REG - Argentex Group PLC - Interim Results
08/11/2021 07:05
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RNS Number : 5740R Argentex Group PLC 08 November 2021
8 November 2021
Argentex Group Plc
("Argentex", the "Group" or the "Company")
Interim results for the period ended 30 September 2021
Strong growth in client numbers and trading activity
drives record H1 performance
Argentex Group PLC (AIM: AGFX), the provider of foreign exchange services to institutions, corporates and high
net worth individuals, today issues its interim results
for the six-month period ended 30 September 2021.
Financial highlights
·
Gross Foreign Exchange ("FX") Turnover: £8.3bn (HY 21: £5.0bn) -
up 67%
· Revenue: £15.7m (HY 21: £11.8m) - up 33%
· Underlying Operating Profit: £4.7m (HY 21: £3.7m)(*) - up 27%
· Underlying Operating Profit Margin: 29.9% (HY 21: 31.4%)
· Profit after tax: £3.3m (HY 21: £2.7m) - up 22%
· Highly cash generative, with 79% of revenue converting to
cash in 3 months or less
·
Earnings per share: 3.0p (basic); 3.2p (underlying) (HY 21: 2.4p (basic); 2.5p (underlying))
· Interim dividend: 0.75p per share
Harry Adams, CEO of Argentex commented: "We're delighted to be reporting a
record set of H1 results with strong revenue and profit growth driven by a
continued surge in client trading activity and increasing demand for our
services. As confidence returns in the aftermath of the pandemic, we're
delivering across all of our key performance metrics, enabled by our robust
model and tireless approach to risk management. Our investment in high-quality
people and evolving technology is integral to our market-leading service as
evidenced by our growing client base in all trading environments. We remain
confident in our future and long-term strategy to deliver on our ambitious
growth plans, and we are well placed to capitalise on the significant
opportunities that lie ahead."
Operational highlights
· Strong growth in clients and trading activity as post-pandemic
confidence returns
o 271 new corporate clients traded during the period, up 28%
(HY 21: 212)
o Total number of all corporate trading
clients grew by 27% to 1,241 (HY 21: 981)
o Spot and forward spreads remain consistent with prior year
o Invested in additional headcount to meet growing client demand: 35%
increase to an average of 69 FTE over the period (HY21:51)
·
Ongoing commitment to product innovation, investment in overseas expansion and technology
o Structured solutions performing well and in line with expectations
(up 33% vs HY 21)
o New office in Amsterdam performing in line with expectations and delivering half-on-half
revenue growth
o Strong and growing usage of the Company's bespoke online platform (up 43%
vs HY 21), underlining increasing demand for simplified and technology enabled
access to products and services
Outlook
As the macro-economic environment continues to improve, the Company's
confidence in a sustained return to growth increases. The Group's
unswerving long-term strategic focus has technology at its core and it will
continue to evolve its proposition, products and footprint to meet the growing
needs of its client base and the changing way they interact with Argentex.
This supports the positive long-term outlook for the business and in line with
the Company's distribution policy and to underline the Board's confidence in
its growth prospects, it is pleased to propose an interim dividend of 0.75p
per share in line with the Company's dividend policy to payout 30% of adjusted
profit after tax for the year.
*
Underlying profit excludes non-recurring expenditure of £0.2m (HY21 £nil) and a further £0.1m (HY21 £0.1m) related to share based payments.
Analyst presentation
Argentex will host an online presentation for equity analysts at 09:30 today.
Analysts wishing to register should RSVP to FTI Consulting:
argentex@fticonsulting.com
Retail investor presentation
Management will host a live presentation and Q&A for retail investors via
the Investor Meet Company platform at 16:00 today. The presentation is open to
all existing and potential shareholders.
