REG - 4GLOBAL PLC - Interim Results
07/12/2023 07:00
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RNS Number : 9356V 4GLOBAL PLC 07 December 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
7 December 2023
4GLOBAL PLC
("4GLOBAL", "Group" or the "Company")
Interim Results
"Strong growth and In line with market expectations"
4GLOBAL, a UK-based data, services and software company focused on the sport,
leisure and health, is pleased to announce its unaudited interim results for
the six-month period ended 30 September 2023.
Financial highlights for the period
· Revenue for the six months was £1.8m (H1 22/23): £1.4m) an increase of 26%.
· Gross profit margin improved to 60% (H1 22/23: 49%), due to internal
operational leverage from higher revenue.
· Adjusted loss £0.6m (H1 22/23: £0.8m loss) an improvement of 25%.
· Total Assets £5.2m (2022: £3.6m) an increase of 44%
· Trading in line with market expectations, with significant financial weighting
in H2 in line with previous financial periods.
Post period financial highlights
· Total annual booked revenue of £4.8m (H1 23/24: £1.8m, plus £3.0m booked
for H2 23/24). In addition, the Company is in late-stage contract negotiation
on a £1.0m opportunity which is expected to be signed in December 2023.
· £0.8m of new contract wins since interim end.
Key new business wins and partnerships - year to date
· Total new business won in this financial year to date stands at £3m
· Key partnerships:
- Jonas - launch of 4GLOBAL data & insight platform to their existing
customers in September 2023 targeting an initial $1m opportunity pipeline. To
date we have already signed up a number of flagship customers to our platform
and looking at exploiting the existing pipeline.
- TechnoGym - launch of 4GLOBAL data & insight platform to their existing
customers in September 2023. This partnership targets an opportunity Total
Addressable Market ("TAM") of £2m of license revenue.
- Mace Group - partnership extended to North America to target world cup
cities with the new combine offering around maximising the social value and
sustainability from hosting the world cup.
- Al-Jassra - significant business wins in the Middle East.
· Sport England contract variation has seen 4GLOBAL gathering insights to aid
local authorities, leisure providers, and policymakers alike in making
strategic decisions. This contract variation also marks a significant
expansion of 'Moving Communities Place.'
· Guadalajara convention contract award sees 4GLOBAL assisting in making
investment decisions and assessing whether investments are achieving the
criteria with regards to social impact, thanks to the use of 4GLOBALs data and
social value calculator.
Operational highlights for the period
· Our data asset (DataHub) grew to 35m unique individuals and over 4bn
datapoints as a result of increasing the number of sport health and activity
data sources being integrated through new customers into the DataHub; one of
the largest datasets of its kind in the world which enables clients to make
critical investment decisions about their business.
· Management successfully delivered its first trials using Artificial
Intelligence (AI) tools within DataHub, which has proven to increase
efficiencies in data processing. This enables DataHub to deliver enhanced
insights to its customers in the three key areas of understanding their
customers (identify, attract, retain, improve) operational efficiencies and
the ability to maximise ROI on capital investment (especially in scaled sport,
health and activity facilities).
· The combination of the growth of the DataHub and the use of AI has allowed the
Company to secure significant new contracts with our middle east partners (in
Qatar and the Kingdom of Saudi Arabia) developing nationwide sport
infrastructure investment plans and new cities development.
· Similarly in the North American market, the Company continues to build on
strategic partnerships with Jonas to deliver scale business insights for
Jonas' existing clients.
· Furthermore, the growth of the DataHub dataset and integration with AI coupled
is enabling the Company to open new verticals and data use cases. In the
period, the Company continued to grow in the health area specifically related
to the trend of using physical activity to treat and prevent certain health
conditions.
· The combination of these factors has allowed the Company to grow its
opportunity pipeline to £6.9m.
Eloy Mazon, Chief Executive Officer of 4GLOBAL, commented:
"Trading has been strong and the Board is delighted with the performance of
the business in the first half of the year. There has been significant growth
in revenues in relation to last year's H1 position (26% increase). This has
been a period of expansion and growth through significant business wins,
continuing to build on the grow foundations in international markets,
strengthening the team and the Company's' commercial partnerships.
"The rise of Artificial Intelligence (AI) and the growth of the DataHub has
generated significant opportunities for us and I was delighted to see the
launch of our first AI insight platform earlier this year as a pilot for one
of our biggest customers prior to commercial launch in 2024.
