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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 1Spatial Plc | AQSE:SPA.GB | Aquis Stock Exchange | Ordinary Share | GB00BFZ45C84 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -0.77% | 64.50 | 61.00 | 67.00 | 65.00 | 64.00 | 65.00 | 29,970 | 15:29:45 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2023 to May 2024
TIDMSPA
RNS Number : 4840P
1Spatial Plc
10 October 2023
10 October 2023
1Spatial plc (AIM: SPA)
("1Spatial", the "Group" or the "Company")
Interim Results for the six-month period ended 31 July 2023 ("H1 2024")
Delivering significant revenue and ARR growth
1Spatial, (AIM: SPA), a global leader in Location Master Data Management (LMDM) software and solutions, is pleased to announce interim results for the six months ended 31 July 2023.
H1 2024 highlights
Hot Features
Premium
-- Group revenue up 11% to GBP15.5m driven by:
o 24% increase in recurring revenue to GBP8.2m ( H1 2023: GBP6.6m), representing 53% of total
revenue ( H1 2023: 47%)
o 100% increase in Term Licences revenue to GBP3.4m (H1 2023: GBP1.7m), including the first
contribution from our newly launched SaaS offerings
o Continued strong progress in the US, with US revenue increasing 27% in the period (24% at
constant currency) (H1 2023: 16%)
-- Group ARR growth of 10% with a Term Licence ARR growth of 27%
-- Group gross profit margin increase from 50% to 52% driven by increases in revenue across the
Group
-- Adjusted EBITDA of GBP1.7m down 16% reflecting investment in sales resource, inflationary
cost increases and foreign exchange movements
-- Approximately GBP1m of annualised non-revenue generating costs taken out of the business in
H1 primarily in Europe
-- Board confident in achieving results for FY 2024 in line with market expectations
Financial highlights
Half-year to 31 July 23 Half-year to 31 July 22
Growth
GBPm GBPm %
Group revenue 15.5 14.0 +11
Recurring revenue 8.2 6.6 +24
Term licences revenue 3.4 1.7 +104
Group Total ARR 16.7 15.2 +10
Term licences ARR 6.6 5.2 +27
Group gross profit 8.0 7.0 +16
Group gross profit margin (%) 52 50 +2
Adjusted EBITDA 1.7 2.0 (16)
Adjusted EBITDA margin (%) 11 14 (3pp)
Operating (loss)/profit (0.3) 0.4 n/a
(Loss)/profit before tax (0.5) 0.3 n/a
(Loss)/earnings per share - basic and diluted (p) (0.5) 0.2 n/a
Net cash 0.5 2.3 (77)
Group operational highlights
Enterprise business
-- Secured first contract with the State of Oregon, bringing the number of US States as customers
to 18, each with significant expansion potential
-- Expansion deals with the California Department of Transportation (Caltrans), US Federal Highways,
Ordnance Survey Great Britain, Land and Property Services and a major European aerospace company
-- Three new water customers: Yorkshire Water Services in the UK, Société Walloon Des
Eaux in Belgium and Hunter Water in Australia
-- Successful launch of the first phase of the NUAR Project ('National Underground Asset Register')
on 5 April 2023
-- Significant increase in sales pipeline across our territories with conversion of these opportunities
expected in H2 and into the new financial year
SaaS Solutions
-- The launch of cloud platform and "light version" of our NG9-1-1 solution suitable for counties
and cities within each US state, a US$345m ARR market opportunity, five contract wins to date
-- 1Streetworks, automating traffic management plans, a GBP400m ARR market opportunity, launched
with five trials ongoing, first material contract expected to be signed imminently onto an
annual deal
Outlook
-- High level of renewals in the second half of the year and healthy pipeline driving expected
improvement in performance in H2
-- Trading in the second half has started positively and the Board remains confident in delivering
results for FY 2024 in line with expectations
Commenting on the results, 1Spatial CEO, Claire Milverton, said:
"The Group's achievements over the past six months demonstrate that our investments in our product and business development teams are translating into growth. We envisage that these investments will lead to further growth throughout the remainder of the financial year and into next year. Our ability to secure and deliver significant contracts with blue-chip customers points to our potential as we continue to build a world class geospatial business with strong recurring revenues.
"Over the last five years we have invested significant financial resources into developing our SaaS solutions. With the successful launch of two of these solutions in the first half of FY2024, we have opened up a transformational opportunity with a significant and growing pipeline. We look to the future with confidence."
For further information, please contact:
1Spatial plc 01223 420 414 Claire Milverton / Stuart Ritchie Liberum (Nomad and Broker) 020 3100 2000 M ax Jones / