Picture of Ra International logo

RAI Ra International News Story

0.000.00%
gb flag iconLast trade - 00:00
IndustrialsHighly SpeculativeMicro CapValue Trap

REG - RA Intnl Group PLC - Interim Results for the six months to 30 June 2024

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240917:nRSQ4220Ea&default-theme=true

RNS Number : 4220E  RA International Group PLC  17 September 2024

17 September 2024

 

RA INTERNATIONAL GROUP PLC

("RA International", "RA" or the "Company")

 

Interim Results for the six months to 30 June 2024

 

RA International Group plc (AIM: RAI), a specialist provider of complex and
integrated remote site services to organisations globally, announces its
unaudited interim results for the six months ended 30 June 2024.

The Group's performance in the first half of 2024 reflects a temporary less
favourable sales mix, strategic investments in ongoing construction projects,
and delays in revenue recognition and mobilisation on certain projects into
the second half of the 2024 year.

H1 2024 results

·    Revenue remained broadly consistent with the previous two periods at
USD 30.5m (H2 23: USD 27.9m, H1 23: USD 30.4m), delivering an EBITDA Loss of
USD 1.4m (H2 23: Profit USD 5.5m, H1 23: Profit USD 0.8m).

·    Gross profit margin fell to 8.2% (H2 23: 17.6%, H1 23: 11.8%)
primarily due to a less favourable sales mix within supply chain services,
with sales weighted towards lower-margin logistics work related to the one-off
assets sales in 2023.

·    Cash of USD 9.9m on 30 June 2024, reduced by USD 6.9m on the previous
period (H2 23: USD 16.8m, H1 23: USD 12.2m), due to the loss during the period
as well as the strategic decision to make a substantial forward investment in
inventory for ongoing construction projects in order to benefit from reduced
costs.

·    In line with the decrease in cash, net debt(*) increased to USD 5.9m
(H2 23: net cash USD 1.1m, H1 23: net debt USD 1.8m).

Operating highlights

·    Successfully completed and handed over the first task order at the US
Navy Base in Diego Garcia. To date, RA has received five task orders valued at
USD 8.9m, with USD 7.0m of work remaining.

·    Received the first task order through UK Integrated Security Fund
("ISF") - formerly the Conflict, Stability and Security Fund - due to be
delivered in H2 24. The change in the UK Government has led to delays in
orders coming out of the ISF; however, with the new administration in place,
we are seeing an increase in task-order activity and are progressing with
several bids.

·    Increased contract activity from RA FS following its restructuring in
2023, with revenues received during the period on projects in Suriname and
Thailand. Contracts have been awarded for projects in the new territories of
Zimbabwe, Ghana and the Maldives, with revenues to be recognised in H2 24 and
into 2025.

·    The Group has a number of long-term, high-value bids in progress
across all customer groups, extending existing contracts and building
opportunities with new clients and in new territories.

Soraya Narfeldt, CEO of RA International, commented:

"Following a significant turnaround last year, we continue to build
foundations to ensure we resume our path towards profitability. Today's
separately announced contract award with the MOD is a direct result of the
hard work that is being accomplished to achieve long-term visibility and
stability for the business.

The H1 24 results reflect a less favourable sales mix and delays on contract
awards and mobilisation of new projects, impacting cash flow and
profitability, as well as substantial forward investments in preparation for
the delivery phases of ongoing construction projects scheduled for H2 24 and
beyond.

We continue to focus on cost control and financial management. The Board is
confident in the Group's ability to meet its debt obligations and will repay
USD 2.3m in November 2024 as per the terms of the loan note agreement. The
remaining USD 13.5m is scheduled to mature in January 2027.

The Group is pursuing various opportunities with commercial clients and is
awaiting adjudication on two large bids with UN organisations. Through its
framework positions, the Group is experiencing increased task order activity
in the UK and US. Additionally, the funds allocated to these frameworks have
increased significantly since they were first announced.

