REG - Cavendish Financial - 2025 Interim Results
11/11/2024 07:00
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RNS Number : 6842L Cavendish Financial PLC 11 November 2024
The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with Cavendish's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.
11 November 2024
Cavendish Financial plc
("Cavendish" or the "Group")
2025 Interim Results
Cavendish Financial plc (AIM: CAV), a leading UK investment bank and trusted
adviser to both public and private companies, today announces unaudited
interim results for the six month period ended 30 September 2024.
H1'25 FINANCIAL HIGHLIGHTS
• Revenues of £27.7m increasing 42% vs the same period last year
(H1'24: £19.5m)
• Cash balances at 30 September of £17.2m, an increase of 40% vs
the same date last year (H1'24: £12.3m)
• Remained strongly cash generative since the period end, with
current cash balances as at 7 November 2024 of £23.3m
• Adjusted profit before tax* of £1.8m delivers a 7% profit margin
• Interim dividend of 0.3p per share, reflecting profitable
performance during the period and confidence in performance for the full year
• Adjusted Earnings per Share*: 0.4p (H1'24:(1.6p))
H1'25 OPERATIONAL HIGHLIGHTS
· More than 50 transactions executed during the period, with a value of
£1.8 billion
· Continued investment in Group talent, with select hires across front
office teams
· Non-employee costs reduced by 12% to £7.7m during the period (H1'24:
£8.8m) reflecting continued Group efficiencies, investments in AI
capabilities and the ongoing scale benefits of the merger
* Adjusted profit before taxation prior to share-based payments, non-recurring
items (of which there were zero in the period), share of associate profits and
fair value gains on long term investments.
Prior period comparatives are on an unaudited pro forma basis reflecting the
addition of the unaudited consolidated results of finnCap Group plc and the
unaudited consolidated results of Cenkos Securities plc for the relevant
period as if they were consolidated fully for that period. Pro forma
information is a non-GAAP measure and is provided to assist with a better
understanding of the Group's performance.
JULIAN MORSE AND JOHN FARRUGIA, CO-CHIEF EXECUTIVE OFFICERS OF CAVENDISH,
COMMENTED:
"Our profitable first half, in both public and private markets, demonstrates
the broad appeal of our service offering and the efficiency of our platform.
We have a solid pipeline of both public and private transactions in train
including a number of potential IPOs.
In the period we have executed over 50 transactions, with a value of £1.8bn.
We have increased our share in the public markets, both in terms of the number
of AIM clients (rank 1st) and also by adding clients on the Main Market. In
doing so, we have increased the average market capitalisation of our client
base.
The removal of the recent fiscal uncertainty is one step forward in realising
the value in UK small and mid-cap quoted companies and we are committed to
driving the dialogue to stimulate further investment in such companies. We are
pleased that AIM was recognised by name during the recent Budget Statement,
which is undoubtedly a reflection of the contribution its companies make to
the UK's real economy and Cavendish is immensely proud to play its part in
this vital sector.
Whilst market conditions have yet to improve significantly post the general
election, we remain well placed to benefit as and when they do."
CAPITAL STRENGTH
The Group continues to have surplus capital and a strong liquidity position,
reflecting careful cash flow management and operational efficiency. This
provides the flexibility to adapt to changing market conditions and to invest
in opportunities that align with our growth objectives.
INTERIM DIVIDEND
The Board has declared an interim dividend of 0.3p per share in respect of the
six months ended 30 September 2024 (the "Interim Dividend") (total dividend
0.25p in FY'24). The Interim Dividend will be paid on 11 December 2024 to
shareholders registered on the record date of 22 November 2024, reflecting
Cavendish's commitment to returning value to shareholders.
OUTLOOK
Cavendish has started the second half well, with the H2'25 revenue run rate
continuing in-line with H1'25 and deal flow balanced across ECM, Public and
Private M&A, Debt Advisory and Private Growth Capital. We are positive
about the future as we continue to win clients and see increasing demand for
IPOs as companies seek to join the UK markets.
In the recent UK Budget, the Chancellor's announcement that shares in
companies quoted on AIM will be afforded 50% inheritance tax relief from 5
April 2026 recognises the vital role played by this market in the UK's
economic growth and removes any uncertainty about its future.
