REG - Merit Group PLC - Interim Results
08/11/2023 07:00
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RNS Number : 6917S Merit Group PLC 08 November 2023
8 November 2023
Merit Group plc
("Merit", the "Company" or "the Group")
UNAUDITED INTERIM RESULTS TO 30 SEPTEMBER 2023
Merit Group plc (AIM: MRIT), the data and intelligence business, announces its
unaudited interim results for the half year ended 30 September 2023.
Financial Highlights
§ Accelerating revenue growth; Revenue from Continuing Operations of £9.9m
up 9.3% (H1 FY23: £9.1m) (1)
§ Adjusted EBITDA increased by 67% to £1.8m (H1 FY23: Adj EBITDA £1.1m)
§ Adjusted EBITDA margin increased by six percentage points from 12.1% to
18.5%
§ Net cash generated from continuing operating activities of £0.7m (H1 FY23:
£0.4m)
§ Return to profit before tax of £0.5m (H1 FY23: loss of £0.3m),
representing 1.47 pence per share.
§ Net Debt (2) of £2.5m as at 30 September 2023, (31 March 2023: £2.6m)
with total available debt facilities of £4.0m.
Continuing Operations(1)
H1 FY24 H1 FY23
30 Sep 23 30 Sep 22 (1) Change (6)
Revenue £9.9m £9.1m 9.3%
Gross profit £4.7m £4.3m 10.7%
Gross margin (3) 47.9% 47.4%
Adjusted EBITDA (4) £1.8m £1.1m 66.6%
Net margin (5) 18.5% 12.1%
Profit/(loss) before tax £0.5m (£0.3m)
Basic Earnings per share 1.47p (1.82p)
1. Comparative figures for the six-month period to 30 September 2022 have been
restated to remove Discontinued Operations as outlined in Note 5.
2. Net debt comprises the aggregate of gross debt, excluding IFRS16 lease
liabilities, and cash and cash equivalents as outlined in Note 11.
3. Gross margin is Gross profit as a percentage of Revenue.
4. Adjusted EBITDA is calculated as earnings before interest, tax,
depreciation, amortisation of intangible assets, share-based payments and
non-recurring items.
5. Net margin is Adjusted EBITDA as a percentage of Revenue.
6. Year-on-year percentage change figures are calculated on unrounded numbers.
Operational Highlights
§ Expanded sales team in Merit Data & Technology now delivering new
customers underpinning accelerating growth; 13.3% revenue growth in H1 FY24
compared to 7.8% in the preceding half year.
§ Margin improvement program within Merit Data & Technology has already
delivered a six percentage point improvement in EBITDA margins to 19.5%.
§ Ongoing investment in AI initiatives, in which the business has a five-year
track record, is delivering both cost competitiveness and further margin
improvement opportunities.
§ Dods Political Intelligence has begun the acceleration of its revenue
growth, achieving 2.7%, up from 0.4% in the first half of last year.
§ With £3.5m of revenue Dods PI delivered an Adjusted EBITDA of £1.1m, up
20%, and an operating profit of £0.7m, up 175%, demonstrating its strong
operational gearing.
§ Group Adjusted EBIT was £0.9m in H1 FY24, up from a loss of £0.3m in H1
FY23.
David Beck, CEO of Merit Group plc, said;
"We are pleased to able to announce further progress and a very good set of
first half numbers, including a return to profit before tax. Despite
challenging economic conditions, the Group is accelerating its revenue growth
whilst also increasing its margins. Both operating businesses are working to
detailed growth plans which, when combined with their high levels of
subscription or recurring revenue and operational gearing, is helping to drive
profitability faster than revenue growth.
"The Group's deep technology skills and increasing use of AI to drive both new
revenue opportunities and operational efficiencies gives the Board further
confidence in the business' ability to build on the progress already
achieved."
Mark Smith, Chairman, commented;
"With the Group's restructuring complete the focus is now on growth and
driving shareholder value. Small listed companies do not always see their
value fully reflected in their share prices, the Board of Merit recognises
that it has a duty to all shareholders to maximise value."
For further information, please contact:
Merit Group plc
David Beck - CEO
020 7593 5500
Philip Machray - CFO
www.meritgroupplc.com (http://www.meritgroupplc.com)
Canaccord Genuity Limited (Nomad and Broker)
Bobbie Hilliam
020 7523 8150
Harry Pardoe
This announcement is released by Merit Group plc and contains inside
information for the purposes of Article 7 of the Market Abuse Regulation (EU)
596/2014 ("MAR"), and is disclosed in accordance with the Group's obligations
under Article 17 of MAR. With the publication of this announcement, this
information is now considered to be in the public domain.
For the purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055, this announcement is being made on behalf of the Group by
David Beck, Chief Executive Officer.
BUSINESS AND OPERATIONAL REVIEW
The Group had a very good first half and is benefitting from the restructuring
of both its operations and cost base achieved in the prior year. Despite
challenging economic conditions, in the first half year the Group has
delivered revenue growth and an increase in Adjusted EBITDA from Continuing
Operations to £1.8m, compared to £1.1m in the prior year. Both operating
divisions, Merit Data & Technology (Merit D&T) and Dods Political
Intelligence (Dods) performed strongly.
The revenue growth in both operating businesses combined with cost
efficiencies has helped drive an Adjusted EBITDA margin improvement of six
percentage points in Merit D&T and four percentage points in Dods.
The Group has returned to a Profit before tax of £0.5m in the half year (H1
FY23: loss before tax of £0.3m), a significant improvement driven in part by
the reduction in depreciation of right-of-use assets following the successful
disposal of the Group's excess London office space at the end of the previous
financial year.
Merit Data & Technology
The Merit Data & Technology (Merit D&T) business has long-standing
customers that provide the business with high levels of recurring revenue. We
provide a range of data and intelligence products and services, as well as
data solutions to a loyal customer base. The business uses its proprietary
technology and AI skills to gather and enhance industry intelligence and
marketing data.
Merit D&T saw strong and accelerating revenue growth in the first half, up
13.3% to £6.4m from £5.6m in H1 FY23. Adjusted EBITDA of £1.2m in the first
half benefitted from the recovery in the Sterling/INR exchange rate and
compares to the £0.7m in the same period in the previous year.
