REG - Made Tech Group PLC - Half Year Results
26/02/2024 07:00
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RNS Number : 3532E Made Tech Group PLC 26 February 2024
26 February 2024
MADE TECH GROUP PLC
("Made Tech" or the "Group")
Interim Results for the six months ended 30 November 2023
Strong profit performance in line with management expectations
Made Tech Group plc, a leading provider of digital, data, and technology
services to the UK public sector, is pleased to announce its unaudited half
year results for the six months ended 30 November 2023 (the "Period").
Financial highlights
H1 FY24 H1 FY23 Change FY23
Revenue £19.1m £20.6m -7% £40.2m
Gross Profit £7.1m £6.8m +4% £14.4m
Gross Profit Margin 37.1% 32.9% 35.8%
Adjusted EBITDA(1) £1.4m £0.5m +180% £1.5m
Adjusted EBITDA Margin 7.3% 2.5% 3.8%
Statutory Loss before Tax (£1.0m) (£1.7m) +41% (£1.5m)
Adjusted Profit before Tax(2) £1.3m £0.3m +343% £1.1m
Sales Bookings(3) £12.6m £32.6m -61% £69.9m
Contracted Backlog(4) £61.3m £47.8m +28% £67.9m
Net Cash £7.9m £9.0m -12% £8.5m
Strategic and Operational highlights
● Adjusted EBITDA up 180% to £1.4m (H1 FY23: £0.5m) with Adjusted EBITDA
margin increasing significantly to 37.1% (H1 F23: 32.9%) on revenue down 7% at
£19.1m (H1 FY23: £20.6m)
● Ongoing investment in senior leadership and commercial team to drive
continuing programme of growth and productivity initiatives
● Strategic drive by government to digitally transform public services in an
agile and cost effective manner means that Made Tech is well placed to deliver
long term growth
Current Trading and Outlook
● The Group remains on track to meet FY24 profit expectations, with revenue
slightly down on prior year
● Despite the challenging market and uncertainty created by the forthcoming
general election, the Board anticipates further profit improvement in FY25 as
a result of ongoing productivity and cost control initiatives
● Healthy Contracted Backlog underpins revenue expectations for FY24 and into
FY25
Rory MacDonald, CEO of Made Tech, said:
"Made Tech is focused on ensuring that it is fit and ready to capitalise on
the structural growth opportunities that we see in the UK public services
market, with an efficient, right-sized cost base, experienced senior
management, and an achievable strategic growth plan in place, whilst also
maintaining our reputation for excellence amongst our clients.
"We are making progress, delivering improvements on profitability and cash
generation and appointing key new members to our team, and I look forward to
updating our stakeholders further as we progress through 2024."
Notes:
All financials are based on unaudited figures.
(1) Adjusted EBITDA has been adjusted for the exclusion of depreciation,
amortisation, exceptional items and share based payment charge
(2) Adjusted profit before tax means profit before tax before amortisation of
intangible assets, impairment, share based payment charge and exceptional
items
(3) Sales Bookings represent the total value of sales contracts awarded in the
Period, to be delivered in FY24-FY27
(4) Contracted Backlog is the value of contracted revenue that has yet to be
recognised
Enquiries:
Made Tech Group plc via Belvedere PR
Rory MacDonald, CEO
Neil Elton, CFO
Singer Capital Markets (Nominated Adviser & Broker) Tel: +44 (0) 20 7496 3000
Jennifer Boorer / Harry Gooden / Asha Chotai
Belvedere PR (Financial PR) Email: madetech@belvederepr.com (mailto:madetech@belvederepr.com)
Cat Valentine Tel: +44 (0) 7715 769078
Keeley Clarke Tel: +44 (0) 7967 816525
About Made Tech
Made Tech is a provider of digital, data and technology services, which enable
central government, healthcare, local government organisations and other
regulated industries to digitally transform.
Made Tech's purpose is to "positively impact the future of society by
improving public services technology". To achieve this the company has four
key strategic missions: Modernise legacy technology and working practices;
Accelerate digital service and technology delivery; Drive better decisions
through data and automation; and Enable technology and delivery skills to
build better systems.
The Group operates from four locations across the UK - London, Manchester,
Bristol, and Swansea.
