REG - KRM22 PLC - Interim Results
26/09/2023 07:00
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RNS Number : 5977N KRM22 PLC 26 September 2023
KRM22 plc
("KRM22", the "Group" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023
KRM22 plc (AIM: KRM.L), the technology and software investment company, with a
particular focus on risk management in capital markets, announces its
unaudited interim results for the six months ended 30 June 2023 ("H1 2023" or
the "Period").
Highlights
Financial
· Annualised Recurring Revenue* ("ARR") of £4.9m at 30 June 2023 (H1
2022: £4.1m) - growth of 19.5%
o New contracted ARR in the period of £0.4m (H1 2022: £0.7m)
· Total revenue recognised of £2.4m (H1 2022: £1.9m) - growth of
26.3%
· Adjusted EBITDA loss** of £1.0m (H1 2022: loss of £0.7m)
· Loss before tax of £2.3m (H1 2022: loss before tax of £1.2m)
· Gross cash and cash equivalents at 30 June 2023 of £1.4m (FY 2022:
£1.9m)
Operational
· Completion of debt refinancing with a new £5.0m facility provided by
Trading Technologies International, Inc ("TT") of which £4.0m was drawn down
in June 2023 to repay the previous £3.0m facility plus interest of £0.1m and
support business growth
· ARR contracts in place for the Limits Manager product with four of
the top 10 Futures Commission Merchants ("FCMs")
· First sale of Limits Manager product through TT sales channel under
the existing framework agreement
· Continued low level of customer churn with churn in the period of
£0.1m (H1 2022: £0.1m)
Post-Period Events
· Growth in ARR to £5.1m from a further three new contracts, including
an additional Limits Manager product sale through the TT sales channel, an
increase of 8.5% since the end of the Period
· R&D tax receipt in respect of FY 2022 of £0.2m
* Annualised Recurring Revenue (ARR) is the value of contracted
Software-as-a-Service (SaaS) revenue normalised to a one year period and
excludes one time fee.
** Adjusted EBITDA is the reported loss for the period, adjusted for recurring
non-monetary costs including depreciation, amortisation, unrealised foreign
exchange gain/(loss) and share-based payment charges and non-recurring costs
including loss on disposal of tangible/intangible assets and acquisition and
funding costs.
Commenting on the results, CEO of KRM22, Stephen Casner, said:
"With ARR currently at £5.1m, our success in the first half of 2023 in
growing ARR and maintaining a low level of customer churn continues to show
progress towards our key goal of building a £10.0m ARR SaaS business. Our
Limits Manager product provided strong results in this period through both our
direct selling and TT distribution partnership and is quickly becoming an
industry leading application. Our new Risk Manager product is now being
introduced to major customers and we expect its success to accelerate our ARR
growth throughout 2024 with a strong pipeline of sales opportunities to drive
this growth."
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Sole Broker has
changed its name to Cavendish Capital Markets Limited following completion of
its own corporate merger.
For further information please contact:
KRM22
plc
InvestorRelations@krm22.com
Keith Todd CBE, Executive Chairman
Stephen Casner, CEO
Kim Suter, CFO
Cavendish Capital Markets Limited (Nominated Adviser and
Broker) +44 (0)20 7220 0500
Carl Holmes / George Dollemore
Sunila de Silva (ECM)
About KRM22 plc
KRM22 is a closed-ended investment company which listed on AIM on 30 April
2018. The Company has been established with the objective of creating value
for its investors through the investment in, and subsequent growth and
development of, target companies in the technology and software sector, with a
focus on risk management in capital markets.
Through its investments and the Global Risk Platform, KRM22 helps capital
market companies reduce the cost and complexity of risk management. The
Global Risk Platform provides applications to help address firms' trading and
corporate risk challenges and to manage their entire enterprise risk profile.
Capital markets companies' partner with KRM22 to optimise risk management
systems and processes, improving profitability and expanding opportunities to
increase portfolio returns by leveraging risk as alpha.
KRM22 plc is listed on AIM and the Group is headquartered in London, with
offices in several of the world's major financial centres.
