REG - Aquila Services Grp - Half-year Report
28/11/2022 07:00
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RNS Number : 6804H Aquila Services Group PLC 28 November 2022
For immediate release
28 November 2022
Aquila Services Group plc
Unaudited Interim Results for the six months ended 30 September 2022
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 2022 (unaudited) 30 Sept 2021 (unaudited) 31 March 2022 (audited)
£'000 £'000 £'000
Revenue 5,874 4,855 10,119
Gross profit 1,078 1,055 2,206
Operating profit 302 304 718
Profit after tax 244 247 579
Earnings per share 0.61p 0.62p 1.45p
Cash balances 1,718 1,886 2,193
Total dividend payable 0.25p 0.20p 0.60p
Dividend
The directors propose an interim dividend of 0.25p (2021: 0.20p). This will
be paid on 20 December 2022 to shareholders on the register at 9 December
2022.
A copy of the interim results will be available from the Company's website:
https://aquilaservicesgroup.co.uk/investor-information
(https://aquilaservicesgroup.co.uk/investor-information)
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
Claire.banks@aquilaservicesgrp.co.uk
Group Finance Director and Company Secretary
Tel: 020 7934 0175
Beaumont Cornish Limited, Financial Adviser
roland@b-cornish.co.uk
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 2022.
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.
The services provided by the Group are embedded in the activities which are or
should be a necessary requirement of a responsible society. We assist our
clients whether public, private or NGO's in assisting organisations and
communities in the delivery of better housing options, education and funding
opportunities for schools and charities through our professional expertise.
The Group has a responsibility to ensure that our consultants and advisors
provide high quality services that are founded in both experience, technical
expertise and are value for money. These services embrace an agenda that
includes contributions to addressing inequalities and reducing or reversing
the impact of climate change.
The six months under review have overseen the transition from managing the
business during a pandemic to taking advantage of our growth agenda. Increased
demand has seen turnover grow by over 20% when comparing the current period to
the same period last year. To support this expansion in certain areas of the
business we have recruited a number of senior-level consultants with specific
skills and to facilitate retention in a highly competitive marketplace have
also reviewed and enhanced our reward packages. In addition to direct
recruitment costs the period under review has seen investment in both
induction and client relationship time to ensure the success of these new
appointments.
Supplementing this expansion of senior appointments, we continue to invest in
our staff, believing in our 'grow your own' programme with in-house and
external training including offering management development courses for all
our aspiring managers. We have successfully recruited to the second year of
our graduate programme, which continues to be an essential part of our medium
term strategy. Taken together this investment in the future has increased
direct costs so that operating profit remains at the same level as the
comparable period.
I am pleased to report that turnover for the six months ended 30 September
2022 was £5.9m (30 September 2021 £4.9m), earnings before tax were £302k
(30 September 2021 £304k) and net current assets including cash of £1.7m
continues to be strong at £2.7m (30 September 2021 £2.4m including cash of
£1.9m).
The Directors have declared an interim dividend of 0.25p per share (interim 30
September 2021 0.20p per share), an increase of 25% which will be paid on 20
December 2022 to shareholders on the register at 9 December 2022. This
increase reflects the progressive dividend strategy of the Group going
forward.
The results for the half year are encouraging given the transition that was
needed as the pandemic restrictions were lifted, moving delivery to reflect
the requirements of clients which included more on-site working as well as
continued virtual engagement. This had to be balanced with increased
recruitment and training responsibility for members of the Executive team.
Not all the sectors we work in have opened up at the same pace. The housing
and sporting sectors have moved ahead faster than education and international
though both the latter are now showing early signs of recovery. Despite the
travails of the world economy especially the tragedy of the Ukraine invasion
and the confused domestic political, economic and fiscal environment we
continue to see opportunities for growth in our business sectors. To take
advantage of these we need to continue our investment in consultancy resources
and into our development of digital platforms.
A successful future for the Group is achieved by ensuring that there is a
continuing balance between investment in service provision, growing reserves
to ensure the Group continues to be financially resilient and enhancing
returns to shareholders such as through the progressive dividend policy.
Current business trends give us confidence that we have the resources and
strategies in place to continue to grow and meet all three objectives.
