REG - Cerillion PLC - Half-year Report
15/05/2023 07:00
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RNS Number : 3253Z Cerillion PLC 15 May 2023
AIM: CER
Cerillion plc
("Cerillion", the "Company" or the "Group")
Interim results
for the six months ended 31 March 2023
Record Six-month Period and Strong Prospects
Cerillion plc, the billing, charging and customer relationship management
software solutions provider, today issues its interim results for the six
months ended 31 March 2023.
Results H1 2023 H1 2022 Change
Revenue £20.5m £16.1m +27%
Annualised recurring revenue(1) £13.1m £9.8m +34%
Adjusted EBITDA(3) £10.0m £7.2m +38%
Statutory EBITDA £9.9m £7.1m +39%
Adjusted EBITDA margin 48.9% 44.9% +400bps
Adjusted profit before tax(4) £9.2m £6.3m +46%
Statutory profit before tax £8.6m £5.7m +52%
Adjusted basic earnings per share(5) 25.5p 18.6p +37%
Statutory basic earnings per share 23.5p 16.4p +43%
Dividend per share 3.3p 2.6p +27%
Net cash £23.6m £16.5m +43%
Financial
· Revenue up 27% to £20.5m (H1 2022: £16.1m), reflecting ongoing
major implementation projects for new customers and new orders from existing
customers
· Annualised recurring revenue(1) at 31 March 2023 up 34% to £13.1m
(H1 2022: £9.8m), mainly driven by increased uptake of managed services
· Adjusted EBITDA(3) up 38% to £10.0m (H1 2022: £7.2m)
· Adjusted profit before tax(4) up 46% to £9.2m (H1 2022: £6.3m)
· Adjusted earnings per share(5) up 37% to 25.5p (H1 2022: 18.6p)
· Back-order book(2) up 8% to £43.0m (H1 2022: £39.7m)
· Total new orders up 40% to £15.3m (H1 2022: £10.9m)
· New customer pipeline up 23% to a record £212.0m (H1 2022: £172.0m)
· Net cash up 43% to £23.6m (31 March 2022: £16.5m)
· Interim dividend up 27% to 3.3p (H1 2022: 2.6p)
Operational
· Continuing to build teams at new offices in Sofia, Bulgaria and in
Ahmedabad and Indore, India
· Two major new contracts signed in the period with existing customers,
both operating in EMEA:
o 10-year contract worth c. £10m, continuing a 20-year relationship and
o five-year contract worth c. £6m
· The Board believes that the Group is well-positioned to deliver its
full year targets
Louis Hall, CEO of Cerillion plc, commented:
"Cerillion's interim results again set new records for our key performance
indicators in any six-month period and demonstrate the strong momentum in the
business and the significant growth opportunities available.
"We continue to expand our resources and invest in the product suite. With a
strong new customer sales pipeline, which includes advanced-stage contract
discussions with certain potential new customers, as well as healthy demand
from existing customers, we expect continuing strong growth ahead. Given the
Company's progress and prospects, we believe it is well-placed to deliver our
full year targets and view the future with confidence."
(1) Annualised recurring revenue includes annualised support and maintenance,
managed services and Cerillion Skyline revenue.
(2) Back-order book of £43.0m consists of £34.7m of sales contracted but not
yet recognised at the end of the reporting period plus £8.3m of annualised
support and maintenance revenue. It is anticipated that 75% of the £34.7m 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 and
share-based payments charges.
(4) Adjusted profit before tax is a non-GAAP, Company-specific measure, which
is earnings excluding taxes, amortisation of acquired intangible assets and
share-based payments charges.
(5) Adjusted earnings per share is a non-GAAP, Company-specific measure, which
is earnings after taxes, excluding amortisation of acquired intangible assets
and share-based payments charges divided by the average weighted number of
shares in the period.