We believe this relief, coupled with the inclusion from 2027 of unused pension
funds within inheritance tax, means AIM shares will become particularly
attractive from a tax planning perspective.
UK small and mid-cap markets are trading at historically high multi-decade
discounts to their global peers. With interest rates reducing, a positive
agenda for pension fund reforms, a stable political landscape and the
uncertainty around AIM now resolved, we see the attraction of investing in the
UK increasing and expect the headwinds that have been constraining our markets
to abate, narrowing this discount. Furthermore, we do not expect that the
modest increases to capital gains tax will impact levels of activity for
public or private company transactions.
BUSINESS REVIEW
Revenue from public and private market transactions continued to be well
diversified. Transaction volumes were broadly consistent with H2'24, with
the size of public market deals reducing in the latter part of the period as
the market became increasingly nervous ahead of the Budget on 30 October 2024.
Share trading activity was relatively buoyant in the early part of the period
facilitating the raising of funds for quoted companies, though it slowed in
the latter part of the period due to uncertainty around the Budget.
MARKET CONDITIONS
The FTSE AIM All Share Index was broadly flat over the six-month period to 30
September 2024, having increased by more than 9% in the first two months and
declining thereafter. By contrast the FTSE 100 Index increased by 5.4%.
Other small cap markets that were not directly affected by fiscal uncertainty
around the Budget performed well in the period with the FTSE Small Cap index
increasing by 8.6% over the period and the FTSE 250 increasing by 8.8%. The
immediate market reaction to the Budget was a 4% increase in the value of the
AIM All-Share Index, reflecting the removal of much of the uncertainty about
the future of the market.
Other market drivers have continued to improve gradually, with less
inflationary pressure, falling interest rates, and a new Government exploring
ways to stimulate growth.
INVESTMENT BANKING REVENUE
Investment Banking revenue comprises recurring retainer income from corporate
clients and advisory fees earned from ECM, M&A, debt and private placings.
On a pro forma basis, revenue increased by 49% versus the same period last
year, reflecting the diversity of our service offering and the ability to
continue to execute transactions on behalf of our clients despite sometimes
challenging market conditions.
6 months ended 6 months ended
30 Sep 2024 30 Sep 2023
Reported Pro forma Reported
£'000 £'000 £'000
Retainers 5,956 6,471 3,914
Transactions 18,931 10,287 8,019
Investment Banking 24,887 16,758 11,933
EQUITIES REVENUE
Despite subdued equity issuance and investor demand during the period in the
UK, we maintained our proactive engagement with institutional clients and
focus on the quality of service we delivered. Market making profits and
commission income were slightly ahead of the same period last year, on a pro
forma basis.
6 months ended 6 months ended
30 Sep 2024 30 Sep 2023
Reported Pro forma Reported
£'000 £'000 £'000
Equities 2,820 2,768 1,432
OPERATING EXPENSES
Disciplined cost control delivered improvements with a wide range of vendor
services which reduced non-employee costs by 12% compared with the same period
last year on a pro forma basis. These improvements provide us with the
headroom to fully absorb increased employee costs following the increase to
National Insurance announced in the Budget.
Increased employee costs relative to the same period last year reflect the
return to profitability and a compensation ratio of 64%.
6 months ended 6 months ended
30 Sep 2024 30 Sep 2023
Reported Pro forma Reported
£'000 £'000 £'000
Employee benefit 19,841 17,772 11,855
Non-employee 7,740 8,769 5,663
Administrative expenses 27,581 26,541 17,518
NON-RECURRING COSTS
There were no non-recurring costs in the period.
6 months ended 6 months ended 12 months ended
30 Sep 2024 30 Sep 2023 31 Mar 2021
Reported Reported Reported
£'000 £'000 £'000
Negative goodwill - (5,771) (5,771)
Onerous contracts - 1,811 2,563
Group restructuring - 620 2,026
Transactions costs - 1,115 1,234
Non-recurring items - (2,225) 52
Negative goodwill reflects the difference between of the fair value of
Cavendish Securities plc's net assets at merger and the value of the shares
issued for the purchase. Onerous contracts reflect the write down of the
property no longer occupied by Cavendish Securities plc. Group restructuring
is the cost of the headcount reduction programme and Transaction costs cover
the advisory fees relating to the merger.
