Interim Report: Half-year ended 31 March 2022
14/06/2022 07:00
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RNS Number : 6923O Driver Group plc 14 June 2022
14 June 2022
DRIVER GROUP PLC
("Driver" or "the Group")
Interim Report
For the six months ended 31 March 2022
Key Points (for the six months ended 31 March 2022)
6 months 6 months Change
ended
ended
£000
31 March
31 March
2022
2021
£000
£000
Unaudited
Unaudited
Revenue 24,429 24,957 (528)
Gross Profit 5,882 6,397 (515)
Gross Profit % 24% 26% (2%)
Profit before tax 130 855 (725)
Add: Share-based payment charge 272 158 114
Underlying* profit before tax 402 1,013 (611)
Underlying* profit before tax % 2% 4% (2%)
Underlying* earnings per share 0.2p 1.4p (1.2p)
Net cash** 3,678 7,222 (3,544)
· Underlying* profit before tax at £0.4m (2021: £1.0m) resulting
in an underlying* profit before tax margin of 2% (2021: 4%).
· Profit before tax at £0.1m (2021: £0.9m).
· Net cash** decrease year on year of £3.5m to £3.7m (2021:
£7.2m).
· Revenue down by 2% to £24.4m (2021: £25.0m) which is
attributable to Middle East and Asia Pacific regions.
· Gross profit at 24%, a £0.5m decrease to £5.9m (2021: £6.4m).
· Fee earner headcount decreased by 7 to 294 with an increase in
EuAm offset by decreases in both APAC and Middle East.
· Overall utilisation rates*** of 69.6% (2021: 72.1%).
· Europe & Americas (EuAm) reported underlying* profit before
tax for the period of £2.4m (2021: £2.5m) with utilisation rates*** at 72.7%
(2021: 71.6%).
· Middle East (ME) reported underlying* loss before tax for the
period of £0.3m (2021: loss £0.4m) with utilisation rates*** at 60.9% (2021:
75.0%).
· Asia Pacific (APAC) reported underlying* loss before tax for the
period of £0.5m (2021: loss £0.3m) with utilisation rates*** at 71.3% (2021:
67.6%).
* Underlying figures are stated before the share-based payment costs
(this is not a GAAP measure).
** Net cash consists of cash and cash equivalents and bank loans
*** Utilisation % is calculated by dividing the total hours billed by the
total working hours available for chargeable staff
Steve Norris, Chairman of Driver Group, said:
"I am pleased to report that the Company's performance remains resilient with
only a small decline in revenue and, in line with the Company's Trading Update
of 19 March 2022, an underlying* profit before tax of £0.4m. In these
circumstances, we believe that this has been a credible performance and has
laid strong foundations to support future growth."
Results presentation
The leadership team will be hosting a live webcast for analysts and investors
at 09.30 GMT on 14 June 2022. Analysts have already been invited to
participate in a live Q&A during the presentation, but any eligible person
not having received details should contact the Company's PR advisers, Acuitas
Communications, at driver@acuitascomms.com (mailto:driver@acuitascomms.com) or
on +44 (0)20 3848 2810.
Enquiries:
Driver Group plc 020 7377 0005
Mark Wheeler (CEO)
Singer Capital Markets (Nomad & Broker) 020 7496 3000
Sandy Fraser, Will Goode
Acuitas Communications 020 3848 2810 / 07736 220 565
Simon Nayyar simon.nayyar@acuitascomms.com
Edward Lee edward.lee@acuitascomms.com
INTRODUCTION
Driver Group's recent focus has been on delivering the changes needed to
address the underperforming areas of the business. The Company is pleased to
report that significant progress has been made post-period end, as evidenced
by the recently announced rationalisation of operations in the Middle East.
However, in common with many of its industry peers and professional services
firms more widely, the Company has inevitably been exposed to the effects of
the recent global economic uncertainty, including the more challenging trading
environment arising from the legacy effects of COVID-19, and the impact that
the war in Ukraine has had on some of our clients and their own
counterparties, in relation to both work in hand and deferral of some existing
pipeline.
