REG - Vianet Group PLC - Half-year Report
06/12/2022 07:01
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RNS Number : 6629I Vianet Group PLC 06 December 2022
Vianet Group plc
("Vianet", "the Company" or "the Group")
Interim Results
Momentum building and on track to deliver sustained growth
Vianet Group plc (AIM: VNET), an international cloud base provider of business
intelligence to the hospitality, unattended retail vending and remote asset
management sectors, is pleased to announce its unaudited results for the six
months ended 30 September 2022.
The Company supplies hardware and connectivity to capture operational and
sales data for customers on typically 3 to 5-year agreements. The operational
alerts, performance dashboards and insights enable our customers to transform
their business. Our solutions, which have been used by our customers for many
years are critical in normal times and become vital during times of economic
downturn and uncertainty.
The Group saw strong recovery in Smart Zones, which benefitted from the
re-opening of the hospitality sector, at the same time Smart Machines has
experienced solid YOY growth in both new business and unit sales. This
resulted in a good H1 2023 performance and strengthened our high-quality
recurring revenue base.
Fast-growing Smart Machines division provides a comprehensive end-to-end
vending management system through our SmartVend platform, contactless payment
solutions and business intelligence for unattended vending machines and remote
assets to maximise operational efficiency, stock control and cash flow whilst
reducing our customers' carbon footprint.
Smart Zones division provides SmartDraught a market leading beverage and bar
management system which enables the drinks retailing industry to reduce waste
and POS shrinkage, whilst driving quality, consumer experience and sales.
H1 2023 has contributed solid momentum into the second half and whilst we
continue to see impacts from global semiconductor chip shortages and the
economic backdrop, the management is pleased to report that trading is on
track to meet full-year market expectations.
Financial highlights
● Revenue of £7.18 million (H1 2022: £6.34 million)
● Recurring revenues of £6.18 million at 86% of turnover (H1 2022: 83%)
● Adjusted operating profit((a)) of £1.21 million (H1 2022: £0.82 million) - a
48% increase
● EBITDA((b)) £1.37 million (H1 2021: £0.99 million) - a 38% increase
● Operational cash generation pre working capital was £1.43 million (H1 2022:
£1.09 million) with strong cash conversion at 104% of EBITDA.
Divisional highlights
● Smart Machines new unit sales at 6,306 (H1 2022: 5,990 units) - estate
increasing c. 24% YOY to c. 52,490 units
● New contactless payment device sales at 5,092 units (H1 2022: 5,410 units)
● Smart Machines adjusted operating profit((a)) at £0.81 million (H1 2021:
£0.71 million)
● Investment in the Smart Machines sales and commercial team driving increased
customer engagement with 44 new contracts signed on 3-5-year terms, supporting
recurring revenue increase
● Smart Zones adjusted operating profit((a)) at £1.81 million (H1 2022: £1.31
million) benefitting from a return to full billing
● Smart Zones won four new long-term contracts and three renewed contracts, the
majority on 3-year terms
((a)) Adjusted operating profit is profit before exceptional costs,
amortisation, interest, and share-based payments
((b)) EBIDTA is earnings before interest, tax, depreciation, and amortisation
Operational highlights
· Our ongoing investment in data insight and relationship with Oxford
Partnership allows the Group to develop new incremental revenue streams, and
this will gather further momentum through FY2024.
· Recent re-engineering of hardware to reduce costs and improve
functionality will underpin the H2 2023 launch of SmartDraught, which, coupled
with a new bar inventory partnership, is expected to provide new growth in the
managed and independent sectors.
· In addition to helping customers reduce their carbon footprint, we
continue to press forward with our ESG agenda. Recently installed solar panel
system in our HQ building will save in the region of c15 tonnes of carbon
consumption per annum. By 2025 our annual energy consumption in our HQ
building will have reduced by over two-thirds as we seek to ensure we play our
part in reducing greenhouse emissions.
