REG - Aquila Services Grp - Half-year Report
29/11/2021 07:00
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RNS Number : 7789T Aquila Services Group PLC 29 November 2021
For immediate release
29 November 2021
Aquila Services Group plc
Unaudited Interim Results for the six months ended 30 September 2021
Aquila Services Group plc (''the Company''), is the holding company for Altair
Consultancy and Advisory Services Ltd (''Altair''), Aquila Treasury and
Finance Solutions Ltd ("ATFS") and Oaks Consultancy Ltd ("Oaks") which form
the Group (''the Group'').
The Group works in the UK and internationally. Its expertise is in the
provision, financing and management of affordable housing by housing
associations, local authorities, government agencies and other non-profit
organisations, high level business advice to the property sector and support
for organisations including multi-academy education trusts and sports
foundations working in communities to improve health and well-being
opportunities.
Results highlights
6 Months to 6 months to Year ended
30 Sept 2021 (unaudited) 30 Sept 2020 (unaudited) 31 March 2021 (audited)
£'000s £'000s £'000s
Turnover 4,855 3,509 7,642
Gross profit 1,055 658 1,640
Operating profit 304 202 301
Profit after tax 247 174 187
Earnings per share 0.62 0.45p 0.48
Cash balances 1,886 1,443 2,127
Total dividend payable 0.20p 0.15p 0.55p
Dividend
The directors propose an interim dividend of 0.20p (2020: 0.15p). This will
be paid on 20 December 2021 to shareholders on the register at 10 December
2021.
This announcement includes inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 as it forms part of UK Domestic Law by
virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
For further information please visit www.aquilaservicesgroup.co.uk
(http://www.aquilaservicesgroup.co.uk) or contact:
Aquila Services Group plc
Claire Banks
Group Finance Director and Company Secretary
Tel: 020 7934 0175
Beaumont Cornish Limited, Financial Adviser
Roland Cornish
Tel: 020 7628 3396
Chair's statement
Dear Shareholder,
I am pleased to present the half-yearly report and the interim results for the
six months to 30 September 2021.
Aquila Services Group plc ("the Company") is the holding company for Altair
Consultancy & Advisory Services Ltd ("Altair"), Aquila Treasury &
Financial Solutions Ltd ("ATFS") and Oaks Consultancy Ltd ("Oaks") which form
the Group ("the Group").
The Group is an independent consultancy specialising in the provision,
financing, and management of affordable housing by housing associations, local
authorities, government agencies and other non-profit organisations. The Group
also provides high level business advice to the commercial property sector and
support for organisations including multi-academy education trusts and sports
foundations, working in communities to improve health and well-being
opportunities.
Nearly all the services of the Group relate to activities which are or should
be the necessary requirements of a responsible society. Working with our
clients we assist communities in delivering better housing, health and
education through our experience and expertise. The Group has a responsibility
to ensure that the services it provides are effective and value for money. We
are especially proud of our work helping our clients embrace the green agenda.
Our recent reports have had to balance information about our operational
achievements with managing the implications of the pandemic. This has meant
decisions on the need to invest in the growth of the business and retaining
reserves to manage in an uncertain economy. The improving management of the
COVID-19 crisis by the government that has enabled business activity to return
to nearer normality and the resilience shown by the economy is now enabling a
much more forward looking and optimistic business strategy.
The Group results for the 6 months ended 30 September 2021 demonstrate how we
have managed the crisis and emerged financially stronger. The period has
reflected increased operating profitability. This gives us confidence that at
the halfway stage of the financial year, the full year financial results will
continue to reflect that strength and depth in the business.
I am pleased to report that turnover for the 6 months was £4.9m (30 September
2020: £3.5m), earnings before tax were £304k (30 September 2020: £202k) and
net current assets including cash of £1.9m continued to be strong at £2.4m
(30 September 2020: £1.8m including cash of £1.4m). These represent
increases of 40% on turnover, 50% on earnings and 35% on cash balances.
