REG - i-nexus Global PLC - Final Results
20/12/2023 07:00
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RNS Number : 3781X i-nexus Global PLC 20 December 2023
20 December 2023
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
applications designed for the Global 5000, today provides its audited results
for the year ended 30 September 2023 ("FY23").
Financial Highlights
· Monthly recurring revenue ("MRR"), the key financial metric for the
Group, grew by 16% in the year to £289k at 30 September 2023 (30 September
2022: £250k) as the business delivered a second year of improved double-digit
growth
· Net retention1 in the period improved to 107% (FY22: 98%),
highlighting both the increasing strength of our client relationships and the
quality of our product
· Total revenue, 92% of which is recurring, increased by 13% to
£3,528k (FY22: £3,127k) as a consequence of the new business and account
expansion successes since the start of 2022
· Adjusted EBITDA2 loss for the period has reduced against prior period
levels to £499k (FY22: £552k), with the increase in revenue being partially
netted against the full-year cost impact of the select investments made
towards the end of FY22 considered fundamental to the Group realizing the
market opportunity
· Cash and cash in transit3 at the period end improved to £267k (30
September 2022: £99k), with the Group continuing with its plan of deferring
the placement of additional investment until such time that the business
delivers a position of at least Adjusted EBITDA breakeven
· The Group reported a loss before taxation for the year of £982k
(FY22: loss of £1,105k).
· In July 2023, the Company raised £500k by way of Convertible Loan
Notes from its supportive shareholder base, strengthening its cash position
for FY24
Strategic progress and operational highlights
· Successfully delivered on the two-year go-to-market objective of
achieving back-to-back years of improved double-digit MRR growth through our
land and expand customer strategy
· A key highlight of this strategy was over 70% of new logos signed in
the last two years have expanded their use of the solution by an average value
of 66% since onboarding
· Seven new logos secured in the year (2022: nine) delivering £23k MRR
(FY22: £30k MRR), with equivalent levels of expansion opportunity in these
accounts through FY24 to customers signed in the last two years
· New customers span several new industries and countries,
demonstrating our ability to adapt and cater to diverse markets. This is
testament to our belief that all companies, regardless of their industry or
size, can benefit from a well-executed strategy
· Establishment of a growing partner programme, several agreements
signed with consulting firms in the year resulting in our first new logos
secured via the partner route
· The Group continues to explore opportunities for product innovation,
with progress in FY23 culminating in the successful completion of several
"proof of concepts" for new products, which are set to be trialled with new
customers during FY24
Outlook
· The Group has developed a new three-year strategy, focusing on
enhancing our product suite's capabilities. This strategic approach is
designed to expedite our customers' path to real value, allowing them to
prioritize processes over tools
· New businesses successes in the first months of the year include two
new customer wins and an expansion with a key client generating £12k MRR,
with a further opportunity moving into the contracting phase
· As previously announced, one significant legacy customer, currently
generating MRR of £54k, will not be renewing its contract with i-nexus from
January 2024. The Company has swiftly implemented mitigation strategies to
protect cash flows and minimise the impact on its progression towards an
EBITDA breakeven position
· Business is well positioned to capitalise on the continued rise in
interest for a strategy execution software solution as companies across all
industries accelerate the digitization of mission-critical processes in this
post-pandemic era
Commenting on the results, Simon Crowther, Chief Executive Officer, said: -
"I am pleased to share with you the encouraging progress i-nexus has made over
the past year, marking the conclusion of our two-year strategy. The focus of
this strategy was the decision to revise our go-to-market approach, shifting
our marketing focus to a content-led strategy and deliberately securing
smaller initial deals, servicing limited business areas or teams within the
customer where demonstration of value would lead to the potential for
significant expansion opportunities.
"Under this approach, the Group has successfully delivered a consistent volume
of such logos (seven in FY23 and nine in FY22), expanding the use of the
solution in over 70% of the accounts signed across FY21 and FY22, with an
average MRR growth value of 66% since signing date. These successes have
culminated in the Group achieving one of its key financial goals of delivering
back-to-back years of improved double-digit MRR growth, with a 16% increase in
FY23 (FY22: 12%) to a year-end exit rate of £289k (30 September 2022: £250k,
30 September 2021: £223k).
"The increasing interest in strategy execution, our growing confidence in lead
nurturing and generation, our ongoing product improvements, and the heightened
engagement from our partners all fuel our optimism for delivering incremental
growth in customer numbers and upsells. These factors collectively contribute
to our positive outlook for the future."
For further information please contact:
i-nexus Global plc Via: Alma
Simon Crowther, CEO
Drew Whibley, CFO
Singer Capital Markets (Nominated Adviser and Broker) Tel: +44 (0)207 496 3000
Sandy Fraser / Alex Bond
(Corporate Finance)
Alma Strategic Communications Tel: +44 (0)203 405 0205
Caroline Forde / Robyn Fisher
About i-nexus Global plc
i-nexus Global plc ("i-nexus") helps companies accelerate business outcomes
through robust strategic planning, predictable project portfolio delivery, and
real-time performance tracking to ensure results are achieved. i-nexus'
strategy applications replace spreadsheets and presentations with a single
application that promotes collaboration, alignment, and communication in the
pursuit of improved business outcomes, while providing resource and
accompanying cost efficiencies.
Today, we support organisations in managing over 200,000 strategic programmes
around the world.
Throughout this announcement:
(1 )Net Retention is measured by the total of on-going MRR at the period-end
from clients in place at the start of the period as a percentage of the
opening MRR from those clients.
(2 )Adjusted EBITDA excludes the impact of any impairment, loss on disposal
of assets, share based payment expenses and non-underlying items
(3 )Cash and cash in transit includes the combined value of cash and cash
equivalents and cash in transit classified within trade and other receivables
Chairman's Statement
In my previous Chairman's statement I discussed the challenges that i-nexus
faced as global economies recovered from the Covid-19 pandemic and we all
faced new challenges from global economic disruption. Few commentators
envisaged not only the severity of the economic ructions but also the global
political uncertainty, in Europe, Africa, China and the Middle East. Despite
these challenges many industries have recovered and continue to do so in what
has been a high inflation environment.
The impact for i-nexus has been that we have continued to win new customers
and that some of our most engaged customers have or are looking to
substantially increase their use of our software. Our customers are looking to
speed up delivery across all aspects of their businesses, whether it is
production, supply chains, yields, marketing and sales to name just a few
areas. The use of products such as i-nexus helps our customers achieve these
fundamental business improvement aims and increase their ability to achieve
their strategic goals with relative ease.
Our core product, Workbench, is one of the leading products to automate the
deployment of strategy across complex enterprises and once deployed in scale
it is critical to large customers gaining visibility of progress towards their
objectives. It is increasingly clear that all our major customers have their
own unique strategy execution models, in many cases based around established
models such as Hoshin Kanri or OKR (Objectives and Key Results) but almost
always adjusted to the customer's particular requirements. We incorporate much
of the functionality required by our customers to automate their strategic
processes and we continue to strive to make it faster and easier to deliver
business value. We are looking at how our customers, existing and new, can
engage faster, deploy quicker and reap benefits from the outset of an i-nexus
deployment, reducing the risk of a lengthy time to value and speeding up the
demand from customers for additional licences. We continue to ensure our
efforts are aligned to addressing this fundamental challenge.
Although i-nexus has no direct dependency upon raw materials, high inflation
has had a significant impact on our staff, the lifeblood of a software
business. Our staff remain extremely loyal to the business and in turn we have
tried wherever possible to ensure remuneration packages remain competitive. We
must continue to retain vital talent in the business.
I am cognisant of the current market capitalisation of the business which, in
my view, does not reflect the quality of the Company's products, the expertise
within the staff, nor the quality of the customer base. The business and core
product, Workbench, have continued to make progress during FY23 but we remain
an extremely small Company in the quoted arena. We have little option but to
continue to focus on how to grow faster, getting the business profitable and
finding ways in which stability can be enhanced. The Board of Directors and
myself continue to strive to achieve these aims as quickly and effectively as
possible. With Government increasingly interested in encouraging institutional
investors to support small UK businesses building for the long term, we remain
alert to all opportunities to accelerate the growth of i-nexus.
Once again I would like to take this opportunity to thank our loyal staff,
customers and shareholders for their support and I look forward to FY24 and
the continued development of our products to solve our customers challenging
business needs.
Richard Cunningham
Chairman
Chief Executive Officer's Report
Overview
I am pleased to share with you the encouraging progress i-nexus has made over
the past year, marking the conclusion of our two-year strategy which was
developed following the global challenges brought on by the Covid-19 pandemic.
The focus of this strategy was the decision to revise our go-to-market
approach, shifting our marketing focus to a content-led strategy and
deliberately securing smaller initial deals, servicing limited business areas
or teams within the customer where demonstration of value would lead to the
potential for significant expansion opportunities.
Under this approach, the Group has successfully delivered a consistent volume
of such logos (seven in FY23 and nine in FY22), expanding the use of the
solution in over 70% of the accounts signed across FY21 and FY22, with an
average MRR growth value of 66% per logo since signing date.
These successes have culminated in the Group achieving one of its key
financial goals of delivering back-to-back years of improved double-digit MRR
growth, with a 16% increase in FY23 (FY22: 12%) to a year-end exit rate of
£289k (30 September 2022: £250k, 30 September 2021: £223k).
Supplementing this result has been the establishment of our partner programme,
providing a new path to market for the business beyond our internal team, with
several consulting firms signing agreements in the year. These partners
endorse our solutions to their clients, thereby providing us with additional
opportunities, with our first partner-led deals being secured in FY23 and a
further one in Q1 FY24. The continued growth and development of this programme
is seen as a strategic priority for the forthcoming year.
Our accomplishments are a reflection of our strategic focus and the market
opportunity that lies ahead. The business is optimistic about the direction in
which it is heading and we eagerly anticipate sharing our continued progress.
Trading
The business continued to deliver a steady flow of new logos this year with
the addition of seven accounts (FY22: nine) generating £23k of MRR (FY22:
£30k MRR). Whilst these were contracted at a marginally lower initial average
value to the prior year, the opportunity for expansion is equivalent to the
profile of accounts signed in the prior year.
Encouragingly, our new customers span a variety of new industries and
countries outside of our key markets, reflecting our capability to cater to
diverse markets. This diversity underpins our conviction that all companies,
irrespective of their industry or size, can reap the benefits of a
well-executed strategy.
A highlight of this year, and a key strategic objective, has been the level of
expansion within existing accounts, which totalled £36k of MRR (FY22: £10k).
As a consequence of this growth, net retention (measured by the total value of
on‐going MRR at the period‐end from clients in place at the start of the
period as a percentage of the opening MRR from those clients) grew to 107%, up
from 98% in the previous year.
While the delivery of several operational and financial goals represents a
successful outcome of the Group's two-year strategy, especially considering
the impact of the pandemic, we recognise that the business has significant
potential for far greater market penetration. The Group's new three-year plan,
summarised within the Strategic Focus section of this report, has been
developed to capitalise on this potential, with particular focus on serving an
increasing proportion of businesses that are eager to deliver value with
minimal implementation requirements.
Market Opportunity
In today's dynamic business landscape, success hinges on more than just
setting goals-it's about executing them swiftly, with keen insight, and across
intricate ecosystems. At i-nexus, we recognise this challenge, and our
Strategy Execution Management (SEM) software is purpose-built to deliver
substantial value.
Bridging Strategy and Execution:
Our SEM software category continues to evolve and gain traction as companies
hasten to digitalise mission-critical processes in this post-pandemic era. We
believe that strategy without execution is merely a wish, and execution
without strategy lacks direction. Our mission is to bridge this gap, providing
a seamless platform where strategy and operations converge. Key aspects of our
solution are:
· Agility at Pace: Organisations need to move swiftly. Our platform
ensures that strategy execution keeps pace with the ever-changing business
environment.
· Insightful Visibility: In complex ecosystems, visibility is
paramount. i-nexus provides high-level transparency, allowing leaders to
track performance seamlessly.
· Collaboration at the Core: We foster collaboration across teams,
departments, and even entire organisations. Our platform ensures that everyone
is aligned, working toward common goals.
· Strategy Meets Operations: We seamlessly integrate strategic
planning with operational execution. No more silos-just a holistic view of
progress.
Growth Indicators:
· Active Buyers on G2: We have seen a remarkable surge in
businesses looking for a strategy solution on the world's largest tech
marketplace - a staggering 222% increase since 2018.
· Web Traffic Surge: At i-nexus, our web traffic has skyrocketed.
We've experienced a outstanding 561% growth since 2018. This surge aligns
perfectly with the escalating demand for effective strategy execution.
· Sales Momentum: Our efforts translate into results. Sales
accepted leads have risen by 50% since 2018.
Industry Validation:
· Gartner's Stamp of Approval: Strategic Portfolio Management, a
cornerstone of our offering, has been validated and accepted. Organisations
now focus on organisational readiness, recognising the value of solutions like
ours.
· McKinsey's Insight: The rise of remote teams underscores the need
for software that facilitates seamless strategy execution and collaboration.
We're positioned to meet this demand head-on.
The market opportunity before us is substantial and expanding. As we navigate
this exciting landscape, i-nexus stands ready to empower organisations
worldwide.
People
The Board extends its heartfelt gratitude to our employees for their
unwavering support and dedication to the business and our customers. Their
commitment is reflected in the successes we have achieved. At i-nexus, we are
fortunate to have a team of talented and devoted individuals who work together
towards a common goal, consistently delivering results. Their collective
efforts are the driving force behind our accomplishments.
Strategic Focus
As we transition from our successful two-year strategy, we embark on a new
three-year plan that is positioned around three key themes:
1. Customer Experience and Engagement: We will help deliver strategic
value by finding new ways to encourage user adoption, making our products more
engaging and enjoyable, and offering obligation-free trials of our software.
The business will also focus on enabling customer self-service, from
onboarding to expansion with a key component being to ensure configuration is
more accessible.
2. Product Enhancement: i-nexus is committed to leveraging modern,
cloud-native technology to help simplify development and maintenance. The
business will provide our customers with rich, out-of-the-box visualisations
and analytics, and gradually transition our products to self-serve account
management.
3. Strategic Planning and Execution: Focus placed on helping customers
orchestrate and "do the work" in-between data entry and reporting insight.
This is particularly true in the execute phase of Strategy. On the other end
of the spectrum, the business acknowledges the growing interest in
capabilities around formulating strategies before strategic planning.
These themes represent our overarching goals for the next three years and
provide a clear direction for our efforts as we continue to delivery on going
value to our customers and evolve in the marketplace.
In terms of 2024, our strategic focus will be on four key areas that will
drive our growth:
1. More efficient go-to-market (GTM) approach: We aim to enhance our
efficiency in delivering new growth while addressing the challenge of lengthy
sales cycles, ensuring a more streamlined and agile process.
2. Develop compelling customer case studies: We will further strengthen
our understanding of their needs and maximise our impact on their businesses.
We plan to go live with a streamlined set of customer value metrics generating
insightful case studies.
3. Deliver enhanced/optimised management Workbench capability: Having
worked closely with customers and prospects, development of several stories
which are key areas of improvement.
4. Capitalise on successful proof of concepts: The business continues to
explore opportunities for product innovation. With several "proof of concept"
products successfully concluded, we will trial these innovations with new
customers.
Outlook
The business is off to a promising start this year, with our core use cases
consistently delivering progress. The active trials of our platform by
potential customers, coupled with the growing expansion opportunities within
our existing customer base, are encouraging signs. We've kicked off the year
on a positive note, securing a new customer win and an expansion with a key
client, and we have two more promising opportunities moving into the
contracting phase.
While we did experience the loss of a significant, albeit legacy, customer, we
swiftly implemented mitigation strategies to protect our cash flows and
minimise the impact on our progress towards an EBITDA breakeven position. This
loss, while unfortunate, has allowed us to shift our focus entirely to our
newer systems, propelling us forward.
Our attention remains firmly on ensuring the adequacy of our cash resources
and executing mindful investment decisions as we steer i-nexus towards
profitability. Despite the customer loss, we have taken necessary measures to
safeguard the business from a cost perspective. The Directors continue to be
of the opinion that the Group has sufficient working capital for its present
requirements, that is for at least 12 months from the date of this release.
The increasing interest in strategy execution, our growing confidence in lead
nurturing and generation, our ongoing product improvements, and the heightened
engagement from our partners all fuel our optimism for delivering incremental
growth in customer numbers and upsells. These factors collectively contribute
to our positive outlook for the future.
Simon Crowther
Chief Executive Officer
Chief Financial Officer's Report
Revenue
Licence revenues
Monthly recurring revenue ('MRR'), the key financial metric for the Group,
grew by 16% in the year to £289k at 30 September 2023 (30 September 2022:
£250k) as the business delivered a second year of improved double-digit
growth (FY22: 12% increase in MRR). A key contributor to this success is the
realisation of our revised land and expand go-to-market strategy from the
start of 2022, with logos secured during the last two years having seen
average growth in MRR value of 66% by the end of FY23. This level of expansion
is testament to the increasing strength of our client relationships and
quality of our product, with net retention (measured by the total value of
on‐going MRR at the period‐end from clients in place at the start of the
period as a percentage of the opening MRR from those clients) in the year
rising to 107% (FY22: 98%).