See more about KRM22 at www.krm22.com (http://www.krm22.com)
CEO'S REPORT
I am pleased to report our interim financials for the first half of 2023 which
demonstrate that the Company is continuing to advance its key initiatives that
were established in 2022 and solidly place the Company on track to meet our
goal of moving towards a £10.0m Annualised Recurring Revenue ("ARR") business
by 2026.
After successfully reorganising the business and repositioning the value
proposition of the Risk Cockpit product in 2022, we have continued to advance
three key initiatives:
1. Our Limits Manager product becoming the leading industry application
for managing trading limits at Futures Commissions Merchants ("FCMs");
2. Growing ARR, through two distinct sales "channels" - our direct sales
team as well as the product distribution agreement with Trading Technologies
International, Inc ("TT"); and
3. Continuing to maintain a low level of customer churn.
In addition to these initiatives, the Company completed a new £5.0m debt
facility from TT, KRM22's largest shareholder, to replace the previous £3.0m
secured debt facility that was due to mature in September 2023.
As you review the progress made in the Period, I would like to highlight where
we stand on the three key initiatives as we continue through 2023.
Limits Manager product becoming an industry standard
As previously reported, by the end of 2022 the Limits Manager product had been
successfully deployed at three of the world's top FCMs, generating over £0.5m
of ARR. The Limits Manager product centralises the management of limits a
FCM provides their trading partners - a key part of controlling trading
behaviour and managing the risk the FCM has with their counterparties. New
features and functions have continued to be delivered through the Period with
additional integration of the application delivered to support the industry's
largest exchanges and independent software vendors.
In addition to the three FCMs already using Limits Manager at the end of 2022,
the TT sales channel generated a sale to one of the industry's top five FCMs,
with the customer going live on Limits Manager in the first quarter of 2023.
Since the end of the Period, one additional major FCM has contracted to
license the Limits Manager product through the TT sales channel taking the
total number of customers using the Limits Manager product to five.
There are five additional FCM's who are testing the product and are scheduled
to begin production before the end of 2023. The partnership with TT has
given the Company unprecedented access to sales prospects with accelerated
testing and adoption of the Limits Manager product in a timeframe that is
significantly less than a quarter of the time our direct sales approach has
taken.
We project that by the end of 2023, nine of the industry's top 15 largest FCMs
will have licensed our product, generating over £1.0m of ARR for the
Company.
A second KRM22 product, Risk Manager, has been launched on the TT platform and
another major global financial institution has begun testing and evaluating
this new product. We expect revenue to be generated from this product in
2024 and, in the same way that the Limits Manager product is becoming an
industry standard with FCMs, we expect the Risk Manager product to become
another industry standard for FCMs and their customers and generate ARR at an
even higher pace than Limits Manager over the next two years.
Revenue growth
At the end of the Period the Company's ARR was £4.9m. In July 2023 the
Company's ARR increased to £5.0m - a significant milestone for the Company,
and the first time this has been achieved since its IPO in 2018. The Company
has continued to sign new contracts and, at the date of this report, the
Company's ARR has further increased to £5.1m from £4.8m (£4.7m at constant
FX rates) at 31 December 2022, an increase of 8.5%.
The new ARR signed in 2023, and to the date of this report, includes sales of
KRM22 products through the TT sales channel, direct sales to new customers as
well as existing customers purchasing additional products and extensions to
existing customer contracts.
In addition to generating new ARR and maintaining a low level of customer
churn, we are now increasing the amount of non-recurring revenue ("NRR") at a
level we have not seen before. NRR recognised in the Period was £0.2m and
the Company currently has a further £0.2m of contracted NRR, from
implementation and development services, which will be recognised in the
remainder of 2023.
Delivering new NRR whilst continuing to add ARR at a level of £1.0m each year
is expected to result in a significant improvement to adjusted EBITDA over the
next few years.
Customer retention
Prior to FY2022 the Company experienced an unsustainable level of customer
churn which was significantly reduced in FY2022 and I am pleased to report
that the low level of churn has continued into FY2023 with churn of £0.1m.