The upgraded sales and marketing function within Merit D&T that was
recruited and expanded in FY23 is helping to generate new customers and new
revenue from existing customers across all areas of the business. The business
secured new clients in Pythian, Media 42, Hyve and ION, and has also secured
additional work from existing clients Jato, Lloyds List Intelligence and
Wilmington amongst others.
With the increasing acceptance of AI tools as a driver of business efficiency
Merit D&T is able to actively pursue new revenue opportunities from
customers seeking to implement AI solutions. The business is also using
increasing amounts of AI within its own operations; reducing costs to make it
even more price competitive and to continue to deliver margin improvements.
Dods Political Intelligence
Dods is a provider of mission critical UK and European policy and political
data and intelligence to approximately 800 subscribers. Dods is the UK's
industry leader with an enviable reputation for the comprehensiveness of its
service and the quality of its analysis and consultancy. The business benefits
from subscription revenues from a large, diverse and loyal subscriber base of
blue-chip customers.
In the first half the Continuing Operations of Dods grew revenue by 2.7% to
£3.5m and made Adjusted EBITDA of £1.1m against £0.9m in the same period
last year. An adjusted EBITDA margin of 30.9% was flattered by the inclusion
of Other Operating Income (not included in revenue) from the provision of
transitional services to the businesses that were disposed of in November
2022. Those transitional services arrangements have largely come to an end and
will therefore not recur in the second half, a normalised first half margin
taking out the other operating income and associated costs would be circa 25%.
The increased focus on, and investment in, the Dods business to focus on
growth commenced with the recruitment of a new Director of Sales and Marketing
at the end of the first half. The newly restructured business now benefits
from a three year growth plan underpinned by new customer research and
investment in further product and service improvements. New customers in the
period include Drax, Thakeham Homes, The Royal College of Surgeons and the
German Animal Welfare Association.
Central
Central costs continue to be closely managed; despite some inflationary
pressures in the costs of professional fees and insurance, central costs
reduced by 8% year-on-year to £0.5m in the first half.
In contrast to prior years, the Group reports no non-recurring items in the
period, reflecting the substantial completion of the Group's restructuring.
Outlook
Despite challenging economic conditions, the Group is accelerating its revenue
growth whilst also increasing its margins. Both operating businesses are
delivering improved results by working to detailed growth plans which, when
combined with their high levels of subscription or recurring revenue,
maximises their natural operational gearing.
The Group's deep technology skills and increasing use of AI to drive both new
revenue opportunities and operational efficiencies gives the Board further
confidence in the business' ability to build on the progress already achieved.
David Beck
CEO
Merit Group plc
FINANCIAL REVIEW
On 30 November 2022, the Group completed the disposal of the Media, Events and
Training operations of its Dods segment (together, the "MET Operations") for a
cash consideration of £4.5 million to Political Holdings Limited.
On 12 January 2023, the Group completed the disposal of the trade and assets
of Le Trombinoscope SAS, the Paris-based activities of the Dods segment ("Le
Trombinoscope") to Trombimedia Limited for £0.1 million cash consideration.
As a consequence of the disposals, the activities of the MET Operations and Le
Trombinoscope have been classified as Discontinued Operations within the
Consolidated Income Statement and therefore excluded from the presentation of
items on a Continuing Operations basis in prior periods to provide a
like-for-like comparator.
Income Statement - Continuing Operations
The Group's revenue from Continuing Operations increased by 9.3% to £9.9m (H1
FY23: £9.1m).
Revenues from Merit Data and Technology (MD&T) were £0.8m higher than the
equivalent prior half year (H1 FY24: £6.4m compared to H1 FY23: £5.6m),
representing an increase of 13%. Dods revenues for the period increased by 3%
to £3.5m (H1 FY23: £3.4m).
Gross profit for the period increased to £4.7m compared to the prior period
(H1 FY23: £4.3m). Gross margin increased from 47% to 48%, driven by the
Group's improving revenue growth and operational gearing.
Adjusted EBITDA increased by £0.7m to £1.8m (H1 FY23: £1.1m) due to strong
revenue growth, operational gearing, and the net £0.2m benefit of
transitional services provided to the disposed MET business during the period.
The return to operating profit, from a loss of £0.6m in H1 FY23 to a profit
of £0.9m, reflects the increase in Adjusted EBITDA, a reduction in
depreciation following the disposal of the Shard lease in the prior year and
the lack of non-recurring charges. The Group's operating profit is stated
after a right-of-use assets charge of £0.4m (H1 FY23: £0.7m), an
amortisation on acquired intangibles under business combinations of £0.3m (H1
FY23: £0.3m), a charge for intangible assets amortisation of £0.1m (H1 FY23:
£0.2m) and a charge for depreciation of tangible assets of £0.1m (H1 FY23:
£0.3m).
The net finance expense for the year of £0.3m compares to a net finance
credit of £0.1m in H1 FY23, reflecting the increase in interest rates and the
impact of foreign exchange hedging.
The profit for the year from Continuing Operations, after a tax charge of
£0.2m (H1 FY23: £0.2m), amounted to £0.4m (H1 FY23: £0.4m loss).
Earnings and Dividends
Earnings per share (basic and diluted) from Continuing Operations in the
period were 1.47 pence (H1 FY23: loss of 1.82 pence, basic and diluted) and
were based on the profit for the period of £0.4m (H1 FY23: £0.4m loss) with
a weighted average number of shares in issue during the period of 23,956,124.
Adjusted earnings per share, both basic and diluted, from Continuing
Operations in the period were 3.16 pence (H1 FY23: loss of 0.49 pence) and
were based on the adjusted profit after tax for the period of £0.8m (H1 FY23:
loss of £0.1m).
Total Earnings per share, both basic and diluted, in the period were 1.47
pence (H1 FY23: loss of 4.17 pence) and were based on the profit after tax for
the period of £0.4m (H1 FY23: loss of £1.0m).
Whilst the Company's focus remains on maintaining financial flexibility and
repositioning the business for future growth, the Board is not proposing a
dividend (H1 FY23: £nil).
Going Concern
The Directors have considered the position and projections of the Group for
the purpose of assessing Going Concern and remain satisfied with the Group's
funding and liquidity position.
Statement of Financial Position
Assets
Non-current assets of £37.7m (31 March 2023: £37.7m) comprise goodwill of
£26.9m (31 March 2023: £26.9m), intangible assets of £7.6m (31 March 2023:
£7.9m), property, plant and equipment of £0.4m (31 March 2023: £0.3m), IFRS
16 rights-of-use assets of £2.2m (31 March 2023: £1.9m), investments of
£0.5m (31 March 2023: £0.4m) and deferred tax assets amounting to £0.5m (31
March 2023: £0.5m). Movements in the year reflect amortisation and
depreciation charges in the period offset by the addition of a new London
premises lease (£0.7m).
Current assets comprise Trade and other receivables of £5.5m (31 March 2023:
£5.5m) and cash balances.
The Group had a cash balance of £1.1m at the period end (31 March 2023:
£2.1m), reduced as the group actively manages the level of RCF drawing to
minimise interest costs. Net debt amounted to £2.5m at the period end (31
March 2023: £2.6m).
Total assets of the Group were £44.3m (31 March 2023: £45.3m).
Liabilities
Current liabilities of £9.7m (31 March 2023 £10.8m) comprise Trade and other
payables of £6.1m (31 March 2023: £6.6m), bank loans and borrowings of
£2.9m (31 March 2023: £3.4m), IFRS16 lease liabilities of £0.6m (31 March
2023: £0.7m) and defined benefit pension liabilities of £0.1m (31 March
2023: £0.1m).
Non-current liabilities of £2.5m (31 March 2023 £2.8m) comprise bank loans
and borrowings of £0.6m (31 March 2023: £1.3m), IFRS16 lease liabilities of
£1.6m (31 March 2023: £1.2m) and defined benefit pension liabilities of
£0.3m (31 March 2023: £0.2m).
Movement in the year primarily reflect the repayment of £1.2m of bank loans
and borrowings, the repayment of £0.5m of IFRS16 lease liabilities and the
addition of £0.7m of IFRS16 lease liabilities in respect of the new London
premises lease.
Capital and reserves
Total equity increased by £0.3m to £32.1m (31 March 2023: £31.8m),
reflecting the retained profit for the period.
Cash flows, liquidity and capital resources
Net cash generated by operations was an £0.8m inflow in the period by
comparison to an £0.0m in H1 FY23 (£0.6m from Continuing operations). After
tax, net cash used in operating activities amounted to £0.7m (H1 FY23:
outflow of £0.2m in total of which Continuing Operations generated £0.4m and
Discontinued Operations used £0.6m).
Investing activities, primarily related to the addition of IT equipment,
leasehold improvements within the new London premises and the internal
development of software amounted to £0.2m in the period, compared to £0.2m
in the prior period which was offset by £0.5m of proceeds from the disposal
of Associates.
Total financing outflows were £1.4m in the period (H1 FY23; £0.5m) as the
group significantly reduced gross bank debt. This comprised £1.9m used in
the servicing of bank debt and interest and capital repayments on leases,
offset by the receipt of £0.5m in the period in respect of recoverable VAT
paid on the disposal of the Shard lease in the prior period.
Net debt amounted to £2.5m at the period end (31 March 2023: £2.6m).
At 30 September 2023, the Group had bank debt of £3.5m (31 March 2023:
£4.7m) comprising amounts owed on term loans and amounts drawn on a revolving
credit facility (RCF).
The Group had a term loan with £0.8m outstanding (31 March 2023: £0.9m)
taken out in July 2022 over a five-year period, with interest at 4.75% over
Bank of England interest rate. A further £1.2m (31 March 2023: £1.8m) was
outstanding on a £1.8m term loan taken out in March 2023 over an 18-month
period, to part-fund disposal of the Shard lease. This loan has the same
interest rates and covenants as the Group's existing term loan.
In addition, the Group had a £2.0m RCF facility available through to
September 2027, of which £1.5m was drawn at the period end (31 March;
£2.0m). Due to its revolving nature, this loan is all shown as due within one
year.
Phil Machray
Chief Financial Officer
Condensed consolidated income statement
For the half year ended 30 September 2023
Unaudited
Unaudited Half year ended Audited
Half year ended 30 Sept 2022 Year ended
Continuing Operations((1)) Note 30 Sept 2023 (restated((1))) 31 Mar 2023
£'000 £'000 £'000
Revenue 3 9,899 9,055 18,585
Cost of sales (5,154) (4,767) (10,033)
Gross profit 4,745 4,288 8,552
Administrative expenses (4,170) (4,861) (12,628)
Other operating income 293 - 416
868 (573) (3,660)
Operating profit/(loss) from Continuing Operations
Memorandum:
3 1,829 1,098 2,652
Adjusted EBITDA((2))
(88) (301) (620)
Depreciation of property, plant and equipment
Depreciation of right-of-use assets (406) (661) (1,313)
Amortisation of intangible assets acquired through business combinations (294) (294) (587)
Amortisation of software intangible assets (142) (161) (314)
Adjusted EBIT((3)) 899 (319) (182)
Share-based payments (31) (31) (63)
Non-recurring items 4
Loss on disposal of investments in Associates - - (303)
Losses on disposal of Shard lease - - (2,927)
People-related costs - (150) (123)
Other non-recurring items - (73) (62)
868 (573) (3,660)
Operating profit/(loss) from Continuing Operations
Net finance credit/(expense) (339) 68 (249)
Share of profit of Associate - 252 252
Profit/(loss) before tax from Continuing Operations 529 (253) (3,657)
(176) (182) 88
Income tax (charge)/credit
353 (435) (3,569)
Profit/(loss) for the period from Continuing Operations
Loss/(profit) from Discontinued Operations - (564) 884
353 (999) (2,685)
Profit/(loss) for the period
((1) ) Comparative figures for the half year ended 30 September 2022 have
been restated to reflect Continuing Operations only as outlined in Note 5.
((2)) Adjusted EBITDA is defined as the operating profit/(loss) after adding
back depreciation, amortisation, share-based payments, and non-recurring
items.
((3)) Adjusted EBIT is defined as the operating profit/(loss0 after adding
back share-based payments and non-recurring items.
