenue from Contracts
with Customers': (1) identify the contract with the customer; (2)
identify the performance obligations in the contract; (3) determine
the transaction price; (4) allocate the transaction price to
separate performance obligations; and (5) recognise revenues when
(or as) each performance obligation is satisfied.
The Group's revenues are comprised of a number of different
products and services across our two divisions, details of which
are provided below:
Software
-- Software licences whereby the customer buys software that it
sets up and maintains on its premises is recognised fully at the
point the licence key / access has been granted to the client. The
Group sells the majority of its software products through channels
and distributors who are responsible for providing 1(st) and 2(nd)
line support to the client.
-- Software licences for the new 'Authentication as a Services'
product whereby the customer accesses the product via a cloud
environment maintained by the Company is recognised in two parts
whereby 80% of the subscription is recognised at the point that the
licence key is provided to the customer with the remaining 20%
recognised evenly over the length of the contract. This deferred
proportion represents the obligation to maintain and support the
platform that the software runs on.
Services
-- Sale of third-party hardware, software, warranties and
internal support:
a) Where the contract entails only one performance obligation to
provide software or hardware, revenue is recognised in full at a
point in time upon delivery of the product to the end client. This
delivery will either be in the form of the physical delivery of a
product or the e-mailing of access codes to the client for them to
access third party software or warranties; and
b) Where a contract to supply external hardware, software and/or
warranties also include an element of ongoing internal support,
multiple performance obligations are identified and an allocation
of the total contract value is allocated to each performance
obligation based on the standalone costs of each performance
obligation. The respective costs of each performance obligations
are traceable to supplier invoice and applying the fixed margins,
standalone selling prices are determined. Internal support is
recognised equally over the period of time detailed in the
contract.
-- Sale of consultancy services are usually based on a number of
consultancy days that make up the contracted consideration.
Consultancy days generally comprise of field work and (where
required) report writing and delivery which are considered to be of
equal value to the client. Revenue is recognised over time based on
the number of consultancy days provided within the period compared
to the total in the contract.
Revenue recognised in the statement of comprehensive income but
not yet invoiced is held on the statement of financial position
within accrued income. Revenue invoiced but not yet recognised in
the statement of comprehensive income is held on the statement of
financial position within deferred revenue.
g) Use of additional performance measures
The Group presents adjusted EBITDA information which is used by
the directors for internal performance analysis and may not be
comparable with similarly titled measures reported by other
companies. The term "adjusted EBITDA" refers to operating profit or
loss excluding amortisation of intangibles, depreciation and
impairment, share-based payments charge, exceptional items, income
tax expense, finance income, finance expenses or fair value
adjustments to deferred consideration provisions and contingent
consideration paid.
h) Segmental reporting
For internal reporting and management purposes, the Group is
organised into two reportable segments based on the types of
products and services from which each segment derives its revenue -
Software and Services. The Group's operating segments are
identified on the basis of internal reports that are regularly
reviewed by the chief operating decision maker in order to allocate
resources to the segment and to assess its performance. Please see
note 3 for more details.
i) Intangible assets
Intangible assets are carried at cost less accumulated
amortisation and accumulated impairment losses. Intangible assets
acquired as part of a business combination are recognised outside
goodwill if the assets are separable or arises from contractual or
other legal rights and their fair value can be measured reliably.
Material expenditure on internally developed intangible assets is
taken to the consolidated statement of financial position if it
satisfies the 6 step criteria required under IAS 38.
Intangible assets with a finite life have no residual value and
are amortised over their expected useful lives as follows:
Computer software (including in-house developed software) 2-5
years straight line basis
Customer relationships 1-15 years straight line basis
Software 10 years straight line basis
Tradenames 10 years straight line basis
The amortisation expense on intangible assets with finite lives
is recognised in the statement of comprehensive income within
administrative expenses. The amortisation period and the
amortisation method for intangible assets with finite useful lives
are reviewed at least annually.
The carrying value of intangible assets is reviewed for
impairment whenever events or changes in circumstances indicate the
carrying value may not be recoverable.
j) Property, plant and machinery
Property, plant and equipment is stated at historical cost less
accumulated depreciation. Cost includes the original purchase price
of the asset plus any costs of bringing the asset to its working
condition for its intended use. Depreciation is provided at the
following annual rates, on a straight-line basis, in order to write
down each asset to its residual value over its estimated useful
life.
