REG - Induction Healthcare - Half-year Report
05/12/2022 07:00
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RNS Number : 5227I Induction Healthcare Group PLC 05 December 2022
Induction Healthcare Group PLC
("Induction", the "Company", or the "Group")
Unaudited Interim Results
for the six months ended 30 September 2022
Induction Healthcare (AIM: INHC), a leading digital health platform driving
transformation of healthcare systems , announces its unaudited interim results
for the six months ended 30 September 2022, a period of continued revenue
growth driven by the Company's leading position providing products to support
the digitization of healthcare delivery.
Induction's products power remote consultations, capture patient reported data
and empower patients to self-manage their care pathway. They are designed
around the needs of the patient and deliver cost and efficiency benefits to
hospitals, regional care systems and governments. Used at scale by national
and regional healthcare systems, Induction's applications are relied upon by
hundreds of thousands of clinicians and millions of patients across almost
every hospital in the British Isles.
Financial Highlights
· Recorded Revenues up 54% to £7.1m (H1 2021: £4.6m) with organic
growth across key products
- Induction Attend Anywhere revenues £5.6m (H1 2021: £3.6m)
- Induction Zesty revenue £1.1m (H1 2021: £0.6m)
· Adjusted EBITDA loss of £1.0m (H1 2021: £0.7m)
· Annual Recurring Revenues ("ARR") at period end of £14.5m up from
£13.5m at the start of H1 2022
· Cash position as at 30 September 2022 of £9.0m (31 March 2022:
£7.5m)
Operational Highlights
· Strong start to the financial year with better-than-expected
Induction Attend Anywhere renewals across NHS England
· Value Added Reseller agreement signed with System C for Induction
Zesty
· Induction Zesty contracts with 8 further hospitals in England,
building on the previously announced contract win with 4 hospitals in South
West London
· Christopher Samler appointed as Non-Executive Chairman
James Balmain, CEO of Induction, said: "We are confident that the business is
well-positioned to deliver continued revenue growth from its core products,
Induction Attend Anywhere and Induction Zesty. It is however apparent that the
rate of growth this year will be impacted by the delays we've seen in the
implementation of centrally funded digitisation programmes and the general
political turmoil of recent months. We don't expect to see these opportunities
drop away, rather they are now more likely to conclude next financial year.
"Despite these headwinds, we remain confident that overall year end revenues
will show an improvement of at least 75% against our year end 31 March 2022
recognised revenues of £7.9m and we expect to grow our recurring revenues by
at least 23% year on year. Both of these key metrics, whilst encouraging, are
lower than our expectation and as a result the business is heavily focussed on
underlying profitability and cash. We have initiated programmes internally to
ensure our business is sized correctly to capture growth and to ensure that we
do not have to raise further working capital pending reaching our objective of
cash-flow breakeven by the fourth quarter of next financial year.
"Nothing has changed in terms of the critical need to further advance the
digital transformation of the NHS, and in particular to drive efficiencies and
support the reduction of extended waiting times. The strategic pillars for
growth, as described in our recently published Annual Report remain as
relevant as before and we remain confident about the future prospects of the
Group."
Investor Presentation
The Company will be hosting a live online presentation via the Investor Meet
Company platform at 4pm (GMT) today. The presentation is open to all existing
and potential shareholders.
Investors can sign up to Investor Meet Company for free and register for the
presentation here:
https://www.investormeetcompany.com/induction-healthcare-group-plc/register-investor
(https://www.investormeetcompany.com/induction-healthcare-group-plc/register-investor)
.
A recording of the presentation, a PDF of the slides used, and responses to
the Q&A session will be available on the Investor Meet Company platform
and the Company's investor website afterwards.
ENQUIRIES
Induction Via Walbrook PR Ltd: induction@walbrookpr.com
James Balmain, Chief Executive Officer
Christopher Samler, Chair
Singer Capital Markets (Nominated Adviser and Broker) +44 (0)20 7496 3000
Philip Davies / Kailey Aliyar
Walbrook PR Ltd induction@walbrookpr.com
Paul McManus / Alice Woodings Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654
About Induction - www.inductionhealthcare.com
(http://www.inductionhealthcare.com)
Induction (AIM: INHC) Induction delivers a suite of software solutions through
a single integrated platform that transforms care delivery. Our system-wide
applications help healthcare providers and administrators to deliver care at
any stage remotely as well as face-to-face - giving the communities they serve
greater flexibility, control and ease of access. Purpose-built for integration
with leading Electronic Medical Record (EMR) platforms, our products offer
immediate stand-alone value that becomes even greater when integrated with
pre-existing systems.