Against that backdrop, I am pleased to report that the Company's performance
remains resilient with only a small decline in revenue and, in line with the
Company's Trading Update of 19 March 2022, an underlying* profit before tax of
£0.4m. In these circumstances, we believe that this has been a credible
performance and has laid strong foundations to support future growth.
Europe and the Americas remain our best performing region and will remain the
focus for sustainable growth in the rest of the financial year and beyond. The
Driver Project Services team, based in the UK, in particular had a very
successful and profitable period; and the collaboration between our Madrid and
New York offices continues to generate new business opportunities in the
Americas.
The Board's operational review of performance in the Middle East and APAC,
undertaken with independent external support, identified significant
realisable cost savings and opportunities for better utilisation and, as I
have indicated, we have taken early steps to take advantage of these
performance gains.
The Middle East operations are now better positioned for future trading, with
a lower and more manageable cost base, and significantly reduced trading risk.
The new flexible operating model for the region focuses on key jurisdictions
of greatest future earnings potential and provides for greater remote
servicing of key mandates where appropriate. Your Board and management will be
carefully monitoring performance in the region to ensure the delivery of the
best possible outcomes for the Company, its employees, clients, in-region
stakeholders, and our shareholders.
Driver Group has implemented the outputs of the strategic review in the APAC
region in a thoughtful and timely manner, with a sharp focus on reducing costs
and returning to long term sustainable profitability and margin protection.
The Group remains well positioned to expand its work with South Korean
clients.
Our longstanding CFO David Kilgour resigned at the end of March, with our best
wishes for the future. Following this, the Company is delighted to have
appointed an outstanding successor, Charlotte Parsons.
Charlotte knows the industry extremely well, having worked for many industry
peers, and therefore brings with her vital experience that will aid the
fine-tuning and delivery of the Company's strategic plan. She is working
closely with the Board and management of Driver Group on a consultancy basis
until formally taking up post full-time in July of this year.
Additionally, Tom Comerford has been appointed Chief Operating Officer of the
Group and will continue to be a member of Driver's senior management team. Tom
has been with Driver Group for over 20 years and has served in senior roles
including Managing Director of the successful UK business. Tom's experience
will be invaluable in realising the Group's ambitions in the coming years.
TRADING PERFORMANCE
Group revenue for the six months to 31 March 2022 was £24.4m, a 2.1% decrease
compared to the same period in 2021 (£25.0m). Overall, the Group reported an
underlying profit before tax of £0.4m (2021: £1.0m).
Revenues in the EuAm region increased slightly to £17.4m (2021: £17.2m) with
revenues in the Middle East falling slightly to £5.4m (2021: £5.7m) and
revenues in APAC down to £1.7m (2021: £2.1m).
The EuAm region delivered operating profits of £2.4m (2021: £2.5m) whilst
the Middle East region recorded an operating loss of £0.3m (2021: £0.4m),
and the APAC region recorded an operating loss of £0.5m (2021: £0.3m).
Underlying* earnings per share were 0.2p (2021: 1.4p), whilst the basic loss
per share was 0.3p (2021: profit 1.1p).
The Group's net cash** balance at 31 March 2022 was £3.7m (2021: £7.2m) a
decrease largely attributable to the delays in the timing of customer
receipts. Post-period end, an agreement with a counterparty in the Middle East
saw the Company's net cash balance increase to in excess of £5.0m. This
comfortably exceeds the Group's near-term operational requirements.
DIVIDEND
The final dividend announced at the time of the results for the year to 30
September 2021 (0.75p per share) in January was paid in April 2022. Reflecting
our confidence in the medium-term prospects for the Group and with the strong
balance sheet position the Board recommends the payment of an interim dividend
of 0.75p per share for 2022 (2021: 0.75p per share).
OUTLOOK
Driver Group's business in Europe and the Americas continues to trade very
profitably with lower cost bases, offsetting losses in the Middle East and
APAC. We expect to see a greater share of EuAm profits drop through to the
bottom line.