Supporting this growth was the Group's continued ability to secure a
consistent level of new logos in the year (FY23: seven, FY22: nine) delivering
£23k MRR (FY22: £30k MRR) with equivalent levels of expansion opportunity in
these accounts through FY24 to customers signed in the last two years.
As expected, software revenues recognised in 2023 increased by 13% to £3,236k
(FY22: £2,857k) as a consequence of the new business and account expansion
successes since the start of 2022. These now represent 92% of overall revenue
(FY22: 91%).
As announced, following the year-end, the Group was informed that a major
legacy customer, using the older, highly customised version of the i-nexus
software, does not intend to renew its contract at the calendar year-end.
Whilst the Board has rapidly put in place mitigating actions such that the
impact on the Group's cash flows is minimised and the adjusted EBITDA
breakeven position can be substantially preserved, it is likely to moderate
the Group's FY24 MRR growth against FY22 and FY23 levels. Positively, the
business continues to deliver MRR growth through its core proposition,
securing a further two new logos and delivering a key account expansion in Q1
FY24, totalling £12k MRR.
Services revenues
Revenue from associated professional services has increased by 8% to £292k
(FY22: £270k), driven by an uplift in H2 through the timing of delivering new
customer deployments and existing change orders, a trend expected to continue
into FY24 underpinned by the deferred revenue balance related to services at
30 September 2023 being a third higher than at 30 September 2022.
Gross Margin
Gross margin in the year remained stable at 80% (FY22: 79%) with the increase
in revenue driving the uplift from £2,461k to £2,833k.
Reported Gross Margin is the combined Gross Margin over both recurring
software subscriptions and professional services.
Adjusted EBITDA
Adjusted EBITDA (EBITDA excluding the impact of impairment, loss on disposal
of assets, share-based payments, and non-underlying items) totalled a loss of
£499k for the period (FY22: loss of £552k), with the increase in revenue
being partially netted against an uplift in overhead costs reflecting the
Board's decision towards the end of FY22 to accelerate a select number of
investments both in its existing employee base to preserve retention and in
additional resource needed for operational delivery.
As mentioned in the FY22 Annual Report, there remains no plans to make further
investments until such time as the business is delivering a positive Adjusted
EBITDA.
Depreciation, amortisation and impairment
Total costs in respect of depreciation, amortisation, and impairment were
£339k in FY23 (FY22: £385k). With the business having low capital
expenditure requirements, the value is principally made up of amortisation on
intangible assets, being capitalised development costs, totalling £198k
(FY22: £165k) and any subsequent impairment charges (FY23: £126k, FY22:
£155k).
These costs are reflective of the continual evolution of the market in which
the Group operates, the needs of its customers, both present and prospective,
and the Group's agile approach to continually developing and improving its
offering.
Statutory results
The Group reported a loss before taxation for the year of £982k (FY22: loss
of £1,105k).
Cash and cash equivalents
The Group had cash & cash in transit at 30 September 2023 of £267k (FY22:
£99k), with the end of the financial year representing the annual cash low
point for the business given the seasonality in cash flows arising from the
timing of the invoicing and collection of the Group's recurring revenue, the
majority of which is billed during Q1 and Q2.
During the year, the Group's cash position was enhanced by securing £500k of
funding through the issue of Fixed Rate Unsecured Convertible Redeemable Loan
Notes in order to assist with the Group's working capital headroom in the near
term to enable the business to focus its efforts on delivering on its pipeline
opportunities and realising the growing expansion opportunities within its
customer base.
The business continues to drive a reduction in its net cash outflow from
operating activities (FY23: £228k, FY22: £237k), with the impact of new
business successes, improved service billing and a strong renewal performance
in the year being offset against the full-year cost impact of the select
investments made towards the end of FY22.
Whilst the loss of a major legacy customer following the year-end will affect
the FY24 operating cash flows, the Board has rapidly put in place mitigating
actions such that the impact on the Group's cash flows is minimised.
Careful cash management will continue to be a priority focus for the Board. As
previously outlined, there are currently no plans to increase the existing
cost base until such time as the business achieves a position of at least
Adjusted EBITDA breakeven.
The Group also continues to apply treasury and foreign currency exposure
management policies where possible to minimise both the cost of finance and
our exposure to foreign currency exchange rate fluctuations.
Net debt at 30 September 2023 was £1,964k (30 September 2022: £1,710k). On
21 June 2023, the Company agreed with the holders of the £1,325k and £650k
Convertible Loan Note tranches to extend the redemption date from 4 November
2024 to 4 November 2025 and 29 September 2024 to 29 September 2025
respectively, see note 7 for further details.
The Group prepares budgets, cashflow forecasts and undertakes scenario
planning to ensure that the Group can meet its liabilities as they fall due.
The Board's assessment in relation to going concern, including a description
of its current scenario planning, is included on page 16 of the report.
Balance sheet
Trade receivables have remained broadly in line with FY22 levels at £580k (30
September 2022: £609k) due to the timing of receipt of annual licence fee and
subscription invoices issued in the final months of the year.
The growth in the Group's MRR and accompanying services resulted in deferred
revenue increasing to £1,477k at 30 September 2023 (30 September 2022:
£1,320k). The Group's cash collection disciplines remain strong with DSO
(debtor days) at 30 September 2023 of 57 (30 September 2022: 60).
Principal risks and uncertainties
The Group's principal risks and uncertainties are set out on pages 21 to 27.