While completely eliminating churn is impossible in a successful SaaS model,
due to industry consolidation and market forces, our ability to deliver new
products and new features and enhancements on existing products, together with
focused customer retention plans, is helping to ensure that churn continues at
an acceptably low level.
Outlook
Overall, we have made good progress in trying to achieve the objectives and
internal KPI's set out at the start of 2023. We expect to achieve all of the
2023 objectives by the end of the year, and then we will start 2024 in a
strong position on which to build and continue the journey to a £10.0m ARR
business.
The goal of getting KRM22 to a £10.0m ARR business by the end of FY2026 is
ambitious, however delivering ARR growth of 20% per year compounded through
our direct and the TT sales channels, together with maintaining a low level of
churn, will allow this target to be realised to generate positive EBITDA and
cashflows.
Whilst we have defined our goal of growing KRM22 to a £10.0m ARR business,
the amount of variables we have in our revenue plan has been unpredictable.
However, we are starting to have a much better understanding of the sales
opportunities, timing of sales cycles and development effort required for the
Limits Manager and Risk Manager products which will enable us to return to
providing market forecasts soon. We believe that by remaining diligently
focused on growing ARR, retaining customers and managing costs, the time frame
for our success will begin to come into focus in our subsequent reporting
periods.
As always, we thank you for your support and look forward to continuing to
build one of the best capital markets risk management companies.
Stephen Casner
CEO
25 September 2023
FINANCIAL REVIEW
Income statement
Total revenue
Total revenue reported in the period was £2.4m (H1 2022: £1.9m), an increase
of 26.3% compared with the prior period, with 93.7% (H1 2022: 96.3%) generated
from recurring customer contracts. Non-recurring revenue for the period was
£0.2m (H1 2022: £0.1m) and related principally to customer implementations,
proof of concept work and development services.
Recurring revenue
As at 30 June 2023, the Group had contracted Annualised Recurring Revenue
("ARR") of £4.9m (H1 2022: £4.1m), with new contracted ARR in the period of
£0.4m (H1 2022: £0.7m) and churn of £0.1m (H1 2022: £0.1m). As at the
date of this report, contracted ARR has further increased to £5.1m.
Gross profit
Gross profit for the period was £1.8m (H1 2022: £1.5m) with gross profit
margin for the period of 75.5% (H1 2022: 78.3%). The reduction in gross
profit margin was driven by the amount of revenue through partner products and
services, primarily through data and news feeds, with minimal profit margin to
KRM22.
Adjusted EBITDA
Adjusted EBITDA is a key metric to consider in order to understand the
cash-profitability of the business due in particular to the non-cash items
that impact the Income Statement under IFRS accounting, such as non-cash
share-based costs.
Adjusted EBITDA for the period was a loss of £1.0m (H1 2022: loss of £0.7m)
and a reconciliation of adjusted EBITDA loss to operating loss is detailed
below.
Throughout FY2022, the Company used the investment proceeds received at the
end of FY2021 from Trading Technologies International, Inc ("TT") to invest in
Revenue, Customer Services and Development resource to help drive the business
forward by growing ARR and retention of customers, which the Company was
successful in achieving. H1 2023 therefore includes a full period of
increased staffing costs compared with H1 2022. The Company also used the TT
investment proceeds to invest in Sales and Marketing with an increase in costs
associated with industry events through sponsorship and increased staff
attendance at these events to drive growth in ARR.
In addition to the aforementioned investment in resource, the rate of
inflation over the past 18 months meant that staff salary reviews, which are
completed on an annual basis in the first quarter of each financial year,
resulted in a significantly higher average pay increase compared to H1 2022.
The average pay increase, whilst being higher than the prior period, was not
matched to the rate of inflation.
H1 2023 H1 2022
£'m £'m
Adjusted EBITDA loss (1.0) (0.7)
Depreciation and amortisation (0.8) (1.0)
Unrealised foreign exchange (loss)/gain (0.5) 0.8
Gain on extinguishment of debt 0.1 -
Share-based payment expense - (0.1)
Operating loss (2.2) (1.0)
Loss for the period
Reported operating loss for the period was £2.2m (H1 2022: loss of £1.0m).
