REG - GB Group PLC - Half Yearly Report <Origin Href="QuoteRef">GBGP.L</Origin> - Part 2
29/11/2016 07:06
- Part 2: For the preceding part double click ID:nRSc3623Qa
25,321 412 790
Share issue costs 15 (750) - -
Proceeds from new borrowings 13 12,000 - -
Repayment of borrowings 13 (400) (351) (752)
Dividends paid to equity shareholders 9 (2,775) (2,277) (2,277)
Net cash flows from/(used in) financing activities 33,150 (2,331) (2,521)
Net decrease in cash and cash equivalents (984) (10,690) (3,385)
Effect of exchange rates on cash and cash equivalents 223 (282) 22
Cash and cash equivalents at the beginning of the period 12,415 15,778 15,778
Cash and cash equivalents at the end of the period 11,654 4,806 12,415
Notes to the Interim Report
1. CORPORATE INFORMATION
The interim condensed consolidated financial statements of GB Group plc ('the
Group') for the six months ended 30 September 2016 were authorised for issue
in accordance with a resolution of the directors on 28 November 2016. GB
Group plc is a public limited company incorporated in the United Kingdom whose
shares are publicly traded on the Alternative Investment Market (AIM) of the
London Stock Exchange.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
Basis of Preparation
These interim condensed consolidated financial statements for the six months
ended 30 September 2016 have been prepared in accordance with IAS 34 'Interim
Financial Reporting'. The annual financial statements of the company are
prepared in accordance with IFRSs as adopted by the European Union.
The interim condensed consolidated financial statements are presented in
pounds Sterling and all values are rounded to the nearest thousand (£'000)
except when otherwise indicated.
After making appropriate enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. For these reasons, the Board continues
to adopt the going concern basis in preparing the interim report.
The interim condensed consolidated financial statements do not constitute
statutory financial statements as defined in section 435 of the Companies Act
2006 and therefore do not include all the information and disclosures required
in the annual financial statements, and should be read in conjunction with the
Group's annual financial statements as at 31 March 2016. The financial
information for the preceding year is based on the statutory financial
statements for the year ended 31 March 2016. These financial statements, upon
which the auditors issued an unqualified opinion, have been delivered to the
Registrar of Companies. These financial statements did not require a
statement under either section 498(2) or section 498(3) of the Companies Act
2006.
Accounting Policies
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended 31
March 2016. The IASB and IFRIC have issued the following Standards and
Interpretations with an effective date after these financial statements:
International Accounting Standards (IAS/IFRS) Effective date
IFRS 15 Revenue from Contracts with Customers 1 January 2018
IFRS 9 Financial Instruments 1 January 2018
IFRS 16 Leases 1 January 2019
IFRS 15 'Revenue from Contracts with Customers' (effective for the year ending
31 March 2019) replaces IAS 18 'Revenue', IAS 11 'Construction Contracts' and
related interpretations. The standard introduces a single, five-step revenue
recognition model that is based upon the principle that revenue is recognised
at the point that control of goods or services is transferred to the customer.
The standard also updates revenue disclosure requirements. Whilst an
assessment of this new standard is ongoing, the Group does not currently
expect its adoption to have a material impact on the Group's financial
performance or position.
IFRS 9 'Financial Instruments' replaces IAS 39. The standard is effective for
the year ending 31 March 2019 and will impact the classification and
measurement of financial instruments and will require certain additional
disclosures. Whilst an assessment of the new standard is ongoing, the changes
to recognition and measurement of financial instruments and changes to hedge
accounting rules are not currently considered likely to have any major impact
on the Group's current accounting treatment or hedging activities.
IFRS 16 'Leases' (effective for the year ending 31 March 2020) will require
most leases to be recognised on the balance sheet. The new standard brings
most leases on-balance sheet for lessees under a single model, eliminating the
distinction between operating and finance leases. IFRS 16 supersedes IAS 17
'Leases' and related interpretations. The Group has a number of operating
lease arrangements and will consider the financial impact of IFRS 16 in due
course.
Notes to the Interim Report
3. CYCLICALITY
Due to the cyclicality of our software renewal business, higher renewals in
the second half traditionally result in the Group's performance being biased
towards the second half of the year.
