REG - Cerillion PLC - Interim Results

CerillionAnnouncement

14/05/2018 07:05

RNS Number : 8901N
Cerillion PLC
14 May 2018
 

14 May 2018
AIM: CER
Cerillion plc
("Cerillion" or "the Company" or "the Group")
Interim results for the six months ended 31 March 2018
 
Cerillion plc, the billing, charging and customer relationship management software solutions provider, today issues its interim results for the six months ended 31 March 2018.
Highlights
Continuing encouraging progress




●


Revenue up by 11% to £8.4m (2017: £7.5m)




 


-


mix of revenues returned to a more normalised weighting




 


-


existing customers continued to generate a high proportion of total revenues at 80% (2017: 79%)




 


-


recurring revenue1 rose by 15% to £2.5m or c. 30% of total revenue




●


Back order book2 continued to strengthen at £15.4m (2017: £14.7m)




●


Encouraging level of new order wins at £7.9m (2017: £9.4m and 2016: £6.9m)




●


Adjusted EBITDA3 up by 6% to £1.6m (2017: £1.5m)




●


Adjusted profit before tax4 of £0.7m (2017: £0.7m)/ After adding back £0.5m of amortisation of acquired intangibles, adjusted profit before tax was £1.2m (2017: £1.2m)




●


Adjusted earnings per share5 of 2.19p (2017: 2.45p)/ After adding back £0.5m of amortisation of acquired intangibles, adjusted earnings per share was 3.87p (2017: 4.13p)    




●


Net cash generated from operations increased significantly to £2.9m (2017: £1.8m)




●


Net cash as at 31 March 2018 more than doubled to £2.5m (2017: £1.1m)




●


Interim dividend increased by 7% to 1.5p (2017: 1.4p)




●


Major £5.0m new customer win with Sure, a European telecommunications operator




●


Gartner designated Cerillion in the 'Visionaries' segment of its Magic Quadrant6 - for second successive year




●


The Board remains very positive about growth prospects 




 
Louis Hall, CEO of Cerillion, commented:
"We are pleased with the progress that the business continues to make. Half year results show increased revenue, and profitability in line with management expectations. New orders were strong at £7.9m, and included a major new contract with Sure, a European telecommunications operator. Cerillion's inclusion in the 'Visionaries' segment for the second year running in Gartner's Magic Quadrant6 was also very pleasing.
"Looking ahead, our strong back order book helps to support revenue visibility, and the number and quality of the tender processes we are currently engaged in is very encouraging at this point in the year, and will underpin continuing progress towards the Company's financial goals.  We look forward to the future with confidence and believe that prospects for long term growth remain very positive."
 
1 Recurring revenue includes annualised support and maintenance, managed service and Skyline revenue.
2 Back order book consists of £11.4m of sales contracted but not yet recognised at the end of the reporting period plus £4.0m of annualised support and maintenance revenue.  It is anticipated that 75% of the £11.4m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within the next 12 to 18 months.
3 Adjusted EBITDA is a non-GAAP, company-specific measure which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation, share-based payments charges and additional property costs. Adjusted EBITDA refers to adjusted EBITDA from continuing operations.
4 Adjusted profit before tax is a non-GAAP, company-specific measure which is earnings excluding taxes, share-based payments charges and additional property costs.
5 Adjusted earnings per share is a non-GAAP, company-specific measure which is earnings after taxes, excluding share-based payments charges and additional property costs.
6 Magic Quadrant for Integrated Revenue and Customer Management ("IRCM") for CSPs. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
The Gartner Report(s) described herein, (the "Gartner Report(s)") represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and are not representations of fact. Each Gartner Report speaks as of its original publication date (and not as of the date of these Financial Statements) and the opinions expressed in the Gartner Report(s) are subject to change without notice. 
 
 
For further information please contact:
 




Cerillion plc
Louis Hall, CEO
Oliver Gilchrist, CFO


 


c/o KTZ Communications
T: 020 3178 6378




 


 


 




Shore Capital (Nomad and Broker)


 


T: 020 7408 4090




Mark Percy
Toby Gibbs


 


 




 


 


 




KTZ Communications


 


T: 020 3178 6378




Katie Tzouliadis
Emma Pearson


 


 




 


 


 




 
About Cerillion
 
Cerillion is a leading provider of mission critical software for billing, charging and customer relationship management, with an 18 year track record in providing comprehensive revenue and customer management solutions. The Company has 81 customers across 43 countries, principally serving the telecommunications market.
 
