REG - i-nexus Global PLC - Final Results
21/12/2021 07:00
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RNS Number : 2633W i-nexus Global PLC 21 December 2021
21 December 2021
i-nexus Global plc
("i-nexus", the "Company" or the "Group")
Final Results
i-nexus Global plc (AIM: INX), a leading provider of cloud-based Strategy
Execution software solutions designed for the Global 5000, today provides its
audited results for the year ended 30 September 2021 ("FY21").
Financial Highlights
· Group revenue £3.6m (FY20: £4.1m)
o Recurring revenue £3.3m (FY20: £3.7m)
o Services revenue £0.3m (FY20: £0.4m)
· Administrative expenses reduced by 27% to £4.1m (FY20: £5.6m)
· Group loss before taxation reduced to £1.1m (FY20: £2.4m)
· Cash & cash equivalents at the period end of £0.6m (FY20:
£0.1m)
· Exit Monthly Recurring Revenue ("MRR") £235k (FY20: £305k)
· Financial position of the Company secured for the near term by the
Convertible Loan notes subscribed for during the year by shareholders
· Currently trading on an EBITDA positive basis
Operational Highlights
· Despite the ongoing impact on enterprise software Budgets, successful
in closing four new deals across the year with three being in the last quarter
· Higher level of non-renewing customers than anticipated, but levels
of non-renewing customers reduced in the last three months of the year
· Marketing initiatives started to bear fruit as our investments saw
the highest historical results in terms of engagement, reach and therefore
leads; confirming our ability to rebuild our prospect pipeline
Post Period End Highlights & Outlook
· Sales momentum emerged in Q4 and is continuing in FY22
· At the time of writing this report we have closed six deals in six
months; validating our ability to win new business, the longest period on
record of regular deal delivery
· Our average deal size is increasing and we now have clear predictable
conversion rates of leads into deals
· After another tough year we have emerged in a strong position and
primed to deliver double digit net Monthly Recurring Revenue (MRR) growth in
FY22
Simon Crowther, Chief Executive, of i-nexus Global plc, commented: "The
substantial challenges posed by the pandemic continued in the year, but the
ongoing investments made in our products and the changes to our Go To Market
strategy started to deliver an increase in new customer win rate in Q4,
increased industry recognition and a growing confidence across the business as
we head into FY22. The efforts we have made in cash conservation and the
uplift in revenues meant we traded on an EBITDA positive footing (adjusted for
non-underlying items) for the last three months of the year, with a visible
cash runway.
"Our sales pipeline continues to develop with solid new opportunities being
created monthly and we have seen a general shortening of sales cycles,
reflecting in our improved conversion metrics. We therefore enter the new
financial year with a greater level of optimism.
"The changes brought by the pandemic have highlighted the need for scalable,
robust, digital strategy execution tools and the market for our software is
growing. We are confident we are well positioned, with a differentiated
offering, to play a leadership role in this maturing market and are focused on
delivering a year of growth."
For further information please contact:
i-nexus Global plc Via: Alma PR
Simon Crowther, CEO
Alyson Levett, CFO
Singer Capital Markets (Nominated Adviser and Broker) Tel: +44 (0)207 496 3000
Sandy Fraser / Alaina Wong (Corporate Finance)
Tom Salvesen (Corporate Broking)
Alma PR Tel: +44 (0)203 405 0205
Caroline Forde
About i-nexus Global plc
i-nexus Global plc ("i-nexus") helps organisations achieve their goals.
Whether executing a strategy, driving operational excellence and continuous
performance improvement, or coordinating portfolios and programs to transform
results, i-nexus strategy execution software underpins success.
Today, we support organisations in managing over 200,000 strategic programmes
around the world.
i-nexus transforms how organisations plan, execute, and track goals. We
inspire the confidence to leave behind the spreadsheets, presentations and
reports those organisations rely on, replacing it with a cloud-based,
collaborative solution.
Chairman's Statement
For many businesses 2020/21 remained challenging due to economic and
commercial uncertainty coupled with all the ongoing disruption caused by the
global pandemic. Of course, certain businesses were in the right markets to
benefit from the unprecedented demands created by this environment, whilst
others were on the wrong side of the "must have / like to have" decision
process. However, while in FY20 we saw many large businesses retract from
longer term decision making on procuring discretionary enterprise software
purchases, during FY21 we saw a distinct change in behaviour from our existing
and potential customers as they returned to addressing the fundamental
challenge of increasing longer term productivity.
Critical to addressing this challenge is how enterprises deploy their
strategy. Having agreed strategic goals, how they set the goals across large
and complex businesses, how they measure whether or not they are on track to
achieve those goals and finally what to do to course correct if they are not
on target. As a Board we are confident that the challenge which i-nexus
addresses, the automation of Business Improvement and Strategy Deployment, is
one which all businesses face and more and more will seek to address over the
coming years. We remain confident that we have an extremely capable solution
as demonstrated by the quality of the customers which we currently serve and
those with which we are currently negotiating.
i-nexus Global plc went into the FY20 downturn in a particularly weak
position, both from a cash and from a sales perspective, but crucially we were
supported at this critical time by our major shareholders. We demonstrated to
those shareholders the inherent value in this business in terms of the
technology we have developed, the customers who have deployed it and the new
customers who have signed contracts or are currently in our pipeline. We all
acknowledge that there was and continues to be considerable uncertainty about
the speed at which the market for strategy deployment software develops but
are confident that there is a significant market to address and that such
deployments go the heart of how businesses operate. We remained 'hunkered
down' during FY21, keeping costs to a minimum, successfully rebuilding our
sales pipeline, continuing to service our existing customers, signing new ones
and continuing on a more limited basis to develop our technology. Preservation
of cash until such time as we can see a clear, sustainable improvement in
sales and revenues, was our number one priority and remains so.
Although we successfully signed a number of new customers during FY21 we were
hit by higher levels of churn amongst some of our existing customers than we
were anticipating. The principal drivers for this churn were M&A activity
and customers who found themselves in particularly hard-hit industries. In
retrospect, given the considerable M&A activity amongst our customers,
such events are not entirely unexpected. We have continued to support such
customers in a totally professional manner and one in particular, having been
acquired, has already started a new pilot to deploy i-nexus across the new
merged entity. The result of this higher than anticipated churn was a tighter
than anticipated cash position which was once again supported by our
shareholders.