Commenting, James Dickson, Chairman and CEO of Vianet Group plc, said:
"The first half has benefitted from increased demand for data, which has
positively impacted operating profit and our momentum going into H2.
"Despite the challenging economic backdrop, we are on track to meet market
expectations for the full year and have a clear line of sight to achieving
pre-pandemic trading levels during FY 2023 and into FY24.
"We have successfully laid the foundations for growth and have a great team,
an exciting product range, high-quality recurring income, and strong sales
pipelines in our core markets. We also see opportunities for our data capture
capabilities in several other complimentary new verticals."
- Ends -
James Dickson, Chairman & CEO, and Mark Foster CFO will provide a live
presentation relating to Results for the six months ended 30 September
2022 via the Investor Meet Company platform today at 10:30am GMT.
The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
9am the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to
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Enquiries:
Vianet Group plc
James Dickson, Chairman & CEO Tel: +44 (0) 1642 358 800
Mark Foster, CFO www.vianetplc.com (http://www.vianetplc.com)
Cenkos Securities plc
Stephen Keys / Camilla Hume Tel: +44 (0) 20 7397 8900
www.cenkos.com (http://www.cenkos.com)
Chairman and Chief Executive Officer's Statement
The Group has delivered strong year-on-year growth in both our core trading
divisions resulting in a c 48% increase in adjusted operating profit to £1.21
million. Despite a challenging economic backdrop and continued supply chain
pressures, this positive momentum going into H2 2023 gives us confidence in
meeting full year market expectations and that the Group will be back to
pre-pandemic run rates in FY2023.
Performance
Group turnover was at £7.18 million (H1 2022: £6.34 million), being 85.4% of
pre-pandemic performance levels. Our high-quality recurring revenue base, on
contracts varying from 3 to 5 years, grew to £6.17 million being 86% of
turnover during H1 2023 (H1 2022: £5.25 million)
The Group's adjusted operating profit was up c 48% at £1.21 million (H1 2022:
£0.82 million).
Operating profit post exceptional items was £1.17 million (H1 2022: £0.78
million). The pre-tax loss was £0.11 million (H1 2022: £0.36 million loss).
The Group's loss per share was 0.27 pence (H1 2022: loss 1.15 pence).
Smart Machines
New telemetry and contactless payment device sales enabled Smart Machines to
increase adjusted operating profit by 14% to £0.81 million (H1 2022: £0.71
million), which is ahead of pre-pandemic performance. Our installation
footprint increased c 24% YOY from c 42,000 connected units to over 52,000.
The Smart Machines sales team delivered 44 new contracts, with further
contract wins expected in H2 2023 following the recent launch of our
award-winning SmartVend vending management software.
Smart Zones
Smart Zones adjusted operating profit recovered strongly to £1.81 million (H1
2022: £1.31 million), helped by a return to full billing of high-quality
recurring income from our long-term contracts. Due to pub closures during the
period, there was a net reduction of around 200 contracted sites from 10,100
to 9,900. However, we expect to reverse this trend with our new business
pipeline and the imminent launch of SmartDraught.
Dividend
While the Group's recovery is on track, Vianet is not immune from
macro-economic factors. We remain focused on managing our cash balances to
fund working capital and invest in growth. Whilst our banking facilities
provide flexibility the Board remains prudent and will refrain from
re-introducing an interim dividend for H1 2023. However, subject to no further
adverse factors beyond our control or a deterioration of semi-conductor
supply, we expect that H2 cash generation will enable the Board to consider
reintroducing a dividend in July for FY2023.
Outlook
The bounce-back recovery experienced in FY2022 and H1 2023 has continued to
develop momentum into H2 2023, giving us confidence in meeting the market's
expectations for the full year, and well-placed to achieve our pre-pandemic
run rates.
The team work closely with our customers and suppliers on intelligent cash
management solutions. We have excellent momentum to take advantage of
opportunities in remote asset management, contactless payment, and market data
insights in both our core and new markets.
