REG - OMG PLC - Preliminary Results <Origin Href="QuoteRef">OMG1.L</Origin> - Part 2
09/12/2014 07:11
- Part 2: For the preceding part double click ID:nRSI1857Za
2014 2013
Adjusted profit/(loss) before tax Adjusting items Group recharges Profit/(loss) before tax Adjusted profit/(loss) before tax Adjusting items Group recharges Profit/(loss) before tax
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Vicon UK 2,373 (8) 1,359 3,724 2,162 (35) 872 2,999
Vicon USA 2,607 - (2,054) 553 2,907 - (2,163) 744
Vicon Group 4,980 (8) (695) 4,277 5,069 (35) (1,291) 3,743
Yotta UK 56 (114) (306) (364) 440 (453) (440) (453)
Yotta Mayrise 1,487 (424) (301) 762 297 (71) - 226
Yotta Group 1,543 (538) (607) 398 737 (524) (440) (227)
2d3 UK 241 (10) (378) (147) (259) (50) (133) (442)
2d3 USA 1,092 (233) (253) 606 792 (789) (213) (210)
2d3 Group 1,333 (243) (631) 459 533 (839) (346) (652)
OMG Life UK (4,208) 14 (402) (4,596) (2,357) (37) (175) (2,569)
OMG Life US (138) - - (138) - -
Life Group (4,346) 14 (402) (4,734) (2,357) (37) (175) (2,569)
Unallocated (2,170) (160) 2,335 5 (2,027) (216) 2,252 9
Continuing operations 1,340 (935) - 405 1,955 (1,651) - 304
House of Moves - discontinued operation (373) (616) - (989) (748) - - (748)
OMG Group 967 (1,551) - (584) 1,207 (1,651) - (444)
Adjusted profit before tax is detailed in note 5.
Non-current assets Additions to non-current assets Carrying amount ofsegment assets Carrying amount ofsegment liabilities Segment depreciation and amortisation
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Vicon UK 2,748 2,464 1,552 676 8,459 6,700 (2,346) (2,204) 863 563
Vicon USA 701 1,234 43 49 3,787 3,964 (1,561) (1,377) 45 51
Vicon Group 3,449 3,698 1,595 725 12,246 10,664 (3,907) (3,581) 908 614
Yotta UK 4,477 4,839 407 651 10,497 8,482 (1,702) (1,504) 594 77
Yotta Mayrise 4,586 5,033 23 5,108 9,371 9,490 (1,833) (1,942) 458 477
Yotta Group 9,063 9,872 430 5,759 19,868 17,972 (3,535) (3,446) 1,052 554
2d3 UK 11 15 2 3 2,353 1,684 (48) (60) 4 9
2d3 USA 4,297 4,410 313 229 8,665 8,094 (2,163) (4,109) 390 363
2d3 Group 4,308 4,425 315 232 11,018 9,778 (2,211) (4,169) 394 372
OMG Life UK 1,633 2,081 862 1,123 (2,470) 733 (777) (784) 1,137 200
OMG Life USA - - - - 380 - (2) - - -
Life Group 1,633 2,081 862 1,123 (2,090) 733 (779) (784) 1,137 200
House of Moves - retained assets - - - - 534 - - - - -
Unallocated 303 257 17 4 (400) 1,147 (622) (473) 20 14
Continuing operations 18,756 20,333 3,219 7,843 41,176 40,294 (11,054) (12,453) 3,511 1,754
Yotta USA - - - - 26 26 (5) (5) - -
House of Moves - 744 26 22 720 1,368 (45) (249) 27 42
Discontinued operations - 744 26 22 746 1,394 (50) (254) 27 42
OMG Group 18,756 21,077 3,245 7,865 41,922 41,688 (11,104) (12,707) 3,538 1,796
(4) (Loss)/profit before taxation
The (loss)/profit before taxation is stated after charging / (crediting):
2014 2013
£'000 £'000
Loss on disposal of property, plant and equipment 4 1
Depreciation of property, plant and equipment - owned 584 520
- under hire purchase/finance lease 105 111
Amortisation of customer relationships 429 182
Amortisation of intellectual property 310 217
Amortisation of development costs 2,110 766
Impairment of intangible fixed assets 903 -
Share based payments - equity settled 189 389
Operating lease charges - other than plant and machinery 906 843
Fair value adjustment to contingent consideration - 150
Foreign exchange 27 (23)
Research and development costs 4,260 3,781
(5) Reconciliation of adjusted (loss)/profit before tax
A reconciliation of (loss)/profit before tax to adjusted (loss)/profit before
tax, which the Board consider better reflects operational performance is
provided below. This measure complements the statutory measure as reported in
the Consolidated Income Statement and is a performance indicator provided to
the Chief Operating Decision Maker.
Group Group
2014 2013
£'000 £'000
Profit before tax - continuing operations 405 304
Share based payments - equity settled 189 389
Amortisation of intangibles arising on acquisition 737 397
Fair value adjustment to contingent consideration - 150
Unwinding of discount on contingent consideration - 405
Acquisition costs - 293
Redundancy costs 9 17
Adjusted profit before tax - continuing operations 1,340 1,955
Loss before tax - discontinued operations (989) (748)
Impairment of goodwill 616 -
Adjusted loss before tax - discontinued operations (373) (748)
Acquisition costs in the year ended 30 September 2013 comprise costs relating
to the acquisition of Mayrise Limited.
The redundancy costs in the year ended 30 September 2014 are associated with
the Yotta UK business and those in the year ended 30 September 2013 are
associated with the restructuring of the 2d3 UK business.
(6) Finance income and expense
2014 2013
£'000 £'000
Finance expense - Hire purchase liabilities (10) (11)
- Bank interest paid (5) -
- Unwinding of discount on contingent consideration (note 27) - (405)
(15) (416)
Finance income - Interest income on short term bank deposits 6 11
(7) Taxation
The tax is based on the (loss)/profit for the year and represents:
2014 2013
£'000 £'000
United Kingdom corporation tax at 22.0% (2013: 23.5%) - -
Overseas taxation 66 -
Adjustments in respect of prior year (16) -
Current taxation 50 -
Deferred taxation (note 22) (64) (292)
Total taxation income (14) (292)
At 30 September 2014, the Group had an undiscounted deferred tax asset of
£678,000 (2013: £897,000). The asset comprises principally accelerated
capital allowances, the accumulated unrelieved tax losses available to Group
undertakings to offset against future taxable trading profits of the same
trade and future tax relief available on the exercise of outstanding employee
share options in OMG plc.
Deferred tax assets and liabilities have been measured at an effective rate of
20% and 38% in the UK and USA, respectively (2013: 21% and 38%,
respectively).
The inclusion of legislation to reduce the main rate of corporation tax from
23% to 21% from 1 April 2014 and then a further reduction to 20% from 1 April
2015 was substantively enacted on 3 July 2013.
For the purposes of deferred tax, the rate change from 21% to 20% had been
substantively enacted before the balance sheet date.
The tax assessed for the year is lower than the standard rate of corporation
tax in the UK of 22.0% (2013: lower than the standard rate of 23.5%).The
differences are explained as follows:
2014 2013
£'000 £'000
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