We remain confident that the market we address is emerging and that i-nexus is
a leading automation product enabling businesses to deploy strategy more
efficiently. We are also confident that we are running as lean a cost base as
manageable in challenging times, that we have the appropriate and committed
management team and that our core market is undoubtedly growing.
Although we believe that the stock market currently undervalues the business
on any comparable metric, we recognise that the management of the business
must demonstrate to investors that i-nexus has the exciting potential we can
see and that we as a team can realise the results we envisage. Whilst we do
so, we will manage our cash resources as effectively as possible, continue to
develop one of the best platforms available to enable the automation of
business improvement and strategy deployment and continue to drive our
exciting sales pipeline as hard as our resources permit.
Finally, I would like once again to thank our management team and employees
for their dedication and commitment during these challenging times. I would
also like to take this opportunity to thank all shareholders who have
continued to support the business and in particular those who subscribed for
additional Loan Notes during the most challenging of times. They have given
the business the opportunity to continue to pursue the growth in new and
existing customers and ultimately the financial results the management team
work unstintingly to achieve.
Richard Cunningham
Chairman
CEO's Statement
Overview
We have emerged as a stronger business as a result of the commercial and
operational challenges of FY21. After the major milestone in FY20 of deploying
an upgraded version of i-nexus with a new modern interface across all our
customers, which has deepened our understanding of our customers' needs, we
are generating the highest number of new sales leads per month, on average one
new demo request is arriving per working day and the start of a stable cadence
of new contract wins is now visible. We are now moving into what I expect to
be an exciting phase in i-nexus' history.
Our shareholders were an invaluable support during the challenges of FY21 and
have provided the means for us to get back on a growth trajectory. I would
like to add my thanks for that to those expressed by our Chairman.
Trading
The substantial challenges posed by the pandemic continued in the year, but
the ongoing investments made in our products and the changes to our Go To
Market ("GTM") strategy started to deliver an increase in new customer win
rate in Q4, increased industry recognition and a growing confidence across the
business as we head into FY22. The efforts we have made in cash conservation
and the uplift in revenues meant we traded on an EBITDA positive footing
(adjusted for non-underlying items) for the last three months of the year,
with a visible cash runway.
The fundraising gave us much needed working capital. We remain conscious of
the challenges that still lie ahead, but we are passionate about continuing to
deliver on our growth strategy in the coming year while carefully managing our
cash resources to ensure the long-term future of the business.
Market opportunity
All businesses set goals, plan how to deliver them and track performance. The
challenge is if they can do this at pace, with insight and high levels of
visibility across their complex operating environment. In most cases the
answer to this is no and this is where i-nexus' software delivers considerable
value. While the last 18 months has been painful for many, it brought into
focus the importance of strategy being up to date, all in one place and at the
fingertips of those driving a business forward and most importantly, remotely
and digitally accessible. This, we believe, will see the momentum we have seen
in recent months continue and grow in the coming year.
Sales & Marketing activity
Since the launch of our next generation platform, i-nexus Workbench, last year
we are encouraged by the exceptionally positive response from existing
customers and the high level of interest from new prospects. The flexibility
and usability of the platform has enabled us to implement live trials and
"test drives" for prospects for the first time, enabling high levels of
engagement where prospects can see their own data in the system, providing a
powerful proof of the ROI which can be delivered.
The success of these trials and test drives can be seen in the uplift in
customer win rate in Q4 and into the new financial year, with five trials
converted into annual contracts since July 2021 - an encouraging run rate of
new business not experienced for some time.
The four new customers signed in the year were a major domestic appliance
manufacturer, the first of six portfolio companies of a US-based Private
Equity business, with further companies in their portfolio now evaluating the
platform, a European pharmaceutical organisation and a European automotive
technology company. Subsequent to the year end, we have signed one further
contract with the second of the portfolio companies mentioned above with
further deals progressing through contracting.
We currently have several further live trial implementations at multiple
enterprises across the US, UK and Europe and a paid Pilot with a major
technology company. We continue to see an uplift in new business enquiries as
a result of our targeted marketing activities but are mindful that the
economic backdrop remains uncertain.
Existing account activity
Typically, our software is initially utilised within one division of our
customers, or one geography, with considerable scope for further expansion.
However, within the year, we saw lower levels of customer expansion deals than
previously with only two notable additions, a cross sell at an existing
account to a new geography, Singapore and the conclusion of an enterprise deal
with a major technology company whereby their MRR will ramp across the next
3-5 years. Despite these two increases success elsewhere was limited with
COVID-19 continuing to impact enterprise software budgets. We have seen some
improvement post year end and anticipate a higher level of customer expansion
deals in FY22.
Marketing
We have seen a considerably higher level of new business enquiries as we
progressed through the year, reflecting both the improving business landscape
and our inclusion on G2, the world's largest online technology marketplace
within the 'best strategic planning' software category. Having not appeared in
this list previously, we now consistently rank highly, having received forty
two reviews and three awards. Year on year the result is encouraging with new
contacts nearly twice last year's average, content download 1.5 times those on
average a year ago and both returning contacts and returning web visits at
least five times those a year ago. All of this activity has seen our rate of
leads and, importantly, demo requests increase.
Our focus for the year ahead will be to convert this increase in marketing
reach, maintain this consistency in the rate of new customer acquisition,
expanding with our existing customers and delivering net customer growth.
Business structure
The business comprises four core teams: GTM (Sales & Marketing), Product
(Development, Product & Cloud Ops), Success, (all the customer facing
& delivery teams) and Business Support (Finance, HR & Admin). Each
team has clearly laid out performance metrics and KPIs, to be delivered
against quarterly. A key feature of the change in the GTM approach has been to
utilise domain experts, with an in depth knowledge of i-nexus, throughout the
sales cycle. This has enabled a far greater level of interaction with the
prospect's team on a peer-to-peer basis. In addition, we have also adopted a
similar approach in customer success, whereby our Solution Consultants are
acting as success managers for our accounts. Both these changes are delivering
positive results.