· The recent launch of the SmartVend management platform in H2 2023 is
being well received and will generate further operational efficiencies for our
customers. This will further cement Smart Machines as the marketplace's
leading end-to-end solution. Our highly motivated sales and commercial team in
Smart Machines are continuing to accelerate growth from the significant
pipeline of opportunities from existing and new customers in the c 3 million
machine UK and Europe vending machine market. In H1, new business gains
resulted in 44 customers being onboarded, helping us deliver significant new
device sales in H2.
· Despite the economic backdrop, Smart Zones has a healthy sales
pipeline in its core UK leased and tenanted sector driven primarily by our
data capabilities. We expect new system sales in H2 2023 to offset further pub
closures.
· Growing demand for connectivity solutions to capture data, insights,
and payment systems is driving new sales in our core hospitality and
unattended retail sectors. The recent announcement of our partnership with
Suresite, a leading forecourt retail specialist, demonstrates our progress
toward leveraging our existing technology to extend our growth in other
sectors such as catering and forecourt solutions.
Whilst we are not immune from the global supply chain challenges or the
economic backdrop, increasing demand for our highly relevant products will
continue to drive growth, high-quality recurring income, and cash generation.
Ongoing investment in product development and people is creating real
momentum. The Group is confident with the team, products, and financial
capabilities we have to continue delivering growth of the business.
The Board remains confident that momentum and sales will continue to build as
we execute our long-term strategy and deliver sustainable earnings growth and
profitability.
James Dickson
Chairman &
CEO
6 December 2022
Chief Financial Officer's Review
Operational cash generation of £1.43 million pre working capital maintains
our record of strong cash conversion at 104% of EBITDA (H1 2022: £1.09
million, 110% of EBITDA). Post working capital, cash generation was £0.71
million (H1 2022: £1.40 million). Working capital in the period was impacted
by c £240k of component premium, stock building investment of c £400k to
ensure continuity of supply and increased trade debt from improved turnover
year on year. As we write, H2 2023 stock premiums are running lower, and H1
stock build up is turning to cash. We expect this to lead to a more normalised
working capital picture over H2.
Despite the economic backdrop and continued supply side pressures, we are
confident that our cash trajectory is robust and can support our business
needs.
Exceptional costs amounted to £0.04 million (H1 2022: £0.04 million). Taking
account of the CBIL facility and overdraft, the Group had an overall net debt
position of £3.56 million at the half-year (H1 2022: £2.52 million), with
gross debt of £4.01 million (H1 2022: £4.45 million). The net debt increase
was primarily due to the stock premiums and the continued investment in our
technology solutions. We expect the net debt position to improve in H2 onwards
and a positive net cash position to be achieved around February 2024.
Smart Machines
The acceleration of contactless payment adoption and industry demand for
machine connectivity resulted in Smart Machines winning 44 new contracts
in the period.
There was continued growth in new telemetry and contactless payment device
connections, with overall sales of 6,306 new units (H1 2022: 5,990 units) of
which 5,092 were contactless payment units (H1 2022: 5,410 units). The sales
performance was very encouraging, with 24% YOY growth to just over 52,000
connected devices driving valuable growth in recurring income.
Turnover was £3.00 million (H1 2022: £2.63 million), being £0.3 million
ahead of pre-pandemic performance. Recurring revenue remained strong at just
over 76% (H1 2022: c70%).
Smart Zones
Against a challenging economic backdrop for our hospitality sector customers,
the Group's core beer monitoring business performance was resilient, with 179
new system installations (H1 2022: 151) helping the strong divisional
recovery.
Turnover of £4.18 million (H1 2022: £3.72 million) was c. 75% of
pre-pandemic levels with recurring revenue strong at over 93%.
Pre-exceptional profit of £1.81 million (H1 2022: £1.31 million) represented
c. 80% of our pre-pandemic performance.