The main driver of the increase in operating loss for the period is the
recognition of a £0.5m unrealised foreign exchange loss in H1 2023 compared
to a gain of £0.8m in H1 2022.
Finance charges
The net finance expense for the period was £0.2m (H1 2022: £0.2m) and
includes loan interest of £0.1m (H1 2022: £0.1m) and IFRS16 lease liability
interest of £0.1m (H1 2022: £0.1m)
Financial position
Assets
The cash balance at 30 June 2023 was £1.4m (31 December 2022: £1.9m).
Current assets at 30 June 2023 include trade and other receivables of £0.8m
(31 December 2022: £1.5m).
Liabilities
As at 30 June 2023, our principal liabilities were:
· £4.0m convertible loan (the "TT Convertible Loan") owed to Trading
Technologies International, Inc ("TT"). The interest rate payable on the TT
Convertible Loan is the aggregate of the SOFR average rate and a margin of
5.5% provided that the amount of such aggregate percentage rate shall be a
minimum of 9.25%. Interest on the TT Convertible Loan is paid quarterly
however for the first 18 months of the TT Convertible Loan term, interest can
be deferred with 50% of any deferred interest being paid on 31 December 2024
and the remaining balance of deferred interest paid on 31 March 2025. TT can
convert the TT Convertible Loan into new ordinary shares in the Company at any
time at a conversion price of 46p.
· £0.9m (US$1.1m) deferred consideration for earn out payments for the
acquisition of Object+. The liability can be satisfied in either cash or
Company ordinary shares at the Company's discretion.
· £0.5m for the right of use assets relating to all future payments of
leased-office rentals under IFRS16 'Leases' whereby such lease payments are
provided for at today's value however, in practice, these rental payments will
be spread over the term of the leases. All of the liability is due within
twelve months.
· £1.8m of deferred revenue; contracted and paid services that will be
released within one year.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group remain broadly
consistent with the Principal Risks and Uncertainties reported in the Group's
31 December 2022 Annual Report and continue to be monitored by the Board.
Kim Suter
CFO
25 September 2023
Consolidated income statement and statement of comprehensive income
for the six months ended 30 June 2023
Note 6 months to 6 months to
30 June 2023 30 June 2022
(unaudited) (unaudited)
£'000 £'000
Revenue 4 2,402 1,904
Cost of sales (588) (413)
Gross profit 1,814 1,491
Other income 69 65
Administrative expenses (4,047) (2,573)
Operating loss before interest, taxation, depreciation, amortisation, share
based payment and exceptional items ("Adjusted EBITDA")
(983) (741)
Depreciation and amortisation (790) (1,002)
Debt related expenses (2) -
Loss on disposal of tangible assets (1) (2)
Unrealised foreign exchange (loss)/gain (477) 795
Gain on extinguishment of debt 127 -
Share-based payment expense (38) (67)
Operating loss (2,164) (1,017)
Net finance charge (155) (214)
Loss before taxation (2,319) (1,231)
Taxation credit 68 112
Loss for the period (2,251) (1,119)
Loss for the period attributable to:
Equity shareholders of the parent (2,251) (1,119)
(2,251) (1,119)
Other comprehensive income
Item that may be reclassified subsequently to profit and loss
Exchange gain on translating foreign operations 329 442
Total comprehensive loss for the period (1,922) (677)
Total comprehensive loss for the period attributable to:
Equity shareholders of the parent (1,922) (677)
(1,922) (677)
Loss per ordinary share
Basic and diluted earnings per share 5 (0.06p) (0.03p)
All amounts relate to continuing activities.