CONSOLIDATED INCOME STATEMENT
UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2024
6 months ended 6 months ended 12 months ended
30 September 2024 30 September 2023 31 March 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Notes
Revenue 2 27,707 13,365 48,088
Other operating expense 3 (87) (90) (293)
Administrative expenses 4 (27,581) (17,518) (51,643)
Operating profit / (loss) before non-recurring items 39 (4,243) (3,848)
Non-recurring items 5 - 2,225 (52)
Operating profit / (loss) after non-recurring items 39 (2,018) (3,900)
Share of joint venture and associate losses (135) (241) (346)
Finance income 338 73 359
Finance charge (190) (223) (425)
Profit / (loss) before taxation 52 (2,409) (4,312)
Analysed as
Adjusted profit / (loss) before tax 1,853 (3,557) (1,717)
Non-recurring items - 2,225 (52)
Share based payments (1,579) (746) (1,747)
Adjusting items 10 (222) (331) (796)
Profit / (loss) before tax 52 (2,409) (4,312)
Taxation (15) 1,168 766
Profit / (loss) attributable to equity shareholders 37 (1,241) (3,546)
Total comprehensive profit / (loss) for the year 37 (1,241) (3,546)
Earnings per share (pence)
Basic 6 0.01 (0.66) (1.40)
Diluted 6 0.01 (0.66) (1.40)
Analysed as
Adjusted profit / (loss) before tax 1,853 (3,557) (1,717)
Share of joint venture and associate losses (135) (241) (346)
Taxation (371) 711 343
Adjusted earnings / (loss) 1,347 (3,087) (1,877)
Basic shares 330,827,536 187,101,924 252,903,559
Adjusted earnings / (loss) per share 0.4 (1.6) (0.7)
CONSOLIDATED BALANCE SHEET
UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2024
30 Sep 2024 30 Sep 2023 31 Mar 2024
Unaudited Unaudited Audited
Notes £'000 £'000 £'000
Non-current assets
Property, plant and equipment 10,150 11,960 11,052
Intangible assets 13,432 13,534 13,436
Investment in associates and joint ventures 1,947 1,987 1,982
Financial assets held at fair value 451 746 538
Deferred tax asset 8 3,611 4,040 3,626
Total non-current assets 29,591 32,267 30,634
Current assets
Trade and other receivables 8 24,338 17,382 22,714
Current assets held at fair value 2,204 5,624 4,210
Cash and cash equivalents 17,213 12,341 20,739
Total current assets 43,755 35,347 47,663
Total assets 73,346 67,614 78,297
Non-current liabilities
Lease liability 10,597 10,214 8,713
Borrowings - 291 98
Provisions 815 66 82
Total non-current liabilities 11,412 10,571 8,893
Current liabilities
Trade and other payables 21,905 17,247 29,398
Borrowings 291 414 386
Total current liabilities 22,196 17,661 29,784
Equity
Share capital 3,857 3,622 3,847
Share premium 3,216 1,716 3,099
Own shares held 8 (4,379) (5,090) (4,799)
EBT reserve (274) (350) (274)
Merger relief reserve 8 25,151 25,151 25,151
Share based payments reserve 3,365 3,107 3,766
Retained earnings 8,802 11,226 8,830
Total equity 39,738 39,382 39,620
Total equity and liabilities 73,346 67,614 78,297
CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2024
Own Merger Share Based
Share Share Shares EBT Relief Payment Retained Total
Capital Premium Held Reserve Reserve Reserve Earnings Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 March 2023 1,811 1,716 (1,926) (294) 10,482 1,771 12,411 25,971
Total comprehensive expense for the period - - - (56) - - (1,185) (1,241)
Transactions with owners:
Share based payments charge - - - - - 746 - 746
Investment in subsidiaries 1,811 - (3,164) - 14,669 590 - 13,906
1,811 - (3,164) - 14,669 1,336 - 14,652
Balance at 30 September 2023 3,622 1,716 (5,090) (350) 25,151 3,107 11,226 39,382
Total comprehensive expense for the period - - - 76 - - (2,381) (2,305)
Transactions with owners:
Share based payments charge - - - - - 1,001 - 1,001
Purchase of shares - - (67) - - - - (67)
Share based payments 225 1,383 358 - - (342) (15) 1,609
225 1,383 291 - - 659 (15) 2,543
Balance at 31 March 2024 3,847 3,099 (4,799) (274) 25,151 3,766 8,830 39,620
Total comprehensive income for the period - - - - - - 37 37
