REG - ActiveOps PLC - Results for the year ended 31 March 2024
03/07/2024 07:00
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RNS Number : 8795U ActiveOps PLC 03 July 2024
3 July 2024
ActiveOps plc
("ActiveOps", the "Company" or the "Group")
Results for the year ended 31 March 2024
Double digit ARR growth and sustainable profit before tax provide strong basis
for expansion
ActiveOps plc (AIM: AOM), a leading provider of Decision Intelligence software
for service operations, is pleased to announce its audited results for the
year ended 31 March 2024.
Financial Highlights:
Year ended 31 March 2024 2023 Change
Annual recurring revenue "ARR"(1) £25.1m £22.6m +11%
Revenue £26.8m £25.5m +5%
Software & Subscription revenue £23.8m £22.1m +8%
Training & implementation "T&I" revenue £3.0m £3.4m -12%
Gross margin 84% 82% +2ppt
Adjusted EBITDA(3) £2.4m £0.7m +243%
Profit/(loss) before tax £1.0m £(0.2)m -
Earnings/(loss) per share on continuing operations 1.18p (0.70)p -
Net cash and cash investments(5) £17.6m £15.4m +14%
· ARR growth of 11% (14% constant currency) against prior year
· Total Revenue growth of 5% (9% constant currency), delivering total revenue of
£26.8m, driven primarily by increased recurring SaaS revenues
· Gross profit margins increased to 84%, (2023: 82%) supported by a heavier SaaS
to T&I revenue mix
· Strong increase in adjusted EBITDA(3) to £2.4m (2023: £0.7m), including an
increase in capitalised development spend as the Group continues to focus on
the development of advanced AI-based product features and prudent cost
management
· Healthy operating cash conversion(4) of 175% (2023: 486%) arising from
annual-in-advance billing
· Sustainable profit before tax of £1.0m (2023: loss of £0.2m)
· Balance sheet remains strong with £17.6m cash and cash investments(5) (2023:
£15.4m) and remains debt free
Operational Highlights
· Strong expansion across existing customers resulting in Net Revenue
Retention(2) (NRR) of 107%, (110% on a constant currency basis (2023: 110%))
· 82% of customers increased or maintained ARR, including 27% who increased ARR
by 20% or more
· Three new customers secured, each with significant expansion potential
· The upsell of Series 3 for ControliQ continues to go well
· Momentum in CaseWorkiQ continues to build, with total CaseWorkiQ ARR growth of
95%
· Three significant ControliQ enterprise contracts secured following thorough
and competitive RFP processes, as each enterprise saw the benefits of the
proven enterprise-scale capabilities of ControliQ and an ability to deliver
material cost savings with rapid ROI
· Expansion of the Senior Leadership Team has brought additional, valuable
experience and will provide increased focus on the execution of ActiveOps'
growth strategy
Outlook
· Trading in the first few months of FY25 has been in line with the Board's
expectations, driven by customer expansions and the addition of a new customer
with significant expansion potential
· Exciting product roadmap, including release in FY25 of ControliQ Series 4,
incorporating further AI and Machine Learning features
· Results of the prior period investment in product development and marketing
give the Board confidence to make disciplined and focused investment in the
global sales operation in the coming year to look to accelerate organic growth
rate
ActiveOps CEO, Richard Jeffery commented: "As we look back on FY24, and
consider the way ahead, we do so with an increased sense of confidence. The
investments into our product and marketing capabilities are delivering
demonstrable returns, particularly in terms of strong expansion with existing
customers and high retention rates. The ability of our products to blend AI
and human intelligence with information drawn from other applications to
deliver powerful insights is resonating more than ever. The strength of our
balance sheet and growth in profitability means we are now well placed to
invest into our global sales operation to replicate our success on a wider
basis, aiming to drive further growth across all our key markets."
Footnote to Financial highlights
The above non-GAAP measures are unaudited
(1. ) Annual Recurring Revenue is recurring revenue from contracts with customers
(2. ) Net Revenue Retention is the percentage of recurring revenue retained from
existing customers
(3. ) Adjusted EBITDA is used by management to assess the trading performance of the
business. Defined as Operating profit before depreciation, amortisation,
share-based payment charges and exceptional items and includes FX differences.
(4. ) Cash conversion is defined as Cash generated from Operations in the
Consolidated Statement of Cash Flows, adjusted to exclude cash payments for
exceptional items as a percentage of adjusted EBITDA.
(5. ) Cash and cash equivalents plus cash investments on the Balance Sheet at the
period end.
For more information, please contact:
ActiveOps Via Alma
Richard Jeffery, Chief Executive Officer www.activeops.com (http://www.activeops.com/)
Emma Salthouse, Chief Financial Officer
Investec Bank plc +44 (0)20 7597 5970
Corporate Broking & PLC Advisory
Patrick Robb / Nick Prowting
Alma Strategic Communications + 44(0) 203 405 0205
Caroline Forde / Will Ellis Hancock
About ActiveOps
ActiveOps is Software as a Service business, dedicated to helping
organisations create MORE value from their service operations. ActiveOps'
Decision Intelligence software solutions are specifically designed to support
leaders with the vast number of decisions they make daily in the name of
running their operations. Our customers make better decisions and consume less
time and effort making them. The outcomes are significantly improved
turnaround times and double-digit improvements in productivity with backlogs
of work materially reduced. Customers also leverage the capacity created to
invest in transformation and development, as well as to reduce levels of new
recruitment.
The Company's AI-powered SaaS solutions are underpinned by 15+ years of
operational data and its AOM methodology which is proven to drive cross
department decision-making.
The Company has over 180 employees, serving a global customer base of
enterprise customers from offices in the UK, Ireland, USA, Canada,
Australia, India, and South Africa. The Group's customers are predominantly
in the banking, insurance, healthcare administration and business process
outsourcing (BPO) sectors, including Nationwide, TD Bank, Elevance and DXC
Technology.
Chair's Statement
Introduction
FY24 was another year of achievement for ActiveOps, as the Company
successfully navigated an ongoing challenging market backdrop, while taking
significant strides forward in terms of our offering, marketing capabilities
and profitability.
A core driver of our success is the strength and breadth of the ActiveOps
team, across our client facing, technical and support teams. This is supported
by the robust culture that has been built by the senior leaders within the
Group and stems from Richard's vision for the Company as a whole.
With a growing team and a dynamic and market leading product set, we are
confident that we have a strong foundation on which to capitalise on the
considerable opportunity ahead.
Financial Performance
We have delivered another year of profitable growth. I am particularly pleased
with the double-digit growth in SaaS revenue and ARR, 11% and 14% on a
constant currency basis respectively, demonstrating the underlying growth of
the business. The market backdrop for our Training and Implementation
(T&I) services continued to be challenging, with T&I revenues
decreasing in the year, somewhat tempering our overall growth rate.
The Group's focus on measured investment means adjusted EBITDA, profit before
tax and cash all show healthy progression on the prior year.
Importantly, our considerable step forward in profitability and continued
strong cash generation provides the Group with increasing flexibility with
regards to its investment decisions, and as a Board we believe now is the
right time to accelerate investment into our sales engine, aiming to drive an
acceleration in our organic growth rate.
Overview of the year
The year has seen a particular focus on delivering value to existing clients
through the account teams, and our success in this is evidenced by the
maintenance of our strong revenue retention at 110% on a constant currency
basis.
The investments we have made in our product set continue to bear fruit, and
our internal execution capabilities have been evident this year in terms of
the terrific work in assisting clients to adopt ControliQ Series 3. This is
the latest iteration of our core product, giving clients access to outstanding
new features further bolstering their return on investment, as well as
allowing us to streamline our cost base. Growth in our other new product
CaseWorkiQ continues, with customers praising its functionality in
non-structured environments.
Our expansion with existing customers has been exceptional, however we feel
that there is room for improvement in terms of the pace of new customer
acquisition. While there has been a general extension of sales cycles in the
enterprise software environment, we had also identified in the prior year that
our marketing could be improved. In order to address this, our marketing team
has worked hard to refocus the messaging around our products under the banner
of Decision Intelligence for service operations. This has led to a better
understanding of our space in the market and has been very well-received by
our customers.
During the year the board conducted its annual review of strategy . It was
very pleasing that the conclusion is to continue on the current path, and to
accelerate as more profitability enables additional investment particularly in
go-to-market resources.
As part of this, we have made good progress in establishing a leadership team,
ready for the next phase of expansion. Just before the end of the financial
year, we were delighted to announce the appointment of three senior hires who
bring invaluable experience and skills within their target markets to further
bolster our ability to grow and service the global demand we are seeing for
our solutions.
Diversity and ESG
The Board has worked diligently this year to ensure our high standards are
maintained and practiced in line with the sound governance structures we have
in place.
We continue to adopt a formal approach to managing and adopting our ESG
agenda, aligning our activities with the GRI framework and appropriately
selected standards from environmental, social, and economic and governance.
Over the last year, we've included an emphasis on training and education
across the firm, to ensure our teams are well equipped in their roles and
given the chance to grow with the business.