As with many software companies, we are an agile business and well-equipped to
facilitate remote working. Our staff continue to work successfully from home,
with no disruption to the Group's continuity of service and indeed some
benefits of the greater ease of collaboration. We took the decision in the
year not to renew the lease on our Coventry HQ. We require a more flexible
workspace for the future as lockdown restrictions lift and resource planning
can become more definitive.
Innovation
Evolving market
Our software category - Strategy Execution Management (SEM) - continues to
evolve and gain momentum as companies accelerate digitising mission-critical
processes in this post pandemic world. Faced with market uncertainty, this
"new normal" future requires companies to increase responsiveness by
dynamically managing their strategic plan; something that we believe simply
cannot be achieved in spreadsheets and other conventional productivity tools.
The growing importance of the SEM market has been acknowledged by leading
analysts including Gartner Research, with SEM now considered an integral part
of the new Strategy Portfolio Management (SPM) software category.
Competition
Our competitive landscape has shifted accordingly. Falling under Strategic
Portfolio Management from an analyst perspective, has had two effects. It has
both distanced us from many previous SEM competitors but also introduced new
SPM competitors.
Against remaining SEM vendors, i-nexus is differentiated in both its depth of
capabilities and its ability to support larger deployments where stringent IT
requirements - including data security - must be met and flexibility in
configuration is needed. Those capabilities include the X-Matrix interactive
planning used by multiple strategy execution methodologies including Hoshin
Kanri.
i-nexus has two clear advantages in strategy execution against SPM vendors:
powerful strategic planning and performance management capabilities that
complement portfolio management features. Plus, i-nexus' customers benefit
from experience gained from over fifteen years of market experience in
strategy execution.
Customer priorities
The past twelve months have seen the emergence of two clear trends in customer
priorities. The first is around the governance of strategic data. Responding
to changing market conditions requires real-time strategic insight that
depends ultimately on quality data. Customers increasingly rely on i-nexus to
centralise and manage this data, and furthermore present executives with
visualisation and reporting on strategic health
The second noticeable trend is growing interest in rethinking the traditional
annual strategic planning process, applying agile principles to strategic
planning and delivery. Approaching strategic execution in a more incremental
way enables customers to regularly assess not just progress toward the
strategic plan but also any internal and external factors that might warrant
strategic course correction.
In the year ahead we will continue to evaluate our product market fit and
deliver those enhancements that respond to the market needs, especially those
resulting from a greater extent of virtual operations.
Partners
While we secured one new customer at the start of the year via a partner, our
consulting partners largely continued to be impacted by COVID-19, seeing their
own pipelines slow down and facing substantial uncertainty, we therefore have
reduced our focus on this area for the time-being.
People
Once again, I would like to thank our amazing team personally and on behalf of
the Board. We are incredibly lucky with the talent and commitment of the team
that we have at i-nexus. This has not been an easy year, but everyone has
worked incredibly hard to make it a success and I am delighted for all of us
that we are now starting to see the fruits of those labours.
Current Trading and Outlook
We exited the year with a Monthly Recurring Revenue rate of £235k and we
continue to trade on a monthly EBITDA positive basis. Importantly, we have
seen levels of non-renewing customers reduce considerably over the last five
months and we do not expect to see a repeat of the rates seen last year.
Our sales pipeline continues to develop with solid new opportunities being
created monthly and we have seen a general shortening of sales cycles,
reflecting in our improved conversion metrics. We therefore enter the new
financial year with a greater level of optimism.
The changes brought by the pandemic have highlighted the need for scalable,
robust, digital strategy execution tools and the market for our software is
growing. We are confident we are well positioned, with a differentiated
offering, to play a leadership role in this maturing market and are focused on
delivering a year of growth.
Simon Crowther
Chief Executive Officer
Chief Financial Officer's Report
Reported revenue
Revenue reduced to £3.6m (FY20: £4.1m) as the COVID-19 pandemic continued to
affect our rate of new deal conversion and professional services billing until
the last quarter of the year. The Group signed four new customers, three in
the last quarter (FY20: two), all under recurring contracts of more than one
year in length, paid in advance annually. Upsells and cross sells in our
existing accounts were lower than previous years, adding £10k Monthly
Recurring Revenue in the year (FY20: £40k). At the same time, we experienced
exceptional levels of non-renewing contracts, some of which were a direct
result of COVID-19, and we exited FY20 with closing MRR of £235k (FY20 exit
MRR: £305k).
Revenue from recurring contracted software subscriptions was £3.3m (FY20:
£3.7m), this reduction reflecting the low levels of new MRR generated from
sales and the high level of non-renewing contracts. Revenue from associated
professional services was £0.3m (FY20: £0.3m). We had expected some
resurgence in our services billing closer to levels seen historically, but
this did not materialise during the earlier part of the year. This also showed
signs of improvement in the last 3 months of the year with billing in this
area reaching an average of £29k per month from an average of just £5k per
month from December 2020 to May 2021.
Gross Margin
Gross margin in the year was £3.0m, or 83% (FY20: £3.0m, or 73%) after
accounting for commission payable to the Group's business partners. This
improvement is a demonstration of how well the team have responded to the
pressures on the business in the past twelve months.
Reported gross margin is the combined gross margin over both recurring
software subscriptions and professional services.
Overheads
Overheads (defined as the aggregate of staff costs and other operating
expenses, but excluding those costs included in cost of sales, depreciation of
tangible assets and amortisation of intangible assets, and share based payment
charges) reduced by 27% in the year to £3.9m (FY20: £5.31m). This cost
saving was a combination of a full year of reduced headcount, continuing to
utilise the Government Furlough scheme, albeit at a much lower rate, not
renewing the Lease on the Coventry office and other savings related to
software use and other general overheads savings. Included in overheads was
£0.04m (FY20: £0.2m) of non-recurring administrative expenses as a result of
the redundancies. As reported elsewhere our monthly run rate of total costs,
both cost of sales and overheads dropped by approximately £100k in the year
to close at approximately £270k. Interest expense at £156k is up on the
previous year by £102k as the recognition of rolled-up interest expense on
the first tranche of convertible loan notes commenced. Cash interest paid
dropped from £40k to £22k as the historical venture debt continues to be
paid down.
