REG - Cordel Group PLC - Half-year Report
01/02/2022 07:00
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RNS Number : 2324A Cordel Group PLC 01 February 2022
1 February 2022
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Interim Results
Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces unaudited results for the six months
ending 31 December 2021, and the appointment of Mr Michael Turner to the
(non-Board) role of Chief Revenue Officer (CRO).
Six months to Six months to % change % change
31 December 2020 31 December 2021 (constant currency*)
£'000 £'000
Total revenue 728 629 -13% -11%
Cost of sales 247 329 +33% +38%
Total expenses 1,274 1,564 +23% +27%
Other income 112 -
EBITDA (681) (1,264) -85% -93%
*Constant currency reflects the results had the underlying transactional
currencies, (i.e. USD, AUD and GBP) remained constant across the full
financial year
Highlights:
· Total revenue down 13% in reported currency and 11% at constant
currency.
· Total expenses increased by 23% (27% at constant currency) as the
Company invested in additional engineers and sales staff, in response to the
large-scale contracts won in the UK and USA.
· As at 31 December 2021, cash balance was £935,049 and net assets
were £2,488,337.
· Appointment of Mike Turner in a new leadership role, Chief Revenue
Officer to strengthen the alignment between marketing, sales and customer
support.
· UK achievements during the period include a six-and-a-half-year
contract with Network Rail to replace the UK's National Gauging Database
(NGD), a contract with Network Rail High Speed and Network Rail has approved
Cordel technology for use in clearance gauging across the UK rail network.
· USA achievements include expansion of relationship with Class 1
Railroad customer and a partnership with leading US rail inspection
company Holland, L.P to expand US market presence.
· Large backlog of work being carried into second half, Group targeting
to be cash flow positive in fourth quarter.
Ian Buddery, Chairman, Cordel, said: "We have delivered positive progress with
contract wins and exciting partnerships during the period, however, the
interim results are currently running behind our plan. As stated in our
December trading update, our business was impacted by Covid in the second
half, with border closures in Australia and staff at our key customers in
self-quarantine that delayed projects in the USA. However, the board has
also recognised that we can benefit from adding significant customer facing
expertise to better manage the large and complex customer accounts we are now
dealing with which, in the period under review would have helped plan for and
mitigate revenue slippage.
"Therefore, we have appointed a Chief Revenue Officer. The CRO will have
direct involvement with customers to map their internal procurement processes,
ensure disciplined sales management and deliver comprehensive account
planning. We are delighted to have secured an experienced and capable
individual to fill this new role, Mike Turner. Mike has been a highly
successful senior sales manager in the software industry since 1994, working
for major multi-nationals and early-stage businesses. Based in London, Mike
will be responsible for all revenue across the Group and is tasked with
securing more revenue and growth in line with shareholder expectations.
"Despite today's results, we look forward with confidence. In the last six
months, among other positive steps, we have been awarded a six-and-a-half-year
contract with Network Rail to replace the UK's National Gauging Database,
expanded our relationship with a major US customer, and formed a partnership
with Holland LP in the US. The Group is carrying a large backlog of work
into the second half, which we expect to produce growth for the full year. We
are targeting to be cashflow positive in the fourth quarter."
Enquiries:
Cordel Group PLC c/o SEC Newgate
Ian Buddery, Chairman
Nick Smith, CEO
Arden Partners (Broker and Nominated Adviser) +44 (0)20 7614 5900
Ruari McGirr / Richard Johnson
SEC Newgate (Financial PR) +44(0) 7540 106366
Robin Tozer / Bob Huxford
About Cordel
Cordel offers a patented cloud-based platform for master data management and
business analytics, together with specialist hardware and software for
capturing, analysing and reporting on large datasets within the transport
sector, employing sophisticated artificial intelligence algorithms.