Throughout the period since onset of the pandemic, customer demand for our
trading insights and data analytics has increased. The Group's ongoing
investment in new technology and the migration of data and services to the
cloud has significantly increased the opportunities we see ahead in Smart
Zones.
Looking Forward
Despite the continued uncertain economic outlook, I am encouraged that in H1,
the business continues to deliver solid YOY growth and demonstrate a clear
path back to pre-pandemic performance levels.
Through our strong sales pipeline and exciting new product launches, we see
continued business momentum for the full year and beyond and expect to deliver
FY 2023 results in line with market expectations.
Mark Foster
Chief Financial
Officer
6 December 2022
Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2022
Total Unaudited Unaudited Audited
6 months 6 months Year
Before Exceptional Before
6 months Exceptional
6 months
Ended Ended Ended Ended Ended
30 Sept 30 Sept 30 Sept 30 Sept 31 March
2022 2022 2021 2021 2022
Note £'000 £'000 £'000 £'000 £'000
Continuing operations
Revenue 3 7,181 7,181 6,340 6,340 13,215
Cost of sales (2,574) (2,574) (2,306) (2,306) (4,654)
Gross profit 4,607 4,607 4,034 4,034 8,561
Administration and other operating expenses 4
(3,397) (3,439) (3,215) (3,253) (6,319)
Operating profit/(loss) pre amortisation and share based payments 3
1,210 1,168 819 781 2,242
Intangible asset amortisation
(1,170) (1,170) (1,050) (1,050) (2,195)
Share based payments
(42) (42) (35) (35) (83)
Operating loss post amortisation and share based payments
(2) (44) (266) (304) (36)
Net finance costs
(63) (63) (59) (59) (138)
Loss from continuing operations before tax
(65) (107) (325) (363) (174)
Income tax credit 5 30 30 30 30 361
Loss and other comprehensive income for the year 3
(35) (77) (295) (333) 187
Loss/earnings per share
Continuing Operations
- Basic 6 (0.27p) (1.15p) 0.65p
- Diluted 6 (0.27p) (1.15p) 0.64p
Consolidated Balance Sheet
At 30 September 2022
Unaudited Unaudited Audited
As at As at As at
30 Sept 30 Sept 31 March 2022
2022 2021
£'000 £'000 £'000
Assets
Non-current assets
Intangible assets 23,597 23,956 23,832
Property, plant and equipment 3,265 3,290 3,262
Deferred Tax asset 416 265 386
Total non-current assets 27,278 27,511 27,480
Current assets
Inventories 1,846 1,530 1,573
Trade and other receivables 2,948 2,692 2,690
Cash and cash equivalents 449 1,932 1,583
5,243 6,154 5,846
Total assets 32,521 33,665 33,326
Equity and liabilities
Liabilities
Current liabilities
Trade and other payables 2,798 3,593 2,983
Borrowings 2,143 1,741 2,310
Leases 13 35 25
4,954 5,369 5,318
Non-current liabilities
Other payables - 86 -
Borrowings 1,867 2,707 2,273
1,867 2,793 2,273
Equity attributable to owners of the parent
Share capital 2,880 2,895 2,880
Share premium account 11,711 11,711 11,711
Capital redemption 15 - 15
Share based payment reserve 541 472 499
Merger reserve 310 310 310
Retained profit 10,243 10,115 10,320
Total equity 25,700 25,503 25,735
Total equity and liabilities 32,521 33,665 33,326
Summarised Consolidated Cash Flow Statement
For the six months ended 30 September 2022
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
30 Sept 30 Sept 31 March
2022 2022 2022
£'000 £'000 £'000
Cash flows from operating activities
(Loss)/profit for the period (77) (333) 187
Adjustments for
Net Interest payable 63 59 138
Income tax credit (30) (30) (361)
Amortisation of intangible assets 1,170 1,050 2,195
Depreciation 243 244 489
Contingent consideration release - - (76)
Loss on sale of property, plant and equipment 15 67 83
Share-based payments expense 42 35 83
Operating profit before changes in
working capital and provisions 1,426 1,092 2,738
Change in inventories (273) (97) (142)