The Directors propose an interim dividend of 0.20p per share (30 September
2020: 0.15p per share). This represents a 33% increase in the interim dividend
which will be paid on 20 December 2021 to shareholders on the register at 10
December 2021. This increase reflects the progressive dividend strategy of the
Group going forward.
The results for the half-year are all the more commendable given that for more
than the first three months, many of the COVID-19 restrictions were still in
place and although eased, some of these remained in place for the whole
period. For the six months our education and international housing businesses
were still being impacted by operational restrictions at clients and travel
restrictions, although our UK housing and sports consultancies were seeing a
strong upturn in demand.
Of our business streams, only the education sector has not yet seen progress
during the period being reported. Our clients in the education sector for both
the debt advice and payments reviews (credit card transactional analysis) are
mainly the smaller and medium sized establishments who are reluctant to commit
resources until government clarifies the future planning and grant allocation
for these clients, particularly for capital projects.
There is much we have learned during these difficult periods. It emphasises
that the well-being and morale of our staff were crucial elements to the
success of the business, and we have a strong focus on supporting our
colleagues. A high level of job satisfaction and opportunities for both
personal and professional development are very important to colleagues. Also,
we have reviewed our pay and reward packages and continue to invest in
training and development and encourage all members of the Group to take up
these opportunities. Just as important is the social, physical and mental
well-being of our staff and being active supporters of our community and
environment. We recognise that we have a responsibility to enable colleagues
to make that wider contribution and encourage them to do so.
We truly believe that success comes from supporting initiatives generated by
the staff themselves and enabling them to take pride in what they have
achieved. We now have active staff groups focusing on the key issues of
equality, diversity and inclusion and the environment.
Throughout the pandemic, we increasingly relied on and were proud of how our
IT systems coped with the volume and information requirements of home working.
We understand that for some individuals this had implications and we were keen
to ensure that we were communicative and supportive, giving colleagues the
ability to work flexibly to suit their individual situations. Those principles
remain today.
The Group is now well-placed to expand both its range and depth of services
and has an order book for nearly all of its services stronger than for some
time. This is enabling us to recruit with confidence.
We anticipate the progress for the first 6 months will continue for the rest
of the financial year and that we will be able to further enhance our returns
to shareholders at the full year.
Lastly, I want to thank everybody involved with the Group, my fellow
directors, executive team members, staff, clients and those external
specialists upon whom we often rely. All of you have contributed to the
success of the Group and like you, I am proud of what is being achieved.
Derek Joseph - Chair
26 November 2021
Management report
The Management of the Group are pleased to present their report for the period
ended 30 September 2021.
Aquila at a Glance
Aquila Services Group plc ("the Company") is the holding company for Altair
Consultancy and Advisory Services Ltd ("Altair"), Aquila Treasury and
Financial Solutions Ltd ("ATFS") and Oaks Consultancy Ltd ("Oaks") which form
the group ("the Group").
The Group continues to implement its business strategy to encompass all the
professional consultancy services that the Group's client base demands. The
Group provides advice and support across the affordable housing, regeneration,
sport and education sectors. Its purpose is to assist organisations that
benefit local communities such as housing associations, local authorities,
government agencies, multi-academy trusts, other non-profit organisations and
those set up for community benefit, as well as providing related high-level
business advice to the commercial property sector.
Business performance and position
Altair Consultancy and Advisory Services Ltd ("Altair")
Altair is a specialist management consultancy company that works with
organisations that govern, manage, regulate or build housing. Operating within
the UK and Europe, its international client base is increasing with expansion
in Africa and Asia.
The services that Altair offers cover housing development and regeneration,
property asset management, health and safety compliance and building safety
advice, strategic financial advice, governance and risk management, executive
and non-executive recruitment. Our ITC and digital, transformation and people
services are areas of investment and growth.
Altair has had a strong half year with the business performing in line with
expectations following the lifting of some of the more onerous restrictions as
we come out of lockdown. Colleagues continue to work virtually, attending
client sites if required although this is not at pre-pandemic levels as
clients are also finding new ways of working.