4. RISKS AND UNCERTAINTIES
Management identifies and assesses risks to the business using an established
control model. The Group has a number of exposures which can be summarised as
follows: regulatory risk resulting from regulatory developments; changes in
the Group's competitive position; non-supply by a major supplier; disaster
recovery and business continuity; new product development; and intellectual
property risk. These risks and uncertainties facing our business were
reported in detail in the 2016 Annual Report and Accounts and all of them are
monitored closely by the Group.
The outcome of the recent UK referendum has caused uncertainty in both the
political and economic environments in which we operate. Our business model
means that we are comparatively well-placed to manage the consequences of the
result and of its effect on the economic environment but like all companies,
we will need to continue to monitor and manage the practical implications as
they occur.
Accounting Estimates
The preparation of financial statements requires management to make
judgements, estimates and assumptions that affect the amounts reported for
assets and liabilities as at the balance sheet date and amounts reported for
revenues and expenses during the year. However, the nature of estimation means
that actual outcomes could differ from those estimates. The main judgements
and key sources of estimation uncertainty applied in these interim
consolidated financial statements are detailed in the Group's annual financial
statements for the year ending 31 March 2016.
5. EXCEPTIONAL ITEMS
Unaudited6 months to30 Sept2016 Unaudited 6 months to30 Sept2015 Audited Year to31 March2016
£'000 £'000 £'000
Fair value adjustments to contingent consideration (note 17) 194 148 78
Fair value gain on revaluation of investment in associate - (247) (247)
Acquisition related costs 574 120 119
Costs associated with staff reorganisations 228 - 178
Costs associated with the relocation of Group head office - - (34)
996 21 94
Fair value adjustments to contingent consideration in the six months to 30
September 2016 include a charge of £177,000 relating to the partial unwind of
the discount applied to the contingent consideration arising on the
acquisition of ID Scan Biometrics Limited (note 16) and £17,000 relating to
the unwind of the remaining discounted amount in relation to the contingent
consideration that arose on the acquisition of DecTech Solutions Pty Ltd (note
16). This charge arises because contingent consideration due to be paid at a
future date is discounted for the time value of money at the point of initial
recognition and over the passage of time, this discount unwinds within the
Consolidated Statement of Comprehensive Income. These are non-cash items.
In prior periods an exceptional fair value gain of £247,000 was recognised as
a consequence of the Group revaluing its previously held equity stake in
Loqate at the date of its acquisition of the remaining 73.3% of shares in
accordance with IFRS 3. This is a non-cash item.
Notes to the Interim Report
6. SEGMENTAL INFORMATION
The Group's operating segments are internally reported to the Group's Chief
Executive Officer as two operating segments: Identity Proofing Division- which
provides ID Verification, ID Employ & Comply services and ID Fraud and Risk
Management Services and Identity Solutions Division - which provides ID
Registration, ID Engage and ID Trace & Investigate services. The measure of
performance of those segments that is reported to the Group's Chief Executive
Officer is adjusted operating profit before amortisation of acquired
intangibles as shown below.
ID Scan Biometrics Ltd ("IDscan"), which was acquired during the period, is
reported within the Identity Proofing Division.
Segment results include items directly attributable to either Identity
Proofing or Identity Solutions. Unallocated items for the six months to 30
September 2016 represent Group head office costs £377,000 (2015: £492,000),
exceptional items £996,000 (2015: £21,000), Group finance income £11,000
(2015: £8,000), Group finance costs £244,000 (2015: £117,000), Group income
tax expense £328,000 (2015: £311,000) and share-based payments charge £659,000
(2015: £582,000). Unallocated items for the year ended 31 March 2016
represent Group head office costs £886,000, exceptional costs £94,000, Group
finance income £12,000, Group finance costs £282,000, Group income tax charge
£178,000 and share-based payments charge £1,245,000.
Information on segment assets and liabilities is not regularly provided to the
Group's Chief Executive Officer and is therefore not disclosed below.