Change in receivables (258) 66 68
Change in payables (185) 337 (267)
(716) 306 (341)
Net cash from operating activities 710 1,398 2,397
Cash flows used in investing activities
Purchases of property, plant and equipment (260) (211) (465)
Purchase of intangible assets (936) (966) (1,975)
Purchases of other intangible assets - - (12)
Proceeds from disposal of property, plant and equipment - - 22
Net cash used in investing activities (1,196) (1,177) (2,430)
Cash flows used in financing activities
Net Interest payable (63) (59) (138)
Issue of share capital - 2 2
Repayment of leases (12) (18) (28)
Repayments of borrowings (558) (606) (1,289)
Payment of contingent consideration - - (16)
Cancellation of shares - - (126)
Net cash used in financing activities (633) (681) (1,595)
Net decrease in cash and cash equivalents (1,119) (460) (1,628)
Cash and cash equivalents at beginning of period 266 1,893 1,894
Cash and cash equivalents at end of period (853) 1,433 266
Reconciliation to the cash balance in the Consolidated Balance Sheet
Cash balance as per consolidated balance sheet 449 1,932 1,583
Bank overdrafts (1,302) (499) (1,317)
Balance per statement of cash flows (853) 1,433 266
Statement of changes in equity
Six months ended 30 September 2022
Share Share Share based payment reserve Merger Retained profit Total
capital premium reserve Capital
account Redemption
£000 £000 £000 £000 £000 £000 £000
At 1 April 2022 2,880 11,711 499 310 15 10,320 25,735
Share based payment - - 42 - - - 42
Issue of share capital - - - - - - -
Transactions with owners - - 42 - - - 42
Loss and total comprehensive income for the period - - - -
- (77) (77)
Total comprehensive income less owners transactions - -
- 42 - (77) (35)
At 30 September 2022 2,880 11,711 541 310 15 10,243 25,700
Six months ended 30 September 2021
Share Share Share based payment reserve Merger Retained profit Total
capital premium reserve Capital
account Redemption
£000 £000 £000 £000 £000 £000 £000
At 1 April 2021 2,895 11,709 437 310 - 10,448 25,799
Share based payment - - 35 - - - 35
Issue of share capital - 2 - - - - 2
Transactions with owners - 2 35 - - - 37
Loss and total comprehensive income for the period - - - - (333) (333)
-
Total comprehensive income less owners transactions - 2 35 - (333) (296)
-
At 30 September 2021 2,895 11,711 472 310 - 10,115 25,503
12 months ended 31 March 2022
Share Share Share based payment reserve Merger Retained profit Total
capital premium reserve Capital
account Redemption
£000 £000 £000 £000 £000 £000 £000
At 1 April 2021 2,895 11,709 437 310 - 10,238 25,589
Issue of shares - 2 - - - - 2
Cancellation of shares (15) - - - 15 (126) (126)
Share option forfeitures - - (21) - - 21 -
Share based payment - - 83 - - - 83
Transactions with owners (15) 2 62 - 15 (105) (41)
Profit and total comprehensive income for the year - - - - - 187 187
Total comprehensive income less owners transactions (15) 2 62 - 82 146
15
At 31 March 2022 2,880 11,711 499 310 15 10,320 25,735
Notes to the interim report
1. Statutory information
The interim financial statements are neither audited nor reviewed and do not
constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006.
The financial information for the year ended 31 March 2022 has been derived
from the published statutory accounts. A copy of the full accounts for that
period, on which the auditor issued an unmodified report that did not contain
statements under 498(2) or (3) of the Companies Act 2006, has been delivered
to the Registrar of Companies.
These interim financial statements will be posted to all shareholders and are
available from the registered office at One Surtees Way, Surtees Business
Park, Stockton on Tees, TS18 3HR or from our website at
www.vianetplc.com/investors.