Earnings per share (pence)
Basic and Diluted p per share p per share p per share
Continuing Operations 6 1.47p (1.82p) (14.90p)
Discontinued Operations 6 - (2.35p) 3.69p
6 1.47p (4.17p) (11.21p)
Basic total
The notes on pages 13 to 27 form part of these unaudited interim results.
Condensed consolidated statement of comprehensive income
For the half year ended 30 September 2023
Unaudited Unaudited Audited
Half year ended Half year ended Year ended
30 Sept 2023 30 Sept 2022 31 Mar 2023
£'000 £'000 £'000
Profit/(loss) for the period 353 (999) (2,685)
Items that may be subsequently reclassified
to Profit and loss:
Foreign currency translation:
Exchange differences on translation of foreign operations 2 21 (27)
Loss reclassified to profit and loss on disposal of foreign operations - - (48)
2 21 (75)
Remeasurement of defined benefits obligation (31) 36 45
Other comprehensive income for the period (29) 57 (30)
Total comprehensive profit/(loss) for the period 324 (942) (2,715)
The notes on pages 13 to 27 form part of these unaudited interim results.
Condensed consolidated statement of financial position
As at 30 September 2023
Unaudited
Unaudited 30 Sept 2022 Audited
Note 30 Sept 2023 (restated*) 31 Mar 2023
£'000 £'000 £'000
Non-current assets
Goodwill 8 26,919 27,642 26,919
Intangible assets 9 7,566 8,679 7,908
Property, plant and equipment 10 381 1,673 341
Right-of-use assets 2,198 4,869 1,874
Investments 474 997 450
Deferred tax assets 184 346 184
Total non-current assets 37,722 44,206 37,676
Current assets
Trade and other receivables 5,503 4,102 5,502
Loan receivable - 140 -
Cash and cash equivalents 1,069 1,834 2,144
6,572 6,076 7,646
Assets held for resale - 3,591 -
Total current assets 6,572 9,667 7,646
Total assets 44,294 53,873 45,322
Current liabilities
Trade and other payables 6,085 6,168 6,648
Defined benefit pension obligation 77 84 76
Bank loan/RCF 11 2,910 2,200 3,373
Lease liability 11 597 1,640 678
Liabilities directly associated with assets classified as held for resale - 3,101 -
Total current liabilities 9,669 13,193 10,775
Non-current liabilities
Deferred tax liability - - -
Pension obligation 312 232 249
Bank loan/RCF 11 621 2,800 1,342
Lease liability 11 1,583 4,153 1,202
Total non-current liabilities 2,516 7,185 2,793
Capital and reserves
Issued capital 12 6,708 6,708 6,708
Share premium 1,067 1,067 1,067
Retained profit/(loss) 10,700 12,033 10,347
Redemption reserve 13,680 13,680 13,680
Translation reserve (122) (28) (124)
Other reserves (28) (6) 3
Share option reserve 104 41 73
Total equity 32,109 33,495 31,754
Total equity and liabilities 44,294 53,873 45,322
* Comparative figures for the financial position as at 30 September 2022 have
been restated to present deferred tax assets within Non-current assets as
outlined in Note 16.
The notes on pages 13 to 27 form part of these unaudited interim results.
Condensed consolidated statement of changes in equity
For the half year ended 30 September 2023
Share Capital Share Total
Share premium Retained redemption Translation Other option shareholders'
capital reserve(1) earnings reserve(2) reserve(3) reserves reserve(4) funds
Unaudited £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 April 2022 6,708 1,067 13,032 13,680 (49) (42) 10 34,406
Total comprehensive income:
Loss for the six-month period to 30 September 2022 - - (999) - - - (999)
Currency translation differences - - - - 21 - - 21
Remeasurement of defined benefits obligations - - - - - 36 - 36
Share-based payments - - - - - - 31 31
At 30 September 2022 6,708 1,067 12,033 13,680 (28) (6) 41 33,495
Total comprehensive income:
Loss for the six-month period to 31 March 2023 - - (1,686) - - - (1,686)
Currency translation differences - - - - (96) - - (96)
Remeasurement of defined benefits obligations - - - - - 9 - 9
Share-based payments - - - - - - 32 32
At 31 March 2023 6,708 1,067 10,347 13,680 (124) 3 73 31,754
Total comprehensive income:
Profit for the six-month period to 30 September 2023 - - 353 - - - 353
Currency translation differences - - - - 2 - - 2
Remeasurement of defined benefits obligations - - - - - (31) - (31)
Share-based payments - - - - - - 31 31
At 30 September 2023 6,708 1,067 10,700 13,680 (122) (28) 104 32,109
1 The share premium reserve represents the amount paid to the Company by
shareholders above the nominal value of shares issued.
2 The capital redemption reserve is a non-distributable reserve created
on cancellation of deferred shares.
3 The translation reserve comprises foreign currency translation
differences arising from the translation of financial statements of the
Group's foreign entities into Sterling.
4 The share option reserve represents the cumulative expense recognised
in relation to equity-settled share-based payments.
The notes on pages 13 to 27 form part of these unaudited interim results.
Condensed consolidated statement of cash flows
For the half year ended 30 September 2023
Unaudited Unaudited Audited
Half year ended Half year ended Year ended
Note 30 Sept 2023 30 Sept 2022 31 Mar 2023
£'000 £'000 £'000
Cash generated by operations 7 836 6 1,325
Taxation paid (181) (163) (429)
Net cash (used in)/generated from operating activities 655 (157) 896
Cash flows from investing activities
Interest and similar income received 18 40 77
Additions to intangible assets (94) (108) (175)
Additions to property, plant and equipment (128) (132) (69)
Acquisition of investments (24) - -
Proceeds from disposal of Associates - 410 654
Proceeds on disposal of operations - - 3,846
Repayment of long-term loan by Associate - 70 210
Net cash raised/(used) in investing activities (228) 280 4,543
Cash flows from financing activities
Interest and similar expenses paid (215) (153) (378)
Payment of lease liabilities (494) (967) (1,901)
Payment on disposal of lease liabilities 462 - (3,683)
Net drawdowns/(repayments) of bank facility (1,184) 622 337
Net cash raised/(used) in financing activities (1,431) (498) (5,625)
Net decrease in cash and cash equivalents (1,004) (375) (186)
Opening cash and cash equivalents 2,144 2,321 2,321
Effect of exchange rate fluctuations on cash held (71) (112) 9
Closing cash at bank 1,069 1,834 2,144
Comprised of:
Cash and cash equivalents 1,069 1,834 2,144
Closing cash at bank 1,069 1,834 2,144
The notes on pages 13 to 27 form part of these unaudited interim results.
1. General information
Nature of operations
The principal activities of Merit Group plc and its subsidiaries (the "Group")
is the creation and aggregation of high-quality data and intelligence
information and the provision of data technology services.
The Group operates primarily in the UK, Europe and India.
Merit Group plc is a Company incorporated in England and Wales and listed on
the Alternative Investment Market (AIM) in London. The registered office of
the Company and head office of the Group is 9(th) Floor, The Shard, 32 London
Bridge Street, London SE1 9SG.
Basis of preparation
This condensed set of financial statements has been prepared in accordance
with IAS 34 Interim Financial Reporting as adopted by the UK. The annual
financial statements of the Group are prepared in accordance with
International Financial Reporting Standards (IFRSs) in conformity with the
requirements of the Companies Act 2006. As required by AIM Rules, the
condensed set of financial statements has been prepared 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 2023.
The condensed consolidated financial statements are neither audited in
accordance with International Standards on Auditing (UK) nor subject to review
as per International Standard on Review Engagements (ISRE) 2410. The
comparative figures for the year ended 31 March 2023 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.
Going concern
The Directors have considered the financial projections of the Group,
including cash flow forecasts and the availability of committed bank
facilities for the coming 12 months. They are satisfied that the Group has
adequate resources for the foreseeable future and that it is appropriate to
continue to adopt the going concern basis in preparing these interim financial
statements.
Approval date
The condensed set of interim financial statements have been prepared on a
going concern basis and were approved by the Board on 7 November 2023.
2. Critical accounting estimates and judgements
When preparing financial statements, the Group makes estimates and judgements
concerning the future. These estimates and judgements are typically based on
historical experience and expectations of future events that are believed to
be reasonable at the time. In the future, by definition, actual events and
experience may deviate from these estimates and judgements.
The Directors considered the critical accounting judgements and estimates
applied in the condensed consolidated financial statements were the same as
those applied in the Group's last statutory accounts for the year ended 31
March 2023.
3. Segmental information
Business segments
The Group considers that it has two operating business segments, Merit Data
& Technology (MD&T) and Dods, plus a (non-revenue generating) central
corporate segment.
The Merit Data & Technology business segment focuses on the provision of
data and intelligence, including marketing data, and the provision of
data-related technology, including data engineering, machine learning,
software development, and technology resourcing.
The Dods business segment concentrates on the provision of key information and
insights into the political and public policy environments around the UK and
the European Union.
The central corporate segment contains the activities and costs associated
with the Group's head office and PLC listing.
The following table provides an analysis of the Group's segment revenue by
business segment.
Unaudited
Unaudited Half year ended Audited
Half year ended 30 Sept 2022 Year ended
Continuing Operations((1)) 30 Sept 2023 (restated((1))) 31 Mar 2023
£'000 £'000 £'000
Merit Data & Technology 6,376 5,626 11,644
Dods 3,523 3,429 6,941
9,899 9,055 18,585
No client accounted for more than 10 percent of total revenue.
Unaudited
Group Revenue by stream Unaudited Half year ended Audited
Half year ended 30 Sep 2022 Year ended
Continuing Operations((1)) 30 Sep 2023 (restated((1))) 31 Mar 2023
£'000 £'000 £'000
Data and Intelligence 3,414 2,981 6,743
Data Technology 2,962 2,645 4,901
Political Intelligence 3,523 3,429 6,941
9,899 9,055 18,585
(1) Prior periods have been restated to present Continuing Operations only as
outlined in Note 5.
Unaudited half year ended 30 Sep 2023 MD&T Dods Central Total
Business segment profit before tax 30 Sep 30 Sep 30 Sep 30 Sep
2023 2023 2023 2023
Continuing Operations £'000 £'000 £'000 £'000
Adjusted EBITDA 1,241 1,087 (499) 1,829
Depreciation of property, plant and equipment (55) (33) - (88)
Depreciation of right-of-use assets (260) (146) - (406)
Amortisation of intangible assets acquired through business combinations (255) (39) - (294)
Amortisation of software intangible assets - (142) - (142)
Share based payments - - (31) (31)
Operating profit/(loss) 671 727 (530) 868
Net finance income/(expense) (80) (45) (214) (339)
Profit/(loss) before tax from Continuing Operations 591 682 (744) 529
Unaudited half year ended 30 Sep 2022 Dods Total
Business segment profit before tax MD&T 30 Sep Central 30 Sep
30 Sep 2022 30 Sep 2022
Continuing Operations((1)) 2022 (restated((1))) 2022 (restated((1)))
£'000 £'000 £'000 £'000
Adjusted EBITDA 733 907 (542) 1,098
Depreciation of property, plant and equipment (140) (161) - (301)
Depreciation of right-of-use assets (281) (211) (169) (661)
Amortisation of intangible assets acquired through business combinations (255) (39) - (294)
Amortisation of software intangible assets - (161) - (161)
Share based payments - - (31) (31)
Non-recurring items
People-related costs (34) (23) (93) (150)
Other non-recurring items - (48) (25) (73)
Operating profit/(loss) 23 264 (860) (573)
Net finance income/(expense) 45 11 12 68
Share of profit of Associate - - 252 252
Profit/(loss) before tax from Continuing Operations 68 275 (596) (253)
(1) Prior periods have been restated to present Continuing Operations only as
outlined in Note 5.