More information is available at https://investors.madetech.com/
(https://investors.madetech.com/)
CHIEF EXECUTIVE OFFICER'S REVIEW
Introduction
Overall, I am pleased with our first half performance. It was a tricky period
as, like many IT service providers, we were contending with a challenging
macro environment which impacted client budgets and, in certain cases, led to
changes in project scope. This resulted in revenue declining by 7% YoY.
Whilst this impacted Group revenue in the Period, I am pleased to report that
we made substantial progress on profitability, as we implemented operational
efficiencies across the business, reduced headcount, and increased
utilisation. As a result of these actions, our gross profit margin improved
substantially, up 4% to 37.1% (H1 FY23: 32.9%), with Adjusted EBITDA rising by
180% to £1.4m (H1 FY23: £0.5m), representing an Adjusted EBITDA margin of
7.3% up 4.8% from H1 FY23.
Our Sales Bookings in the Period were £12.6m, underpinned by three key client
wins with the Department of Business and Trade (£1.9m, 1 year contract),
Government Digital Service (£5.0m, 2 year contract) and Ministry of Justice
(£3.8m, 1.5 year contract). We expect there to be periods of peaks and
troughs in our Sales Bookings, as the nature, size, and timing of available
contracts varies and suits different types of providers.
In the meantime, our Contracted Backlog remains strong and provides good
contractual coverage for the remainder of FY24 and into FY25. Our cash
position at the Period end was £7.9m and, with no debt within the business
and a focus on positive free cash flow in FY25, our balance sheet looks
strong.
Strategic Market Opportunity
We remain optimistic about the digital transformation opportunity within the
UK public sector market. There is a strong commitment to the digitisation of
government, and this has been reaffirmed by the latest strategies issued by
central government, health, defence, police, and local government
organisations. We are confident that, regardless of whichever political party
forms the next Government, there remains a very real need for digitisation and
legacy application transformation across the public sector. The analysts at
TechMarketView are currently forecasting that the market will grow to £18.2b
by 2026.
Moreover, the disaggregation of large IT contracts continues to be a strong
theme across government, and we expect the response to the high-profile Post
Office Horizon IT Inquiry to reinforce this approach. Previous high-profile IT
failures have increased negative sentiment towards the 'Big IT' providers, and
this has benefited smaller, more agile, organisations such as Made Tech. This
is a trend we expect to continue.
Whilst we recognise artificial intelligence ('AI') is in the midst of a 'hype
cycle,' we expect the desire to capture AI-led benefits to play an
increasingly important role in driving the digital transformation agenda, as
government organisations have to strengthen and upgrade their digital and data
core in response.
We expect Made Tech to benefit from these strong market drivers and to see
significant growth opportunities from 2025 onwards.
Clients
We extend our gratitude to our clients for their unwavering commitment to Made
Tech. Our goal is to serve as a robust digital partner, delivering outcomes
that not only meet but exceed the needs of our clients and the citizens they
serve.
Our relationship with our clients remains exceptionally strong, which is
testament to our collaborative approach and dedication to quality. Over the
last few years, we have successfully retained all key clients, underscoring
the trust and value we bring to these partnerships and positioning the Group
well for the significant opportunities which lie ahead.
In our commitment to continually assess and enhance client satisfaction, we
have undertaken our first formal Customer Satisfaction (CSAT) exercise. The
results were highly encouraging, with Made Tech achieving a score of 8.1 out
of 10 across our client base. This score reflects our consistent delivery of
high-quality services and our clients' satisfaction with our work.
Our client portfolio is well-diversified, reducing the Group's dependency on
any single client and enhancing our financial stability. We have twelve key
clients, who each contribute more than circa £1 million per annum. Among
these, eight clients contribute over £2.5 million annually. This broad spread
of large clients not only showcases our capability to engage and deliver on
significant projects but also helps to de-risk our revenue streams.
During the Period, we welcomed a significant new government department to our
portfolio of clients. This addition is particularly exciting as we believe
this client holds the potential to become a key account over the coming years.
Our ability to attract a client of such high-calibre speaks volumes to our
reputation in the market and our team's hard work and dedication.
Frameworks
Our market access has been further strengthened in the Period through our
successful inclusion in several key government procurement frameworks. Being
part of such frameworks is essential for facilitating our engagement with key
public sector entities, enabling us to contribute more effectively to the
digital transformation initiatives across various government departments.
HMRC - DALAS Framework
We were very pleased to have secured a place on the HMRC DALAS framework.