For further information please contact:
Cerillion plc c/o KTZ Communications
Louis Hall, CEO, T: 020 3178 6378
Andrew Dickson, CFO
Liberum (Nomad and Broker) T: 020 3100 2000
Bidhi Bhoma, Ben Cryer, William Hall
Singer Capital Markets (Joint Broker) T: 020 7496 3000
Rick Thompson, George Tzimas, James Fischer
KTZ Communications T: 020 3178 6378
Katie Tzouliadis, Robert Morton
About Cerillion
Cerillion is a leading provider of mission critical software for billing,
charging and customer relationship management, with a 23-year track record in
providing comprehensive revenue and customer management solutions. The Company
has around 80 customers across 44 countries, principally serving the
telecommunications market.
The Company is headquartered in London and also has operations in India (in
Pune, Ahmedabad, and Indore), Bulgaria (in Sofia) and Australia (in Sydney).
CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S REPORT
Overview
The Company continues to grow strongly as these excellent interim results
show. All key KPIs are at record highs for a six-month period, including
revenue, profit and cash.
Revenue has increased by 27% year-on-year to £20.5m (H1 2022: £16.1m),
reflecting the major implementation and upgrade projects under way with new
customers and strong flows of business from existing customers, as well as an
increased baseline of recurring income. Annualised recurring revenue at 31
March 2023 was 34% higher than a year ago at £13.1m (H1 2022: £9.8m), which
mainly reflected the continuing trend for customers to take up managed
services. Adjusted profit before tax rose by 46% to £9.2m (H1 2022:
£6.3m). Net cash at the end of March 2023 was up by 43% at £23.6m (31 March
2022: £16.5m).
Total new orders increased year-on-year by 40% to £15.3m (31 March 2022:
£10.9m) and the value of the new customer sales pipeline rose by 23% to
£212m (31 March 2022: £172m). We are in advanced discussions with certain
potential new customers and expect new customer contracts to come through in
the second half and beyond.
To accommodate the Company's growth, we have continued to develop our resource
base. The new office in Sofia, Bulgaria has now grown to a team of over 20
delivery consultants, and we have added to the teams established at our new
satellite offices in India, in Ahmedabad and Indore. In Ahmedabad, we are
focusing on recruiting support resources, whilst in Indore, we are building a
team of digital customer experience developers. This continues our policy of
aiming to source the best people while also managing the cost base
effectively, particularly given inflationary pressures.
From a market perspective, we are continuing to see strong investment in 5G
and broadband infrastructure. This will create substantial opportunities for
Cerillion as communications service providers seek to monetise those new
assets and gain more value from their network real estate.
Looking ahead over the balance of the current financial year, we remain very
confident of continuing progress, supported by our strong back-order book and
new customer sales pipeline.
Financial Overview
Revenue for the six months ended 31 March 2023 increased by 27% to £20.5m (H1
2022: £16.1m), which reflected the strong opening back-order book, including
ongoing major implementation projects, and new orders from existing customers.
The mix of revenue was more weighted towards Software(1) compared to the prior
period, with Software revenue of £10.5m accounting for 51% of total revenue
(H1 2022: £6.1m and 38% of total revenue). This was a 72% rise year-on-year
and mainly reflected the timing of software licence recognition. Services
revenue(1) of £8.9m made up 44% of total revenue (H1 2022: £9.0m and 56% of
total revenue). Other revenue of £1.0m accounted for 5% of total revenue (H1
2022: £1.0m and 6% of total revenue).
Gross margin for the period increased to 81.5% (H1 2022: 78.5%). This rise
principally reflected the higher proportion of software licence revenue
recognised, as well as a favourable impact from foreign exchange rates. Whilst
headcount increased in all regions to support growth, our focus on building
resources in India and Bulgaria helped to reduce overall payroll inflation
across the Group.
Existing customers (those customers acquired at least 12 months before the end
of the reporting period) made up a high proportion of the Group's revenue, as
is typical, and generated 89% of total revenue in the period (H1 2022: 91%).