The Company is headquartered in London and also has operations in Pune, Miami and Sydney.
 
 
 
CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S REPORT
Overview
 
We are pleased to present Cerillion's trading results for the six months ended 31 March 2018.
The Company continues to make encouraging, steady progress and, over the period, we have continued to invest in our products and capability to support ongoing growth and expansion. Revenue is up by 11% to £8.4m, driven by both new customer orders and follow-on orders from existing customers.  The profile of our revenue mix in this period reflects a more typical weighting than the equivalent period last year, which benefited from a greater proportion of higher margin software licence sales. Adjusted profit before tax3 of £0.7m is in line with management expectations, and, given the normalised revenue mix, it compares well to 2017 (£0.7m).  New orders in the period were strong at £7.9m.
At this point in the year, we are encouraged by our strong pipeline of new customer opportunities, and continue to view our prospects very positively.
Financial Overview
For the six months to 31 March 2018, the Group's revenue increased by 11% to £8.4m (2017: £7.5m). The mix of income streams (services, software, and third party) returned to a more normalised weighting against last year, when there was an exceptionally strong contribution from software income. 
Services income accounted for 56% of revenue (2017: 41%), and increased by 50% to £4.7m (2017: £3.1m). Software income (from software licence, support and maintenance sales) made up 34% of revenue (2017: 54%) and contributed £2.9m, lower than last year's £4.1m, which included very strong follow-on software licence sales to existing customers. Third party income increased by 138% to £0.9m (2017: £0.4m) and accounted for 10% of revenues (2017: 5%).  
In line with typical trading patterns, our existing customer base (those customers acquired at least 12 months before the end of the reporting period) accounted for a high proportion of the Group's income, generating 80% of the Group's revenue in the first half (2017: 79%).
Recurring revenue1, from support and maintenance and managed service contracts, increased by 15% to £2.5m (2017: £2.2m) and accounted for 30% of the Group's income (2017: 29%).
As expected, overheads increased to £4.6m (2017: £4.1m), which reflected planned expansion in resource, with personnel costs higher at £2.7m (2017: £2.5m).  We also incurred a one-off property cost of £0.2m, which related to our move to a new office in London.
Earnings before interest, tax, depreciation and amortisation ("EBITDA") was £1.4m (2017: £1.5m), with adverse currency movements mainly responsible for the year-on-year decrease.  On a constant currency basis, EBITDA would have been 13% ahead year-on-year. Adjusted EBITDA (excluding the share-based payments charge and one-off property costs) was £1.6m (2017: £1.5m).
Adjusted profit before tax3 was maintained at £0.7m (2017: £0.7m) and adjusted earnings per share4 decreased by 11% to 2.19p (2017: 2.45p).  After adding back £0.5m of amortisation of acquired intangibles, arising on acquisition of Cerillion Technologies Limited during the IPO process, adjusted profit before tax was £1.2m (2017: £1.2m) and earnings per share was 3.87p (2017: 4.13p).
Net assets increased to £13.3m as at 31 March 2018 (2017: £12.9m) of which £5.8m was cash (2017: £5.3m).
Cash Flow and Banking
Net cash as at 31 March 2018 more than doubled to £2.5m (2017: £1.1m), reflecting cash of £5.8m (2017: £5.3m) and debt of £3.2m (2017: £4.1m). Net cash generated from operations rose by 59% to £2.9m (2017: £1.8m) in the period.
Expenditure on capitalised R&D for the period was £0.4m (2017: £0.3m) as we continued to invest in product development to further enhance our intellectual property.
Expenditure on fixed assets was higher at £0.6m (2017: £0.1m).  This mainly reflected the fit-out of our new London premises. 
Free cash generation increased by 30% to £1.9m (2017: £1.5m) in the period. This was utilised to pay the final dividend of £0.8m (2017: £0.8m) declared in respect of the year ended 30 September 2017 and to repay £0.4m (2017: £0.4m) of the £5.0m term loan taken up in conjunction with the AIM IPO.  £1.8m has now been repaid since the IPO (2017: £0.9m).
Dividend
The Board is pleased to declare an interim dividend of 1.5p per share, which represents a 7% increase year-on-year (2017: 1.4p). The interim dividend will become payable on 14 June 2018 to those shareholders on the Company's register as at the close of business on the record date of 25 May 2018. The ex-dividend date is 24 May 2018.  As previously stated, the Board intends to pay out between a third to a half of the Group's free cash flow as dividends each year, subject to the Group's performance.