Investors can sign up to Investor Meet Company for free and add to meet
Argentex Group PLC via:
https://www.investormeetcompany.com/argentex-group-plc/register-investor
(https://www.investormeetcompany.com/argentex-group-plc/register-investor)
For further information please contact:
Argentex Group PLC
Harry Adams - Chief Executive Officer
Jo Stent - Chief Financial Officer
investorrelations@argentex.com (mailto:investorrelations@argentex.com)
FTI Consulting (Financial PR)
Ed Berry / Ambrose Fullalove
Telephone: 07703 330 199
argentex@fticonsulting.com (mailto:argentex@fticonsulting.com)
Numis Securities Limited (Nominated Adviser and Broker)
Stephen Westgate/Charlie Farquhar/Hugo Rubinstein/Giles Rolls
Telephone: +44 (0) 20 7260 1000
Forward looking statements
This announcement contains certain forward-looking statements with respect to
the financial condition, results of operations and businesses and plans for
Argentex Group PLC. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon circumstances that
have not yet occurred. There are a number of different factors that could
cause actual results or developments to differ materially from those expressed
or implied by these forward-looking statements. Nothing in this statement
should be construed as a profit forecast.
The release, publication, transmission or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by law and
therefore persons in such jurisdictions into which this announcement is
released, published, transmitted or distributed should inform themselves about
and observe such restrictions. Any failure to comply with the restrictions may
constitute a violation of the securities laws of any such jurisdiction.
About Argentex Group PLC
Argentex is a UK-based foreign exchange service provider founded in 2011 by
Harry Adams, Andrew Egan and Pacific Investments. It operates as a Riskless
Principal broker for non-speculative spot and forward foreign exchange and
structured financial derivative contracts.
The Group delivers tailored foreign exchange advisory and execution services
to a global client base consisting principally of institutions, corporates and
high net worth individuals. It provides a personal client-led service,
improved pricing and a more efficient execution and settlement service than
existing FX service providers, such as banks and larger broker-dealers.
The business assists customers with foreign exchange transactions which are
related to genuine underlying business needs. It does not engage in
speculative trades for its clients, nor does it offer margin trading, spread
betting, CFDs or similar products and it does not speculate with its own funds
as principal.
CEO statement
Argentex has maintained its strong momentum through the first half of the
financial year on the back of an improving operating environment compared to
FY21. As global economies recover from pandemic-related stress, business
confidence and trading activity has increased. The recovery in client
activity that we started to see at the end of the last financial year has
continued to pick up pace too.
Against this backdrop, Argentex reported record performance for a first half
year, highlighted by a 33% increase in revenues to £15.7m (HY 21: £11.8m)
and a 67% growth in FX turnover to £8.3bn (HY 21: £5.0bn). FX turnover
excluding swaps increased by 34% year over year, in line with revenue growth,
with spreads remaining consistent with prior years. This has contributed to
an underlying operating profit of £4.7m.
Argentex's ability to efficiently service a rebound in volumes after a lull in
trading activity during FY 2021 is testament to its proven business model,
prudent approach to risk management and focus on a high-quality client book
and a strong balance sheet.
Our Clients
Our targeted investment in a high-quality team has enabled us to continue
servicing clients with the high standards they expect, throughout the Covid 19
pandemic. This has contributed to over 27% client growth, with 1,241 clients
trading with Argentex during HY 2022 compared to 981 at the same time last
year.
This growth in client-base has been approached prudently with a careful take
on procedures as we pursue responsible and sustainable business growth
underpinned by the conservative approach to risk management which resonates
through the business. We continue to enjoy very low levels of client default.
I am proud of the way Argentex weathered the previously prolonged downturn in
market activity and subsequently seized upon a clear market opportunity as
trading volumes return. As the market outlook continues to improve and we meet
growing client demand through investment in our people and technology, we are
progressing with our plans to evolve our strategy and operations to take
advantage of the significant growth opportunities and emerging trends that lie
ahead in the UK and in select geographies.
Investing for international growth and quality people
Our corporate strategy remains focused on the hiring and retention of good
quality people and strategic international expansion. Our new premises in
London continues to foster greater collaboration across the business and
support headcount growth to meet client demand, whilst our move into
international markets is well underway - with our office in Amsterdam
contributing half on half revenue growth despite opening at the onset of the
pandemic, and regulatory approvals for an Australian operation at an advanced
stage.
Technology
We continue to innovate our product offering for our high-quality client base
in line with how they want to do business with us and their evolving needs.
We are pleased with the increase in users of our online offering (HY 22 up 43%
vs HY 21) and our technology enabled pipeline progresses at pace.
