REG - Made Tech Group PLC - Half Year Results
23/02/2023 07:00
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RNS Number : 7742Q Made Tech Group PLC 23 February 2023
23 February 2023
MADE TECH GROUP PLC
("Made Tech" or "the Group")
Half Year Results for the six months ended 30 November 2022
Strong organic revenue growth and record Contracted Backlog
Made Tech Group plc, a leading provider of digital, data and technology
services to the UK public sector, is pleased to announce its unaudited half
year results for the six months ended 30 November 2022 (the "Period").
Financial highlights
H1 FY23 H1 FY22 Change FY22
Revenue £20.6m £11.7m +76% £29.3m
Gross Profit £6.8m £4.6m +48% £11.3m
Gross Profit Margin 32.9% 39.1% -6.2% 38.43%
Adjusted EBITDA(1) £0.5m £1.2m -58% £2.6m
Adjusted Profit before Tax(2) £0.3m £1.0m -70% £2.3m
Sales Bookings(3) £32.6m £26.5m +24% £51.1m
Contracted Backlog(4) £47.8m £31.3m +54% £38.2m
Cash £9.0m £11.1m -19% £12.3m
● Strong organic revenue growth of 76%
Adjusted EBITDA in line with management expectations
● Record Contracted Backlog, providing strong revenue visibility over the
remainder of the year and looking into FY24
● Strong cash management with average debtor days reduced to 37 (FY22: 58)
Operational highlights
● Employee retention rate increased to 85% (H1 FY22: 80%)
● Active clients increased to 23 (H1 FY22: 19) of which 10 are strategic (H1
FY22: five)
● Average contract size rose by 69% to £1.5m (H1 FY22: £0.9m), demonstrating
the Group's strengthened position within its marketplace
● Continued investment in own software product development in line with
expectations. Strong sales pipeline being built for new propositions with
first client secured (revenue expected to be recognised in FY24)
Outlook
● Positive trading in Q3 to date, in line with the Board's expectations
● Enter the remainder of the year in a strong position, as shown by new contract
bookings of £29m so far in Q3 over 5 years, including the three substantial
new contract wins announced earlier this month
● Utilisation levels have increased post period end and margins are expected to
materially improve in H2
● The Group remains on track to achieve FY23 results in line with market
expectations(5)
Rory MacDonald, CEO of Made Tech, said:
"Both our client base and the depth of our client relationships continue to
build. In the Period under review, we added nine new clients, including the
Met Office, Government Digital Service (GDS) and Crown Commercial Service
(CCS). We won a larger mandate with the Home Office and, post the Period end,
have secured larger mandates with existing clients, including the DVLA and the
Department of Levelling Up, Housing and Communities. Our strong sales
performance underlines our success in winning extensions to existing
contracts, additional projects with existing and new clients.
"We look ahead with confidence, based on excellent pipeline visibility, strong
alignment of cost base with work streams, and good progress on our strategy to
broaden and deepen our client relationships and accelerate product
development."
Online investor presentation
An online investor presentation with Q&A will be held at 12.30pm on
Friday, 24 February 2023. Anyone wishing to participate should register for
the event with PI World at: https://bit.ly/MTEC_H1_results_webinar
(https://bit.ly/MTEC_H1_results_webinar) .
Notes
All financials are based on unaudited figures.
1. Adjusted EBITDA means operating profit before depreciation, amortisation,
exceptional items and share based payment charge
2. Adjusted profit before tax means profit before tax before amortisation of
intangible assets, share based payment charge and exceptional items
3. Sales bookings represent the total value of sales contracts awarded in the
year, to be delivered in FY22-FY26
4. Contracted Backlog is the value of contracted revenue that has yet to be
recognised
5. Market expectations for FY23 as published on Bloomberg: Revenue £43m and
Adjusted EBITDA £3.9m
Enquiries:
Made Tech Group plc via Belvedere PR
Rory MacDonald, CEO
Deborah Lovegrove, CFO
Singer Capital Markets (Nominated Adviser & Broker) Tel: +44 20 7496 3000
Jennifer Boorer / Harry Gooden / Asha Chotai
Belvedere PR (Financial PR) Email: madetech@belvederepr.com (mailto:madetech@belvederepr.com)
Cat Valentine Tel: +44 7715 769078
Keeley Clarke Tel: +44 7967 816525
About Made Tech
Made Tech is a provider of digital, data and technology services to the UK
public sector. Founded in 2008 and now with a headcount of over 480 and
offices in four UK locations (London, Manchester, Bristol and Swansea), Made
Tech provides services that enable central government, healthcare and local
government organisations to digitally transform.