Operational Overview
Cerillion's offering in the market remains highly differentiated, with our sophisticated, pre-integrated suite of modules for billing, charging and CRM providing customers with a more rapid integration process and greater flexibility. Our real-time Convergent Charging System ("CCS") is a major attraction for new customers, enabling telecoms operators and service providers to converge prepaid and postpaid billing for fixed and mobile services onto a single platform. It is particularly relevant to the faster growing mobile and mobile data sectors.
In November 2017, we were pleased to see our product suite designated for the second year running in the 'Visionaries' quadrant of Gartner's report5, "Magic Quadrant for Integrated Revenue and Customer Management (IRCM) for CSPs". This was based on an evaluation of both our core BSS/OSS solution, as well as Cerillion Skyline, our Software-as-a-Service ("SaaS") billing and subscription management solution.
In addition to this, we were also delighted that Cerillion received the highest rating of all vendors, based on customer reviews, in the Gartner Peer Insights Review of Vendors Based on Customer Evaluation in the Integrated Revenue and Customer Management for CSPs ("ICRM") market5.  A total of 23 ICRM vendors were reviewed by 100 of their customers.
The business continued to make encouraging progress over the first half. Our pipeline of potential new prospects now includes a noteworthy increase in the size and quality of new customer opportunities.  We believe this derives from a higher profile in the market, our delivery track record and some changes to the competitive landscape in Europe. The sales cycle remains between six to 18 months typically, with some processes being shorter or longer. 
Over the first half we secured £7.9m of new orders (excluding support), which was lower than the exceptionally strong performance in the same period last year, but well ahead of the equivalent period in 2016 (2017: £9.4m and 2016: £6.9m).  New orders included a £5.0m win from a major new customer, Sure, a member of the Batelco Group and a provider of fixed, mobile and data telecommunications services to consumer and corporate customers in Guernsey, Jersey and the Isle of Man. The contract involves the implementation of a digital transformation project, based on the supply of our CCS, CRM Plus, Enterprise Product Catalogue, Revenue Manager, Service Manager and Self-Service modules. Our ability to replace Sure's multiple legacy systems with our single, pre-integrated platform was a key attraction for the telecoms company, and we will also be providing the business with support and managed services. Although the initial contract is worth £5.0m, the total potential value of this new relationship is expected to grow to £8.4m over 5 years. We expect to complete the implementation of our software suite in early 2019.
The new orders secured in the first half support our back order book2, which stood at £15.4m at the end of the first half (2017: £14.7m). These contracted (but not yet recognised) sales will help to drive implementation projects over the coming quarters.
We are currently tendering for a range of exciting new business opportunities and hope to convert a number of these. 
We are encouraged by the traction we are seeing with Cerillion Skyline, which addresses a wide spectrum of customers outside our core telecoms constituency.  By the end of the year, we expect to have closed two or three deals with market-leaders in their sectors. While Skyline remains a small contributor to overall revenues today, we are focused on building its customer base. As a SaaS product, new Skyline wins will contribute to the Group's recurring revenues.  
Outlook
Cerillion remains well-positioned in its core market and we are delighted that our product offering remains acknowledged in Gartner's 'Visionaries' quadrant5. 
The business continues to generate good cash flows and recurring income from its large existing customer base, which typically accounts for some 80% of annual revenues.  Looking forward, our strong back order book helps to support revenue visibility, and the number and quality of the tender processes we are currently engaged in is very encouraging at this point in the year, and will underpin continuing progress towards the Company's financial goals. 
We look forward to the future with confidence and believe that prospects for long term growth remain very positive.
 