Recurring revenue(2), from support and maintenance and managed service
contracts, grew by 36% to £6.5m (H1 2022: £4.8m) and accounted for 32% of
the Group's revenue (H1 2022: 30%). The rise largely reflected increased
uptake of managed services, from both new and existing customer deployments,
and support and maintenance fee increments. Annualised recurring revenue at
the end of March 2023 increased by 34% year-on-year to £13.1m (31 March 2022:
£9.8m).
As expected, operating expenses increased to £8.3m (H1 2022: £7.0m), an 18%
rise. The main factors behind the rise were higher headcount, higher sales
commission and the effect of foreign exchange rates. On a constant currency
basis, operating expenses increased by 13%.
Adjusted earnings before interest, tax, depreciation and amortisation
("EBITDA"), which excludes share based payments charges, rose by 38% to
£10.0m (H1 2022: £7.2m). Statutory EBITDA increased by 39% to £9.9m (H1
2022: £7.1m).
Adjusted profit before tax(3) rose by 46% to £9.2m (H1 2022: £6.3m) and
adjusted earnings per share(4) was 37% higher at 25.5p (H1 2022:
18.6p). Statutory profit before tax increased by 52% to £8.6m (H1 2022:
£5.7m), and statutory earnings per share increased by 43% to 23.5p (H1 2022:
16.4p).
The balance sheet remains strong. Net assets rose by 38% to £31.8m as at 31
March 2023 (31 March 2022: £23.0m).
Cash Flow and Banking
Net cash at 31 March 2023 increased by 43% to £23.6m (31 March 2022:
£16.5m), with no debt in either periods. Net cash generated from operations
in the period was £6.6m (H1 2022: £6.5m).
Development costs of £0.6m were capitalised in the period (H1 2022: £0.5m)
after investment to further enhance the Company's intellectual property.
Expenditure on fixed assets was £0.2m (H1 2022: £0.1m).
Free cash generation in the period was broadly maintained at £5.8m (H1 2022:
£5.9m), principally reflecting the higher profit, offset by an increase in
working capital due to the higher software licence revenue recognised. Cash
generated in the period was partly utilised to pay the final dividend of
£1.9m (H1 2022: £1.5m) in respect of the year ended 30 September 2022.
Dividend
The Board is pleased to declare an increased interim dividend of 3.3p per
share (H1 2022: 2.6p), a 27% rise year-on-year. The interim dividend will
become payable on 23 June 2023 to those shareholders on the Company's register
as at the close of business on the record date of 2 June 2023. The ex-dividend
date is 1 June 2023.
As previously stated, the Board aims to distribute between a third to a half
of the Group's free cash flow as dividends each year, subject to the Group's
performance and the Board's assessment of the trading environment.
Operational Overview
Demand from the existing customer base was very healthy over the first half,
with new orders from existing customers up by 40% to £15.3m (H1 2022:
£10.9m). These new orders included additional modules, software licence
expansions, scope expansions on implementation projects, upgrade programmes
and managed services. We were particularly pleased to agree a major new
10-year contract worth £10 million with an existing customer with operations
in EMEA, continuing a 20 year-relationship. We also signed a £6 million
agreement, which has a five-year term, with another EMEA customer. The new
customer sales pipeline grew strongly, up 23%, to £212m as at 31 March 2023
(31 March 2022: £172m), and with certain discussions at an advanced stage, we
expect to close new customer orders in the second half and beyond.
The back-order book stood at a very healthy level of £43.0m at 31 March 2023
(31 March 2022: £39.7m), buoyed by new orders. These contracted (but not yet
recognised) orders will drive revenues over the coming quarters. It is also
very encouraging to see the Group's base of recurring revenue increase as the
business grows and both new and existing customers take up managed services
and support and maintenance contracts. We expect this trend to continue.
