REG - Cerillion PLC - Interim Results
Mon 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250519:nRSS0867Ja&default-theme=true
RNS Number : 0867J Cerillion PLC 19 May 2025
AIM: CER
Cerillion plc
("Cerillion", the "Company" or the "Group")
Billing, charging and customer relationship management software solutions
provider
Interim results
for the six months ended 31 March 2025
Group remains on track to deliver financial targets
Results H1 2025 H1 2024 Change
Revenue £20.9m £22.5m -7%
Recurring revenue in period(1) £8.2m £7.6m +8%
Back-order book as at 31 March 2025(2) £50.2m £47.1m +7%
Back-order book as at 30 April 2025(3) £56.5m £45.8m(3) +23%
Adjusted EBITDA(4) £10.0m £11.0m -9%
Statutory EBITDA £9.9m £10.9m -9%
Adjusted EBITDA margin 47.7% 48.9% -120 bps
Adjusted profit before tax(5) £9.3m £10.5m -12%
Statutory profit before tax £9.3m £10.4m -11%
Adjusted basic earnings per share(6) 23.9p 27.6p -13%
Statutory basic earnings per share 23.8p 27.3p -13%
Dividend per share 4.8p 4.0p +20%
Net cash £31.2m £26.6m +17%
Financial
· Revenue decrease of 7% to £20.9m (H1 2024: £22.5m), largely driven
by the weighting of expected licence renewals/extensions shifting to H2 2025,
compared to FY 2024 when the majority of renewals/extensions occurred in H1
· Recurring revenue in period(1) up 8% to £8.2m (H1 2024: £7.6m),
mainly reflecting higher support and maintenance revenue
· Back-order book up 7% to £50.2m(2) at 31 March (31 March 2024:
£47.1m) and up 23% as at 30 April 2025 to £56.5m(3) (30 April 2024: £45.8m)
· Lower first-half profitability mainly reflected lower revenue, but
adjusted EBITDA margin remained strong at 47.7% (H1 2024: £48.9%)
· New orders 3% lower at £19.6m (H1 2024: £20.2m)
· New customer pipeline(7) up 3% to £261m (H1 2024: £254m)
· Balance sheet remains strong, with net cash up 17% to £31.2m (31
March 2024: £26.6m)
· Interim dividend up 20% to 4.8p (H1 2024: 4.0p)
Operational
· Major new five-year contract, worth $11.4m, signed in January 2025
with a major national telecoms operator in Armenia, covering fixed, mobile,
broadband and TV services.
· £5.4m term renewal agreed in March 2025 with a major European
customer.
· Another major European customer is to use Cerillion's software to
support the migration of its substantial, newly-acquired, tier-1 customer
base. Services framework agreement worth c. £8m, signed post period-end for
the implementation, with major licence extension to follow.
· New implementations continued to progress well:
o Virgin Media Ireland: initial delivery phases have been completed and
customer migration is on track to commence in July;
o Connectivity solutions provider in Southern Africa: customer migration is
on track to complete in July.
· New features launched in Cerillion 25.1:
o New Promotions Engine gives commercial teams the ability to build and
deploy highly targeted campaigns faster and more efficiently;
o GenAI supported intelligent assistants automate billing queries and assist
with the construction of new promotions.
· The Board believes that the Group is well-positioned to deliver its
full year targets, supported by its strong back-order book and new business
pipeline.
Louis Hall, CEO of Cerillion plc, commented:
"The business has continued to trade well, winning a major new customer,
increasing the back-order book and developing the new customer pipeline. Just
after the period-end, we signed the first part of what we expect to be one of
our largest deals to date, once the licencing element is concluded. This
project is to facilitate the migration of an existing European customer's
newly acquired customer base onto our product and platform. It further
validates our offering as the customer chose to move its new customer base to
Cerillion's SaaS-based platform instead of remaining with the incumbent tier-1
provider.
"Based on new orders achieved to date and current trading, we believe
Cerillion is well-placed to deliver market expectations for the full year and
beyond. We continue to view long-term prospects with confidence."
(1) Recurring revenue includes support and maintenance, managed service,
Skyline and third-party hardware and hosting revenue reported in the period.
(2) Back-order book of £50.2m consists of £40.6m of orders contracted but
not yet recognised plus £9.6m of annualised support and maintenance revenue.
