REG - Pelatro PLC - Half-year Report

PelatroAnnouncement

28/09/2021 07:00

RNS Number : 1139N
  
Pelatro PLC
  
28 September 2021
  
 

28 September 2021
Pelatro Plc
 
("Pelatro" or the "Group")
 
Interim results
 
 
Pelatro Plc (AIM: PTRO), the precision marketing software specialist, is pleased to announce today its results for the 6 months ended 30 June 2021.
 
Financial highlights
 
•              Revenue $3.46m (H1 2020: $2.29m)
•              Recurring revenue $2.43m (H1 2020: $1.54m), 70% of revenue
•              Adjusted EBITDA* $1.61m (H1 2020: $0.66m)
•              Adjusted EBITDA* margin 47% (H1 2020 29%)
•              Adjusted earnings per share 1.6¢ (H1 2020: (0.6)¢)
 
 
Operational highlights
 
•              Transition to recurring revenue model almost complete
•              New Framework Agreement signed with major telco group
•              Older contracts now being renewed, demonstrating "stickiness" and continuity of Pelatro products
 
 
Post period end highlights
 
•              Completed placing of 8.38m shares to raise £3.35m (pre expenses)
•              Gross cash at 31 August $3.8m, net cash $2.8m after debt repayments of c. $0.6m
 
 
Outlook
 
Management expectations for the year underpinned by:
 
•              revenue visibility of c. $7.2m for full year (including $3.5m H1 2021)
•              current pipeline** of c. $18m, of which c. $5m is from existing customers
 
Richard Day, Non-executive Chairman of Pelatro commented:
 
"The momentum we have seen in the first half of the year is being maintained, with the Group being able to sell an expanded suite of products across our customer base. Our planned move into the mobile advertising space has started well and is throwing up some exciting prospects in non-telco areas as well. We very much appreciate the support we received from our shareholders with our £3.35m equity fund raising. With a sound business base, a wide range of quality products, excellent prospects  and current visibility of c. $7.2m for this year as a whole, we have every confidence as we look forward to the end of the year and beyond to the longer term."
 
 
For further information contact:
 



Pelatro Plc








Subash Menon, Managing Director


c/o Cenkos




Nic Hellyer, Finance Director


















Cenkos Securities plc (Nominated Adviser and Broker)


+44 (0)20 7397 8900




Stephen Keys / Mark Connelly (corporate finance)








Michael Johnson (sales)







 
 
* earnings before interest, tax, depreciation, amortisation, exceptional items and share-based payments
 
** "pipeline" is defined as opportunities where an RFI or RFP has been received and recurring revenue contracts are included as the sum of the likely revenue over 3 years in order to provide comparability with one-off license fee income
 
 
Notes to editors
 
The Pelatro Group was founded in March 2013 by Subash Menon and Sudeesh Yezhuvath with the objective of offering specialised, enterprise class software solutions for customer engagement principally to telcos who face a series of challenges including market maturity, saturation and customer churn.
 
Pelatro provides its "mViva" platform for use by customers in B2C and B2B applications, and is well positioned in the Customer Engagement space. Our technology orchestrates the digital journey of the customers of the telcos through contextual, relevant and real time offers and loyalty programs across multiple channels including websites, social media, apps and others.
 
For more information about Pelatro, visit www.pelatro.com
 




 
Managing Director's statement
 
Despite the continuing restriction on overseas air travel due to COVID-19 and hence the lack of face-to-face meetings we have continued to win new business throughout the first half of the year. Early in the period we won a recurring revenue contract for campaign management operations from an Asian telco (part of a large global group), which contract, with a number of additional services now taken on, is likely to produce revenue of around $1.5m over its life. In May, another existing customer group of Pelatro in Asia (with about 230 million subscribers) entered into a Framework Agreement ("FWA") with Pelatro for three years, which brought annual maintenance, support and previously ad hoc change requests under this group purchasing arrangement with a fixed amount to be paid quarterly for all base products and services. The FWA thus converted our entire product suite with the customer to recurring revenue and the contract will produce revenue of around $0.5m per year from 2022 onwards.
 
With these contracts and those from previous years our planned move into managed services business or other recurring revenue contracts in place of up-front licence arrangements is largely complete. We already have encouraging visibility for FY22 and the new business pipeline also reflects this move, with the majority of contracts signed in future expected to be of a recurring revenue nature.
 