Our property team continues to be busy and has seen an increase in contracts
over the six months, improving from last year's on budget performance. The
cladding crisis and new regulations emanating from the Building Safety Bill
2021 have meant that we are looking to increase the capacity in our technical
and assets team to be able to respond to the demands from the sector. We are
encouraged that the international work has also returned and we have secured
new contracts in Malaysia and Kenya, funded through the World Bank and are
seeing further possible opportunities for us to assist governments and funding
bodies in Africa and Asia.
The post-pandemic focus in the housing sector has been on transformation,
service delivery and the provision of new digital platforms. To respond to
this we brought on board and invested in a technology team and strengthened
the transformation offering with additional skills in people and culture. The
forthcoming introduction of stronger consumer regulation has also prompted
further product development and we will roll this out in the next half-year.
The investment we made during the last financial year in digital products to
support the governance offering has been well received by clients and has
expanded our offering.
We continue to work with new for-profit providers, assisting them with
registration with the Regulator of Social Housing, financial and governance
advice and for some, preparation for an in-depth assessment by the Regulator
as they have now reached the 1,000 home mark.
A highlight of the six months is that we have started to recruit to strengthen
and grow the team and we welcomed our second cohort of six graduates in August
and September, something we were unable to do last year.
Aquila Treasury and Financial Solutions Ltd ("ATFS")
ATFS is a specialist treasury management consultancy authorised and regulated
by the Financial Conduct Authority that operates across the UK and Europe. It
provides advice on treasury policy and strategy, debt and capital market
finance, banking and card merchant services, value for money, and financial
market information services to local authorities, charities, housing
associations, education bodies, private sector housing providers and
government bodies.
ATFS has had a mixed six months. The housing business has performed in line
with expectations and we continue to work closely with clients in Scotland,
Ireland and England. We expect to see the same level of activity in the next
six months. A new area of work has been with the new registrations that are
beginning to come to the market for funding and we are now advising a number
of clients on the options they have available.
The education sector has been impacted through COVID-19 and the delay in
government announcements regarding capital funding has meant that the
education advisory service has had a number of contracts delayed and a
reduction in work commissioned. We are hopeful that this will revert in the
next half year.
We have undertaken some product development, specifically working with
colleagues within the housing business on ESG funding products.
Oaks Consultancy Limited ("Oaks")
Oaks is a specialist sports, charity, statutory and education consultancy
operating within the UK and Europe with an increasing international presence.
Oaks' clients include national and international sports teams and governing
bodies, national and international charities, statutory organisations and
local authorities, multi academy trusts and teaching school alliances, housing
associations and corporate businesses.
Oaks provides consultancy advice and guidance on strategy and business
planning, organisational and cultural change programmes, impact measurement,
together with implementation support in relation to income generation and
diversification. Contracts are delivered through a mix of fixed-fee projects
and retained contracts for general advisory services.
The Oaks business has had a strong start to the year. The sports sector has
responded quickly to the challenges of COVID and consequently continues to
represent a vibrant and significant proportion of Oaks business activity.
Domestically, Oaks in addition to winning new clients in a number of sports
has maintained and grown many of its retained relationships. Internationally
it has expanded the scale and scope of its work delivering strategic
consultancy projects in over 10 European counties through its UEFA and
European Clubs Association relationships. In addition to its current European
profile, Oaks is delivering commissions in the USA through its Laureus
relationship and is exploring further international opportunities.
Education continues to be challenging as partners in this sector look to
address pandemic related issues, however Oaks continues to acquire new
business and is seeing positive signs of recovery. Strong wins in the social
housing and charities sectors demonstrate Oaks' relevance and ability to
deploy its products in different contexts.
Through its Group-wide activities, Oaks is in a position to promote and
benefit from a range of cross selling opportunities, an approach which will be
expanded in the second half of the year.
Investments
The Group continues to hold a 5.3% equity stake in AssetCore, a company
building a financial debt management platform for the affordable housing
sector.