Drew Whibley
Chief Financial Officer
Primary statements
Consolidated Statement of Comprehensive income
For the year ended 30 September 2023
2023 2022
£ £
Revenue 3,527,681 3,126,804
Cost of sales (694,230) (666,280)
Gross profit 2,833,451 2,460,524
Administrative expenses (3,672,313) (3,408,424)
Operating loss (838,862) (947,900)
Adjusted EBITDA (498,748) (552,357)
Depreciation, amortisation, impairment and profit/loss on disposal (338,789) (384,975)
Share based payment expense (1,325) (10,568)
Investment revenues 19 68
Finance costs (261,060) (231,288)
Other gains and losses 117,619 73,845
Loss before taxation (982,284) (1,105,275)
Income tax income 226,214 234,391
Loss for the year (756,070) (870,884)
Other comprehensive income:
Items that will not be reclassified to profit or loss
Currency translation differences (47,745) (486)
Total items that will not be reclassified to profit or loss (47,745) (486)
Total other comprehensive income for the year (47,745) (486)
Total comprehensive income for the year (803,815) (871,370)
2023 2022
£ £
Earnings per share
Basic (0.03) (0.03)
Diluted (0.03) (0.03)
Consolidated Statement of Financial Position
As at 30 September 2023
2023 2022
£ £
Non-current assets
Intangible assets 738,847 915,696
Property, plant and equipment 28,533 26,413
767,380 942,109
Current assets
Trade and other receivables 929,812 781,838
Current tax recoverable 225,758 224,000
Cash and cash equivalents 79,668 98,987
1,235,238 1,104,825
Total assets 2,002,618 2,046,934
Current liabilities
Trade and other payables 719,529 682,840
Borrowings 9,952 9,707
Deferred revenue 1,477,488 1,319,674
2,206,969 2,012,221
Net current liabilities (971,731) (907,396)
Non-current liabilities
Trade and other payables 421,831 254,407
Borrowings 22,435 32,387
Convertible loan notes 2,135,108 1,766,925
2,579,374 2,053,719
Total liabilities 4,786,343 4,065,940
Net liabilities (2,783,725) (2,019,006)
Equity
Called up share capital 2,957,161 2,957,161
Share premium account 7,256,188 7,256,188
Foreign exchange reserve (46,355) 1,390
Share option reserve 21,387 20,062
Equity reserve 269,622 231,851
Merger reserve 10,653,881 10,653,881
Retained earnings (23,895,609) (23,139,539)
Total equity (2,783,725) (2,019,006)
Consolidated Statement of Changes in Equity
For the year ended 30 September 2023
Share Share premium account £ Equity reserve Merger reserve Foreign exchange reserve £ Share option reserve £ Retained earnings Total
capital
£ £ £ £
£
Balance at 2,957,161 7,256,188 231,851 10,653,881 1,390 20,062 (23,139,539) (2,019,006)
1 October 2022
Year ended - - - - - - (756,070) (756,070)
30 September 2023: - - - - (47,745) - - (47,745)
Loss for the year
Other comprehensive
income:
Exchange differences
on foreign operations
Total comprehensive - - - - (47,745) - (756,070) (803,815)
income for the year
Transactions with owners - - - - - 1,325 - 1,325
in their capacity as owners - - 37,771 - - - - 37,771
Share option expense
in the year
Issue of convertible loan
Total contributions by and - - 37,771 - - 1,325 - 39,096
distributions to owners
of the Company
recognised directly in equity
Balance at 2,957,161 7,256,188 269,622 10,653,881 (46,355) 21,387 (23,895,609) (2,783,725)
30 September 2023
Consolidated Statement of Cash Flows
For the year ended 30 September 2023
£ 2023 £ 2022
£ £
Operating activities
Loss after tax (756,070) (870,884)
Adjusted for non-cash items:
Taxation credit (226,214) (234,391)
Amortisation, depreciation, 338,789 384,975
and adjustments on disposal
Share-based payment expense 1,325 10,568
Finance income (19) (68)
Deferred income 157,814 -
Finance charges 261,060 231,288
Decrease in provisions (2,751) -
Other gains (117,619) (73,845)
(343,685) (552,357)
(Increase)/decrease in trade and other (145,223) 10,126
receivables
Increase in trade and other 36,689 20,043
payables
Cash used in operations (452,219) (522,188)
Income tax refunded 224,456 285,391
Net cash outflow from operating activities (227,763) (236,797)
Investing activities
Purchase of intangible assets - (146,374) (136,234)
internally generated
Purchase of property, plant and equipment (17,686) (24,443)
Interest received 19 68
Net cash used in investing activities (164,041) (160,609)
Financing activities
Issue of convertible loans 436,000 -
Repayment of borrowings (9,707) (71,425)
Interest paid (6,063) (6,899)
Net cash generated from/(used in) financing activities 420,230 (78,324)
Net increase/(decrease) in cash and cash equivalents 28,426 (475,730)
Cash and cash equivalents at 98,987 575,203
beginning of year
Effect of foreign exchange rates (47,745) (486)
Cash and cash equivalents at end of year 79,668 98,987
At the year end there was £187,389 of cash in transit held in trade
receivables. This cash related to trade in the year and was received on 2
October 2023.
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 is
27-28 Eastcastle Street, London, W1W 8DH. The Group's principal activities and
nature of its operations are disclosed on page 3-11 of this report.
The Group consists of i-nexus Global plc and all of its subsidiaries.
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 for use in the United Kingdom
and with those parts of the Companies Act 2006 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 2023.
Going concern
After reviewing the Group's forecasts and projections, the Directors have a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future, being a period of at least
twelve months from the date of approval of these financial statements. The
Group therefore continues to adopt the going concern basis in preparing its
financial statements. Information used to make this decision is detailed
below.
A scenario testing exercise, in which the Directors prepared detailed cash
flow forecasts for the period covered by the going concern forecast, was
performed. The forecasts take into account the Directors' views of current and
future economic conditions that are expected to prevail over the period
including assumptions regarding the sales pipeline, future revenues and
costs with various scenarios which reflect growth plans,
opportunities, risks and mitigating actions.