Customers continue to be active with change requests, and overall some $1.3m of change requests have been contracted for execution this year. Likewise existing customers have been active in purchasing additional "modules" (such as Enterprise CLM, Analytics Workbench), which will contribute around $0.2m to revenue. Additionally, some of the Group's existing managed services contracts contain provisions for gain share revenue for Pelatro over and above the minimum contractual payments, which to date have produced revenue of around $0.25m but have the potential to produce revenue of around $0.5m during the year.
 
We have also now begun our move into mobile advertising, adding a new business stream to our existing operations in the mobile customer engagement space. We see this as a fast growing area and one which is highly complementary to our existing business. After the period end we raised £3.35m (gross) in new equity funding to invest in this new business area (as well as for general working capital for our overall business): since that time we have hired a senior manager to head the team and further recruitment is underway. Discussions are going on with prospective customers and we are seeing further opportunities to expand our offering to non-telco customers in multiple verticals. We are very encouraged at the level of interest we are seeing in this area from various brands including banks, retail and others.
 
Financial review
 
Revenue and profitability
 
In the six months to 30 June 2021 revenue increased by some 50% over the comparable period to $3.46m (H1 2020: $2.29m). Of the total revenue, approximately $2.43m (H1 2020: $1.54m) was recurring revenue, comprising managed services, post contract support and gain share revenue. Taking change requests of $1.01m into account virtually all H1 revenue was repeating revenue, though for the full year we expect to recognise some license-related revenue, for example from implementation of prior year contracts.
 
Underlying operating profit (excluding the impact of non-cash share-based payments, amortisation of customer-related intangible assets and exceptional items in H1 2020) was $0.76m (H1 2020: $0.11m loss).
 
Net cash and trade receivables
 
Cash generated from operating activities was approximately $0.70m after working capital movements (H1 2020: $1.18m); however,  this is net of a payment of c. $0.7m relating to sales commissions due on a prior year contract. The financing requirements of the business were relatively modest; however the Group did take advantage of an Indian government COVID-related loan which was fully repaid after the period end along with a further $0.6m of debt out of the proceeds of the equity fund-raising of £3.35m.
 
Short-term trade receivables (including unbilled revenue but excluding contract assets) as at 30 June 2021 were $3.72m (31 December 2020 $3.34m).
 
Expenditure on non-current assets
 
Capitalised development expenditure was $1.39m (H1 2020: $1.21m); Group expenditure on fixed assets was a more normal $42,000 compared to the $0.79m in the comparative period which related to IT infrastructure for the Group's major managed services contract.
 
 
Current trading and outlook
 
Our strategy to focus more on recurring revenue has started to yield results. One obvious shift is in the weighting of expected revenue in the two halves of the year which has become more even. Another notable change is the reduction of "debtor days" which, whilst still an over-broad measure of trade receivables, does give a more meaningful figure when applied to debtors arising from recurring revenue contracts. 
 
We are experiencing good momentum in our telco-facing business with existing customers increasing their investment in our solutions. Further, we are working on a strong pipeline with an expectation of winning a few more new customers in 2021 and securing recurring revenue contracts which should lead to attractive growth in 2022. We have made progress on the non-telco front, with one key hire and a number of engagements with non-telco corporates to help them with their marketing (advertising and campaigning) activities. In particular we have engaged with one corporate in the financial services sector and hope to provide our software to analyse its proprietary data. We expect to see further progress with non telco customers in the coming months and look to the future with confidence.



Group statement of comprehensive income











6 months to
30 June 2021


6 months to
30 June 2020


Year to
December 2020








Note


$'000


$'000


$'000












(unaudited)


(unaudited)


(audited)


























Revenue


2


3,460


2,291


4,020




Cost of sales and provision of services






(968)


(667)


(1,710)












_______


_______


_______




Gross profit






2,492


1,624


2,310


























Adjusted administrative expenses






(1,735)


(1,738)


(3,647)












_______


_______


_______




Adjusted operating profit/(loss)






757


(114)


(1,337)




Exceptional items






-


149


149




Amortisation of acquisition-related intangibles






(342)


(342)


(686)




Share-based payments






(15)


(27)


(32)












_______


_______


_______




Operating profit/(loss)






400


(334)


(1,906)




Finance income


4


23


37


64




Finance expense


5


(110)


(106)


(240)












_______


_______


_______




Profit/(loss) before taxation






313


(403)


(2,082)




Income tax credit/(expense)






(42)


(36)


(375)












_______


_______


_______




PROFIT/(LOSS) FOR THE PERIOD






271


(439)


(2,457)


























Other comprehensive income/(expense):




















Items that may be reclassified subsequently to profit or loss:




















Exchange differences






(26)


21


25












_______


_______


_______




Other comprehensive income, net of tax






(26)


21


25


























TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD






245


(418)


(2,432)


























Earnings/(loss) per share




















Reported




















Basic and diluted


6


0.7¢


(1.3)¢


(7.2)¢


























Adjusted




















Basic and diluted


6


1.6¢


(0.6)¢


(7.2)¢

























 




 
Group statement of financial position











As at
30 June 2021


As at
30 June 2020


As at 31 December 2020








Note


$'000


$'000


$'000












(unaudited)


(unaudited)


(audited)




Assets




















Non-current assets




















Intangible assets


7


12,052


11,132


11,649




Property, plant and equipment






1,095


1,220


1,218




Right-of-use assets






238


240


308




Deferred tax assets






16


92


16




Contract assets


8


461


446


751




Trade and other receivables






91


238


149












_______


_______


_______












13,953


13,368


14,091




Current assets




















Contract assets


8


733


246


609




Trade receivables






3,716


4,800


3,335




Other assets






387


576


485




Cash and cash equivalents


                        


784


749


1,805












_______


_______


_______












5,620


6,371


6,234


























Total assets






19,573


19,739


20,325


























Liabilities




















Non-current liabilities




















Borrowings


9


1,031


1,145


1,196




Lease liabilities






117


104


172




Contract liabilities






139


228


207




Long-term provisions


11


149


113


173












_______


_______


_______












1,436


1,590


1,748


























Current liabilities




















Borrowings


9


504


148


244




Lease liabilities






139


171


174




Trade and other payables


10


356


803


1,093




Provisions


11


198


89


163




Contract liabilities






289


337


495




Other financial liabilities






-


801


-












_______


_______


_______












1,486


2,349


2,169


























Total liabilities






2,922


3,939


3,917


























NET ASSETS






16,651


15,800


16,408
















































Issued share capital and reserves




















Share capital






1,212


1,065


1,212




Share premium






14,045


11,603


14,045




Other reserves






(611)


(606)


(583)




Retained earnings






2,005


3,738


1,734












_______


_______


_______




TOTAL EQUITY






16,651


15,800


16,408



 




 
Group statement of cash flows







6 months to
30 June 2021


6 months to
30 June 2020


Year to
December 2020








$'000


$'000


$'000








(unaudited)


(unaudited)


(audited)




Cash flows from operating activities
















Profit/(loss) for the period


271


(439)


(2,457)




Adjustments for:
















Income tax expense/(credit) recognised in profit or loss


42


45


375




Finance income


(4)


(37)


(20)




Finance costs


107


87


232




Depreciation of tangible non-current assets


210


135


366




Profit on disposal of fixed assets


-


-


(10)




Amortisation of intangible non-current assets


991


993


2,122




Fair value adjustment on contingent consideration


-


(149)


(149)




Share-based payments


15


27


32




Foreign exchange (gains)/losses


10


6


25








_______


_______


_______




Operating cash flows before movements in working capital


1,642


668


516




(Increase)/decrease in trade and other receivables


(199)


416


2,229




(Increase)/decrease in contract assets


173


122


(544)




Increase/(decrease) in trade and other payables


(623)


386


676




Increase in contract liabilities


(293)


(413)


(276)








_______


_______


_______




Cash generated from operating activities


700


1,179


2,601






















Income tax paid


(191)


(110)


(339)








_______


_______


_______




Net cash generated from operating activities


509


1,069


2,262






















Cash flows from investing activities
















Development of intangible assets


(1,354)


(1,210)


(2,807)




Purchase of intangible assets


(3)


(3)


(9)




Acquisition of property, plant and equipment


(42)


(791)


(902)




Payment of earn out consideration relating to prior period acquisition


-


-


(851)








_______


_______


_______




Net cash used in investing activities


(1,399)


(2,004)


(4,569)






















Cash flows from financing activities
















Proceeds from issue of ordinary shares, net of issue costs


-


-


2,589




Proceeds from borrowings


226


1,117


1,753




Repayment of borrowings


(81)


(301)