Group-wide initiatives
The employee-led Green Group continues its work and is currently progressing
with the development and implementation of a strategy to enable the Group to
improve its carbon footprint having achieved the status of a Carbon Neutral
Plus organisation in the previous year.
Our employee-led Equality, Diversity and Inclusion Group (EDI) continues to
drive forward the EDI agenda across the Group, and this half-year we have
analysed our data and agreed an action plan for improvement in addition to
rolling out a Group-wide training programme.
We will report further on these two initiatives at the year end and will be
publishing progress on our website.
Outlook
The strong performance in the first half has positioned the Group well for the
second half of the year being reported. The work undertaken to bring in new
services and products in the year ending 31 March 2021 and further work this
half-year will continue to provide increased opportunities across the Group.
Challenges remain for our clients, specifically with the risks associated with
the external operating environment, the increase in costs and reported labour
shortages. With the lessening of restrictions clients are returning to the
work environment and in housing development of new build properties and
maintenance has resumed apace, school, college and universities are back and
sports is able to welcome crowds and reinvigorate their community work. This
gives the Group further potential for growth.
As a consequence of continued on-going government spending to assist
businesses during the pandemic, local authority funding has continued to be
under severe pressure. The Company is cognisant of the potential risk that may
have on our business, although there is no immediate sign of withdrawal of
services or commissioning of work. The Company maintains a broad portfolio of
clients and is not solely reliant on local authorities which serves to
mitigate this potential risk.
The outlook for the international business is positive as focus switches back
to housing and opportunities are increasing as aid and government funding
becoming available.
The Company's clients have shown their resilience during the pandemic and have
adapted to new and different ways of working. We are able to support this and,
although some travel and in-person client work has returned, clients are happy
to work with a hybrid model and, conscious of the environment, are more
discerning in how they commission work to be delivered. We respect this
approach and colleagues have been able to successfully deliver complex
projects virtually and in a hybrid way during the last six months being
reported.
Going concern basis
The Board updates its three-year business plan annually. This includes a
review of the Company's cash flows and other key financial ratios over the
period. These metrics are subject to sensitivity analysis which involves
flexing a number of the main assumptions underlying the forecast, both
individually and in unison. Where appropriate, this analysis is carried out
to evaluate the potential impact of the Company's principal risks. The
three-year review also makes certain assumptions about the normal level of
capital investment likely to occur and considers whether additional financing
facilities will be required.
The Group does not have any bank debt and did not take any loans offered under
the CBILS scheme. The Group remains in a strong cash position with balances
at the end of September 2021 at £1.9m and net current assets at £2.4m.
The Directors continue to review the forecasts on a monthly basis applying
stress tests to the reforecasts to ensure viability of the outputs. The Group
continue to monitor cash balances, debtors and cash generation on a daily
basis. Based on the results of these analyses, the Directors have a reasonable
expectation that the company will be able to continue in operation and meet
its liabilities as they fall due in the next twelve months and over the
three-year period of their assessment.
Risks and uncertainties
The key risks and uncertainties relating to the Group's operations remain
largely consistent with those disclosed in the Group's Annual Report and
Accounts for the year ended 31 March 2021. These are listed below:
· Financial risk
· Unfavourable economic conditions and/or changes to government policy
· Potential reintroduction of COVID-19 restrictions
· Competition
· Staff skills, retention, recruitment and succession
· Data governance
The Group seeks to mitigate all these risks through ensuring that it monitors
changes in statutory, regulatory and financial requirements and maintains good
relationships with its clients, principal contacts within government,
regulators and other key influencers within the sector. The Group is well
placed to provide the full range of services needed by its clients as the
external environment changes
A detailed explanation of the risks relevant to the Group is on Page 11 of the
Annual Report and Accounts for the year ended 31 March 2021 and is available
on the Company's website at www.aquilaservicesgroup.co.uk
(http://www.aquilaservicesgroup.co.uk) .