Outlook
The growth potential and scalability of our business model has been
demonstrated in full during the period and the excellent response from
existing and new clients to the economic recovery paves the way for the
opportunities that lie ahead. The shape of the business continues to evolve
with our programme of product innovation, technology and select footprint
growth whilst our distinct, rigorous approach to risk management ensures our
focus on disciplined profitable growth is maintained. While short-term macro
challenges and uncertainty remain, I'm excited by the journey ahead and
confident in our ability to continue growing and performing for our clients
and all of our stakeholders.
Harry Adams
Chief Executive Officer
Financial review
Revenue
In the six-month period to 30 September 2021 Argentex generated revenues of
£15.7m, representing an increase of 33% relative to the same period in the
prior year. Gross FX flows increased by 67% to £8.3bn in
the period. Net of swaps, FX flows totalled £3.6bn, an increase of 34% versus HY 21, in line with revenue growth. Average
spreads remaining consistent in the six-month period versus prior
year. Although material in terms of Gross FX flows, swaps do not generate a
material portion of revenue for Argentex. In HY22, swap revenue represented
just 6% of total revenue (HY 21: 4% and FY 21: 3%). The split of spot and
forward contracts during the period was in line with previous years, (50% /
50%), representing continued focus on
sustainable growth and optimisation of cashflow.
Profitability
Argentex has delivered an underlying operating profit of £4.7m (margin
29.9%) in HY 22 versus £3.7m (31.4%) in the same period of the prior
year and versus £8.7m (30.9%) for FY2021. £0.2m of non-underlying
expenditure has been excluded from underlying operating profit to adjust for
one-time non-recurring items relating to senior staff changes and set up of
overseas operations. Share based payments of £0.1m are also excluded
from underlying operating profit. Underlying profit is presented in the
income statement to provide a comparable view of performance year over year.
Administrative expenditure has increased by £2.9m or 37% in HY 22 compared to
the same period in HY21.Traditionally variable compensation is included within
administrative expenditure. Variable compensation naturally follows
revenue generated, and as a percentage of
revenue remains consistent in HY 22 versus HY 21. This represents £1.3m of the £2.9m increase in total administrative
expenditure. Net of commissions and variable compensation, administrative
expenditure
has grown by £1.6m. This is primarily driven by investment in people, with people costs having increased by £0.8m in
HY 22 versus HY 21. HY 22 reflects an increased average headcount of 69
people compared to an average of 51 people in FY
21. Hiring has been focussed on front office and sales staff in particular with average
front office headcount having increased to 42 people in HY 22 versus an
average of 32 in HY 21.
As previously articulated, typically the time taken for any new hires to make a meaningful contribution to revenue
and is around 18 months, therefore these hires have limited contribution to
revenue in the period. We have also invested in support functions such as
compliance and finance in proportion to overall growth with front
office staff consistently representing 60% of total headcount. The remainder of growth in administrative expenditure outside
depreciation and amortisation is primarily related to the scaling of
operations to a level expected of
a public listed company with an international footprint. Depreciation and amortisation increased by £0.2m in the period
due to recent investments in premises and technology.
Argentex is dedicated to a growth strategy which is centred around people and
technology and underpinned by a conservative approach to risk. The Group
continues to enjoy a high quality and diversified portfolio
of clients which has delivered meaningful
revenue growth with minimal bad debts since inception.
Cashflow
The Group's net cash position (total cash less amounts payable to clients) is £23.0m (HY 21: £20.1m, YE 2021:
£19.8m). The increase from 31 March 2021 is driven primarily
by operating activities.