Adjusted EBITDA and net loss for the year
Our focus for the year was to remain as close to EBITDA breakeven as we could
to conserve cash. These efforts were rewarded by the final quarter as we
traded profitably at EBITDA level (adjusted for non-underlying items) for the
last three months and are continuing to do so in the new financial year.
Adjusted EBITDA (EBITDA before depreciation, amortisation, impairment and loss
on disposal of assets, share based payments and non-underlying items) was a
loss of just £0.3m as a result (FY20: loss £1.8m)
Group loss before taxation reduced to £1.1m (FY20: £2.4m), a result that
reflects the cost reductions made. There are minimal plans to increase the
cost base in the coming year, restricted to well targeted investments in lead
generation, projects designed to improve conversion rates and in marketing
initiatives with our partners. These investments will only be made as net new
MRR increases thus releasing cash to enable them.
Cash Flow
The Group had cash & cash equivalents at the period end of £0.58m (FY20:
£0.12m). The Group's cash position was enhanced during the year with
successful fund raises to secure £1.975m as a result of the issue of Fixed
Rate Unsecured Convertible Redeemable Loan Notes.
Gross debt at 30 September 2021 was £1.90m (FY20: £0.24m), of which £0.07m
(FY20: £0.18m) was payable within one year.
The Group experienced a reduced outflow of funds from operating activities of
£0.5m (FY20: £2.0m) and a net outflow from operating activities of £1.0m
(FY20: £0.5m). This net outflow was largely the result of the repayment of
HMRC deferrals and other accumulated creditor balances resulting from our
pressured cash position towards the end of last year. The Group had a cash
inflow of £1.8m (FY20: outflow of £0.2m) from financing activities.
The funds raised during the year provide additional working capital to
facilitate the continued implementation of the Group's plans and will be
applied entirely towards meeting the Group's ongoing working capital
requirements. With the pattern of deal flow we are experiencing we expect to
be self-sufficient in working capital terms in FY22 and can therefore start a
prudent series of investments in resources to help us accelerate our growth.
Careful cash management will continue to be a priority focus for the Board.
The Group continues to apply treasury and foreign currency exposure management
policies to minimise both the cost of finance and our exposure to foreign
currency exchange rate fluctuations.
The Group prepares budgets and cashflow forecasts and undertakes scenario
planning to ensure that the Group can meet its liabilities as they fall due.
As was the case last year the uncertainty as to the ongoing impact on the
Group of COVID-19 has been considered as part of the Group's adoption of the
going concern basis. In particular, the ongoing impact of COVID-19 may
continue to cause sales cycles to extend and make it difficult to forecast
future sales.
The Board's assessment in relation to going concern is included in Note 2 of
the financial information. The Group's principal risks and uncertainties are
set out in Note 9 of the financial information.
Capital expenditure
The Group operates an asset light strategy and has low capital expenditure
requirements, therefore expenditure on tangible fixed assets is very low at
less than 1% of revenue (FY20: 3%). The main area of capitalisation is the
development of the Group's product software which amounted to £0.3m in the
year (FY20: £0.6m).
The Group reviews the carrying amounts of its intangible assets to determine
whether there is any indication that those assets have suffered an impairment
loss. This is reflective of the continual evolution of the market in which the
Group operates and the needs of its customers, both present and prospective,
and the Group's agile approach to continually developing and improving its
offering. By necessity, this may mean that expenditure on intangible assets
meeting the recognition criteria may later become impaired. As a result of
this review we determined an impairment of £0.29m was necessary in the year
(FY20: £0.11m). Our development capacity is contributing to the marketability
of the Group's products, the product launch last August is proving to be
strategically important to us as the success of trials and pilots is becoming
evident.
Alyson Levett
Chief Financial Officer
Primary statements
Consolidated Statement of Comprehensive income
For the year ended 30 September 2021
Year ended Year ended
Notes 30 September 30 September
2021 2020
£ £
Revenue 3 3,639,111 4,080,582
Cost of sales (635,532) (1,094,342)
Gross profit 3,003,579 2,986,240
Other operating income 3 88,316 244,656
Administrative expenses (4,062,295) (5,555,327)
Operating loss (970,400) (2,324,431)
Adjusted EBITDA 4 (256,873) (1,816,412)
Depreciation, amortisation, impairment and profit / loss on disposal (551,862) (331,924)
Share based payment expense (17,181) -
Non-underlying items (144,484) (176,095)
Finance income 65 1,007
Finance costs (162,855) (54,299)
Loss before taxation (1,133,190) (2,377,723)
Income tax credit 398,258 361,490
Loss for the year (734,932) (2,016,233)
Other comprehensive income:
Exchange differences on translation of foreign operations 17,346 8,068
Loss on net investment hedge - (26,307)
Total comprehensive loss for the year (717,586) (2,034,472)
Attributable to equity holders of company (717,586) (2,034,472)
Basic and diluted earnings per share 5 (0.02) (0.07)
Consolidated Statement of Financial Position
As at 30 September 2021
Notes 30 September 30 September
2021 2020
£ £
Non-current assets
Intangible assets 1,099,313 1,136,808
Property, plant and equipment 67,111 245,963
Total non-current assets 1,166,424 1,382,771
Current assets
Trade and other receivables 791,948 832,507
Current tax receivable 275,000 300,000
Cash and cash equivalents 575,203 120,011
Total current assets 1,642,151 1,252,518
Total assets 2,808,575 2,635,289
LIABILITIES
Current liabilities
Trade and other payables 952,157 1,239,609
Borrowings 6 71,425 179,098
Lease liabilities - 37,467
Deferred revenue 1,030,315 1,723,661
Total current liabilities 2,053,897 3,179,835
Net current liabilities (411,746) (1,927,317)
Non-current liabilities
Trade and other payables 88,330 -
Borrowings 6 42,094 64,402
Provisions - 80,702
Convertible loan notes 7 1,782,458 -
Total non-current liabilities 1,912,882 145,104
Total liabilities 3,966,779 3,324,939
Net liabilities (1,158,204) (689,650)
Equity
Share capital 8 2,957,161 2,957,161
Share premium option 7,256,188 7,256,188
Share option reserve 12,989 -
Foreign exchange reserve 1,876 (15,470)
Equity reserve 7 231,851 -
Merger reserve 10,653,881 10,653,881
Retained earnings (22,272,150) (21,541,410)
Total equity (1,158,204) (689,650)