Interim consolidated statement of financial position
at 30 June 2023
30 June 31 December
2023 2022
(unaudited) (audited)
£'000 £'000
Assets
Non-current assets
Goodwill 5,023 5,167
Other intangible assets 2,060 2,244
Property, plant and equipment 13 11
Right of use assets 252 369
7,348 7,791
Current assets
Trade and other receivables 808 1,462
Cash and cash equivalents 1,351 1,900
2,159 3,362
Total assets 9,507 11,153
Current liabilities
Trade and other payables 3,623 3,853
Lease liabilities 489 493
Loans and borrowings - 2,974
Derivative financial liability 255 255
4,367 7,575
Net current liabilities (2,208) (4,213)
Non-current liabilities
Trade and other payables 30 30
Lease liabilities - 122
Loans and borrowings 3,668 -
Deferred tax liability 174 245
3,872 397
Total liabilities 8,239 7,972
Net Assets 1,268 3,181
Equity
Share capital 3,567 3,567
Share premium reserve 20,517 20,517
Merger reserve (190) (190)
Convertible debt reserve 195 224
Foreign exchange reserve (119) (448)
Share-based payment reserve 3,083 3,045
Retained losses (25,785) (23,534)
Total equity 1,268 3,181
Interim consolidated statement of cash flows
for the six months ended 30 June 2023
6 months to 6 months to
30 June 2023 30 June 2022
(unaudited) (unaudited)
£'000 £'000
Cash flows from operating activities
Loss for the period (2,251) (1,119)
Adjustments for:
Deferred tax credit (68) (112)
Net finance charge 155 214
Depreciation and amortisation 790 1,002
Loss on disposal of tangible assets 1 2
Unrealised foreign exchange loss/(gain) 477 (795)
Share-based payment expense 38 67
Bad debt provision - (49)
Income taxes received - 38
Gain on extinguishment of debt (127) -
Debt related expenses (149) -
(1,134) (752)
Decrease in trade and other receivables 654 185
Decrease in trade and other payables (242) (565)
412 (380)
Net cash outflows from operating activities (722) (1,132)
Cash flows from investing activities
Purchases of intangible assets (490) (406)
Purchases of property, plant and equipment (4) -
Net cash used in investing activities (494) (406)
Financing activities
Lease payments principal (114) (106)
Lease payments interest (11) (19)
Loans and borrowings receipts 4,000 -
Loans and borrowings repayments (3,208) (142)
Net cash from/(used in) financing activities 667 (267)
Net decrease in cash and cash equivalents (549) (1,805)
Cash and cash equivalent at beginning of the period 1,900 5,362
Cash and cash equivalent at end of the period 1,351 3,557
Notes to the interim financial information
1. General information
KRM22 Plc (the "Company") is a public limited company incorporated in England
and Wales on 2 March 2018 under registration number 11231735. The address of
its registered office is 5 Ireland Yard, London, EC4V 5EH. The Company
listed on the London Stock Exchange on 30 April 2018.
The principal activity the Company and together with its subsidiaries (the
"Group") is to develop and invest in leading risk tools to support regulatory,
market, technology and operational risks.
The Board of Directors approved this interim report on 25 September 2023.
2. Basis of preparation and consolidation
These interim consolidated financial statements have been prepared using
accounting policies based on International Financial Reporting Standards (IFRS
and IFRIC Interpretations) issued by the International Accounting Standards
Board ("IASB") in conformity with the requirements of the Companies Act
2006. They do not include all disclosures that would otherwise be required
in a complete set of financial statements and should be read in conjunction
with the 31 December 2022 Annual Report. The financial information for the
half years ended 30 June 2023 and 30 June 2022 does not constitute statutory
accounts within the meaning of Section 434 (3) of the Companies Act 2006 and
both periods are unaudited.
The annual financial statements of KRM22 Plc (the "Group") are prepared in
accordance with IFRS. The statutory Annual Report and Financial Statements
for 2022 have been filed with the Registrar of Companies. The Independent
Auditors' Report on the Annual Report and Financial Statements for the year
ended 31 December 2022 was unqualified and did not contain a statement under
498(2) or 498(3) of the Companies Act 2006.
The Group has applied the same accounting policies and methods of computation
in its interim consolidated financial statements as in its 31 December 2022
annual financial statements, except for those that relate to new standards and
interpretations effective for the first time for periods beginning on (or
after) 1 January 2023 and will be adopted in the 2023 financial statements.
There are deemed to be no new and amended standards and/or interpretations
that will apply for the first time in the next annual financial statements
that are expected to have a material impact on the Group.