Used at scale by national and regional healthcare systems, as well non-health
government services, our applications are relied upon by hundreds of thousands
of clinicians and millions of patients across almost every hospital in the
British Isles.
CEO REVIEW
Overview
Over the last six months we have seen continued year-on-year revenue growth
from our Induction Zesty patient engagement platform and maintained strong
annually recurring revenue from our Induction Attend Anywhere video
consultation platform, building on a successful renewal of key NHS England
contracts at the start of the year.
The need to continue the digital transformation of the NHS remains as strong
as ever. Despite recent political and economic turmoil in the UK, delivering
this transformation is still very much a key focus for the Government and NHS
bodies across the UK. There is committed funding to support the roll-out of
software that will help reduce NHS waiting lists.
However, the allocation of this central capital to fund key digital programmes
has been slower than expected. Central funding and policy guidance is now in
place to drive all hospitals in England to have suitable patient engagement
platforms in place by the end of March 2023. This has had the net effect of
deferring some expected contract wins and their associated revenue into next
financial year.
Induction is well positioned to receive new contracts as a result of this
funding:
· Induction Attend Anywhere is the leading hospital video consultation
platform throughout NHS England
· Induction Zesty's selected as one of the first four patient
engagement platforms to be directly integrated into the NHS App
· To qualify for central funding NHS Trusts have been strongly
encouraged to procure those platforms that have integrated into the NHS App
· Induction's unique Value Added Reseller Agreements with both Oracle
Cerner and System C for Induction Zesty allows Induction to exclusively
capture separate funding made available for upgrades to hospital EMR systems.
H1 performance
Overall recorded revenues for the first half showed an improvement of just
over 54% to £7.1m (H1 2021: £4.6m).
We continue to work closely with NHS Wales, NHS Scotland and the Scottish
government in ensuring Induction Attend Anywhere continues to deliver a high
quality service to the millions of users it serves. Looking ahead to the
second half of this year, we remain confident in key H2 contract renewals with
these customers.
We have seen some delays in the roll-out of Induction Attend Anywhere in
relation to the Department of Work and Pensions (DWP) contract announced in
November 2021 as we seek to meet changing platform requirements from the DWP.
Completion of these platform updates will be required before the DWP can make
the platform available to a wider range of departments, a key driver of
increased revenue.
As announced in April, the South West London ICS, comprising four NHS Acute
Trusts, signed up to deploy Induction Zesty to support their outpatient
transformation programme. Building on this, eight further hospitals have been
signed as at 30 September. Induction Zesty revenues nearly doubled to £1.1m
(H1 2021: £0.6m) and, for the reasons described above, we believe we will see
further significant sales growth in Induction Zesty sales in the second half
and through into the next financial year, albeit at a slower rate than
originally anticipated.
Other Induction products (our clinical apps Induction Guidance and Induction
Switch) delivered revenues of £0.4m (H1 2021: £0.3m). As we've stated in our
Annual Report, given the relatively minor contribution of these clinical apps
to overall group revenues, as well as their cost base, we are considering the
future role of clinical apps within the group.
At the period end, the Group recorded £14.5m of annual recurring revenue
(compared to £13.5m at the start of H1 2022) with recurring revenue for the
period accounting for over 90% of total revenues.
In the first half we recorded an adjusted EBITDA loss of £1.0m (H1 2021:
£0.7m).
Cash position
The Group ended the first half with cash on hand of £9.0m (31 March 2022:
£7.5m).
We currently expect revenue for the full year to be approximately £3m lower
than forecast. In addition, we expect cost escalations of £0.9m relating to
increased hosting costs (AWS) and adverse foreign exchange movements versus
the US Dollar which is the payment currency of many of our IT services. To
offset this, the business is conducting an immediate review of its expenditure
to align with the current and expected future growth of our public sector
customer base. These and other related savings will be material and are to be
initiated forthwith, although the benefits are not expected to fully flow
through until the first half of next financial year.
The majority, by value, of our main Induction Attend Anywhere contracts renew
at the end of March. We therefore receive significant cash inflows during
April and May. A notable feature of the recent upheaval across public sector
finance is a move towards fewer advance payments and a trend towards quarterly
payments. These two trends further underline the need to tightly manage our
expenditure, enforce our contractual payment terms more rigorously and drive
the business towards profitability. The Group considers that it should give
more prominence to adjusted operating income (free cash flow) which will
provide investors with a clearer view of cash generation from operations.
