REG - Driver Group plc - Interim Report: Half-year ended 31 March 2023
13/06/2023 07:00
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RNS Number : 4740C Driver Group plc 13 June 2023
DRIVER GROUP PLC
Interim Report
For the six months ended 31 March 2023
Key Points - for the six months ended 31 March 2023
6 months 6 months Change
Ended Ended £000
31 March 2023 31 March 2022 £000
£000 Unaudited
Unaudited
Revenue 24,219 24,429 (210)
Gross Profit 6,340 5,882 458
Gross Profit % 26% 24% 2%
Profit before tax 508 130 378
Add: Share-based payment charge 202 272 (70)
Underlying* profit before tax 710 402 308
Underlying* profit before tax % 3% 2% 1%
Underlying* earnings per share 1.0p 0.2p 0.8p
Net cash** 5,277 3,678 1,599
§ Underlying* profit before tax at £0.7m (2022: £0.4m) resulting in an
underlying* profit before tax margin of 3% (2022: 2%).
§ Profit before tax at £0.5m (2022: £0.1m).
§ Net cash** increase year on year of £1.6m to £5.3m (2022: £3.7m).
§ Revenue slightly down to £24.2m (2022: £24.4m) which is attributable to
the restructured Middle East and Asia Pacific regions.
§ Gross profit margin at 26% (2022: 24%), a £0.5m increase to £6.3m
(2022: £5.9m).
§ Middle East returned to operational profit pre provisioning.
§ Fee earner headcount decreased to 238 (2022: 294) predominantly
attributable to Middle East and Asia Pacific regions.
§ Overall utilisation rates*** improved to 75.6% (2022: 69.6%).
§ Europe & Americas (EuAm) reported underlying* profit before tax for
the period of £2.9m (2022: £2.4m) with utilisation rates*** at 76.1% (2022:
72.7%).
§ Middle East (ME) reported underlying* loss before tax for the period of
£0.1m (2022: loss £0.3m) with utilisation rates*** at 72.3% (2022: 60.9%).
§ Asia Pacific (APAC) reported underlying* loss before tax for the period
of £0.1m (2022: loss £0.5m) with utilisation rates*** at 66.1% (2022:
71.3%).
Mark Wheeler, Chief Executive Officer of Driver Group, said:
'It is a pleasure to see the benefits of last year's restructuring starting to
come through in the first half. With all regions currently benefiting from a
steady flow of enquiries, the Group is ideally placed to capitalise on global
opportunities where and when they arise.
While we continue to have only short-term visibility in terms of fee
forecasting, given the nature of our service offering, the Board expects a
profitable year with strategic changes to form a solid foundation for future
growth.'
Shaun Smith, Non-Executive Chair, said:
'I was delighted to join the Board of Driver Group in March this year as Chair
and have been impressed by the enthusiasm and commitment of everyone that I
have met since joining and have been encouraged by the performance in the
first half. I very much look forward to working with Mark and his team across
the business, both in the UK and internationally, as we continue to focus on
improving the performance of the Group and delivering enhanced shareholder
value.'
Results presentation
Driver Group's leadership team will be hosting a presentation for analysts at
09:30 BST on 13 June 2023. Analysts have already been invited to participate
in a 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 020 3745 0293.
The Group will also host a presentation for investors on 15 June, at 10:00
BST. Questions can be submitted before and during the online event.
To register for the webinar, please visit this link:
https://www.equitydevelopment.co.uk/news-and-events/driver-group-results-presentation-15june2023
(https://www.equitydevelopment.co.uk/news-and-events/driver-group-results-presentation-15june2023)
A recording of the presentation will be available shortly afterwards here:
https://www.equitydevelopment.co.uk/research/tag/driver-group
(https://www.equitydevelopment.co.uk/research/tag/driver-group)
Enquiries:
Driver Group plc 020 7377 0005
Mark Wheeler (CEO)
Charlotte Parsons (CFO)
Singer Capital Markets (Nomad & Broker) 020 7496 3000
Sandy Fraser
Jen Boorer
Alex Emslie
Acuitas Communications 020 3745 0293 / 07799 767676
Simon Nayyar simon.nayyar@acuitascomms.com
Arthur Dingemans arthur.dingemans@acuitascomms.com
INTRODUCTION
Driver Group is focussed on delivering a return to profitability in the
current financial year after the challenges encountered during the FY22
financial year. The Group saw positive progress in Quarter 1 and that
momentum continued and strengthened in Quarter 2.
