REG - Dods Group PLC - Half-year Report

MeritAnnouncement

14/11/2018 07:05

RNS Number : 3003H
Dods Group PLC
14 November 2018
 


14 November 2018
Dods Group plc
 ("Dods" or "the Group")
 
Unaudited Interim Results
 
Dods, a market leading business intelligence, data, events, media and training company, announces its unaudited interim results for the six months ended 30 September 2018. The Group continues to reposition the business as a leading provider of Augmented Intelligence with a strengthened Board and Senior Management Team.
Financial Highlights
 




 


 


FY 2019 H1


FY 2018 H1




 


 


30 Sept 18


30 Sept 17




 


 


 


 




Total revenue (£)


 


10.7m


10.0m




Gross margin (%)


 


42%


43%




Adjusted EBITDA (£) 1,2


 


1.5m


1.7m




Adjusted EBIT (£) 3


 


0.9m


1.1m




Adjusted basic EPS before tax (pence)


 


0.30p


0.38p




 


 


 


 




Cash at bank (£) 4,5


 


8.3m


9.5m




Total assets (£)


 


39.5m


37.9m




Debtor days
 


 


31


31




 


 


 


 




 
1. Adjusted EBITDA is calculated as earnings before interest, tax, depreciation, amortisation of intangible assets, share based payments and non-recurring items.
2. Marketing and Board costs have increased by £200k on a like-for-like basis.
3. Adjusted EBIT is calculated as operating profit plus non-recurring costs.
4. After major cash outflow relating to investments of £2.4m in the 12 months from 01 Oct 2017.
5. Includes restricted cash of £1.3 million (H1 FY2018: £1.3 million) supporting the lease agreement for the London premises of the Group.
Statutory results - continuing operations




 


FY 2019 H1


FY 2018 H1




 


30 Sept 18


30 Sept 17




Total revenue (£)


10.7m


10.0m




Profit before tax (£)


0.4m


0.9m




Adjusted basic EPS (Pence)


0.30p


0.38p




Basic EPS (Pence)


0.11p


0.27p




 
Operational Highlights
 
·      Secured a number of new contracts with KPMG, EY, Teva, Roche and HSE (Health and Safety Executive)
·      Extended contract with NHS England to provide the NHS Health & Care Innovation Expo in 2019
·      The Group is nearing completion of a programme of restructuring designed to support planned growth
·      Restructuring reflected in necessary increases in investment relating to board changes and non-recurring expenses, plus increased marketing costs to increase sales effectiveness
·      Dods' go-to-market strategy is now enabled by marketing automation, bringing targeted customer acquisition, on-boarding and retention with a renewed focus on priority sectors
·      An ambitious plan has been developed for the Group, which is aimed at driving further organic improvements, as well as growth through targeted acquisitions which meet the Group's key criteria.
Board Changes in H1 2019
 
·      New Chief Executive Officer Simon Presswell joined the Board on 9 July 2018
·      Cheryl Jones Non-Executive Chairman stepped down from the Board on 1 August 2018
·      David Hammond was appointed Non-Executive Chairman following the Company's Annual General Meeting on 2 August 2018
·      Richard Boon was appointed as a Non-Executive Director on 14 August 2018
 
Simon Presswell, Chief Executive of Dods Group plc, commented:
 
"Since joining the business in July, I have been able to explore our current operations, meet a large number of our customers and see how our staff deliver the excellent service that Dods is known for. With such tremendous heritage across our business and a portfolio of existing and new brands, Dods is well positioned to continue to grow our product offering both organically and through acquisitions."
 
 
For further information, please contact: 
 
Dods Group Plc
Simon Presswell- CEO                                                        020 7593 5500
Nitil Patel- CFO
 
Cenkos
Nicholas Wells                                                                    020 7397 8900  
Mark Connelly
Callum Davidson
 
 
 
 
 
 
 
Business and Operational Review
 
With a recently strengthened Board and senior management team in place, Dods is now nearing completion of a significant business transformation. Leveraging the Group's experience in the political and policy markets has helped to develop an ambitious growth plan, which is aimed at further embedding our products and services into our customers' workflows, as well as providing the opportunity for the business to serve new industries.
Through the period, the operational priorities were:
·      finalise the restructuring of the business;
·      support the planned growth in revenue in the events and engagement portfolio;
·      maintain focus on improving the retention of recurring revenues;
·      continue to invest in data management, marketing automation and the Group's sales effectiveness;
·      develop and invest in digital products to continue to drive recurring revenue; and
·      enhance the talent within the Group by investing in the appointment of new key personnel.