Whilst we currently do not foresee a need for further working capital, it is
not yet possible to fully quantify the value and timing of our major contracts
or the cadence of their cash inflows. The Group intends to update its guidance
on this metric, providing investors with additional clarity in due course. In
the meantime, we recognise the need to take a conservative approach to cash
and cash management.
Board Changes
During the first half we announced a number of Board changes as part of the
natural evolution of the business. In May 2022 Dr Hugo Stephenson returned to
the Non-executive Director role he originally held on admission to AIM in May
2019, and in July 2022 we announced the appointment of Christopher Samler as
Non-Executive Chairman and the executive team are delighted to benefit from
their combined experience and support as we drive the business forward.
Ian Johnson has been appointed to the Board as the Senior Independent Director
('SID') replacing Leslie-Ann Reed who will be stepping down following
completion of her three-year term. Ian brings over 30 years of Board
experience working with quoted and private companies in the Life Sciences
space, having spent a career providing strategic direction and business
development expertise. He has a proven track record of overseeing business
growth and providing commercial advice through scale-up, organic growth and
M&A activity.
More recently, Guy Mitchell has stepped down as the company CFO and is
replaced by John Mcintosh as Interim CFO. The board will commence a process to
recruit a permanent CFO.
James Balmain
Chief Executive Officer
Condensed Income Statement (Unaudited)
For the six months ended 30 September 2022
30 September 2022 30 September 2021
Unaudited Unaudited
Note £'000 £'000
Revenue from contracts with customers 2 7,118 4,593
Cost of sales (2,414) (997)
Gross Profit 4,704 3,596
Sales and marketing expenses 3 (821) (514)
Development expenses 3 (4,159) (2,711)
Administrative expenses 3 (4,237) (5,959)
Operating loss (4,513) (5,588)
Finance Costs (4) (12)
Finance Income - -
Loss before tax (4,517) (5,600)
Taxation (311) (404)
Loss for the financial period (4,828) (6,004)
Attributable to:
Equity holders of the parent (4,828) (6,004)
(4,828) (6,004)
Loss per share from operations
- Basic 4 (0.06) (0.08)
- Diluted 4 (0.06) (0.08)
Condensed Consolidated Statement of Comprehensive Income (Unaudited)
For the six months ended 30 September 2022
30 September 30 September
2022 2021
Unaudited Unaudited
Note £'000 £'000
Loss for the period (4,828) (6,004)
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation differences 457 (59)
Reclassified to profit and loss during the period (801) 9
Other comprehensive income for the financial period (344) 50
Total comprehensive loss for the financial period (5,172) (6,054)
Attributable to:
Equity holders of the parent (5,172) (6,054)
(5,172) (6,054)
Loss per share:
Basic loss per share (£) 4 (0.06) (0.08)
Diluted loss per share (£) 4 (0.06) (0.08)
Unaudited Condensed Consolidated Statement of Financial Position
As at 30 September 2022
30 September 31 March
2022 2022
Unaudited Unaudited
Note £'000 £'000
Non-current assets
Goodwill 6 19,758 19,758
Intangible Assets 6 20,213 20,962
Property, Plant and Equipment 213 244
Deferred tax assets 1,549 1,540
41,733 42,504
Current assets
Trade and other receivables 7 3,543 3,349
Contract Assets 2 2,090 787
Current tax receivable 1,208 1,240
Cash and cash equivalents 7 8,978 7,495
15,819 12,872
Total assets 57,552 55,376
Non-current liabilities
Contract liabilities 2 (310) (326)
Deferred tax liabilities 2 (5,833) (5,851)
Other financial liabilities 2 (170) (128)
(6,313) (6,305)
Current liabilities
Trade and other payables 8 (4,316) (3,365)
Contract liabilities (8,944) (2,580)
Current tax payable (833) (789)
Other financial liabilities - (73)
(14,093) (6,806)
Total liabilities (20,406) (13,111)
Net assets/(liabilities) 37,146 42,265
Equity attributable to equity holders of the parent
Share capital 9 471 460
Share premium 9 41,665 41,665
Translation reserve 9 457 801
Other reserves 9 1,447 1,405
Merger reserve 9 20,206 20,206
Accumulated deficit (27,100) (22,272)
Total equity 37,146 42,265
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 September 2022
Share Share Translation Other Merger Accumulated Total
Capital Premium reserve reserve reserve deficit equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 April 2022 460 41,665 801 1,405 20,206 (22,272) 42,265
Total comprehensive loss for the period
Loss for the period - - - - - (4,828) (4,828)
Other comprehensive loss for the period - - (344) - - - (344)
Total comprehensive loss for the period - - (344) - - (4,828) (5,172)
Transactions with owners, in their capacity as owners