Due to the nature of our business, we only have short term visibility in terms
of forecasting. However, the Group has a strong pipeline of convertible
opportunities in Europe and the Americas, with the Madrid office working
closely with our colleagues in New York to strengthen our competitive
positioning and new business leads from the fast-growing Latin American
market. Similarly, the Group has a growing pipeline of opportunities arising
in Africa.
The recent changes to the Middle East operations are expected to provide a
turning point for the region and our future competitive positioning. This
revised approach will see the Group take on a smaller number of larger
projects. In the future projects will often utilise employee resource based in
Europe, leveraging the highly effective working practices learned by the
business during lockdown. The changes to the operating model will be fully
implemented by the end of the financial year, leaving the Group well
positioned into 2023.
Steven Norris
Non-Executive Chairman
14 June 2022
* Underlying figures are stated before the share-based payment costs (this
is not a GAAP measure).
** Net cash consists of cash and cash equivalents and bank loans
Consolidated Income Statement
Interim report for the six months ended 31 March 2022
6 months 6 months Year
ended ended ended
31 March 2022 31 March 2021 30 September
£000 £000 2021
Unaudited Unaudited £000
Audited
REVENUE 24,429 24,957 48,772
Cost of sales (18,413) (18,500) (36,350)
Impairment movement (134) (60) (187)
GROSS PROFIT 5,882 6,397 12,235
Administrative expenses (5,767) (5,576) (10,459)
Other operating income 75 67 194
Underlying* operating profit 462 1,046 2,119
Share-based payment charge and associated costs (272) (158) (149)
OPERATING PROFIT 190 888 1,970
Finance income - - 14
Finance costs (60) (33) (110)
(LOSS)/PROFIT BEFORE TAXATION 130 855 1,860
Tax expense (note 2) (309) (291) (746)
PROFIT FOR THE PERIOD (179) 564 1,114
Loss attributable to non-controlling interests - - -
(Loss)/profit attributable to equity shareholders of the parent (179) 564 1,114
(179) 564 1,114
Basic (loss)/earnings per share attributable to equity shareholders of the (0.3)p 1.1p 2.1p
parent (pence)
Diluted (loss)/earnings per share attributable to equity shareholders of the (0.3)p 1.0p 2.1p
parent (pence)
* Underlying figures are stated before the share-based payment costs (this is
not a GAAP measure)
Consolidated Statement of Comprehensive Income
Interim report for the six months ended 31 March 2022
6 months 6 months Year
ended ended ended
31 March 2022 31 March 30 September 2021
£000 2021 £000
Unaudited £000 Audited
Unaudited
(LOSS)/PROFIT FOR THE PERIOD (179) 564 1,114
Other comprehensive (loss)/income:
Items that could subsequently be reclassified to the Income Statement:
Exchange differences on translating foreign operations (187) 37 38
Other comprehensive (loss)/income for the year net of tax (187) 37 38
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD (366) 601 1,152
Total comprehensive (loss)/income attributable to:
Owners of the parent (366) 601 1,152
Non-controlling interest - - -
(366) 601 1,152
Consolidated Statement of Financial Position
Interim report for the six months ended 31 March 2022
31 March 2022 31 March 2021 30 September 2021
£000 £000 £000
Unaudited Unaudited Audited
NON-CURRENT ASSETS
Goodwill 2,969 2,969 2,969
Property, plant and equipment 567 433 405
Right of use asset 2,130 2,124 1,854
Intangible asset 759 319 516
Deferred tax asset 186 303 272
6,611 6,148 6,016
CURRENT ASSETS
Trade and other receivables 20,640 17,606 18,865
Derivative financial asset - 317 57
Current tax receivable 360 - -
Cash and cash equivalents 3,678 7,472 6,474
24,678 25,395 25,396