(919)




Repayments of principal on lease liabilities


(85)


(93)


(171)




Interest received


4


37


20




Interest paid


(125)


(61)


(185)




Less interest accrued but not paid


-


16


-




Interest expense on lease liabilities


(9)


(8)


(16)








_______


_______


_______




Net cash generated by/(used in) financing activities


(70)


707


3,071






















Net increase/(decrease) in cash and cash equivalents


(960)


(228)


764




Net foreign exchange differences


(61)


(43)


(60)




Cash and cash equivalents at beginning of period


1,805


934


1,101








_______


_______


_______




Cash and cash equivalents at end of period


784


663


1,805






















Comprising:
















Cash at bank and in hand


945


749


1,805




Overdraft


(161)


(86)


-








_______


_______


_______








784


663


1,805



 
 
 
Group statement of changes in equity
 







Share capital


Share premium


Exchange reserve


Merger reserve


Share-based payments reserve


Retained profits






Total








$'000


$'000


$'000


$'000


$'000


$'000






$'000




Balance at 1 January 2020


1,065


11,603


(216)


(527)


100


4,177






16,202




(Loss) after taxation for the period


-


-


-


-


- 


(439)






(439)




Share-based payments


-


-


-


-


50  


-






50




Other comprehensive income:




































Exchange differences


-


-


(13)


-


-


-






(13)








_____


_____


_____


_____


_____


_____






_____




Balance at 30 June 2020


1,065


11,603


(229)


(527)


150


3,738






15,800




(Loss) after taxation for the period


-


-


-


-


- 


(2,018)






(2,018)




Share-based payments


-


-


-


-


48


-






48




Transfer on lapse of share options


















(14)


14






-




Other comprehensive income:




































Exchange differences


-


-


(11)


-


-


-






(11)




Transactions with owners:




































Shares issued by Pelatro Plc for cash


147


2,620


-


-


-


-






2,767




Issue costs


-


(178)


-


-


-


-






(178)








_____


_____


_____


_____


_____


_____






_____




Balance at 31 December 2020


1,212


14,045


(240)


(527)


184


1,734






16,408




Profit after taxation for the period


-


-


-


-


- 


271






271




Share-based payments


-


-


-


-


51


-






51




Other comprehensive income:




































Exchange differences


-


-


(79)


-


-


-






(79)








_____


_____


_____


_____


_____


_____






_____




Balance at 30 June 2021


1,212


14,045


(319)


(527)


235


2,005






16,651



 




Notes to the Group financial statements
 
 
1              Basis of preparation
 
The Group has prepared its interim financial statements (the "statements") for the 6 months ended 30 June 2021 (the "interim results") in accordance with the AIM Rules of the London Stock Exchange and not in accordance with IAS34 Interim Financial Reporting; the statements are prepared in accordance with the recognition and measurement principles of International Accounting Standards in conformity with the requirements of the Companies Act 2006, but do not include all the disclosures that would otherwise be required
 
The statements have been prepared under the historical cost convention. The accounting policies adopted in the statements are consistent with those adopted in the Group's Annual Report and Financial Statements for the year ended 31 December 2020 and those which will be adopted in the preparation of the annual report for the year ending 31 December 2021. The statements do not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006 and are unaudited.
 
Going concern
 
A gradual "return to normal" on the part of our customers, our successful adaptation to new working methods and the global rollout of vaccination programmes means that the Directors consider that coronavirus no longer presents a material downside risk to the Group. The Directors have considered trading and cash flow forecasts prepared for the Group, and based on these, and confirmed banking facilities, are satisfied that the Group will continue to be able to meet its liabilities as they fall due for at least one year from the date of these results. On this basis, they consider it appropriate to have adopted the going concern basis in the preparation of the interim results, which were approved by the Board of Directors on 27 September 2021.
 
Comparative financial information
 
The comparative financial information presented herein for the year ended 31 December 2020 does not constitute full statutory accounts for that period. Statutory accounts for the year ended 31 December 2020 have been filed with the Registrar of Companies. These statutory accounts carried an unqualified Auditor's Report, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006.
 