Issue of ordinary shares 11 - - (204) - - (193)
Issue of ordinary shares as consideration for a business combination - - - - - - -
Equity-settled share-based payments - - - 246 - - 246
Total contributions by and distributions to owners 11 - - 42 - - 53
Balance at 30 September 2022 471 41,665 457 1,447 20,206 (27,100) 37,146
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 September 2022
Share Share Translation Other Merger Accumulated Total
Capital Premium reserve reserve reserve deficit equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 April 2021 210 18,432 (9) 792 10,879 (13,838) 16,466
Total comprehensive loss for the period
Loss for the period - - - - - (6,004) (6,004)
Other comprehensive loss for the period - - (50) - - - 37
Total comprehensive loss for the period - - (50) - - (6,004) (6,004)
Transactions with owners, in their capacity as owners
Issue of ordinary shares 179 24,821 - - - - 25,000
Issue of ordinary shares as consideration for a business combination 71 - - - 8,928 - 9,000
Equity-settled share-based payments - - - 332 - - 332
Total contributions by and distributions to owners 250 28,821 - 332 8,928 - 34,332
Balance at 30 September 2021 460 43,253 (59) 1,124 19,807 (19,842) 44,747
Unaudited Condensed Consolidated Statement of Cash Flows
For the six months ended 30 September 2022
For the period ended For the period ended
30 September 2022 30 September 2021
£'000 £'000
Cash flows from operating activities
Loss for the financial period (4,828) (6,004)
Adjustments for:
Depreciation of property, plant and equipment 39 4
Amortisation and impairment of intangible assets 2,363 1,569
Finance costs 4 12
Finance income - -
Share-based payment expense 246 332
Net foreign exchange differences - 49
Fair value adjustment of contingent consideration - -
Net loss arising on fair value adjustments of deferred income - 1,742
Taxation 311 404
2,963 4,112
Decrease / (Increase) in trade and other receivables and contract assets (1,500) 3,911
(Decrease) / Increase in trade and other payables and contract liabilities 7,303 (1,491)
Interest received - -
Interest paid (4) (12)
Income taxes received 44 -
Income taxes paid (288) (404)
Net cash generated from / (used in) operating activities 3,690 112
Cash flows from investing activities
Payments for acquiring businesses, net of cash acquired - (13,486)
Payment of software development costs (1,615) (1,207)
Acquisitions of property, plant and equipment (5) -
Net cash from investing activities (1,620) (14,693)
Cash flow from financial activities
Repayments of loans and borrowings - -
Share issue costs - -
Share issue proceeds (194) 25,000
Net cash from financing activities (194) 25,000
Net increase in cash equivalents 1,876 10,419
Cash and cash equivalents at the beginning of the financial period 7,495 2,472
Effects of exchange rate changes on cash and cash equivalents (393) (49)
Cash and cash equivalents at the end of the financial period 8,978 12,842
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
1. Accounting Policies
1.1 Reporting entity
Induction Healthcare Group PLC ("Induction", the "Group" or the "Company") is
publicly listed on the AIM market of the London Stock Exchange ("LSE"), and
incorporated, domiciled and registered in the United Kingdom. The registered
number is 11852026 and the registered address is 20 St. Dunstan's Hill,
London, United Kingdom, EC3R 8HL. Induction is a leading healthcare technology
company helping to streamline delivery of care by providing software to
healthcare professionals.
As of 30 September 2022, Induction Healthcare Group PLC comprised of nine
legal subsidiaries, that are majority owned and controlled, and therefore
fully consolidated in the Company's consolidated financial statements. Details
of the Company's subsidiaries are included in note 5.
1.2 Basis of preparation
These interim financial statements have been prepared and approved by the
directors in accordance with International Financial Reporting Standards
("Adopted IFRSs"). They do not include all the information required for a
complete set of IFRS financial statements. However, selected explanatory notes
are included to explain events and transactions that are significant to an
understanding of the changes in the Group's financial position and performance
since the most recent annual consolidated financial information included in
the annual report and accounts as of and for the year ended 31 March 2022.
The accounting policies applied are consistent with those applied in the most
recent consolidated annual report and accounts for the year ended 31 March
2022, which are available on the Company's website at
www.inductionhealthcare.com (http://www.inductionhealthcare.com) under
"Investors - Financial reports & publications."