Fiona Underwood - Executive Director
26 November 2021
Directors' report
Responsibility Statement
The Directors, whose names and functions are set out at the end of this
report, are responsible for preparing the Unaudited Interim Condensed
Consolidated Financial Statements in accordance with the Disclosure Guidance
and Transparency Rules of the United Kingdom's Financial Conduct Authority
("DTR") and with International Accounting Standard 34 on Interim Financial
reporting ("IAS 34"). The Directors confirm that, to the best of their
knowledge, this Unaudited Interim Condensed Consolidated Report has been
prepared in accordance with UK-adopted International Accounting Standard 34.
The interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8 namely:
§ an indication of key events occurred during the period and their impact on
the Unaudited Interim Condensed Consolidated Financial Statements and a
description of the principal risks and uncertainties for the second half of
the financial year; and
§ material related party transactions that have taken place during the period
and that have materially affected the financial position or the performance of
the business during that period.
Related party transactions
During the 6 months to 30 September 2021, Derek Joseph, Chair, was paid
£11.5k (6 months to September 2019: £29k) which includes £6.5k (6 months to
September 2019: £24k) of consultancy fees in relation the Group's
international business. Richard Wollenberg, non-executive director, accrued
fees of £2k (6 months to September 2020: £2k), the balance owed to Richard
Wollenberg for services as a non-executive director was £2k (30 September
2020: £2k).
Remuneration of Directors and key management personnel
The remuneration of the key management personnel of the Group, including all
directors of subsidiary companies, is set out below in aggregate for each of
the categories specified in IAS 24 Related Party Disclosures.
6 months to 30 September 2021 (unaudited) 6 months to 30 September 2020 (unaudited) Year ended 31 March 2021
(audited)
£'000 £'000 £'000
Wages and salaries 580 524 1,197
Share-based payments (7) (20) 23
Post-retirement benefits 24 22 44
597 526 1,264
Claire Banks - Group Finance Director
26 November 2021
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2021
Six months to 30 September 2021 Six months to 30 September 2020 Year ended
31 March
2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 4,855 3,509 7,642
Cost of sales (3,800) (2,851) (6,002)
Gross profit 1,055 658 1,640
Administrative expenses (751) (456) (1,339)
Operating profit 304 202 301
Loss on disposal of associate - - (25)
Profit before taxation 304 202 276
Income tax expense (57) (28) (89)
Profit for the period 247 174 187
Earnings per share attributable to owners of the parent
Weighted average number of shares: '000 '000 '000
- Basic 39,962 38,324 39,282
- Diluted 41,153 43,476 41,602
Basic earnings per share 0.62p 0.45p 0.48p
Diluted earnings per share 0.60p 0.40p 0.45p
Condensed Consolidated Statement of Financial Position
As at 30 September 2021
30 September 2021 30 September 2020 31 March
2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Goodwill 3,317 3,317 3,317
Right of use assets 317 405 361
Property, plant and equipment 32 46 33
Investment in associates - 278 -
Investments 71 121 71
3,737 4,167 3,782
Current assets
Trade and other receivables 2,110 2,275 2,273
Cash and bank balances 1,886 1,443 2,127
3,996 3,718 4,400
Current liabilities
Trade and other payables 1,380 1,690 1,929
Lease liabilities 85 86 85
Corporation tax 157 104 89
1,622 1,880 2,103
Net current assets 2,374 1,838 2,297
Non-current lease liabilities 241 320 284
Net assets 5,870 5,685 5,795
Equity
Share capital 1,998 1,993 1,998
Share premium account 1,712 1,712 1,712
Merger reserve 3,042 3,042 3,042
Share-based payment reserve 396 698 580
Retained losses (1,278) (1,760) (1,537)
Equity attributable to the owners of the parent 5,795
5,870 5,685
Condensed Consolidated Statement of Changes in Equity
Share Share based
Share premium Merger payment Retained Total
capital account reserve reserve losses equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 April 2020 1,897 1,475 3,042 769 (1,941) 5,242
Issue of shares 96 237 - - - 333
Transfer on reserves - - - (7) 7 -
Total comprehensive income - - - - 174 174