Further information on the Company is available at: www.cordel.ai
(http://www.cordel.ai)
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
Cordel Group plc
Review of operations by the Chief Executive Officer
31 December 2021
Cordel Group Plc ("the Group") offers a patented cloud-based platform for
master data management and business analytics, together with specialist
hardware and software for capturing, analysing and reporting on large datasets
within the transport and infrastructure sectors, employing sophisticated
artificial intelligence algorithms.
Overview of results
During the half year the Company secured new contracts in the UK, USA and
Australia, the majority of revenue from which will occur in 2022. Ongoing
sales activity resulted in a large opportunity pipeline with further contracts
expected to be secured in the June half.
Resources were invested in continuing development of the Cordel Artificial
Intelligence analytics platform and in the development of a new Nextcore
"Lumos" LiDAR product, released in December 2021.
Revenue for the half year is summarised as follows:
Six Months to Six Months to Change
31 December 2021 31 December 2020
£ '000 £ '000
Airsight 229 147 +56%
NextCore 194 266 -27%
Cordel 206 315 -35%
Total Revenue 629 728 -14%
Underlying EBITDA for the period was a loss of £1.264 million.
Ongoing operations
The Company operates from offices in London, UK and Newcastle, Australia with
staff in these locations and in the USA. The Company has customers in
Australia, New Zealand, UK, Japan and the USA. As of 31 December 2021, the
Company had cash and receivables totalling £1.08m.
Outlook
The Company continues to be awarded new contracts following competitive bid
processes. This results in steady growth of the total mileage of railway track
under long-term data management and, combined with new analytic services
released in 2021 and planned for 2022, will produce growth in recurring
revenue.
Nicholas Smith
Chief Executive Officer
1 February 2022
Cordel Group PLC
Review of operations by the Chief Financial Officer
31 December 2021
A summary of the Group's results are as follows:
Six Months to Six Months to
31 December 2021 31 December 2020 Change
£ '000 £ '000
Revenue from contracts with customers 629 728 -13%
Total Revenue 629 728 -13%
Direct Cost of sale 329 247 +33%
Gross Margin 300 481 -38%
Employee expenses 981 823 +19%
Occupancy expenses 12 10 +20%
Professional Fees 292 277 +5%
Other operational expenses 279 164 +70%
Total expenses 1,564 1,274 +23%
Other income - 110 -100%
Interest income - 2 -100%
EBITDA (earnings before interest expenses, taxation, depreciation and (1,264) (681) -85%
amortisation adjusted for other one-off items
Depreciation 74 41 +80%
Finance Costs 6 6 -
Other non-operating costs 5 6 -16%
Loss before income tax expenses (1,349) (734) -84%
Income tax - - -
Loss after income tax expense (1,349) (734) -84%
The above consolidated statements of profit or loss and other comprehensive
income should be read in conjunction with the accompanying notes
Revenue
Total revenue for the period decreased by 13% to £0.63 million.
Operating expenses
Overall operating increased by £0.29 million compared to the previous
corresponding period primarily as a result of increases in staff and external
parties engaged in the development of the Cordel and Nextcore products.
Staff expenses increased £0.16 million to £0.98 million. Insurance costs
increased by 110% due to COVID-19 impacts on the global insurance market.
As at 31 December 2021, Cordel employed 33 staff across Australia, the UK and
USA.
Underlying EBITDA for the period was a loss of £1.26 million, prior period
was £0.68 million.
Finance and other non-operating expenditure were £0.011 million for the
period relating to the amortisation of right to use assets, primarily property
leases.
The loss after tax for the period was £1.35 million, an increase of 84%
compared to £0.73 million in the previous corresponding period.
Balance sheet, cash and working capital
The Group balance sheet shows cash resources of £0.93 million and receivables
of £0.14 million as at 31 December 2021. Cash outflow from operating
activities was £0.54 million.
Underlying basis of EBITDA
The Group manages its operations by looking at the underlying EBITDA which
excludes the impact of a number of one-off and non-cash items as this, in the
Board's opinion, provides a more representative measure of the Group's
performance. A reconciliation between the reported loss before tax and
underlying EBITDA is included at note 6 to the financial statements.