The BSS/OSS(5) solutions that we provide remain a core requirement for
telecommunications operators and service providers, and substantial investment
in 5G and fibre rollout continues to drive investment in replacing, upgrading
and improving BSS/OSS solutions. This is done in order to drive more revenue
from the network infrastructure real estate, with BSS/OSS solutions providing
the bridge between network and customer and hence monetisation. The importance
of the solutions that the Company provides is illustrated in a survey(6) of
communications service providers, published by Gartner, the US-based
technological research and consulting firm, in April 2023. The survey cites
the following as priorities for software investments, all of which are enabled
by the Company's solutions:
• Digitisation of sales and support;
• Support for new business models/product types;
• Improved customer lifetime values; and
• Improved customer experience and engagement.
In order to enhance our product offering and our competitive positioning, we
continue to invest in R&D and issue two major product releases a year.
These provide new features and improvements to existing functionality. This
year, we expect to invest a total of approximately 12,000 man-days in R&D.
We have also continued to expand and develop our teams, as noted above, adding
new and experienced talent in the UK, Bulgaria and India.
Outlook
The business has made strong progress and is very well placed in a growing
marketplace. Our 'productised', 'as-a-service' approach stands out, and the
quality, breadth and completeness of our solutions provides us with strong
competitive differentiation.
We believe that Cerillion remains well-positioned to achieve its full year
targets, supported by existing major implementation projects, the healthy
back-order book, and our strong new customer pipeline, which includes a number
of advanced-stage new contract discussions.
The Company's robust balance sheet, which carries no debt, and the increasing
level of recurring income, provide a strong underpinning for the business as
it continues to grow and develop. The Board views near and mid-term growth
prospects very positively.
Alan Howarth Louis Hall
Chairman Chief Executive Officer
Notes:
(1) Software revenue is made up of software licence, support and maintenance,
managed service and Cerillion Skyline revenue. In the prior period, software
revenue was only made up of software licence and support and maintenance
revenue; managed service and Cerillion Skyline revenue were included within
services. The prior period comparatives have been restated to reflect the
updated definition, which is consistent with that used for year-end reporting.
(2) Recurring revenue includes annualised support and maintenance, managed
service and Cerillion Skyline revenue.
(3) Adjusted profit before tax is a non-GAAP, Company-specific measure which
is earnings excluding taxes, amortisation of acquired intangible assets and
share-based payments charges.
(4) Adjusted earnings per share is a non-GAAP, Company-specific measure which
is earnings after taxes, excluding share-based payments charges and
amortisation of acquired intangible assets divided by the average weighted
number of shares in the period.
(5) BSS/OSS; in telecommunications, this refers respectively to business
support systems and operating support systems.
( )
Gartner Disclaimer:
(6) GARTNER is a registered trademark and service mark of Gartner, Inc. and/or
its affiliates in the U.S. and internationally and is used herein with
permission. All rights reserved.
The industry report referred to above is Gartner "Market Guide for CSP
Customer Management and Experience Solutions" (published 10 April 2023).
Gartner does not endorse any vendor, product or service depicted in our
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.
INTERIM FINANCIAL INFORMATION
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 31 March 2023
Consolidated Consolidated Consolidated
Unaudited Unaudited Audited
half year to half year to year to
31 Mar 2023 31 Mar 2022 30 Sep 2022
£'000 £'000 £'000
Continuing operations
Revenue 20,497 16,140 32,726
Cost of sales (3,790) (3,476) (7,221)
Gross profit 16,707 12,664 25,505
Operating expenses (8,254) (7,018) (13,031)
Impairment losses on financial assets (168) - (1,770)
Adjusted EBITDA* 10,017 7,248 13,750
Depreciation and amortisation (1,615) (1,465) (2,986)
Share based payment charge (117) (137) (60)
Operating profit 8,285 5,646 10,704
Finance costs (65) (73) (146)
Finance income 371 82 337
Adjusted profit before tax** 9,204 6,288 11,948
Share based payment charge (117) (137) (60)
Amortisation of acquired intangibles (496) (496) (993)
Profit before tax 8,591 5,655 10,895
Taxation (1,671) (802) (1,551)
Adjusted profit for the period*** 7,533 5,486 10,397
Share based payment charge (117) (137) (60)
Amortisation of acquired intangibles (496) (496) (993)
Profit for the period 6,920 4,853 9,344
Other comprehensive income
Exchange differences on translating foreign operations
(95) 4 70
Total comprehensive profit for the period
6,825 4,857 9,414
All transactions are attributable to the owners of the parent.
