REG - Microgen PLC - Interim Results <Origin Href="QuoteRef">MCGN.L</Origin> - Part 1
06/09/2014 18:34
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Microgen PLC
21 July 2014
21 July 2014
MICROGEN plc ('Microgen' or 'Group')
INTERIM RESULTS FOR THE SIX MONTHS ENDED
30 JUNE 2014
Microgen reports its unaudited results for the six months ended 30 June 2014.
Highlights
Aptitude Software
· Satisfactory progress on strategic direction set out in 2013 Strategic
Review
· Software revenue growth of 13% to £4.5 million (H1, 2013: £4.0 million)
with overall revenue increasing to £7.6 million (H1, 2013: £7.4 million)
· Increase in sales activity with paid proof of concept and scoping
exercises underway in the telecommunications and other sectors
Financial Systems
· Substantial increase in ROCE following capital restructuring in 2013
Strategic Review
· Consolidation of minor product lines into Application Management group
· Revenue of £7.2 million (H1, 2013: £7.6 million) in line with Board
expectations
· Operating margin 50% (H1, 2013: 54%)
Group
· Strong balance sheet with cash of £37.9 million (H1, 2013: £26.8
million) and net funds of £20.2 million (H1, 2013: £26.8 million) following
the return of £12.5 million in the last twelve months to shareholders by way
of tender offer and dividends
· Group adjusted operating profit reduced to £3.7 million (H1, 2013: £4.4
million)* in line with investment strategy in the Aptitude Software business.
Group operating profit on a statutory basis of £3.3 million (H1, 2013: £4.4
million)
· Basic earnings per share 3.2 pence (H1, 2013: 4.2 pence)
· Interim dividend of 1.1 pence per share (2013: 1.1 pence per share)
Contacts
Martyn Ratcliffe, Chairman
020-7496-8100
Philip Wood, Group Finance Director
Lucy Delaney, FTI Consulting
020-3727-1131
* Throughout this statement adjusted operating profit and margin excludes
exceptional and other items, unless stated to the contrary.
The Group reports satisfactory progress on the strategic direction set out in
the review which was completed in October 2013 ("Strategic Review"). The
Strategic Review detailed that the Group strategy is to "Acquire, Enhance and
Realise Value" for Microgen shareholders. As a result Microgen plc is now the
corporate parent of technology businesses operated as independent business
units. Pursuant to the Strategic Review, investment has been significantly
increased in the Aptitude Software business in order to pursue the developing
Big Data opportunity. In parallel, the Financial Systems business is focussing
resources on the wealth management sector and reported a substantial increase
in return on capital employed ("ROCE") following the change in capital
structure.
Microgen maintains a strong balance sheet with significant cash resources,
after returning £12.5 million of cash to shareholders in the last twelve
months by way of tender offer and dividends. The interim dividend is
maintained at 1.1 pence per share (2013: 1.1 pence). The interim dividend will
be payable on 22 August 2014 to shareholders on the register at the close of
business on 1 August 2014.
Aptitude Software Report
Benefitting from the previously announced new European and North American
clients, software revenue has increased by 13% to £4.5 million (H1, 2013: £4.0
million) with recurring revenue now representing 55% of total revenue (H1,
2013: 54%). Overall revenue increased to £7.6 million (H1, 2013: £7.4
million). The increased investment in the business pursuant to the Strategic
Review has led to operating margins being lowered to 11% (H1, 2013: 20%)
delivering an operating profit of £0.8 million (H1, 2013: £1.5 million).
There have been a number of important product developments in the period with
the latest version of the Aptitude software being launched in April 2014 in
line with the timetable set out in the Strategic Review. This release provided
Aptitude customers with the ability to incorporate Hadoop into Aptitude-based
Big Data solutions, consistent with the Aptitude multi-platform product
strategy. Following the release in January of the Aptitude Allocation Engine
the business further announced, in May, the Aptitude Revenue Recognition
Engine which provides a solution to the new IFRS 15 accounting requirements
which apply to a number of industry sectors including telecommunications.