While the initial contract opportunities have been delayed, we are optimistic
about the opportunity this presents for the years ahead.
FCA Digital Framework
We have also been awarded a place on the Financial Conduct Authority ('FCA')
Digital Framework in the Period. This allows us to engage directly with the
FCA and provides us with the opportunity to contribute to the enhancement of
digital services within the financial services sector.
MOD DIPs Framework
In a strategic collaboration, Made Tech has gained a place on the Ministry of
Defence's Defence Infrastructure Programme (DIPs) framework as a subcontractor
to a large prime contractor. This partnership enables us to contribute to
critical defence infrastructure projects, further diversifying our portfolio
and allowing us to support the nation's defence and security through digital
innovation.
Product Development and Commercialisation
During the Period, the Group achieved a significant milestone with the
official launch of its first suite of in-house developed, software products,
Housing Repairs, Housing Voids, and Evidence, marking a pivotal expansion of
our offering beyond services. By complementing our services with proprietary
products, we aim to offer a suite of comprehensive solutions which address the
specific needs of our clients. This strategic diversification enhances our
value proposition and strengthens our market position.
Furthermore, diversification and expansion into products aligns firmly with
our long-term strategy to cultivate a balanced and resilient business model.
The subscription products, launched in the Period, introduce a recurring
Software as a Service (SaaS) revenue model, characterised by its
predictability and favourable margin profile. This approach not only provides
a stable revenue stream for the Group, but it also fulfils the evolving
preference of our clients for solutions which offer continuous value and
support.
We have started to actively market these products and have already signed a
flagship client. The Company will focus on the commercialisation of these
products over the next 12-18 months.
People
The work we accomplish for our clients is a direct result of the dedication
and talent of our team at Made Tech. Our people are the backbone of our
success, driving innovation and excellence across all our projects.
We have observed a positive trend in employee satisfaction in the first half,
with our eSAT Employee engagement levels showing continuous improvement. This
upward trajectory in engagement is mirrored in our retention rates, which have
improved significantly to 87% as we concluded the Period. Such metrics not
only reflect the strength of our workplace culture but also the commitment of
our team to our collective goals.
Critically, we have managed contractor numbers with precision, maintaining
them at 5-6% throughout the Period. We expect to increase our use of
contractors in H2 FY24, as we prepare for the flexibility required around the
general election period.
The launch of our People Forum marks a significant step towards enhancing
engagement and decision-making within our team. This initiative aims to foster
a more inclusive environment, in which feedback and ideas can directly
influence our workplace policies and culture. The early successes of the
People Forum are promising, and we anticipate that it will play a crucial role
in our ongoing efforts to improve workplace satisfaction and engagement.
Our hybrid work model continues to be a cornerstone of our operational
approach, allowing team members to blend work from Made Tech offices, client
sites, and home. This flexibility supports our commitment to work-life balance
and productivity.
Leadership
Recognising the importance of experienced leadership in the profitable scaling
of our business, we are strengthening our senior team. We were delighted to
welcome Neil Elton to the Board as Chief Financial Officer and Wayne Searle as
Chief People Officer to the executive team. Neil brings a wealth of public
market and technology growth experience, while Wayne's role underscores our
commitment to prioritising our people, to ensure Made Tech is a place in which
everyone can grow, learn, and contribute to our clients' successes.
To align with our next growth phase and seize the opportunities ahead, we have
implemented several changes within our sales leadership. New appointments have
been made, with more set to join in H2. These strategic changes are designed
to strengthen our sales capabilities, ensuring we are well-positioned to meet
the demands of our expanding market presence and to continue providing
exceptional service to our clients.
Summary and Outlook
We expect to see continued improvements in margins and cash flow in H2 FY24,
aligning with our strategic focus on operational efficiency and financial
health, and are comfortably on track to meet our FY24 profit expectations,
albeit on slightly reduced revenue expectations.
The upcoming general election undoubtedly introduces a measure of uncertainty,
with potential slowdowns in new contract acquisitions likely, as clients
navigate the changing political landscape. However, we have good visibility
for the remainder of the current financial year and expect the vast majority
of our existing client contracts, being critical to the operation of
government, to continue unaffected.
Entering FY25, we project that approximately 90% of our revenue will be
secured from our Contracted Backlog and the renewal of ongoing contracts.