 




 
2              Segmental analysis
 
Revenue by type







6 months to
30 June 2021


6 months to
30 June 2020


Year to
31 December 2020








$'000


$'000


$'000






















Recurring software sales and services


1,922


817


1,528




Maintenance and support


506


719


1,323








_______


_______


_______




Total recurring revenues


2,428


1,536


2,851




Change requests


1,009


331


426








_______


_______


_______




Total repeating revenues


3,437


1,867


3,277




Licence related income


23


424


698




Consulting


-


-


45








_______


_______


_______








3,460


2,291


4,020



 
 
Revenue by geography
 
The Group recognises revenue in seven geographical regions based on the location of customers, as set out in the following table:







6 months to
30 June 2021


6 months to
30 June 2020


Year to
31 December 2020








$'000


$'000


$'000






















Caribbean


64


60


145 




Central Asia


287


32


175




Eastern Europe


75


74


168 




Africa


152


42


64 




South Asia


1,102


923


1,096 




South East Asia


1,780


1,160


2,372








_______


_______


_______








3,460


2,291


4,020



 
 
3              Non-GAAP profit measures and exceptional items
 
Reconciliation of operating profit to earnings before interest, taxation, depreciation and amortisation ("EBITDA"):







6 months to
30 June 2021


6 months to
30 June 2020


Year to
31 December 2020








$'000


$'000


$'000




Operating profit/(loss)


400


(334)


(1,906)




Adjusted for:
















 - amortisation and depreciation


1,175


1,091


2,420








_______


_______


_______




EBITDA


1,575


757


514




Other adjustments:
















 - revenue recognised as interest under IFRS 15


19


22


44




Expensed share-based payments


15


27


32




Exceptional items:
















- gain on adjustment of deferred consideration liability


-


(149)


(149)








_______


_______


_______




Adjusted EBITDA


1,609


657


441



 
The criteria for adjusting operating income or expenses in the calculation of adjusted EBITDA are that they are material and either (i) arise from an irregular and significant event or (ii) are such that the income/cost is recognised in a pattern that is unrelated to the resulting operational performance. Materiality is defined as an amount which, to a user, would influence decision-making based on, and understandability of, the financial statements.
 
Exceptional items are treated as exceptional by reason of their nature and are excluded from the calculation of adjusted EBITDA (and adjusted earnings per share below) to allow a better understanding of comparable year-on-year trading and thereby an assessment of the underlying trends in the Group's financial performance. These measures also provide consistency with the Group's internal management reporting.
 
Adjustment for share-based payment expense is made because, once the cost has been calculated for a given grant of options, the Directors cannot influence the share-based payment charge incurred in subsequent years relating to that grant; also the value of the share option to the employee differs considerably in value and timing from the actual cash cost to the Group.
 
Elements of depreciation on right-to-use assets recognised under IFRS 16 and share-based payment expense are deemed to be directly attributable overheads for the purposes of capitalising relevant expenditure on developing intangible assets (see Note 7). The figures above are shown net of amounts so capitalised.
 
 
4              Finance income







6 months to
30 June 2021


6 months to
30 June 2020


Year to
31 December 2020








$'000


$'000


$'000








(unaudited)


(unaudited)


(audited)




Interest receivable on interest-bearing deposits


4


15


20




Notional interest accruing on contracts with a significant financing component


19


22


44








_______


_______


_______




Total finance income


23


37


64



 
 
5              Finance expense
 







6 months to
30 June 2021


6 months to
30 June 2020


Year to
31 December 2020








$'000


$'000


$'000








(unaudited)


(unaudited)


(audited)






















Interest and finance charges paid or payable on borrowings


101


79


198




Interest on lease liabilities under IFRS 16


13


15


31




Less: amounts capitalised as intangible assets


(4)


(7)


(14)




Acquisition-related financing expense - unwinding of discount on financial liabilities


-


19


25








_______


_______


_______




Total finance expense


110


106


240



 
 
6              Earnings per share
 
Earnings per share - reported ("EPS")
 
The calculation of the basic and diluted EPS is based on the following data:
 







6 months to
30 June 2021


6 months to
30 June 2020


Year to
31 December 2020








$'000


$'000


$'000




Earnings
















Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent


271


(439)


(2,457)






















Number of shares
















Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share


37,032,431


32,532,431


34,136,617



 
The weighted average number of shares and the loss for the year for the purposes of calculating the fully diluted earnings per share are the same as for the basic loss per share calculation. This is because the outstanding share options would have the effect of reducing the loss per ordinary share and would therefore not be dilutive under IAS33.
 