During the period the Group secured a number of notable contracts with KPMG, EY, Teva, Roche and HSE and extended a contract with NHS England to provide the NHS Health & Care Innovation Expo in September 2019. Our Training division continued to win international contracts and deliver various programmes across the globe including 10 different Caribbean governments, the European Central Bank and over 220 training workshops to the UK Government.
Holyrood launched the inaugural Holyrood Garden Party and Political awards in June of this year and the Editor won the UK columnist of the year award at the PPA magazine awards in London. PoliticsHome has continued to enjoy strong growth in readership, with page views up 18% on the same period to 5.2m (H1 FY2018 4.4m) and unique visitors up 14% to 3.2m (H1 FY2018 2.8m).
The Group continues to pursue potential acquisitions and has defined a set of acquisition criteria from which the key attributes required can quickly be identified. In so doing, we believe the Group is able to move at speed to identify further opportunities to create additional shareholder value by both bringing scale to existing products and services, whilst entering new end markets and addressing new customers.
We are increasingly focussed on enriching the points of contact within our customer base, expanding beyond public affairs and into the Chief Risk, Innovation and Marketing Officers' agenda as we seek to help customers manage risk and find competitive advantage in the markets within which they operate.
We do this by providing scalable solutions that enable actionable insights for business-critical decisions, not just in political and policy areas, but increasingly in the fields of business risk and in pursuit of competitive advantage across new and existing regulated markets. As the complexity of the world's commercial and political markets increases, this creates pressure to perform and customers are seeking more time critical and relevant solutions. Dods offers this by combining the products and services in our portfolio into bespoke, yet scalable, evolved end- to-end solutions.
Outlook
The Board is confident in the long-term prospects of the Group. The quality and loyalty of the existing customer base provide the opportunity for strong scalable organic growth as we now move to execute our ambitious growth plans.
Simon Presswell
Chief Executive Officer
 
 
 
 
Financial Review
Income Statement 
 
The Group's revenue from continuing operations increased by 7% to £10.7 million (H1 FY2018: £10.0 million) and gross profit increased by 4.7% to £4.5 million (H1 FY2018: £4.3 million). 
 
Gross margin decreased from 43% to 42% in the period. The decrease in gross margin was due to increased cost on delivery of events and change in the product mix sold in the period. Administration costs increased by 11% to £3.0 million (H1 FY2018: £2.7 million) reflecting the increase in business rates of £100k, increased marketing spend of £150k and £50k due to Board changes mentioned earlier.
 
Adjusted EBITDA decreased by 12% to £1.5 million (H1 FY2018: £1.7 million). Operating profit was £0.4 million (H1 FY2018: £1.0 million), after an amortisation charge of £0.2 million (H1 FY2018: £0.2 million) for business combinations and a charge of £0.3 million (H1 FY2018: £0.2 million) for intangible assets. The depreciation charge in the period remained flat at £0.2 million (H1 FY2018: £0.2 million).
 
During the period, the Group incurred £0.5 million of non-recurring costs (H1 FY2018: £0.1 million). The largest expense of £0.3 million (H1 FY2018: £nil) related to costs incurred for departing executives.  In addition, the Group incurred talent costs of £0.1 million (H1 FY2018: £nil) reflecting Board changes in the period and addition of new talent in content and sales delivery.
The taxation charge for the period was £nil (H1 FY2018: £nil) and is based on the use of accumulated tax losses.
Adjusted earnings per share, both basic and diluted, from continuing operations in the period were 0.30 pence (H1 FY2018: 0.38 pence) and were based on the adjusted profit for the period of £1.1 million (H1 FY2018: £1.3 million) with a weighted average number of shares in issue during the period of 341,524,286 (H1 FY2018: 340,840,953). 
 
Earnings per share, both basic and diluted, from continuing operations in the period were 0.11 pence (H1 FY2018: 0.27 pence) and were based on the net profit for the period of £0.4 million (H1 FY2018: £0.9 million).
 
The main impact on the basic earnings per share has been the increased costs of marketing, board changes and non-recurring expenses on a like-for-like basis. The increase in these costs was £0.53 million compared to the prior period.
 
Dividend 
The Board is not proposing a dividend at this time (H1 FY2018: £nil).
 