While we remain cautious about the potential impact of the election, Made Tech
is strategically positioned to capture emerging opportunities. Our focus
remains on driving year-on-year improvements in profitability and
transitioning towards generating positive free cash flow in the next fiscal
year.
Rory MacDonald
Chief Executive Officer
CHIEF FINANCIAL OFFICER'S REVIEW
The unaudited half year results for the six months ended 30 November 2023 are
in line with management's expectations and show strong growth in profitability
and margins.
H1 2024 H1 2023 Change
Revenue £19.1m £20.6m -7%
Adjusted EBITDA £1.4m £0.5m +180%
Operating Loss (£1.1m) (£1.7m) +36%
Adjusted Profit after tax £1.3m £0.9m +44%
Basic and Diluted Earnings per Share (pence) (0.62) (1.12)
Adjusted Diluted Earnings per Share (pence) 0.18 (0.05)
Revenue
Revenue for the Period of £19.1m (H1 FY23: £20.6m) was 7% down compared to
the same period in the prior year. A number of factors contributed to this
performance, including a lower-than-normal order book in certain parts of the
business and some client delays.
Sales bookings of £12.6m in the Period (H1 FY23: £32.6m) were 61% down
against strong prior year comparatives. Those strong sales bookings in prior
periods means that the Contracted Backlog, representing the value of
contracted revenue that has yet to be recognised, increased from £47.8m at
the end of H1 FY23 to £61.3m at the end of H1 FY24. This healthy order book
positions the Group well for the period ahead.
Gross Profit and Adjusted EBITDA
Gross Margin improved substantially during the Period to 37.1% from 32.9% in
H1 FY23. Adjusted EBITDA of £1.4m and margin of 7.3% in the first half was
also significantly ahead of H1 FY23 (EBITDA of £0.5m; 2.5% margin). Adjusted
EBITDA represents operating profit before depreciation, amortisation,
impairment of intangible assets, share-based payment charges and exceptional
items. An operating loss of £1.1m represents a 36% improvement on the same
period last year (H1 FY23: £1.7m).
Total headcount, including contractors, reduced to 388 people (H1 FY23: 484).
Over the past year, we have reduced our headcount, and improved our capacity
management and reporting processes, with the goal of optimising utilisation.
These initiatives have enabled us to improve productivity and better
capitalise on available resources, ultimately strengthening our margins,
whilst at the same time increasing investments in commercial resources to help
drive top line growth. Although we are pleased with the progress we have
already made in strengthening our margins, this remains an ongoing process and
we continue to see further opportunities to optimise our processes and
resourcing.
Share-based payments
The share-based payments charge for the Period under IFRS2 'Share-based
payments' was £0.5m (H1 FY23: £1.5m). This charge related to the awards made
under the Long Term Incentive Plan (LTIP) and the Group Restricted Share Plan
('RSP'). The primary contributor to the reduction in the like-for-like charge
was the waiver of options by the CEO and COO in February 2023. As we continue
to invest in the senior management team, the Board expects the share-based
payments charge to increase in future periods.
Exceptional costs
Administrative costs include £0.3m of exceptional costs (H1 FY23: £0.5m)
associated with targeted integration and restructuring actions taken in the
first six months of this financial year. An impairment charge of £0.9m (H1
FY23: nil) relates to intangible assets associated with the creation of an
apprenticeship academy, developed alongside government departments including
the HMRC. Although the IP will continue to be used by the business, the Board
does not now view this as being a core revenue generating offering.
Earnings per Share ('EPS')
Adjusted diluted EPS increased to 0.18 pence (H1 FY23: loss of 0.05 pence),
driven primarily by the increase in adjusted EBITDA. This was partially offset
by the higher number of weighted average number of diluted shares.
On a statutory basis, basic and diluted EPS reduced to a loss of 0.62 pence
(H1 FY23: loss of 1.12 pence).
Capital Allocation, funding priorities and dividend
On admission to AIM in September 2021, the Group stated that its intention was
to make dividend payments. In the 2023 Annual Report we confirmed that we
would review the policy. The Board believes that the opportunities ahead of us
are significant and sees the government's increasing spend in digital as a
long-term trend. The Board has therefore resolved that the Company will
continue to prioritise investment in capital growth and, therefore, does not
recommend the payment of an interim dividend. The Board will continue to keep
this policy under review.