Benefitting from these product developments and the investments made in direct
sales and partnerships, sales activity has increased with a number of
opportunities well advanced with paid proof of concept and scoping exercises
underway in the telecommunication and other sectors.
Tangible results from the Aptitude investment programme will take time and in
the short term will be partially offset by the conclusion of the legacy OST-BR
transition programme. Nevertheless, the new European and North American
clients, together with the sales and product development activities, continue
to provide exciting opportunities for the future.
Financial Systems Report
Revenue from wealth management products of £3.9 million (H1, 2013: £3.9
million) represents 54% (H1, 2013: 52%) of Financial Systems revenue. The
wealth management product for trust and fund administration, 5Series,
continues to be well received by the market with a number of new business
wins. Revenue from the payment software products remains stable whilst the
Application Management business, now incorporating the minor financial
services product categories, continued to decline as anticipated. Overall
reported revenue was £7.2 million (H1, 2013: £7.6 million), in line with the
Board's expectations.
The Financial Systems business continues to report strong operating profits of
£3.6 million (H1, 2013: £4.1 million) representing an operating margin of 50%
in 2013 (H1, 2013: 54%). The reduction is due to the decline in the
Application Management business and the effect of some previous
corporate/central costs having been transferred into the business operations
in accordance with the Group strategy of independent business units.
Following the capital reorganisation of the Financial Systems business last
year, the six month Return on Capital Employed ("ROCE") for H1 2014 increased
to 24% (H1, 2013: 10%). For the purposes of calculating ROCE, capital is
defined as being the average of the consolidated net assets of the business at
the beginning and end of each period. The interest cost in the period was £0.3
million (H1, 2013: £nil). The loan outstanding at 30 June 2014 was £17.8
million (H1, 2013: £nil).
In pursuing the major strategic objective of the business, namely to increase
the proportion of revenues generated from the wealth management sector, the
business is progressing a number of add-on acquisitions. However, the Board
remains prudent and there can be no certainty that any acquisitions will be
completed in the near future.
Group Activities
Microgen continues to identify and appraise technology businesses and
strategic investments which the Board believes, based on the Group's
capabilities, may benefit from being operated as a business unit under
Microgen's stewardship. The businesses and investments evaluated to date have
been predominantly UK based across a broad technology spectrum. The Group's
balance sheet, with cash of £37.9 million at 30 June 2014 (H1, 2013: £26.8
million) and net funds of £20.2 million (H1, 2013: £26.8 million), provides
the Group with the cash resources to be a credible acquirer. However, the
Board will maintain its prudent approach and there can be no certainty that
any acquisition will be completed.
Group Financial Performance
Aggregating the business units, revenue for the six months ending 30 June 2014
was £14.7 million (H1, 2013: £14.9 million). Including Group costs of £0.8
million (H1, 2013: £1.1 million), adjusted operating profit was in line with
expectations at £3.7 million (H1, 2013: £4.4 million). Whilst the majority of
the Group's revenue is invoiced in Pounds Sterling, the Group has revenue
exposure to US Dollars and South African Rand. Relative to the first half of
2013, due to the strengthening of Sterling, the Group had a negative revenue
variance of £0.3 million and a net negative profit impact of £0.1 million.
Operating profit on a statutory basis was £3.3 million (H1, 2013: £4.4
million). The Group reported a profit for the period attributable to equity
shareholders of £2.4 million (H1, 2013: £3.5 million). In accordance with
IFRS, the Board has continued to determine that all internal research and
development costs are expensed as incurred and therefore the Group has no
capitalisation of development expenditure.
A profit and loss charge of £0.4 million was incurred in the period in respect
of options approved by shareholders in November 2013. This cost is included in
'exceptional and other items'. The total tax charge of £0.7 million (H1, 2013:
£1.0 million) represents 21.5% of the Group's profit before tax (H1, 2013:
23.0%).