We are pleased to report an increase in the Group's underlying* profit before
tax to £0.7m from £0.4m in the comparative period, in line with the Group's
Trading update of 27 April 2023 on revenue which, following the Middle East
restructuring, has remained stable. We believe this has been a creditable
performance, laying strong foundations for continued improvements to deliver
the Group's future profitability.
In common with many of our industry peers and professional services firms more
widely, the Group has inevitably been exposed to the effects of the recent
global economic headwinds, 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 the deferral of some existing projects in the pipeline.
The EuAm region has continued to perform well and is now established as our
central business hub, continuing our focus on global office collaboration,
maximising utilisation, improving efficiencies, and delivering cost
effectiveness; expert services play a large part in this, and we continue our
efforts to increase our number of experts worldwide.
The Middle East region has returned to an operational profit, as a result of
the implementation of the realignment of strategy and servicing in the region
announced in November 2022 while also significantly reducing the trading risk
in the region. We continue to closely monitor performance in the region.
We have seen an improvement in trading performance in APAC, a result of
actions taken following the strategic review, and the Group remains well
positioned to expand its work with South Korean clients after a very
successful office launch in Seoul in March this year.
The overheads review and cost saving measures, previously announced, are
ongoing with some savings already realised and with significant further
savings anticipated to take effect from Quarter 4 of FY23 and beyond.
PEOPLE
Driver is a people business and the recruitment and retention of the best
people in our sector is a key priority. The Board is pleased to see that the
revised Executive board is effectively supporting the CEO and CFO to deliver
the Group's strategy which continues to have a positive impact upon the
business.
The restructuring of the Middle East and APAC led to a short-term reduction in
the number of senior testifying experts in the business, and it is pleasing
that the business has already backfilled these positions in other regions,
allowing revenue retention for Diales expert work, which is expected to
transition to continued growth in these services.
TRADING PERFORMANCE
Group revenue for the six months to 31 March 2023 remained stable at £24.2m,
compared to the same period in 2022 (£24.4m). Overall, the Group reported an
increase in underlying profit before tax of £0.7m (2022: £0.4m).
Revenues in the EuAm region increased to £19.1m (2022: £17.4m) with revenues
in the Middle East down to £3.7m (2022: £5.4m) and revenues in APAC down to
£1.4m (2022: £1.7m). This is in line with our strategy of EuAm being our
central business hub.
The EuAm region delivered an underlying profit of £2.9m (2022: £2.4m) while
the Middle East region recorded an operational profit of £0.1m (2022: loss
£0.2m), underlying loss of £0.1m (2022: underlying loss £0.3m), and the
APAC region recorded an underlying loss of £0.1m (2022: underlying loss
£0.5m).
Underlying*basic earnings per share were 1.0p (2022: 0.2p), and the basic
earnings per share was 0.6p (2022: loss 0.3p).
The Group's net cash balance in the period continued to improve totalling
£5.3m on 31 March 2023 (2022: £3.7m).
DIVIDEND
The final dividend announced at the time of the results for the year to 30
September 2022 (0.75p per share) in February was paid in April 2023.
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 2023 (2022: 0.75p per share). The
interim dividend will be paid on 27 October 2023 to shareholders who are on
the register of members at the close of business on 22 September 2023, with an
ex-dividend date of 21 September 2023.
OUTLOOK
Driver Group's business in Europe and the Americas continues to trade very
profitably. Performance has strengthened with the implementation of our
cost-saving strategies, a limited number of which are already taking effect,
and the balance will flow through to the bottom line in the next trading year.
Post-restructure, the Middle East are expected to contribute a profit for the
current financial year with APAC being well placed to improve further during
FY24 as a consequence of work coming out of Korea.