Share based payment charge - - - (64) - (64)
Balance at 30 September 2020 1,993 1,712 3,042 698 (1,760) 5,685
Issue of shares 5 - - - - 5
Transfer on reserves - - - (270) 270 -
Total comprehensive income - - - - 13 13
Share based payment charge - - - 152 - 152
Dividend - - - - (60) (60)
Balance at 31 March 2021 1,998 1,712 3,042 580 (1,537) 5,795
Transfer on reserves - - - (172) 172 -
Total comprehensive income - - - - 247 247
Share based payment charge - - - (12) - (12)
Dividend - - - - (160) (160)
Balance at 30 September 2021 1,998 1,712 3,042 396 (1,278) 5,870
Condensed Consolidated Statement of Cash Flows
for the six months ended 30 September 2021
Six months to 30 September Six months to 30 September Year ended
31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flow from operating activities
Profit for the period 247 174 187
Interest received - - -
Income tax expense 57 28 89
Share based payment charge (12) (64) 88
Loss on disposal of associate - - 25
Change in fair value of investments - - 50
Depreciation 56 67 131
Operating cash flows before movement in working capital 348 205 570
Decrease in trade and other receivables 163 112 114
(Decrease)/Increase in trade and other payables (549) 7 246
Cash generated by operations (38) 324 930
Income taxes refunded/(paid) 11 - (75)
Net cash (outflow)/inflow from operating activities (27) 324 855
Cash flows from investing activities
Purchase of property, plant and equipment (11) (1) (7)
Proceeds from sale of associate - - 252
Net cash (outflow)/inflow from investing activities (11) (1) 245
Cash flows from financing activities
Lease liability payments (43) (41) (79)
Proceeds of share issue - 333 338
Dividends paid (160) - (60)
Net cash (outflow)/inflow from financing activities (203) 292 245
Net (decrease)/increase in cash and cash equivalents (241) 615 1,299
Cash and cash equivalents at beginning of the period 2,127 828 828
Cash and cash equivalents at end of the period 1,886 1,443 2,127
Notes to the Condensed set of Financial Statements
for the six months ended 30 September 2021
1. General information
The Company and its subsidiaries (together ''the Group'') are a major provider
of consultancy services to organisations that develop, fund or manage
affordable housing. It provides specialist housing, sport, education and
treasury management consultancy services
The Company is a public limited company domiciled in the United Kingdom and
incorporated under registered number 08988813 in England and Wales. The
Company's registered office is Tempus Wharf, 29a Bermondsey Wall West, London,
SE16 4SA.
2. Basis of preparation
The Unaudited Condensed Consolidated Interim Financial Statements of the Group
have been prepared on the basis of the accounting policies, presentation,
methods of computation and estimation techniques used in the preparation of
the audited accounts for the period ended 31 March 2021 and expected to be
adopted in the financial information by the Company in preparing its annual
report for the year ending 31 March 2022.
This Interim Consolidated Financial Information for the six months ended 30
September 2021 has been prepared in accordance with UK-adopted International
Accounting Standard 34. This Interim Consolidated Financial Information is
not the Group's statutory financial statements and should be read in
conjunction with the annual financial statements for the year ended 31 March
2021, which have been prepared in accordance with International Financial
Reporting Standard (IFRS) and have been delivered to the Registrar of
Companies. The auditors have reported on those accounts; their report was
unqualified, did not include references to any matters to which the auditors
drew attention by way of emphasis of matter without qualifying their report
and did not contain statements under section 498(2) or (3) of the Companies
Act 2006.
The Interim Consolidated Financial Information for the six months ended 30
September 2021 is unaudited. In the opinion of the Directors, the Interim
Consolidated Financial Information presents fairly the financial position, and
results from operations and cash flows for the period.
The Directors have made an assessment of the Group's ability to continue as a
going concern and are satisfied 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
consolidated financial statements.
The financial statements are presented in sterling, which is the Group's
functional currency as the UK is the primary environment in which it operates.
3. Operating segments
The Group has two reportable segments being: consultancy, and treasury
management services, the results of which are included within the financial
information. In accordance with IFRS8 'Operating Segments', information on
segment assets is not shown, as this is not provided to the chief operating
decision-maker.
The principal activities of the Group are as follows:
Consultancy - a range of services to support the business needs of a diverse
range of organisations across the housing (including housing associations and
local authorities), education and sports sectors. Most consultancy projects
run over one to two months and on-going business development is required to
ensure a full pipeline of consultancy work for the employed team.
Treasury Management - a range of services providing treasury advice and
fund-raising services to non-profit making organisations working in the
affordable housing and education sectors. Within this segment of the
business several client organisations enter fixed period retainers to ensure
immediate call-off of the required services.
The accounting policies of the reportable segments are the same as the Group's
accounting policies. Segment profit represents the profit earned by each
segment, without allocation of central administration costs, including
Directors' salaries, finance costs and income tax expense. This is the
measure reported to the Group's executives for the purpose of resource
allocation and assessment of segment performance.
6 months to 30 Sept 6 Months to 30 Sept 2020
2021
£'000 £'000
Revenue from Consultancy 4,566 3,132
Revenue from Treasury Management 289 377
4,855 3,509
Within consultancy revenues, approximately 8% (2020: 5%) has arisen from the
segment's largest customer; within treasury management 27% (2020: 25%).
Geographical information
Revenues from external customers, based on location of the customer, are shown
below:
6 months to 30 Sept 6 months to 30 Sept 2020
2021
£'000 £'000
UK 4,652 3,240
Europe 195 188
Rest of World 8 81
4,855 3,509
4. Share capital
The Company has one class of share in issue being ordinary shares with a par
value of 5p. Allotted, issued and called up ordinary shares of £0.05 each:
Number Amount called up and fully paid
£'000
'000
As at 1 April 2020 37,947 1,897
Issued during the period 1,911 96
As at 30 September 2020 39,858 1,993
Issued during the period 103 5
As at 31 March 2021 39,961 1,998
Issued during the period - -
As at 30 September 2021 39,961 1,998
5. Share-based payment transactions
The Company operates an Unapproved Scheme and an Enterprise Management
Incentives Scheme. The total credit recognised in the period to 30 September
2021 arising from share-based payment transactions is £12k (the credit for
the period ended 30 September 2020: £64k).
Unapproved scheme Number '000 Weighted average exercise price
Number of options outstanding at 1 April 2021 and 30 September 2021
171 £0.35
The exercise price of the options outstanding at 30 September 2021 is £0.35.
EMI scheme Number Weighted average exercise price
'000
Number of options outstanding at 1 April 2021 2,320 £0.05
Lapsed during period (375) £0.05
Forfeited during period (375) £0.05
Cancelled during period (96)
Number of options outstanding at 30 September 2021 1,474 £0.05
1,423 £0.05
Number of options exercisable at 30 September 2021
6. Going concern
The Group has sufficient financial resources to enable it to continue its
operational activities for the foreseeable future. Accordingly, the
Directors consider it appropriate to adopt the going concern basis in
preparing these interim accounts.
7. Dividend
An interim dividend of 0.20p will be paid on 20 December 2021 to shareholders
on the register at 10 December 2021 at a cost of £79,924.
8. Related party disclosures
Balances and transactions between the Group and other related parties are
disclosed below:
During the 6 months to 30 September 2021, Derek Joseph, Chair, was paid
£11.5k (6 months to September 2020: £29k) which includes £6.5k (6 months to
September 2020: £24k) of consultancy fees in relation the Group's
International business.
Richard Wollenberg, non-executive director, accrued fees of £2k (6 months to
September 2020: £2k). At 30 September 2021, the balance owed to Richard
Wollenberg for services as a non-executive director was £2k (6 months to
September 2020: £2k).
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