Balance Sheet
The Group is debt free and has a strong balance sheet with £7.9m net cash at
30 November 2023 (31 May 2023: £8.5m; 30 November 2022: £9.0m). Debtor days
have increased from 37 (H1 FY23) to 45 primarily as a result of client-side
delays in processing payments; management continues to work with clients to
resolve this.
The Group continues to develop new product IP, targeting local government
software applications that will help to substantially increase client
productivity. Made Tech has launched three new products to market over the
past year. Capitalised investment in new product reduced from £1.3m in H1
FY23 to £1.0m in H1 FY24, as the focus moved to the commercial rollout.
Neil Elton
Chief Financial Officer
Consolidated statement of comprehensive income
6 months to 6 months to 12 months to
30 November 2023 30 November 2022 31 May 2023
£'000 £'000 £'000
Unaudited Unaudited Audited
Revenue 19,134 20,552 40,195
Cost of Sales (12,027) (13,787) (25,802)
Gross Profit 7,107 6,765 14,393
Administrative expense (5,746) (6,256) (12,931)
Share-based payments (481) (1,549) (2,068)
Depreciation and Amortisation (784) (209) (417)
Impairment of Intangible Assets (884) - -
Exceptional items (314) (455) (574)
Other income 15 59
Operating Loss (1,087) (1,704) (1,538)
Finance Expense 112 (8) 11
Loss before tax (975) (1,712) (1,527)
Taxation - 644 (72)
Loss after tax (975) (1,068) (1,599)
Consolidated statement of financial position
30 November 2023 30 November 2022 31 May 2023
£'000 £'000 £'000
Unaudited Unaudited Audited
Assets
Non-current assets
Intangible assets 4,504 3,373 5,013
Property, plant, and equipment 312 726 499
Total non-current assets 4,816 4,099 5,512
Current assets
Trade and other receivables 7,288 6,402 6,193
Cash and cash equivalents 7,878 8,952 8,474
15,166 15,354 14,667
Total assets 19,982 19,453 20,179
Current Liabilities
Trade and other payables 5,126 3,958 4,736
Loans and borrowings 47 184 140
Total current liabilities 5,173 4,142 4,876
Non-current Liabilities
Loans and borrowings - 47 -
Deferred tax liability 92 20 92
Total non-current liabilities 92 67 92
Total Liabilities 5,265 4,209 4,968
Net assets 14,717 15,244 20,179
EQUITY
Share capital 75 75 75
Share premium 13,421 13,433 13,421
Share-based payment reserve 4,879 3,900 4,398
Capital redemption reserve 12 - 12
Retained deficit (3,670) (2,164) (2,695)
Total equity 14,717 15,244 15,211
Consolidated statement of changes in equity
Share-based payment reserve Deferred Share reserve Capital redemption reserve £'000
Share Capital Share Premium £'000 £'000 Retained Earnings
£'000 £'000 £'000 Total
£'000
Balance at 01 June 2022 74 13,421 2,376 12 - (1,096) 14,787
Loss for the period - - - - - (1,068) (1,068)
Cancellation of Deferred Shares - - - (12) 12 - -
Shares issues 1 - - - - - 1
Share-based payments charge - - 1,524 - - - 1,524
Total Transactions with equity owners 1 12 1,524 (12) 12 (1,068) 457
Balance at 30 November 2022 75 13,421 3,900 - 12 (2,164) 15,244
Loss for the period - - - - - (531) (531)
Share-based payments charge - - 498 - - - 498
Total Transactions with equity owners - - 498 - - - 498
Balance at 31 May 2023 75 13,421 4,398 - 12 (2,695) 15,211
Loss for the period - - - - - (975) (975)
Share-based payments charge - - 481 - - - 481
Total Transactions with equity owners - - 481 - - (975) (494)
Balance at 30 November 2023 75 13,421 4,879 - 12 (3,670) 14,717
Consolidated statement of cash flow
6 months to 6 months to 12 months to
30 November 2023 30 November 2022 31 May 2023
£'000 £'000 £'000
Unaudited Unaudited Audited
Cash flows from operating activities:
Loss before tax (975) (1,712) (1,527)
Share-based payment expense 481 1,549 2,068
Finance (income)/expense (112) 8 (11)
Loss on disposal of property, plant, and equipment 7 - 9
Depreciation and Amortisation 784 209 417
Impairment of Intangible Assets 884 - -
(Increase)/decrease in trade and other receivables (1,095) 527 (128)
Increase/(Decrease) in trade and other payables 390 (2,330) (1,349)
Cash generated/(used) by operations 364 (1,749) (521)
Income taxes (paid)/received - - -
Net cash flows from operating activities 364 (1,749) (521)
Investing activities
Purchase of property, plant, and equipment (17) (62) (60)
Addition of intangible assets (962) (1,469) (3,109)
Interest and other fees received 122 - 25
Net cash used by investing activities (857) (1,531) (3,144)
Financing activities
Interest paid - (4) (4)
Repayment of lease liability (94) (93) (180)
Interest paid on lease liability (9) (4) (10)
Net cash used by financing (103) (101) (194)
Net decrease in cash and cash equivalents (596) (3,381) (3,859)
Cash and cash equivalents at beginning of Period 8,474 12,333 12,333
Cash and cash equivalents at end of Period 7,878 8,952 8,474
Notes
1. General information
Made Tech Group Plc is a company incorporated on 13 September 2019 and
domiciled in England and Wales, registration number 12204805. The Company's
registered office is 4 O'Meara Street, Southwark, London, SE1 1TE. The
Company's shares are traded on AIM, a market operated by the London Stock
Exchange.