The Group continues to have a strong balance sheet with net assets at 30 June
2014 of £55.5 million (H1, 2013: £62.2 million), including cash at 30 June
2014 of £37.9 million (H1, 2013: £26.8 million), and net funds at 30 June 2014
of £20.2 million (H1, 2013: £26.8 million) following the return of £12.5
million in the last twelve months to shareholders by way of tender offer and
dividends.
Statement on Principal Risks and Uncertainties
Pursuant to the requirements of the Disclosure and Transparency Rules the
Group provides the following information on its principal risks and
uncertainties. The Group considers strategic, operational and financial risks
and identifies actions to mitigate those risks. These risk profiles are
updated at least annually. The principal risks and uncertainties detailed
within the Group's 2013 Annual Report remain applicable for the first six
months of the financial year. The Group's 2013 Annual Report is available
from the Microgen website: www.microgen.com.
Related party transactions during the period are disclosed in Note 14.
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
For the six months ended 30 June 2014
Unaudited six months ended 30 Jun 2014 Unaudited six months ended 30 Jun 2013 Audited year ended 31 Dec 2013
Note Beforeexceptional and other items Exceptional and other items Total Beforeexceptional and other items Exceptional and other items Total Beforeexceptional and other items Exceptional and other items Total
£000 £000 £000 £000 £000 £000 £000 £000 £000
Revenue 5 14,711 - 14,711 14,945 - 14,945 29,824 - 29,824
Operating costs (11,014) (427) (11,441) (10,502) - (10,502) (20,755) (381) (21,136)
Operating profit 5 3,697 (427) 3,270 4,443 - 4,443 9,069 (381) 8,688
Finance income 5 82 - 82 67 - 67 119 - 119
Finance costs 5 (304) - (304) - - - (119) - (119)
Profit before income tax 3,475 (427) 3,048 4,510 - 4,510 9,069 (381) 8,688
Income tax expense 5/6 (656) (1,037) (2,250)
Profit for the period 2,392 3,473 6,438
Earnings per share
Basic 7 3.2p 4.2p 7.9p
Diluted 7 3.0p 4.2p 7.7p
4.2p
7.7p
All results derive from continuing operations.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2014
Unauditedsix monthsended Unauditedsix monthsended Auditedyearended
30 Jun 2014 30 Jun 2013 31 Dec 2013
£000 £000 £000
Profit for the period 2,392 3,473 6,438
Other comprehensive income
Items that may subsequentlybe reclassified to profit or loss:
Fair value loss on hedged financial instruments (69) (71) (7)
Currency translation difference (32) (23) 75
Other comprehensive income for the period, net of tax (101) (94) 68
Total comprehensive income for the period 2,291 3,379 6,506
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
As at 30 June 2014
Note Unauditedas at30 Jun 2014 Unauditedas at30 Jun 2013 Auditedas at31 Dec 2013
ASSETS £000 £000 £000
Non-current assets
Property, plant and equipment 10 4,964 5,277 5,022
Goodwill 41,774 41,774 41,774
Deferred income tax assets 742 1,016 752
47,480 48,067 47,548
Current assets
Trade and other receivables 3,308 4,178 5,049
Current income tax assets 30 159 -
Financial assets - derivative financial instruments 104 51 94
Cash and cash equivalents 37,923 26,783 40,200
41,365 31,171 45,343
Total assets 88,845 79,238 92,891
LIABILITIES
Current liabilities
Financial liabilities
- borrowings 11 (3,000) - (3,000)
- derivative financial instruments (125) (67) (47)
Trade and other payables (14,415) (15,416) (18,186)
Current income tax liabilities (767) (1,305) (701)
Provisions for other liabilities and charges 12 (32) (38) (33)
(18,339) (16,826) (21,967)
Net current assets 23,026 14,345 23,376
Non-current liabilities
Financial liabilities - borrowings 11 (14,750) - (16,250)
Provisions for other liabilities and charges 12 (266) (255) (269)
(15,016) (255) (16,519)
NET ASSETS 55,490 62,157 54,405
SHAREHOLDERS' EQUITY
Share capital 13 3,727 4,129 3,724
Share premium account 13 12,040 12,015 12,037
Capital redemption reserve 1,558 1,152 1,558
Other reserves 36,952 36,957 37,021