3. Going concern
In carrying out the going concern assessment, the Directors have undertaken a
significant assessment of the cashflow forecasts for the next twelve months
including, but not limited to, existing customer churn at different churn
rates, no new contracted sales revenue, delayed sales and a combination of
these different scenarios.
Having assessed the sensitivity analysis on cashflows, the key risks to KRM22
remaining a going concern without implementing extensive cost reduction
measures is existing customers paying on payment terms and within 45 days of
invoice, customer churn of up to 10%, conversion of the sales opportunities
that are currently at contract negotiation stage and maintaining control of
the cost base.
If the forecasts are achieved, KRM22 will be able to operate within its
existing facilities. However, the time to close new customers and the value
of each customer, which are deemed individually as high value and low volume
in nature, is key. Reasonable downside scenarios have been considered and
management consider with appropriate actions being taken KRM22 has the ability
to meet the various financial covenants associated with the Convertible Loan
with Trading Technologies International, Inc ("TT").
Given KRM22's forecast, visible sales pipeline and working capital needs, the
Directors have considered it is appropriate to prepare the interim financial
statements on a going concern basis.
4. Revenue (and segmental reporting)
The Board of Directors, as the chief operating decision maker in accordance
with IFRS 8 Operating Segments, has determined that KRM22 have identified two
areas of risk management as operating segments, together with a third segment
where the two areas of risk management are not easily separable, however for
reporting purposes into a single global business unit and operates as a single
operating segment, as the nature of services delivered are common.
The Directors consider that the business has two areas of risk management:
Trading Risk and Corporate Risk. Within these segments, there are two revenue
streams with different characteristics, which are generated from the same
assets and cost base.
6 months to 6 months to
30 June 2023 30 June 2022
(unaudited) (unaudited)
£'000 £'000
Recurring 2,251 1,833
Non-recurring revenue 151 71
Total 2,402 1,904
KRM22's revenue from external customers by geography and risk domain is
detailed below:
6 months to 6 months to
30 June 2023 30 June 2022
(unaudited) (unaudited)
£'000 £'000
UK 897 782
Europe 398 350
USA 944 628
Rest of world 163 144
Total 2,402 1,904
6 months to 6 months to
30 June 2022 30 June 2022
(unaudited) (unaudited)
£'000 £'000
Trading Risk 1,209 875
Corporate Risk 1,113 959
Multiple Risk 80 70
Total 2,402 1,904
5. Loss per share
Basic earnings per share is calculated by dividing the loss attributable to
the equity holders of KRM22 by the weighted average number of shares in issue
during the period.
KRM22 has dilutive ordinary shares, this being warrants and options granted to
employees. As KRM22 has incurred a loss in both periods, the diluted loss
per share is the same as the basic earnings per share as the loss has an
anti-dilutive effect.
6 months to 6 months to
30 June 2023 30 June 2022
(unaudited) (unaudited)
£'000 £'000
Loss for the period attributable to equity shareholders of the parent (2,251) (1,119)
Basic weighted average number of shares in issue 35,666,336 35,666,336
Diluted weighted average number of shares in issue 46,958,070 46,647,659
Basic and diluted loss per share (pence) (0.06) (0.03)
6. Intangibles
The Group capitalised £0.5m of costs (H1 2022: £0.4m, FY 2022: £0.8m)
representing the development of KRM22's products during the period, resulting
in a net book value of £1.3m (H1 2022: £1.3m, FY 2022: £1.3m) after an
amortisation and impairment charge of £0.4m (H1 2022: £0.4m, FY 2022:
£0.7m).
7. Cautionary statement
This document contains certain forward-looking statements relating to KRM22
plc (the "Group"). The Group considers any statements that are not
historical facts as "forward-looking statements". They relate to events and
trends that are subject to risk and uncertainty that may cause actual results
and the financial performance of the Group to differ materially from those
contained in any forward-looking statement. These statements are made by the
Directors in good faith based on information available to them and such
statements should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying any such
forward-looking information.
Copies of this report and all other announcements made by KRM22 plc are
available on the Company's website at https://krm22.com/investors
(https://krm22.com/investors)
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