Subsidiaries are fully consolidated from the date of acquisition, being the
date on which the Group obtained control and continue to be consolidated until
the date when such control ceases. The financial information of the
subsidiaries is prepared for the same reporting period as the Group, using
consistent accounting policies. All intra-group balances, transactions,
unrealised gains and losses resulting from intra-group transactions are
eliminated in full.
Changes in the Group's interest in a subsidiary that do not result in a loss
of control are accounted for as equity transactions.
When the Group loses control over a subsidiary, the assets and liabilities are
derecognised along with any related non-controlling interest and other
components of equity. Any resulting gain or loss is recognised in profit or
loss. Any interest retained in the former subsidiary is measured at fair
value when control is lost.
These interim condensed consolidated financial statements are unaudited and
were approved by the Board of Directors and authorised for issue on 5 December
2022 and are available on the Company's website at www.inductionhealthcare.com
(http://www.inductionhealthcare.com) under "Investors - Financial reports
& publications".
2. Revenue
2.1 Revenue by performance obligations
Period to 30 September 2022 Period to 30 September
2021
£'000 £'000
Provision of software 6,296 4,382
Post-contract support and maintenance 103 76
Set-up services 30 3
Professional services 492 -
Text message revenue 197 132
Total Revenue from contracts with customers 7,118 4,593
2.2 Revenue by geographical location
Period to 30 September Period to 30 September
2022 2021
£'000 £'000
United Kingdom 7,086 4,528
Europe 7 6
United States 9 8
Rest of World 16 51
Total Revenue from contracts with customers 7,118 4,593
2.3 Revenue by product line
Period to 30 September Period to 30 September
2022 2021
£'000 £'000
Induction Anywhere 5,600 3,638
Induction Zesty 1,162 617
Induction Guidance 340 322
Induction Switch 16 16
Total Revenue from contracts with customers 7,118 4,593
2.4 Timing of revenue recognition
Period to 30 September Period to 30 September
2022 2021
£'000 £'000
Services transferred over time 6,628 4,451
Services transferred at a point in time 490 142
Total Revenue from contracts with customers 7,118 4,593
2.5 Contract balances
30 September 2022 31 March
2022
£'000 £'000
Trade receivables 2,121 1,039
Contract assets 2,090 399
Contract liabilities (9,254) (2,657)
3. Expenses by nature
Period to 30 September Period to 30 September
2022 2021
£'000 £'000
Employee benefit expense 4,810 3,444
Contractors 1,858 1,520
Fundraise and acquisition related transaction costs - 1,613
Amortisation of intangible assets 2,363 1,568
Depreciation of property, plant and equipment 39 4
Professional and legal fees 251 56
Research and development expense capitalised (1,615) (1,207)
Remeasurement of contingent consideration - -
Fair value adjustments on contract liabilities - 1,742
4. Earnings per share
Basic EPS is calculated by dividing the profit for the year attributable to
ordinary equity holders of the parent by the weighted average number of
ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to ordinary
equity holders of the parent (after adjusting for interest on the convertible
preference shares) by the weighted average number of ordinary shares
outstanding during the year plus the weighted average number of ordinary
shares that would be issued on conversion of all the dilutive potential
ordinary shares into ordinary shares.