Alongside management's base case forecast, which incorporates the impact of
the Customer Update announcement, the Group prepared an extreme downside
scenario where, outside of the deals secured or in contracting, any growth in
MRR across the period would be offset by non-renewals, reducing total billing
across recurring and services revenue by £350k. Under this extreme scenario,
the Group has given consideration to the potential actions available to
management to mitigate the impact of these sensitivities, in particular the
discretionary nature of certain costs incurred by the Group alongside the
employment of further mitigating actions in order to ensure the continued
availability of funds.
Financial performance in 2024 is not expected to be materially impacted from
current year levels due to the long-range revenue visibility achieved through
the recurring revenue business model. These recurring revenues, representing
90% of total revenue, are considered resilient given the majority are on
multi- year terms. The forecast also assumed that the Group does not have
access to any further external funding. Based on current trading, the extreme
downside scenario is considered very unlikely.
The Group continues to monitor the collection of monies from clients with no
material delays in payment being cited. The business benefits from an Annual
Licence Fee Model in which software licence fees are received annually in
advance.
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).
2. 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 in six 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 2023 30 September 2022
£ £
Licence 3,235,964 2,856,720
Services 291,717 270,084
3,527,681 3,126,804
Revenue analysed by geographical market
Year ended Year ended
30 September 2023 30 September 2022
£ £
United Kingdom 774,825 716,295
USA 1,197,292 882,707
Switzerland 659,380 639,380
Germany 550,668 538,561
Rest of Europe 158,393 190,976
Rest of the World 187,123 158,885
3,527,681 3,126,804
3. 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, in the prior year, comprise
COVID-19 related redundancy costs and professional and consultancy fees
relating to the raising of finance. There were no such costs in the current
year. 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.
4. 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 2023 30 September 2022
£
Loss for the period attributable to equity holders of the company (756,070) (870,884)
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) (0.03) (0.03)
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 2023 both the share options and
the convertible loan stock are out of the money.
5. Trade and other receivables
At 30 September 2023 At 30 September 2022
£ £
Trade receivables 580,379 608,560
Cash in transit 187,389 -
Provision for impairment (1,639) (4,390)
766,129 604,170
VAT recoverable 42,622 50,440
Other receivables - 2,390
Prepayments 121,061 124,838
929,812 781,838
Cash in transit represents monies remitted on 29 September 2023 which were
received on 3 October 2023. The accounting policy is to de-recognise a trade
receivable when the cash is received and hence this balance is included in
trade and other receivables.
6. Borrowings
At 30 September 2023 At 30 September 2022
£ £
Current
Bank loans 9,952 9,707
9,952 9,707
Non-current
Bank loans 22,435 32,387
22,435 32,387
Total borrowings 32,387 42,094
The Group had the following borrowings at 30 September 2023:
· 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 £32,387 in the financial
statements. This loan is unsecured.
The directors consider the value of all financial liabilities to be equivalent
to their fair value.
7. Convertible Loan note
In 2021, two tranches of convertible loan notes were issued. The first tranche
was issued on 4
November 2020 with total proceeds of £1,325,000 and the second tranche was
issued on 29 September 2021 with total proceeds of £650,000. In the current
year, a further tranche was issued with total proceeds of £500,000.
When issued, the first two trances had a redemption date three years, and the
third tranche has a redemption date of two years following their date of
issue. The loan note holders are entitled, before the redemption date, 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.
In respect of the first two tranches, at the issue date the net proceeds
received were split between the
financial liability element of £1,743,149 and an equity component of
£231,851, representing the fair value of the embedded option to convert the
financial liability into equity. The equity component of the convertible loan
notes has been credited to the equity reserve.
In respect of the third tranche, at the issue date the net proceeds received
were split between the financial liability element of £462,229 and an equity
component of £37,771, representing the fair value of the embedded option to
convert the financial liability into equity. The equity component of the
convertible loan notes has been credited to the equity reserve. The issue of
the third tranche attracted transaction costs to the total of £64,000 which
have been deducted from the carrying amount of the loan notes.
In the prior year the redemption date of the first tranche was extended by a
further year, to give a revised redemption date of 4 years following the
original date of issue, being November 2024. This modification was not
considered to be substantial, as defined in IFRS 9, therefore the existing
liability was re-calculated as the present value of the revised future cash
flows discounted at the original effective interest rate. A gain of £73,845
on the modification of the liability has been recognised in other gains and
losses.
In the current year the redemption date of the first and second tranches were
extended by a further year, to give a revised redemption date of five years
and four years following the original date of issue, being November 2025 and
September 2025 respectively. This modification was not considered to be
substantial, as defined in IFRS 9, therefore the existing liability was
re-calculated as the present value of the revised future cash flows discounted
at the original effective interest rate. A gain of £117,619 on the
modification of the liabilities has been recognised in other gains and losses.
The extension to the redemption date is a modification only of the existing
convertible loan notes and
therefore has no impact on the equity element.
The liability component is measured at amortised cost, and the difference
between the carrying amount of the liability at the date of issue and the
amount reported in the statement of financial position represents the
effective interest rate less interest paid to that date.
The convertible loan notes carry a coupon rate of 8% and are recognised at
their net present value using a discount rate of 12%.
Liability
£
Liability component at 1 October 2021 1,782,458
Interest charged 224,389
Interest accrued (166,077)
Gain on modification (73,845)
Liability component at 30 September 2022 1,766,925
Issue of convertible loan notes 398,229
Interest charged 254,997
Interest accrued (167,424)
Gain on modification (117,619)
Liability component at 30 September 2023 2,135,108
8. Share capital
At 30 September 2023 At 30 September 2022
£ £
Authorised, allotted, called up and fully paid
29,571,605 (2022: 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
The Board of the Company regularly reviews business risk and the Group's
appetite for risk relative to its goals. There are a number of potential risks
and uncertainties, some of which could have a material impact on the Group's
performance, and therefore could cause actual results to differ materially
from those expected. Set out below are the significant business risk areas
identified, together with an overview of the mitigating factors considered by
the Board. This is not an exhaustive list of the risks faced by the Group and
is not necessarily presented in order of priority.