Identity Proofing Identity Solutions Unallocated Total Unaudited6 months to30 September 2016
Six months ended 30 September 2016 £'000 £'000 £'000 £'000
Total revenue 19,199 18,313 - 37,512
Adjusted operating profit 2,636 2,940 (377) 5,199
Amortisation of acquired intangibles (984) (767) - (1,751)
Share-based payments charge - - (659) (659)
Exceptional items - - (996) (996)
Operating profit 1,652 2,173 (2,032) 1,793
Finance revenue 11
Finance costs (244)
Income tax charge (328)
Profit for the period 1,232
Identity Proofing Identity Solutions Unallocated Total Unaudited6 months to30 September 2015
Six months ended 30 September 2015 £'000 £'000 £'000 £'000
Total revenue 15,423 16,945 - 32,368
Adjusted operating profit 3,219 1,809 (492) 4,536
Amortisation of acquired intangibles (545) (709) - (1,254)
Share-based payments charge - - (582) (582)
Exceptional items - - (21) (21)
Operating profit 2,674 1,100 (1,095) 2,679
Finance revenue 8
Finance costs (117)
Income tax charge (311)
Profit for the period 2,259
Notes to the Interim Report
6. SEGMENTAL INFORMATION (continued)
Identity Proofing Identity Solutions Unallocated TotalAudited Year to 31 March 2016
Year ended 31 March 2016 £'000 £'000 £'000 £'000
Total revenue 33,213 40,188 - 73,401
Adjusted operating profit 6,629 7,685 (886) 13,428
Amortisation of acquired intangibles (1,042) (1,459) - (2,501)
Share-based payments charge - - (1,245) (1,245)
Exceptional items - - (94) (94)
Operating profit 5,587 6,226 (2,225) 9,588
Finance revenue 12
Finance costs (282)
Income tax charge (178)
Profit for the year 9,140
7. TAXATION
The Group calculates the period income tax expense using a best estimate of
the tax rate that would be applicable to the expected total earnings for the
year ending 31 March 2017.
Notes to the Interim Report
8. EARNINGS PER ORDINARY SHARE
Basic
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the basic weighted average number of ordinary
shares in issue during the period.
Unaudited 6 months to 30 September 2016 Unaudited 6 months to 30 September 2015 Audited Year to31 March 2016
Pence pershare £'000 Pence pershare £'000 Pence pershare £'000
Profit attributable to equity holders of the company 1.0 1,232 1.8 2,259 7.4 9,140
Diluted
Diluted earnings per share amounts are calculated by dividing the profit for
the period attributable to equity holders of the company by the weighted
average number of ordinary shares outstanding during the period plus the
weighted average number of ordinary shares that would be issued on the
conversion of all the dilutive potential ordinary shares into ordinary
shares.
30 Sept2016 30 Sept2015 31 March2016
No. No. No.
Basic weighted average number of shares in issue 128,812,008 122,121,920 122,744,412
Dilutive effect of share options 3,174,680 4,127,693 3,770,597
Diluted weighted average number of shares in issue 131,986,688 126,249,613 126,515,009
Unaudited 6 months to 30 September 2016 Unaudited 6 months to 30 September 2015 Audited Year to31 March 2016
Pence pershare £'000 Pence pershare £'000 Pence pershare £'000
Profit attributable to equity holders of the company 0.9 1,232 1.8 2,259 7.2 9,140
Adjusted
Adjusted earnings per share is defined as adjusted operating profit less net
finance costs and tax divided by the basic weighted average number of ordinary
shares of the Company.
Unaudited 6 months to 30 September 2016 Unaudited 6 months to 30 September 2015 Audited Year to31 March 2016
Basicpence pershare Dilutedpence pershare £'000 Basicpence pershare Dilutedpence pershare £'000 Basicpence pershare Dilutedpence pershare £'000
Adjusted operating profit 4.0 3.9 5,199 3.7 3.6 4,536 10.9 10.6 13,428
Less net finance costs (0.2) (0.2) (233) (0.1) (0.1) (109) (0.2) (0.2) (270)
Less tax (0.2) (0.2) (328) (0.2) (0.2) (311) (0.1) (0.1) (178)
Adjusted earnings 3.6 3.5 4,638 3.4 3.3 4,116 10.6 10.3 12,980
Adjusted operating profit means profits before amortisation of acquired
intangibles, share-based payment charges, exceptional items, net finance costs
and tax.
Notes to the Interim Report
9. DIVIDENDS PAID AND PROPOSED
Unaudited 6 months to 30 Sept2016 Unaudited 6 months to 30 Sept2015 Audited Year to31 March2016
£'000 £'000 £'000
Declared and paid during the period
Final dividend for 2016: 2.08p per share (2015: 1.85p per share) 2,775 2,277 2,277
Proposed for approval at AGM (not recognised as a liability at 31 March 2016)
Final dividend for 2016: 2.08p per share - - 2,577
10. PLANT AND EQUIPMENT
During the six months ended 30 September 2016, the Group acquired plant and
equipment with a cost of £744,000 (2015: £317,000).