30 Sept 2021 30 Sept 2020 31 March 2021
£m £m £m
Cash at bank 43.7 38.0 38.4
Less: amounts payable to clients (20.7) (17.9) (18.6)
Net cash 23.0 20.1 19.8
The spot and forward composition of the firm's revenues remains within
historic averages (50% spot/50% forward) which provides positive cash flows
into the business from the core revenue line. Further to the
spot FX cash flows, the average tenor of and FX forward continues to be less than five months. When combined with the cash flow profile of
the spot FX contracts, Argentex measures
short term cash return as follows:
30 Sept 2021 30 Sept 2020 31 March 2021
£m £m £m
Revenues for the last 12 months (A) 32.0 26.9 28.1
less:
Revenues settling beyond 3 months (6.7) (5.2) (6.8)
Net short term cash generation (B) 25.3 21.7 21.3
Short term cash return (B/A) 79% 81% 76%
Dividend
Given the return to pre Covid trading activity levels, the Board is pleased
to declare an interim dividend of 0.75p per share (HY 21 : nil) in line with
the Group's dividend policy. The interim dividend will be payable on 8
January 2022 to shareholders on the register at 10th December 2021. The ex
dividend date will be 9th December 2021.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME as at 30 September 2021
6 months to 6 months to 12 months to
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
£m £m £m
Revenue 15.7 11.8 28.1
Direct costs (0.2) (0.2) (0.5)
Gross profit 15.5 11.6 27.6
Administrative expenditure (10.8) (7.9) (18.9)
Underlying operating profit 4.7 3.7 8.7
Non-underlying expenditure (0.2) - (0.7)
Share based payments (0.1) (0.1) (0.2)
Operating profit 4.4 3.6 7.8
Finance Costs (0.2) (0.2) (0.4)
Profit before taxation 4.2 3.4 7.4
Taxation (0.9) (0.7) (1.5)
Profit and total comprehensive income for the period
3.3 2.7 5.9
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2021
Notes 30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
£m £m £m
Non-current assets
Intangible assets 1.8 1.8 1.7
Property, plant and equipment 8 8.6 9.4 9.1
Derivative financial assets 6 2.5 2.3 4.2
Total non-current assets 12.9 13.5 15.0
Current assets
Trade and other receivables 6 0.6 1.1 0.6
Derivative financial assets 6 21.2 14.1 21.0
Cash and cash equivalents 7 43.7 38.0 38.4
Total current assets 65.5 53.3 60.0
Current liabilities
Trade and other payables 9 (31.4) (28.7) (28.5)
Derivative financial liabilities 9 (10.7) (5.9) (9.3)
Total current liabilities (42.1) (34.6) (37.8)
Non-current liabilities
Creditors due after more than one year 10 (5.5) (6.3) (5.9)
Derivative financial liabilities 10 (0.9) (0.5) (2.6)
Net assets 29.9 25.4 28.7
Equity
Share capital 11 0.1 0.1 0.1
Share premium account 12.7 12.7 12.7
Share option reserve 0.3 0.1 0.2
Merger reserve 4.5 4.5 4.5
Retained earnings 12.3 8.0 11.2
Total equity 29.9 25.4 28.7
CONSOLIDATED STATEMENT OF CASH FLOWS as at 30 September 2021
6 months to 6 months to 12 months to
30 September 2021 30 September 2020 (unaudited) 31 March
(unaudited) 2021
(audited)
£m £m £m
Cash flows from operating activities
Profit before taxation 4.2 3.4 7.4
Taxation paid - - (2.1)
Net finance expense 0.2 0.2 0.4
Depreciation of right of use assets 0.3 0.4 0.8
Amortisation of intangible assets 0.6 0.6 1.3
Deprecation of property, plant and equipment 0.3 0.1 0.2
Share based payment expense 0.1 0.1 0.2
Decrease/(increase) in receivables 1.5 (1.0) (0.3)
Increase/(decrease) in payables 3.0 (9.2) (8.6)
Decrease/(increase) in derivative financial assets (1.5) 8.5 (0.4)
(Decrease)/increase in derivative financial liabilities (0.3) (8.5) (3.0)
Net cash (used by)/generated from operating activities 8.4 (5.4) (4.1)
Cash flow from investing activities
Payments to acquire property, plant and equipment (0.2) (2.4) (2.7)
Payments to acquire intangible fixed assets (0.7) (0.6) (1.2)
Net cash used in investing activities (0.9) (3.0) (3.9)
Cash flow from financing activities
Payments of lease liabilities - (0.5) (0.5)
Dividends paid during the period (2.2) (2.3) (2.3)
Net cash (outflow)/inflow from financing activities (2.2) (2.8) (2.8)
Net (decrease)/increase in cash and cash equivalents 5.3 (11.2) (10.8)
Cash and cash equivalents at the beginning of the period 38.4 49.2 49.2
Cash and cash equivalents at end of the period 43.7 38.0 38.4
ARGENTEX GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 30 September 2021
Share Share Share option Merger Retained Total equity
capital premium reserve reserve earnings
£m £m £m £m £m £m
Balance as at 31 March 2020 (audited) 0.1 12.7 - 4.5 7.6 24.9
Profit and total comprehensive income for the period - - 2.7 2.7
- -
Transactions with shareholders
Dividends paid - - - - (2.3) (2.3)
Share based payments - - 0.1 - - 0.1
Balance as at 30 September 2020 (unaudited) 0.1 12.7 0.1 4.5 8.0 25.4
Profit and total comprehensive income for the period - - - - 3.2 3.2
Transactions with shareholders