Notes:
1 Recurring revenue includes annualised support and maintenance, managed service and Skyline revenue.
2 Back order book consists of £11.4m of sales contracted but not yet recognised at the end of the reporting period plus £4.0m of annualised support and maintenance revenue.  It is anticipated that 75% of the £11.4m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within the next 4 to 5 quarters.
3 Adjusted profit before tax is a non-GAAP, company-specific measure which is earnings excluding taxes, share-based payments charges and additional property costs.4 Adjusted earnings per share is a non-GAAP, company-specific measure which is earnings after taxes, excluding share-based payments charges and additional property costs.
5 Magic Quadrant for Integrated Revenue and Customer Management ("IRCM") for CSPs. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
The Gartner Report(s) described herein, (the "Gartner Report(s)") represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and are not representations of fact. Each Gartner Report speaks as of its original publication date (and not as of the date of these Financial Statements) and the opinions expressed in the Gartner Report(s) are subject to change without notice.
Gartner Peer Insights reviews constitute the subjective opinions of individual end-users based on their own experiences, and do not represent the views of Gartner or its affiliates.
 
 
 
 
 
Cerillion plc Interim Financial Information
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 31 March 2018




£


Consolidated
Unaudited
half year to
31 Mar 2018


Consolidated
Unaudited
half year to
31 Mar 2017


Consolidated
Audited
year to
30 Sep 2017




Continuing operations


 


 


 




Revenue


8,386,137


7,544,199


16,032,976




Cost of sales


(2,387,751)


(1,921,620)


(3,814,488)




Gross profit


5,998,386


5,622,579


12,218,488




Operating expenses


(5,479,239)


(4,837,357)


(10,110,179)




 


 


 


 




Adjusted EBITDA*


1,596,167


1,503,514


3,616,536




Depreciation and amortisation


(865,359)


(718,292)


(1,508,227)




Share based payment charge


(50,000)


-


-




Exceptional items


(161,661)


-


-




Operating profit


519,147


785,222


2,108,309




 


 


 


 




Finance costs


(52,546)


(61,584)


(117,569)




Finance income


5,630


1,523


4,611




 


 


 


 




Adjusted profit before tax**


683,892


725,161


1,995,351




Share based payment charge


(50,000)


-


-




Exceptional items


(161,661)


-


-




Profit before tax


472,231


725,161


1,995,351




Taxation


(38,685)


(1,488)


27,328




Adjusted profit for the period***


645,207


723,673


2,022,679




Share based payment charge


(50,000)


-


-




Exceptional items


(161,661)


-


-




Profit for the period


433,546


723,673


2,022,679




Other comprehensive income


 


 


 




Exchange differences on translating foreign operations


 
(73,595)


 
5,203


 
(38,026)




Total comprehensive profit for the period


 
359,951


 
728,876


 
1,984,653




All transactions are attributable to the owners of the parent.




Basic earnings per share


 


 


 




from continuing operations


1.47 pence


2.45 pence


6.9 pence




 


 


 


 




Diluted earnings per share


 


 


 




from continuing operations


1.47 pence


2.45 pence


6.8 pence




 


 


 


 




Adjusted basic earnings per share


 


 


 




from continuing operations


2.19 pence


2.45 pence


6.9 pence




*Adjusted EBITDA is a non-GAAP, company-specific measure which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation, share-based payments charge and additional property costs. Adjusted EBITDA refers to adjusted EBITDA from continuing operations.
** Adjusted Profit before tax is a non-GAAP, company-specific measure which is earnings excluding taxes, share-based payments charge and additional property costs.

*** Adjusted Profit for the period is a non-GAAP, company-specific measure which is earnings excluding share-based payments charge and additional property costs.
 
 
Unaudited Condensed Consolidated Statement of Changes in Equity
as at 31 March 2018
 




£


Share capital


Share premium


Share option reserve


Foreign exchange reserve


Retained earnings


Total Equity




 


 


 


 


 


 


 




Balance at 1 October 2016


147,567


13,318,725


-


145,913


(657,207)


12,954,998




Profit for the period


-


-


-


-


723,673


723,673




Exchange difference on translating foreign operations


-


-


-


5,203


-


5,203




Total comprehensive income


-


-


-


5,203


723,673


728,876




Dividends


-


-


-


-


(767,349)


(767,349)




Balance at 31 March 2017


147,567


13,318,725


-


151,116


(700,883)


12,916,525




 


 