In 2024 we have reviewed and refined our environmental policy and added ESG
requirements to our management approach. We continue to assess our
sustainability practices and for 2025 we intend to be defining targets in this
area.
It was a busy year for the nominations committee, and we were extremely
pleased to welcome Emma Salthouse as CFO, following the departures of Paddy
Deller, the long-term CFO and Ken Smith, who replaced him on an interim basis.
Emma has many prior years of experience with ActiveOps and is making a notable
difference to the running of the department. Our thanks go to Ken for his fine
contribution in helping bridge the gap until Emma could take post.
I would like to acknowledge the excellent work done by Mike McLaren in his
leadership of the audit committee over the past year, and particularly his
work to change our audit supplier to MHA. I have been very pleased with the
way they have engaged to drive a robust and constructive initial audit
process. My thanks to Hilary Wright who has provided great value conducting an
independent culture inspection, her guidance to the ESG teams and her work
leading the Remuneration Committee.
As you will be aware, after 10 years on the Board I have chosen not to stand
for re-election at the next AGM. I wish to thank my fellow Non-Executive
Directors - past and present - who I have worked with throughout my tenure. A
special thanks goes to Rebecca Hughes for her tireless work as Company
Secretary and General Counsel. During this time, we have progressed through
many major events and expanded globally. A particular high point was the
success of the IPO. I am incredibly proud of the way ActiveOps has settled
into the listed environment and continues to deliver for its shareholders.
Finally, I would like to take this opportunity to thank all our shareholders,
past and present, who have entrusted us to deliver returns on their investment
and continue to be supporters of the Group and what we are working to achieve.
I am excited to see what the future brings for this business that is primed
for further growth.
Looking Ahead
The Group's outlook remains strong and the opportunity for growth is large.
North America represents a fantastic opportunity for us, we had some
especially good wins in Canada this year, and I believe with additional focus
in the coming period it can start to yield considerable improvement in terms
of contribution to the overall growth of the business.
Our APAC and South Africa regions are showing great promise and Europe remains
a well-proven market. The continued expansion of our footprint within our
existing client estates demonstrates the strength of the regional teams and
quality of our product set.
With our cutting-edge AI powered new features and excellent technical
delivery, we are poised to be increasingly successful. As the clarity of our
Decision Intelligence message informs the broader marketplace of our
capabilities and world class track record, we are experiencing more
understanding and insight from our prospects in the early stages of the sales
process.
ActiveOps has a proven area of expertise, and there is plenty of scope to
expand into new markets and verticals. We have shown this with the continued
success of our land and expand strategy. Customers who test our products
become advocates and we can then rapidly install across the estate to bring
transformational value. This is a key reason for the Group's ongoing success
and will underpin its progress moving forward.
Sean Finnan
Non-Executive Chair
CEO Statement
As we look back on FY24, and consider the way ahead, we do so with an
increased sense of confidence. The investments into our product and marketing
capabilities are delivering demonstrable returns, particularly in terms of
strong expansion with existing customers and high retention rates. The
strength of our balance sheet and growth in profitability means we are now
well placed to invest into our management structure and sales teams to
replicate that success on a wider basis, aiming to attract new customers and
drive further growth across all our key markets.
We describe our product proposition under the banner 'Decision Intelligence
for service operations', focusing on clearly demonstrating that AI and Machine
Learning (ML) technologies are an integral part of our product set, and AI and
ML technologies give our customers the power to make the right decisions,
faster, enabling them to reduce costs, improve employee wellbeing, release
capacity and become more agile and resilient. All of these are strategic
imperatives at the board tables of our target audience - raising awareness and
interest in our capabilities, and deal velocity as opportunities develop.
We are excited by the fantastic response to both this new messaging and our
enhanced product capabilities from our customer base and wider market, as
evidenced by the uptake of ControliQ Series 3 and the interest in the
forthcoming release of Series 4.
Of note this year, and in what we see as a clear reflection of our position in
the market, was the winning of three ControliQ enterprise contracts, following
competitive RfP processes. ControliQ was chosen thanks to its proven
enterprise scale capabilities, the ease and speed of integration and
implementation, rapid ROI, our wider product set and product roadmap.
We have made solid progress in expanding our footprint across our target
markets. Canada and South Africa have both seen significant increases in ARR
in the year; 29% and 68% respectively under constant currency. We look forward
to building on this momentum following the recent hires we have made across
our senior leadership team, with the appointment of a Group MD, APAC Regional
MD and Regional Chair, South Africa. These hires bring a vast wealth of
experience and skills to help us build on what we have already achieved across
our key geographies since IPO.
I am confident we are entering a new phase of growth, underpinned by an
increased investment in FY25 in our sales teams, globally. We have created a
market leading product set and have a clear-cut position in the market, on
which we are excited to capitalise.
Continued Financial Progress
The business continues to benefit from the strength of our SaaS business
model, with the value we provide our customers evident in the strength of our
metrics. The business delivered another year of double digit ARR growth,
increasing 11% (14% at constant currency) to £25.1m (2023: £22.6m),
providing us with good revenue visibility for the year ahead. Across our
extensive customer base, 60% of customers increased their use of our software
in the year, either expanding to new teams and divisions, or adding new
products, resulting in Net Revenue Retention (NRR) on a constant currency
remaining high at 110% (2023: 110%) with customer logo churn decreasing to
2.7% (2023: 5.2%).
Total revenue increased 5% (9% constant currency) to £26.8m, driven primarily
by growth in our SaaS revenues. Gross profit margins increased to 84% (2023:
82%) and we have seen an increase in adjusted EBITDA to £2.4m (2023: £0.7m)
which includes an increase in the amount of capitalised development due to our
investments in new AI-based product features. We benefit from inherent
operational leverage in the business, due to the scalable nature of our SaaS
based offerings, resulting in the business generating a sustainable profit
before tax of £1.0m (2023: loss before tax of £0.2m). Operating cash
conversion remains strong, at 175% of EBITDA (2023: 486%) and as a result we
closed the year with £17.6m of cash and cash investments (2023: £15.4m) and
no debt.
A market that's increasingly aware of the problems we solve
Meeting stakeholder expectations for large, international service operations
teams isn't getting any easier. In fact, it is getting materially more
complicated, with leaders needing to manage new complexities such as remote
working, increasing regulation of operational risk coupled with the emergence
of AI in the workplace changing processes and their competitive landscape.
Manual reporting remains prevalent, and every new system generates yet more
siloed data, flooding operations leaders with inactionable information. And
yet the effective delivery of service operations work requires instant
response, total transparency and zero contingency.
Operations leaders are realising that in order to make the most of the data
being generated across their teams, they need access to this data to be smart,
accurate and highly predictive.
This is where our products and Decision Intelligence come in. We take data
from existing applications and create insight relevant to the task of managing
operations. This produces consistent metrics up and down an organisation
giving operations leaders the precise and timely information they need.
Applying AI to this unique dataset allows us to provide apps which automate
decisions where appropriate or augment leader's decisions by providing
prescriptive insights. These capabilities release the capacity of people,
increase their productivity and create the agility which ensures customer
outcomes are consistently delivered.
The ability of our products to blend AI and human intelligence with
information drawn from other applications to deliver powerful actionable
insights is resonating more than ever. For example, determining staff skills
from their operational performance avoids the effort and inaccuracy of manual
assessment. Using this insight and applying AI to our enterprise-wide datasets
allows us to track and alert leaders to opportunities for improvement, job
enrichment and likely aptitude in other processes. These capabilities mean
less management effort is needed and lead to materially better outcomes.
With tighter regulation and more demanding clients requiring the best
standards of service, all within the context of tighter budgets, the demand
for automation and Decision Intelligence has never been stronger in the world
of operations; a demand we have clearly demonstrated our ability to service.
Software development and innovation to meet the needs of our customers
We are focused on developing and delivering the products our customers need
most and giving them the tools to exploit the data they already have, to help
them make business critical decisions quickly and correctly. The result for
them is huge, with customers seeing an average capacity gain across their
service operations teams of around 20% in the first year. It is this
discipline and focus across our development and innovation teams that
underpins our market leading offering.
We have continued to deliver against our clearly stated product roadmap.
Through the data we have collected over the last 15 years we have built a
foundation that has allowed for the roll out of AI and ML capabilities within
our products and this year we have delivered a major step change in the
ActiveOps software capability.
ControliQ
In the first half of the year, we successfully introduced our new tiered
licensing and pricing model for ControliQ, including a series of offerings to
enable customers to select the level of capabilities that suit their needs,
moving through the series as their ambitions and requirements increase.
The first to become available is ControliQ Series 3, the most advanced
iteration of the ControliQ platform to date. ControliQ Series 3 is enhanced
with additional AI-based features, including Smart Planning which provides AI
driven forecasting, planning and service level management. We are making good
progress in transitioning our existing customer base onto Series 3, generally
at the point of renewal, which thanks to the re-platforming work carried out
in previous years is a straightforward process.
Series 4 will be released in the second half of 2024, which will include
additional AI and ML based features, including automatic skills cataloguing, a
suite of new senior leader insights and the Company's first app making use of
Generative AI; a virtual coach which predicts the interventions required by
operations leaders and can prescribe the best action to take.