Transactions with owners:
Share based payments charge - - - - - 789 - 789
Issued share capital 10 117 - - - - - 127
Share based payments - - 420 - - (1,190) (65) (835)
10 117 420 - - (401) (65) 81
Balance at 30 September 2024 3,857 3,216 (4,379) (274) 25,151 3,365 8,802 39,738
CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2024
6 months ended 6 months ended 12 months ended
30 Sep 2024 30 Sep 2023 31 Mar 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash flows from operating activities
Profit / (loss) before taxation 52 (2,409) (4,312)
Adjustments for:
Depreciation 941 919 1,899
Amortisation 41 28 157
Share of joint venture and associate losses 135 241 346
Negative Goodwill - (5,771) (5,771)
Onerous contracts - 1,523 1,522
Finance income (338) (73) (359)
Finance charge 190 223 425
Share based payments charge 1,579 746 1,747
Net fair value gains recognised in profit or loss 87 90 305
Payments received of non-cash assets (226) - (55)
2,461 (4,483) (4,096)
Changes in working capital:
Trade and other receivables (1,624) 3,985 (1,796)
Trade and other payables (4,911) (4,639) 7,543
Provisions - (10) 53
Cash (used in) / generated from operations (4,074) (5,147) 1,704
Net payments for current asset investments held at fair value through profit 2,006 (1,719) (305)
or loss
Tax paid - - 256
Net (used in) / generated from operations (2,068) (6,866) 1,655
Purchase of property, plant and equipment (46) (109) (174)
Purchase of intangible assets (36) (70) (101)
Proceeds on sale of investments - - (150)
Acquisition of subsidiary - 11,576 11,576
Investment in associates and joint ventures (100) (50) 83
Interest received 338 73 359
Net cash from investing activities 156 11,420 11,593
Proceeds from exercise of options 17 - 1,540
Interest paid (14) (14) (34)
Lease liabilities payments (1,424) (962) (2,557)
Repayment of borrowings (193) (619) (840)
Net cash from financing activities (1,614) (1,595) (1,891)
Net (decrease) / increase in cash and cash equivalents (3,526) 2,959 11,357
Cash and cash equivalents at beginning of period 20,739 9,382 9,382
Cash and cash equivalents at end of period 17,213 12,341 20,739
NOTES TO THE FINANCIAL STATEMENTS
UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2024
1. BASIS OF PREPARATION
Cavendish Financial plc (the "Company" or the "Group") is a public limited
company, limited by shares, incorporated and domiciled in England and Wales.
The Company was incorporated on 28 August 2018. The registered office of the
Company is at One Bartholomew Close, London EC1A 7BL, United Kingdom. The
Company's registered number is 11540126. The Company is quoted on the AIM
market of the London Stock Exchange plc.
The financial information contained within these condensed consolidated
interim financial statements is unaudited and has been prepared in accordance
with International Accounting Standard 34 Interim Financial Reporting ('IAS
34') and AIM Rule 18. The financial information contained in the Interim
Financial Statements is unaudited and does not constitute statutory accounts
within the meaning of Section 434 of the Companies Act 2006.
The statutory accounts for the 12 months ended 31 March 2024 have been
delivered to the Registrar of Companies. The statutory accounts have been
prepared in accordance with UK Adopted International Accounting Standards and
in accordance with applicable law. The Independent Auditor's Report to the
members of Cavendish Financial plc contained no qualification or statement
under section 498 (2) or (3) of the Companies Act 2006.
These consolidated Interim Financial Statements contain information about the
Group and have been prepared on a historical cost basis except for certain
financial instruments which are carried at fair value. Amounts are rounded to
the nearest thousand, unless otherwise stated and are presented in pounds
sterling, which is the currency of the primary economic environment in which
the Group operates.