Risk Description Mitigation
Working capital Whilst the Directors believe that the improvement in sales conversion seen Trend: Level risk
across FY22 and FY23 is sustainable, the Group's working capital position is
Vulnerability of the Group's working capital. still exposed should this weaken and /or its expected growth within existing The Group prepares regular business forecasts and monitors its projected cash
accounts be lower than planned in FY24. flows, which are reviewed by the Board.
The recent injection of funds, as a result of the Convertible Bond issues in The scenarios and sensitivities demonstrate that there are mitigating actions
June 2023 will provide the necessary flexibility and coverage to the risk management can implement should the plans not deliver the expected sales
posed should any customer delay payment in order to satisfy the Group's near growth.
term funding requirements The Group's continuing viability in the longer term
remains critically dependent on its ability to secure new sales and expand the The Group's Annual Licence Fee model, in which software licence fees are
use of the software in existing accounts. received annually in advance, provides good levels of visibility such that any
required mitigating actions can be implemented on a timely basis.
It is possible that the Group will experience a slower and/or lower sales
conversion rate than the Directors have modelled within their base case
financial projections. This could in turn have a material adverse effect on
the Group's business, results of operations, financial
condition and prospects.
Risk Description Mitigation
Market & product development Whilst the Board believes that there is strong evidence of an increasing trend Trend: Level risk
to digitalize strategy by its target customers, a large proportion of the
The strategy market may not evolve as expected or our products fail to meet Group's target market continues to use traditional methods and in-house The Group has internal sales and marketing functions, which are also supported
the expectations of the market. developed systems. by a network of consulting partners, that work with potential customers to
educate them on the benefits of digitising strategy and the
Although the Group has achieved its market position through a deep associated benefits the product can offer an organisation.
understanding of the market, and the 15 years of development of its i-nexus
software, there is no guarantee that either our product continues to meet The rate of incoming enquiries continues to support the view that the need to
customer expectations or that the Group's competitors and potential digitise strategy is becoming ever more of a focus for businesses.
competitors (who may have significantly greater financial,
marketing, service, support, technical and other resources than the Group) The Board feels that the continued enhancement along with the Group's product
may be able to develop competing products, respond more quickly to changes in strategy and R&D focus mitigates this risk. The Board monitors user
customer requirements and devote greater resources to the enhancement, satisfaction and the extent to which the software continues to meet customer
promotion and sale of their products, which could have a negative impact on expectation through various channels, including on the G2 platform.
the Group's business.
Risk Description Mitigation
Account Proliferation Trend: Reducing risk
Failure of our existing accounts to grow as planned, resulting from An important aspect of the Group's growth strategy is to proliferate sales of Many of the new logos signed across FY22 and FY23 were "Land and Expand"
dissatisfaction with the product and/or deployment issues. its i-nexus software with existing customers as a result of the natural opportunities with clear intent, whereby a smaller subset of a much larger
evolution of the software use over time. future deployment have commenced using the product first. The business has
seen the beneficial impact of this strategy in FY23 with record levels of
account growth both in terms of volume and value. This team's efforts at
growing our existing accounts has been assisted by the recent product
Although the Group has a number of examples where this has occurred in the enhancements aimed at improving user experience.
year, this is no guarantee that it will continue to happen at the increasing
rate predicted. Any failure of this anticipated account proliferation The Board continue to monitor the efficacy and outcomes of the Group's
occurring will impact the Group's future success and adversely affect its efforts in growing existing accounts in FY24.
business, prospects and financial position.
Contractual obligations The Group's ability to attract new clients or retain existing clients is Trend: Level risk
largely dependent on its ability to provide a reliable high-quality product
Failure to optimize our deployed product or meet our contractual obligations, and services and to maintain a good reputation. The Group employs highly skilled personnel and has business processes in place
client expectations or agreed service levels.
to endeavour to ensure that any lapse is quickly identified and addressed. In
Because many of the engagements of the Group involve projects that are addition, significant issues and client escalations are reported to senior
critical to the business, the failure or inability of the Group to meet a management and, if appropriate, the Board.
client's expectations could have an adverse effect on the client's operations
and could result in damage to the reputation of the Group. The Board reviews monthly dashboards on project delivery and client-related
risks.
Certain contracts may provide for a reduction in fees payable by the client if
service levels fall below certain specified thresholds, thus potentially
reducing or eliminating the profit margin on any particular contract.
If the Group fails to meet its contractual obligations or perform to client
expectations, it could be subject to legal liability or damage to its
reputation and the client may ultimately be entitled to terminate the
contract.
Risk Description Mitigation
Macroeconomic conditions Adverse economic conditions worldwide can contribute to slowdowns in the Trend: Level risk
Information Technology spending environment and may impact the Group's
Demand for the Group's products may be adversely affected if economic and business, resulting in reduced demand for its products as a result of The Group's preferred annual licence fee or subscription model generates
market conditions are unfavourable. decreased spending by clients and increased price competition for the Group's recurring revenue which provides some resilience against the full effects of
products. market deterioration.
The Group's revenues, expenses and operating results could vary significantly Additionally, the Group operates in multiple geographic regions across a
from period to period as a result of a variety of factors, some of which are number of business sectors. The present macro-economic environment is being
outside the Directors' control. monitored closely in conjunction with regular pipeline reviews.
Dependence on key Customers During the year, a relatively small group of key customers provide Trend: Reducing risk
approximately half of the Group's MRR. The Group's financial performance
Failure to retain our larger key customers. is therefore partly dependent on the continued business relationship with The majority of this small group of customers are in contracts with a
these key customers. remaining term of more than one year and all bar one of them have been
longstanding clients for a period of at least five years.