Made Tech's purpose is to "positively impact the future of society by
improving public sector technology". To achieve this the company has four key
strategic missions: Modernise legacy technology and working practices;
Accelerate digital service and technology delivery; Drive better decisions
through data and automation; and Enable technology and delivery skills to
build better systems.
https://investors.madetech.com/ (https://investors.madetech.com/)
CHIEF EXECUTIVE OFFICER'S REPORT
Made Tech delivered a strong performance in the Period, generating
year-on-year revenue growth of 76% to £20.6m. We entered the second half with
a record contracted backlog (£48m +53% y/y), which positions the Group
strongly for the remainder of the year and looking into FY24 and beyond.
This strong organic growth was achieved despite industry headwinds caused by
the well-reported Government and market turmoil that occurred during Q2. As
expected at the time of the Company's final results in September 2022, this
resulted in reduced gross margins in the first half, due to increased
contractor numbers, client delays to bid submissions and ongoing project work.
However, Made Tech has carefully managed this disruption through right-sizing
headcount, reducing contractor numbers to c.10%, and improving our cost
controls, such that we expect margins to materially improve in H2.
The Group's client base and depth of client relationships continue to
strengthen. As we have previously announced, post period end we have been
awarded three substantial new contracts, collectively worth £27m. Made Tech
now has 23 active clients, with ten of those being strategic client accounts,
contributing between £1m and £10m a year on an annualised run-rate basis.
Market Opportunity
The digital transformation market in the UK public sector is large and growing
rapidly. TechMarketView estimates that the UK public software sector will be
worth £17.6bn per annum by 2025, a £3.4bn increase from 2021. The Group is
confident that its growing reputation and presence in the UK marketplace,
combined with a track record for successful project delivery, will ensure that
Made Tech continues to grow its market share of this digital transformation
drive.
Strategic progress
Made Tech continues to deliver on its strategy to achieve sustained revenue,
profit and cash flow growth through the following initiatives:
1) Maintaining an exclusive focus on government services:
The Group continues to maintain an exclusive focus on government services as
this delivers a competitive advantage through a deep understanding of and
close alignment with our public sector clients' needs. The government is a
complex, highly regulated, and constantly changing market and by focusing
exclusively on government services, the Group has developed a deep
understanding of the sector and the specific needs of government
organisations.
This focus has enabled the Group to build strong relationships with clients.
By working closely with clients to understand their unique needs and to
develop solutions that meet those needs. This close collaboration has resulted
in long-term relationships with our clients, which have been a key driver of
our success.
Made Tech is proud to report that it has won new mandates with many of its
existing clients, including the Home Office, the Ministry of Justice, DVLA,
the Department for International Trade, Skills for Care, the Department of
Levelling Up, Housing and Communities (DLUHC) and London Borough of Hackney.
One of the key trends we have observed is the trend of long-term client
relationships. We have built strong relationships with our clients, which has
resulted in repeat business and ongoing projects. We now have ten clients with
annualised revenue of between £2.5m and £10m, and these relationships have
been a key driver of our growth.
2) Expanding UK regional coverage:
As part of our growth strategy, the Group continues to expand its regional
coverage across the UK. This enables us to serve our customers more
effectively, as we better understand and respond to their regional needs and
requirements.
We now have employees in Scotland, the North East, and the Midlands and have
increased our headcount from 224 to 484, demonstrating our commitment to
growth and expansion. We plan to continue expanding our presence in our key
regions by recruiting more talented individuals, building our relationships
with clients, local businesses and communities, and developing our brand.
As we expand our regional coverage, we are reviewing our existing office
footprint and future office requirements to ensure our approach is
cost-effective, fit-for-purpose and aligned with a hybrid working strategy. We
recognise that our employees have different needs and preferences regarding
working arrangements, and we are committed to providing a supportive and
inclusive working environment for all.
3) Growing our market share within the health, local government and central
government sectors:
The Group is pleased to report on our progress towards expanding its market
share within Central Government, Health and Local Government sectors.