TOTAL ASSETS 31,289 31,543 31,412
CURRENT LIABILITIES
Borrowings - (250) -
Trade and other payables (8,409) (8,139) (8,009)
Derivative financial liability (384) (1) (169)
Lease creditor (938) (826) (778)
Current tax payable (188) (346) (165)
(9,919) (9,562) (9,121)
NON-CURRENT LIABILITIES
Lease creditor (1,066) (1,224) (1,023)
Deferred tax liability (149) - -
(1,215) (1,224) (1,023)
TOTAL LIABILITIES (11,134) (10,786) (10,144)
NET ASSETS 20,155 20,757 21,268
SHAREHOLDERS' EQUITY
Share capital 216 216 216
Share premium 11,496 11,496 11,496
Merger reserve 1,055 1,055 1,055
Currency reserve (598) (412) (411)
Capital redemption reserve 18 18 18
Treasury shares (1,025) (1,025) (1,025)
Retained earnings 8,990 9,406 9,916
Own shares (3) (3) (3)
TOTAL SHAREHOLDERS' EQUITY 20,149 20,751 21,262
NON-CONTROLLING INTEREST 6 6 6
TOTAL EQUITY 20,155 20,757 21,268
Consolidated Cashflow Statement
Interim report for the six months ended 31 March 2022
6 months 6 months Year
ended ended ended
31 March 2022 31 March 2021 30 September 2021
£000 £000 £000
Unaudited Unaudited Audited
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss)/profit for the period (179) 564 1,114
Adjustments for:
Depreciation 127 141 261
Amortisation of right to use assets 501 464 969
Exchange adjustments 15 32 38
Finance expense 60 33 110
Tax expense 309 291 746
Equity settled share-based payment charge 272 158 118
OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS 1,105 1,683 3,356
(Increase)/decrease in trade and other receivables (1,611) 126 (881)
Decrease in trade and other payables (235) (1,486) (1,465)
CASH (USED)/GENERATED IN OPERATIONS (741) 323 1,010
Tax paid (390) (184) (763)
NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES (1,131) 139 247
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received - - -
Acquisition of property, plant and equipment (319) (103) (187)
Acquisition of intangible asset (244) (136) (334)
NET CASH OUTflow FROM INVESTING ACTIVITIES (563) (239) (521)
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid (60) (33) (110)
Repayment of borrowings (1,000) (3,000) (3,250)
Proceeds of borrowings 1,000 250 250
Repayment of lease liabilities (635) (437) (928)
Dividends paid to the equity shareholders of the parent (392) (391) (391)
NET CASH OUTFLOW FROM FINANCING ACTIVITIES (1,087) (3,611) (4,429)
Net decrease in cash and cash equivalents (2,781) (3,711) (4,703)
Effect of foreign exchange on cash and cash equivalents (15) (32) (38)
Cash and cash equivalents at start of period 6,474 11,215 11,215
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,678 7,472 6,474
Consolidated Statement of Changes of Equity
Interim Report for the six months ended 31 March 2022
For the six months ended 31 March 2022 (Unaudited):
Share capital Share Treasury shares Merger Other Retained earnings Own Total((1)) Non- Total
premium
reserve
reserves((2))
shares
controlling interest
Equity
£000
£000
£000
£000
£000 £000 £000 £000 £000 £000
CLOSING BALANCE AT 30 SEPTEMBER 2021 216 11,496 (1,025) 1,055 (393) 9,916 (3) 21,262 6 21,268
Loss for the period - - - - - (179) - (179) - (179)
Other comprehensive loss for the period - - - - (187) - - (187) - (187)
Total comprehensive loss for the period - - - - (187) (179) - (366) - (366)
Contributions by and distributions to owners
Dividend - - - - - (783) - (783) - (783)
Share-based payment charge - - - - - 36 - 36 - 36
Purchase of Treasury shares - - - - - - - - - -
Total contributions by and distributions to owners - - - - - (747) - (747) - (747)
CLOSING BALANCE AT 31 MARCH 2022 216 11,496 (1,025) 1,055 (580) 8,990 (3) 20,149 6 20,155
For the six months ended 31 March 2021 (Unaudited):