While we remain cautious about our financial performance for the full year, we
believe that with our current projects, business pipeline, and bid activity,
we are well positioned for a marked improvement in H2. We remain committed to
our strategic priority of returning the business to sustained profitability.
Through our actions, we are confident that we are building a more resilient
and sustainable business."

 

(*)Net debt represents cash less overdraft balances, term loans and notes
outstanding.

 

Enquiries:

 RA International Group plc                                            Via Strand Hanson

 Soraya Narfeldt, Chief Executive Officer

 Lars Narfeldt, Chief Operating Officer

 Dave Marshall, Group Finance Director

 Strand Hanson Limited (Nominated & Financial Adviser and Broker)      +44 (0) 20 7409 3494 (tel:02074093494)

 Ritchie Balmer / James Spinney / David Asquith

 

 

About RA International

RA International is a leading provider of services to remote locations. The
Company offers its services through three channels: construction, integrated
facilities management and supply chain, and services two main client groups:
humanitarian and development agencies and western Government organisations
focusing on overseas projects. It has a strong customer base, largely
comprising UN agencies, UK and US Government departments and global
corporations.

The Company provides comprehensive, flexible, mission critical support to its
clients enabling them to focus on the delivery of their respective businesses
and services. Focusing on integrity and values alongside making on-going
investment in its people, locations and operations has over time created a
reliable and trusted brand within its sector.

 

 

Chief Executive Officer's review

After the significant turnaround highlighted in our 2023 Annual Report, the
Group's performance in the first half of 2024 reflects a less favourable sales
mix, delays in contract awards and mobilisation, and forward investments in
several contracts as we increase the range and value of our services. Revenues
from these contracts will be recognised in the second half of the year and
into 2025.

We remain committed to our strategic priorities: targeting sustained
profitability, improving the Company's liquidity position, and building a
stronger pipeline. Our actions in the last two years support these priorities;
we have retained our existing client base, are building exciting new
government and commercial relationships and, through frameworks, have access
to multiple opportunities.

Financial review

As outlined in the table below, Group revenue was USD 30.5m, broadly
consistent with the previous periods (H2 23: USD 27.9m, H1 23: USD 30.4m).

Gross profit margin in H1 24 was 8.2% (H2 23: 17.6%, H1 23: 11.8%). The
decrease was due to the provision of a high proportion of one-off low-margin
logistics projects to a new commercial client in Ethiopia, to which the Group
sold assets last year.

Strict cost controls continue to be maintained, with administrative expenses
increasing marginally to USD 5.9m (H2 23: USD 5.9m, H1 23: USD 5.7m), despite
inflationary pressures and activity in new territories that necessarily
require increased activity.

As a result of the above, the Group delivered an EBITDA Loss of USD 1.4m (H2
23: Profit USD 5.5m, H1 23: Profit USD 0.8m). The loss before tax for the
period was USD 4.4m (H2 23: Profit USD 2.6m, H1 23: Loss USD 2.5m).

As of 30 June 2024, cash stood at USD 9.9m, a decrease of USD 6.9m from the
previous period (H2 23: USD 16.8m, H1 23: USD 12.2m). This reduction is
attributed to the loss incurred during the period, as well as the strategic
decision to make a substantial investment in inventory intended for ongoing
contracted construction projects, scheduled for completion is 2025. The
inventory is secured under the terms of the contracts, and the early
investment has allowed the Group to benefit from cost savings related to bulk
purchases and logistics.

Net assets on 30 June 2024 were USD 20.6m (H2 23: USD 24.9m, H1 23: USD
22.5m), decreasing from 2023 year-end in line with the net loss generated.

Basic loss per share was 2.5 cents in the current period (H2 23: Earnings 1.5
cents, H1 23: Loss 1.4 cents) and is equal to diluted earnings per share for
the current period.

Net debt at the year-end stood at USD 5.9m (H2 23: Net cash USD 1.1m, H1 23:
Net debt USD 1.8m).