The preparation of these Interim Financial Statements requires the use of
certain critical accounting estimates. It also requires Group management to
exercise judgement in applying the Group's accounting policies. Judgements and
estimates used in these Interim Financial Statements have been applied on a
consistent basis with those used in the statutory accounts for the 12 months
ended 31 March 2024.
As normal, the Group has assessed the appropriateness of accounting on a going
concern basis. This process involved the review of a forecast for the coming
17 months, along with stress testing a second downside scenario. Both cases
showed that the Group has the required resources to operate within its
resources during the period.
The Directors believe that the Group has adequate resources to continue
trading for at least 12 months from the date of approval of this report.
Accordingly, they continue to adopt the going concern basis in preparing the
Interim Financial Statements.
2. Segmental reporting
The Group is managed as an integrated financial services group and the
different revenue streams are considered to be subject to similar economic
characteristics. Consequently, the Group is managed as one business unit.
The trading operations of the Group comprise of Corporate Advisory and
Broking, M&A Advisory and Institutional Stockbroking. The Group's revenues
are derived from activities conducted in the UK, although several of its
corporate and institutional investors and clients are situated overseas. All
assets of the Group reside in the UK.
6 months ended 6 months ended 12 months
30 September 2024 30 September 2023 ended 31 March 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenues
Retainers 5,956 3,914 10,028
Transactions 18,931 8,019 33,512
Equities 2,820 1,432 4,548
Total Revenue 27,707 13,365 48,088
Services transferred at a point in time 20,122 8,665 36,032
Services transferred over a period of time 7,585 4,700 12,056
Total Revenue 27,707 13,365 48,088
3. Other operating EXpenses
6 months ended 6 months ended 12 months
30 September 2024 30 September 2023 ended 31 March 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Other operating expenses (87) (90) (293)
4. Expenses by Nature
6 months ended 6 months ended 12 months
30 September 2024 30 September 2023 ended 31 March 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Employee costs 18,262 11,109 34,964
Share based payments 1,579 746 1,747
Non-employee 7,740 5,663 14,932
Administrative expenses 27,581 17,518 51,643
Average number of employees 197 157 177
Employee benefit expense includes share-based payments of £1,579k (H1 FY24:
£746k).
5. Non-recurring items
6 months ended 6 months ended 12 months
30 September 2024 30 September 2023 ended 31 March 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Negative goodwill - (5,771) (5,771)
Onerous contracts - 1,811 2,563
Group restructuring - 620 2,026
Transaction fees - 1,115 1,234
Non-recurring items - (2,225) 52
Non-recurring items in the period relate to negative goodwill, group
restructuring costs, onerous contracts and legal and professional fees in
connection with the acquisition of Cavendish Securities plc on the 7 September
2023, see note 9.
6. Earnings per share
6 months ended 6 months ended 12 months ended
30 September 2024 30 September 2023 31 March 2024
Unaudited Unaudited Audited
Earnings per share
Number of shares
Weighted average number
of shares for the purposes
of basic earnings per share 330,827,536 187,101,924 252,903,559
Weighted average dilutive
effect of conditional share
awards 3,542,276 - -
Weighted average number
of shares for the purposes
of diluted earnings per share 334,369,812 187,101,924 252,903,559
Profit / (loss) per ordinary share (pence)
Basic profit / (loss) per ordinary share 0.01 (0.66) (1.40)
Diluted profit / (loss) per ordinary share 0.01 (0.66) (1.40)
Shares held by the Group's Employee Benefit Trusts have been excluded from the
calculation of earnings per share.