Statement of Financial Position
 
Assets
Non-current assets consisted of goodwill of £13.3 million (H1 FY2018: £13.3 million), intangible assets of £8.0 million (H1 FY2018: £8.5 million) and tangible fixed assets of £2.2 million (H1 FY2018: £2.3 million). The Group, since February 2017, has held a 40% stake in the issued share capital of Sans Frontières Associates (SFA) and has loaned SFA £0.7 million (H1 FY2018: £0.7 million) at the period end. The loan is unsecured and carries no interest charge. Additionally, the Group has held a 30% stake in Social 360 since November 2017 for £1.7 million (H1 FY2018: £nil).
 
Trade and other receivables increased by £1.6 million to £5.2 million (H1 FY2018: £3.6 million), largely because of increases in prepayments and other receivables. The increase in prepayments comprise of event venue deposits and prepaid related direct costs of £0.7 million, rent and rates of £0.24 million and £0.2 million for out sourced services being delivered in the second half of the year. The Group had a cash balance of £8.3 million (H1 FY2018: £9.5 million) and had no borrowings at the year end.
Current liabilities increased by £0.8 million to £9.7 million (H1 FY2018: £8.9 million) due to increases in trade payables, accruals and deferred income in the year. There was no change in the deferred tax liability of £0.8 million (H1 FY2018: £0.8 million).
Total assets of the Group were £39.4 million (H1 FY2018: £37.9 million) with the main movements being the investments in associates and prepayments. Total equity increased by £0.7 million to £28.9 million (H1 FY2018: £28.2 million), mainly reflecting the increase in retained profit for the year.
Liquidity and capital resources

Net interest and finance income during the period amounted to £4,000 (H1 FY2018: expense of £22,000).
The Group had a cash balance of £8.3 million (H1 FY2018: £9.5 million). The cash movement reflects a net working capital increase mainly due to prepayments of £1.0 million (H1 FY2018: £0.4 million).
 
Nitil Patel 
Chief Financial Officer  
 
 
 
 
 
 




DODS GROUP PLC


 


 


 


 




CONSOLIDATED INCOME STATEMENT
for the six months ended 30 September 2018


 


 


 


 




 




 


 


Unaudited Six months ended


Unaudited Six months ended


Audited Year
ended


 




 


 


30 Sept 18


30 Sept 17


31 Mar 18
 


 




 


Note


£'000


£'000


£'000




 


 


 


 


 




Revenue


2


10,702


10,002


20,586




Cost of sales


 


(6,241)


(5,658)


(12,239)




Gross Profit


 


4,461


4,344


8,347




Administrative expenses


 


(2,958)


(2,658)


(5,286)
58)




Other Income


 


-


-


444




Adjusted EBITDA


 


1,503


1,686


3,505




Depreciation


 


(185)


(178)


(357)




Amortisation of intangible assets acquired via combinations


 


(198)


(204)


(408)




Amortisation of intangible assets


 


(267)


(217)


(466)




Non-recurring items


3


(461)


(128)


(975)




Operating profit


 


392
44


959


1,299




Net finance costs


 


4


(22)


21




Share of loss of associate


 


(18)


-


(9)




Profit before tax


 


378


937


1,311




Tax


 


-


-


(182)




Profit for the period


 


378


937


1,129




 


 


 


 


 




Earnings per share


 


 


 


 




Basic


4


0.11p


0.27p


0.33p




Diluted


4


0.11p


0.27p


0.33p




 
 
               




DODS GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September 2018
 


 


 




 


 


Unaudited
Six months ended


 Unaudited
Six months ended


Audited
Year ended




 


 


30 Sept 18


30 Sept 17


31 Mar 18




 


 


£'000


£'000


£'000




Profit for the period


378


937


1,129




 


 


 


 


 




Items that will be subsequently re-classified to profit and loss


 


 


 




Exchange differences on translation of foreign operations


-


-


95




Other comprehensive loss for the period


-


-


95




 


 


 




Attributable to equity holders of parent company


378


937


1,224



 
 
 
 
 
 



 
 
 




DODS GROUP PLC


 


 


 


 


 


 




CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2018


 


 




 


 


 


 


 


 


 


 




 


 


 


Unaudited
As at


 


Unaudited
As at


 


Audited
As at




 


 


 


 30 Sept 18


 


30 Sept 17


 


31 Mar 18




 


 


 


£'000


 


£'000


 


£'000




 


 


 


 


 


 


 


 




 


Goodwill


 


13,282


13,282


 


13,282




 


Intangible assets


5


8,035


8,457


 


8,308




 


Investments


 


1,666


-


 


1,684




 