In H1 FY23, 67% of our revenue is derived from Central Government (FY22: 67%),
20% from Local Government (FY22: 20%), and 13% from Healthcare (FY22: 13%). We
have seen material revenue growth in all industry verticals year on year.
In the Period under review, we have been pleased to win nine major new
customers, including the Met Office, Cabinet Office, and Crown Commercial
Services. This achievement is a testament to our team's hard work, dedication,
and expertise. These new clients bring in significant new multi-year revenue
streams for our organisation.
4) Extending our services and solutions:
In the Period under review, the Group has continued to expand its digital
transformation services for clients. The Group operates three broad service
lines: Transform, Deliver, and Run. This structure helps the Group to provide
end-to-end transformation offerings and win more significant mandates.
● The Transform service line advises clients on their digital
transformation journey, supporting them with changes to their operating model,
strategies for disaggregation of legacy contracts, and business case creation
for submission to the treasury. The work in this area is nearly always in very
early stages and delivered by a small team of specialist experts.
● The Deliver service line works with clients to deliver on their
digital transformation plans. Our Deliver group is the bulk of our workforce
and is split into individual practices around Cloud & Engineering,
Delivery Management, User Centred Design, Data & AI, and Cyber Security.
These practices work together to deliver outcomes for clients in
cross-functional teams.
● The Run service line supports clients in running their live systems
through a managed service offering, our industry-specific solution, and cyber
offerings.
In the Period, Made Tech expanded its User Centred Design and Data practices,
now making a material contribution to revenue. We have also been gradually
building our Managed Service offering, which enables Made Tech to securely run
live services for clients and contracts over longer durations. In addition, we
have expanded our Advisory team, with key hires from both central and local
government.
The Group has also continued to invest in developing industry-specific
products and has three products in development with an active pipeline of
potential clients, including one client already signed. These products are
expected to generate revenues from FY24 onwards.
In November, Tim Bardell joined Made Tech as Executive Director for
Capabilities. Tim's significant expertise and experience will help us expand
our business capabilities and provide further value to our clients.
Overall, the Group is pleased with the progress made during the year's first
half and confident that its strategic direction will enable the business to
win larger contracts and scale its impact with our public sector clients.
People
Our people are at the heart of our vision and our success is a testament to
their hard work and resourcefulness. Our ambition remains to be a great
workplace where people want to stay and develop their careers. Our team
continuously strives to provide a supportive work environment that encourages
employees to grow and excel in their roles. To measure our performance, we use
Employee Net Promoter Score (eNPS) to gauge our employees' level of
satisfaction with our company. This feedback helps us identify areas where we
need to improve and where we are doing well.
We continue to take measures to ensure that our employees' wellbeing remains a
priority, providing a comprehensive range of benefits to support their
financial security, including private health insurance, life insurance, income
protection, and a comprehensive health plan. This includes 24/7 counselling,
health assessments and alternative therapies to assist employees and their
families in maintaining good health and wellbeing.
Talent
We work hard to retain our best people and create a welcoming and inclusive
workplace. Our headcount has grown year on year by 86% to 484 (444 permanent
employees and 40 contractors). The number of contractors is significantly
lower than the previous year, with 10% (H1 FY22: 15%) of staff members now
contractors.
Unfortunately, we had to say goodbye to 18 of our colleagues as we right-sized
our staffing mix at the end of November. It was a difficult decision to make,
but it was necessary to ensure that we remained competitive in the market and
provide the best services to our clients.
Our Academy is our entry-level training programme for people joining the
business out of university, career changes and self-learners. We took 28
people through our Software Engineering and Design programmes. All have
graduated and joined the company permanently. Our team continues to review,
refine and fine-tune the programme to ensure it remains relevant and
effective. The next Academy will run in Q1 2024 and we expect strong
competition for places on this sought-after programme.
Summary and Outlook
We continue to deliver against our strategy and have made major progress in
key areas in the first half of the year.
With the targeted contractor to employee ratio achieved, headcount fully
aligned to deliver on the contracted backlog and a strong sales pipeline, the
Group is confident that utilisation rates and margins will be considerably
higher in H2 and these factors underpin the Board's confidence in delivering
market expectations for the full year.
We have also invested in our senior teams and proprietary product development
as well as building a record contracted backlog providing strong revenue
visibility, all of which positions the Group well as we look forward into 2024
and beyond.