Plant and equipment with a fair value of £237,000 was acquired with the
acquisition of ID Scan Biometrics Ltd (note 16).
Depreciation provided during the six months ended 30 September 2016 was
£452,000 (2015: £524,000).
Assets with a net book value of £6,000 were disposed of during the six months
ended 30 September 2016 (2015: none).
Notes to the Interim Report
11. INTANGIBLE ASSETS
Group Customerrelationships£'000 Other acquisition intangibles£'000 Total acquisition intangibles£'000 Goodwill£'000 Purchasedsoftware£'000 Internally developed software£'000 Total£'000
Cost
At 1 April 2015 14,839 3,786 18,625 30,505 - 1,104 50,234
Additions - business combinations 1,912 819 2,731 6,623 - 20 9,374
Additions - product development - - - - 231 421 652
Foreign exchange adjustments (404) (162) (566) (1,364) - (2) (1,932)
At 30 September 2015 16,347 4,443 20,790 35,764 231 1,543 58,328
Additions - business combinations - - - (121) - (2) (123)
Additions - product development - - - - - 203 203
Additions - purchased software - - - - 195 - 195
Reclassification - - - - 1,953 - 1,953
Foreign exchange adjustments 634 255 889 2,122 - 3 3,014
At 31 March 2016 16,981 4,698 21,679 37,765 2,379 1,747 63,570
Additions - business combinations 3,917 5,872 9,789 34,853 9 - 44,651
Additions - product development - - - - - 21 21
Additions - purchased software - - - - 211 - 211
Foreign exchange adjustments 638 259 897 2,129 - 2 3,028
At 30 September 2016 21,536 10,829 32,365 74,747 2,599 1,770 111,481
Amortisation and impairment
At 1 April 2015 2,754 1,558 4,312 - - 626 4,938
Amortisation during the period 808 446 1,254 - 19 94 1,367
Foreign exchange adjustments (41) (33) (74) - - - (74)
At 30 September 2015 3,521 1,971 5,492 - 19 720 6,231
Amortisation during the period 831 416 1,247 - 45 119 1,411
Reclassification - - - - 1,636 - 1,636
Foreign exchange adjustments 97 82 179 - - - 179
At 31 March 2016 4,449 2,469 6,918 - 1,700 839 9,457
Amortisation during the period 965 786 1,751 - 159 185 2,095
Foreign exchange adjustments 121 108 229 - - - 229
At 30 September 2016 5,535 3,363 8,898 - 1,859 1,024 11,781
Net book value
At 30 September 2016 16,001 7,466 23,467 74,747 740 746 99,700
At 31 March 2016 12,532 2,229 14,761 37,765 679 908 54,113
At 30 September 2015 12,826 2,472 15,298 35,764 212 823 52,097
Goodwill arose on the acquisition of GB Mailing Systems Limited, e-Ware
Interactive Limited, Data Discoveries Holdings Limited, Advanced Checking
Services Limited, Capscan Parent Limited, TMG.tv Limited, CRD (UK) Limited,
DecTech Solutions Pty Ltd, CDMS Limited, Loqate Inc. and IDscan under IFRS,
goodwill is annually tested for impairment.
Intangible assets categorised as 'other acquisition intangibles' include asset
such as non-compete clauses and software technology.
During the year ending 31 March 2016, £317,000 of purchased software assets
(at net book value) were reclassified as intangible assets (previously
classified as tangible assets).
Notes to the Interim Report
12. SHARE-BASED PAYMENTS
The Group operates Executive Share Option Schemes under which executive
directors, managers and staff of the Company are granted options over shares.
During the six months ended 30 September 2016, the following share options
were granted to executive directors.
Scheme Date No. of options Exercise price Fair value
Executive Share Matching Plan 8 September 2016 287,290 2.5p 300.5p
The charge recognised from equity-settled share-based payments in respect of
employee services received during the period was £659,000 (2015: £582,000).
13. LOANS
In April 2014, the Group secured an Australian dollar three year term loan of
AUS$10,000,000. The debt bears an interest rate of +1.90% above the
Australian Dollar bank bill interest swap rate ('BBSW') and matures in April
2017. Security on the debt is provided by way of an all asset debenture.
The Group has a 3 year revolving credit facility agreement expiring in
November 2020 which is subject to a limit of £50,000,000. The facility bears
an initial interest rate of LIBOR +1.50%. This interest rate is subject to an
increase of 0.25% should the business exceed certain leverage conditions.