H1 2023 H1 2022 FY 2022
Basic earnings per share from continuing operations 23.5 pence 16.4 pence 31.7 pence
Diluted earnings per share from continuing operations 23.4 pence 16.4 pence 31.6 pence
Adjusted basic earnings per share from continuing operations
25.5 pence 18.6 pence 35.2 pence
* Adjusted EBITDA is a non-GAAP, Company-specific measure, which is earnings
excluding finance income, finance costs, taxes, depreciation, amortisation and
share-based payments charge.
** Adjusted profit before tax is a non-GAAP, Company-specific measure which is
earnings excluding taxes, amortisation of acquired intangible assets and
share-based payments charge.
*** Adjusted profit for the period is a non-GAAP, Company-specific measure which
is earnings excluding share-based payments charge and amortisation of acquired
intangible assets.
Unaudited Condensed Consolidated Statement of Changes in Equity
as at 31 March 2023
Share capital Share premium Share option reserve Treasury stock Foreign exchange reserve Retained earnings Total Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 October 2021 (audited) 147 13,319 128 - (167) 6,778 20,205
Profit for the period - - - - - 4,853 4,853
Exchange difference on translating foreign operations - - - - 4 - 4
Total comprehensive income - - - - 4 4,853 4,857
Share option charge - - 137 - - - 137
Purchase of treasury stock - - - (827) - - (827)
Exercise of share options - - (46) 730 - (576) 108
Dividends - - - - - (1,476) (1,476)
Balance at 31 March 2022 (unaudited) 147 13,319 219 (163) 9,579 23,004
(97)
Profit for the period - - - - - 4,491 4,491
Exchange difference on translating foreign operations - - - - 66 - 66
Total comprehensive income - - - - 66 4,491 4,557
Share option charge - - (76) - - - (76)
Exercise of share options - - (6) 97 - (77) 14
Dividends - - - - - (767) (767)
Balance at 30 September 2022 (audited) 147 13,319 137 - (97) 13,226 26,732
Profit for the period - - - - - 6,920 6,920
Exchange difference on translating foreign operations - - - - (95) - (95)
Total comprehensive income - - - - (95) 6,920 6,825
Share option charge - - 117 - - - 117
Dividends - - - - - (1,918) (1,918)
Balance at 31 March 2023 (unaudited) 147 13,319 254 (192) 18,228 31,756
-
Unaudited Condensed Consolidated Balance Sheet
as at 31 March 2023
Consolidated Consolidated Consolidated
Unaudited Unaudited 31 Mar 2023 Unaudited Audited
Note £'000 31 Mar 2022 30 Sep 2022
£'000 £'000
Assets
Non-current
Goodwill 2,053 2,053 2,053
Other intangible assets 2,172 3,097 2,653
Property, plant and equipment 951 678 980
Right-of-use assets 2,704 3,367 3,057
Other receivables 5 3,619 2,681 2,171
Deferred tax assets 238 224 260
11,737 12,100 11,174
Current assets
Trade receivables 2,812 1,744 2,503
Other receivables 5 11,149 9,575 8,702
Cash and cash equivalents 23,645 16,514 20,249
37,606 27,833 31,454
Total assets 49,343 39,933 42,628
Equity and liabilities
Shareholders' equity
Share capital 147 147 147
Share premium account 13,319 13,319 13,319
Treasury stock - (97) -
Foreign exchange reserve (192) (163) (97)
Share option reserve 254 219 137
Retained earnings 18,228 9,579 13,226
Total Equity 31,756 23,004 26,732
Liabilities
Non-current
Other payables 469 428 934
Deferred tax liabilities 624 767 719
Lease liabilities 2,616 3,460 3,050
3,709 4,655 4,703
Current liabilities
Trade payables 2,382 385 1,154
Other payables 5 11,496 11,889 10,039
13,878 12,274 11,193
Total equity and liabilities 49,343 39,933 42,628
Unaudited Condensed Consolidated Cash Flow Statement
for the six months ended 31 March 2023
Consolidated Consolidated Consolidated
Unaudited half year to 31 Mar 2023 Unaudited Audited
£'000 half year to year to
31 Mar 2022 30 Sep 2022
£'000 £'000
Operating activities
Reconciliation of profit to operating cash flows
Profit for the period 6,920 4,853 9,344
Add back:
Taxation 1,671 802 1,551