CaseWorkiQ
The uptake of CaseWorkiQ continues to go to plan following its release last
financial year, with momentum continuing to build and we are pleased with its
early contribution to the Group. We have continued to look for ways to improve
and add to its capabilities while working closely and collaboratively with
clients, with the addition in the year of live status dashboards, case
flight-path tracking and anomaly detection. These capabilities are now
integrated with ControliQ, reducing barriers to cross sell into existing
customers.
We are delighted that 8 of our top 10 customers are now using the product with
a total of 13 customers using or trialling the solution. CaseWorkiQ ARR grew
by 95% this year and as at 31 March 2024, it contributed 7% to Group ARR, with
a healthy pipeline of future opportunities.
WorkiQ
This year saw the completion of the Cloud delivered version of WorkiQ, making
rollout faster across new customers, decreasing cost of ownership and making
the platform more conducive for integration with our other products. All these
factors combine to improve customer experience and drive usage across the
product set.
Training and Implementation
T&I relates to implementation of the SaaS solution and training in the
Group's methodology on how to use the solution to the best effect. This is
typically delivered at the start of a new customer relationship, or when a
customer expands the use of the Group's software into other parts of their
business. T&I services are client-lead and are designed around the
client's objectives and challenges. In FY24, T&I revenues have been
impacted due to customer expansions involving a higher proportion of customers
with in-house centre of excellences, and a cyclical timing of customer refresh
requirements.
Growth of our customer base: land & expand
We estimate our total addressable market within our target sectors and
geographies being c.£900m per annum, of which £90m relates to the cross and
upsell of our solutions to our existing customers. With an exit ARR of £25.1m
at year end, we have a sizeable runway for growth ahead of us.
We remain focussed on expanding our footprint in our existing customer base
whilst delivering against our customer acquisition strategy, which is tightly
focussed on banks, insurers and BPO providers in our target geographies.
Despite the widely reported elongation of corporate sales and contracting
cycles, the Group continued to win new customers in the year and secured
significant customer expansion deals, across all products and geographies. NRR
of 107% and record low levels of licence churn reflect the quality of our
products and the rapid ROI our clients see.
Internationally we have made significant progress this year, with exciting
growth in both Canada and South Africa in particular. Having seen growing
demand for our solutions in Canada, this year we opened a Toronto office in,
launched a French-Canadian version of our core offering and were delighted to
secure ControliQ wins with two major Canadian banking organisations. We now
count four of the six major Canadian banks as customers, each with
considerable expansion potential. In South Africa ARR increased by 68% in
constant currency during the year, fuelled by successful expansion of existing
customer relationships, whilst the pipeline for the coming year was also
significantly strengthened. Whilst growth in EMEIA was steady, the rate of
growth was impacted with a challenging backdrop of T&I revenue. Australia
was impacted by a slow conversion of sales pipeline and currency impacts.
We saw the first significant Microsoft Azure Marketplace transaction this
year, validating this as an exciting new sales channel for the Group. We're
excited to see an increase in interest in transacting via the Azure
marketplace in the pipeline in addition to an increase in joint marketing with
Microsoft. The relationship has also accelerated a number of our deals this
year through access to customer stakeholders and overcoming technical hurdles.
Increased investment Marketing delivering returns
Following the investment in our product development teams, a key initial phase
in our next stage of growth post IPO, and acknowledging that our marketing
approach could be improved, we invested in our marketing team, led by Bhavesh
Vaghela who drove our effort to relaunch our proposition under Decision
Intelligence. The result of this investment is now being seen in a significant
increase in the quality of sales leads within our pipeline. This includes
inbound and outbound sales leads as awareness around our products and the
benefits they bring becomes clearer.
We have also introduced our OpsTracker market report, Ops Game-Changers
podcast series and launched a joint AI research project with Henley Business
School, to increase our authority of voice in the space. We also expanded our
conference and awards programme to cover all our key territories.
Post year end we were delighted to announce our strategic and global
partnership with Great Britain's men's and women's Rugby Sevens, as their
Official Analytics partner. This is an exciting step for the Group and will
increase brand awareness across a large audience, many of whom will work in
the organisations we work with.
Increasing investment in Sales in FY25
Following delivery of the first two phases of our growth strategy, Product and
Marketing investment, we now turn to the third; investment in our sales team
to harness the opportunity that has been created by the success of the first
two phases of investment in the form of a healthy sales pipeline.
We are confident that our products and their position in the market have never
been clearer, and we have a real opportunity to exploit this. In line with our
strategy to date and commitment to maintaining the recently achieved
profitability, we will be disciplined and focused in our approach to
investment in the sales team, adding capacity where we see the clearest
opportunities. In line with usual training timelines, we would expect this
investment to start materially impacting the growth of the business in FY26.
Focus for the year ahead
Looking to the year ahead, the business has a well-defined and resourced set
of priorities to maintain the excellent progress of last year.
We will continue to use our Decision Intelligence positioning to create pull
from tech and analytics people as well as operations teams, while continuing
to invest in initiatives which grow brand recognition and demonstrate
ActiveOps authority in the space.
We have an exciting pipeline of new AI enhanced features set to be released in
the new financial year, each of which will significantly enhance our
customers' capabilities and experience within the platform.
In line with our commitment to continually delivering more for our customers
we will be offering customers a range of implementation journeys and
approaches to allow them to scale at the pace they desire.
Finally, and most importantly, while maintaining our track record of expansion
across our existing base, we are focused on accelerating the acquisition of
key new logos and growth in both the APAC and North America regions, where we
are seeing large opportunities to expand.
Confident Outlook
Trading in the first few months of FY25 has been in line with Board
expectations, driven by continued expansion within our existing customers and
the addition of a new North American insurance customer with significant
expansion potential. Our high levels of ARR, and growing number of well
qualified sales leads gives the Board confidence to make disciplined and
focused investment in the global sales operation in the coming year to provide
us with the capacity to drive our organic growth rate. We are confident our
exciting product roadmap, including further AI and ML features, will continue
to drive increased interest from across our customer base and prospects and
look forward to updating investors on further progress in the year ahead.
Richard Jeffery
Group Chief Executive Officer
Group Financial Performance and Chief Financial Officer's Report
Year ended 31 March 2024 Year ended 31 March 2023
SaaS £000 T&I £000 Total £000 SaaS £000 T&I £000 Total £000
Revenue 23,785 2,989 26,774 22,058 3,401 25,459
Cost of Sales (3,084) (1,219) (4,303) (3,411) (1,268) (4,679)
Gross Margin 20,701 1,770 22,471 18,647 2,133 20,780
I am pleased to report on a strong year for the Group with revenue growth of
9% on a constant currency basis, delivering total revenue of £26.8m (2023:
£25.5m). The Group achieved an exciting milestone during year, by delivering
a sustainable Profit before Tax. This is expected to continue as the Group
begins to benefit from the operational leverage in the business model.
Revenue
Total revenue of £26.8m (2023: £25.5m) was 5% ahead of prior year (9% ahead
on constant currency), with software and subscription revenues increasing 8%
to £23.8m (2023: £22.1) arising from both new and existing customers.
Revenue growth was strong with EMEIA growing total revenues by 9% to £15.2m
(2023: £13.9m) and North America by 6% to £6.4m (2023: £6.0m).
Training and Implementation (T&I) revenues have marginally reduced to
£3.0m (2023: £3.4m) alongside a challenging backdrop for T&I. T&I
revenues continue to vary by product and region depending on the mix of
customer implementation requirements as well as the timing of implementations
dictated by customer plans. T&I revenues in the second half of the year
performed stronger following a slow start to the year.
Annual Recurring Revenue
Annual Recurring Revenue of £25.1m (2023: £22.6m) was 11% higher (14% on
constant currency) than the prior year as a result of sales to existing
customers, and the addition of 3 new customers generating ARR of £0.8m at the
year end, with the opportunity to contribute further in FY25. Net Revenue
Retention (NRR) of existing customers on a constant currency was 110% (2023:
110%) with customer logo churn decreasing to 2.7% (2023: 5.2%).
Margins and Operating Profit
Gross profit margins of 84% (2023: 82%) have improved primarily due to a
higher proportion of SaaS revenues versus the prior year. SaaS gross profit
margins have increased to 87% (2023: 85%) due to prudent cost management.
T&I gross profit margins have reduced to 59% (2023: 63%), with the prior
year benefiting from a significant high margin refresh programme for a major
customer.
Operating expenses (excluding share-based payments, depreciation and
amortisation) remained flat at £19.9m (2023: £19.9m). Whilst investment will
continue to support growth, the rate of required investment has slowed versus
prior years and the business has started to see the benefits of the
operational leverage inherent in the business model.
Following the expansion of the Group's R&D capabilities in prior years,
the Group continues to focus on the development of advanced AI-based product
features within ControliQ and CaseWorkiQ. The Group capitalised internal
labour of £1.3m (2023: £0.9m).
Supported by the continued investment in Marketing, the Group launched its
value-based customer proposition, Decision Intelligence, during the year.
