REG - i-nexus Global PLC - Interim Results
03/05/2024 07:00
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RNS Number : 0904N i-nexus Global PLC 03 May 2024
3 May 2024
i-nexus Global plc
("i-nexus", the "Company" or the "Group")
Interim Results
i-nexus Global plc (AIM: INX), a leading provider of cloud-based Strategy
software solutions designed for the Global 5000, today provides its unaudited
results for the 6 months ended 31 March 2024.
Financial highlights
· Monthly Recurring Revenue ('MRR') as at 31 March 2024 totalled £227k
(31 March 2023: £281k), in line with management expectations following the
announcement during H1 that a major legacy customer did not intend to renew
its contract ("Customer Update").
· Despite this, Total revenue, 90% of which is recurring(1), increased
by 4% to £1,742k (H1 2023: £1,673k) through the continued delivery of new
business and expansion successes since the start of FY23.
· The increase in revenue, alongside cost-saving measures, has led to
Adjusted EBITDA(2) loss reducing significantly to £53k (H1 2023: £358k).
· Net retention(3) in the period totalled 76% (H1 2023: 103%), this
increases to 101% if the impact of the major legacy customer, the last
remaining client using the older, highly customised version of the i-nexus
software, was excluded, highlighting the continued strength of our core
offering.
· Reduced loss after tax for the period of £238k (H1 2023: £491k).
· Cash and cash equivalents at the period end improved to £250k (30
September 2023: £80k, 31 March 2023: £147k) through the application of
effective working capital management measures , with the Group continuing with
its plan of deferring the placement of additional investment until such time
that revenue growth delivers a position of at least Adjusted EBITDA breakeven.
Operational highlights and strategic progress
· Seven account expansions (H1 2023: three), the majority of which were
logos signed across 2022 and 2023, highlighting the speed of value being
derived from the product alongside the increased market need for digitalised
strategy solutions.
· Continued delivery of a steady stream of new logos with three wins
secured in H1, providing focused development efforts benefiting all existing
customers and prospect conversion. H1 has seen these updates being delivered
in line with plan.
· Further exploration of a potential additional adjacent offering,
building on our deep understanding of strategy evolution and execution, with
valuable customer feedback being obtained through H1 from an initial proof of
concept.
Outlook
· Sales pipeline volumes remain high with an increasing trend of
prospects requiring a proof of concept, providing further opportunities to
demonstrate the value of the solution.
· This trend coupled with the growing expansion opportunities within
our existing customer base provide confidence in a return to half-on-half MRR
growth in the second half of the year alongside overall Group losses showing a
year-on-year reduction at year-end.
· i-nexus well positioned to capitalise on the continued rise in
interest for a strategy execution software solution as companies across all
industries accelerate the digitisation of mission-critical processes.
Simon Crowther, Chief Executive, of i-nexus Global plc, commented:
"In the first half of 2024, i-nexus has effectively navigated several
challenges, particularly the non-renewal of a major legacy customer. We have
remained resilient, achieving strong levels of account expansions and adding a
steady volume of new logos. With careful cost management and proactive
customer engagement, we have achieved a stable monthly recurring revenue (MRR)
position whilst improving both our total revenue and Adjusted EBITDA position
against H1 2023 levels.
Looking forward, we remain focused on converting trials into annual licenses,
enhancing our Workbench platform, and further developing our new product proof
of concept. These platform enhancements aim to decrease the time to value for
customers and expand our addressable market.
The outlook for i-nexus remains positive. The market continues to expand,
particularly for solutions that support the remote working world and our
strengthened product provides a solid foundation for future growth. We are
committed to capitalising on this momentum while we drive towards a profitable
second half of the year."
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 (Investment Banking)
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) Recurring revenue represents the value of revenue generated through
licence fees against the total revenue generated across the period
(2) Adjusted EBITDA excludes the impact of any impairment, loss on disposal
of assets, share based payment expenses and non-underlying items.