Property, plant and equipment                                     


6


2,209


2,254


 


2,327




 


Long term loan


 


700


700


 


700




 


Total non-current assets


25,892


24,693


 


26,301




 


 


 


 


 


 


 


 




 


Inventories


34


 


50


 


12




 


Trade and other receivables


5,169


 


3,612


 


3,469




 


Cash and cash equivalents


7


7,062


 


8,232


 


7,491




 


Restricted cash


7


1,266


 


1,266


 


1,266




 


Total current assets


13,531


 


13,160


 


12,238




 


Total assets


 


39,424


 


37,853


 


        38,539




 


 


 


 


 


 


 




 


Capital and reserves


 


 


 


 


 




 


Issued capital


17,096


 


17,088


 


17,096




 


Share premium


8,142


 


8,105


 


8,142




 


Merger reserves


409


 


409


 


409




 


Retained profit


3,291


 


2,721


 


2,913




 


Share option reserve


44


 


36


 


44




 


Translation reserve


(59)


 


(154)


 


(59)




 


 


 


 


 


 


 




 


Total equity


28,923


 


28,205


 


28,545




 


 


 


 


 


 


 




 


Trade and other payables


9,738


 


8,885


 


9,231




 


Total current liabilities


9,738


 


8,885


 


9,231




 


 
 
Deferred tax liability


         


763


 


                        763


 


             763




 


Total non-current liabilities


763


 


763


 


             763




 


Total equity and liabilities


39,424


 


37,853


 


38,539




 


 


 


 


 


 


 


 




 


 


 


 


 


 


 




 
 
 




DODS GROUP PLC


 


 


 


 


 


 


 




CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2018


 


 


 


 


 




 


 


 


 


 


 


 


 


 




 


 


Share


Share


Merger


Retained


Translation


Share option


Total
shareholders'




 


 


capital


premium


reserve


earnings


reserve


reserve


funds




 


 


£'000


£'000


£'000


£'000


£'000


£'000


£'000




 


 


 


 


 


 


 


 


 




 


At 1 April 2017


17,088


8,105


409


1,784


(154)


36


27,268




 


Total comprehensive loss


 


 


 


 


 


 


 




 


      Profit for the year


-


-


-


1,129


-


-


1,129




 


Other comprehensive loss


 


 


 


 


 


 


 




 


      Currency translation differences


-


-


-


-


95


-


95




 


      Share based payment


 


 


 


 


 


8


8




 


      Issue of ordinary shares


8


37


-


-


-


-


45




 


At 1 April 2018


17,096


8,142


409


2,913


(59)


44


28,545




 


Total comprehensive profit


 


 


 


 


 


 


 




 


      Profit for the period


-


-


-


378


-


-


378




 


At 30 September 2018


17,096


8,142


409


3,291


(59)


44


28,923



 
 
 
 
 
 
 
 
 
 



 
 

 




DODS GROUP PLC


 


 


 


 


 


 


 




CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 September 2018




 


 


 


 


 


 


 


 


 




 


 


 


 


Unaudited
Six months ended


 


 Unaudited
Six months ended


 


Audited
Year ended




 


 


 


 


30 Sept 18


 


30 Sept 17


 


31 Mar 18




 


 


 


 


£'000


 


£'000


 


£'000




 


Cash flows from operating activities


 


 


 


 


 


 


 




 


Profit for the period


 


 


378


 


937


 


1,129




 


Depreciation of property, plant and equipment


 


185


 


178


 


357




 


Amortisation of intangible assets acquired through business combinations


198


 


204


 


408




 


Amortisation of other intangible assets


267


 


217


 


466




 


Share based payments credit


 


 


-


 


-


 


8




 


Other gains


 


 


1


 


22


 


21




 


Non-recurring acquisition research costs and professional fees


 


 


-


 


-


 


557




 


Income tax credit


 


 


-


 


-


 


182




 


Operating cash flows before movements in working capital


1,029


 


1,558


 


3,128




 


Change in inventories


 


 


(22)


 


(15)


 


23




 


Change in receivables


 


 


(1,497)


 


(807)


 


(664)




 


Change in payables


 


 


506


 


412


 


671




 


Net cash generated by operations


 


 


16


 


1,148


 


3,158




 


 


 


 


 


 


 


 


 




 


Income tax paid


 


 


-


 


-


 


(43)




 


 


 


 


 


 


 


 


 




 


Net cash from operating activities


 


16


 


1,148


 


3,115




 


 


 


 


 


 


 


 


 