Rory MacDonald
Chief Executive Officer
CHIEF FINANCIAL OFFICER'S REPORT
The unaudited half year results for the six months ended 30 November 2022
reflect the short-term impact of a number of strategic initiatives, primarily
right-sizing headcount, that position the business for future growth in the
medium and long-term. The timing of these initiatives, however, coincided with
a period of industry headwinds, caused by the well-reported Government and
market turmoil that occurred during Q2, which resulted in delays in
implementing projects and being awarded contracts, which had a short-term
effect on utilisation in the Period under review.
H1 2023 H1 2022 Change
%
Revenue £20.6m £11.7m +76%
Adjusted Profit/(loss) after tax £937k £1,034k -9%
Adjusted EBITDA £0.5m £1.2m -58%
(Loss)/Profit for the period (£1,712k) £121k
Basic Earnings per share £0.00 £0.00
Adjusted diluted earnings per share £0.01 £0.01
Diluted earnings per share £0.00 £0.00
Revenue
Revenue for the period was a record £20.6m (H1 22: £11.7m) an increase of
£8.9m (76%) compared to the same period and strong comparator in the prior
year.
Gross Margins
Gross Margins were in line with management expectations at 32.9% against 39.1%
in H1 FY22.
The Group continually assesses the appropriate mix of permanent headcount and
contractors within cost of sales with a view to optimising efficiencies in
servicing the needs of our clients. This was more challenging in H1 23 due to
the changes in the political landscape, which led to client delays in
implementing projects and awarding new contracts. In addition, average
Contractor usage during the period was 12%, slightly higher than our internal
target, due to the winding down of contractors and replacing them with
permanent employees. Contractor usage reduced from a high of 16% in June 2022
to under 10% by November 2022. As a direct result, utilisation levels in H1
23 were lower than usual levels at 68% (H1 22: 79%), adversely impacting our
cost of sales in the Period. To mitigate this, we introduced a series of
cost saving measures including a reduction in senior manager headcount,
reallocating and redeploying resources into growth areas of the business and
improving the efficiency of the Made Tech Academy.
The Group continues to focus on capacity, utilisation and the right mix of
contractors to drive sustainable, profitable growth. Our momentum, allied to
contracted new business and a healthy long-term pipeline, and focus on
capacity and utilisation is expected to lead to improvements in utilisation,
gross margins and Adjusted EBITDA from H2 23 onwards.
Adjusted EBITDA
Adjusted EBITDA was in line with management expectations at £0.5m (H1 22:
£1.2m), and the adjusted EBITDA margin was 2.4%, down from 10.11% in the
prior year.
Administrative expenses (including depreciation, share-based payment charge
and exceptional costs) increased by 100% to £8.5m (H1 22: £4.4m), as
anticipated by the Group in order to meet the new demand for services. The
growth in administrative expenses is in line with business and headcount
growth and reflects the continued investment in areas such as recruitment, HR,
sales and marketing, training, compliance and governance costs, share-based
payment charge and exceptional costs. Administrative costs excluding
depreciation, share-based payment charge and exceptional costs were up 94% to
£6.3m (H2 22: £3.4m).
Share-based payments
The total share-based payment charge for the Period under IFRS2 "Share-based
payments" was £1.5m (H1 22: £0.7m). This charge related to the awards made
to Long Term Incentive Plan (LTIP) and the Group Restricted Share Plan
("RSP").
The Company intends to cancel 1,229,507 LTIP awards granted to certain
Executive Directors, in the current financial year. This will increase the
share based payment charge for the full year.
Exceptional costs
Administrative costs include £0.5m of exceptional costs (H1 22: £0.2m)
associated with integration and restructuring actions taken in the first six
months of this financial year.
Dividends
On admission to AIM in September 2021, the Group's stated intention was to
invest to deliver capital growth for shareholders. The policy remains in
place. We believe the opportunities ahead of us are significant, and see the
government's increasing spend in digital as a long-term trend. As a result,
we have taken the decision to retain cash in the business and not pay an
interim dividend in FY23. The timing of implementing our stated dividend
policy will be considered again against the Group's full year progress and an
update provided at that time.