"As expected, Group revenue generation profile is significantly weighted to
the second half of the year. The Board is encouraged by the continued strong
demand for the Company's products and, with 4 months to go to the end of the
financial year, is confident that it is trading in line with market
expectations for the full year( 1
(https://ukc-word-edit.officeapps.live.com/we/wordeditorframe.aspx?ui=en-gb&rs=en-gb&wopisrc=https%3A%2F%2F4global-my.sharepoint.com%2Fpersonal%2Fkim_ohiggins_4global_com%2F_vti_bin%2Fwopi.ashx%2Ffiles%2Febdbda415aa04d9290f9f571f686875c&wdenableroaming=1&mscc=1&wdodb=1&hid=9e0f82e2-3898-4037-a6d4-d85d9238b4ff.0&uih=teams&uiembed=1&wdlcid=en-gb&jsapi=1&jsapiver=v2&corrid=168c2b2d-48a8-421f-a4db-6b5e7560d59d&usid=168c2b2d-48a8-421f-a4db-6b5e7560d59d&newsession=1&sftc=1&uihit=UnifiedUiHostTeams&muv=v1&accloop=1&sdr=6&scnd=1&sat=1&rat=1&sams=1&mtf=1&sfp=1&halh=1&hch=1&hmh=1&hwfh=1&hsth=1&sih=1&unh=1&onw=1&dchat=1&sc=%7B%22pmo%22%3A%22https%3A%2F%2Fwww.microsoft365.com%22%2C%22pmshare%22%3Atrue%7D&ctp=LeastProtected&rct=Normal&wdorigin=TEAMS-ELECTRON.p2p_ns.bim&wdhostclicktime=1701785060192&instantedit=1&wopicomplete=1&wdredirectionreason=Unified_SingleFlush#_ftn1)
)."
( 1
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) Market expectations for the full year stand at total revenue of £6.7m and
Adjusted EBITDA of £1.3m
For further information contact:
4GLOBAL plc c/o IFC Advisory
Eloy Mazon (CEO)
Spark Advisory Partners - Nominated Adviser 0203 368 3554
Neil Baldwin
Canaccord Genuity - Broker 020 7523 8000
Bobbie Hilliam
IFC Advisory 0203 934 6630
Graham Herring / Zach Cohen
A copy of the interim accounts is available from the Company's website
www.4global.com.
Chief Executive Statement
For the six months ended 30 September 2023
The current year has started positively and the Board is particularly
encouraged by progress in recent months. The financial position is strong and
international expansion continues with the activation and launch of our US
partnership gathering momentum. The business is performing comfortably in line
with market expectations.
The six months to 30 September 2023 was a period of growth for the Group as it
delivered a 26% increase in revenue to £1.8m (30 September 2022: £1.4m) and
it has accelerated its investment in products and platforms which is reflected
in the Group's total contracted work to date together with a total pipeline of
£6.9m.
The £4.8m of booked revenue to date consists of high margin contracts which
will have a significant impact on the Group's profitability. The Group has
also won new multi-million pound multi-year agreements, which enhances
visibility over revenues in future financial periods. This combines with the
migration of our existing customers and introduction of new customers to
annual recurring and repeatable revenue (ARRR) contracts. As expected, the
Group's revenue generation profile is weighted to the second half of the year
as it has been in previous periods. The investment made last year in
strengthening the opportunity pipeline internationally and winning multi-year
contracts has resulted in a considerable growth of our net assets in our
balance sheet regarding accounts receivable that will generate significant
cash to the business.
Market trends
The space in which 4GLOBAL operates (Sport & Fitness) has been evolving
over the last few years. The Group has identified four key market trends that
positively impact its business:
· Client focus and needs are shifting from a software approach to a focus around
data and the actionable insights they can extract from it. The informed data
enables the client to make better decisions around its customers, business
operations and investments in order to generate new revenue streams.
· Uncertainty of the macroeconomic environment is driving a greater reliance and
need on making the right decisions at the right time and to model the future.
Customers in this sector see data as key to generating the insights that drive
better decisions.
· Insight about their business to make better decisions needs to base on whole
sector data and not just the customers data as that gives them an incomplete
picture on which to base decisions. Access to market wide data is becoming
critical to make the right business decisions.