(3) 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.
Overview
The first half of the year has seen the business continue to execute against
its strategic objectives, winning new customers, expanding within existing
accounts and developing the capabilities of its product offerings. The strong
growth in Monthly Recurring Revenues in prior periods has flowed through to
revenue growth, while the cost saving initiatives implemented to protect the
business from the loss of a legacy customer mean trading losses continue to
reduce.
While the business experienced headwinds in the period due to churn within
accounts controlled via a reseller of i-nexus software, the healthy levels of
renewals within the direct customer base point to the continued value our
customers derive from our software.
We continue to develop our core Workbench offering, targeting enhanced
functionality to enable customers to extract additional value from the
software. An example of this is the launch in the period of an upgraded
"follow the reds" capability, a feature which allows leaders to identify and
address critical issues within their operations, focusing attention and
resources on the areas most in need more easily and quickly. We continue to
explore the potential for an additional adjacent offering, building on our
deep understanding of the strategy evolution and execution, securing valuable
customer feedback from an initial proof of concept.
Trading
The Company has successfully converted three trials into annual contracts (H1
2023: five) in the period, each with expansion potential, expanded within
seven existing customer accounts (H1 2023: three) and commenced a further 15
enterprise trials of our software, positioning us well for continued
progress in the second half of the year.
We renewed contracts with over 90% of our direct customers, reflecting our
continued focus on strong account management.
As expected, these new logo wins and account expansions have been offset by
the previously announced loss of a substantial legacy customer, meaning MRR
moderated to £227k at 31 March 2024 (30 September 2023: £289k, 31 March
2023: £281k).
While the impact of this loss will be more apparent in revenue in the second
half of the year, the careful management of costs means the Board is confident
overall Group losses will show a year-on-year reduction at year end and with
an improved net cash position the business has sufficient resources to execute
on its current strategy.
People
As always, our teams continue to demonstrate considerable resilience, driving
the business forward and delivering for our customers. We were immensely
saddened by the unexpected passing of one of our key leadership team members,
James Davies, a few months ago. He is greatly missed by us all and the team is
united in continuing his outstanding work and upholding his high standards as
we evolve our product offering.
Strategic focus for H2
· Convert trials into annual licences, generating increased levels of
recurring revenue and expansion potential.
· Delivering on several account expansion opportunities.
· Further enhancements to Workbench, to increase time to value for our
customers and further strengthen our competitive position.
· Further development of a new product proof of concept, as we seek to
expand our addressable opportunity.
Outlook
The market opportunity before us is substantial and expanding. 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.
The growing number of active trials of our platform by potential customers,
coupled with the growing expansion opportunities within our existing customer
base, provide the Board with confidence in a return to half-on-half MRR growth
in the second half of the year. Our attention remains firmly on ensuring the
adequacy of our cash resources as we steer i-nexus towards profitability.
With remote teams becoming more prevalent, the demand for software solutions
that support effective strategy exection and collaboration is on the rise.
These factors alongside our growing confidence in lead nurturing and
generation, and an increasingly differentiated and easy to implement offering,
mean the Board is confident in continued progress.
Financial Performance
Revenue
Licence revenues
As expected, following the announcement during H1 that a major legacy customer
generating Monthly Recurring Revenue ('MRR') of £54k did not intend to renew
its contract, i-nexus' MRR at 31 March 2024 totalled £227k (30 September
2023: £289k, 31 March 2023: £281k).
Encouragingly, the business delivered record volumes of account growth across
a half year period with seven logos expanding the use of the product in H1 (H1
2023: three) alongside securing a steady volume of new logos (H1 2024: three,
H1 2023: five), each with expansion opportunities.
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 period totalled 76% (H1 2023: 103%),
this increases to 101% if the impact of the major legacy customer, the last
remaining client using the older, highly customised version of the i-nexus
software, was excluded, highlighting the continued strength of our core
offering.