The Group works with organisations and agencies whose objectives are those of
social responsibility in enhancing the life opportunities of their
communities. For us to support our clients both efficiently and successfully
we must share those objectives and understand the needs of both clients and
their constituents. We want everybody who works for us, with us and those that
support us, including our shareholders, to join our clients in being proud of
what is being achieved.
Derek Joseph - Chair
25 November 2022
Management report
The Management of the Group are pleased to present their report for the period
ended 30 September 2022.
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 now provides advice and support across the affordable housing,
regeneration, sport, charity and education sectors. Its purpose is to assist
organisations that benefit local communities such as housing associations,
local authorities, government agencies, multi-academy trusts, charities, 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 continuing
and new contracts in Africa and investment in expansion into 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 digital, transformation and people services
and our technical asset team are areas of continued significant investment and
growth.
Clients contract with Altair on a fixed-fee basis, through retained contracts
in our finance, governance and transformation business streams, and placements
for members of the property team, and increasingly for our transformation
team, at client sites.
The first half of the year has seen significant growth, specifically in our
technology, transformation and people business stream where we have been
successful in winning further large-scale projects with housing associations
wishing to transform their businesses in a post-COVID world where different
working practices have been developed and the infrastructure now needs to
change to reflect this. We have continued to invest in this growing team, both
with permanent and associate consultants.
We have further invested in our technical team, dealing with health and safety
compliance, building safety and asset management. Our partnership with Cadline
Ltd to develop a digital Building Information Management-aligned tool,
DynamicAIM, has led to a number of pilot projects being implemented within our
client base. All organisations need to hold digital records of their buildings
over 18 metres as required by the Building Safety Act 2022 and indications
are that this may be rolled out on a wider basis to smaller buildings in
coming regulatory updates. We are leading the way in developing a digital
tool and will continue to invest in this important area of building safety.
There continues to be demands for our property team, both assisting Registered
Providers and Local Authorities in their development and regeneration
programmes. Our digital appraisal model Podplan has had further success with
circa 40 clients now using the model.
Our international work is returning and we have won new contracts in Burkina
Faso and Rwanda. With the ongoing housing crisis in many developing countries,
some caused by climate change, we continue to develop our products and
services for these markets.
Governance and finance continue to be resilient and our teams are delivering
work across the United Kingdom and Republic of Ireland. We have won the first
merger advisory piece of work in the Republic of Ireland which will provide
the template for future partnerships.
We expect to see a return on the investment in employees in the second half of
the year. The uncertain economic and policy landscape will provide further
opportunities for us to further support our clients across the entirety of
their business.
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.
Work is delivered through fixed price contracts as retained general treasury
advisers and information subscription agreements. Specific advisory project
contracts are on a fixed fee basis, won through competitive procurement
tenders, payable on agreed project milestones.
Following the retirement of the Chief Executive at the end of the financial
year we have recruited a Corporate Finance Director to lead the team and
further develop its products to reflect the changing landscape, including a
new ESG offering.
The housing business in England continues to perform in-line with expectations
and the next half should see further improvement in this position. Competitive
pressures have slowed the work in Scotland and we are refining our offering to
be able to ensure a stronger second half.
The debt advisory work within the education sector continues to be challenging
and we have increased our marketing and relationship management across this
area. The card services business has seen a successful transition following
the retirement of the previous director and we continue to be a leader in this
area.
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 sports and charities sector have proved to be resilient and provided Oaks
with a strong start to the year. The Education sector continues to be
challenging and the business has reviewed its offering in this area to reflect
the changed economic environment. We anticipate this continuing into the
second half. To counter-balance this the work in the charities sector has
grown, providing strategic advice to national charities as well as
fund-raising opportunities to smaller organisations.
Advice to the sports sector continues to be the central pillar of Oaks work.
The UEFA contracts within Europe have continued and grown and being able to
travel has meant that work can be delivered in-country. The large number of
Sports Foundations have provided sustainable projects on and retainers for the
delivery of their community projects plus assisting them in raising the
necessary funds.
In addition to its current European profile, Oaks is delivering commissions in
the USA through its Laureus relationship and is exploring further
international opportunities.
Cross-group working continues, specifically within the housing sector and this
will provide opportunities for further growth.