Depreciation 582 505 1,085
Amortisation 1,033 960 1,901
Share option charge 117 137 60
Finance costs 65 73 146
Finance income (371) (82) (337)
10,017 7,248 13,750
Increase in trade and other receivables (4,061) (1,805) (1,182)
Increase in trade and other payables 1,897 2,465 1,324
Cash from operations 7,853 7,908 13,892
Finance costs (65) (73) (146)
Finance income 182 82 337
Tax paid (1,371) (1,434) (1,745)
Net cash generated from operating activities 6,599 6,483 12,338
Investing activities
Capitalisation of development costs (552) (486) (983)
Purchase of property, plant and equipment (213) (85) (626)
Net cash used in investing activities (765) (571) (1,609)
Financing activities
Purchase of treasury stock - (827) (827)
Receipts from exercise of share options - 108 122
Principal elements of finance leases (430) (400) (807)
Dividends paid (1,918) (1,476) (2,243)
Net cash used in financing activities (2,348) (2,595) (3,755)
Net increase in cash and cash equivalents 3,486 3,317 6,974
Translation differences (90) 23 101
Cash and cash equivalents at beginning of period 20,249 13,174 13,174
Cash and cash equivalents at end of period 23,645 16,514 20,249
Unaudited Notes
1. Basis of Preparation and Accounting Policies
The condensed financial information is unaudited and was approved by the Board
of Directors on 12 May 2023.
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 2023 has been prepared in accordance with UK-adopted
International Accounting Standards. The interim financial information for the
six months ended 31 March 2023 has been prepared under the historical cost
convention.
The interim financial information for the six months ended 31 March 2023 does
not constitute statutory accounts within the meaning of section 434 of the
Companies Act. Statutory accounts for the year ended 30 September 2022 have
been delivered to the Registrar of Companies. These accounts contain an
unqualified audit report and did not contain a statement under the Companies
Act 2006 regarding matters which are required to be noted by exception.
The preparation of the interim financial information for the six months ended
31 March 2023 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. The accounting
policies adopted are consistent with those of the previous financial year and
corresponding interim reporting period, except for the adoption of new and
amended standards which have no material impact on the accounting policies,
financial position or performance of the Group.
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 2023. 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 2023. 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 £116,558 (six months to 31 March 2022
£136,836) relating to P&L charges in respect of the Company's share based
payments charges. The profit before tax, profit for the period and earnings
per share have also been adjusted to take account of the amortisation of
acquired intangibles of £496,416 (six months to 31 March 2022 £496,416).
5. Other receivables and other payables
Unaudited Unaudited Audited
31 Mar 2023 31 Mar 2022 30 Sep 2022
£'000 £'000 £'000
Other receivables - non-current
Amounts recoverable on contracts 3,551 2,611 2,094
Other receivables 68 70 77
3,619 2,681 2,171
Other receivables - current
Amounts recoverable on contracts 9,009 8,709 7,759
Prepayments 1,792 712 632
Other receivables 348 154 311
11,149 9,575 8,702
Other payables
Taxation 1,177 276 776
Other taxation and social security 549 420 495
Pension 56 49 46
Accruals 3,097 2,781 3,119
Deferred income 4,991 6,953 4,245
Lease liability 980 954 976
Other payables 646 456 382
11,496 11,889 10,039
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.
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. END IR EAKSAFDADEFARecent news on Cerillion
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