Robert Lojszczyk
Chief Financial Officer
1 February 2022
Cordel Group plc
Consolidated statements of profit and loss and other comprehensive income
For the period ended 31 December 2021
Unaudited six months Audited year
ended 31 December ended 30 June
Note 2021 2020 2021
£ £ £
Revenue from contracts with customers 4 628,793 728,392 1,689,998
Total Revenue 628,793 728,392 1,689,998
Direct Cost of sale (328,613) (247,163) (649,274)
Gross Margin 300,181 481,229 1,040,724
Employee expenses (981,624) (822,665) (1,711,384)
Occupancy expenses (12,181) (10,397) (21,898)
Professional Fees (291,784) (276,834) (541,990)
Other operational expenses (278,864) (164,434) (487,461)
Total expenses (1,564,453) (1,274,329) (1,722,009)
Other income 5 - 109,522 616,760
Interest income - 1,723 7,057
EBITDA (earnings before interest expenses, taxation, depreciation and (1,264,272) (681,855) (1,098,192)
amortisation adjusted for other one-off items
Depreciation (74,231) (40,523) (113,068)
Finance Costs (5,469) (5,837) (11,112)
Other non-operating costs (5,031) (5,972) -
Loss before income tax expenses (1,349,003) (734,187) (1,222,372)
Income tax - - 200,551
Loss after income tax expense for the period (1,349,003) (734,187) (1,021,821)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation (4,560) 124,425 (20,699)
Share option reserve - - 72,148
Total comprehensive income for the period (1,344,443) (609,762) (970,372)
Loss for the period attributable to:
Non-controlling interest - - -
Owners of Cordel Group plc (1,349,003) (734,187) (1,021,821)
(1,349,003) (734,187) (1,021,821)
Total comprehensive income for the period is attributable to:
Non-controlling interest - - -
Owners of Cordel Group plc (1,344,443) (609,762) (970,372)
(1,344,443) (609,762) (970,372)
Basic earnings per share (pence per share) 15 (0.80) (0.50) (0.61)
Diluted earnings per share (pence per share) 15 (0.80) (0.50) (0.61)
The above consolidated statements of profit or loss and other comprehensive
income should be read in conjunction with the accompanying notes
Cordel Group plc
Consolidated balance sheet as at 31 December 2021
Unaudited Audited
December 31 June 30
Note 2021 2020 2021
Assets £ £ £
Non-current assets
Intangibles 1,223,403 1,223,403 1,223,403
Lease Assets 110,985 110,906 132,518
Property, plant & equipment 166,439 122,224 126,831
Total non-current assets 1,500,827 1,456,533 1,482,752
Current assets
Trade and other receivables 7 142,380 223,518 522,212
Other 8 588,239 316,189 913,478
Cash and cash equivalents 935,049 849,898 1,538,150
Total current assets 1,665,668 1,389,605 2,973,840
Total Assets 3,166,495 2,846,139 4,456,592
Liabilities
Non-Current liabilities
Lease Liabilities 75,155 63,000 96,588
Total non-current liabilities 75,155 63,000 96,588
Current liabilities
Trade and other payables 9 375,482 374,804 340,185
Unearned Income 10,581 25,963 10,680
Lease Liabilities 40,303 52,706 40,680
Borrowings 39,261 15,200 -
Employee benefits 137,376 78,205 126,558
Total current liabilities 603,003 546,878 518,104
Net assets/(liabilities) 2,488,337 2,236,261 3,841,900
Equity
Share Capital 1,687,661 1,460,854 1,687,661
Share premium account 9,520,634 7,781,192 9,520,634
Other reserves 10 2,327,063 2,404,599 2,331,622
Accumulated losses (11,047,021) (9,410,384) (9,698,017)
Equity/(deficiency) attributable to the owners of Cordel Group plc 2,488,337 2,236,261 3,841,900
Non-controlling interest - - -
Total equity/(deficiency) 2,488,337 2,236,261 3,841,900
The above consolidated balance sheet should be read in conjunction with the
accompanying notes
The interim financial statements of Cordel Group plc (company number 1109701
(England and Wales)) were approved by the Board of Directors and authorised
for issue on 1 February 2022. They were signed on its behalf by:
Ian Buddery
Jonathan Macleod
Chairman
Director
1 February
2022
1 February 2022
Cordel Group plc
Consolidated statements of changes in equity