Decision Intelligence solutions capture and enrich your operations data to
power AI apps which enable leaders to make better decisions, and to do so
faster, which is delivering an increase in high-quality leads. This, coupled
with a focused project to revise the tiering of current and future features
within the licensing structure, is expected to deliver increased ARR in the
current financial year and beyond.
Adjusted EBITDA increased to £2.4m (2023: £0.7m) excluding the costs
associated with share-based payments at £0.2m (2023: £0.03m) and translation
reserve loss of £0.1m (2023: loss £0.2m).
Product and Technology Expenditure
Total expenditure on product management, research, development and support in
the year marginally increased to £5.5m (2023: £5.4m) excluding
capitalisation of labour. This investment has enabled the group to deliver
several new features to the product set to provide additional benefit to
customers. Development costs of £1.3m (2023: £0.9m) were capitalised during
the year relating to new features incorporated into ControliQ and CaseWorkiQ.
Long-Term Incentive Plan (LTIP) charges
During the year the income statement charge for the LTIP schemes was £0.2m
(2023: £0.03m). This includes the costs for the 2022 and 2023 scheme, which
was offset by a reversal of £0.3m relating to the reassessment of the
non-market conditions.
There was a reversal of £0.4m in relation to market conditions not being met
relating to the 2021 scheme which has been adjusted through retained earnings
and is not included in the LTIP charge.
Foreign Exchange
The Group has 50% (2023: 48%) of revenues invoiced in currencies other than
GBP, with the Group's cost base predominantly located in the same base
jurisdictions as revenues, providing a natural hedge to currency exchange
risk. Movements on exchange rates throughout the year represent a negative
movement of £0.9m relating to revenue a positive impact of £0.9m relating to
costs and a negative impact of £0.2m relating to the translation of foreign
currencies held in bank accounts.
Depreciation and Amortisation
Depreciation and amortisation of £1.3m (2023: £1.0m) principally comprised
intangible amortisation following the acquisition of the OpenConnect entity in
2019 and the assets retained from the subsequent sale in 2020, and acquisition
of the Australian entities in 2017.
Taxation
The Group had a tax charge in the year of £0.1m (2023: £0.3m). The Group
operates a transfer pricing policy to ensure that profits are correctly
recorded in each of the jurisdictions in which it operates. ActiveOps has
brought forward tax losses in the UK and Irish legal entities that currently
reduce the overall tax rate of the business.
Statutory Results
The Group reported total comprehensive income of £0.7m (2023 loss £0.7m) for
the year.
Earnings per Share
Following the Group's move to making a profit before tax, the profit
attributable to equity shareholders basic earnings per share for continuing
operations was a profit of 1.18p (2023: loss 0.70p). The diluted earnings per
share for the year was a profit of 1.12p (2023: loss 0.67p).
Dividend
The Board has determined that no dividend will be paid in the year. The Group
is primarily seeking to achieve capital growth for shareholders at this time.
It is the Board's intention during the current phase of the Group's
development to retain distributable profits from the business to the extent
they are generated.
Balance Sheet
The Group has a strong balance sheet position with no debt and net assets of
£8.8m (2023: £7.9m) including cash and cash equivalents of £11.4m at the
end of the year (2023: £12.3m) and cash investments of £6.3m (2023: £3.0m).
Goodwill and intangible assets
The carrying value of the Group's goodwill of £1.2m (2023: £1.2m) was
reviewed for impairment with no indications of impairment. The intangible
assets at £4.6m (2023: £4.5m) arising from business combinations for
customer relationships, purchased software and capitalised development costs
are amortised over an appropriate period.
Cash flow
The Group continues to generate positive working capital with the ratio of
operating cashflow to EBITDA at 175% for the year (2023: 486%).
The Group continued to bill most customers annually in advance for software
revenues with deferred income increasing to £14.4m (2023: £13.5m). The
seasonality of existing contract customer renewals in the second half of the
year delivered a strong increase in cash over the period.
Emma Salthouse
Chief Financial Officer
Consolidated statement of profit and loss and other comprehensive income
for the year ended 31 March 2024
Year ended 31 March Notes 2024 2023
£000 £000
Revenue 4 26,774 25,459
Cost of sales 5 (4,303) (4,679)
Gross profit 22,471 20,780
Administrative expense excluding share option charges, depreciation and (19,939) (19,935)
amortisation
Administrative expenses - share option charges only (227) (27)
Administrative expenses - depreciation and amortisation only 7, 8 (1,267) (1,035)
Total administrative expenses (21,433) (20,997)
Impairment losses on financial assets and contract assets 7, 10 (183) -
Operating profit/(loss) 855 (217)
Finance income 166 49
Financing cost (34) (62)
Profit/(loss) before taxation 987 (230)
Taxation 6 (142) (267)
Profit/(loss) for the year 845 (497)
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:
Exchange differences on translating foreign operations (136) (181)
Total comprehensive profit/(loss) for the year attributable to the owners of 709 (678)
the parent company
Basic and diluted earnings/(loss) per share
Basic earnings per share 1.18p (0.70p)
Diluted earnings per share 1.13p (0.67p)
Consolidated statement of financial position
as at 31 March 2024
At 31 March Notes 2024 2023
£000 Restated
£000
Non-current assets
Intangible assets 7 5,794 5,735
Property, plant and equipment 8 221 162
Right of use assets 9 301 419
Deferred tax assets 6 174 217
Total non-current assets 6,490 6,533
Current assets
Trade and other receivables 10 5,939 6,373
Cash investments 11 6,253 3,037
Cash and cash equivalents 11,353 12,340
Total current assets 23,545 21,750
Total assets 30,035 28,283
Equity
Share capital 71 71
Share premium account 6,048 6,048
Merger relief reserve 396 396
Share option reserve 384 593
Foreign exchange reserve (360) (224)
Retained earnings 2,264 983
Total equity 8,803 7,867
Non-Current liabilities
Lease liabilities 9 239 364
Provisions 201 102
Deferred tax liabilities 691 889
Total non-current liabilities 1,131 1,355
Current liabilities
Trade and other payables 19,963 18,860
Lease liabilities 9 69 100
Corporation tax payable 69 101
Total current liabilities 20,101 19,061
Total equity and liabilities 30,035 28,283
Consolidated statement of cash flows
for the year ended 31 March 2024
Year ended 31 March Notes 2024 2023
£000 Restated
£000
Profit/(loss) after tax 845 (497)
Taxation 142 267
Finance income (166) (49)
Finance expense 34 62
Operating profit/(loss) 855 (217)
Adjustments for:
Depreciation of property, plant and equipment 8 117 127
Depreciation of right of use asset 9 137 142
Amortisation of intangible assets 7 1,013 766
Impairment of intangible asset 7 218 -
Share option charge 227 27
Change in trade and other receivables 10 434 (2,619)
Change in trade and other payables and provisions 1,202 5,168
Cash from operations 4,203 3,394
Interest paid (20) (25)
Taxation paid (335) (284)
Net cash generated from operating activities 3,848 3,085
Investing activities
Purchase of property, plant and equipment 8 (179) (90)
Purchase of software (9) (40)
Capitalisation of development costs (1,347) (851)
Interest received 166 49
Net cash investments (3,216) (3,037)
Net cash used in investing activities (4,585) (3,969)
Financing activities
Repayment of capital element of lease liabilities (155) (173)
Interest paid in respect of leases (14) (37)
Net cash used in financing activities (169) (210)
Net change in cash and cash equivalents (906) (1,094)
Cash and cash equivalents at beginning of the year 12,340 13,753
Effect of foreign exchange on cash and cash equivalents (81) (319)
Cash and cash equivalents at end of the year 11,353 12,340
Consolidated statement of changes in equity
for the year ended 31 March 2024
Year ended 31 March Share capital Share premium Share option reserve Foreign exchange reserve Retained earnings Total
£000 £000 £000 £000 £000 £000
Merger relief reserve
£000
At 1 April 2022 - Reported 71 6,444 - 566 (43) 1,480 8,518
Prior Year Adjustment - (396) 396 - - - -
At 1 April 2022 - Restated 71 6,048 396 566 (43) 1,480 8,518
Loss for the year - - - - - (497) (497)
Exchange differences on translating foreign operations - - - (181) - (181)
-
Total comprehensive loss for the year - - - - (181) (497) (678)
Transactions with owners, recorded directly in equity
Share based payment charge - - - 27 - - 27
Total transactions with owners - - - 27 - - 27
At 31 March 2023 71 6,048 396 593 (224) 983 7,867
Year ended 31 March Share capital Share premium Share option reserve Foreign exchange reserve Retained earnings Total
£000 £000 £000 £000 £000 £000
Merger Relief Reserve
£000
At 1 April 2023 71 6,048 396 593 (224) 983 7,867
Profit for the year - - - - - 845 845
Exchange differences on translating foreign operations - - - (136) - (136)
-
Total comprehensive profit/(loss) for the year - - - - (136) 845 709
Transactions with owners, recorded directly in equity
Reserve transfer on exercising of share options - - (436) - 436 -
-
Share based payment charge - - - 227 - - 227
Total transactions with owners - - - (209) - 436 227
At 31 March 2024 71 6,048 396 384 (360) 2,264 8,803
Notes forming part of the financial statements
for the year ended 31 March 2024
1. General information
ActiveOps plc (the 'Company') is a public company limited by shares
incorporated and domiciled in England and Wales. The registered office and
principal place of business is One Valpy, 20 Valpy Street, Reading, Berkshire,
RG1 1AR. On the 17 March 2021 the company became a public limited company,
having formerly been known as ActiveOps Limited.