2. Accounting policies
The interim financial statements have been prepared in accordance with the AIM
Rules for Companies and on a basis consistent with the accounting policies and
methods of computation as published by the Group in its Annual Report for the
year ended 31 March 2022, which is available on the Group's website.
The Group has chosen not to adopt IAS 34 'Interim Financial Statements' in
preparing these interim financial statements and therefore the Interim
financial information is not in full compliance with International Financial
Reporting Standards.
Having considered current trading performance, the Directors have a reasonable
expectation that the Company and the Group have adequate resources to continue
in operational existence for the foreseeable future. Financial forecasts and
projections, taking account of reasonably possible changes and sensitivities
in future trading performance and the market value of the Group's assets, have
been prepared and show that the Group is expected to be able to operate within
the level of cash and the available headroom within existing banking
facilities.
The Directors are confident that the Company will be able to meet its
liabilities as they fall due over the next 12 months and beyond. As a result,
this financial information has been prepared on a going concern basis.
3. Segmental information
An operating segment is a component of an entity that engages in business
activities from which it may earn revenues and incur expenses. The segment
operating results are regularly reviewed by the Chief Operating Decision Maker
to make decisions about resources to be allocated to the segment and assess
its performance. Vianet Group is analysed into to two trading segments
(defined below) being Smart Zones (mainly adopted in the leisure sector,
including US (particularly in pubs and bars) and Smart Machines (mainly
adopted in the vending sector (particularly in unattended retail vending
machines) supported by Corporate/Technology & Stores costs.
The products/services offered by each operating segment are:
· Smart Zones: Data insight & actionable data services, design,
product development, sale and rental of fluid monitoring equipment.
· Smart Machines: Data insight & actionable data services, design
product development, sale and rental of machine monitoring and contactless
payment equipment and services.
· Corporate/Technology: Centralised Group overheads along with
technology and stores related costs for the Group
The inter-segment sales are immaterial. Segment results, assets and
liabilities include items directly attributable to a segment as well as those
that can be allocated on a reasonable basis. Unallocated assets and
liabilities comprise items such as cash and cash equivalents, certain
intangible assets, taxation, and borrowings. Segment capital expenditure is
the total cost incurred during the year to acquire segment assets that are
expected to be used for more than one period.
The segmental results for the six months ended 30 September 2022 are as
follows:
Continuing Operations Smart Zones Smart Machines Corporate/Technology
Total
£'000 £'000 £'000 £'000
Total revenue 4,175 3,006 - 7,181
Profit/(loss) before amortisation, share based payments and exceptional costs
1,814 814 (1,418) 1,210
Pre-exceptional segment result 1,519 652 (2,173) (2)
Exceptional costs - (19) (23) (42)
Post exceptional segment result 1,519 633 (2,196) (44)
Finance income - - - -
Finance costs (63) - - (63)
Profit/(loss) before taxation 1,456 633 (2,196) (107)
Taxation 30
Loss for the year from continuing operations (77)
Smart Zones Smart Machines Corporate/Technology
Total
£'000 £'000 £'000 £'000
Segment assets 27,614 4,083 408 32,105
Unallocated assets - - 416 416
Total assets 27,614 4,083 824 32,521
Segment liabilities 6,647 - 174 6,821
Unallocated assets - - - -
Total liabilities 6,647 - 174 6,821
Notes to the interim report (continued)
The segmental results for the six months ended 30 September 2021 are as
follows:
Continuing Operations Smart Zones Smart Machines Corporate/Technology