Total revenue recognised in H1 2024 increased by 4% to £1,742k (H1 2023:
£1,673k), 90% of which is recurring, as a result of the new business and
account expansion successes since the start of 2023.
Services revenues
Revenue from associated professional services increased by 49% against prior
period levels at £176k (H1 2023: £118k), driven by the timing of new
customer deployments and existing change orders.
Gross Margin
Gross Margin in the period improved to 81% (H1 2023: 77%) with the increase in
revenue being delivered through the development of a more cost-effective cost
of sale infrastructure.
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
£54k for the period (H1 2023: loss of £358k), with the improvement in gross
margin being complemented by a reduction in overheads of £201k against H1
2023 levels reflecting the cost saving measures put in place.
As mentioned in the FY23 Annual Report, there remains no plans to make further
investments until such time as revenue growth is delivering a positive
Adjusted EBITDA.
Depreciation, amortisation and impairment
Total costs in respect of depreciation, amortisation, and impairment have
remained in line with prior period levels at £106k (H1 2023: £106k). With
the business having low capital expenditure requirements, the value is
principally made up of amortisation on intangible assets, being capitalised
development costs (£99k, H1 2023: £99k).
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.
Non-underlying items
Non-underlying items totalling £11k in H1 2023 comprise redundancy costs. No
such costs were incurred in the six months ended 31 March 2024.
Cash and cash equivalents
Cash and cash equivalents at 31 March 2024 improved to £250k (31 March 2023:
£147k), principally driven by an increase in the net cash inflows from
operating activities through an improved trading performance against H1 2023
levels alongside the application of effective working capital management
measures.
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.
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 is included in note 2 of
this report.
Balance sheet
Trade receivables (net) have decreased to £382k at 31 March 2024 due to the
timing of receipt of annual licence fee invoices issued (31 March 2023:
£1,127k). This amount is expected to be received in line with the Group's
DSO.
The movement in the Group's MRR resulted in deferred revenue reducing to
£1,408k at 31 March 2024 (31 March 2023: £1,927k). The Group's cash
collection disciplines remain strong with DSO (debtor days) at 31 March 2024
of 51 (31 March 2023: 60).
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 March 2024
Unaudited six months ended 31 March 2024 Unaudited six months ended 31 March 2023 Audited
year ended
30 September 2023
£ £ £
Revenue 1,741,924 1,673,443 3,527,681
Cost of sales (333,704) (380,319) (694,230)
Gross profit 1,408,220 1,293,124 2,833,451
Administrative expenses (1,568,522) (1,769,235) (3,672,313)
Operating loss (160,302) (476,111) (838,862)
Investment revenues 11 13 19
Financing costs (156,380) (119,533) (261,060)
Other gains and losses - - 117,619
Loss before tax (316,671) (595,631) (982,284)
Income tax income 78,235 104,456 226,214
Loss for the period (238,436) (491,175) (756,070)
Other comprehensive income:
Items that will not be reclassified to profit or loss
Currency translation differences (68,036) 38,529 (47,745)
Total other comprehensive income for the period (68,036) 38,529 (47,745)
Total comprehensive income for the period (306,472) (452,646) (803,815)
£ £ £
Basic and diluted earnings per share (0.01) (0.02) (0.03)
Adjusted EBITDA (53,571) (358,367) (498,748)
Depreciation, amortisation, impairment and profit/loss on disposal (106,069) (106,163) (338,789)
Share based payment expenses (662) (1,081) (1,325)
Non-underlying items - (10,500) -
Operating loss (160,302) (476,111) (838,862)
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
As at 31 March 2024
Unaudited Unaudited Audited
as at as at as at
31 March 31 March 30 September
2024 2023 2023
£ £ £
Assets
Non-current assets