The Company, together with its subsidiary undertakings (the 'Group') is
principally engaged in the provision of hosted operations management Software
as a Service ('SaaS') solutions to industry leading companies around the
world.
2. Accounting policies
a) Basis of preparation
The principal accounting policies adopted in the preparation of the
consolidated financial statements are set out below. The policies have been
consistently applied to all the years presented, unless otherwise stated.
The financial statements of the Group have been prepared on a going concern
basis under the historical cost convention, except where otherwise stated
within the accounting policies, and in accordance with International Financial
Reporting Standards (IFRS), and with the requirements of the Companies Act
2006 as applicable to Companies reporting under those standards. The financial
statements are presented in pound sterling.
The preparation of financial statements in compliance with IFRS requires the
use of certain critical accounting estimates. It also requires Group
management to exercise judgment in applying the Group's accounting policies.
The areas where significant judgements and estimates have been made in
preparing the financial statements and their effect are disclosed in note 3.
During the year management have identified prior year restatements in relation
to equity and cash investments. Further details of these restatements can be
found in note 24 to the consolidated financial statements.
The financial information set out above does not constitute the Company's
Annual Report and Accounts for the year ended 31 March 2024. The Annual Report
and Accounts for 2023 have been delivered to the Registrar of Companies and
those for 2024 will be delivered shortly. The auditor's report for the Group
and Company's 2024 Annual Report and Accounts was unqualified.
Whilst the financial information included in this results announcement has
been prepared in accordance with UK adopted international accounting standards
in conformity with the requirements of the Companies Act 2006, this
announcement does not itself contain sufficient information to comply with UK
adopted international accounting standards.
b) Going Concern
The financial statements have been prepared on a going concern basis, which
assumes that the Group will continue to operate and meet its liabilities as
they fall due for the foreseeable future, being a period of at least 12 months
from the date of approval of the financial statements.
The Directors have prepared detailed financial forecasts and cash flows
looking three years from the date of these consolidated financial statements.
In developing these forecasts, the Directors have made assumptions based upon
their view of the current and future economic conditions that will prevail
over the forecast period.
On the basis of the above projections, the Directors are confident that the
Group has sufficient working capital and available funds to honour all of its
obligations to creditors as and when they fall due. In reaching this
conclusion, the Directors have considered the current strong levels of cash
and cash equivalents, lack of external funding arrangements and its forecasted
cash headroom. The Directors have considered the resources available to the
Group and the potential impact of changes in forecast growth, severe but
plausible downside scenarios and other assumptions, including the potential to
avoid or defer certain costs and to reduce discretionary spend as mitigating
actions in the event of such changes. Accordingly, the Directors continue to
adopt the going concern basis in preparing these consolidated financial
statements.
c) New accounting standards and interpretations not yet mandatory or early
adopted
Accounting Standards that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the Group for the annual reporting
year ended 31 March 2024. No new accounting standards were implemented in the
year.
d) Basis of consolidation
Subsidiaries are entities controlled by the Group. The Group controls a group
when it is exposed to, or has rights to, variable returns from its involvement
with the subsidiary and has the ability to affect those returns through its
power over the subsidiary. In assessing control, the Group takes into
consideration potential voting rights. The acquisition date is the date on
which control is transferred to the acquirer. The financial statements of
subsidiaries are included in the consolidated financial statements from the
date that control commences until the date that control ceases.
Intra-Group balances and transactions, and any unrealised income and expenses
arising from intra-Group transactions, are eliminated.
e) Revenue
The Group's revenues consist primarily of SaaS solutions and Training and
Implementation revenues ('T&I').
SaaS solutions are sold as both a cloud IT environment or as an on-premise
solution which can be hosted within a customer's server. Alongside the
software, the Group provides ongoing management services contracts which
involves ongoing support of the software. This support is typically achieved
by accessing the software to ensure it is operating efficiently and to make
changes as requested by the customer. The licence and associated management
services contract are considered to be a single performance obligation because
although the customer obtains possession of the software, they are unable to
benefit from the software solution without the associated management services.
SaaS solutions, both hosted and on-premise, are recognised on a straight-line
basis over the length of the contract during which the customer has daily
access to these services.
T&I relates to implementation of the SaaS solution and training in the
Group's methodology on how to use the solution to the best effect. This is
typically delivered at the start of a new customer relationship, or when a
customer expands the use of the Group's software into other parts of their
business. Ad-hoc training is also provided to existing customers. T&I is a
single performance obligation.
T&I services are recognised over time based upon the delivery of the
service. Variable and contingent consideration exists in T&I revenues for
some customers typically dependent on the customer achieving a level of
efficiency due to the purchase of the Group's software and methods. Management
agrees with the customer the expected amount of productivity gain and the
associated contingent revenue with the customer at the outset of the contract,
based upon an initial health check of the customers operations. Management
considers the likelihood of the efficiency being achieved given what is
discovered in the initial health check and past performance of the Group's
products with other customers, and if the gain is considered to be probable
the variable revenue is recognised alongside the non-variable T&I revenue.
If the gain is not initially thought to be probable, then the revenue is only
recognised once the efficiency improvements demonstrate that the targets are
likely to be achieved. At present this isn't a significant judgement as it
applies to a relatively small amount of revenues and the efficiency targets
have, historically, been achieved.
Both SaaS performance obligations are provided under fixed-price contracts,
which is mainly contracted as a fixed price for a period of time for up to a
contractual number of users, but also can be achieved via a price per user,
where the number of actual users is determined in arrears. SaaS contracts are
typically for a period of one year. Where the number of users is determined in
arrears, a best estimate of the expected revenue is accrued each month based
upon recent usage.
Revenue has been allocated between performance obligations using stand-alone
selling prices. Most sales are only for one performance obligation, as
customers who remain with the Group over many years do not usually require
additional T&I. Equally T&I is sold at daily rates that are comparable
to third party training providers who run management courses or similar for
organisations that are comparable to the broad customer base of the Group. Any
non-trivial variation from the total cost of a sale of both performance
obligations when compared to standalone prices and external providers prices
are applied on a pro rata basis to the agreed sales price with the customer to
determine the split between the two performance obligations.
The IFRS 15 practical expedient that an entity need not adjust the promised
amount of consideration for the effects of a significant financing component
if the entity expects, at contract inception, that the period between when the
entity transfers a promised good or service to a customer and when the
customer pays for that good or service will be one year or less has been
applied. That an entity may recognise the incremental costs of obtaining a
contract as an expense when incurred if the amortisation period of the asset
that the entity otherwise would have recognised is one year or less has also
been applied.
No financing cost has been considered to be part of the revenue due to the
duration of the performance obligations lasting for one year or less. Warranty
fixes are provided as required within the agreed services of the SaaS
solutions performance obligations. These are assurance-type warranties (i.e. a
product guarantee) and so are not separate performance obligations.
In the case of fixed-price contracts, the customer pays the fixed amount based
on a payment schedule. If the services rendered by the Group exceed the
payment, a contract asset is recognised. If the payments exceed the services
rendered, a contract liability is recognised. Contract assets and liabilities
are recognised within 'prepayments and accrued income' and 'accruals and
deferred income' respectively.
f) Foreign currency
Transactions in foreign currencies are translated to the respective functional
currencies of Group entities at the foreign exchange rate ruling at the date
of the transaction. Monetary assets and liabilities denominated in foreign
currencies at the balance sheet date are retranslated to the functional
currency at the foreign exchange rate ruling at that date. Foreign exchange
differences arising on translation are recognised in the Statement of
Comprehensive Income. Non-monetary assets and liabilities that are measured in
terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and
liabilities denominated in foreign currencies that are stated at fair value
are retranslated to the functional currency at foreign exchange rates ruling
at the dates the fair value was determined.
The assets and liabilities of foreign operations, including goodwill and fair
value adjustments arising on consolidation, are translated to the Group's
presentational currency, sterling, at foreign exchange rates ruling at the
balance sheet date. The revenues and expenses of foreign operations are
translated at an average rate for the period where this rate approximates to
the foreign exchange rates ruling at the dates of the transactions.
Exchange differences arising from this translation of foreign operations are
reported as an item of other comprehensive income and accumulated in the
translation reserve or non-controlling interest, as the case may be. When a
foreign operation is disposed of, such that control, joint control or
significant influence (as the case may be) is lost, the entire accumulated
amount in the translation reserve, net of amounts previously attributed to
non-controlling interests, is recycled to the Statement of Comprehensive
Income as part of the gain or loss on disposal.
g) Classification of instruments issued by the Group
Instruments issued by the Group are treated as equity (i.e., forming part of
shareholders' funds) only to the extent that they meet the following two
conditions:
• They include no contractual obligations upon the Group to deliver cash
or other financial assets or to exchange financial assets or financial
liabilities with another party under conditions that are potentially
unfavourable to the Group; and
• Where the instrument will or may be settled in the Company's own
equity instruments, it is either a non-derivative that includes no obligation
to deliver a variable number of the Company's own equity instruments or is a
derivative that will be settled by the Company exchanging a fixed amount of
cash or other financial assets for a fixed number of its own equity
instruments.