 

                                          6 months  6 months     6 months
                                          ended     ended        ended
                                          30 June   31 December  30 June
                                          2024      2023         2023
                                          USD'm     USD'm        USD'm

 Revenue                                  30.5      27.9         30.4

 Gross profit                             2.5       4.9          3.6
 Gross profit margin                      8.2%      17.6%        11.8%

 EBITDA                                   (1.4)     5.5          0.8
 EBITDA margin                            (4.6)%    19.7%        2.6%

 (Loss)/profit before tax                 (4.4)     2.6          (2.5)
 (Loss)/profit before tax margin          (14.4)%   9.3%         (8.2)%

 Basic (loss)/earnings per share (cents)  (2.5)     1.5          (1.4)

 Net (debt)/cash (end of period)(*)       (5.9)     1.1          (1.8)

 

At the end of the period, the Group had USD 15.8m of loan notes, of which USD
2.3m will be repaid in November 2024 in accordance with our terms. The
remaining USD 13.5m will mature in January 2027. The Board is committed to
reducing debt levels and is confident in the Group's ability to meet its debt
obligations.

 

Contract awards, uplifts and extensions, and new business pipeline

The change in the UK Government has led to delays to orders coming out of the
UK Integrated Security Fund ("ISF") - formerly the Conflict, Stability and
Security Fund - on which we secured a leading position in September 2023.
Nonetheless, we were pleased to have been awarded our first project for the
ISF during the period for a total value of USD 0.6m, which will be completed
in H2 24. With the new administration in place, we are confident that we will
begin to see an increase in task-order activity and are progressing with
several bids.

We continue to deliver construction services at the US Navy Base at Diego
Garcia and have successfully handed over our first task order in H1. Since the
initial contract award, the scope and value of the framework has increased
from an initial ceiling of USD 249.0m to USD 348.5m, of which we have been
awarded five task orders totalling USD 8.9m, with USD 7.0m of work remaining,
which we expect to complete in 2025.

Following the restructuring of the RA FS board in 2023, we are seeing an
increase in bid activity and project delivery. The business earned revenue on
projects in Suriname and Thailand and added projects in Ghana, Zimbabwe and
the Maldives to our operations. RA FS continues to have significant
opportunities for growth.

During the period, we experienced an increase in opportunities with commercial
clients. Following asset sales of USD 1.8m to a commercial mining client in
Suriname in May 2023, our activities with this client have grown to USD 5.3m,
with further growth expected. This expansion includes supply chain work,
construction supervision, and interim Integrated Facilities Management (IFM)
services for a 700-room remote camp. The development of this client
relationship exemplifies our business model of building relationships over
time, offering an increasing range of services, and demonstrating our
capabilities. A critical factor in our success is our commitment to hiring,
training, and developing local talent and the positive impact of our advocacy
for - and integration with - local communities. We are currently in advanced
discussions with the client to increase our service provision, and local
labour participation and community engagement are key and welcome features in
our offering.

A similar opportunity has arisen following another asset sale last year to a
commercial operation in Ethiopia. For this, we provided logistics and supply
activities in H1 23, together with construction support, and are now in
discussions regarding a potential full IFM service.

During the period, we received contracts and contract extensions totalling
approximately USD 24m with USD 13m to be delivered in H2 24 and beyond. In
addition, we have two bids pending adjudication with the UN, including the
renewal of an existing contract in Somalia. The order book at the end of the
period stood at USD 43m (H2 23: USD 49m, H1 23: USD 71m). As previously
stated, the order book no longer fully captures the scope and potential of the
projects we are pursuing through our framework agreements. However, securing
one or both of the contracts currently pending adjudication would
significantly replenish it.

We are pleased to announce separately today a three-year contract (with two
additional Option years) with the MOD to provide Facilities Management
services across an East African country valued between USD 15m and USD 18m in
aggregate over the five-year period. The contract underscores the MOD's
confidence in RA International and its proven capabilities and expertise in
managing critical operations in challenging environments and will further
solidify the Company's position as a trusted partner to government entities.