Consolidated Statement of changes in equity Share capital Share premium Equity reserve Merger reserve Foreign exchange reserve Share option reserve Retained earnings Total
As at 30 September 2021
£ £ £ £ £ £ £ £
Balance at 1 October 2019 2,957,161 7,256,188 - 10,653,881 (23,538) - (19,498,870) 1,344,822
Year ended 30 September 2020:
Loss for the year - - - - - - (2,016,233) (2,016,233)
Other comprehensive income:
Exchange differences on foreign operations - - - - 8,068 - - 8,068
Loss on net investment hedge - - - - - - (26,307) (26,307)
Total comprehensive income for the year - - - - 8,068 - (2,042,540) (2,034,472)
Balance at 30 September 2020 2,957,161 7,256,188 - 10,653,881 (15,470) - (21,541,410) (689,650)
Year ended 30 September 2021:
Loss for the year - - - - - - (734,932) (734,932)
Other comprehensive income:
Exchange differences on foreign operations - - - - 17,346 - - 17,346
Total comprehensive income for the year - - - - 17,346 - (734,932) (734,932)
Issue of convertible loan - - 231,851 - - - - 231,851
Share option expense in the year - - - - - 17,181 - 17,181
Share options cancelled - - - - - (4,192) 4,192 -
Balance at 30 September 2021 2,957,161 7,256,188 231,851 10,653,881 1,876 12,989 (22,272,150) (1,158,204)
Consolidated Statement of Cash Flows
For the year ended 30 September 2021
Year ended Year ended
30 September 2021 30 September
£ 2020
£
Cash flows from operating activities
Loss after tax (734,932) (2,016,233)
Adjustments for non-cash/non-operating items:
Taxation credit (398,258) (361,490)
Depreciation and profit on disposals 551,862 331,924
Share based payments 17,181 -
Finance income (65) (1,007)
Finance charges 162,855 54,299
Decrease in provisions (80,702)
(482,059) (1,992,507)
Changes in working capital:
Decrease in trade and other receivables 78,059 690,536
(Decrease)/Increase in trade and other payables (980,799) 489,077
Cash from operating activities (1,384,799) (812,894)
Income tax refunded 423,258 361,490
Net cash from operating activities (961,541) (451,404)
Cash flows from investing activities
Purchase of property, plant and equipment (1,171) (39,744)
Proceeds from sale of property, plant and equipment 1,180 -
Purchase of intangible assets - internally generated (335,446) (628,210)
Interest received 65 1,007
Net cash flow from investing activities (335,372) (666,947)
Cash flows from financing activities
Payment of lease liabilities (37,467) (89,000)
Issue of convertible loans 1,937,500 -
Proceeds from bank loans 50,000 -
Repayment of borrowings (179,981) (159,730)
Interest paid (35,216) (54,299)
Net cash flow from financing activities 1,734,836 (303,029)
Net increase/(decrease) in cash and cash equivalents 437,923 (1,421,380)
Cash and cash equivalents beginning of period 120,011 1,533,323
Effect of foreign exchange rate changes 17,269 8,068
Cash and cash equivalents at the end of the period 575,203 120,011
Notes to accounts
1. General information
i-nexus Global plc is a public company limited by shares incorporated in
England and Wales (registration number 11321642). The registered office and
principal place of business is i-nexus, 27-28 Eastcastle Street, London, W1W
8DH.
The principal activity of i-nexus Global plc is to help organisations achieve
their goals. Whether executing a strategy, driving operational excellence and
continuous performance improvement, or coordinating portfolios and programs to
transform results, i-nexus strategy execution software underpins success.
2. Significant accounting policies
The following principal accounting policies have been used consistently in the
preparation of consolidated financial information for i-nexus Global plc and
its subsidiaries (the 'Group').
Basis of preparation
The financial information has been prepared in accordance with International
Financial Reporting Standards ("IFRS") as adopted by the European Union, in
accordance with the IFRS Interpretations Committee ("IFRIC") interpretations,
and with those parts of the Companies Act 2006 as applicable to companies
reporting under IFRS.
The financial information is prepared in sterling, which is the functional
currency of the Group. Monetary amounts in this financial information are
rounded to the nearest £1.
This financial information has been prepared applying the accounting policies
applied in the Group's most recent publicly available financial statements.
The financial information incorporates the results of i-nexus Global plc and
all of its subsidiary undertakings as at 30 September 2021.
Going concern
The Group prepares regular business forecasts and monitors its projected cash
flows, which are reviewed by the Board. Forecasts are adjusted for reasonable
sensitives that address the principal risks and uncertainties to which the
Group is exposed, thus creating a number of different scenarios for the Board
to challenge including a "stress" case scenario of a worsening of total
billing across recurring and services revenue of £900,000 (2020: £700,000)
compared to the base case budgeted for the current financial year. This stress
case was based upon new billing remaining at the same substantially suppressed
rate as FY20. In those cases, where scenarios deplete the Group's cash
resources too rapidly, consideration is given to the potential actions
available to management to mitigate the impact of one or more of these
sensitivities, in particular the discretionary nature of costs incurred by the
Group, in order to ensure the continued availability of funds.
On the basis of this analysis, the Board has concluded that there is a
reasonable expectation that the Group will have adequate resources to continue
in operational existence for the foreseeable future being a period of at least
twelve months from the balance sheet date.
Thus the directors continue to adopt the going concern basis of accounting in
preparing the financial information.
Abridged financial information
This preliminary announcement has been prepared in accordance with the basis
of preparation set out above.
Whilst the financial information included in this preliminary announcement has
been prepared in accordance with IFRS, this announcement does not itself
contain sufficient information to comply with IFRS. This preliminary
announcement constitutes a dissemination announcement in accordance with
Section 6.3 of the Disclosures and Transparency Rules (DTR).
3. Revenue and segmental reporting
The Group has one single business segment and therefore all revenue is derived
from the rendering of services as stated in the principal activity. The Group
operates four geographical segments, as set out below. This is consistent with
the internal reporting provided to the chief operating decision maker. The
chief operating decision maker, who is responsible for allocating resources
and assessing performance, has been identified as the management team
comprising the executive directors who make strategic decisions.