 


Cash flows from investing activities


 


 


 


 


 


 


 




 


Interest and similar income received


 


 


-


 


-


 


2




 


Non-recurring acquisition research costs and professional fees


 


 


(185)


 


-


 


(557)




 


Investment in associate


 


 


-


 


-


 


(1,650)




 


Addition to property, plant and equipment


 


(68)


 


(9)


 


(261)




 


Additions to Intangible assets


 


 


(191)


 


(174)


 


(471)




 


Long term loan


 


 


-


 


(500)


 


(500)




 


 


 


 


 


 


 


 


 




 


Net cash used in investing activities


 


 


(444)


 


(683)


 


(3,437)




 


 


 


 


 


 


 


 


 




 


Cash flows from financing activities
Proceeds from issue of share capital


 


 


-


 


-


 


45




 


 


 


 


 


 


 


 


 




 


Net cash from financing activities


 


 


-


 


-


 


45




 


 


 


 


 


 


 


 


 




 


Net increase/(decrease) in cash and cash equivalents


(428)


 


465


 


(277)




 


Opening cash and cash equivalents


 


 


8,757


 


9,033


 


9,033




 


Effect of exchange rate fluctuations on cash held


 


(1)


 


-


 


1




 


Closing cash at bank


 


 


8,328


 


9,498


 


8,757




 


 


 


 


 


 


 


 


 




 


Cash and cash equivalents


 


 


7,062


 


8,232


 


7,491




 


Restricted cash held in deposit account


 


 


1,266


 


1,266


 


1,266




 


Closing cash at bank


 


 


8,238


 


9,498


 


8,757




DODS GROUP PLC                                                                                                                                                             
Notes to the condensed consolidated interim financial statements 30 September 2018
                                                                                                                                                                                               
                                                                                                                                                                                               
1     Statement of Accounting Policies                                                                                                                             
                                                                                                                                                                                               
       Basis of preparation
 
This condensed set of financial statements has been prepared in accordance with IAS 34: Interim Financial Reporting as adopted by the EU. The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.  As required by AIM Rules, the condensed set of financial statements has been prepared, and applying accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year-ended 31 March 2018.
 
The comparative figures for the year ended 31 March 2018 have been extracted from the Group's statutory accounts for that financial period.  Those accounts have been reported on by the company's auditor and delivered to the registrar of companies.  The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
 
The taxation charge for the six months ended 30 September 2018 is based on the assumed use of accumulated tax losses.
 
The condensed set of interim financial statements have been prepared on a going concern basis and were approved by the Board on 13 November 2018.                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                               
2     Segmental information                                                                                                                                              
                                                                                                                                                                                               
The Group considers that it has one operating business segment.  It monitors revenue by product and activity to determine the overall performance of the segment.                                                                                                    
 
Principal activities are as follows:                                                                                                                                                                                                                                                                                                    
The Group's principal activity is the curation and aggregation of high quality information and data, and the provision of services through a combination of online information and digital services, training courses, conferences and events publications, and other media. The Group operates primarily in the UK, Belgium and France and has market-leading positions in much of its portfolio. These products and services can be paired and bundled to provide comprehensive solutions.               
 
No client accounted for more than 10% of total revenue. The following table provides an analysis of the Group's performance by geographical market.




 


 


Unaudited
Six months ended


 


Unaudited
Six months ended


 


Audited
Year      ended




 


 


30 Sept 18


 


30 Sept 17


 


31 Mar 18




 


 


£'000


 


£'000


 


£'000




Revenue


 


 


 


 


 


 




United Kingdom


8,753


 


8,002


 


16,469




Continental Europe and rest of the world


1,949


 


2,000


 


4,117




 


 


10,702


 


10,002


 


20,586




 
 
3       Non-recurring items
        




 


 


Unaudited
Six months ended
30 Sept 2018


Unaudited
Six months ended
30 Sept 2017


Audited
Year ended
31 Mar 2018




 


 


£'000


£'000


£'000




 


 


 


 


 




Non-Recurring acquisition research costs and professional fees


 


-


90


557




Talent Costs


 


83


-


110




Other


 


 


 


 




    Redundancy and people related expense


 


232


38


275




    Legacy IT related costs


 


-


-


-




    Office relocation


 


-


-


-




    Other


 


146


-


33




 


 


461


128


975




 
                                                                                                                                                           
4      Earnings per share
 
Basic earnings per share is calculated by dividing the profit attributable to shareholders by the weighted average number of Ordinary shares in issue during the period.
 