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
Green Group
The objective of the Green Group is to reduce the Group's environmental
impact, to maintain Carbon Neutral Plus status and develop further initiatives
to mitigate the Group's impact on the environment.
EDI Group
The purpose of the Equality Diversity and Inclusion (EDI) Group is to drive
the EDI agenda across subsidiaries including developing frameworks and raising
awareness for the implementation of a range of initiatives to foster a culture
of equality, diversity and inclusion at Aquila.
Further information about, and activities within the groups, is available on
the website.
Outlook
The strong performance and investment in the first half has positioned the
Group well for the second half of the year being reported.
Challenges remain with the uncertain economic outlook and the cost-of-living
pressures which affects clients and colleagues alike. We have reviewed and
invested in those areas that will help organisations through this period to
ensure there is potential for continued growth across the Group.
The focus on technology, transformation, building safety and asset management
in the housing sector should provide a significant return on the investment in
the first half of the year. The changes in Government and the economic
pressures, including the recent announcement in the Autumn Statement capping
social housing rents at 7% (the previously agreed rent formula would have
meant a rent increase of 11.1%), will mean significantly reduced income for
these organisations. This will require changes to their operating model,
development and investment programmes, and some will need to seek partnerships
and mergers for their long-term future. The Group is positioned well to
respond to these pressures.
There continues to be opportunities within the sports and charities sectors
for raising funds through grant awards during this time of 'economic squeeze'
which in turn provides the platform for further work on developing and
changing strategies to ensure a robust future for our clients.
Our changed approach to delivering treasury advice into the housing and
education sectors is leading to new contracts and the increasing importance of
ESG across all sectors gives the Group the opportunity to provide advice to
new and existing clients.
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 remains in a strong cash position
with balances at the end of September 2022 at £1.7m and net current assets at
£2.7m.
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 2022. These are listed below:
· Financial risk
· Unfavourable economic conditions and/or changes to government policy
· 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 22 of the
Annual Report and Accounts for the year ended 31 March 2022 and is available
on the Company's website at www.aquilaservicesgroup.co.uk
(http://www.aquilaservicesgroup.co.uk) .
Fiona Underwood - Executive Director
25 November 2022
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.
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 2022 (unaudited) 6 months to 30 September 2021 (unaudited) Year ended 31 March 2022
(audited)
£'000 £'000 £'000
Wages and salaries 499 580 1,189
Share-based payments 5 (7) (7)
Post-retirement benefits 24 24 49
528 597 1,228
Claire Banks - Group Finance Director
25 November 2022
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2022
Six months to 30 September 2022 Six months to 30 September 2021 Year ended
31 March
2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 5,874 4,855 10,119
Cost of sales (4,796) (3,800) (7,913)
Gross profit 1,078 1,055 2,206
Administrative expenses (776) (751) (1,488)
Operating profit 302 304 718
Income tax expense (58) (57) (139)
Profit for the period 244 247 579
Earnings per share attributable to owners of the parent
Weighted average number of shares: '000 '000 '000
- Basic 39,962 39,962 39,962
- Diluted 41,016 41,153 41,153
Basic earnings per share 0.61p 0.62p 1.45p
Diluted earnings per share 0.60p 0.60p 1.41p
Condensed Consolidated Statement of Financial Position
As at 30 September 2022
30 September 2022 30 September 2021 31 March
2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Goodwill 3,317 3,317 3,317
Right of use assets 229 317 273
Property, plant and equipment 50 32 40
Investments 71 71 71
3,667 3,737 3,701
Current assets
Trade and other receivables 2,574 2,110 2,593
Cash and bank balances 1,718 1,886 2,193
4,292 3,996 4,786
Current liabilities
Trade and other payables 1,266 1,380 1,917
Lease liabilities 89 85 88
Corporation tax 222 157 144
1,577 1,622 2,149
Net current assets 2,715 2,374 2,637
Non-current lease liabilities 150 241 196
Net assets 6,232 5,870 6,142
Equity
Share capital 1,998 1,998 1,998
Share premium account 1,712 1,712 1,712
Merger reserve 3,042 3,042 3,042