While the second half of the year for Driver has been shown historically to be
strong. April was slower than expected owing to the timing of the Easter
weekend and a succession of public holidays, which affected utilisation. The
Board is currently considering its policy on forward guidance, which will
reflect the short-term revenue visibility.
* Underlying figures are stated before the share-based payment costs and
exceptional costs
Consolidated Income Statement
Interim report for the six months ended 31 March 2023
6 months ended 6 months ended Year ended
31 March 2023 31 March 2022 30 September
£000 £000 2022
Unaudited Unaudited £000
Audited
REVENUE 24,219 24,429 46,897
Cost of sales (17,729) (18,413) (37,095)
Impairment movement (150) (134) (188)
GROSS PROFIT 6,340 5,882 9,614
Administrative expenses (5,851) (5,767) (12,107)
Other operating income 41 75 167
Underlying* operating profit 732 462 (861)
Exceptional costs - - (1,000)
Share-based payment charge and associated costs (202) (272) (465)
OPERATING PROFIT/(LOSS) 530 190 (2,326)
Finance income 32 - -
Finance costs (54) (60) (100)
PROFIT/(LOSS) BEFORE TAXATION 508 130 (2,426)
Tax expense (note 2) (207) (309) (460)
PROFIT/(LOSS) FOR THE PERIOD 301 (179) (2,886)
Profit/(loss) attributable to non-controlling interests - - (2)
Profit/(loss) attributable to equity shareholders of the parent 301 (179) (2,884)
301 (179) (2,886)
Basic earnings/(loss) per share attributable to equity shareholders of the 0.6p (0.3)p (5.5)p
parent (pence)
Diluted earnings/(loss) per share attributable to equity shareholders of the 0.6p (0.3)p (5.3)p
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 2023
6 months ended 6 months ended Year ended
31 March 2023 31 March 2022 30 September
£000 £000 2022
Unaudited Unaudited £000
Audited
PROFIT/(LOSS) FOR THE PERIOD 301 (179) (2,886)
Other comprehensive income/(loss):
Items that could subsequently be reclassified to the Income Statement:
Exchange differences on translating foreign operations 473 (187) (970)
Other comprehensive income/(loss) for the year net of tax 473 (187) (970)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD 774 (366) (3,856)
Total comprehensive income/(loss) attributable to:
Owners of the parent 774 (366) (3,854)
Non-controlling interest - - (2)
774 (366) (3,856)
Consolidated Statement of Financial Position
Interim report for the six months ended 31 March 2023
6 months ended 6 months ended Year ended
31 March 2023 31 March 2022 30 September
£000 £000 2022
Unaudited Unaudited £000
Audited
NON-CURRENT ASSETS
Goodwill 2,969 2,969 2,969
Property, plant and equipment 344 567 384
Right of use assets 400 2,130 1,375
Intangible asset 756 759 798
Deferred tax assets 202 186 192
4,671 6,611 5,718
CURRENT ASSETS
Trade and other receivables 16,065 20,640 20,281
Current tax receivable 166 360 470
Cash and cash equivalents 5,277 3,678 4,931
21,508 24,678 25,682
TOTAL ASSETS 26,179 31,289 31,400
CURRENT LIABILITIES
Borrowings - - -
Trade and other payables (9,087) (8,409) (11,296)
Derivative financial liability - (384) (1,938)
Lease creditor (317) (938) (754)
Current tax payable - (188) (251)
(9,404) (9,919) (14,239)
NON-CURRENT LIABILITIES
Lease creditor (110) (1,066) (634)
Deferred tax liability (167) (149) (169)
(277) (1,215) (803)
TOTAL LIABILITIES (9,681) (11,134) (15,042)
NET ASSETS 16,498 20,155 16,358
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 (908) (598) (1,381)
Capital redemption reserve 18 18 18
Treasury shares (1,525) (1,025) (1,525)
Retained earnings 6,145 8,990 6,478
Own shares (3) (3) (3)
TOTAL SHAREHOLDERS' EQUITY 16,494 20,149 16,354
NON-CONTROLLING INTEREST 4 6 4
TOTAL EQUITY 16,498 20,155 16,358
Consolidated Cash flow Statement
Interim report for the six months ended 31 March 2023
6 months ended 6 months ended Year ended
31 March 2023 31 March 2022 30 September
£000 £000 2022
Unaudited Unaudited £000
Audited
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) for the period 301 (179) (2,886)
Adjustments for:
Depreciation 84 127 239
Amortisation of right to use assets 375 501 917
Amortisation of intangible asset 42 - 40