For the period ended 31 December 2021
Share Share Other Accumulated Total
Unaudited six months ended Capital premium reserves Losses deficiency
31 December 2020 account* in equity
£ £ £ £ £
Balance at 1 July 2020 1,460,854 7,781,192 2,280,174 (8,676,197) 2,846,023
Loss after income tax expense for the period - - - (734,187) (734,187)
Other comprehensive income for the period, net of tax - - 124,425 - 124,425
Total comprehensive income for the period - - 124,425 (734,187) 609,762
Transactions with owners in their capacity as owners:
Share-based payments (note 16) - - - - -
Balance at 31 December 2020 1,460,854 7,781,192 2,404,599 (9,410,384) 2,236,261
Share Share Other Accumulated Total
Unaudited six months ended Capital premium reserves Losses Deficiency
31 December 2021 account* in equity
£ £ £ £ £
Balance at 1 July 2021 1,687,661 9,520,634 2,331,622 (9,698,017) 3,841,900
Loss after income tax expense for the period - - - (1,349,003) (1,349,003)
Other comprehensive income for the period, net of tax - - (4,559) - (4,559)
Total comprehensive income for the period - - (4,559) (1,349,003) (1,353,562)
Transactions with owners in their capacity as owners:
Share-based payments (note 16) - - - - -
Balance at 31 December 2021 1,687,661 9,520,634 2,327,063 (11,047,021) 2,488,337
v The share premium account is used to recognise the difference between the
issued share capital at nominal value and the share capital received, net of
transaction costs.
Cordel Group plc
Consolidated statements of changes in equity (cont'd)
For the period ended 31 December 2021
Share Share Other Accumulated Total
Audited year ended Capital premium reserves Losses deficiency
30 June 2021 account* in equity
£ £ £ £ £
Balance at 1 July 2020 1,460,854 7,781,192 2,280,174 (8,676,197) 2,846,023
Loss after income tax expense for the period - - - (1,021,821) (1,021,821)
Other comprehensive income for the period, net of tax - - 51,449 - 51,449
Total comprehensive income for the period - - 51,449 (1,021,821) (970,372)
Transactions with owners in their capacity as owners:
Share Issue 226,807 1,739,442 - - 1,966,248
Balance at 30 June 2021 1,687,661 9,520,634 2,331,622 (9,698,017) 3,841,900
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes
Cordel Group plc
Consolidated statements of cash flows
For the period ended 31 December 2021
Unaudited six months Audited year
ended December 31 ended June 30
2021 2020 2021
£ £ £
Cash flows from operating activities
Loss before income tax expense for the period (1,349,003) (734,187) (1,021,821)
Adjustments for:
Depreciation and amortisation 74,231 40,523 113,068
Loss/(Gain) on disposal of equipment - - 1,272
Share option reserve - - 72,148
Foreign exchange differences 5,031 - (14,791)
Interest received - (1,723) (7,057)
Interest and other finance costs 5,469 5,837 11,112
(1,264,272) (689,550) (846,069)
Change in operating assets and liabilities:
Increase in inventories (72,520) (126,236) (54,982)
Decrease/(increase) in trade and other receivables 482,456 218,142 (340,369)
Increase/(decrease) in lease assets (21,878) (14,822) -
Decrease/(increase) in other operating assets 397,217 (2,594) (411,435)
(Decrease)/Increase in trade and other payables (107,959) (41,651) 86,771
Decrease in other liabilities 39,162 - (243,373)
Increase/(decrease) in lease liabilities (21,811) (13,809) -
Increase (decrease) in employee benefits 36,296 (11,098) -
(533,309) (681,618) (1,809,457)
Interest Received - 1,723 7,057
Interest and other finance costs paid (5,469) (5,837) (3,366)
Net cash used in operating activities (538,778) (685,732) (1,805,765)
Cash flows from investing activities
Payments for property, plant and equipment (90,508) (72,438) (158,496)
Net cash used in investing activities (90,508) (72,438) (155,784)
Cash flows from financing activities
Proceeds from issue of shares - - 1,966,248
Interest on lease payments - - (7,747)