Summary and outlook

We remain committed to building a high-quality, de-risked pipeline by
strengthening our relationships with western Governments and humanitarian
clients. With the new administration in the UK, we are witnessing increased
activity from our UK framework agreements. While the upcoming US election may
introduce uncertainty and potential delays, we have not yet experienced any
setbacks. RA FS continues to progress in securing contracts and is actively
pursuing several opportunities. Moreover, the funds available through
framework agreements are increasing significantly, presenting us with
additional opportunities.

We currently have two large, long-term bids with UN organisations, which, if
secured, will substantially rebuild our order book. We are also seeing early
indications that the UN bid cycle is returning.

Our recent successes with commercial clients have opened up several new
opportunities across all our service channels, including IFM. This enables us
to add meaningful value to local communities and support clients in meeting
their own social value commitments.

We continue to expand our territory coverage, although we are cautiously
selecting projects that we believe we can realistically deliver. In some
instances, this approach has led us to decline certain opportunities.

Given the opportunities and contracts outlined above, the Board expects a
significant improvement in financial performance in H2 24. While we remain
cautious about our full-year financial performance, we believe that our
current projects, business pipeline, and bid activity position us well to
achieve our strategic goals.

 

 

Soraya Narfeldt

Chief Executive Officer

17 September 2024

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2024

                                                            6 months                  6 months                  6 months
                                                            ended                     ended                     ended
                                                            30 June                   31 December               30 June
                                                            2024                      2023                      2023
                                                     Notes  USD'000                   USD'000                   USD'000

 Revenue                                             3      30,455                    27,929                    30,357

 Cost of sales                                              (27,912)                  (23,075)                  (26,778)
                                                            ────────                  ────────                  ────────
 Gross profit                                               2,543                     4,854                     3,579

 Administrative expenses                                    (5,857)                   (5,873)                   (5,714)
                                                            ────────                  ────────                  ────────
 Underlying operating loss                                  (3,314)                   (1,019)                   (2,135)

 Non-underlying items                                       ―                         4,604                     607
                                                            ────────                  ────────                  ────────
 Operating (loss)/profit                                    (3,314)                   3,585                     (1,528)

 Investment revenue                                         85                        82                        106
 Finance costs                                              (1,132)                   (1,023)                   (1,021)
                                                            ────────                  ────────                  ────────
 (Loss)/profit before tax                                   (4,361)                   2,644                     (2,443)

 Tax expense                                                ―                         ―                         (7)
                                                            ────────                  ────────                  ────────
 Loss and total comprehensive income for the period         (4,361)                   2,644                     (2,450)
                                                            ════════                  ════════                  ════════

 Basic (loss)/earnings per share (cents)             4      (2.5)                     1.5                       (1.4)
 Diluted (loss)/earnings per share (cents)           4      (2.5)                     1.5                       (1.4)

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2024

                                            As at                                    As at                         As at
                                            30 June                                  31 December                   30 June
                                            2024                                     2023                          2023
                                     Notes  USD'000                                  USD'000                       USD'000
 Assets
 Non-current assets
 Property, plant, and equipment             16,369                    17,024                        17,810
 Right-of-use assets                        4,445                     4,353                         3,953
                                            ────────                  ────────                      ────────
                                            20,814                    21,377                        21,763
                                            ────────                  ────────                      ────────
 Current assets
 Inventories                                6,622                     4,147                         3,331
 Trade and other receivables                13,193                    15,741                        12,306
 Cash and cash equivalents                  9,918                     16,843                        12,206
                                            ────────                  ────────                      ────────
                                            29,733                    36,731                        27,843
                                            ────────                  ────────                      ────────
 Total assets                               50,547                    58,108                        49,606
                                            ════════                  ════════                      ════════
 Equity and liabilities
 Equity
 Share capital                              24,300                    24,300                        24,300
 Share premium                              ―                         ―                             18,254
 Merger reserve                             (17,803)                  (17,803)                      (17,803)
 Treasury shares                            ―                         ―                             ―
 Share based payment reserve                ―                         ―                             648
 Retained earnings                          14,056                    18,417                        (2,907)
                                            ────────                  ────────                      ────────
 Total equity                               20,553                    24,914                        22,492
                                            ────────                  ────────                      ────────
 Non-current liabilities
 Loan notes                                 13,495                    13,495                        14,000
 Lease liabilities                          4,358                     4,318                         4,278
 Employees' end of service benefits         1,699                     1,502                         1,089
                                            ────────                  ────────                      ────────
                                            19,552                    19,315                        19,367
                                            ────────                  ────────                      ────────
 Current liabilities
 Loan notes                                 2,280                     2,280                         ―
 Lease liabilities                          781                       833                           547
 Trade and other payables                   7,381                     10,766                        6,693
 Provisions                                 ―                         ―                             507
                                            ────────                  ────────                      ────────
                                            10,442                    13,879                        7,747
                                            ────────                  ────────                      ────────
 Total liabilities                          29,994                    33,194                        27,114
                                            ────────                  ────────                      ────────
 Total equity and liabilities               50,547                    58,108                        49,606
                                            ════════                                 ════════                      ════════