 


 


 


 


 




Profit for the period


-


-


-


-


1,299,006


1,299,006




Exchange difference on translating foreign operations


-


-


-


(43,229)


-


(43,229)




Total comprehensive income


-


-


-


(43,229)


1,299,006


1,255,777
 




Dividends


-


-


-


-


(413,190)


(413,190)




Balance at 30 September 2017


 
147,567


 
13,318,725


 
-


 
107,887


 
184,933


 
13,759,112




Profit for the period


-


-


 


 


433,546


433,546




Exchange difference on translating foreign operations


-


-


-


(73,595)


-


(73,595)




Total comprehensive income


-


-


-


(73,595)


433,546


359,951




Share based payment


-


-


50,000


-


-


50,000




Dividends


-


-


-


-


(826,378)


(826,378)




Balance at 31 March 2018


147,567


13,318,725


50,000


34,292


(207,899)


13,342,685




 
 
 
Unaudited Condensed Consolidated Balance Sheet
as at 31 March 2018
 




£


 
Unaudited
Note


Consolidated
Unaudited 31 Mar 2018


Consolidated
Unaudited
31 Mar 2017


Consolidated
Audited
30 Sep 2017




Assets


 


 


 


 




Non-current


 


 


 


 




Goodwill


 


2,053,141


2,053,141


2,053,141




Intangible assets


 


6,264,189


6,689,066


6,571,158




Property, plant and equipment


 


820,925


363,584


359,939




Deferred tax


 


256,673


320,282


270,123




 


 


9,394,928


9,426,073


9,254,361




 


 


 


 


 




Current assets


 


 


 


 




Trade receivables


 


3,040,586


3,245,899


1,956,936




Other receivables


4


6,017,089


6,342,830


6,551,890




Cash and cash equivalents


 


5,776,480


5,254,523


5,338,935




 


 


14,834,155


14,843,252


13,847,761




 


 


 


 


 




Total assets


 


24,229,083


24,269,325


23,102,122




 


 


 


 


 




Equity and liabilities


 


 


 


 




Shareholders' equity


 


 


 


 




Called up share capital


 


147,567


147,567


147,567




Share premium account


 


13,318,725


13,318,725


13,318,725




Foreign exchange reserve


 


34,292


151,116


107,887




Share option reserve


 


50,000


-


-




Retained profit/(loss)


 


(207,899)


(700,883)


184,933




Total Equity


 


13,342,685


12,916,525


13,759,112




 


 


 


 


 




Liabilities


 


 


 


 




Non-current


 


 


 


 




Borrowings


 


2,245,323


3,138,111


2,693,139




Other non-current liabilities


 


981,847


1,186,486


1,076,166




 


 


3,227,170


4,324,597


3,769,305




 


 


 


 


 




Current liabilities


 


 


 


 




Trade payables


 


1,183,062


651,254


732,185




Other payables


4


5,476,166


5,376,949


3,841,520




Borrowings - current


 


1,000,000


1,000,000


1,000,000




 


 


7,659,228


7,028,203


5,573,705




 


 


 


 


 




Total equity and liabilities


 


24,229,083


24,269,325


23,102,122




 
 
Unaudited Condensed Consolidated Cash Flow Statement
for the six months ended 31 March 2018
 




£


Consolidated
Unaudited half year to 31 Mar 2018


Consolidated
Unaudited
half year to
31 Mar 2017


Consolidated
Audited
 year to
30 Sep 2017




Operating activities


 


 


 




Reconciliation of profit to operating cash flows


 


 


 




Profit for the period


433,545


723,673


2,022,679




Add back:


 


 


 




Taxation


38,685


1,488


(27,328)




Depreciation


158,388


127,988


249,715




Amortisation and impairment


706,971


590,304


1,258,212




Share option charge


50,000


-


-




Finance costs


52,546


61,584


117,569




Finance income


(5,630)


(1,523)


(4,611)




 


1,434,505


1,503,514


3,616,236




(Increase)/decrease in trade and other receivables


(548,848)


(423,857)


656,046




Increase/(decrease) in trade and other creditors


2,117,002


868,989


(724,060)




Cash from operations


3,002,659


1,948,646


3,548,222




Finance costs


(52,546)


(61,584)


(117,569)