· AI is taking an increasingly important role in business and in particular to
the business critical insights it can provide. However, AI is a tool and it
requires large amounts of data to provide valuable insights; the more data the
powerful AI is to businesses.
4GLOBAL has one of the biggest databases of sport participation (DataHub) in
the world and an excellent track record at assisting customers in drawing
insight from their end market data. As a result, the Group is perfectly
positioned to exploit these trends and deliver on its growth strategy.
Key achievements and highlights
Product development & data asset
Since the beginning of the financial year, the Company's data asset, known as
the DataHub, has experienced growth of 5%. As data from the North American
operation begins to contribute, there is an expectation that this growth will
be further accelerated, expanding geographical coverage and reinforcing the
Company's dominant position in the market with its comprehensive data set.
In shaping the future landscape, Artificial Intelligence (AI) is poised to
play a pivotal role, particularly in the realm of actionable insights. The
Directors believe that the Company stands at the forefront of this
technological wave, recently successfully delivered its first trials of AI
within DataHub, which have proven to increase efficiencies in data processing.
This enables DataHub to deliver enhance insights to its customers in the 3 key
areas of understanding their customers (identify, attract, retain, improve)
operational efficiencies and the ability to maximise ROI on capital investment
(specially in scaled sport, health and activity facilities).
Furthermore, the growth of the DataHub dataset and integration with AI coupled
is enabling the company to open new verticals and data use cases. In the
period, the company continued to grow in the health area specifically related
to the trend of using physical activity to treat and prevent certain health
conditions like obesity that cost £98bn p.a. to the UK.
Commercial partnerships
Central to 4GLOBAL's global expansion strategy are its commercial
partnerships. Earlier this year, the Group unveiled two pivotal collaborations
with Jonas and with TechnoGym, strategically positioning itself to unlock
significant revenue opportunities for 4GLOBAL in the North American and
European markets respectively.
The Jonas partnership, launched to North American customers in August 2023,
has witnessed substantial marketing efforts and activations. This concerted
approach has already yielded positive results, with new customers actively
embracing the Company's insight solutions. This move aligns with the Company's
commitment to leveraging its data and insight products in unexplored
verticals, opening avenues for fresh revenue streams.
Notably, 4GLOBAL's enduring partnership with Mace Group has continued to
perform well, particularly in the Middle East, where several live projects and
opportunities exist. This success has prompted an extension of the partnership
into the North American market. Together, the companies are poised to launch
new offering targeting the sports and events sector.
As 4GLOBAL continues its ambitious growth aspirations, it remains committed to
exploring additional commercial partnerships that will expedite client
acquisition and drive revenue in its targeted markets.
Outlook
The Board anticipates sustained demand for its data, insights, and services throughout the remainder of the year. The management's primary focus will persist in strategically activating the commercial aspects of established partnerships across various geographies, with particular emphasis on the North America and Middle East regions.
Our commitment to product development and advancing our data assets remains unwavering. This approach ensures that the Company stays at the forefront of innovation, consistently delivering business-critical data and insightful solutions to meet the evolving needs of our customers.
As expected, and in previous years, Group revenue generation profile is
significantly weighted to the second half of the year. The Board is encouraged
by the continued strong demand for the Company's products and - with 4 months
to go to the end of the financial year - is confident that it is trading in
line with market expectations for the full year( 1
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).