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2024

                                                                                                                                                           Share Based
                                                   Share                     Share                     Merger                    Treasury                  Payment                   Retained
                                                   Capital                   Premium                   Reserve                   Shares                    Reserve                   Earnings                  Total
                                            Notes  USD'000                   USD'000                   USD'000                   USD'000                   USD'000                   USD'000                   USD'000

 As at 1 January 2023                              24,300                    18,254                    (17,803)                  ―                         648                       (2,907)                   22,492

 Total comprehensive income for the period         ―                         ―                         ―                         ―                         ―                         (2,450)                   (2,450)

 Share based payments                              ―                         ―                         ―                         ―                         74                        ―                         74

                                                   ────────                  ────────                  ────────                  ────────                  ────────                  ────────                  ────────
 As at 30 June 2023                                24,300                    18,254                    (17,803)                  ―                         648                       (2,907)                   22,492

 Total comprehensive income for the period         ―                         ―                         ―                         ―                         ―                         2,644                     2,644

 Share based payments                              ―                         ―                         ―                         ―                         (17)                      ―                         (17)

 Lapsed/cancelled share options                    ―                         ―                         ―                         ―                         (631)                     426                       (205)

 Capital reduction                                 ―                         (18,254)                  ―                         ―                         ―                         18,254                    ―
                                                   ────────                  ────────                  ────────                  ────────                  ────────                  ────────                  ────────
 As at 31 December 2023                            24,300                    ―                         (17,803)                  ―                         ―                         18,417                    24,914

 Total comprehensive income for the period         ―                         ―                         ―                         ―                         ―                         (4,361)                   (4,361)

 Share based payments                              ―                         ―                         ―                         ―                         ―                         ―                         ―
                                                   ────────                  ────────                  ────────                  ────────                  ────────                  ────────                  ────────
 As at 30 June 2024                                24,300                    ―                         (17,803)                  ―                         ―                         14,056                    20,553
                                                   ════════                  ════════                  ════════                  ════════                  ════════                  ════════                  ════════

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2024

                                                                      6 months                  6 months                  6 months
                                                                      ended                     ended                     ended
                                                                      30 June                   31 December               30 June
                                                                      2024                      2023                      2023
                                                               Notes  USD'000                   USD'000                   USD'000