To the extent that this definition is not met, the items are classified as a
financial liability.
Finance payments associated with financial liabilities are dealt with as part
of finance expenses. Finance payments associated with financial instruments
that are classified in equity are dividends and are recorded directly in
equity.
Where a financial instrument that contains both equity and financial liability
components exists these components are separated and accounted for
individually under the above policy.
h) Financial instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash
flows from the financial asset expire or have been transferred, or when the
financial asset and substantially all the risks and rewards are transferred. A
financial liability is derecognised when it is extinguished, discharged,
cancelled or expires.
A. Financial Assets
Classification and initial measurement of financial assets:
Financial assets, other than those designated and effective as hedging
instruments, are classified into the following categories:
• Amortised cost
• Fair value through profit or loss ('FVTPL')
• Fair value through other comprehensive income ('FVOCI').
All income and expenses relating to financial assets that are recognised in
profit or loss are presented within finance costs, finance income or other
financial items, except for impairment of trade receivables which is presented
within other expenses.
Subsequent measurement of financial assets
Financial assets are measured at amortised cost if the assets meet the
following conditions (and are not designated as FVTPL):
• They are held within a business model whose objective is to hold the
financial assets and collect its contractual cash flows.
• The contractual terms of the financial assets give rise to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.
After initial recognition, these are measured at amortised cost using the
effective interest method. Discounting is omitted where the effect of
discounting is immaterial. The Group's cash and cash equivalents and cash
investments, trade and most other receivables fall into this category of
financial instruments.
Impairment of financial assets
IFRS 9's impairment requirements use forward-looking information to recognise
expected credit losses - the 'expected credit loss (ECL) model'.
The Group considers a broader range of information when assessing credit risk
and measuring expected credit losses, including past events, current
conditions, and reasonable and supportable forecasts that affect the expected
collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
• financial instruments that have not deteriorated significantly in
credit quality since initial recognition or that have low credit risk ('Stage
1'); and
• financial instruments that have deteriorated significantly in credit
quality since initial recognition and whose credit risk is not low ('Stage
2').
• 'Stage 3' would cover financial assets that have objective evidence of
impairment at the reporting date.
'12-month expected credit losses' are recognised for the first category while
'lifetime expected credit losses' are recognised for the second category.
Measurement of the expected credit losses is determined by a
probability-weighted estimate of credit losses over the expected life of the
financial instrument.
Trade and other receivables
The Group makes use of a simplified approach in accounting for trade and other
receivables and records the loss allowance as lifetime expected credit losses.
These are the expected shortfalls in contractual cash flows, considering the
potential for default at any point during the life of the financial
instrument. In calculating, the Group uses its historical experience, external
indicators and forward-looking information to calculate the expected credit
losses.
The Group does not have a history of material credit losses on its trade
receivables and no change to this is expected when considering forward looking
information.
B. Financial Liabilities
Classification and measurement of financial liabilities:
The Group's financial liabilities include trade payables and other payables.
Financial liabilities are initially measured at fair value, and, where
applicable, adjusted for transaction costs unless the Group designated a
financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the
effective interest method.
All interest-related charges and, if applicable, changes in an instrument's
fair value that are reported in profit or loss are included within finance
costs or finance income.
i) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation
and accumulated impairment losses.
Where parts of an item of property, plant and equipment have different useful
lives, they are accounted for as separate items of property, plant and
equipment.
Depreciation is charged to administrative expenses in the Statement of
Comprehensive Income. The principal annual rates used for this purpose are:
• Leasehold improvements - straight line over 3 years.
• Plant and machinery - straight line over 3 years.
• Furniture, fittings and equipment - straight line over 5 years.
• Right of use assets - straight line over the earlier of useful life of
the right of use asset or the lease term.
Depreciation methods, useful lives and residual values are reviewed at each
balance sheet date.
j) Leases
The Group has applied IFRS 16 throughout the financial statements. At
inception of a contract, the Group assesses whether a contract is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of time in
exchange for consideration.
The Group recognises a Right of Use (ROU) asset and a lease liability at the
lease commencement date. The ROU asset is initially measured at cost, which
comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct
costs incurred and an estimate of costs to restore the underlying asset, less
any lease incentives received.
The ROU asset is subsequently depreciated using the straight-line method from
the commencement date to the earlier of the end of the useful life of the ROU
asset or the end of the lease term. In addition, the ROU asset is periodically
reduced by impairment losses, if any, and adjusted for certain remeasurements
of the lease liabilities. Depreciation is charged to administrative expenses
in the Statement of Comprehensive Income.
The lease liability is initially measured at the present value of the lease
payments that are not paid at the commencement date, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily
determined, the Group's incremental borrowing rate. The Group uses its
incremental borrowing rate as the discount rate.
The lease liability is measured at amortised cost using the effective interest
method. It is remeasured when there is a change in future lease payments
arising from a change in an index or rate, if there is a change in the Group's
estimate of the amount expected to be payable under a residual value guarantee
or if the Group changes its assessment of whether it will exercise a purchase,
extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment
is made to the carrying amount of the ROU asset or is recorded in profit or
loss if the carrying value of the ROU asset has been reduced to zero.
The Group presents ROU assets and lease liabilities separately from property,
plant and equipment.
Short term leases and low value assets
The Group has elected not to recognise ROU assets and lease liabilities for
short-term leases of machinery and office spaces that have a lease term of 12
months or less and leases of low-value assets, including IT equipment. The
Group recognises the lease payments associated with these leases as an expense
on a straight-line basis over the lease term. There are several property
leases in the Group on a one-month rolling contract. These are treated as
short-life assets and are recognised on a straight-line basis.
k) Intangible assets and goodwill
Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is
allocated to cash-generating units ('CGU') for the purposes of impairment
testing, and is not amortised but is tested annually for impairment.
Other intangible assets
Expenditure on internally generated goodwill and brands is recognised in the
Statement of Comprehensive Income as an expense as incurred.
Other intangible assets that are acquired by the group are stated at cost less
accumulated amortisation and accumulated impairment losses.
Internally generated intangible assets are recognised where it is probable
that there will be future economic benefits from the asset, the cost can be
reliably measured, the completion of the intangible asset so that it will be
available for sale is technically feasible, and there is intention and ability
to complete and sell the intangible asset.
Amortisation is charged to the administrative expenses in the Statement of
Comprehensive Income on a straight-line basis over the estimated useful lives
of intangible assets unless such lives are indefinite. Intangible assets with
an indefinite useful life and goodwill are systematically tested for
impairment at each balance sheet date. The Group has no assets with indefinite
lives, other than Goodwill, throughout the reporting periods.
Other intangible assets are amortised from the date they are available for
use. The estimated useful lives are as follows:
• Customer relationships - 10 years straight line.
• Purchased software - 3 years straight line.
• Intellectual property rights acquired on acquisition - 3 years
straight line.
• Development costs - 5 years straight line.
The estimated useful lives are derived from management's judgement of the
expected life of the asset. Useful lives are reconsidered at least every
financial year-end, or sooner if circumstances relating to the asset change or
if there is an indication that the initial estimate requires revision.
l) Impairment
Financial assets (including receivables)
A financial asset not carried at fair value through profit or loss is assessed
at each reporting date to determine whether there is objective evidence that
it is impaired. A financial asset is impaired if objective evidence indicates
that a loss event has occurred after the initial recognition of the asset, and
that the loss event had a negative effect on the estimated future cash flows
of that asset that can be estimated reliably.
An impairment loss in respect of a financial asset measured at amortised cost
is calculated as the difference between its carrying amount and the present
value of the estimated future cash flows discounted at the asset's original
effective interest rate. Interest on the impaired asset continues to be
recognised through the unwinding of the discount. When a subsequent event
causes the amount of impairment loss to decrease, the decrease in impairment
loss is reversed through the Statement of Comprehensive Income.
Non-financial assets
The carrying amounts of the Group's non-financial assets are reviewed at each
reporting date to determine whether there is any indication of impairment. If
any such indication exists, then the asset's recoverable amount is estimated.
For goodwill, and intangible assets that have indefinite useful lives or that
are not yet available for use, the recoverable amount is estimated each year
at the same time.
The recoverable amount of an asset is the greater of its value in use and its
fair value less costs to sell. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the
risks specific to the asset. For the purpose of impairment testing, assets
that cannot be tested individually are grouped together into the smallest
group of assets that generates cash inflows from continuing use that are
largely independent of the cash inflows of other assets or groups of assets.