It is anticipated that c. 45% of the £40.6m of orders contracted but not yet
recognised as at the end of the reporting period will be recognised within 12
months from 31 March 2025.
(3) As at 30 April 2025, back-order book had increased to £56.5m, consisting
of £46.9m of sales contracted but not yet recognised plus £9.6m of
annualised support and maintenance revenue. It is anticipated that c. 45% of
the £46.9m of orders contracted but not yet recognised as at the end of the
reporting period will be recognised within 12 months from 30 April 2025.
Includes a back-order comparative as at 30 April 2024.
(4) Adjusted EBITDA is a non-GAAP, Company-specific measure, which is earnings
excluding finance income, finance costs, taxes, depreciation, amortisation and
share-based payment charges.
(5) Adjusted profit before tax is a non-GAAP, Company-specific measure, which
is earnings excluding taxes and share-based payment charges.
(6) Adjusted earnings per share is a non-GAAP, Company-specific measure, which
is earnings after taxes, excluding share-based payment charges divided by the
average weighted number of shares in the period.
(7) New customer sales pipeline is the total, unweighted value of all
qualified sales prospects.
For further information please contact:
Cerillion plc c/o KTZ Communications
Louis Hall, CEO, T: 020 3178 6378
Andrew Dickson, CFO
Panmure Liberum (Nomad and Broker) T: 020 3100 2000
Bidhi Bhoma, Edward Mansfield, Freddie Wooding
Singer Capital Markets (Joint Broker) T: 020 7496 3000
Rick Thompson, James Fischer
KTZ Communications T: 020 3178 6378
Katie Tzouliadis, Robert Morton
About Cerillion
Cerillion has a 25-year track record in providing mission-critical software
for billing, charging and customer relationship management ("CRM"), mainly to
the telecommunications sector but also to other markets, including utilities
and financial services. The Company has c. 75 customer installations across c.
45 countries.
Headquartered in London, Cerillion also has operations in India and Bulgaria
as well as a sales presence in the USA, Singapore and Australia.
The business was originally part of Logica plc before its management buyout,
led by CEO, Louis Hall, in 1999. The Company joined AIM in March 2016.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S REPORT
Overview
First-half revenue of £20.9m was 7% lower than the same period last year and
principally reflects the anticipated shift in weighting of customer extensions
and renewals to the second half. In the last financial year, by contrast, the
majority of renewals and extensions occurred in the first half. Based on the
new contracts achieved to date and expected contract signings, the Company
remains on track to meet consensus market forecasts for the current financial
year and beyond.
Recurring revenue(2) continued to grow, up by 8% over the first half to £8.2m
(H1 2024: £7.6m). Adjusted profit before tax(3) was 12% lower at £9.3m (H1
2024: £10.5m), which mainly reflected the decrease in total revenue.
Nonetheless, the adjusted EBITDA margin remained robust at 47.7% (H1 2024:
48.9%) and the Company continued to generate strong cash flows, with improved
cash conversion. Net cash at 31 March 2025, after payment of dividends, was up
by 17% to £31.2m (31 March 2024: £26.6m).
Total new orders were 3% lower than the prior period at £19.6m (31 March
2024: £20.2m), however, the new customer sales pipeline stands at a very
healthy £261m, a 3% increase (31 March 2024: £254m). The back-order book(6)
closed higher, up 7% to £50.2m at 31 March (H1 2024: £47.1m). Following the
recent signing of a c. £8m implementation services agreement with an
existing, major European customer, the back-order book at 30 April 2025(7)
increased by 23% to £56.5m (30 April 2024: £45.8m). We expect to sign a
substantial licence extension with this same customer. Once signed, the
combined deal value of these agreements is expected to count amongst our
largest new deal values.
We continued to develop our resources across our main operating bases in the
UK, Bulgaria and India, and expanded our regional sales presence to support
our on-going expansion strategy.
Despite recently unsettled global trading conditions, our trading backdrop
remains favourable and we continue to see strong market demand for our
product-focussed, SaaS solutions. Investment in enterprise software delivers
significant revenue, operational and efficiency benefits to telcos, enabling
them to leverage better returns on existing network infrastructure
investments. Our 'out-of-the-box' product provides distinct advantages as it
is a more cost effective and flexible solution compared to traditional bespoke
solutions. This helps to underpin our confidence in the Company's future
growth prospects.