Audited year ended 31 Mar 2023 MD&T Dods Central Total
Business segment profit before tax 31 Mar 31 Mar 31 Mar 31 Mar
2023 2023 2023 2023
Continuing Operations £'000 £'000 £'000 £'000
Adjusted EBITDA 1,809 1,838 (995) 2,652
Depreciation of property, plant and equipment (252) (368) - (620)
Depreciation of right-of-use assets (552) (517) (244) (1,313)
Amortisation of intangible assets acquired through business combinations (510) (77) - (587)
Amortisation of software intangible assets - (314) - (314)
Share based payments - - (63) (63)
Non-recurring items
Profits and losses on disposals - - (3.230) (3,230)
People-related costs (35) 10 (98) (123)
Other non-recurring items - - (62) (62)
Operating profit/(loss) 460 572 (4,692) (3,660)
Net finance income/(expense) 83 (226) (106) (249)
Share of profit of Associate - - 252 252
Profit/(loss) before tax from Continuing Operations 543 346 (4,546) (3,657)
4. Non-recurring items
Unaudited
Unaudited Half year ended Audited
Half year ended 30 Sep 2022 Year ended
30 Sep 2023 (restated((1))) 31 Mar 2023
Continuing Operations((1)) £'000 £'000 £'000
Transaction-related non-recurring items:
Loss on disposal of investments in Associates - - (303)
Loss on disposal of Shard lease - - (2,927)
Profits and losses on disposals - - (3,230)
People-related costs - (150) (123)
Other:
- Professional services and consultancy - (73) (62)
- (223) (3,415)
(1) Prior periods have been restated to present Continuing Operations only as
outlined in Note 5.
People-related costs incurred in prior periods include deferred cash
consideration on the acquisition of Meritgroup Limited. Also included are
redundancy costs reflecting the effect of Group initiatives to appropriately
restructure the business.
Other non-recurring costs incurred in prior periods relate to one-off
consultancy and professional fees associated with the rental review of the
London premises.
5. Disposal
On 30 November 2022, the Group completed the disposal of the Media, Events and
Training operations of its Dods segment (together, the "MET Operations") for a
cash consideration of £4.5 million to Political Holdings Limited. These
activities were treated as Discontinued Operations within the unaudited
interim results for the period to 30 September 2022, as reported on 1 December
2022.
On 12 January 2023, the Group completed the disposal of the trade and assets
of Le Trombinoscope SAS, the Paris-based activities of the Dods segment ("Le
Trombinoscope"), to Trombimedia Limited for £0.1 million cash consideration.
These activities are also treated as Discontinued Operations.
The activities of the MET Operations and Le Trombinoscope have been classified
as Discontinued Operations within the Consolidated income statement and
therefore excluded from the presentation of items on a Continuing Operations
basis. The unaudited half year for the period to 30 September 2022, which
included 6 months of both MET operations and Le Trombinoscope, was previously
presented to exclude the MET Operations as Discontinued. It has now been
further restated to also exclude Le Trombinoscope as Discontinued Operations.
The results of the Discontinued Operation for the year ended 31 March 2023,
which include the results of the MET operations for 8 months and Le
Trombinoscope for 9.5 months, are unchanged from previously reported on 6
September 2023.
The results of the Discontinued Operations are as follows:
Unaudited
Unaudited Half year ended Audited
Half year ended 30 Sept 2022 Year ended
Discontinued Operations 30 Sept 2023 (restated*) 31 Mar 2023
£'000 £'000 £'000
Revenue - 4,944 6,913
Cost of sales - (4,154) (5,861)
-
Gross profit 790 1,052
Administrative expenses - (1,325) (1,450)
- (535) (398)
Operating loss
Memorandum:
- (287) (69)
Adjusted EBITDA
- (45) (58)
Depreciation of property, plant and equipment
Depreciation of right-of-use assets - (19) (25)
Amortisation of intangible assets acquired through business combinations - (137) (183)
Amortisation of software intangible assets - (2) (8)
Non-recurring items: people-related costs - (45) (55)
- (535) (398)
Operating loss
Net finance expense - (29) (66)
Loss before tax - (564) (464)
- - 58
Income tax credit
- (564) (406)
Loss for the period from Discontinued Operations
- - 1,290
Profit on disposal of Discontinued Operations after tax
- (564) 884
(Loss)/Profit from Discontinued Operations for the period
* Comparative figures for the half year ended 30 September 2022 have been
restated to remove Discontinued Operations as above.
Cashflows generated by the Discontinued Operation for the period were as
follows:
Unaudited
Unaudited Half year ended Audited
Half year ended 30 Sept 2022 Year ended
Discontinued Operations 30 Sept 2023 (restated*) 31 Mar 2023
£'000 £'000 £'000
Net cash (outflow) from operating activities - (594) (1,621)
Net cash (outflow)/inflow from investing activities - (2) 3,846
Net cash (outflow) from financing activities - (48) (95)
- (644) 2,130
Net increase/(decrease) in cash, cash equivalents and bank overdrafts from
Discontinued Operations
* Comparative figures for the half year ended 30 September 2022 have been
restated as above.
6. Earnings per share
Unaudited
Unaudited Half year ended Audited
Half year ended 30 Sep 2022 Year ended
30 Sep 2023 (restated((1))) 31 Mar 2023
Continuing Operations((1)) £'000 £'000 £'000
Profit/(loss) attributable to shareholders 353 (435) (3,569)
Add: non-recurring items - 223 3,415
Add: amortisation of intangible assets acquired through business combinations 294 294 587
Add: net exchange losses/(gains) 79 (230) (297)
Add: share-based payment (credit)/expense 31 31 63
Adjusted post-tax profit/(loss) from Continuing Operations attributable to 757 (117) 199
shareholders
(1) Comparative figures for the half year ended 30 September 2022 have been
restated to present Continuing Operations only as outlined in Note 5.
Unaudited
Unaudited Half year ended Audited
Half year ended 30 Sep 2022 Year ended
30 Sep 2023 (restated*) 31 Mar 2023
Discontinued Operations £'000 £'000 £'000
(Loss)/profit attributable to shareholders - (564) 884
Add: non-recurring items - 45 (2,019)
Add: amortisation of intangible assets acquired through business combinations - 137 183
Adjusted post-tax profit/(loss) from Discontinued Operations attributable to - (382) (952)
shareholders
* Comparative figures for the half year ended 30 September 2022 have been
restated as outlined in Note 5.
Unaudited Unaudited Audited
Half year ended Half year ended Year ended
30 Sept 2023 30 Sept 2022 31 Mar 2023
Ordinary shares Ordinary shares Ordinary shares
Weighted average number of shares
In issue during the period - basic 23,956,124 23,956,124 23,956,124
Adjustment for share options - - -
In issue during the period - diluted 23,956,124 23,956,124 23,956,124
Performance Share Plan (PSP) options over 1,420,791 Ordinary shares have not
been included in the calculation of diluted EPS for any of the above dates
because their exercise is contingent on the satisfaction of certain criteria
that had not been met at those dates.