The following table reflects the income and share data used in the basic and
diluted EPS calculations:
Loss attributable to ordinary shares (basic and diluted)
30 September 30 September
2022 2021
£'000 £'000
Loss attributable to ordinary shares (basic and diluted) (4,828) (6,004)
(4,828) (6,004)
Weighted average number of ordinary shares (basic and diluted)
Period to 30 September 2022 Period to 30 September 2021
Shares in issue on 1 April 92,050,727 42,050,728
Shares issued 248,089 35,714,285
Shares issued in a business combination - 14,285,714
Issued ordinary shares as at the end of the period 92,298,816 92,050,727
Weighted-average number of ordinary shares (basic and diluted) 73,413,131 72,925,044
Basic loss per share (0.06) (0.08)
Diluted loss per share (0.06) (0.08)
5. Investments in subsidiaries
Company Registered number Principal activities Country of incorporation Ownership
30 September 2022 31 March 2022
Induction Healthcare Limited 11232772 Investment Holding Company United Kingdom 100% 100%
Induction Healthcare (UK) Limited 11237890 Provision of software to healthcare providers United Kingdom 100% 100%
Induction Healthcare Pty Ltd 625119397 Provision of software to healthcare providers Australia 100% 100%
Podmedics Limited 6840040 Dormant United Kingdom 100% 100%
Horizon Strategic Partners Limited 6285278 Provision of software to healthcare providers United Kingdom 100% 100%
Zesty Limited 08294659 Provision of software to healthcare providers United Kingdom 100% 100%
Attend Anywhere Pty Ltd 081211707 Provision of software to healthcare providers Australia 100% 100%
Attend Anywhere Limited 11883931 Provision of software to healthcare providers United Kingdom 100% 100%
A.C.N. 167 231 307 Pty Ltd 167231307 Investment Holding Company Australia 100% 100%
6. Goodwill and intangible assets
Goodwill Technology Users Tradename Development costs Total
£'000 £'000 £'000 £'000 £'000 £'000
Cost
Balance at 31 March 2022 20,175 7,972 9,460 633 9,442 47,682
Recognised on acquisitions - - - - - -
Internally developed - - - - 1,615 1,615
Translation differences - - - - - -
At 30 September 2022 20,175 7,972 9,460 633 11,057 49,297
Amortisation
Balance at 31 March 2022 418 1,532 1,386 144 3,482 6,962
Recognised on acquisitions - - - - - -
Provided during the year - 719 645 31 968 2,363
Translation differences - - - - - -
At 30 September 2022 418 2,251 2,031 175 4,450 9,325
Net book value
At 31 March 2022 19,757 6,440 8,074 489 5,960 40,720
At 30 September 2022 19,757 5,721 7,429 458 6,607 39,972
7. Trade and other receivables
30 September 2022 31 March
2022
£'000 £'000
Receivables from third-party customers 2,880 2,900
Other receivables 210 116
Prepayments 373 251
Social security and other taxes receivable 80 82
3,543 3,349
Allowance for credit losses - -
3,543 3,349
Trade receivables are non-interest bearing and are generally on terms of 30
days. Included within trade and other receivables is £nil expected to be
recovered in more than 12 months.
Cash and cash equivalents
30 September 2021 31 March
2022
£'000 £'000
Cash at banks and on hand 8,978 6,995
Short-term deposits - 500
Cash and cash equivalents per the statement of financial position and cash
flow statement
8,978 7,495
Cash at banks earns interest at floating rates based on daily bank deposit
rates. Short-term deposits are made on a weekly basis, depending on the
immediate cash requirements of the Group, and earn interest at the respective
short-term deposit rates.
8. Trade and other payables
30 September 31 March 2022
2022
£'000 £'000
Trade payables 833 901
Accruals 1,864 1,680
Social security and other taxes 230 238
Other payables 1,389 108
Current tax payable 833 765
5,149 3,692
Included within trade and other payables is £nil expected to be settled in
more than 12 months.
All trade and other payables are non-interest bearing and are normally settled
on 30 day terms.
9. Capital and Reserves
9.1 Share Capital
2022 2021
No. of shares ('000) £'000 No. of shares ('000) £'000
In issue at 1 April 92,051 460 42,051 210
Issue of ordinary shares as consideration for a business combination - - 14,286 71
Issue of ordinary shares 248 1 35,714 179
In issue at 30 September 92,299 461 92,051 460
9.2 Share Premium
2022 2021
£'000 £'000
(Restated)
At 1 April 41,665 18,432
Issue of ordinary shares as consideration for a business combination - 23,223
At 30 September 41,665 41,665
9.3 Merger Reserve
2022 2021
£'000 £'000
(Restated)
At 1 April 2022 20,206 10,879
Issue of ordinary shares as consideration for a business combination - 9,327
Transaction costs on issue of shares - -
At 30 September 2022 20,206 20,206
During the completion of the annual report and accounts for 31 March 2022,
amounts recognised in share premium that related to the issuance of ordinary
shares as consideration for a business combination were reclassified to the
merger reserve. Management have therefore restated the amounts presented for
the merger reserve and for the share premium for the 6 months ended 30
September 2021 to reflect this.
10. Related Parties
Transactions with key management personnel
The compensation of key management personnel (directors) is as follows:
30 September 2022 30 September 2021
£'000 £'000
Short-term employee benefits 338 384
Post-employment pension and other benefits 8 6
Termination benefits - -
Share based payment transactions 123 123
Key management remuneration including social security costs 469 513
Total compensation paid to key management personnel 469 513
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. END IR DDBDDIBGDGDSRecent news on Induction Healthcare
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