The assets residual values and useful lives are reviewed, and
adjusted if appropriate, at the end of each reporting period.
Plant and machinery 20-33 per cent per annum
Office equipment 25 per cent per annum
Shorter of useful life of the
Right of use assets asset or Lease term
Gains and losses on disposals are determined by comparing the
proceeds with the carrying amount and are recognised, as adjusted
items if significant, within the statement of comprehensive
income.
3. Segmental information
In accordance with IFRS 8, the Group's operating segments are
based on the operating results reviewed by the Board, which
represents the chief operating decision maker. The Group reports
its results in two segments as this accurately reflects the way the
Group is managed.
The Group is organised into two reportable segments based on the
types of products and services from which each segment derives its
revenue - software and services.
Segment information for the 6 months ended 30 September 2022 is
presented below and excludes intersegment revenue as they are not
material, and assets as the Directors do not review assets and
liabilities on a segmental basis.
Six-month period ended 30 September
2022 2022 2021 2021
Revenue Profit Revenue Profit
(unaudited) (unaudited) (unaudited) (unaudited)
GBP (000) GBP (000) GBP (000) GBP (000)
------------------------------ ------------- ------------- ------------- -------------
Services 9,136 703 8,689 905
Software 1,654 (167) 1,887 910
------------------------------ ------------- ------------- ------------- -------------
Group total 10,790 536 10,576 1,815
Group costs (475) (554)
------------------------------ ------------- ------------- ------------- -------------
Adjusted EBITDA 61 1,261
Amortisation of intangibles (1,446) (1,576)
Depreciation (127) (136)
Share-based payments (82) (31)
Other income - 20
Finance cost (31) (56)
Loss before tax (1,625) (518)
------------------------------ ------------- ------------- ------------- -------------
The Group is domiciled in the United Kingdom and currently the
majority of its revenues come from external customers that are
transacted in the United Kingdom. A number of transactions which
are transacted from the United Kingdom represent global framework
agreements, meaning our services, whilst transacted in the United
Kingdom, are delivered globally. The geographical analysis of
revenue detailed below is on the basis of country of origin in
which the master agreement is held with the customer (where the
sale is transacted).
Six-month period ended
30 September
2022 2021
(unaudited) (unaudited)
GBP (000) GBP (000)
-------------------- ------------- -------------
United Kingdom 6,888 7,698
Europe (excluding
the UK) 2,667 1,964
North America 972 550
Rest of the world 263 364
10,790 10,576
-------------------- ------------- -------------
4. Finance expenses
Six-month period ended
30 September
2022 2021
(unaudited) (unaudited)
GBP (000) GBP (000)
---------------------------------------- ------------- -------------
Interest payable on bank revolving
credit facility 26 35
Interest payable on lease liabilities 5 6
Interest payable on loan balances - 15
31 56
---------------------------------------- ------------- -------------
5. Income Tax
The tax expense recognised reflects managements' estimates of
the tax charge for the period and has been calculated using the
estimated average tax rate of UK corporation tax for the financial
period of 19%.
6. Earnings/(loss) per share
Basic loss per share is calculated by dividing the loss
attributable to the ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
For diluted loss per share, the weighted average number of
shares in issue is adjusted to assume conversion of all the
potential dilutive ordinary shares. The potential dilutive shares
are anti-dilutive for the six months ended 30 September 2021 as the
Group is loss making.
Adjusted earnings per share has been calculated using adjusted
earnings calculated as profit after taxation but before
amortisation of acquired intangibles after tax, share based
payments, impairment of intangible assets, exceptional items after
tax, fair value adjustment to deferred consideration and contingent
consideration.
Adjusted earnings per share is potentially anti-dilutive in the
six months to 30 September 2022 and potentially dilutive in the six
months to 30 September 2021 and for the 12 months to 31 March
2022.