Looking ahead over the balance of the current financial year, we expect a
stronger performance in H2 than in H1 and remain confident of delivering
consensus market expectations for the financial year and beyond. Our view is
based on continuing successful execution, the robust back-order book, closure
of anticipated term renewals and extensions as well as our strong new business
pipeline.
Financial Overview
Revenue for the six months ended 31 March 2025 decreased by 7% to £20.9m (H1
2024: £22.5m). This mainly reflects the reduction in licence revenue
recognised against a strong comparator in 2024, when the majority of
renewals/extensions occurred in the first half. This financial year, we
anticipate a heavier weighting of licence renewals/extensions in the second
half.
The mix of revenue shifted significantly towards Services revenue, which rose
by 24% period-on-period to £10.3m, or 49% of total revenue (H1 2024: £8.3m
and 37% of total revenue). Software(1) revenue at £9.6m accounted for 46% of
total revenue (H1 2024: £13.2m and 59% of total revenue). Other(1) revenue
amounted to £1.0m or 5% of total revenue (H1 2024: £1.0m and 4% of total
revenue) and included the re-selling of third-party hardware, hosting fees and
rebillable expenses.
Despite lower Software revenue, the gross margin was slightly higher than in
the prior period at 80.6% (H1 2024: 80.4%). This mainly reflected improved
operational efficiencies, which led to an increase in day rates achieved on
key implementation projects.
Existing customers (those customers acquired at least 12 months before the end
of the reporting period) accounted for a very high proportion of the Group's
revenue and generated 98% of total revenue in the period (H1 2024: 89%).
Recurring revenue in the period(2) grew by 8% to £8.2m (H1 2024: £7.6m) and
comprised 39% of the Group's revenue (H1 2024: 34%). The rise reflected
increased uptake of support and maintenance by existing customers as well as
fee increments.
Operating expenses of £8.1m remained broadly consistent period-on-period (H1
2024: £8.1m). Increases from higher headcount, depreciation, amortisation and
inflation were offset by favourable foreign exchange, favourable headcount mix
and higher capitalisation of development costs.
Adjusted earnings before interest, tax, depreciation and amortisation
("EBITDA"), which excludes share based payment charges, decreased by 9% to
£10.0m (H1 2024: £11.0m). Statutory EBITDA decreased by 9% to £9.9m (H1
2024: £10.9m).
Adjusted profit before tax(3) decreased by 12% to £9.3m (H1 2024: £10.5m)
and adjusted earnings per share(4) was 13% lower at 23.9p (H1 2024:
27.6p). Statutory profit before tax decreased by 11% to £9.3m (H1 2024:
£10.4m), and statutory earnings per share decreased by 13% to 23.8p (H1 2024:
27.3p).
The balance sheet remains strong. Net assets rose by 21% to £51.6m as at 31
March 2025 (31 March 2024: £42.5m).
Cash Flow and Banking
Net cash at 31 March 2025 increased by 17% to £31.2m (31 March 2024:
£26.6m), with no debt in either period. Net cash generated from operations
in the period increased to £7.0m (H1 2024: £5.3m).
Development costs of £0.9m were capitalised in the period (H1 2024: £0.6m)
after investment to further enhance the Company's intellectual property.
Free cash generation in the period was £5.9m (H1 2024: £4.7m) principally
reflecting lower investment in working capital due to the lower software
revenue recognised, partly offset by lower profit and higher capex. Cash
generated in the period was partly utilised to pay the final dividend of
£2.7m (H1 2024: £2.4m) in respect of the year ended 30 September 2024.
Dividend
The Board is pleased to declare an increased interim dividend of 4.8p per
share (H1 2024: 4.0p), a 20% rise year-on-year. The interim dividend will
become payable on 20 June 2025 to shareholders on the Company's register as at
the close of business on the record date of 30 May 2025. The ex-dividend date
is 29 May 2025.
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
We signed a major new customer contract worth $11.4m over five years in
January 2025 with a major national telecoms operator in Armenia. We are
installing our BSS/OSS(5) software to support over one million B2B and B2C
customers across fixed, mobile, broadband and TV services. The revenue
benefits from this new win are expected to come through meaningfully in the
second half of the current financial year, and we see scope for this new
relationship to expand further over time. We also agreed a £5.4m term renewal
in March 2025 with an existing European customer, and after the period-end,
closed a c. £8m implementation services contract with another key European
customer. This major contract extension provides the services framework for
the migration of a recently acquired, tier-1 customer base onto our BSS/OSS
platform. We expect to sign a second, substantial contract in due course,
which will cover term licensing, maintenance, managed services and Evergreen
software updates for this new customer base. The selection process was
rigorous, involving external consultants and all key business stakeholders.