Retained earnings 1,213 7,904 65
TOTAL EQUITY 55,490 62,157 54,405
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2014
Share capital Sharepremium account Retainedearnings Capitalredemptionreserve Otherreserves Total
£000 £000 £000 £000 £000 £000
Balance at 1 January 2014 3,724 12,037 65 1,558 37,021 54,405
Comprehensive income
Profit for the period - - 2,392 - - 2,392
Cash flow hedges - net fair value losses - - - - (69) (69)
Exchange rate adjustments - - (32) - - (32)
Total comprehensive income for the period - - 2,360 - (69) 2,291
Shares issued under share option schemes 3 3 - - - 6
Share options - value of employee service - - 427 - - 427
Dividends to equity holders of the company - - (1,639) - - (1,639)
Total contributions by and distributions to owners of the company recognised directly into equity 3 3 (1,212) - - (1,206)
Balance at 30 June 2014(unaudited) 3,727 12,040 1,213 1,558 36,952 55,490
Share capital Sharepremium account Retainedearnings Capitalredemptionreserve Otherreserves Total
£000 £000 £000 £000 £000 £000
Balance at 1 January 2013 4,078 11,885 10,529 1,152 37,028 64,672
Comprehensive income
Profit for the period - - 3,473 - - 3,473
Cash flow hedges - net fair value losses - - - - (71) (71)
Exchange rate adjustments - - (23) - - (23)
Total comprehensive income for the period - - 3,450 - (71) 3,379
Shares issued under share option schemes 51 130 - - - 181
Share options - value of employee service - - 33 - - 33
Dividends to equity holders of the company - - (6,108) - - (6,108)
Total contributions by and distributions to owners of the company recognised directly into equity 51 130 (6,075) - - (5,894)
Balance at 30 June 2013(unaudited) 4,129 12,015 7,904 1,152 36,957 62,157
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOW
For the six months ended 30 June 2014
Unauditedas at30 Jun 2014 Unauditedas at30 Jun 2013 Auditedas at31 Dec 2013
Note £000 £000 £000
Cash flows from operating activities
Cash generated from operations 8 2,037 1,416 8,103
Interest paid (304) - (119)
Income tax paid (630) (633) (1,728)
Net cash flows generated from operating activities 1,103 783 6,256
Cash flows from investing activities
Purchase of property, plant and equipment 10 (336) (282) (427)
Interest received 82 67 119
Net cash used in investing activities (254) (215) (308)
Cash flows from financing activities
Proceeds from bank loan - - 20,000
Net proceeds from issuance of ordinary shares 13 6 181 204
Dividends paid to company's shareholders 9 (1,639) (6,108) (7,016)
Repayments of loan (1,500) - (750)
Purchase of own shares - - (10,269)
Net cash (used in)/ generated from financing activities (3,133) (5,927) 2,169
Net (decrease)/ increase in cash and cash equivalents (2,284) (5,359) 8,117
Cash, cash equivalents and bank overdrafts at beginning of period 40,200 32,134 32,134
Exchange rate gains/ (losses) on cash and cash equivalents 7 8 (51)
Cash and cash equivalents at end of period 37,923 26,783 40,200
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. General information
Microgen plc (the 'Company') and its subsidiaries (together, the 'Group')
provide software and services to the global financial services, digital media
and commercial sectors.
The Company is a public limited company incorporated and domiciled in England
and Wales with a primary listing on the London Stock Exchange. The address of
its registered office is Old Change House, 128 Queen Victoria Street, London,
England, EC4V 4BJ.
These condensed consolidated interim financial statements were approved for
issue on 18 July 2014.
These condensed consolidated interim financial statements do not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2013 were approved by
the Board of directors on 25 February 2014 and delivered to the Registrar of
Companies. The report of the auditors on those accounts was unqualified, did
not contain an emphasis of matter paragraph and did not contain any statement
under section 498 of the Companies Act 2006.