Share capital Share Treasury shares Merger Other Retained earnings Own Total((1)) Non- Total
premium
reserve
reserves((2))
shares
controlling interest
Equity
£000
£000
£000
£000
£000 £000 £000 £000 £000 £000
CLOSING BALANCE AT 30 SEPTEMBER 2020 216 11,496 (1,025) 1,055 (431) 9,075 (3) 20,383 6 20,389
Profit for the period - - - - - 564 - 564 - 564
Other comprehensive income for the period - - - - 37 - - 37 - 37
Total comprehensive income for the period - - - - 37 564 - 601 - 601
Contributions by and distributions to owners
Dividend - - - - - (391) - (391) - (391)
Share-based payment charge - - - - - 158 - 158 - 158
Purchase of Treasury shares - - - - - - - - - -
Total contributions by and distributions to owners - - - - - (233) - (233) - (233)
CLOSING BALANCE AT 31 MARCH 2021 216 11,496 (1,025) 1,055 (394) 9,406 (3) 20,751 6 20,757
Consolidated Statement of Changes of Equity (continued)
Interim Report for the six months ended 31 March 2022
For the year ended 30 September 2021 (Audited):
Share capital Share Treasury shares Merger Other Retained earnings Own Total((1)) Non- Total
premium
reserve
reserves((2))
shares
controlling interest
Equity
£000
£000
£000
£000
£000 £000 £000 £000 £000 £000
OPENING BALANCE AT 1 OCTOBER 2020 216 11,496 (1,025) 1,055 (431) 9,075 (3) 20,383 6 20,389
Profit for the year - - - - - 1,114 - 1,114 - 1,114
Other comprehensive income for the year - - - - 38 - - 38 - 38
Total comprehensive income for the year - - - - 38 1,114 - 1,152 - 1,152
Dividends - - - - - (391) - (391) - (391)
Share-based payment charge and associated costs - - - - - 118 - 118 - 118
Purchase of Treasury shares - - - - - - - - - -
Issue of new shares - - - - - - - - - -
CLOSING BALANCE AT 30 SEPTEMBER 2021 216 11,496 (1,025) 1,055 (393) 9,916 (3) 21,262 6 21,268
((1)) Total equity attributable to the equity holders of the Parent
((2)) 'Other reserves' combines the currency reserve and capital
redemption reserve. The movement in the current and prior year relates to the
translation of foreign currency equity balances and foreign currency
non-monetary items.
1 BASIS OF PREPARATION
The consolidated interim financial information has been prepared using
accounting policies which are consistent with those applied at the prior year
end 30 September 2021 and that are expected to be adopted in the Group's full
financial statements for the year ending 30 September 2022.
The financial information in this interim report is in compliance with the
recognition and measurement principles of international accounting standards
but does not include all disclosures that would be required under IFRSs and
are not IAS 34 compliant. The accounting policies have been applied
consistently throughout the Group for the purposes of preparation of this
financial information. The financial information for the half years ended 31
March 2022 and 31 March 2021 does not constitute statutory accounts within the
meaning of Section 434(3) of the Companies Act 2006 and is unaudited but has
been reviewed by our auditors.
The comparative financial information for the year ended 30 September 2021
included within this report does not constitute the full statutory accounts
for that period. The statutory Annual Report and Financial Statements for 2021
have been filed with the Registrar of Companies. The Independent Auditor's
Report on that Annual Report and Financial Statements for 2021 was
unqualified, did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The Financial Statements have been prepared on a going concern basis. In
reaching their assessment, the Directors have considered a period extending at
least twelve months from the date of approval of this financial report.
The COVID-19 pandemic had a huge impact on economies around the world.