Our solution replaces that of one of the largest operators in the BSS/OSS
space, which we see as providing further important validation of our product
and 'as a service' strategy.
We continued to invest in R&D, releasing new features and functionality
improvements twice a year. Our Evergreen programme enables customers to remain
up to date with the latest enhancements, with updates implemented on a regular
basis as soon as new product releases become available. Its take-up is
increasing as more customers embrace the full Software-as-a-Service model. AI
is a particular focus in our R&D programme, and the release of Cerillion
25.1 in the first half introduced a set of new AI-powered intelligent
assistants that streamline both our customers' and their end-customers'
experience:
· Bill Intelligence - uses GenAI to automatically compare an
end-customer's latest bill with their previous one, delivering clear,
natural-language explanations for any differences through all engagement
channels. This enables a more proactive approach to addressing bill
variations.
· Sales Assistant - uses GenAI to enhance the buying experience of a
teleco's end-customer. The end-customer can describe in natural language what
they need and the system intelligently selects the best-match products,
automatically populating the shopping cart and generating a quote for
acceptance.
· Promotions Assistant - uses GenAI-powered natural language and image
recognition to help telecos to build new promotions in seconds.
These new tools are designed to reduce complexity for telecoms providers and
their internal teams. Cerillion 25.1 includes a powerful, new Promotions
Engine, which is designed to help telcos to increase revenue through dynamic
promotional campaigns, based on a wide range of customer behaviours and
triggers, such as frequent top-ups, consistent monthly spending and usage
patterns, following an "if this, then that" pattern. Traditional campaign
systems often lack the real-time integration to deliver dynamic and timely
offers. Cerillion's new Promotions Engine addresses this.
Outlook
Prospects remain very promising and the business is well-placed for continuing
progress. The market opportunity remains significant and the commercial and
operational advantages to our 'productised' and 'as-a-service' approach are
compelling. The business remains highly differentiated against the other
providers in the marketplace.
The Company's balance sheet is very strong, with no debt and significant net
cash. This provides a strong platform to support Cerillion's continued growth
and development.
Results for the year are expected to be second-half weighted and we believe
that the Company remains well-positioned to deliver market forecasts for the
full year and beyond. This is based on new orders signed to date and the
strong new business pipeline, which includes further licence extensions. We
continue to view long-term prospect very positively.
Alan Howarth Louis Hall
Chairman Chief Executive Officer
Notes:
(1) Software revenue is made up of licence, support and maintenance, managed
service and Skyline revenue. In the prior period, third-party licence revenue
was reported within Other revenue. In order to give a clearer view on the
Group's performance, and to be consistent with the definition used for FY24
reporting, third-party licence revenue is now reported within Software
revenue. The prior year comparatives have been updated to reflect this change.
(2) Recurring revenue includes support and maintenance, managed service,
Skyline and third-party hardware and hosting revenue reported in the period.
(3) Adjusted profit before tax is a non-GAAP, Company-specific measure which
is earnings excluding taxes and share-based payment charges.
(4) Adjusted earnings per share is a non-GAAP, Company-specific measure which
is earnings after taxes, excluding share-based payment charges 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.
(6) Back-order book of £50.2m consists of £40.6m of orders contracted but
not yet recognised plus £9.6m of annualised support and maintenance revenue.
It is anticipated that c. 45% of the £40.6m of orders contracted but not yet
recognised as at the end of the reporting period will be recognised within 12
months from 31 March 2025.
(7) As at 30 April 2025, back-order book had increased to £56.5m consisting
of £46.9m of sales contracted but not yet recognised plus £9.6m of
annualised support and maintenance revenue. It is anticipated that c. 45% of
the £46.9m of orders contracted but not yet recognised as at the end of the
reporting period will be recognised within 12 months from 30 April 2025.
(8) New customer sales pipeline is the total, unweighted value of all
qualified sales prospects.