These condensed consolidated interim financial statements have been reviewed,
not audited.
2. Basis of preparation
These condensed consolidated interim financial statements for the six months
ended 30 June 2014 have been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34,
'Interim financial reporting' as adopted by the European Union. These
condensed consolidated interim financial statements should be read in
conjunction with the annual financial statements for the year ended 31
December 2013, which have been prepared in accordance with IFRSs as adopted by
the European Union.
After making enquiries, the directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence for the
foreseeable future. The Group therefore continues to adopt the going concern
basis in preparing its condensed consolidated interim financial statements.
3. Accounting policies
The accounting policies adopted are consistent with those of the previous
financial statements, except as described below.
Taxes on income in the interim periods are accrued using the tax rate that
would be applicable to expected total annual profits.
New and amended standards and interpretations need to be adopted in the first
interim financial statements issued after their effective date. There are no
new IFRSs or IFRS ICs that are effective for the first time for this interim
period that would be expected to have a material impact on the group.
4. Estimates
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the year ended 31
December 2013, with the exception of changes in estimates that are required in
determining the provision for income taxes.
5. Segmental information
The Board of Microgen plc (the "Board") has been identified as the chief
operating decision maker of Microgen. Management has determined the operating
segments of the group based on the reports provided to the Board of Microgen
plc.
Unaudited six months ended 30 Jun 2014
AptitudeSoftware FinancialSystems Group Total
£000 £000 £000 £000
Revenue 7,560 7,151 - 14,711
Operating costs (6,722) (3,541) - (10,263)
Operating profit before group overheads 838 3,610 - 4,448
Unallocated group overheads (751) (751)
Operating profit before exceptional and other items 3,697
Exceptional and other items - - (427) (427)
Operating profit/ (loss) 838 3,610 (1,178) 3,270
Finance income 82
Finance costs (304)
Profit before tax 3,048
Income tax expense (656)
Profit for the period 2,392
5. Segmental information (continued)
Unaudited six months ended 30 Jun 2013
AptitudeSoftware FinancialSystems Group Total
£000 £000 £000 £000
Revenue 7,376 7,569 - 14,945
Operating costs (5,871) (3,498) - (9,369)
Operating profit before group overheads 1,505 4,071 - 5,576
Unallocated group overheads (1,133) (1,133)
Operating profit/ (loss) 1,505 4,071 (1,133) 4,443
Finance income 67
Profit before tax 4,510
Income tax expense (1,037)
Profit for the period 3,473
5. Segmental information (continued)
Audited year ended 31 Dec 2013
AptitudeSoftware FinancialSystems Group Total
£000 £000 £000 £000
Revenue 14,676 15,148 - 29,824
Operating costs (11,839) (7,042) - (18,881)
Operating profit before group overheads 2,837 8,106 - 10,943
Unallocated group overheads (1,874) (1,874)
Operating profit before exceptional and other items 9,069
Exceptional and other items - (285) (96) (381)
Operating profit/ (loss) 2,837 7,821 (1,970) 8,688
Finance income 119
Finance costs (119)
Profit before tax 8,688
Income tax expense (2,250)
Profit for the year 6,438
6. Income tax expense
Income tax expense is recognised based on management's estimate of the
weighted average income tax rate expected for the full financial year of 21.5%
(the estimated tax rate for the six months ended 30 June 2013 was 23%).
7. Earnings per share
Unauditedsix monthsended30 Jun 2014 Unauditedsix monthsended30 Jun 2013 Auditedyear ended31 Dec2013
pence pence Pence
Earnings per share
Basic 3.2 4.2 7.9
Diluted 3.0 4.2 7.7
Adjusted earnings per share
Basic 3.6 4.2 8.3
Diluted 3.4 4.2 8.1
To provide an indication of the underlying operating performance the adjusted
earnings per share calculation above excludes intangible amortisation and
exceptional and other items, and has a tax charge based on the effective
rate.