Repayment lease arrangements - (11,069) (18,394)
Net cash from financing activities - (11,069) (1,940,107)
Net increase/(decrease) in cash and cash equivalents (629,286) (769,239) (21,442)
Cash and cash equivalents at the beginning of the financial period 1,538,150 1,564,267 1,564,267
Effects of exchange rate changes on cash and cash equivalents 26,185 54,870 (4,675)
Cash and cash equivalents at the end of the financial period 935,049 849,898 1,538,150
The above consolidated statements of cash flows should be read in conjunction
with the accompanying notes
Cordel Group plc
Notes to the consolidated financial statements
For the period ended 31 December 2021
Note 1. General information
The financial statements cover Cordel Group plc ('Company') as a consolidated
entity consisting of Cordel Group plc and the entities it controlled at the
end of, or during, the period (referred to as the 'Group'). The financial
statements are presented in Pounds Sterling, which is Cordel Group plc's
functional and presentation currency.
The Company was incorporated on 6 December 2017 as a private company,
Maestrano Group Limited. On 11 May 2018, the Company converted to a public
company, Maestrano Group plc and on 30 May 2018 was admitted onto the
Alternative Investment Market ('AIM'). On 19 April 2018, as part of a group
reorganisation, the Company acquired 100% of the ordinary shares of Maestrano
Pty Ltd from the existing shareholders and became the immediate and ultimate
parent of the Group. On 31 October 2019, Maestrano Group plc acquired 100%
of the shares in Airsight Holdings Pty Limited, an Australian based company.
On the 18 November 2021, Maestrano Group plc changed its name to Cordel Group
plc.
Cordel Group plc is a listed public company limited by shares, incorporated
and domiciled in England and Wales. Its registered office and principal place
of business are:
Registered office
Principal place of business
10 John
Street 2/2
Frost Drive
London WC1N 2EB
Mayfield West NSW 2304
United
Kingdom
Australia
A description of the nature of the Group's operations and its principal
activities are included in the directors' report, which is not part of the
financial statements. The financial statements were authorised for issue, in
accordance with a resolution of directors, on 1 February 2022. The directors
have the power to amend and reissue the financial statements.
Note 2. Significant accounting policies
These financial statements for the interim half-year reporting period ended 31
December 2021 have been prepared in accordance with International Accounting
Standards IAS 34 'Interim Financial Reporting'.
These interim financial statements do not include all the notes of the type
normally included in annual financial statements. Accordingly, these financial
statements are to be read in conjunction with the annual report for the year
ended 30 June 2021 and any public announcements made by the Company during the
interim reporting period.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and
Interpretations issued by the International Accounting Standards Board that
are mandatory for the current reporting period. Any new or amended
Accounting Standards or Interpretations that are not yet mandatory have not
been early adopted.
Going concern
The financial statements have been prepared assuming the Group will continue
as a going concern. Under the going concern assumption, an entity is
ordinarily viewed as continuing in business for the foreseeable future. In
assessing whether the going concern assumption is appropriate, the directors
have considered the Group's existing working capital and are of the opinion
that the Group has adequate resources to undertake its planned program of
activities for the 12 months from the date of approval of these financial
statements. Further details of the directors' considerations in relation to
going concern are included in the directors' report.