( 1
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) Market expectations for the full year stand at total revenue of £6.7m and
Adjusted EBITDA of £1.3m
Eloy Mazon
Chief Executive
7(th) December 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Note
Six months ended Six months ended Year to
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
£ £ £
Revenue 1,748,660 1,389,429 5,585,747
Cost of sales (706,048) (704,510) (1,449,008)
Gross profit 1,042,612 684,919 4,136,739
Administrative expenses (1,651,035) (1,474,743) (2,919,874)
Other operating income - 14,000 14,000
Analysed as follows:
Adjusted (loss)/profit from operations (608,423) (775,824) 1,230,365
Depreciation and amortisation (230,107) (181,462) (372,717)
Share based payment expense (145,592) (208,620) (338,456)
Exceptional items - (54,000) -
Operating profit/(loss) (984,122) (1,219,906) 529,192
Finance income (19,045) 1,439 1,722
Finance cost 76 (17,736) (24,043)
(Loss)/profit before tax (1,003,091) (1,236,186) 496,921
Tax (charge)/credit (4,352) 103,314 145,133
(Loss)/profit for the period (1,007,443) (1,132,872) 642,054
Other comprehensive income
Exchange differences on translation of foreign
operations (7,053) 333 (3,053)
Other comprehensive income for the period (7,053) 333 (3,053)
Total comprehensive income for the period (1,014,496) (1,132,539) 639,001
Total comprehensive income attributable to the equity holders of the company (1,014,496) (1,132,539) 639,001
Basic profit - pence per share 3 (3.8)p (4.3)p 2.4p
Diluted profit - pence per share 3 (3.8)p (4.3)p 2.2p
The notes form part of these Condensed Consolidated Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
Note
As at 30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
£ £ £
Non-current assets
Property, plant and equipment 36,239 218,301 34,401
Right of use assets 376,734 - 595,601
Intangible assets 582,083 197,107 392,180
Deferred tax 266,477 - 190,647
Total non-current assets 1,261,533 415,408 1,212,829
Current assets
Trade and other receivables 3,659,398 1,084,891 3,977,947
Cash and cash equivalents 265,352 2,118,665 1,138,093
3,924,750 3,203,557 5,116,040
Total assets 5,186,283 3,618,965 6,328,869
Equity and Liabilities
Equity
Share capital 263,451 263,451 263,451
Share premium 3,390,330 3,390,330 3,390,330
Merger reserve 676,310 676,310 676,310
Share option reserve 533,837 347,701 388,245
Share warrant reserve 188,266 188,266 188,266
Currency translation reserve (42,429) (31,990) (35,376)
Retained earnings (1,397,423) (2,254,197) (389,890)
Total equity 3,612,342 2,579,871 4,481,246
Non-current liabilities
Borrowings 83,333 133,703 108,832
Lease liability - - 194,060
83,333 133,703 302,892
Current liabilities
Borrowings 50,000 50,130 50,000
Trade and other payables 1,058,238 676,515 1,122,746
Lease liability 382,370 178,746 371,985
Total current liabilities 1,490,608 905,391 1,544,731
Total liabilities 1,573,941 1,039,094 1,847,623
Total equity and liabilities 5,186,283 3,618,965 6,328,869
The notes form part of these Condensed Consolidated Financial Statements.
The Condensed Consolidated Financial Statements were approved and authorised
for issue by the Board of Directors on 7 December 2023.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Six months to Six months to Year to
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
£ £ £
Cash flows from operating activities
Profit/(loss) before income tax for period (1,003,091) (1,236,086) 496,921
Adjustments to reconcile loss before tax to net cash flows:
Depreciation of tangible assets 196,397 181,462 366,461
Amortisation 33,710 - 6,356
(Profit)/loss on disposal of fixed assets (1,205) - 1,077
Finance income (76) (1,439) (1,772)
Finance cost 19,045 17,736 24,043
Equity-settled share-based expense/warrants 145,592 208,620 338,456
Decrease/(increase) in trade and other receivables 268,349 520,729 (2,256,890)
(Decrease)/increase in trade and other payables (63,991) (223,168) 36,093
Tax received - 103,708 (3,989)
Net cash flows - operating activities (405,270) (428,438) (993,334)
Cash flows from investing activities
Purchase of intangible assets (8,664) (197,107) (22,768)
Purchase of Tangible assets (223,612) (18,905) (398,436)
Interest received 76 1,439 1,772
Net cash - investing activities (232,200) (214,573) 419,432
Cash flows from financing activities
Repayment of shareholder loan - principal - - (50,400)
Repayment of shareholder loan - interest - - (22,194)
Repayments of borrowings (25,498) (101,113) (50,000)
Lease liability principal payment (183,675) (175,065) (351,642)
Interest elements of lease payments (13,271) (5,235) (8,958)
Interest paid (5,774) (8,192) (15,521)
Net cash flows - financing activities (228,218) (289,605) 498,715
Net Decrease in cash (865,688) (932,616) (1,911,491)