Adjusted earnings per share
 
Adjusted EPS is calculated as follows:







6 months to
30 June 2021


6 months to
30 June 2020


Year to
31 December 2020








$'000


$'000


$'000




Earnings attributable to owners of the Parent


271


(439)


(2,457)




Adjusting items:
















 - exceptional items


-


(149)


(149)




- expensed share-based payments


15


27


32




- finance charge on liabilities relating to
 contingent consideration


-


19


25




- amortisation of acquisition-related intangibles


342


342


686




- prior year adjustments to tax charge


(18)


-


(18)








_______


_______


_______




Adjusted earnings attributable to owners of the Parent


610


(200)


(1,881)






















Weighted number of ordinary shares in issue


37,032,431


32,532,431


34,136,617






















Adjusted earnings per share attributable to shareholders (basic and diluted)


1.6¢


(0.6)¢


(5.5)¢



 
The criteria for inclusion of adjusting items in the calculation of adjusted EPS are the same as those relating to the calculation of adjusted EBITDA as set out in Note 3. Additionally, amortisation of acquisition-related intangibles relates to the amortisation of intangible assets in respect of customer relationships which are recognised on a business combination and are non-cash in nature.
 
The Group has one category of potentially dilutive ordinary share, being those share options granted to employees where the exercise price (plus the remaining expected charge to profit under IFRS 2) is less than the average price of the Company's ordinary shares during the period.
 
 
7              Intangible assets
 
Intangible assets comprise capitalised development costs, acquired software, customer relationships and goodwill.
 







Development costs


Third party
software


Patents


Customer relationships


Goodwill


Total








$'000


$'000


$'000


$'000


$'000


$'000




Cost




























At 1 January 2021


9,263


110


27


6,862


470


16,732




Additions


1,390


6


-


-


-


1,396




Foreign exchange


-


(1)


-


-


-


(1)








_______


_______


_______


_______


_______


_______




At 30 June 2021


10,653


115


27


6,862


470


18,127


































Amortisation or impairment




























At 1 January 2021


(3,373)


(52)


-


(1,658)


-


(5,083)




Charge for the period


(639)


(10)


-


(343)


-


(992)








_______


_______


_______


_______


_______


_______




At 30 June 2021


(4,012)


(62)


-


(2,001)


-


(6,075)


































Net carrying amount




























At 30 June 2021


6,641


53


27


4,861


470


12,052


































At 1 January 2021


5,890


58


27


5,204


470


11,649



 
 
8              Contract assets
 
Contract assets are comprised as follows:
 







As at
30 June 2021


As at
30 June 2020


As at 31 December 2020








$'000


$'000


$'000




Due after one year
















Contract assets relating to revenue


98


446


311




Contract fulfilment assets


363


-


440








_______


_______


_______








461


446


751






















Due within one year
















Contract assets relating to revenue


581


246


457




Contract fulfilment assets


152


-


152








_______


_______


_______








733


246


609



 
 
9              Loans and borrowings







As at
30 June 2021


As at
30 June 2020


As at 31 December 2020








$'000


$'000


$'000




Non-current liabilities
















Secured term loans


237


-


277




Unsecured borrowings


794


1,145


919








_______


_______


_______








1,031


1,145


1,196




Current liabilities
















Current portion of term loans


138


62


99




Unsecured borrowings


366


86


145








_______


_______


_______








504


148


244






















Total loans and borrowings


1,535


1,293


1,440



 
 
10           Trade and other payables
 







As at
30 June 2021


As at
30 June 2020


As at 31 December 2020








$'000


$'000


$'000




Due within a year
















Trade payables


30


40


810




Other payables


326


763


283








_______


_______


_______




Total trade and other payables


356


803


1,093



 
 
11           Provisions
 



Long-term


As at
30 June 2021


As at
30 June 2020


As at 31 December 2020








$'000


$'000


$'000






















Employee gratuities


108


76


116




Leave encashment


41


37


57








_______


_______


_______








149


113


173



 
 



Short-term


As at
30 June 2021


As at
30 June 2020


As at 31 December 2020








$'000


$'000


$'000






















Employee gratuities


12


9


13




Leave encashment


17


15


24




Other provisions (including tax)


169


65


126








_______


_______


_______








198


89


163



 
 
12           Post balance sheet events
 
Other than disclosed above there have been no events subsequent to the reporting date which would have a material impact on these interim financial results.
 
 
 
 [END]

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
IR FZGZLDNNGMZM