Note 3. Operating segments
Identification of reportable operating segments
The Group operates in one segment being provision of data integration and
analytic services. This operating segment is based on the internal reports
that are reviewed and used by the Board of Directors (who are identified as
the Chief Operating Decision Makers ('CODM')) in assessing performance and in
determining the allocation of resources.
The operating segment information is the same information as provided
throughout the consolidated financial statements and are therefore not
duplicated.
Note 4. Revenue from contracts with customers
Unaudited six months Audited year
ended December 31 ended June 30
2021 2020 2021
£ £ £
Airsight 229,034 146,868 345,663
Nextcore 193,554 266,425 462,849
Cordel 206,206 315,099 881,486
Revenue from contracts with customers 628,793 728,392 1,689,998
Disaggregation of revenue
The disaggregation of revenue from contracts with customers is as follows:
Unaudited six months Audited year
ended December 31 ended June 30
Geographical regions 2021 2020 2021
£ £ £
United Kingdom 117,507 129,964 421,895
Australia/New Zealand 401,871 506,299 1,035,136
United States of America 38,905 (16,614) (9,828)
Asia 70,510 86,078 220,368
Europe - 22,664 22,427
628,793 728,392 1,689,998
Enterprise implementation and enterprise subscriber income are recognised as
revenue over time as
opposed to a point in time. Airsight revenue is recognised when work has
been completed
and invoiced.
Note 5. Other income Unaudited six months Audited year
ended December 31 ended June 30
2021 2020 2021
£ £ £
Government grants and rebates - 109,522 600,819
Other Income - - 15,941
- 109,522 616,760
In FY2021 Government grants and rebates predominantly related to Australian
and NSW Government support for the COVID-19 pandemic
Note 6. EBITDA reconciliation (earnings before interest expense, taxation,
depreciation and amortisation)
Unaudited six months Audited year
ended December 31 ended June 30
2021 2020 2021
EBITDA reconciliation £ £ £
Loss before income tax (1,349,003) (734,187) (1,222,372)
Less: Interest revenue - - (7,057)
Add: Interest expense 5,469 5,837 11,112
Add: Depreciation and amortisation 74,231 40,523 113,067
Add: Other non-operating costs 5,031 - -
EBITDA (1,264,272) (687,827) (1,105,248)
Unaudited six months Audited year
ended December 31 ended June 30
2021 2020 2021
Underlying EBITDA reconciliation £ £ £
EBITDA (1,264,272) (687,827) (1,105,248)
IPO - - -
Restructuring costs and Enterprise Investment Scheme set-up costs; acquisition - 5,972 -
costs
Underlying EBITDA (1,264,272) (681,855) (1,105,248)
The financial statements include both the statutory financial statements and
additional performance measures of EBITDA and Underlying EBITDA. The
directors believe these additional measures
provide useful information on the underlying trend in operational
performance going forward without
these unusual and other one-off items.
Note 7. Current assets - trade and other receivables Unaudited six months Audited year
ended December 31 ended June 30
2021 2020 2021
£ £ £
Trade receivables 94,113 223,518 456,929
Other receivables 48,267 - 65,283
142,380 223,518 522,212
Unaudited six months Audited year
Note 8. Current assets - other
ended December 31 ended June 30
2021 2020 2021
£ £ £
Prepayments 113,744 54,677 95,420
Inventory 262,674 261,512 190,154
R&D tax offset refundable - - 414,102
Deferred tax asset 211,821 - 213,802
588,239 316,189 913,478
Note 9. Current liabilities - trade and other payables Unaudited six months Audited year
ended December 31 ended June 30
2021 2020 2021
£ £ £
Trade payables 221,351 342,539 139,616
Accrued expenses 60,098 32,480 166,546
Other payables 94,033 (214) 34,023
375,482 374,804 340,185
Note 10. Equity - other reserves Unaudited six months Audited year
ended December 31 ended June 30
2021 2020 2021
£ £ £
Foreign currency reserve 365,075 514,759 369,635
Share-based payments reserve 72,148 - 72,148
Capital reorganisation reserve 1,889,840 1,889,840 1,889,840
2,327,063 2,404,599 2,331,623
Movements in reserves
Movements in each class of reserve during the current financial period are set
out below:
Unaudited six months ended 31 December Foreign Share-based Capital Total
Currency payments reorganisation
£ £ £ £
Balance as at 1 July 2021 369,635 72,148 1,889,840 2,331,623
Foreign currency translation (4,560) - - (4,560)
Share-based payment - - - -
Balance at 31 December 2021 365,075 72,148 1,889,840 2,327,063
Note 11. Equity - dividends
There were no dividends paid, recommended or declared during the current or
previous financial period.