An impairment loss is recognised if the carrying amount of an asset exceeds
its estimated recoverable amount. Impairment losses are recognised in the
Statement of Comprehensive Income. Impairment losses recognised in respect of
CGUs are allocated first to reduce the carrying amount of any goodwill
allocated to the units, and then to reduce the carrying amounts of the other
assets in the unit (group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other
assets, impairment losses recognised in prior periods are assessed at each
reporting date for any indications that the loss has decreased or no longer
exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is
reversed only to the extent that the asset's carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or
amortisation, if no impairment loss had been recognised.
m) Employee benefits
Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which the
company pays fixed contributions into a separate entity and will have no legal
or constructive obligation to pay further amounts. Obligations for
contributions to defined contribution pension plans are recognised as an
expense in the Statement of Comprehensive Income in the periods during which
services are rendered by employees.
Short term employee benefits
The costs of short-term employee benefits are recognised as a liability and an
expense. The cost of any unused holiday entitlement is recognised in the
period in which the employee's services are rendered.
Termination benefits
Termination benefits are recognised immediately as an expense when the Group
is demonstrably committed to terminate the employment of an employee or to
provide termination benefits.
n) Share based payments
Employees of the Group receive remuneration in the form of share-based payment
transactions, whereby employees render services as consideration for equity
instruments, known as equity settled transactions.
The Group records compensation expense for all share-based compensation awards
based on the grant date fair value, as adjusted for estimated forfeitures over
the requisite service period of the award. The fair value determined on the
grant date is expensed on a straight-line basis over the term of the grant. A
corresponding adjustment is made to equity.
Modifications and cancellations
When the terms and conditions of equity settled share-based payments at the
time they were granted are subsequently modified, the fair value of the
share-based payment under the original terms and conditions and under the
modified terms is determined. Any excess of the modified fair value is
recognised over the remaining vesting period in addition to the original grant
date fair value. The share-based payment is not adjusted if the modified fair
value is less than the original grant date fair value.
Cancellations or settlements, including those resulting from employee
redundancies, are treated as an acceleration of vesting and the amount that
would have been recognised over the remaining vesting period is recognised
immediately.
Valuation and Amortisation Method
The Company estimates the fair value of stock options granted using the
Black-Scholes option pricing formula for CSOP awards and a Monte Carlo
simulation for PSP awards.
Provision is made for National Insurance Contributions (NICs) on outstanding
share options that are expected to be settled based upon the latest enacted
NIC rates.
o) Cash Investments
Cash investments include cash held on short term deposit for six months and
are held at amortised cost.
p) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and cash invested readily
available within 3 months.
q) Provisions
A provision is recognised in the balance sheet when the Group has a present
legal or constructive obligation as a result of a past event, which can be
reliably measured and it is probable that an outflow of economic benefits will
be required to settle the obligation. Provisions are determined by discounting
the expected future cash flows at a pre-tax rate that reflects risks specific
to the liability.
r) Net financing costs
Financing expenses comprise interest payable, finance charges on finance
leases recognised in the Statement of Comprehensive Income using the effective
interest method. Financing income comprise bank interest receivable.
Interest income and interest payable is recognised in the Statement of
Comprehensive Income as it accrues, using the effective interest method.
s) Segmental reporting
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker ('CODM'). The CODM,
who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Board of Directors of ActiveOps
plc.
The Group will provide information to the CODM on the basis of products and
services, being SaaS and T&I services. The CODM receives information for
these two segments down to gross margin level.
t) Taxation
Tax on the profit or loss for the period comprises current and deferred tax.
Tax is recognised in the Statement of Comprehensive Income except to the
extent that it relates to items recognised directly in equity, in which case
it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or
loss for the period, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous
periods.
Deferred tax is provided on temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts
used for taxation purposes. The following temporary differences are not
provided for: the initial recognition of goodwill; the initial recognition of
assets or liabilities that affect neither accounting nor taxable profit other
than in a business combination, and differences relating to investments in
subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted at the
balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that
future taxable profits will be available against which the temporary
difference can be utilised.
u) Reserves
Share capital
Share capital represents the nominal value of shares that have been issued.
Share premium account
Share premium includes any premiums received on issue of share capital. Any
transaction costs associated with the issuing of shares are deducted from
share premium, net of any related income tax benefits.
Merger relief
Merger relief represents the excess of the Company's investment over the
nominal value of ActiveOps Pty Ltd.'s shares acquired using the principles of
merger accounting.
Share option reserve
The share option reserve is used to recognise the grant date fair value of
options issued to employees but not exercised.
Foreign exchange reserve
The foreign exchange reserve includes all cumulative translation differences
on conversion of the Group's foreign operations from their functional
currencies to its presentation currency of sterling.
Retained Earnings
Retained earnings includes all current and prior period retained profits and
losses.
3. Key accounting estimates and judgements
The preparation of the financial statements in compliance with IFRS requires
the use of certain critical accounting estimates. It also requires Group
management to exercise judgement and use assumptions in applying the Group's
accounting policies. The resulting accounting estimates calculated using these
judgements and assumptions will, by definition, seldom equal the related
actual results but are based on historical experience and expectations of
future events. Management believe that the estimates utilised in preparing the
financial statements are reasonable and prudent.
The judgements and key sources of estimation uncertainty that have a
significant effect on the amounts recognised in the financial statements are
discussed below.
Capitalisation of development costs
The Group invests on a continual basis in the development of software for sale
to third parties. There is a continual process of enhancements to and
expansion of the software with judgement required in assessing whether the
development costs meet the criteria for capitalisation.
In making this judgement, the Group evaluates, amongst other factors, whether
there are future economic benefits beyond the current period and management's
ability to measure reliably the expenditure attributable to the project.
Judgement is therefore required in determining the practice for capitalising
development costs.
During the year the group has capitalised development costs of £1.3m (2023:
£0.9m) associated with the delivery of new features across the product set
that are expected to further enhance the proposition for the customer and
drive future economic benefit. The amount capitalised has been calculated
based on the time spent by individual developers on these new features. The
costs are amortised using the straight-line method from the launch of the
product over the expected life cycle of the enhancements which is expected to
be five years. The group has not capitalised costs of £2.2m (2023: £2.7m)
associated with maintenance work, projects with no future economic benefit,
and internal time including meetings and annual leave.
4. Revenue
The Group derives all its revenue from the transfer of goods and services over
time.
A disaggregated geographical split of revenue by operating segment is shown
below between EMEIA (Europe, the Middle East, India and Africa), North America
and Asia Pacific. EMEIA are aggregated together as they operate and are
managed as one business. All revenue streams are recognised over time.
Year ended 31 March 2024 SaaS T&I Total
£000 £000 £000
EMEIA 13,170 2,057 15,227
North America 5,822 534 6,356
Asia Pacific 4,793 398 5,191
23,785 2,989 26,774
Year ended 31 March 2023 SaaS T&I Total
£000 £000 £000
EMEIA 11,247 2,678 13,925
North America 5,863 175 6,038
Asia Pacific 4,948 548 5,496
22,058 3,401 25,459
SaaS contracts delivered over time are mostly invoiced in advance and
incomplete performance obligations at the year-end are recorded in deferred
income in the statement of financial position. T&I revenues are invoiced
once the T&I is completed or earlier if contractually allowed with
contract assets or contract liabilities recognised in accordance with
performance obligations satisfied. The Group has recognised the following
assets and liabilities related to contracts with customers.
At 31 March 2024 2023
£000 £000
Contract assets 957 306
Contract liabilities (14,420) (13,474)
Due to the nature of the customer contracts, being annual service-related fees
that are performed over time, there is always an element of the contractual
performance obligation that has not been delivered at the year end. As
performance obligations delivered over time are invoiced in advance the
aggregate amount of the transaction price allocated to the performance
obligations unsatisfied, or partially unsatisfied, at the end of each
reporting period equates to the contract liability.
The outstanding performance obligations at the year-end are expected to be
satisfied within 12 months of the reporting date.
The following table shows revenue recognised in the current reporting period
relating to brought forward contract liabilities.
For the year ended 31 March 2024 2023
£000 £000
Revenue recognised that was included in the contract liability balance at the 13,420 8,146
beginning of the period
Contract assets have increased due to timing of customer billing. Contract
liabilities have marginally increased due to growth in SaaS revenues invoiced
in advance.
5. Segmental analysis
The Group has two reporting segments, being SaaS and T&I. The Group
focuses its internal management reporting predominantly on revenue and cost of
sales. No non-GAAP reporting measures are monitored. Total assets and
liabilities are not provided to the CODM in the Group's internal management
reporting by segment and therefore a split has not been presented below.
Information about geographical revenue by segment is disclosed in note 4.
During the year ended 31 March 2024 approximately £5,675k (2023: £6,301k) of
the Group's external revenue was derived from sales to two specific customers
with revenues greater than 10% of the total through SaaS and T&I operating
segments.