Intangible assets 715,028 876,877 738,847
Property, plant and equipment 21,495 29,874 28,533
736,523 906,751 767,380
Current assets
Trade and other receivables 483,372 1,221,216 929,812
Current tax recoverable 80,000 100,000 225,758
Cash and cash equivalents 250,205 147,256 79,668
813,577 1,468,472 1,235,238
Total assets 1,550,100 2,375,223 2,002,618
Current liabilities
Trade and other payables 430,071 742,195 719,529
Borrowings 9,952 9,707 9,952
Deferred income 1,407,664 1,927,483 1,477,488
1,847,687 2,679,385 2,206,969
Net current liabilities (1,034,110) (1,210,913) (971,731)
Non-current liabilities
Trade and other payables 521,116 333,407 421,831
Borrowings 17,490 27,564 22,435
Convertible loan notes 2,253,342 1,805,438 2,135,108
2,791,948 2,166,409 2,579,374
Total liabilities 4,639,635 4,845,794 4,786,343
Net liabilities (3,089,535) (2,470,571) (2,783,725)
Equity
Called up share capital 2,957,161 2,957,161 2,957,161
Share premium account 7,256,188 7,256,188 7,256,188
Foreign exchange reserve (114,391) 39,919 (46,355)
Share option reserve 22,049 21,143 21,387
Equity reserve 269,622 231,851 269,622
Merger reserve 10,653,881 10,653,881 10,653,881
Retained earnings (24,134,045) (23,630,714) (23,895,609)
Total Equity (3,089,535) (2,470,571) (2,783,725)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
For the six months ended 31 March 2024
Unaudited Unaudited Audited
as at as at as at
31 March 31 March 30 September
2024 2023 2023
£ £ £
Operating activities
Loss after tax (238,436) (491,175) (756,070)
Adjusted for non-cash items:
Taxation credit (78,235) (104,456) (226,214)
Amortisation, depreciation, and adjustments on disposal 106,069 106,163 338,789
Share-based payment expense 662 1,081 1,325
Finance income (11) (13) (19)
Deferred income - - 157,814
Finance charges 156,380 119,533 261,060
Decrease in provisions - - (2,751)
Other gains - - (117,619)
(53,571) (368,867) (343,685)
Decrease/(increase) in trade and other receivables (145,223)
446,440 (439,378)
(Decrease)/increase in trade and other payables (359,282) 671,620 36,689
Cash generated from/(used in) operations 33,587 (136,625) (452,219)
Income tax refund 223,992 224,000 224,456
Net cash inflow/(outflow) from operating activities 257,579 87,375 (227,763)
Investing activities
Purchase of property, plant and equipment (3,678) (10,805) (17,686)
Purchase of intangible assets - internally generated (80,000) (60,000) (146,374)
Interest received 11 13 19
Net cash used in investing activities (83,667) (70,792) (164,041)
Financing activities
Issue of convertible loans - - 436,000
Repayment of borrowings (4,945) (4,823) (9,707)
Interest paid (2,020) (2,020) (6,063)
Net cash used in financing activities (6,965) (6,843) (420,230)
Net increase in cash and cash equivalents 166,947 9,740 28,426
Cash and cash equivalents at beginning of period 79,668 98,987 98,987
Effect of foreign exchange rates 3,590 38,529 (47,745)
Cash and cash equivalents at end of period 250,205 147,256 79,668
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 March 2024
Share Foreign
Share Share Equity option exchange Merger Accumulated Total
Capital Premium Reserve Reserve reserve reserve losses Equity
£ £ £ £ £ £ £ £
Balance at 1 October 2023 2,957,161 7,256,188 269,622 21,387 (46,355) 10,653,881 (23,895,609) (2,783,725)
Six months ended 31 March 2024:
Loss for the period - - - - - - (238,436) (238,436)
Other comprehensive income:
Exchange differences on foreign operations - - - - (68,036) - - (68,036)
Total comprehensive income for the period - - - - (68,036) - (238,436) (306,472)
Transactions with owners in their capacity as owners
Share options expense in the period - - - 662 - - - 662
Total contributions by and distributions to owners of the company recognised - - - 662 - - - 662
directly into equity
Balance at 31 March 2024 (unaudited) 2,957,161 7,256,188 269,622 22,049 (114,391) 10,653,881 (24,134,045) (3,089,535)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 March 2023
Share Foreign
Share Share Equity option exchange Merger Accumulated Total
Capital Premium Reserve Reserve reserve reserve losses Equity