Share based payments - - 0.1 - - 0.1
Balance as at 31 March 2021 (audited) 0.1 12.7 0.2 4.5 11.2 28.7
Profit and total comprehensive income for the period - - - - 3.3 3.3
Transactions with shareholders
Dividends paid - - - - (2.2) (2.2)
Share based payments - - 0.1 - - 0.1
Balance as at 30 September 2021 (unaudited) 0.1 12.7 0.3 4.5 12.3 29.9
1) Corporate information
Argentex Group PLC ("the Company") is a public limited company, limited by shares, incorporated and
domiciled in England and Wales. The address of the registered office of the
Company is 25 Argyll Street, London, W1F 7TU. The Company's shares are listed
on AIM, the London Stock Exchange's market for small and medium size growth
companies. The Company is the ultimate parent company into
which the results of its subsidiaries are consolidated.
2) Basis of preparation
The consolidated financial information contained within these financial
statements is unaudited and does not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006.
While the financial figures included in this interim report have been prepared
in accordance with IFRS applicable to interim periods, this interim report
does not contain sufficient information
to constitute an interim financial report as defined in IAS 34. Financial information for the year ended 31 March 2021 has
been extracted from the audited financial statements for that year.
The financial statements have been prepared using the measurement bases
specified by IFRS for each type of asset, liability or expense. The
accounting policies applied in preparation of
these interim financial statements are consistent with the basis that was adopted for the preparation of the
full year accounts for the year ended 31 March 2021 and will be adopted for
the full year accounts for the year ended 31 March 2022.
Statutory accounts for the year ended 31 March 2021 have been reported on by
the Company's Independent Auditor and have been delivered to the Registrar of
Companies. The
Independent Auditor's Report on the Annual Report and Financial Statements for 2020 was unqualified, and did not
contain a statement under 498(2) or 498(3) of the Companies Act 2006. The
Independent Auditor drew attention to note 3.2 of the statutory financial
statements, which describes the impact of COVID-19 on the Company by way of
emphasis. The audit opinion was not modified in respect of this matter.
These interim financial statements are prepared on a going concern basis as
the directors have satisfied themselves that, at the time of approving these
interim financial statements, the Group has adequate
resources to continue in operational existence for at
least the next twelve months, from the date of this report.
3) Accounting policies
The accounting policies adopted in these interim financial statements are
identical to the
those adopted in the Group's most recent annual financial statements for the year ended 31 March 2021, which are
available from the Registrar of Companies and www.argentex.com/investor-relations
(http://www.argentex.com/investor-relations) .
(http://www.argentex.com/investor-relations)
4) Earnings per share
The Group calculates basic earnings to be net profit attributable to equity
shareholders for the period. The Group also calculates an underlying earnings
figure, which excludes the effects of share based payments, and non-recurring
costs (net of a tax adjustment). The calculation of diluted earnings per
share assumes conversion of all potentially dilutive ordinary shares, all
of which arise from share options.
Period ended Period ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
£p £p £p
Basic earnings per share 3.0 2.4 5.2
Diluted earnings per share 3.0 2.4 5.2
Underlying - basic 3.2 2.5 5.9
Underlying - diluted 3.2 2.5 5.9
The calculation of basic and diluted earnings per share
is based on the following number of shares:
Period ended Period ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
m m m
Basic weighted average shares 113.2 113.2 113.2
Contingently issuable shares 0.1 0.1 0.1
Diluted weighted average shares 113.3 113.3 113.3
The earnings used in the calculation of basic, diluted and underlying earnings
per share are set out below:
Period ended Period ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
£m £m £m
Earnings - basic and diluted 3.3 2.7 5.9
Non-underlying expenditure 0.2 - 0.7
Share-based payments 0.1 0.1 0.2
Tax impact - - (0.1)
Earnings - underlying 3.6 2.8 6.7
5) Dividends
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
£m £m £m
Amounts recognised as distributions to equity holders:
Interim dividend of 2.0p per share - 2.3 2.3
Final dividend of 2.0p per share 2.3 - -
The final dividend was declared in August 2021 in respect of the results for
the year ended 31 March 2021, and paid in respect of the ordinary
shares in issue of £0.0001 each.