Following the successful roll out of vaccinations, the potential impact of
lockdowns causing the closures of world economies appears to have reduced in
risk. However, the Directors continue to monitor developments across the
markets the Group operate in and the potential ongoing impact on the Group
post pandemic in both the short and medium term. Particular focus is on the
key risks of: delays by clients in contracting for claims advice; projects
being suspended or planned projects not proceeding which could potentially
result in a reduction in staff utilisation levels; and the impact of the
current situation on the financial stability of clients causing delays to
payments.
The Directors have prepared cash flow forecasts including a stressed scenario
covering a period of more than 12 months from the date of releasing these
financial statements. This assessment has included consideration of the
forecast performance of the business for the foreseeable future, the cashflows
and financing facilities available to the Group. In preparing these forecasts,
the Directors have considered sensitivities such as a reduction in both
revenues and debtor receipts. The forecasts show that the Group could incur a
further reduction in revenues of in excess of 14% compared to baseline levels
if combined with no remedial action to the cost base and a significant debtor
stretch due to a reduction in cash collections in excess of £1.5m and still
have sufficient headroom to operate. In all scenarios, the Group remained in a
cash positive position with headroom throughout and as such there were no
concerns with the banking covenants associated with the Group's facilities. At
31 March 2022 the Group had cash reserves of £3.7m with an undrawn revolving
credit facility of £5.0m available until March 2023.
Based on the cash flow forecasts prepared including appropriate stress
testing, the Directors are confident that any funding needs required by the
business will be sufficiently covered by the existing cash reserves and the
undrawn additional credit facility. As such these Financial Statements have
been prepared on a going concern basis.
2 TAXATION
The tax charge for the half-year ended 31 March 2022 is based on the estimated
tax rates in the jurisdictions in which the Group operates, for the year
ending 30 September 2022
3 DIVIDEND
In view of the medium term prospects for the Group along with the strong
balance sheet position, the Board recommends the payment of an interim
dividend of 0.75p per share for 2022 (2021: 0.75p per share). During the
period, the Group paid an interim dividend of 0.75p per share (2021: 0.75p per
share).
4 POST BALANCE SHEET EVENTS
Post period end the Group agreed that 25 employees,
primarily based in the Middle East region but including employees based in
Malaysia who work on Middle East assignments, would leave the Company on 1
June 2022 and immediately join another entity in the region (the
"Counterparty"). The Company and the Counterparty have agreed that on leaving
these employees will retain certain live project assignments, but the
Counterparty will be subject to certain restrictive covenants in relation to
continuing clients and employees of Driver Group. No exceptional employment
termination costs will be payable by the Company in relation to the transfer.
In addition, the Counterparty will assist in collection of approximately £3.5
million of Driver Group's current regional debtor book. The Counterparty has
paid circa £2 million in cash upfront to the Company as an advance payment in
respect of the debtor book and, following the transfer, will also assist the
Company in collection of the remaining debtors, which primarily attach to
non-transferring employees.
5 SUMMARY SEGMENTAL ANALYSIS
REPORTABLE SEGMENTS
For management purposes, the Group is organised into three operating
divisions: Europe & Americas (EuAm), Middle East (ME) and Asia Pacific
(APAC). These divisions are the basis on which the Group is structured and
managed, based on its geographic structure. The following key service
provisions are provided across all three operating divisions: quantity
surveying, planning / programming, quantum and planning experts, dispute
avoidance / resolution, litigation support, contract administration and
commercial advice / management. Segment information about these reportable
segments is presented below.
Six months ended 31 March 2022 (Unaudited) Europe & Americas Middle East Asia Pacific Eliminations Unallocated Consolidated
£000
£000
£000
£000
£000
£000
Total external revenue 17,370 5,405 1,654 - - 24,429
Total inter-segment revenue 746 450 290 (1,486) - -
Total revenue 18,116 5,855 1,944 (1,486) - 24,429
Segmental profit 2,377 (332) (485) - - 1,560
Unallocated corporate expenses((1)) - - - - (1,098) (1,098)
Share-based payment charge - - - - (272) (272)
Operating profit/(loss) 2,377 (332) (485) - (1,370) 190
Finance income - - - - - -
Finance expense - - - - (60) (60)
Profit/(loss) before taxation 2,377 (332) (485) - (1,430) 130
Taxation - - - - (309) (309)
Profit/(loss) for the period 2,377 (332) (485) - (1,739) (179)
(1) Unallocated costs represent Directors' remuneration, administration staff,
corporate head office costs and expenses associated with AIM.