Effects of exchange rate changes on cash (7,053) 333 (1,364)
Cash at beginning of period 1,138,093 3,050,948 3,050,948
Cash at the end of period 265,352 2,118,665 1,138,093
Comprising:
Cash and cash equivalents 265,352 2,118,665 1,138,093
Cash at end of period 265,352 2,118,665 1,138,093
The notes form part of these Condensed Consolidated Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Currency
Share Share Merger Share option Share warrant translation Retained Total
capital premium reserve reserve reserve reserve earnings Equity
£ £ £ £ £ £ £ £
As at 31 March 2022 263,451 3,390,330 676,310 139,080 188,266 (32,323) (1,121,325) 3,503,789
(Loss) for the period - - - (1,132,872) (1,132,872)
Other comprehensive charges - translation differences
- - - - - 333 - 333
Total comprehensive income for the period - - - - - 333 (1,132,872) (1,132,539)
Transactions with owners:
Share based expense - - - 208,621 - - - 208,621
- - - 208,621 - 333 (1,132,872) (923,918)
As at 30 September 2022 263,451 3,390,330 676,310 347,701 188,266 (31,990) (2,254,197) 2,579,871
Profit for the period 1,774,926 1,774,926
Other comprehensive charges - translation differences
- - - - - (3,386) - (3,386)
Total comprehensive income for the period - - - - - (3,386) 1,774,926
Transactions with owners:
Movement on lapsed share options (89,291) 89,291 -
Share based expense - - - 129,835 - - - 129,835
As at 31 March 2023 263,451 3,390,330 676,310 388,245 188,266 (35,376) (389,980) 4,481,246
(Loss) for the period - - - - (1,007,443) (1,007,443)
Other comprehensive charges - translation differences (7,053) - (7,053)
- - - - -
Total comprehensive income for the period - - - - - (7,053) (1,007,443) (1,014,496)
Transactions with owners:
Share based expense - - - 145,592 - - - 145,592
- - 145,592 - (7,053) (1,007,443) (868,904)
As at 30 September 2023 263,451 3,390,330 676,310 533,837 188,266 (42,429) (1,397,423) 3,612,342
The notes form part of these Condensed Consolidated Financial Statements.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
1. General Information
4Global plc is a public limited company incorporated in England and Wales and
was admitted to trading on the AIM Market of the London Stock Exchange, under
the ticker symbol 4GBL on 7 December 2021.
The Company was incorporated and registered in England and Wales on 22 July
2021 as a public company limited by shares, with the name 4Global plc and
registered number 13523846.
This financial information issued by 4Global plc in compliance with its
reporting obligations under the AIM Rules.
At 30 September 2023 the Company had issued share capital of 26,344,994
Ordinary Share of 1.0 pence.
The address of its registered office is Venture X, 5th Floor Building 7
Chiswick Park, 566 Chiswick High Road, Chiswick, London, United Kingdom, W4
5YG. and the registered company number is 13523846. The principal activity of
the Company is the provision of advisory services in the sporting sector at a
local, national and international level.
2. Significant accounting policies
2.1 Basis of preparation
The consolidated financial statements of 4Global PLC were prepared in
accordance with International Financial Reporting Standards ("IFRS") as
adopted by the United Kingdom, IFRIC interpretations and the Companies Act
2006 applicable to companies applying IFRS. The interim report has been
prepared in accordance with International Accounting Standard (IAS) 34
(Interim Financial Reporting). The information in this report has been drawn
up using, in all material respects, the same accounting methods as those
utilised in the Group's annual report and accounts for the year ended 31 March
2023.
3. Earnings per share
Six Months ended Six Months ended Year to
30 September 30 September 31 March
2023 2022 2023
Basic earnings per Ordinary Share (unaudited) (unaudited) (audited)
£ £ £
Loss for the period (1,007,443) (1,132,872) 642,054
Weighted average number of Ordinary Shares
in issue 26,344,994 26,344,994 26,344,994
Basic loss per share (pence) (3.8)p (4.3)p 2.4p
Diluted earnings per Ordinary Share
(Loss)/profit for the period 642,054
Diluted weighted average number of shares in issue 28,895,722
Diluted loss/profit per share (3.8)p (4.3)p 2.2p
Six Months ended Six Months ended Year to
30 September 30 September 31 March
2023 2022 2023
Weighted average number of shares used as a denominator
(unaudited) (unaudited) (audited)
Shares in issue at 1 April 2023 and 2022 26,344,994 26,344,994 26,344,994
Adjustments for calculation of diluted earnings per share
Share options 2,133,752
Warrants 416,971
2,550,723
28,895,722
As the Group has reported a loss diluted earnings per share are equal to basic
earnings per share.
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