£ £ £ £ £ £ £ £
Balance at 1 October 2022 2,957,161 7,256,188 231,851 20,062 1,390 10,653,881 (23,139,539) (2,019,006)
Six months ended 31 March 2023:
Loss for the period - - - - - - (491,175) (491,175)
Other comprehensive income:
Exchange differences on foreign operations - - - - 38,529 - - 38,529
Total comprehensive income for the period - - - - 38,529 - (491,175) (452,646)
Transactions with owners in their capacity as owners
Share options expense in the period - - - 1,081 - - - 1,081
Total contributions by and distributions to owners of the company recognised - - - 1,081 - - - 1,081
directly into equity
Balance at 31 March 2023 (unaudited) 2,957,161 7,256,188 231,851 21,143 39,919 10,653,881 (23,630,714) (2,470,571)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. General information
i-nexus Global plc (the "Company") and its subsidiaries (together, the Group)
is a specialist provider of cloud based strategy software and associated
professional services.
The Company is a public limited company domiciled in the UK and incorporated
in England and Wales (registered number 11321642) and its registered office is
27-28 Eastcastle Street, London, W1W 8DH.
The interim condensed consolidated financial statements were approved for
issue on 2 May 2024.
These condensed consolidated interim financial statements do not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 30 September 2023 were approved by
the Board of Directors on 20 December 2023 and delivered to the Registrar of
Companies. The report of the auditors on those accounts was unqualified, did
not contain an emphasis of matter paragraph and did not contain any statements
under section 498 of the Companies Act 2006.
2. Basis of preparation
These condensed consolidated interim financial information for the six months
ended 31 March 2024 have not been audited or reviewed by the auditors. The
interims have been prepared in accordance with the Disclosure and Transparency
Rules of the Financial Services Authority and with IAS 34, 'interim financial
reporting'. These condensed consolidated interim financial statements should
be read in conjunction with the annual financial statements for the year ended
30 September 2023, which have been prepared in accordance with UK adopted
international accounting standards and company law. The interim condensed
consolidated financial information has been prepared on a going concern basis
and is presented in Sterling to the nearest £1.
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 various scenarios which reflect growth plans,
opportunities, risks and mitigating actions.
Alongside management's base case forecast, the Group prepared a downside
scenario. Under this 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 H2 2024 is not expected to be materially impacted
from current 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.
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.
3. Accounting policies
The accounting policies adopted are consistent with those of the previous
financial statements, except in respect of taxes on income which, in the
interim periods, are accrued using the tax rate that would be applicable to
expected total annual performance. New and amended standards and
interpretations need to be adopted in the first interim financial statements
issued after their effective date. There are no new IFRSs or IFRICs that are
effective for the first time for this interim period that would be expected to
have a material impact on the financial statements.
4. Estimates
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income
and expense. Actual results may differ from these estimates. In preparing
these condensed consolidated interim financial statements, the significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those that applied
to the consolidated financial statements for the year ended 30 September 2023,
with the exception of changes in estimates that are required in determining
the provision for income taxes.
5. 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.