Cash Flow and Cash Conversion
The Group had a cash balance of £9.0m at 30 November 2022 (30 November 2021:
£11.1m) and the Group remains debt-free. One of the most significant outflows
during H1 23 was the ongoing investment in IP to generate new products (£1.3m
in H1 FY23, £0.5m in H1 FY22) and provide a new revenue stream. The Group has
a strong balance sheet enabling it to fund the Group's geographic expansion,
continued product development and additional working capital as the business
continues to grow.
Current trading and Outlook
Trading post-period end has continued to be strong with utilisation levels
increasing and trading in line with our expectations. The long term-market
opportunity remains very exciting and Made Tech remains extremely well placed
to take advantage of the increasing demand.
The Directors believe that the Group's continued delivery performance and
sales executions, and consequent increase in contracted backlog underpins
market expectations for FY23 and beyond.
Debbie Lovegrove
Chief Financial Officer
Consolidated statement of comprehensive income
6 months to 30 November 2022 6 months to 30 November 2021 12 months to 31 May 2022
£'000 £'000 £'000
Unaudited Unaudited Audited
Revenue 20,552 11,720 29,289
Cost of Sales (13,787) (7,137) (18,032)
Gross Profit 6,765 4,583 11,257
Administrative expense (6,256) (3,397) (8,608)
Share-based payments (1,549) (707) (2,376)
Depreciation (209) (132) (308)
Exceptional items (455) (206) (224)
Operating Profit/(loss) (1,704) 141 (259)
Finance Expense (8) (20) (29)
Profit/(loss) before tax (1,712) 121 (288)
Taxation 644 0 (20)
(Loss)/Profit after tax (1,068) 121 (308)
Consolidated statement of financial position
6 months to 30 November 2022 6 months to 30 November 2021 12 months to 31 May 2022
£'000 £'000 £'000
Unaudited Unaudited Audited
Assets
Non-current assets
Intangible assets 3,373 453 1,904
Property, plant and equipment 726 675 879
Total non-current assets 4,099 1,128 2,783
Current assets
Trade and other receivables 6,402 4,616 6,065
Cash and cash equivalents 8,952 11,147 12,333
15,354 15,763 18,398
Total assets 19,453 16,891 21,181
Current Liabilities .
Trade and other payables 3,958 3,102 6,054
Loans and borrowings 184 0 180
Total current liabilities 4,142 3,102 6,234
Non-current Liabilities
Loans and borrowings 47 243 140
Deferred tax liability 20 0 20
Total non-current liabilities 67 243 160
Total Liabilities 4,209 3,345 6,394
Net assets 15,244 13,546 14,787
EQUITY
Share capital 75 1 74
Share premium 13,433 13,506 13,421
Share-based payment reserve 3,900 707 2,376
Deferred share reserve 0 0 12
Retained earnings/(deficit) (2,164) (668) (1,096)
Total equity 15,244 13,546 14,787
Consolidated statement of changes in equity
Share Capital Share Premium Share-based payment reserve Deferred Share reserve Retained Earnings Total
£'000 £'000
£'000 £'000 £'000
£'000
Deficit as at 01 June 2021 1 0 0 0 (788) (787)
Profit for the period 0 0 0 0 121 121
Shares issues 0 13,506 0 0 0 13,506
Share-based payments charge 0 0 707 0 0 707
Total Transactions with equity owner 0 13,506 707 0 121 14,249
Balance at 30 November 2021 1 13,506 707 0 (668) 13,546
Loss for the period 0 0 0 0 (428) (428)
Shares issues 73 (85) 0 12 - 0
Share-based payments charge 0 0 1,669 0 0 1,669
Total Transactions with equity owners 73 0 1,669 12 - 1,754
Balance at 31 May 2022 74 13,421 2,376 12 (1,096) 14,787
Loss for the period 0 0 0 0 (1,068) (1,068)
Cancellation of Deferred Shares 0 12 0 (12) 0 0
Shares issues 1 0 0 0 0 1
Share-based payments charge 0 0 1,524 0 0 0
Total Transactions with equity owners 1 12 1,524 (12) 0 1,525
Balance at 30 November 2022 75 13,433 3,900 0 (2,164) 15,244
Consolidated statement of cash flow
6 months to 30 November 2022 6 months to 30 November 2021 12 months to 31 May 2022
£'000 £'000 £'000
Unaudited Unaudited Audited
Cash flows from operating activities:
(Loss)/Profit before tax (1,712) 121 (308)
Tax expense/(income) 0 0 20
Share-based payment expense 1,549 707 2,376
Finance expense 8 20 29
Loss on disposal of property, plant and equipment 0 0 0
Depreciation of property, plant and equipment 209 132 308