6) Trade and other receivables
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
£m £m £
Non-Current
Derivative financial assets at fair value 2.5 2.3 4.2
2.5 2.3 4.2
Current
Derivative financial assets at fair value 21.2 14.1 21.0
Other debtors 0.1 0.8 0.1
Prepayments 0.5 0.3 0.5
0.6 1.1 0.6
7) Cash and cash equivalents
Cash and cash equivalents include cash on hand and at banks. Cash and cash
equivalents at the end of the reporting period can be reconciled
to the related items in the Statement of Financial Position as follows:
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
£m £m £m
Cash and cash equivalents
Cash held at banks 43.7 38.0 38.4
43.7 38.0 38.4
Included within cash and cash equivalents are client held funds relating to
margins received and client balances payable (See note 9).
Client balances held as electronic money in accordance
with the Electronic Money Regulations 2011
are held in accounts segregated from the firm's own bank accounts
in authorised credit institutions.
Cash includes cash held as collateral with banking and brokerage
counterparties for which the Group does
not have immediate access of £0.4m
(30 September 2020: £0.9m; 31 March 2021: £0.1m)
8) Property Plant and Equipment
Leasehold Right of use Office Computer Total
improvements asset equipment equipment
Cost £m £m £m £m £m
At 31 March 2020 0.4 1.2 0.2 0.4 2.2
Additions 1.6 7.2 0.5 0.4 9.7
Disposals (0.4) (1.2) (0.2) (0.2) (2.0)
At 30 September 2020 1.6 7.2 0.5 0.6 9.9
Additions 0.1 - 0.1 - 0.2
At 31 March 2021 1.7 7.2 0.6 0.6 10.1
Additions - - 0.1 0.1 0.2
Disposals - - - - -
At 30 September 2021 1.7 7.2 0.7 0.7 10.3
Depreciation
At 31 March 2020 0.4 1.1 0.2 0.3 2.0
Charge for the period - 0.4 - - 0.4
Disposals (0.4) (1.2) (0.2) (0.2) (2.0)
At 30 September 2020 - 0.3 - 0.1 0.4
Charge for the period 0.1 0.4 - 0.1 0.6
At 31 March 2021 0.1 0.7 - 0.2 1.0
Charge for the period 0.1 0.3 0.1 0.1 0.6
Disposals - - - - -
At 30 September 2021 0.2 1.0 0.1 0.3 1.6
Net Book Value
At 30 September 2021 1.5 6.2 0.6 0.4 8.6
At 31 March 2021 1.6 6.5 0.6 0.4 9.1
At 30 September 2020 1.6 6.9 0.5 0.5 9.5
At 31 March 2020 - 0.1 - 0.1 0.2
9) Trade and other payables
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
£m £m £m
Derivative financial liabilities at fair value 10.7 5.8 9.3
Loans and other debts due to members and former members of Argentex LLP 3.2 4.7 3.8
Trade creditors - 0.1 -
Amounts payable to clients 20.8 18.0 18.7
Other creditors 0.4 - 0.7
Accruals 3.1 2.4 2.3
Other taxation and social security - - 0.3
Lease liability 1.6 0.7 1.2
Corporation tax 2.4 2.9 1.5
31.5 28.8 28.5
10) Creditors: amounts falling due after more than one year
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
£m £m £m
Derivative financial liabilities at fair value 0.9 0.5 2.6
Lease liabilities 5.4 6.3 5.7
Provisions 0.1 - 0.2
5.5 6.3 5.9
11) Share capital
Ordinary Management Nominal
shares shares value
Allotted and paid up No. (m) No. (m) £
Ordinary shares of £0.0001 each 113.2 - 11,321
Management shares issued of £0.0025 each - 23.6 58,974
At 30 September 2021 113.2 23.6 70,295
There were no changes to share capital during the period from 1 April 2021 to 30 September 2021.
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