The calculation of the basic and diluted earnings per share from
total operations attributable to shareholders is based on the
following data:
Six-month period ended
30 September
2022 2021
(unaudited) (unaudited)
GBP (000) GBP (000)
-------------------------------------------------- ------------- -------------
Net profit / loss from
total operations
Earnings for the purposes of basic and
diluted earnings / loss per share being
net loss attributable to shareholders (1,319) (380)
Add/(remove)
Amortisation of acquired intangibles 939 939
Share based payments 82 31
Other income - (20)
Fair value adjustment to deferred consideration - -
Adjusted earnings for the purpose of
adjusted earnings per share (298) 570
---------------------------------------------------- ------------- -------------
Number of shares No No
-------------------------------------------------- ------------- -------------
Weighted average number of ordinary shares
for the purpose of basic and adjusted
earnings per share 23,818,059 23,809,739
Weighted average number of ordinary shares
for the purpose of basic and adjusted
diluted earnings per share 24,604,916 23,954,771
---------------------------------------------------- ------------- -------------
Earnings/(Loss) per share GBP GBP
Basic loss per share (0.06) (0.02)
Diluted loss per share (0.05) (0.02)
Adjusted Basic and diluted (loss)/earnings
per share (0.01) 0.02
--------------------------------------------------- ------------- -------------
7. Trade and other receivables
Period ended 30 September
2022 2021
(unaudited) (unaudited)
GBP (000) GBP (000)
------------------------------------ --------------- ---------------
Trade receivables 10,043 4,798
Accrued income 3,267 372
Prepayments and other receivables 469 410
Deferred tax asset 181 -
13,960 5,580
------------------------------------ --------------- ---------------
8. Trade and other payables Period ended 30 September
2022 2021
(unaudited) (unaudited)
GBP (000) GBP (000)
------------------------------------- -------------- -------------
Accruals and other payables 6,709 1,480
Trade payables 2,757 2,027
Other taxation and social security 1,261 637
Deferred income 454 295
Corporation tax 444 36
Lease liabilities 87 158
Loans - 520
11,712 5,153
------------------------------------- -------------- -------------
9. Creditors: amounts falling due after more than one year
Period ended 30 September
2022 2021
(unaudited) (unaudited)
GBP (000) GBP (000)
------------------------------ -------------- -------------
Deferred tax 3,744 2,927
Accruals and other payables 3,461 -
Lease liabilities 16 25
7,221 2,952
------------------------------ -------------- -------------
10. Share capital
The table below details movements in share capital during the
year:
Six-month period ended
30 September
In thousands of shares 2022 2021
--------------------------------------------------- ------------ ------------
In issue at 31 March 23,810 23,810
Options exercised during the period - -
Share issue as part of acquisition consideration - -
Share issue for deferred consideration - -
Share placing - -
In issue at 30 September 23,810 23,810
--------------------------------------------------- ------------ ------------
2022 2021
GBP (000) GBP (000)
Allotted, called up and fully paid
Ordinary shares of GBP0.10 each 2,382 2,381
Deferred shares of GBP0.90 each 19,896 19,896
------------------------------------- ----------- -----------
22,278 22,277
------------------------------------- ----------- -----------
The Company did not issue any shares in the six-month period
ended 30 September 2022.
11. Related party transaction
The Directors of the Group and their immediate relatives have an
interest of 18% ( H1 FY22 : 17%) of the voting shares of the
Group.
12. Events after the reporting date
There are no material events after the reporting period to
report.
13. Cautionary statement
This Interim Report has been prepared solely to provide
additional information to shareholders to assess the Company's
strategies and the potential for these strategies to succeed. The
Interim Report should not be relied on by any other party or for
any purpose. The Interim Report contains certain forward-looking
statements with respect to the financial condition, results of
operations and businesses of the Company. These statements are made
in good faith based on the information available to them up to the
time of their approval of this report. However, such statements
should be treated with caution as they involve risk and uncertainty
because they relate to events and depend upon circumstances that
will occur in the future. There are a number of factors that could
cause actual results or developments to differ materially from
those expressed or implied by these forward-looking statements. The
continuing uncertainty in global economic outlook inevitably
increases the economic and business risks to which the Company is
exposed. Nothing in this announcement should be construed as a
profit forecast.
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END
IR BPBBTMTATTTT
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November 29, 2022 02:00 ET (07:00 GMT)
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