Six months ended 31 March 2021 (Unaudited) Europe & Americas Middle East Asia Pacific Eliminations Unallocated Consolidated
£000
£000
£000
£000
£000
£000
Total external revenue 17,179 5,689 2,089 - - 24,957
Total inter-segment revenue - - 18 (18) - -
Total revenue 17,179 5,689 2,107 (18) - 24,957
Segmental profit 2,527 (398) (278) - - 1,851
Unallocated corporate expenses((1))
Share-based payment charge - - - - (158) (158)
Operating profit/(loss) 2,527 (398) (278) - (963) 888
Finance income - - - - - -
Finance expense - - - - (33) (33)
Profit/(loss) before taxation 2,527 (398) (278) - (996) 855
Taxation - - - - (291) (291)
Profit/(loss) for the period 2,527 (398) (278) - (1,287) 564
Year ended 30 September 2021 (AUDITED) Europe & Americas Middle East Asia Pacific Eliminations Unallocated Consolidated
£000
£000
£000
£000
£000
£000
Total external revenue 33,734 10,919 4,119 - - 48,772
Total inter-segment revenue 468 798 220 (1,486) - -
Total revenue 34,202 11,717 4,339 (1,486) - 48,772
Segmental profit/(loss) 4,947 (737) (408) - - 3,802
Unallocated corporate expenses((1)) - - - - (1,683) (1,683)
Share-based payments charge and associated costs - - - - (149) (149)
One off severance costs - - - - - -
Operating profit/(loss) 4,947 (737) (408) - (1,832) 1,970
Finance income - - - - - -
Finance expense - - - - (110) (110)
Profit/(loss) before taxation 4,497 (737) (408) - (1,942) 1,860
Taxation - - - - (746) (746)
Profit/(loss) for the period 4,497 (737) (408) - (2,688) 1,114
OTHER INFORMATION
Non current assets 3,244 249 74 - 2,449 6,016
Reportable segment assets 14,865 10,051 2,401 - 4,095 31,412
Capital additions((2)) 88 71 12 - 350 521
Depreciation and amortisation 602 240 157 - 231 1,230
(1) Unallocated costs represent Directors' remuneration, administration staff,
corporate head office costs and expenses associated with AIM.
(2) Capital additions comprise of additions to property, plant and equipment
and intangible assets.
6 EARNINGS PER SHARE
6 months 6 months Year
ended ended ended
31 March 2022 31 March 2021 30 September 2021
£000 £000 £000
Unaudited Unaudited Audited
(Loss)/Profit for the financial period attributable to equity shareholders (179) 564 1,114
Share-based payments cost and associated costs 272 158 149
Underlying* profit for the financial period 93 722 1,263
Weighted average number of shares:
- Ordinary shares in issue 53,962,868 53,962,868 53,962,868
- Shares held by EBT (3,677) (3,677) (3,677)
- Treasury shares (1,687,208) (1,787,811) (1,787,811)
Basic weighted average number of shares 52,271,983 52,171,380 52,171,380
Effect of employee share options 2,684,905 1,939,155 2,125,958
Diluted weighted average number of shares 54,956,888 54,110,535 54,297,338
Basic (loss)/earnings per share attributable to equity shareholders of the (0.3)p 1.1p 2.1p
Parent (pence)
Diluted (loss)/earnings per share attributable to equity shareholders of the (0.3)p 1.0p 2.1p
Parent (pence)
Underlying* basic earnings per share 0.2p 1.4p 2.4p
*Underlying figures are stated before the share-based payment costs (this is
not a GAAP measure) and compensation for loss of office.
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