Revenue analysed by class of business
Year ended Year ended
30 September 2021 30 September 2020
£ £
License 3,333,407 3,737,932
Services 305,704 342,650
3,639,111 4,080,582
Revenue analysed by geographical market
Year ended Year ended
30 September 2021 30 September 2020
£ £
United Kingdom 853,663 808,412
Rest of Europe 806,472 1,823,246
United States 1,211,192 1,259,360
Rest of the World 767,784 189,564
3,639,111 4,080,582
Other significant revenue
Year ended Year ended
30 September 2021 30 September 2020
£ £
Grant income 88,316 244,656
Grants of £88,316 (2020: £244,656) were received as part of the Government's
initiatives to provide immediate financial support as a result of the COVID-19
pandemic. There are no future related costs associated with these grants which
were received solely as compensation for costs incurred in the year.
4. Adjusted EBITDA
The calculation of Adjusted Earnings is consistent with the presentation of
Adjusted Earnings before Interest, Tax, Depreciation, and Amortisation, as
presented on the face of the Statement of Comprehensive Income. This adjusted
element also removes non-underlying items which comprise COVID-19 related
redundancy costs and professional and consultancy fees relating to the raising
of finance during the year ended 30 September 2021. Non-underlying items in
the year ended 30 September 2020 comprise COVID-19 related redundancy costs.
The Directors have presented this Alternative Performance Measure ("APM")
because they feel it most suitably represents the underlying performance and
cash generation of the business, and allows comparability between the current
and comparative period in light of the rapid changes in the business, and will
allow an ongoing trend analysis of this performance based on current plans for
the business.
5. Earnings per share
The earnings per share has been calculated using the loss for the year and the
weighted average number of ordinary shares outstanding during the year, as
follows:
Year ended Year ended
30 September 2021 30 September 2020
£ £
Loss for the period attributable to equity holders of the company (734,932) (2,016,233)
Weighted average number of ordinary shares (for basic and diluted earnings per 29,571,605 29,571,605
share
Earnings per share (basic and diluted) (0.02) (0.07)
The Diluted EPS is the same as the basic EPS in the current and comparative
year as the Group has incurred losses in each of the periods concerned. The
Group has a number of potentially dilutive share options and convertible
redeemable loan stock that could dilute the earnings per share should the
Group become profitable. As at 30 September 2021 both the share options and
the convertible loan stock are out of the money.
6. Borrowings
At 30 September 2021 At 30 September 2020
£ £
Current
Bank loans 7,906 -
Other loans 63,519 179,098
71,425 179,098
Non-current
Bank loans 42,094 -
Other loans - 64,402
42,094 64,402
Total borrowings 113,519 243,500
The Group has the following borrowings at 30 September 2021:
· A Bounce Back Loan Scheme loan within bank loans which has an
interest rate of 2.5% payable from November 2021 when the government grant
incentive period expires. The loan is carried at £50,000 in the financial
statements. This loan is unsecured.
· Venture debt within other loans which has a fixed interest rate of
the higher of 11.5% per annum or LIBOR plus 8% per annum and is measured at
amortised cost. The venture debt is secured by way of fixed and floating
charges over the title of all assets held by i-solutions Global Limited.
The directors consider the value of all financial liabilities to be equivalent
to their fair value.
7. Convertible Loan note
Two tranches of convertible loan notes were issued during the year. The first
tranche was issued on 4 November 2020 and total proceeds of £1,325,000 were
recognised. The second tranche was issued on 29 September 2021 and total
proceeds of £650,000 were recognised (of which £37,500 is accrued and
included with other debtors).
Both tranches have a redemption date 3 years following their date of issue.
The loan note holders are entitled, before the redemption date, to require the
Company to convert all or part of their holding of loan notes into fully paid
Ordinary Shares on the basis of 1 Ordinary Share for every 10p of principal
nominal amount of loan notes held, or, convert all or part of their holding of
loan notes into fully paid Ordinary Shares at the conversion rate; and/or
redeem all or part of their holding of loan notes.
The net proceeds from the issue of the convertible loan notes have been split
between the financial liability element and an equity component, representing
the fair value of the embedded option to convert the financial liability into
equity as follows:
2021
£
Proceeds of issue of convertible loan note 1,975,000
Equity component 231,851
Liability component at date of issue 1,743,149
8. Share capital
At At
30 September 2021
30 September 2020
£ £
Authorised, allotted, called up and fully paid
29,571,605 (2020: 29,571,605) Ordinary shares of £0.10 each 2,957,161 2,957,161
Fully paid shares carry one vote per share and carry rights to a dividend.
9. Principal risks and uncertainties
Risk Description Mitigation
Working capital Whilst the Directors believe that the recent injection of funds, as a result The Group prepares regular business forecasts and monitors its projected cash
of the Convertible Bond issues in November 2020 and more recently in September flows, which are reviewed by the Board.
Vulnerability of the Group's long term working capital. 2021, will provide the necessary flexibility to satisfy the Group's near-term
funding requirements, there can be no guarantee as to the Group's medium to The scenarios and sensitivities demonstrate that there are actions management
longer term working capital requirements and, therefore, the Group may need to can implement should the plans not deliver the growth hoped.
seek additional capital over and above that raised from the issue of the
Convertible Loan Notes. No assurance can be given as to the availability of
such additional capital at any future time or, the terms upon which such
additional capital would be available.
The proceeds of the Convertible Bond issue will provide the necessary
flexibility in the event that the expected growth in revenues does not
materialise in the near term, the Group's continuing viability in the longer
term remains critically dependent on its ability to secure new sales to
existing and potential customers. Given the nature of the COVID-19 Pandemic,
it is not possible to know the potential impact of the ongoing crisis on the
activities of the Group for the current financial year and beyond and, in
particular, it is possible that as a direct or indirect result the Group will
continue to experience a slower and/or lower sales conversion rate than the
Directors have modelled within their central case financial projections. This
could in turn have a material adverse effect on the Group's business, results
of operations, financial condition and prospects.