INTERIM FINANCIAL INFORMATION
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 31 March 2025
Consolidated Consolidated Consolidated
Unaudited Unaudited Audited
half year to half year to year to
31 Mar 2025 31 Mar 2024 30 Sep 2024
£'000 £'000 £'000
Continuing operations
Revenue 20,915 22,516 43,751
Cost of sales (4,060) (4,421) (8,549)
Gross profit 16,855 18,095 35,202
Operating expenses (8,139) (8,063) (16,450)
Impairment losses on financial assets - (177) (340)
Adjusted EBITDA* 9,975 11,020 20,749
Depreciation and amortisation (1,232) (1,085) (2,184)
Share based payment charge (27) (80) (153)
Operating profit 8,716 9,855 18,412
Finance costs (84) (45) (110)
Finance income 642 626 1,392
Adjusted profit before tax** 9,301 10,516 19,847
Share based payment charge (27) (80) (153)
Profit before tax 9,274 10,436 19,694
Taxation (2,235) (2,379) (4,433)
Adjusted profit for the period*** 7,066 8,137 15,414
Share based payment charge (27) (80) (153)
Profit for the period 7,039 8,057 15,261
Other comprehensive income
Exchange differences on translating foreign operations
11 (166) (150)
Total comprehensive profit for the period
7,050 7,891 15,111
All transactions are attributable to the owners of the parent.
H1 2025 H1 2024 FY 2024
Basic earnings per share - continuing and total operations 23.8 pence 27.3 pence 51.7 pence
Diluted earnings per share - continuing and total operations 23.8 pence 27.2 pence 51.5 pence
Adjusted basic earnings per share from continuing operations
23.9 pence 27.6 pence 52.2 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 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.
Unaudited Condensed Consolidated Statement of Changes in Equity
as at 31 March 2025
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 2023 (audited) 147 13,319 346 - (192) 23,265 36,885
Profit for the period - - - - - 8,057 8,057
Exchange difference on translating foreign operations - - - - (166) - (166)
Total comprehensive income - - - - (166) 8,057 7,891
Share option charge - - 80 - - - 80
Purchase and issue of treasury stock - - (3) - - (11) (14)
Dividends - - - - - (2,361) (2,361)
Balance at 31 March 2024 (unaudited) 147 13,319 423 (358) 28,950 42,481
-
Profit for the period - - - - - 7,204 7,204
Exchange difference on translating foreign operations - - - - 16 - 16
Total comprehensive income - - - - 16 7,204 7,220
Share option charge - - 73 - - - 73
Purchase and issue of treasury stock - - 3 (368) - - (365)
Exercise of share options - - (105) 368 - 17 280
Dividends - - - - - (1,181) (1,181)
Balance at 30 September 2024 (audited) 147 13,319 394 - (342) 34,990 48,508
Profit for the period - - - - - 7,039 7,039
Exchange difference on translating foreign operations - - - - 11 - 11
Total comprehensive income - - - - 11 7,039 7,050
Issue of new shares 1 - - - - - 1
Share option charge - - 27 - - - 27
Purchase and issue of treasury stock - - - (1,384) - - (1,384)
Exercise of share options - - (155) 620 - (400) 65
Dividends - - - - - (2,715) (2,715)
Balance at 31 March 2025 (unaudited) 148 13,319 266 (331) 38,914 51,552
(764)
Unaudited Condensed Consolidated Balance Sheet
as at 31 March 2025
Consolidated Consolidated Consolidated
Unaudited Unaudited 31 Mar 2025 Unaudited Audited
Note £'000 31 Mar 2024 30 Sep 2024
£'000 £'000
Assets
Non-current assets
Goodwill 2,053 2,053 2,053
Other intangible assets 2,969 2,428 2,626
Property, plant and equipment 552 578 546
Right-of-use assets 3,192 1,999 2,181
Other receivables 5 9,019 9,414 8,082
Deferred tax assets 247 235 240
18,032 16,707 15,728
Current assets
Trade receivables 4,660 3,622 4,196
Other receivables 5 13,586 12,640 13,328
Cash and cash equivalents 31,213 26,610 29,850
49,459 42,872 47,374
Total assets 67,491 59,579 63,102
Liabilities
Non-current liabilities
Other payables 5 661 718 605
Deferred tax liabilities 604 671 604
Lease liabilities 2,767 1,920 1,926
4,032 3,309 3,135
Current liabilities
Trade payables 733 1,978 905
Other payables 5 10,197 11,018 9,681
Lease liabilities 977 793 873
11,907 13,789 11,459
Total liabilities 15,939 17,098 14,594