The interim financial information is unaudited.
2. Basis of preparation
The unaudited condensed consolidated interim financial information has been
prepared in accordance with IAS 34 Interim Financial Reporting. They do not
include all disclosures that would otherwise be required in a complete set of
financial statements and should be read in conjunction with the 2023 annual
report.
The interim results for the six months to 30 November 2023 are unaudited and
do not therefore constitute statutory accounts in accordance with Section 434
of the Companies Act 2006.
Statutory accounts for the year ended 31 May 2023 have been filed with the
Registrar of Companies and the auditor's report was unqualified, did not
contain any statement under Section 498(2) or 498(3) of the Companies Act 2006
and did not contain any matters to which the auditors drew attention without
qualifying their report.
3. Basis of consolidation
The consolidated financial information comprises Made Tech Group Plc and its
subsidiary Made Tech Limited and Made Tech Learning Limited. Subsidiaries are
consolidated from the date of acquisition being the date on which the Group
obtains control.
4. Accounting policies
The accounting policies used in the preparation of the interim consolidated
financial information for the six months ended 30 November 2023 are in
accordance with the recognition and measurement criteria of IFRS and are
consistent with those which were adopted in the annual financial statements
for the year ended 31 May 2023.
5. Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to
ordinary shareholders of the parent company by the weighted average number of
ordinary shares in issue during the period.
To arrive at the adjusted diluted share number, the Directors have calculated
an adjusted share number by taking the weighted average basic shares and
included the maximum shares to be issued in respect of contingent
consideration to be paid based on performance measures met in the period,
together with the maximum share options outstanding.
H1 FY24 H1 FY23 FY23
'000 '000 '000
Weighted average basic shares for the purposes of basic earnings per share 149,287 148,483 148,885
Effect of dilutive potential ordinary shares from share options in issue 7,494 3,962 4,097
Weighted average number of diluted shares for the purpose of diluted earnings 156,781 152,445 159,982
per share
Basic and diluted loss per share (pence) (0.62) (1.12) (1.07)
Adjusted basic earnings/(loss) per share (pence) 0.19 (0.05) 0.35
Adjusted diluted earnings/(loss) per share (pence) 0.18 (0.05) 0.34
6. Reconciliation to adjusted EBITDA
H1 FY24 H1 FY23 FY23
£'000 £'000 £'000
Operating Loss (1,087) (1,704) (1,538)
Add back Depreciation and Amortisation 784 209 417
Add back Impairment of Intangible Assets 884 - -
Add back Share-based payment charge 481 1,549 2,068
Add back Exceptional items 314 455 574
Adjusted EBITDA 1,376 509 1,521
7. Reconciliation to adjusted profit before tax
H1 FY24 H1 FY23 FY23
£'000 £'000 £'000
Loss before tax (975) (1,712) (1,527)
Add back Amortisation of Intangible Assets 588 - -
Add back share-based payment charge 481 1,549 2,068
Add back Impairment of Intangible Assets 884 - -
Add back Exceptional items 314 455 574
Adjusted profit before tax 1,292 292 1,115
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