Exchange adjustments 105 15 (361)
Finance income (32) - -
Finance expense 54 60 100
Tax expense 207 309 460
Equity settled share-based payment charge 151 272 229
OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS 1,287 1,105 (1,262)
Decrease/(increase) in trade and other receivables 4,283 (1,611) (1,330)
(Decrease)/increase in trade and other payables (3,562) (235) 4,000
CASH GENERATED/(USED) IN OPERATIONS 2,008 (741) 1,408
Tax paid (139) (390) (539)
NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES 1,869 (1,131) 868
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 32 - -
Acquisition of property, plant and equipment (44) (319) (398)
Proceeds from the disposal of property, plant and equipment - - 150
Acquisition of intangible asset - (244) (321)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES (12) (563) (569)
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid (54) (60) (100)
Repayment of borrowings - (1,000) (1,000)
Proceeds of borrowings - 1,000 1,000
Repayment of lease liabilities (961) (635) (821)
Purchase of Treasury shares - - (500)
Dividends paid to the equity shareholders of the parent (391) (392) (783)
NET CASH OUTFLOW FROM FINANCING ACTIVITIES (1,406) (1,087) (2,204)
Net increase/(decrease) in cash and cash equivalents 451 (2,781) (1,904)
Effect of foreign exchange on cash and cash equivalents (105) (15) 361
Cash and cash equivalents at start of period 4.931 6,474 6,474
CASH AND CASH EQUIVALENTS AT END OF PERIOD 5,277 3,678 4,931
Consolidated Statement of Changes of Equity
Interim Report for the six months ended 31 March 2023
For the six months ended 31 March 2023 (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 2022 216 11,496 (1,525) 1,055 (1,363) 6,478 (3) 16,354 4 16,358
Profit for the period - - - - - 301 - 301 - 301
Other comprehensive loss for the period - - - - 473 - - 473 - 473
Total comprehensive loss for the period - - - - 473 301 - 774 - 774
Contributions by and distributions to owners
Dividend - - - - - (785) - (785) - (785)
Share-based payment charge - - - - - 151 - 151 - 151
Purchase of Treasury shares - - - - - - - - - -
Total contributions by and distributions to owners - - - - - (634) - (634) - (634)
CLOSING BALANCE AT 31 MARCH 2022 216 11,496 (1,525) 1,055 (890) 6,145 (3) 16,494 4 16,498
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
Consolidated Statement of Changes of Equity (continued)
Interim Report for the six months ended 31 March 2023
For the year ended 30 September 2022 (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 2021 216 11,496 (1,025) 1,055 (393) 9,916 (3) 21,262 6 21,268
Loss for the year - - - - - (2,884) - (2,884) (2) (2,886)
Other comprehensive income for the year - - - - (970) - - (970) - (970)
Total comprehensive income for the year - - - - (970) (2,884) - (3,854) (2) (3,856)
Dividends - - - - - (783) - (793) - (783)
Share-based payment charge and associated costs - - - - - 229 - 229 - 229
Purchase of Treasury shares - - (500) - - - - (500) - (500)
CLOSING BALANCE AT 30 SEPTEMBER 2022 216 11,496 (1,525) 1,055 (1,363) 6,478 (3) 16,354 4 16,358
(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 2022 and that are expected to be adopted in the Group's full
financial statements for the year ending 30 September 2023. 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 2023 and 31 March 2022
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 2022
included within this report does not constitute the full statutory accounts
for that period. The statutory Annual Report and Financial Statements for 2022
have been filed with the Registrar of Companies. The Independent Auditor's
Report on that Annual Report and Financial Statements for 2022 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 Directors have prepared cash flow forecasts 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 and the cash and financing facilities
available to the Group. At 31 March 2023 the Group had cash reserves of
£5.3m. The strong trading performance and cash collections in the period
resulted in a cash increase of £0.4m from that reported at 30 September 2022.