7. Dividends
6 months ended 6 months ended 12 months ended
30 September 2024 30 September 2023 31 March 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Dividends proposed and paid - - -
Dividends per share -p -p -p
8. Balance Sheet Items
i) Deferred tax asset
Deferred taxation for the Group relates to timing difference on the taxation
relief on the exercise of options and tax losses carried forward. The amount
of the asset is determined using tax rates that have been enacted or
substantively enacted when the deferred tax assets are expected to be
recovered.
ii) Trade and other receivables
Trade and other receivables principally consist of amounts due from clients,
brokers and other counterparties. In addition, the Group has credit risk
exposure to the gross value of unsettled trades (on a delivery versus payment
basis) at its agency settlement agent (Pershing, a wholly owned subsidiary of
Bank of New York Mellon Corporation).
iii) Own shares held
The value of own shares held is the cost of shares purchased in the Group's
Employee Benefit Trusts. The Trusts were established with the authority to
acquire shares in the Group and are funded by the Group.
iv) Merger relief reserve
The merger relief reserve represents:
· the difference between net book value of subsidiaries acquired
via share-for-share exchanges and the nominal value of the shares issued as
consideration. Upon consolidation, part of the merger reserve is eliminated to
recognise the pre-acquisition reserves of Cavendish Capital Markets Limited
(December 2018) and Cavendish Securities plc (September 2023); and
· the difference between the fair value and nominal value of shares
issued for the acquisition of Cavendish Corporate Finance (UK) Limited and
Cavendish Corporate Finance LLP from the acquisition in December 2018.
This reserve is not distributable.
v) Post balance sheet events
There are no material post balance sheet events.
9. Acquisition of Cavendish Securites PLC
On 7 September 2023, having received FCA approval, Cavendish Financial plc
issued 181,094,721 shares to acquired 100% of the share capital of Cavendish
Securities plc by means of a scheme of arrangement under Part 26 of the UK
Companies Act 2006 for consideration of £13.9m.
The fair value of the shares issue was calculated using the Cavendish
Financial plc market price of 9.1 pence per share, on the AIM exchange at its
close of business on 6 September 2023. The fair value was increased due to
employee share based awards outstanding at the acquisition date and reduced
due to shares held by the Cavendish Securities plc at the date of the
acquisition.
Book Value Fair Value Fair Value
6 September 2023 Adjustments 6 September 2023
£'000 £'000 £'000
Right of use assets 3,207 744 3,951
Deferred tax assets 2,049 (268) 1,781
Financial assets held at fair value 467 - 467
Other non-current assets 408 - 408
Trade and other receivables 8,182 - 8,182
Current assets held at fair value 3,636 - 3,636
Cash and cash equivalents 11,576 - 11,576
Trade and other payables (10,650) 328 (10,322)
Net assets acquired 18,875 804 19,679
Fair value of equity consideration 13,907
Negative goodwill (5,772)
IFRS3 requires the acquirer to perform a fair value exercise during the
measurement period which can last no more than twelve months from the date of
acquisition. An assessment of intangible assets was performed at the
acquisition as part of the implementation of IFRS 3. No additional assets were
recognised as a result of this review. The acquired right of use assets and
lease liabilities were recognised using the present value of the remaining
lease payments at the acquisition date.
Transactions costs of £1.1m were incurred in relation to the acquisition.
10. ALTERNATIVE PERFORMANCE MEASURES
The below non-GAAP alternative performance measures have been used.
Adjusted profit before tax
Measure: Adjusted profit before tax is calculated excluding share-based
payments, non-recurring items, share of associate profits and fair value gains
on long term investments.
Use: Provides a consistent measure of the earnings performance of the core
business activities.
6 months ended 6 months ended 12 months ended
30 September 2024 30 September 2023 31 March 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit / (loss) before tax 52 (2,409) (4,312)
Fair value gains on long term investments 87 90 293
Non-recurring items - (2,225) 52
Share based payments 1,579 746 1,747
Share of joint venture and associate losses 135 241 346
Amortisation of goodwill - - 157
Adjusted profit / (loss) before tax 1,853 (3,557) (1,717)
6 months ended 6 months ended 12 months ended
30 September 2024 30 September 2023 31 March 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit / (loss) attributable to equity shareholders 37 (1,241) (3,546)
Fair value gains on long term investments 87 90 293
Non-recurring items - (2,225) 52
Share based payments 1,579 746 1,747
Amortisation of goodwill - - 157
Taxation (329) (408) (369)
Adjusted earnings / (loss) 1,374 (3,038) (1,666)
Basic shares 330,827,536 187,101,924 252,903,559
Adjusted earnings / (loss) per share 0.4 (1.6) (0.7)
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