COVID-19 Pandemic The COVID-19 Pandemic has affected the performance of the business of the In addressing the impact of the COVID-19 Pandemic on its markets and its
Group. As at the date of this document, given the nature of the crisis, where customers, the Group has continued taking action to reduce its operating cost
The ongoing impact of the Pandemic cannot be predicted. new variants are emerging and infection rates are increasing, the Group is not base in cash terms. Staffing expense reductions have been implemented and this
aware of the full extent of the effects of the COVID-19 Pandemic for the near has been combined with reduced discretionary spending. This has reduced the
and medium term. Group's monthly operating cost significantly to approximately £270,000. The
Group have identified further actions that can be taken to reduce its cost
The global economic slowdown resulting from the COVID-19 Pandemic requires a base further should this prove necessary.
number of businesses worldwide to make adjustments to their operating models.
Whilst the Group continues to monitor the situation on a regular basis and may
be able to introduce further cost saving measures if needed, it is possible
that in the longer term the COVID-19 Pandemic will have a material adverse
effect on the Group's business, results of operations, financial condition and
prospects. Also, there is no assurance that the implementation of the Group's
strategic and operational changes introduced to date will be successful under
current or future market conditions.
Implementation of Growth Strategy The Board recognises that executing the Group's strategy may be difficult to The Board monitors and manages these strategies against market conditions,
implement/achieve and may not be as successful as planned. Pressure on monthly performance against budget and cash available.
Failure to successfully implement its growth strategies. management, limitations on operational and financial resources, the potential
insufficiency of demand for the Group's products and a slower than anticipated
market acceptance of the Group's products could lead to failure to
successfully implement its strategies and so adversely affect the Group's
reputation, prospects, results of operations, and its financial condition.
Digitising Strategy Execution A large proportion of the Group's target market continues to use traditional The Group has internal sales and marketing functions, which are also supported
methods and in-house developed systems to assist in their SE. The Board by an important network of consulting partners, that work with potential
Failure of the market to accept the need/urgency to digitise their Strategy believes the market needs further education in the benefits of digitising SE. customers to educate on the benefits the product can offer an organisation.
Execution (SE). Potential customers may prefer to "do nothing" and be unnecessarily cautious
about investing in the Group's software. Failure by the Group to adequately Furthermore the impact of COVID-19 is making the need to digitise strategy
explain the value proposition to increase the market's readiness to accept the more widely accepted.
technology will lead to slower than projected growth.
Account Proliferation An important aspect of the Group's growth strategy is to proliferate sales of The Group has a number of Success managers. This team's efforts at growing our
its i-nexus software with existing customers as a result of the natural existing accounts has been assisted by the recent product enhancements aimed
Failure of our existing accounts to grow, resulting from dissatisfaction with evolution of the software use over time. Although the Group has a number of at improving user experience. Feedback has been excellent, highlighted in the
the product and/or deployment issues. examples where this has occurred in the past, this is no guarantee that it number of positive reviews on the G2 platform discussed elsewhere in this
will continue to happen at the increasing rate predicted. Any failure of this report. The Board continue to monitor the efficacy and outcomes of the Group's
anticipated account proliferation to happen will affect the Group's future efforts in cross-selling and upselling.
success and adversely affect its business, prospects and results of operations
and financial position.
Dependence on Part of the Group's strategy is to increasingly sell its software through Renewed efforts in relation to the evolution of this strategic theme will take
channel partners. There are no guarantees that sufficient channel partners place in 2022 as investment in resource is unlocked by growth. The Board will
Channel Partners will be found to sell the Group's software at the rates planned. The Directors closely monitor progress.
are confident that engagements to date by existing and prospective channel
Failure to develop this additional route to market effectively. partners provide strong evidence of the opportunity in this regard. However,
there is a risk that the loss of any one or more existing channel partners
and/or failure to secure enough productive channel partners in the future
could affect the Group's future success and adversely affect its business,
prospects and results of operations and financial position.
Dependence on key Customers A small group of key customers provide nearly half of the Group's MRR. One of As previously reported The Group has a dedicated team of long standing
the Group's key customers represents approximately 19 per cent of current MRR. experienced professionals acting as Success managers. They have well
Failure to retain our larger key customers. The Group's financial performance is therefore partly dependent on the established processes and reporting that allow them to get early warning of
continued business relationship with these key customers. any issues. In addition, a substantial proportion of our remaining customer
base in value terms have either renewed, are renewing or are on long term
Failure to manage the ongoing renewal of the contracts with these key contracts, giving us comfort over the security of the bulk of our base. Whilst
customers on a commercially acceptable basis could materially affect the this cannot guarantee renewal of all other customers in the face of disruptive
Group's operations and/or its financial condition. external factors we can't foresee or manage, risk is expected to be lower this
year than last.
Software Reliability If the software provided to our customers contains undetected defects when The Group targets significant investment in product R&D. This includes
first introduced or when upgraded then the Group may fail to meet its performance enhancements, bug fixes and integration of new technologies, all
Undetected defects in the software provided by the Group. customers performance requirements or otherwise satisfy contract of which undergo substantial testing before releasing to customers. In
specifications. As a result it may lose customers and/or become liable to its addition the Group endeavours to negotiate limitations of liability clauses in
customers for damages and this may among other things damage the Group's its customers' contracts.
reputation, business, prospects, results of operation and financial condition.
Software Applicability There is no guarantee that the i-nexus software will perform as intended or The Board feels that recent
meet customer expectations either in terms of functionality, performance or
The i-nexus software may not perform as expected or meet customers' changing usability. Costs spent on developing the i-nexus software may therefore not be enhancements along with the Group's product strategy and R&D focus has
expectations quickly enough. recouped at the rate anticipated or at all, and this may result in reduced de-risked this area. The Board monitors user satisfaction and the extent to
profitability for the Group. which the software continues to meet customer expectation through various
channels, including on the G2 platform.
Market Growth The Board believe that there is strong evidence supporting the growth in the The Board do not consider this year's new deal performance to be indicative of
adoption of Strategy Execution software. However, there can be no assurance an underlying weakness in the market for the Group's product. The impact of
Failure of Strategy Execution market to grow at the rate expected. that this growth will happen at the rate envisaged by the Directors. If the COVID-19 has been highlighted elsewhere in this report. However it is clear
market fails to adopt Strategy Execution software at the rate envisaged then from competitor activity, activity on the G2 platform we are part of and
this will affect the Group's future success and adversely affect its business, Gartner and Forrester interactions that the Strategy Execution Management
prospects and results of operations and financial position. market is evolving. The Board continues to monitor market evolution and the
Group's response to this.