Decrease/(increase) in trade and other receivables 527 (2,072) (3,521)
(Increase)/Decrease in trade and other payables (2,330) (338) 2,771
Cash (used)/generated by operations (1,749) (1,430) 1,675
Income taxes (paid)/received 0 0 0
Net cash flows from operating activities (1,749) (1,430) 1,675
Investing activities
Purchase of property, plant and equipment (62) (52) (432)
Addition of intangible assets (1,469) (453) (1,904)
Net cash used by investing activities (1,531) (505) (2,336)
Financing activities
Share issue 0 13,506 13,506
Interest paid (4) 0 (12)
Dividend paid 0 0 0
(Repayment) / drawdown of loans and borrowings 0 (1,250) (1,250)
Repayment of directors loan 0 0 0
Repayment of lease liability (93) (86) (155)
Interest paid on lease liability (4) (9) (17)
Net cash (used)/generated by financing (101) 12,161 12,072
Net decrease)/increase in cash and cash equivalents (3,381) 10,226 11,412
Cash and cash equivalents at beginning of year 12,333 921 921
Cash and cash equivalents at end of year 8,952 11,147 12,333
Notes
1. General information
Made Tech Group Plc is a company incorporated on 13 September 2019 and
domiciled in England and Wales, registration number 12204805. The Company's
registered office is 4 O'Meara Street, Southwark, London, SE1 1TE. The
Company's shares are traded on AIM, a market operated by the London Stock
Exchange.
The interim financial information is unaudited.
2. Basis of preparation
The financial information has been prepared in compliance with International
Financial Reporting Standards (IFRSs) and IFRS Interpretations Committee
(IFRIC) interpretations as adopted by the UK.
The presentation currency of the financial information is Pounds Sterling,
rounded to the nearest thousand (£'000) unless otherwise indicated. Made
Tech Limited and Made Tech Group Plc's functional currency is also Pounds
Sterling as this is the currency of the primary economic environment in which
the entity operates.
3. Basis of consolidation
The consolidated financial information comprises Made Tech Group Plc and its
subsidiary Made Tech Limited. Subsidiaries are consolidated from the date of
acquisition being the date on which the Group obtains control.
4. Accounting policies
The accounting policies used in the preparation of the interim consolidated
financial information for the six months ended 30 November 2022 are in
accordance with the recognition and measurement criteria of IFRS and are
consistent with those which were adopted in the annual financial statements
for the year ended 31 May 2022.
5. Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to
ordinary shareholders of the parent company by the weighted average number of
ordinary shares in issue during the period.
To arrive at the adjusted diluted share number, the Directors have calculated
an adjusted share number by taking the weighted average basic shares and
included the maximum shares to be ussie in respect of contingent consideration
to be paid based on performance measures met in the period, together with the
maximum share options outstanding.
H1 FY23 H1 FY22 FY22
Weighted average basic shares for the purposes of basic earnings per share 149,287 135,729 135,729
Effect of dilutive potential ordinary shares from share options in issue 5,481 2,208 3,962
Weighted average number of diluted shares for the purpose of diluted earnings 154,768 137,937 139,691
per share
Adjusted basic earnings per share £0.00 £0.00 £0.00
Adjusted diluted earnings per share £0.01 £0.01 £0.01
6. Reconciliation to adjusted EBITDA
H1 FY23 H1 FY22 FY22
£'000 £'000 (£'000)
Operating (Loss)/Profit (1,704) 141 (259)
Add back Depreciation 209 132 308
Add back Share-based payment charge 1,549 707 2,376
Add back IPO costs 0 180 180
Add back Exceptional items 455 26 44
Adjusted EBITDA 509 1,186 2,649
7. Reconciliation to adjusted profit/(loss) before tax
H1 FY23 H1 FY22 FY22
£'000 £'000 (£'000)
(Loss)/profit before tax (1,712) 121 (288)
Add back share-based payment charge 1,549 707 2,376
Add back IPO costs 0 180 180
Add back Exceptional items 455 26 44
Adjusted profit/(loss) before tax 292 1,034 2,312
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