The Directors have also prepared a stress case scenario that demonstrates the
Group's ability to continue as a going concern even with a significant drop in
revenues and limited mitigating cost reduction to re-align with the revenue
drop.
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. 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 2023 is based on the estimated
tax rates in the jurisdictions in which the Group operates, for the year
ending 30 September 2023.
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 2023 (2022: 0.75p per share).
During the period, the Group paid an interim dividend for 2022 of 0.75p per
share (2022: 0.75p per share) and approved a final dividend for 2022 of 0.75p
per share which was paid in April 2023.
4 POST BALANCE SHEET EVENT
There have been no significant events requiring disclosure since 31 March
2023.
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 2023 (Unaudited) Europe & Americas Middle East Asia Pacific Eliminations Unallocated Consolidated
£000
£000
£000
£000
£000
£000
Total external revenue 19,128 3,724 1,367 - - 24,219
Total inter-segment revenue 760 237 318 (1,315) - -
Total revenue 19,888 3,961 1,685 (1,315) - 24,219
Segmental profit/(loss) (2) 2,939 (92) (144) - - 2,703
Unallocated corporate expenses (1)(2) - - - - (1,971) (1,971)
Share-based payment charge - - - - (202) (202)
Operating profit/(loss) 2,939 (92) (144) - (2,173) 530
Finance income - - - - 32 32
Finance expense - - - - (54) (54)
Profit/(loss) before taxation 2,939 (92) (144) - (2,195) 508
Taxation - - - - (207) (207)
Profit/(loss) for the period 2,939 (92) (144) - (2,402) 301
(1) Unallocated costs represent Directors' remuneration, administration staff,
corporate head office costs and expenses associated with AIM.
(2) Unallocated corporate expenses are stated before the central recharge.
Historically a recharge was recognised monthly. The prior year comparative
figure below of £1.1m is net of a cross charge amount totalling £0.6m.
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/(loss) 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.
Year ended 30 September 2022 (Audited) Europe & Americas Middle East Asia Pacific Eliminations Unallocated Consolidated
£000
£000
£000
£000
£000
£000
Total external revenue 35,089 8,063 3,745 - - 46,897
Total inter-segment revenue 1,093 754 551 (2,398) - -
Total revenue 36,182 8,817 4,296 (2,398) - 46,897
Segmental profit/(loss) 3,923 (1,814) (544) - - 1,565
Unallocated corporate expenses ((1)) - - - - (2,426) (2,426)
Share-based payments charge and associated costs - - - - (465) (465)
Exceptional costs - - - - (1,000) (1,000)
Operating profit/(loss) 3,923 (1,814) (544) - (3,891) (2,326)
Finance income - - - - - -
Finance expense - - - - (100) (100)
Profit/(loss) before taxation 3,923 (1,814) (544) - (3,991) (2,426)
Taxation - - - - (460) (460)
Profit/(loss) for the period 3,923 (1,814) (544) - (4,451) (2,886)
(1) Unallocated costs represent Directors' remuneration, administration staff,
corporate head office costs and expenses associated with AIM.
6 EARNINGS PER SHARE
6 months ended 6 months ended Year ended
31 March 2023 31 March 2022 30 September
£000 £000 2022
Unaudited Unaudited £000
Audited
Profit/(loss) for the financial period attributable to equity shareholders 301 (179) (2,884)
Exceptional costs - - 1,000
Share-based payments cost and associated costs 202 272 465
Underlying* profit/(loss) for the financial period 503 93 (1,419)
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 (1,642,543) (1,687,208) (1,405,839)
Basic weighted average number of shares 52,316,648 52,271,983 52,553,352
Effect of employee share options 1,618,097 2,684,905 2,309,028
Diluted weighted average number of shares 53,934,745 54,956,888 54,862,380
Basic earnings/(loss) per share attributable to equity shareholders of the 0.6p (0.3)p (5.5)p
Parent (pence)
Diluted earnings/(loss) per share attributable to equity shareholders of the 0.6p (0.3)p (5.3)p
Parent (pence)
Underlying* basic earnings/(loss) per share 1.0p 0.2p (2.7)p
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