Competitors The Group may face an increasing amount of competition in the future as the The Group invests in R&D and product development to ensure that the
market expands, making entry to it more attractive. Whilst the Group has product remains market leading. The GTM Market team is responsible for making
The Group may face competition in a rapidly evolving market. achieved its market position through a deep understanding of the market, and substantial improvements in our on line presence in particular our progress on
the 10 years of development of its i-nexus software which places the Group in the G2 platform and this gives the Board comfort that the marketing strategy
a strong position, there is no guarantee that the Group's competitors and will help maintain our competitive position in an evolving market.
potential competitors (who may have significantly greater financial,
marketing, service, support, technical and other resources than the Group) may
be able to develop competing products, respond more quickly to changes in
customer requirements and devote greater resources to the enhancement,
promotion and sale of their products, which could have a negative impact and
disadvantage the Group's business. The entry into the market of strong, well
funded competitors, could have a negative impact on sales volumes or profit
margins achieved by the Group in the future.
Security Breaches & Cyber Attacks The Group is a Data Processor for its customers' confidential data. Although The group takes its Information Security very seriously as demonstrated by its
the Group is ISO27001 accredited and therefore employs security and testing ISO27001 accreditation. Employees are trained in this area including the risks
Vulnerability of the Group's systems to security breaches or cyber attacks. measures for the software it deploys and the broader security environment is of phishing and the best practice for Information Security. The Group has
well documented, these measures may not protect it from all possible security cyber security insurance in place and the Group endeavors to secure
breaches that could harm the Group's or its customers' business. Given the limitations of liability clauses in its customer contracts.
reliance of the Group on its information technology systems then its software
is at risk from cyber attacks. Either of these security events may result in
significant costs being incurred and other negative consequences including
reputational damage and a loss of investor confidence.
International Operations A substantial proportion of the Group's customers and prospects operate All geographies addressed by the Group can be readily serviced from the UK.
overseas and as a result the Group is exposed to various risks; operational The Group applies Treasury and foreign currency exposure management policies
Failure of the Group to adequately manage risks of operating internationally. challenges around distance, language and culture, human resource issues and to minimise both the cost of finance and our exposure to foreign currency
different legal and taxation environments. exchange rate fluctuations.
In addition a significant proportion of the Group's revenues are denominated
in foreign currency, principally US dollars. Since the Group reports its
financial results in sterling, fluctuations in rates of exchange between
sterling and non-sterling currencies, particularly US dollars, may have a
material adverse impact on the Group's financial results.
Reliance on counterparties There is a risk that parties with whom the Group trades or has other business The Group has very little exposure in its customer base to those sectors most
relationships may be unable to pay the Group in a timely manner, or at all. adversely affected by COVID-19. Therefore, whilst the Group's customers have
Risk that trading partners may be unable to pay in a timely manner or may seek Some of the Group's customers may seek to renegotiate their pricing and/or naturally limited discretionary spend during the pandemic, there has not been
to renegotiate payment terms with the Group. Furthermore, as a result of the COVID-19 a significant impact on their creditworthiness. In addition, the majority of
Pandemic and global economic slowdown some of the Group's customers may enter the Groups customer base are Global Enterprises with secure working capital.
terms with the Group. into bankruptcy or insolvency proceedings and be in a position whereby they
are unable to pay the Group all or some of the payments to which the Group is
owed. If any of these risks arise, this could have an adverse impact on the
Group's business, revenue, financial condition, profitability, prospects and
results of operations.
Dependence on key executives and Personnel The Group is managed by a limited number of key personnel, including the Executive and staff remuneration plans, incorporating long-term incentives,
Directors and senior management, who have significant experience within the have been implemented to mitigate this risk.
Risk that key personnel could leave the Group. Group and the sectors it operates within. If members of the Group's key senior
team depart, the Group may not be able to find effective replacements in a
timely manner, or at all and its business may be disrupted or damaged.
Reliance on third parties The Group contracts with third parties to perform functions or operations that The Group evaluates its business partners very carefully and regularly
are integral to the Group's products and services, including third party undertakes risk assessments of these partners to evaluate surety of supply.
The Group is at risk as to the availability, price and quality offered by such suppliers for integration software, and cloud hosting. Any significant changes
third party suppliers. in the availability, price and quality offered by third party suppliers could
adversely affect profit margins and have a material adverse effect on the
Group's business, results of operations and financial condition. The Group's
reliance on third party suppliers increases the risk of disruption to its
operations if such third party service providers are unable to provide
business services as anticipated.
The Group may not be able to provide its services and may need to seek
alternative service providers or resume providing these business processes
internally, which could be costly and time-consuming and have a material
adverse effect on the Group's business, results of operations and financial
condition.
10. Forward-looking Statements
This document contains forward-looking statements that involve risks and
uncertainties. All statements, other than those of historical fact, contained
in this document are forward-looking statements. The Group's actual results
could differ materially from those anticipated in the forward-looking
statements as a result of many factors. Investors are urged to read this
entire document carefully before making an investment decision. The
forward-looking statements in this document are based on the relevant
Directors' beliefs and assumptions and information only as of the date of this
document, and the forward-looking events discussed in this document might not
occur. Therefore, Investors should not place any reliance on any
forward-looking statements. Except as required by law or regulation, the
Directors undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future earnings or
otherwise.
It should be noted that the risk factors listed above are not intended to be
exhaustive and do not necessarily comprise all of the risks to which the Group
is or may be exposed or all those associated with an investment in the Group.
In particular, the Group's performance is likely to be affected by changes in
market and/or economic conditions, political, judicial, and administrative
factors and in legal, accounting, regulatory and tax requirements in the areas
in which it operates and holds its major assets. There may be additional risks
and uncertainties that the Directors do not currently consider to be material
or of which they are currently unaware, which may also have an adverse effect
upon the Group.
11. Availability of Report and Accounts
The audited report and accounts for the year ended 30 September 2021 will be
published and posted to shareholders in due course. Following this a soft copy
of the report and accounts will also be available to download from the Group's
website, www.i-nexus.com (http://www.i-nexus.com/) .
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