Unaudited six Unaudited six Audited
months ended months ended year ended
31 March 31 March 30 September
2024 2023 2023
£ £ £
Revenue analysed by class of business
Licence 1,566,388 1,555,026 3,235,964
Services 175,536 118,417 291,717
1,741,924 1,673,443 3,527,681
Unaudited six Unaudited six Audited
months ended months ended year ended
31 March 31 March 30 September
2024 2023 2023
£ £ £
Revenue analysed by geographical market
United Kingdom 455,091 360,016 774,825
USA 653,645 558,519 1,197,292
Switzerland 119,769 322,830 659,380
Germany 310,395 251,355 550,668
Rest of Europe 103,964 112,382 158,393
Rest of the World 99,060 68,341 187,123
1,741,924 1,673,443 3,527,681
6. Earnings per share
The calculation of basic and diluted loss per share for the six months to 31
March 2024 was based upon the loss attributable to ordinary shareholders of
£238,436 (six months to 31 March 2023: loss of £491,175, year ended 30
September 2023: loss of £756,070) and a weighted average number of ordinary
shares in issue of 29,571,605 (six months to 31 March 2023: 29,571,605, year
ended 30 September 2023: 29,571,605), calculated as follows:
Weighted average number of ordinary shares
Unaudited six months ended Unaudited six months ended Audited year ended
31 March 31 March 30 September
2024 2023 2023
Loss for the period attributable to equity shareholders of the company (238,436) (491,175) (756,070)
Issued ordinary shares at start of period 29,571,605 29,571,605 29,571,605
Weighted average number of shares at end of period 29,571,605 29,571,605 29,571,605
Earnings per share
(0.01)
(0.02) (0.03)
7. Principal risks and uncertainties
Pursuant to the requirements of the Disclosure and Transparency Rules the
Group provides the following information on its principal risks and
uncertainties. The Group considers strategic, operational and financial risks
and identifies actions to mitigate those risks. These risk profiles are
updated at least annually. The principal risks and uncertainties detailed
within the Group's 2023 Annual Report remain applicable for the first six
months of the financial year. The Group's 2023 Annual Report is available from
the i-nexus website: www.i-nexus.com/company/investor-center/
(http://www.i-nexus.com/company/investor-center/)
8. Forward-looking statements
This announcement may include certain forward-looking statements, beliefs or
opinions, including statements with respect to the Group's business, financial
condition and results of operations. These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "anticipates", "targets", "aims",
"continues", "expects", "intends", "hopes", "may", "will", "would", "could" or
"should" or, in each case, their negative or other various or comparable
terminology. These statements are made by the Directors in good faith based
on the information available to them at the date of this announcement and
reflect the Directors beliefs and expectations. By their nature these
statements involve risk and uncertainty because they relate to events and
depend on circumstances that may or may not occur in the future. A number of
factors could cause actual results and developments to differ materially from
those expressed or implied by the forward-looking statements, including,
without limitation, developments in the global economy, changes in government
policies, spending and procurement methodologies, and failure in health,
safety or environmental policies.
No representation or warranty is made that any of these statements or
forecasts will come to pass or that any forecast results will be achieved.
Forward-looking statements speak only as at the date of this announcement and
the Group and its advisers expressly disclaim any obligations or undertaking
to release any update of, or revisions to, any forward-looking statements in
this announcement. No statement in the announcement is intended to be, or
intended to be construed as, a profit forecast or to be interpreted to mean
that earnings per share for the current or future financial years will
necessarily match or exceed the historical earnings. As a result, you are
cautioned not to place any undue reliance on such forward-looking statements.
9. Statement of Directors' Responsibilities
The Directors confirm that these condensed interim financial statements have
been prepared in accordance with International Accounting Standard 34,
'Interim Financial Reporting', and that the interim management report includes
a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
- an indication of important events that have occurred
during the first six months and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties for the
remaining six months of the financial year; and
- material related-party transactions in the first six months
and any material changes in the related-party transactions described in the
last annual report.
The Directors of i-nexus Global plc are listed in the i-nexus Group plc Annual
Report for 30 September 2023. A list of current directors is maintained on the
i-nexus Global plc website: www.i-nexus.com/company/team/
(http://www.i-nexus.com/company/team/) . Copies of this statement are
available on the investor relations page of our website
(www.i-nexus.com/company/investor-center/
(http://www.i-nexus.com/company/investor-center/) ).
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