An adjusted earnings per share is calculated by dividing the adjusted profit attributable to shareholders (detailed below) by the weighted average number of Ordinary shares in issue during the period.                       
 
Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares, assuming conversion of all dilutive share options to Ordinary shares
 
 




 


 


Unaudited
Six months ended
30 Sept 2018


Unaudited
Six months ended
30-Sep-2017


Audited
Year ended
31 Mar 2018




 


 


£'000


£'000


£'000




 


 


 


 


 




Profit attributable to shareholders


 


378


937


1,129




Add: non-trading items net of tax


 


461


128


975




Add: amortisation of intangible assets acquired through business combinations


 


198


204


408




(Deduct)/Add: net finance (income)/charge


 


(4)


22


23




Add: share based payment charge


 


-


-


8




Adjusted profit on continuing operations


 


1,033


1,291


2,543




 
 


 


 


 


 




 


 


Unaudited
Six months ended
30 Sept 2018


Unaudited
Six months ended
30-Sep- 2017


Audited
Year ended
31 Mar 2018




 


 


Ordinary shares


Ordinary shares


Ordinary shares




Weighted average number of shares


 


 


 


 




In issue during the period - basic


 


341,524,286


340,840,953


341,524,286




Share options


 


250,000


1,250,000


250,000




Weighted average number of shares for diluted earnings per share


 


341,774,286


342,090,953


341,774,286




 
 
 
 


 


 


 


 




Earnings per share - ordinary shares


 


0.11p


0.27p


0.33p




Adjusted earnings per ordinary share (as defined above)


 


0.30p


0.38p


0.74p




 


 


 


 


 




Earnings per share on continuing operations


 


 


 


 




Profit per ordinary share - basic


 


0.11p


0.27p


0.33p




Profit per ordinary share - diluted


 


0.11p


0.27p


0.33p




 
 
5      Intangible assets




 


Assets acquired through business combinations


Software


Total




 


£'000
 


£'000
 


£'000
 




Cost


 


 


 




At 1 April 2017


24,215


2,436


26,651




Additions -internally generated


-


471


471




At 1 April 2018


24,215


2,907


27,122




Additions -internally generated


1


191


191




At 30 September 2018


24,216


3,098


27,313




 


 


 


 




Amortisation


 


 


 




At 1 April 2017


16,951


989


17,940




Charged in year


408


466


874




At 1 April 2018


17,359


1,455


18,814




Charged in period


198


267


465




At 30 September 2018


17,557


1,722


19,279




 


 


 


 




Net Book Value


 


 


 




At 1 April 2017


7,264


1,447


8,711




 


 


 


 




At 1 April 2018


6,856


1,452


8,308




 


 


 


 




At 30 September 2018


6,659


1,376


8,035




 
6      Property, plant and equipment
 




 


Leasehold improvements


Equipment and fixtures and fittings


Total




 


£'000
 


£'000
 


£'000
 




Cost


 


 


 




At 1 April 2017


1,728


1,090


2,818




Additions


216


45


261




Disposals


-


(63)


(63)




At 1 April 2018


1,944


1,072


3,016




Additions


54


14


68




At 30 September 2018


1,998


1,086


3,084




 


 


 


 




Depreciation


 


 


 




At 1 April 2017


106


289


395




Reclassified from intangible assets


 


 


 




Charged in year


173


184


357




Disposals


-


(62)


(62)




At 1 April 2018


279


411


690




Charged in period


98


87


185




At 30 September 2018


377


498


875




 


 


 


 




Net Book Value


 


 


 




At 1 April 2017


1,622


801


2,423




 


 


 


 




At 1 April 2018


1,665


662


2,327




 


 


 


 




At 30 September 2018


1,621


588


2,209




 
 
7     Cash and Cash Equivalents
 




 


 


Unaudited
Six months ended
30 Sept 2018


Unaudited
Six months ended
30 Sep 2017


Audited
Year ended
31 Mar 2018




 


 


£'000


£'000


£'000




 


 


 


 


 




Cash and cash equivalents


 


7,062


8,232


7,491




Restricted cash held in deposit account


 


1,266


1,266


1,266




 


 


8,328


9,498


8,757




 
Included in the cash balance is a cash deposit of £1.27m (2018: £1.27m) in relation to a lease for the London premises of the Group. Once the Group obtain certain adjusted EBIDTA performance then the deposit held by the Landlord becomes unrestricted.




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END
 
 
IR BIBFTMBABMJP