Share-based payment reserve 358 396 415
Retained losses (878) (1,278) (1,025)
Equity attributable to the owners of the parent 6,142
6,232 5,870
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 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
Transfer on reserves - - - (1) 1 -
Total comprehensive income - - - - 332 332
Share based payment charge - - - 20 - 20
Dividend - - - - (80) (80)
Balance at 31 March 2022 1,998 1,712 3,042 415 (1,025) 6,142
Transfer on reserves - - - (63) 63 -
Total comprehensive income - - - - 244 244
Share based payment charge - - - 6 - 6
Dividend - - - - (160) (160)
Balance at 30 September 2022 1,998 1,712 3,042 358 (878) 6,232
Condensed Consolidated Statement of Cash Flows
for the six months ended 30 September 2022
Six months to 30 September Six months to 30 September Year ended
31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flow from operating activities
Profit for the period 244 247 579
Income tax expense 58 57 139
Share based payment charge 6 (12) 8
Depreciation 59 56 118
Operating cash flows before movement in working capital 367 348 844
Decrease/(increase) in trade and other receivables 19 163 (320)
(Decrease) in trade and other payables (652) (549) (12)
Cash generated by operations (266) (38) 512
Income taxes refunded/(paid) 20 11 (84)
Net cash (outflow)/inflow from operating activities (246) (27) 428
Cash flows from investing activities
Purchase of property, plant and equipment (25) (11) (37)
Net cash (outflow) from investing activities (25) (11) (37)
Cash flows from financing activities
Lease liability payments (44) (43) (85)
Dividends paid (160) (160) (240)
Net cash (outflow) from financing activities (204) (203) (325)
Net (decrease)/increase in cash and cash equivalents (475) (241) 66
Cash and cash equivalents at beginning of the period 2,193 2,127 2,127
Cash and cash equivalents at end of the period 1,718 1,886 2,193
Notes to the Condensed set of Financial Statements
for the six months ended 30 September 2022
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 2022 and expected to be
adopted in the financial information by the Company in preparing its annual
report for the year ending 31 March 2023.
This Interim Consolidated Financial Information for the six months ended 30
September 2022 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
2022, which were prepared in accordance with UK-adopted International
Accounting Standards and have been delivered to the Registrar of Companies.
The auditors 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 2022 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 2021
2022
£'000 £'000
Revenue from Consultancy 5,647 4,566
Revenue from Treasury Management 227 289
5,874 4,855
Within consultancy revenues, approximately 16% (2021: 8%) has arisen from the
segment's largest customer; within treasury management 20% (2021: 27%).
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 2021
2022
£'000 £'000
UK 5,658 4,652
Europe 193 195
Rest of World 23 8
5,874 4,855
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 2021 39,961 1,998
As at 30 September 2021 39,961 1,998
As at 31 March 2022 39,961 1,998
As at 30 September 2022 39,961 1,998
5. Share-based payment transactions
The Company operates an Unapproved Scheme and an Enterprise Management
Incentives Scheme. The total cost recognised in the period to 30 September
2022 arising from share-based payment transactions is £6k (the credit for the
period ended 30 September 2021: £12k).
Unapproved scheme Number '000 Weighted average exercise price
Number of options outstanding at 1 April 2022 and 30 September 2022 171 £0.35
The exercise price of the options outstanding at 30 September 2022 is £0.35
EMI scheme Number Weighted average exercise price
'000
Number of options outstanding at 1 April 2022 1,474 £0.05
Lapsed during period (169) £0.05
Granted during period 931 £0.26
Cancelled during period (40) £0.26
Number of options outstanding at 30 September 2022 2,196 £0.14
1,305 £0.05
Number of options exercisable at 30 September 2022
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 0.25p will be paid on 20 December 2022 to shareholders
on the register at 9 December 2022 at a cost of £99,905.
8. Related party disclosures
Balances and transactions between the Group and other related parties are
disclosed below:
During the 6 months to 30 September 2022, Derek Joseph, Chair, was paid
£11.7k (6 months to September 2021: £11.5k) which includes £6.7k (6 months
to September 2021: £6.5k) of consultancy fees in relation the Group's
International business.
Richard Wollenberg, non-executive director, accrued fees of £2k (6 months to
September 2021: £2k). At 30 September 2022, the balance owed to Richard
Wollenberg for services as a non-executive director was £6k (6 months to
September 2021: £2k).
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