30 Sept2016 30 Sept2015 31 March2016
£'000 £'000 £'000
Opening bank loan 3,742 4,389 4,389
New borrowings 12,000 - -
Repayment of borrowings (400) (351) (752)
Foreign currency translation adjustment 359 (405) 105
Closing bank loan 15,701 3,633 3,742
Analysed as:
Amounts falling due within 12 months 3,701 675 582
Amounts falling due after one year 12,000 2,958 3,160
15,701 3,633 3,742
Notes to the Interim Report
14. RELATED PARTY TRANSACTIONS
During the period, the Group entered into transactions, in the ordinary course
of business, with other related parties. Transactions entered into and
trading balances outstanding at 30 September are as follows:
Group Sales to related parties Purchases from related parties Net amounts owed by related parties
£'000 £'000 £'000
Associates:
30 September 2016 - - -
30 September 2015 1 - -
31 March 2016 - - -
Directors (see below):
30 September 2016 - - -
30 September 2015 - 1 -
31 March 2016 - 1 -
Other related parties (see below):
30 September 2016 23 - (14)
30 September 2015 19 - -
31 March 2016 33 - (5)
The Chairman of the Company incurred some expenses via his consultancy
business Rasche Consulting Limited.
The Chief Executive of the Company is a director of Zuto Limited which is a
client of the Group. Transactions with Zuto Limited have been reported under
the heading of 'other related parties' in the table above.
A Non-Executive Director of the Company is a director of Avanti Communications
Group Plc which is a client of the Group. Transactions with Avanti
Communications Group Plc have been reported under the heading of 'other
related parties' in the table above.
Terms and conditions of transactions with related parties
Sales and balances between related parties are made at normal market prices.
Outstanding balances with entities other than subsidiaries are unsecured,
interest free and cash settlement is expected within 30 days of invoice.
During the six months ended 30 September 2016, the Group has not made any
provision for doubtful debts relating to amounts owed by related parties
(2015: nil).
Compensation of key management personnel (including directors)
Unaudited 6 months to30 Sept2016 Unaudited 6 months to30 Sept2015 Audited Year to31 March2016
£'000 £'000 £'000
Short-term employee benefits 579 440 1,520
Post-employment benefits 16 12 24
Fair value of share options awarded 393 929 929
988 1,381 2,473
Notes to the Interim Report
15. EQUITY SHARE CAPITAL
During the period 10,296,940 (2015: 2,332,024) ordinary shares with a nominal
value of 2.5p were issued for an aggregate cash consideration of £25,321,000
(2015: £412,000). The cost associated with the issue of shares was £750,000
(2015: £nil).
30 Sept2016 30 Sept2015 31 March2016
£'000 £'000 £'000
Issued
Allotted, called up and fully paid 3,355 3,077 3,097
Share premium 48,424 23,753 24,111
51,779 26,830 27,208
16. BUSINESS COMBINATIONS
Acquisition of ID Scan Biometrics Ltd
On 1 July 2016, the Company acquired 100% of the voting shares of IDscan, a
provider of software that automates on-boarding of customers and employees by
simplifying the identity verification and data capture process. IDscan helps
authentication of documents including passports, visas, ID cards, driving
licenses, utility bills and work permits whilst also capturing facial
biometrics which provides proof that those documents are not stolen. The
combination represents a highly complementary capability set alongside GBG's
unique global Know Your Customer, Anti-Money Laundering and fraud detection
solutions. The Consolidated Statement of Comprehensive Income includes the
results of IDscan for the three month period from the acquisition date.
The fair value of the identifiable assets and liabilities of IDscan as at the
date of acquisition was:
Fair value recognised on acquisition£'000
Assets
Technology intellectual property 5,405
Customer relationships 3,917
Non-compete agreements 467
Plant and equipment 237
Purchased software 9
Acquired goodwill 12
Inventory 154
Trade and other receivables 2,559
Cash 1,208
Trade and other payables (2,900)
Corporation tax liabilities (427)
Deferred tax liabilities (1,818)
Total identifiable net assets at fair value 8,827
Goodwill arising on acquisition 34,841
Total purchase consideration transferred 43,668
Purchase consideration:
Cash 37,000
Contingent consideration adjustment 6,668
Total purchase consideration 43,668
Analysis of cash flows on acquisition:
Transaction costs of the acquisition (included in cash flows from operating activities) 513
Net cash acquired with the subsidiary (included in cash flows from investing activities) 1,208
Cash paid (37,000)
Net cash outflow (35,279)
Notes to the Interim Report
16. BUSINESS COMBINATIONS (continued)
The fair values above contain certain provisional amounts which will be
finalised no later than one year after the date of acquisition. Provisional
amounts have been included at 30 September 2016 as a consequence of the timing
and complexity of the acquisition.