Unaudited
Unaudited Half year ended Audited
Half year ended 30 Sep 2022 Year ended
30 Sep 2023 (restated((1))) 31 Mar 2023
Continuing Operations((1)) Pence per share Pence per share Pence per share
Earnings per share - Continuing Operations
Basic 1.47 (1.82) (14.90)
Diluted 1.47 (1.82) (14.90)
Adjusted earnings per share - Continuing Operations
Basic 3.16 (0.49) 0.83
Diluted 3.16 (0.49) 0.83
(1) Comparative figures for the half year ended 30 September 2022 have been
restated to present Continuing Operations only as outlined in Note 5.
Unaudited
Unaudited Half year ended Audited
Discontinued Operations Half year ended 30 Sep 2022 Year ended
30 Sep 2023 (restated*) 31 Mar 2023
Pence per share Pence per share Pence per share
Earnings per share - Discontinued Operations
Basic - (2.35) 3.69
Diluted - (2.35) 3.69
Adjusted earnings per share - Discontinued Operations
Basic - (1.59) (3.97)
Diluted - (1.59) (3.97)
* Comparative figures for the half year ended 30 September 2022 have been
restated as outlined in Note 5.
Unaudited Unaudited Audited
Half year ended Half year ended Year ended
30 Sep 2023 30 Sep 2022 31 Mar 2023
TOTAL Pence per share Pence per share Pence per share
Earnings per share
Basic 1.47 (4.17) (11.21)
Diluted 1.47 (4.17) (11.21)
Adjusted earnings per share
Basic 3.16 (2.08) (3.14)
Diluted 3.16 (2.08) (3.14)
7. Cash generated by operations
Unaudited Unaudited Audited
Half year ended Half year ended Year ended
30 Sept 2023 30 Sept 2022 31 Mar 2023
£'000 £'000 £'000
Cash flows from operating activities
Profit/(loss) for the period 353 (999) (2,685)
Depreciation of property, plant and equipment 88 346 678
Depreciation of right-of-use assets 406 680 1,338
Amortisation of intangible assets acquired through business combinations 294 431 770
Amortisation of other intangible assets 142 163 322
Share-based payments charge/(credit) 31 31 63
Share of profit of Associate - (252) (252)
Lease interest expense 64 161 298
Profit on disposal of operations (before tax) - - (2,074)
Loss on disposal of IFRS16 finance lease - - 2,927
Loss on disposal and impairment of investments in associates - - 303
Interest income (18) (40) (77)
Interest expense 215 153 378
Foreign exchange on operating items 4 24 1
Income tax charge/(credit) 176 182 638
Operating cash flows before movement in working capital 1,755 880 2,628
(Increase)/decrease in inventories 14 (16)
(Increase)/decrease in trade and other receivables (463) (422) (1,520)
Decrease in trade and other payables (456) (466) 233
836 6 1,325
Cash generated by operations
8. Goodwill
Unaudited Unaudited Audited
Half year ended Half year ended Year ended
30 Sep 2023 30 Sep 2022 31 Mar 2023
£'000 £'000 £'000
Cost and net book value
Opening balance 26,919 28,911 28,911
Disposals in the year - - (1,992)
Reclassified as assets held for resale - (1,269) -
Closing balance 26,919 27,642 26,919
9. Intangible assets
Assets acquired Under
through business Construction
combinations Software Capitalised costs Total
£'000 £'000 £'000 £'000
Cost
At 1 April 2022 - 34,116
28,042 6,074
Transferred from tangible fixed assets - - 70 70
Additions - internally generated - 101 74 175
Disposals (16,833) (3,999) - (20,832)
11,209 2,176 144 13,529
At 31 March 2023
Additions - internally generated - - 94 94
At 30 September 2023 11,209 2,176 238 13,623
Accumulated amortisation
At 1 April 2023 20,145 4,145 - 24,290
Charge for the year 770 322 - 1,092
Disposals (15,825) (3,936) - (19,761)
5,090 531 - 5,621
At 31 March 2023
Charge for the period 294 142 - 436
At 30 September 2023 5,384 673 - 6,057
Net book value
At 31 March 2022 - audited 7,897 1,929 - 9,826
At 31 March 2023 - audited 6,119 1,645 144 7,908
At 30 September 2023 - unaudited 5,825 1,503 238 7,566
10. Property, plant and equipment
IT Equipment
Leasehold and Fixtures
Improvements and Fittings Total
£'000 £'000 £'000
Cost
At 1 April 2022 2,037 2,521 4,558
Transferred to tangible fixed assets - (70) (70)
Additions - 69 69
Foreign exchange differences - (1) (1)
Disposals (2,037) (1,070) (3,107)
- 1,449 1,449
At 31 March 2023
Additions 21 107 128
At 30 September 2023 21 1,556 1,577
Accumulated depreciation
At 1 April 2022 1,128 1,623 2,751
Charge for the year 209 469 678
Disposals (1,337) (984) (2,321)
- 1,108 1,108
At 31 March 2023
Charge for the period 2 86 88
At 30 September 2023 2 1,194 1,196
Net book value
At 31 March 2022 - audited 909 898 1,807
At 31 March 2023 - audited - 341 341
At 30 September 2023 - unaudited 19 362 381
11. Net debt
Net debt comprises the aggregate of loans and borrowings, excluding IFRS16
lease liabilities, and cash and cash equivalents, as follows:
Unaudited Unaudited Audited
Half year ended Half year ended Year ended
30 Sep 2023 30 Sep 2022 31 Mar 2023
£'000 £'000 £'000
Bank loan / RCF due within one year 2,910 2,200 3,373
Bank loan due after more than one year 621 2,800 1,342
3,531 5,000 4,715
Cash and cash equivalents (1,069) (1,834) (2,144)
Net Debt 2,462 3,166 2,571
Interest-bearing loans and borrowings
On 22 July 2022, the Company agreed new secured loan facilities with Barclays
which include:
§ Term Loan: a £3 million, five-year term loan, amortising on a
straight-line basis at £150,000 per quarter;
§ RCF: a £2 million non-amortising, revolving credit facility for the
five-year duration of the Term Loan;
§ Both the Term Loan and RCF accruing interest at 4.75% above Bank of England
base rate.