 Operating activities
 Operating profit/(loss)                                              (3,314)                   3,585                     (1,528)
 Adjustments for non-cash and other items:
   Depreciation on property, plant, and equipment                     1,934                     1,929                     2,312
   Loss on disposal of property, plant, and equipment                 1                         6                         34
   Unrealised differences on translation of foreign balances          59                        127                       (22)
   Provision for employees' end of service benefits                   351                       586                       273
   Share based payments                                               ―                         (17)                      74
   Non-underlying items                                               ―                         (1,668)                   ―
                                                                      ────────                  ────────                  ────────
                                                                      (969)                     4,548                     1,143
 Working capital adjustments:
   Inventories                                                        (2,347)                   (753)                     1,824
   Accounts receivable, deposits, and other receivables               2,576                     (1,393)                   4,084
   Accounts payable and accruals                                      (3,328)                   3,191                     (745)
                                                                      ────────                  ────────                  ────────
 Cash flows (used in)/from operations                                 (4,068)                   5,593                     6,306
   Tax paid                                                           (50)                      ―                         (129)
   Employees' end of service benefits paid                            (155)                     (173)                     (112)
   Settlement of share options                                        ―                         (205)                     ―
                                                                      ────────                  ────────                  ────────
 Net cash flows (used in)/from operating activities                   (4,273)                   5,215                     6,065
                                                                      ────────                  ────────                  ────────

 Investing activities
 Investment revenue received                                          85                        82                        106
 Purchase of property, plant, and equipment                           (925)                     (836)                     (265)
 Proceeds from disposal of property, plant, and equipment             ―                         143                       166
                                                                      ────────                  ────────                  ────────
 Net cash flows (used in)/from investing activities                   (840)                     (611)                     7
                                                                      ────────                  ────────                  ────────

 Financing activities
 Proceeds from borrowings                                             ―                         1,775                     ―
 Repayment of lease liabilities                                       (621)                     (592)                     (381)
 Finance costs paid                                                   (1,132)                   (1,023)                   (1,021)
                                                                      ────────                  ────────                  ────────
 Net cash flows (used in)/from financing activities                   (1,753)                   160                       (1,402)
                                                                      ────────                  ────────                  ────────

 Net (decrease)/increase in cash and cash equivalents                 (6,866)                   4,764                     4,670

 Cash and cash equivalents as at start of the period                  16,843                    12,206                    7,514
 Effect of foreign exchange on cash and cash equivalents              (59)                      (127)                     22
                                                                      ────────                  ────────                  ────────
 Cash and cash equivalents as at end of the period                    9,918                     16,843                    12,206
                                                                      ════════                  ════════                  ════════

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2024

 

1          CORPORATE INFORMATION

 

The principal activity of RA International Group plc ("RAI" or the "Company")
and its subsidiaries (together the "Group") is providing services in demanding
and remote areas. These services include construction, integrated facilities
management, and supply chain services. RAI was incorporated on 13 March 2018
as a public company in England and Wales under registration number 11252957.
The address of its registered office is One Fleet Place, London, EC4M 7WS.

2          BASIS OF PREPARATION

 

The financial information set out in these condensed consolidated interim
financial statements does not constitute the Group's statutory accounts within
the meaning of section 434 of the Companies Act 2006.

The unaudited condensed consolidated interim financial statements for the six
months ended 30 June 2024 have been prepared in accordance with IAS 34,
'Interim Financial Reporting'. They do not include all the information
required for full annual financial statements and should be read in
conjunction with the consolidated financial statements of RAI for the year
ended 31 December 2023. The unaudited financial information has been prepared
using the same accounting policies and methods of computation as the Annual
Report for the year ended 31 December 2023. The same accounting policies and
methods of computation will be used to prepare the Annual Report for the year
ending 31 December 2024. The financial statements of the Group are prepared in
accordance with IFRS.

3          SEGMENT INFORMATION

 

For management purposes, the Group is organised into one segment based on its
products and services, which is the provision of services in demanding and
remote areas. Accordingly, the Group only has one reportable segment. The
Group's Chief Operating Decision Maker ("CODM") monitors the operating results
of the business as a single unit for the purpose of making decisions about
resource allocation and assessing performance. The CODM is considered to be
the Board of Directors.

Operating segments

Revenue, operating results, assets, and liabilities presented in the financial
statements relate to the provision of services in demanding and remote areas.