Finance income


5,630


1,523


4,611




Tax paid/(received)


(47,554)


(63,543)


7,845




Net cash generated from operating activities


2,908,189


1,825,042


3,443,109




 


 


 


 




Investing activities


 


 


 




Capitalisation of development costs


(400,002)


(300,000)


(850,000)




Purchase of property, plant and equipment


(621,393)


(74,496)


(197,808)




Net cash used in investing activities


(1,021,395)


(374,496)


(1,047,808)




 


 


 


 




Financing activities


 


 


 




Borrowings repaid


(447,815)


(434,492)


(879,463)




Dividends paid


(826,378)


(767,349)


(1,180,539)




Net cash used in financing activities


(1,274,193)


(1,201,841)


(2,060,002)




 


 


 


 




Net increase in cash and cash equivalents


612,601


248,705


335,299




Translation differences


(175,055)


(367)


(2,549)




Cash and cash equivalents at beginning of period


5,338,935


5,006,185


5,006,185




Cash and cash equivalents at end of period


5,776,481


5,254,523


5,338,935




 
 
 
Unaudited Notes
1.   Basis of Preparation and Accounting Policies
The condensed financial information is unaudited and was approved by the Board of Directors on 11 May 2018.
The Company is a public limited company, which was incorporated in England and Wales on 5 March 2015. The address of its registered office is 25 Bedford Street, London, WC2E 9ES. The interim financial information for the six months ended 31 March 2018 has been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations endorsed by the European Union (EU). The interim financial information for the six months ended 31 March 2018 has been prepared under the historical cost convention.
The interim financial information for the six months ended 31 March 2018 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and no statutory accounts have been prepared, audited or filed with the Registrar of Companies in England and Wales since incorporation.
The preparation of the interim financial information for the six months ended 31 March 2018 in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Statements and the reported amounts of revenues and expenses during the period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
There is no material difference between the fair value of financial assets and liabilities and their carrying amount.
The functional and presentational currency is UK Sterling.
2.   Going concern
The Directors have assessed the current financial position of the Group, along with future cash flow requirements, to determine if the Group has the financial resources to continue as a going concern for the foreseeable future. The conclusion of this assessment is that it is appropriate that the Group be considered a going concern. For this reason the Directors continue to adopt the going concern basis in preparing the interim financial information for the six months ended 31 March 2018. The interim financial information does not include any adjustments that would result in the going concern basis of preparation being inappropriate.
3.   Basis of consolidation
The consolidated financial information incorporates the financial information of the Company and entities controlled by the Company (its subsidiaries) at 31 March 2018. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefit from its activities.
Except as noted below, the financial information of subsidiaries is included in the consolidated financial statements using the acquisition method of accounting.  On the date of acquisition the assets and liabilities of the relevant subsidiaries are measured at their fair values.
All intra-Group transactions, balances, income and expenses are eliminated on consolidation.
4.   Adjusted earnings
EBITDA, profit before tax, profit for the period and earnings per share have been adjusted to take account of exceptional costs of £161,661 for additional rental charges relating to double occupancy of London property for three months during the fit out of our new London office accommodation, and £50,000 relating to P&L charges in respect of the Company's share based long term incentive plan.
5.   Other receivables and other payables




 


 


Unaudited
31 Mar 2018
£


Unaudited
31 Mar 2017
£


Audited
30 Sep 2017
£




Other receivables


 


 


 


 




Amounts recoverable on contracts
Prepayments


 


5,097,840
353,396


5,756,101
128,620


5,866,024
193,204




Other receivables


 


565,853


458,109


492,662




 


 


6,017,089


6,342,830


6,551,890




Other payables


 


 


 


 




Taxation


 


308,822


131,714


236,822




Other taxation and social security


 


126,083


195,150


170,854




Pension


 


45,539


39,262


40,413




Accruals
Deferred income


 


991,082
3,552,967


1,168,903
3,173,884


1,221,442
1,744,049




Ubisense loan
Other payables


 


-
451,673


240,000
428,036


-
427,940




 


 


5,476,166


5,376,949


3,841,520




                     
6.   Availability of this announcement
This announcement together with the financial statements herein and a presentation in respect of the interim financial results are available on the Group's website, www.cerillion.com.
 
 



This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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