Year ended 31 March 2024 SaaS T&I Total
£000 £000 £000
Revenue 23,785 2,989 26,774
Cost of sales (3,084) (1,219) (4,303)
20,701 1,770 22,471
Year ended 31 March 2023 SaaS T&I Total
£000 £000 £000
Revenue 22,058 3,401 25,459
Cost of sales (3,411) (1,268) (4,679)
18,647 2,133 20,780
6. Taxation
For the year ended 31 March 2024 2023
£000 £000
Current income tax
Foreign current tax on profit for the current period 174 362
Adjustments in respect of prior periods (44) 34
Deferred tax
Origination and reversal of timing differences 31 (139)
Adjustments in respect of prior periods - 9
Effect of change in foreign tax rate on opening deferred tax position (19) 1
Total tax charge 142 267
For the year ended 31 March 2024 2023
£000 £000
Profit/(loss) before tax 987 (230)
Tax at domestic rate of 25% (2023: 19%) 247 (44)
Effect of:
Expenses that are not deductible in determining taxable profit 141 (25)
Differences in current and deferred tax rates (19) 1
Deferred tax not recognised (219) 180
Withholding taxes 11 7
Adjustments in respect of prior periods - current tax (44) 34
Adjustments in respect of prior periods - deferred tax - 9
Effect of other tax rates 25 105
Total tax charge 142 267
At 31 March 2024 the Company and its Group had tax losses of approximately
£18.1m (2023: £19.9m) to carry forward to offset against future taxable
profits.
The effect of change in foreign tax rate on opening deferred tax position
relates to an increase in corporation tax rate for ActiveOps Australia Pty
Limited from 25% to 30%, as the Company is no longer considered a Base Rate
Entity for Australian tax purposes due to the revenue of the Group.
7. Intangible assets
Goodwill Customer relationships Purchased software Intellectual property rights Capitalisation of development costs Total
£000 £000 £000 £000 £000 £000
Cost
At 1 April 2022 1,154 6,289 867 125 364 8,799
Foreign exchange 36 135 31 - - 202
Additions (purchases) - - 40 - - 40
Additions (internal developments) - - - - 851 851
At 31 March 2023 1,190 6,424 938 125 1,215 9,892
Foreign exchange (13) (42) (10) - - (65)
Additions (purchases) - - 9 - - 9
Additions (internal developments) - - - - 1,347 1,347
Impairment - - - - - -
At 31 March 2024 1,177 6,382 937 125 2,562 11,183
Amortisation
At 1 April 2022 - 2,733 480 125 - 3,338
Foreign exchange - 45 8 - - 53
Charge for the year - 630 63 - 73 766
At 31 March 2023 - 3,408 551 125 73 4,157
Foreign exchange - - 1 - - 1
Charge for the year - 626 68 - 319 1,013
Impairment - - - - 218 218
At 31 March 2024 - 4,034 620 125 610 5,389
Net book value
At 31 March 2024 1,177 2,348 317 - 1,952 5,794
At 31 March 2023 1,190 3,016 387 - 1,142 5,735
All amortisation and impairment charges are included within depreciation and
amortisation in the Statement of Comprehensive Income.
There are two assets included in capitalised development costs which are
material to the financial statements.
Asset Description Carrying Amount Remaining Amortisation Period
£000
Cloud Gatherer Gives ActiveOps the ability to host clients data in the cloud rather than on 357 5 years
premise.
CaseWorkiQ redevelopment into ControliQ Replatforming CaseWorkiQ data capture and reporting onto the ControliQ 583 5 years
platform to enable a more seamless platform for customers who require both
products.
The aggregate research and development expenditure recognised as an expense
during the period is £4.3m (2023: £4.0m).
The Group tests internally generated intangible assets for impairment on an
annual basis. One project, ControliQ Capex, capitalised during the year ended
31 March 2022 has been identified as impaired and has been written off during
the year.
Customer relationships consists of two individual assets: the acquired
relationships from the purchase of Open Connect on the 1 August 2019, which
has a netbook value of £1.1m (2023: £1.3m) and is being amortised until 31
July 2029; and the acquired relationships from the purchase of ActiveOps Pty
Ltd and Active Operations Management Australia on the 1 April 2017, which has
a netbook value of £1.3m (2023: £1.7m) and is being amortised until 31 March
2027.
The carrying amount of goodwill relates to two cash generating units and
reflects the difference between the fair value of consideration transferred
and the fair value of assets and liabilities purchased.
Goodwill has been allocated for impairment testing purposes to the following
cash generating units. The carrying values are as follows:
At 31 March 2024 2023
£000 £000
Australia 577 577
United States of America 600 613
1,177 1,190
The Australian goodwill relates to the purchase of ActiveOps Pty Limited and
Active Operations Management Australia Pty Ltd on 1 April 2017.
The United States of America goodwill relates to the purchase of OpenConnect
on the 1 August 2019. The residual amount relates to the amount retained in
ActiveOps USA Inc. on disposal of OpenConnect on 19 October 2020.
The Group tests whether goodwill has suffered any impairment on an annual
basis, or more frequently where evidence of impairment indicators exist, by
comparing the value of the CGUs with their value in use. Value in use is
estimated based on expected future five-year cashflows, assuming a retention
decrease of 10% each year, discounted to present value using a post-tax
discount rate that reflects current market assumptions of the time value of
money. An impairment charge arises where the carrying value exceeds the value
in use.
The inputs into the expected cashflows are based on the most recent forecasts
approved and reviewed by the Directors for the next three years based on
expected growth within those CGU's over that period.
The key inputs and assumptions into the cashflow forecast are:
• Revenue growth, based upon management's expected growth in the Group's
products. These are determined by understanding the needs of current customers
and expected number of license sales pipeline to determine expected future
sales volumes. These sales volumes are coupled with the current pricing to
determine the forecast revenues. Considerations are also made for customer
churn which is based upon current churn rates. T&I revenues are derived
from forecast additional SaaS sales using historical customer behaviours as a
basis.
• Cost of sales and any other direct costs based upon expected revenues.
• Expected movements in the overhead costs of the business given the
need to indirectly service growth in revenue.
• Future capital expenditure and other changes to working capital as
required to facilitate the forecast revenue growth.
In determining the potential for impairment of the cash generating units,
management considered 5 years of recoverability of each asset and assumed a
customer attrition rate of 10%. The Group has discounted the cashflows at
12.0% for the Australian CGU and 12.0% for the United States of America CGU.
There is substantial headroom in the value in use calculations and management
have therefore not identified any reasonably possible changes in any key
assumption that would lead to the need for impairment of either CGU.
8. Property, plant and equipment
Leasehold improvements Plant and machinery Fixtures, fittings and equipment Total
£000 £000 £000 £000
Cost
At 1 April 2022 171 410 464 1,045
Foreign exchange (4) (1) (5) (10)
Additions - 65 25 90
Disposals - - - -
At 31 March 2023 167 474 484 1,125
Foreign exchange (2) (7) (6) (15)
Additions - 96 83 179
At 31 March 2024 165 563 561 1,289
Accumulated depreciation
At 1 April 2022 171 300 375 846
Foreign exchange (4) (2) (4) (10)
Charge for the year - 71 56 127
Disposals
At 31 March 2023 167 369 427 963
Foreign exchange (2) (6) (4) (12)
Charge for the year - 78 39 117
At 31 March 2024 165 441 462 1,068
Carrying amount
At 31 March 2024 - 122 99 221
At 31 March 2023 - 105 57 162
All depreciation and impairment charges are included within depreciation and
amortisation in the Statement of Comprehensive Income.
9. Right of use assets
Buildings
£000
Net book value
At 1 April 2022 564
Foreign exchange (3)
Depreciation charge for the year (142)
At 31 March 2023 419
Foreign exchange 19
Depreciation charge for the year (137)
At 31 March 2024 301
The right of use asset relates to the property leases for operating premises
across the group.
Amounts recognised in the Statement of Financial Position
At 31 March 2024 2023
£000 £000
Lease liabilities
Current 69 100
Non-current 239 364
308 464
Amounts recognised in the Statement of Profit or Loss
For the year ended 31 March 2024 2023
£000 £000
Interest expense 14 37
Expense for short term leased properties 126 150
Depreciation of Right-of-use assets 137 142
Amounts recognised in the Statement of Cashflows
For the year ended 31 March 2024 2023
£000 £000
Total cash outflows 295 360
ActiveOps plc is required to restore its leased premises to their original
condition at the end of the respective lease terms (expiring March 2027). A
provision of £50k has been recognised for the estimated expenditure required
to remove any leasehold improvements.
10. Trade and other receivables
At 31 March 2024 2023
£000 £000
Trade receivables 4,363 5,507
Prepayments and accrued income 1,398 675
Other receivables 178 191
5,939 6,373
The Directors consider the carrying value of trade and other receivables to be
approximately equal to their fair value due to their short term nature.
At 31 March 2024 2023
£000 £000
Trade receivables from contracts with customers 4,384 5,563
Less loss allowance (21) (56)
4,363 5,507
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional. The group holds the trade receivables with the objective of
collecting the contractual cash flows, and so it measures them subsequently at
amortised cost using the effective interest method. Details about the group's
impairment policies and the calculation of the loss allowance are provided in
note 2.
11. Cash Investments
At 31 March 2024 2023
£000 £000
Cash Investments 6,253 3,037
In the Year Ended 31 March 2023 financial statements the cash balance of
£15,377k included £3,037k of cash held on short term deposit, which has been
reclassified to Cash Investments. The Cash Investments balance of £6,253k
held at the year end is cash on deposit maturing within 3 months of the year
end.
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