Note 12. Fair value measurement
The carrying amounts of trade and other receivables and trade and other
payables are assumed to approximate their fair values due to their short-term
nature.
The fair value of financial liabilities is estimated by discounting the
remaining contractual maturities at the current market interest rate that is
available for similar financial liabilities.
Note 13. Related party transactions
Parent entity
The parent entity and ultimate parent entity is Cordel Group plc. There is no
ultimate controlling party.
Transactions with related parties
There were no transactions with related parties during the current and
previous financial period.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at
the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous
reporting date.
Note 15. Earnings per share Unaudited six months Audited year
ended December 31 ended June 30
2021 2020 2021
£ £ £
Loss after income tax (1,349,003) (734,187) (1,021,821)
Non-controlling interest - - -
Loss after income tax attributable to the owners of Cordel Group plc (1,349,003) (734,187) (1,021,821)
Number Number Number
Weighted average number of ordinary shares used in calculating basic earnings 168,766,075 149,754,537 168,766,075
per share
Weighted average number of ordinary shares used in calculating diluted 168,766,075 149,754,537 168,766,075
earnings per share
Pence Pence Pence
Basic earnings per share (0.80) (0.49) (0.61)
Diluted earnings per share (0.80) (0.49) (0.61)
Options and convertible notes have not been included in the diluted earnings
per share as they are anti-dilutive
Note 16. Share-based payments
A share option plan has been established by the Group, whereby the Group may,
at the discretion of the Board of Directors, grant options over the ordinary
shares in the Company to certain key management personnel and
and staff of the Group. The options are issued for nil consideration and are
granted in accordance with performance
guidelines established by the Board of Directors.
Set out below are summaries of options granted currently under the plan in
2021:
Grant date Expiry date Exercise Balance at Granted Exercised Expired/ Balance at
price the start of forfeited/ the end of
the period other the period
1/07/2019 30/06/2029 £ 0.0130 0 5,082,222 1,411,111 - 3,671,111
13/03/2020 13/03/2030 £ 0.0200 0 800,000 - - 800,000
17/04/2020 17/09/2030 £ 0.0180 0 2,082,500 - - 2,082,500
04/05/2020 4/05/2030 £ 0.0190 0 2,000,000 - - 2,000,000
24/09/2020 24/09/2030 £ 0.1000 0 2,000,000 - - 2,000,000
24/11/2020 24/11/2030 £ 0.1000 0 1,000,000 - - 1,000,000
10/08/2021 10/08/2031 £ 0.1250 0 250,000 - - 250,000
30/11/2021 30/11/2031 £ 0.1280 0 100,000 - - 100,000
10/08/2021 10/08/2031 £ 0.1250 0 50,000 - - 50,000
12/08/2021 12/08/2031 £ 0.1250 0 100,000 - - 100,000
Note 17. Events after the reporting period
No matter or circumstance has arisen since 31 December 2021 that has
significantly affected, or may significantly affect the Group's operations,
the results of those operations, or the Group's state of affairs in future
financial years.
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