Revenue by service channel:

                                     6 months                  6 months                  6 months
                                     ended                     ended                     ended
                                     30 June                   31 December               30 June
                                     2024                      2023                      2023
                                     USD'000                   USD'000                   USD'000

 Integrated facilities management    15,803                    16,130                    15,817
 Construction                        6,748                     5,770                     6,637
 Supply chain                        7,904                     6,029                     7,903
                                     ────────                  ────────                  ────────
                                     30,455                    27,929                    30,357
                                     ════════                  ════════                  ════════

 

 

Revenue by recognition timing:

                                          6 months                  6 months                  6 months
                                          ended                     ended                     ended
                                          30 June                   31 December               30 June
                                          2024                      2023                      2023
                                          USD'000                   USD'000                   USD'000

 Revenue recognised over time             22,386                    22,365                    21,989
 Revenue recognised at a point in time    8,069                     5,564                     8,368
                                          ────────                  ────────                  ────────
                                          30,455                    27,929                    30,357
                                          ════════                  ════════                  ════════

 

Geographic segment

The Group primarily operates in Africa and the CODM considers Africa and Other
to be the only geographic segments of the Group. The below geography split is
based on the location of project implementation.

 

Revenue by geographic area of project implementation:

           6 months                  6 months                  6 months
           ended                     ended                     ended
           30 June                   31 December               30 June
           2024                      2023                      2023
           USD'000                   USD'000                   USD'000

 Africa    28,124                    24,028                    26,835
 Other     2,331                     3,901                     3,522
           ────────                  ────────                  ────────
           30,455                    27,929                    30,357
           ════════                  ════════                  ════════

 

Non-current assets by geographic area:

           As at                     As at                     As at
           30 June                   31 December               30 June
           2024                      2023                      2023
           USD'000                   USD'000                   USD'000

 Africa    18,634                    19,489                    20,103
 Other     2,180                     1,888                     1,660
           ────────                  ────────                  ────────
           20,814                    21,377                    21,763
           ════════                  ════════                  ════════

 

 

Revenue split by customer:

               6 months                  6 months                  6 months
               ended                     ended                     ended
               30 June                   31 December               30 June
               2024                      2023                      2023
               %                         %                         %

 Customer A    14                        23                        21
 Customer G    13                        ―                         ―
 Customer B    12                        14                        13
 Customer H    12                        3                         1
 Customer D    10                        10                        10
 Customer C    9                         11                        9
 Customer E    2                         7                         10
 Customer F    ―                         ―                         10
 Other         28                        32                        26
               ────────                  ────────                  ────────
               100                       100                       100
               ════════                  ════════                  ════════

 

4          EARNINGS PER SHARE

 

The Group presents basic earnings per share ("EPS") data for its ordinary
shares. Basic EPS is calculated by dividing the profit attributable to
ordinary shareholders of the Group by the weighted average number of ordinary
shares outstanding during the period. Diluted earnings per share is calculated
by dividing the profit attributable to ordinary shareholders of the Group by
the weighted average number of ordinary shares outstanding during the period
plus the weighted average number of ordinary shares that would be issued on
conversion of all the dilutive potential ordinary shares into ordinary shares.

                                                       6 months                  6 months                  6 months
                                                       ended                     ended                     ended
                                                       30 June                   31 December               30 June
                                                       2024                      2023                      2023

  (Loss)/profit for the period (USD'000)               (4,361)                   2,644                     (2,450)

 Basic weighted average number of ordinary shares      173,575,741               173,575,741               173,575,741
 Effect of employee share options                      ―                         ―                         312,545
                                                       ────────                  ────────                  ────────
 Diluted weighted average number of shares             173,575,741               173,575,741               173,888,286

 Basic (loss)/earnings per share (cents)               (2.5)                     1.5                       (1.4)
 Diluted (loss)/earnings per share (cents)             (2.5)                     1.5                       (1.4)
                                                       ════════                  ════════                  ════════

 

5          APPROVAL OF CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS

 

The condensed consolidated interim financial statements were approved by the
Board of Directors on 16 September 2024.

 

 

― Ends ―

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IR GPUBWBUPCPPQ

Recent news on Ra International

See all news