Total
£'000 £'000 £'000 £'000
Total revenue 3,715 2,625 - 6,340
Profit/(loss) before amortisation, share based payments and exceptional costs
1,314 714 (1,209) 819
Pre-exceptional segment result 1,008 601 (1,875) (266)
Exceptional costs (3) (22) (13) (38)
Post exceptional segment result 1,005 579 (1,888) (304)
Finance income - - - -
Finance costs (53) (6) - (59)
Profit/(loss) before taxation 952 573 (1,888) (363)
Taxation 30
Loss for the year from continuing operations (333)
Smart Zones Smart Machines Corporate/Technology
Total
£'000 £'000 £'000 £'000
Segment assets 27,403 4,083 1,914 33,400
Unallocated assets - - 265 265
Total assets 27,403 4,083 2,179 33,665
Segment liabilities 7,897 - 265 8,162
Unallocated assets - - - -
Total liabilities 7,897 - 265 8,162
Notes to the interim report (continued)
The segmental results for the 12 months ended 31 March 2022 are as follows:
Continuing Operations Smart Zones Smart Machines Corporate/ Technology
Total
£'000 £'000 £'000 £'000
Total revenue 7,831 5,384 - 13,215
Profit/(loss) before amortisation, share based payments and exceptional costs
2,510 1,818 (1,965) 2,363
Pre-exceptional segment result 1,887 1,564 (3,366) 85
Exceptional costs (7) 32 (146) (121)
Post exceptional segment result 1,880 1,596 (3,512) (36)
Finance costs (130) (8) - (138)
Profit/(loss) before taxation 1,750 1,588 (3,512) (174)
Taxation 361
Profit for the year from continuing operations 187
Smart Zones Smart Machines Corporate/ Technology
Total
£'000 £'000 £'000 £'000
Segment assets 27,489 4,083 1,368 32,940
Unallocated assets - - 386 386
Total assets 27,489 4,083 1,754 33,326
Segment liabilities 7,187 - 404 7,591
Unallocated assets - - - -
Total liabilities 7,187 - 404 7,591
Notes to the interim report (continued)
4. Exceptional items
6 months 6 months Year
Ended Ended Ended
30 Sept 30 Sept 31 March
2022 2021 2022
£'000 £'000 £'000
Corporate activity and Acquisition costs 23 - 127
Corporate restructuring and transitional costs 18 23 61
Contingent consideration costs - - (76)
Network Obsolescence costs 1 1 5
Other - 14 4
42 38 121
Corporate restructuring and transitional costs relate to the transition of
people and management to ensure we have the succession and calibre of people
on board to deliver the strategic aims and aspirations of the Group.
5. Tax
The credit for tax is based on the loss for the period and comprises:
6 months 6 months Year
Ended Ended Ended
30 Sept 30 Sept 31 March
2022 2021 2022
£'000 £'000 £'000
United Kingdom corporation tax 30 30 361
The tax credit reflects the utilisation of brought forward trading losses,
which had previously been recognised as a deferred tax asset, against the
taxable profit for the period within Vianet Limited.
6. Loss per share
Basic loss per share is calculated by dividing the earnings attributable to
ordinary shareholders (loss of £77k) by the weighted average number of
ordinary shares outstanding during the period.
Diluted earnings per share are calculated on the basis of loss for the year
after tax divided by the weighted average number of shares in issue in the
year plus the weighted average number of shares which would be issued if all
the options granted were exercised.
The table below shows the earnings per share result.
30 September 2022 30 September 2021
(Loss) Basic (loss) per share Diluted (loss) per share (Loss) Basic (loss) per share Diluted (loss) per share
£000 £000
Post-tax loss attributable to equity shareholders (77) (0.27p) (0.27p) (333) (1.15p) (1.15p)
30 Sept 30 Sept
2022 2021
Number Number
Weighted average number of ordinary shares 28,808,914 28,953,818
Dilutive effect of share options - -
Diluted weighted average number of ordinary shares 28,808,914 28,953,818
Due to the loss in the period no dilutive effect of share options is required
to be calculated.
INDEPENDENT REVIEW REPORT TO VIANET GROUP PLC
For H1 2023, we have chosen not to undertake an independent audit review which
is an agreed standard approach.
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