Unauditedsix monthsended30 Jun 2014 Unauditedsix monthsended30 Jun 2013 Auditedyear ended31 Dec 2013
pence pence pence
Basic earnings per share 3.2 4.2 7.9
Prior years' tax charge - - 0.1
Exceptional and other items net of tax 0.4 - 0.3
Foreign exchange gains on intercompany balances tax charge - - 0.1
Tax losses recognised - - (0.1)
Adjusted earnings per share 3.6 4.2 8.3
8. Cash generated from operations
Unauditedsix monthsended30 Jun 2014 Unauditedsix monthsended30 Jun 2013 Auditedyear ended31 Dec 2013
£000 £000 £000
Profit before tax 3,048 4,510 8,688
Adjustments for:
Depreciation 374 389 790
Loss on disposal of fixed assets - - 9
Share-based payment expense 427 33 157
Finance income (82) (67) (119)
Finance cost 304 - 119
Changes in working capital:
Decrease/ (increase) in receivables 1,741 (1,015) (1,886)
(Decrease)/ increase in payables (3,771) (2,429) 341
(Decrease)/ increase in provisions (4) (5) 4
Cash generated from operations 2,037 1,416 8,103
9. Dividends
The interim dividend of 1.1 pence per share (2013: 1.1 pence per share) was
approved by the Board on 18 July 2014. It is payable on 22 August 2014 to
shareholders on the register at 1 August 2014.
This interim dividend, amounting to £820,000 (2013: £908,000), has not been
included as a liability in this interim financial information. It will be
recognised in shareholders' equity in the year to 31 December 2014.
The dividend that relates to the period to 31 December 2013 and that amounted
to £1,639,000 (2012: final dividend £1,816,000 and special dividend of
£4,292,000) was paid in May 2014.
10. Property, plant and equipment
Six months ended 30 June 2014 Property, plant and equipment
£000
Opening net book amount as at 1 January 2014 5,022
Additions 336
Exchange movements (20)
Depreciation (374)
Closing net book amount as at 30 June 2014 (unaudited) 4,964
Six months ended 30 June 2013 Property, plant and equipment
£000
Opening net book amount as at 1 January 2013 5,391
Additions 282
Exchange movements (7)
Depreciation (389)
Closing net book amount as at 30 June 2013 (unaudited) 5,277
The Group has not placed contracts for any future capital expenditure which
has not been provided for in the financial statements.
11. Financial liabilities
Unauditedsix monthsended30 Jun 2014
£000
At 1 January 19,250
Loan repayments (1,500)
At 30 June 17,750
The borrowings are repayable as follows:
Within one year 3,000
In the second year 3,000
In the third to fifth year inclusive 11,750
17,750
Less: Amount due for settlement with 12 months (shown under current liabilities) (3,000)
Amount due for settlement after 12 months 14,750
14,750
11. Financial liabilities (continued)
On 28 October 2013 Microgen Financial Systems Limited, a wholly owned
subsidiary of Microgen plc, entered into a loan agreement with Royal Bank of
Scotland plc for £20,000,000. The loan is secured solely against the assets of
the Financial Systems operating business of the Group. Operating covenants are
limited to the performance of the Financial Systems business only and are
based on net debt leverage, interest cover and a minimum cash balance of
£3,000,000 held within the Financial Systems business. In the event of a
default of the loan, Microgen plc has the option, but not the obligation, to
remedy. The loan is repayable over five years with an annual capital repayment
of £3,000,000 and a final repayment of £5,000,000 on the fifth anniversary of
the loan agreement. The loan is denominated in Pound Sterling and carries
interest at LIBOR plus 1.75%. The Group entered into an interest swap on 28
October 2013, effectively fixing the interest rate at 3.24% over the five year
period.
12. Provisions for other liabilities and charges
Unauditedsix monthsended30 Jun 2014 Unauditedsix monthsended30 Jun 2013
£000 £000
At 1 January 302 298
Foreign exchange (4) (5)
At 30 June
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