On 1 December 2022, the Company repaid and cancelled £2 million of the Term
Loan following receipt of the proceeds of disposals.
On 22 March 2023, the Company secured a further £1.8 million 18-month Term
Loan, amortising on a straight-line basis at £300,000 per quarter, in order
to fund the disposal of the Company's Shard lease.
12. Leases
Right-of-use Lease
assets liabilities
£'000 £'000
As at 1 April 2022 5,660 (6,721)
Depreciation (1,338) -
Lease Interest - (298)
Lease payments(1) - 1,897
Disposal (2,448) 3,242
As at 31 March 2023 1,874 (1,880)
Addition 730 (730)
Depreciation (406) -
Lease Interest - (64)
Lease payments(1) - 494
As at 30 September 2023 2,198 (2,180)
Current (597)
Non-current (1,583)
The Consolidated income statement includes the following amounts relating to
leases:
Unaudited Unaudited Audited
Half year ended Half year ended Year ended
30 Sep 2023 30 Sep 2022 31 Mar 2023
£'000 £'000 £'000
Depreciation charge of right-of-use assets 406 680 1,338
Interest expense (included in finance cost) 64 161 298
The right-of-use assets relate to office space in four locations and at the
balance sheet date have remaining terms ranging up to 7 years.
There were £nil of expenses relating to diminutive payments not included in
the measurement of lease liabilities (H1 FY23: £nil).
Lease liabilities includes liabilities in respect of IT equipment with a cost
of £77,000 (31 March 2023: £77,000). These assets are capitalised within IT
equipment (see Note 10).
13. Issued Share Capital
28p ordinary
shares Total
Number £'000
Issued share capital as at 30 September 2022 23,956,124 6,708
Issued share capital as at 31 March 2023 23,956,124 6,708
Issued share capital as at30 September 2023 23,956,124 6,708
14. Related party transactions
MET operations
The disposal of the MET Operations on 30 November 2022 was to Political
Holdings Limited. Political Holdings Limited is considered a related party as
it is controlled by Lord Ashcroft KCMG PC, a substantial shareholder in the
Company and Angela Entwistle, a non-executive director of the Company, is a
director of Political Holdings Limited.
As part of the disposal of the MET Operations, the Group agreed to provide
transitional services to the Political Holdings Limited group of companies
covering areas such as occupancy, IT systems and support and finance and
accounting services. In total, the group charged £293,364 for these services
during the period (H1 FY23: £nil), which has been recognised as Other
Operating Income within the Income Statement. At 30 September 2023, a balance
of £14,563 (31 March 2023: £145,991) was outstanding in respect of invoicing
for these services.
Since its acquisition of the MET operations, the Political Holdings Limited
group has been a customer of MD&T and was billed £56,476 (H1 FY23: £nil)
during the period for marketing and data services. At 30 September 2023, there
was a balance of £30,688 (31 March 2023: £16,094) due.
Further, as part of the disposal, the Group has continued to act as agent for
the Political Holdings Limited group, invoicing customers, collecting book
debts and paying for services under contracts which were pending legal
novation to Political Holdings Limited group companies. During the period,
revenue of £887,393 (H1 FY23: £nil) was invoiced, cash of £1,968,961 (H1
FY23: £nil) was collected and payments for purchases and payroll amounting to
£769,009 (H1 FY23: £nil) were made by the Group on behalf of Political
Holdings Limited group companies. None of these revenues or costs, all of
which arises post disposal are recognised within the Income Statement of the
Group. At 30 September 2023, £38,957 (31 March 2023: £233,053) of funds were
held on trust for Political Holdings Limited group companies.
Investments and Associates
During the period, the Group billed £125,800 (H1 FY23: £131,000) for
technology services to Acolyte Resource Group Limited, a company in which the
Group had a 13.5% investment, and of which Cornelius Conlon is a Director. At
30 September 2023, there was a balance of £78,400 (31 March 2023: £64,000)
due.
Meritgroup Limited acquisition
On acquisition of Meritgroup Limited, an arm's length non-repairing 7-year
lease was entered into between a Merit subsidiary (Letrim Intelligence
Services Private Limited) and Merit Software Services Private Limited.
Cornelius Conlon, a Director of the Group, is the beneficial owner of Merit
Software Services Private Limited. The lease relates to the Chennai office of
MD&T. During the period, payments of £366,800 (H1 FY23: £400,900) were
made to Merit Software Services Private Limited in relation to the lease and
other property-related costs.
Other related party transactions
During the current and previous period, Deacon Street Partners Limited, a
company related by virtue of Angela Entwistle, a Director of the Company also
being a Director, invoiced £15,000 (H1 FY23: £15,000) to the Company for the
services of Angela Entwistle as a Non-Executive Director. At 30 September 2023
the balance outstanding was £2,500 (31 March 2023: £2,500).
System1 Group plc, a company related by virtue of Philip Machray, a Director
of the Company also being a Director, is a customer of MD&T and was billed
£76,700 (H1 FY23: £55,900) for Technology Resourcing Services. At 30
September 2023 the balance outstanding was £12,100 (31 March 2023: £44,400).
15. Subsequent events
On 20 October 2023, the Group received £450,000 from Political Holdings
Limited, being the deferred consideration receivable on the disposal of the
MET Operations on 30 November 2022.
16. Prior period restatement
The consolidated statement of financial position for the period ended 30
September 2022 has been restated to correctly classify deferred tax assets of
£346,000 as non-current assets. These were previously included within Current
assets as part of Trade and other receivables.
The reclassification has no impact on Total assets, Total equity and
liabilities or Capital and reserves as at the 30 September 2022, nor the
Comprehensive income for the period ended 30 September 2022.
The impact of the reclassification on items within the Consolidated statement
of financial position is as follows:
At 30 September 2022 As previously Change As restated
reported £,000 £'000
£'000
Total non-current assets 43,860 346 44,206
6,422 (346) 6,076
Current assets
Assets held for resale 3,591 - 3,591
Total current assets 10,013 (346) 9,667
53,873 - 53,873
Total assets
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