51,552 42,481 48,508
Net assets
Equity attributable to shareholders
Share capital 148 147 147
Share premium account 13,319 13,319 13,319
Treasury stock (764) - -
Foreign exchange reserve (331) (358) (342)
Share option reserve 266 423 394
Retained earnings 38,914 28,950 34,990
Total Equity 51,552 42,481 48,508
Unaudited Condensed Consolidated Cash Flow Statement
for the six months ended 31 March 2025
Consolidated Consolidated Consolidated
Unaudited half year to 31 Mar 2025 Unaudited Audited
£'000 half year to year to
31 Mar 2024 30 Sep 2024
£'000 £'000
Operating activities
Reconciliation of profit to operating cash flows
Profit for the period 7,039 8,057 15,261
Add back:
Taxation 2,235 2,379 4,433
Depreciation 654 579 1,133
Amortisation 578 506 1,051
Share option charge 27 80 153
Finance costs 84 45 110
Finance income (642) (626) (1,392)
9,975 11,020 20,749
Increase in trade and other receivables (1,508) (5,258) (4,936)
Increase/(decrease) in trade and other payables 676 1,318 (1,185)
Cash from operations 9,143 7,080 14,628
Finance costs (84) (45) (110)
Finance income 490 428 942
Tax paid (2,509) (2,160) (4,253)
Net cash generated from operating activities 7,040 5,303 11,207
Investing activities
Capitalisation of development costs (921) (560) (1,303)
Purchase of property, plant and equipment (239) (27) (207)
Net cash used in investing activities (1,160) (587) (1,510)
Financing activities
Purchase of treasury stock (1,384) (24) (368)
Receipts from exercise of share options 65 10 269
Principal elements of finance leases (486) (444) (894)
Dividends paid (2,715) (2,361) (3,542)
Net cash used in financing activities (4,520) (2,819) (4,535)
Net increase in cash and cash equivalents 1,360 1,897 5,162
Translation differences 3 (25) (50)
Cash and cash equivalents at beginning of period 29,850 24,738 24,738
Cash and cash equivalents at end of period 31,213 26,610 29,850
Unaudited Notes
1. Basis of Preparation and Accounting Policies
The condensed financial information is unaudited and was approved by the Board
of Directors on 16 May 2025.
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 2025 has been prepared in accordance with UK-adopted
International Accounting Standards. The interim financial information for the
six months ended 31 March 2025 has been prepared under the historical cost
convention.
The interim financial information for the six months ended 31 March 2025 does
not constitute statutory accounts within the meaning of section 434 of the
Companies Act. Statutory accounts for the year ended 30 September 2024 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 2025 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 2025. 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 2025. 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 £27,362 (six months to 31 March 2024
£80,367) relating to P&L charges in respect of the Group's share based
payment charges.
5. Other receivables and other payables
Unaudited Unaudited Audited
31 Mar 2025 31 Mar 2024 30 Sep 2024
£'000 £'000 £'000
Other receivables - non-current
Amounts recoverable on contracts 8,943 9,334 8,082
Other receivables 76 80 -
9,019 9,414 8,082
Other receivables - current
Amounts recoverable on contracts 11,227 10,051 10,273
Prepayments 1,755 2,070 2,296
Other receivables 604 519 759
13,586 12,640 13,328
Other payables - non-current
Other payables 640 614 605
Deferred income 21 104 -
661 718 605
Other payables - current
Taxation 1,027 1,248 1,297
Other taxation and social security 476 438 522
Pension 75 59 61
Accruals and provisions 3,593 3,203 3,912
Deferred income 4,554 5,721 3,527
Other payables 472 349 362
10,197 11,018 9,681
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR GPURAAUPAGAQRecent news on Cerillion
See all newsREG - Cerillion PLC - Interim Results
AnnouncementREG - Cerillion PLC - Result of General Meeting
AnnouncementREG - Cerillion PLC - Notice of Results and Investor Presentation
AnnouncementREG - Cerillion PLC - Notice of General Meeting
AnnouncementREG - Cerillion PLC Canaccord GenuityGrp - TR-1 Notification
Announcement