Failure to manage the ongoing renewal of the contracts with these key
customers on a commercially acceptable basis could materially affect the Whilst it was unfortunate to part ways with a valued customer following the
Group's operations and/or its financial condition. year-end, especially one with whom we have enjoyed a strong working
relationship, the use of the highly customized version of the software always
Following the year-end, the Company was informed that one of these key provided an increased level of inherent risk within their account that was
customers, the last remaining client using the older, highly customized difficult to mitigate.
version of the i-nexus software, does not intend to renew at its calendar
year-end. As previously reported, the Group has a dedicated team of long-standing
experienced professionals acting as Success Managers. They have well-
established processes and reporting that allow them to get early warning of
any issues.
Risk Description Mitigation
Security Breaches and Cyber Attacks The Group is a Data Processor for its customers' confidential data. Trend: Level risk
Although the Group is ISO27001 accredited and therefore employs security and
Vulnerability of the Group's systems to security breaches or cyber attacks. testing measures for the software it deploys and the broader security
environment is well documented, these measures may not protect it from all
possible security breaches that could harm the Group or its customers' The Group takes its Information Security very seriously as demonstrated by its
business. ISO27001 accreditation. Employees are trained in this area to ensure best
practice measures are followed for Information Security.
Given the reliance of the business on its information technology systems, the
software is at risk from cyber attacks. The Group utilises the latest security products, with staff receiving regular
security awareness training and testing. The security regime is regularly
reviewed, and the Group invests in state-of-the-art systems to keep both its
cloud platform and office networks protected against cyber-attack.
Either of these security events may result in significant costs being incurred
and other negative consequences including reputational damage.
In addition, our systems are subjected to frequent and rigorous third-party
penetration testing to help ensure our system integrity.
The Group has cyber security insurance in place and the Group endeavors to
secure limitations of liability clauses in its customer contracts.
Recruitment & retention As the Group grows it has a dependence on the recruitment and retention of Trend: Level risk
highly skilled employees and an ongoing reliance on a limited number of key
Risk of failing to attract and/or retain key personnel. personnel, including the Directors and senior management, who have significant
sector experience.
The Group works closely with external parties to ensure competitive pay and
benefits are being offered to both attract and retain people.
The job market is increasingly competitive in the cloud technology sector,
particularly following the pandemic and subsequent acceleration of cloud
adoptions and digital transformation trends. We continue to invest in people development and training initiatives to
provide opportunities for career fulfillment and progression. Wherever
appropriate we seek to develop and promote from within the existing
staff pool.
The business requires specialist technical skills that can be scarce.
Executive and staff remuneration plans, incorporating long-term incentives,
If members of the Group's key senior team depart, the Group may not be able to have been implemented to mitigate this risk.
find effective replacements in a timely manner, or at all, and its business
may be disrupted.
Risk Description Mitigation
Dependence on Channel Partners Part of the Group's strategy is to increasingly sell its software through Trend: Reducing risk
channel partners. There are no guarantees that sufficient channel partners
Failure to develop this additional route to market effectively. will be found to sell the Group's software at the rates planned.
Significant efforts in relation to the evolution of this strategy have taken
place across FY23 with good levels of success.
The Directors are confident that engagements to date
by existing and prospective channel partners provide strong evidence of the
opportunity available. During the year, the Group delivered multiple new logos
through its channel partners, with several further agreements with strategic The business has put in place a comprehensive process in order to identify and
partners providing well progressed pipeline opportunities at year end. ensure all channel partners are the right strategic fit, with all agreements
including clauses to preserve against the under-delivery or non-delivery of
customer requirements.
Despite the significant progress made in the year, unlocking the full
potential of a productive channel partner programme in the future could
affect the Group's future success. The Board will continue to closely monitor progress through FY24 in this area.
Financial risk management Credit risk Trend: Level risk
The principal financial instruments used by the Group, from which financial Credit risk is the risk of financial loss to the Group if a partner or
risk arises, are trade receivables, cash at bank, trade and other payables. customer fails to meet its contractual obligations.
The Group is principally exposed to credit risk from credit sales and/or bank
default. It is Group policy to assess the credit risk of new customers and
partners before entering new contracts and it has a frequent and proactive
collections process.
Under the terms of our contracts many services are charged for in advance of
delivery, thus mitigating the risk further.
Trend: Level risk
Liquidity risk
Liquidity risk arises from the Group's management of working capital. It is
the risk that the Group will encounter difficulty in meeting its financial On a monthly basis, the Directors review the Group's trading to date, the
obligations as they fall due. Group's full year financial projections as well as information regarding cash
balances, debtors, trading and prospects. This allows the Directors to form an
opinion as to the working capital of the Group and its likely future
requirements in order to plan accordingly.
Risk Description Mitigation
Currency risk Trend: Level risk
As a consequence of the Group's exposure transacting in foreign currencies
there are risks associated with changes in foreign currency exchange rates.
All geographies addressed by the Group can be readily serviced from the UK.
The Group applies treasury and foreign currency exposure management policies
to minimise both the cost of finance and our exposure to foreign currency
The Group is based in the United Kingdom and presents its consolidated exchange rate fluctuations.
financial statements in pounds Sterling.
Notwithstanding these hedging
The Group's current revenues are generated primarily in Sterling, US dollar
arrangements, the Group does have exposure to translation effects arising from
and Euros. The Group also has some contractual obligations that are movements in the relevant currency exchange rates against sterling. Therefore,
denominated in US Dollars. there can be no assurance that its future results or resources will not be
significantly affected by fluctuations in exchange rates.
Trend: Increasing risk
Inflation risk
Inflation risk has been very limited for most of the last decade. However, as
with many technology businesses, the Group is experiencing increased The inflationary environment continues to be closely monitored, and commercial
inflationary pressures within its cost base. The timing of a customer's modelling undertaken to assess the impact of inflationary increases.
invoice for their typically annually in advance software fee can also
contribute to a delay in inflationary pressures being passed to customers.
The Group is able to reduce the exposure in its client contracts with the
majority allowing for inflationary increases to be applied to fees.
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 2023 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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