The fair value of the acquired trade receivables amounts to £2,200,000. The
gross amount of trade receivables is £2,211,000. None of the trade receivables
have been impaired and it is expected that the full contractual amounts can be
collected.
The goodwill recognised above is attributed to intangible assets that cannot
be individually separated and reliably measured from IDscan due to their
nature. These items include the expected value of synergies and an assembled
workforce. None of the goodwill is expected to be deductible for income tax
purposes.
The transaction costs of £513,000 associated with this acquisition have been
expensed and are included in exceptional items in the Consolidated Statement
of Comprehensive Income and are part of operating cash flows in the Cash Flow
Statement.
From the date of acquisition, IDscan has contributed £1,758,000 of revenue and
operating profits of £504,000 to the Group. If the combination had taken
place at the beginning of the year, the Group revenue and operating profits
would have been £39,540,000 and £2,198,000, respectively.
Contingent consideration - IDscan
As part of the share sale and purchase agreement, a contingent consideration
amount of up to £8,000,000 has been agreed. This payment is subject to certain
future revenue and EBITDA targets between 12 and 18 months from completion
date. The obligation has been classed as a liability in accordance with the
provisions of IAS 32.
At the acquisition date the discounted fair value of the contingent
consideration was estimated at £6,668,000 having been determined from
management's estimates of the range of outcomes and their respective
likelihoods. At 30 September 2016, the value of the contingent consideration
after partial unwinding of the discounting was £6,845,000. Adjustments to the
fair value of the contingent consideration are made in the Consolidated
Statement of Comprehensive Income under IFRS 3 (Revised) Business
Combinations.
Contingent consideration - DecTech
During the period ending 30 September 2016, final settlement of AUS$2,000,000
(£1,026,000) was made relating to the second tranche of the contingent
consideration from the acquisition of DecTech.
Notes to the Interim Report
17. CONTINGENT CONSIDERATION
ASSETS Unaudited30 Sept2016 Unaudited30 Sept2015 Audited31 March2016
£'000 £'000 £'000
Opening - - -
Recognition on the acquisition of subsidiary undertakings - 1,280 1,280
Fair value adjustment to contingent consideration - 42 177
Settlement of consideration - - (1,457)
Closing - 1,322 -
Analysed as:
Amounts falling due within 12 months - 1,322 -
- 1,322 -
LIABILITIES Unaudited30 Sept2016 Unaudited30 Sept2015 Audited31 March2016
£'000 £'000 £'000
Opening 1,050 6,628 6,628
Recognition on the acquisition of subsidiary undertakings 6,668 - -
Settlement of consideration (1,026) (4,745) (5,745)
Unwinding of discount 194 190 255
Exchange differences on retranslation (41) (223) (88)
Closing 6,845 1,850 1,050
Analysed as:
Amounts falling due within 12 months - 1,850 1,050
Amounts falling due after one year 6,845 - -
6,845 1,850 1,050
Exchange differences of £41,000 arose from the retranslation of DecTech into
pounds Sterling for consolidation purposes and are not part of the fair value
movement on the underlying contingent consideration.
Notes to the Interim Report
18. FINANCIAL INSTRUMENTS - FAIR VALUE MEASUREMENT
The objectives, policies and strategies pursued by the Group in relation to
financial instruments are described within the 2016 Annual Report. Set out
below is an overview of financial instruments, other than cash and short-term
deposits, held by the Group:
30 September 2016 30 September 2015 31 March 2016
Loans and receivables Fair value profit or loss Loans and receivables Fair value profit or loss Loans and receivables Fair value profit or loss
£'000 £'000 £'000 £'000 £'000 £'000
Financial assets:
Trade and other receivables 17,669 - 13,162 - 19,768 -
Contingent consideration - - - 1,322 - -
Total current 17,669 - 13,162 1,322 19,768 -
Total financial assets 17,669 - 13,162 1,322 19,768 -
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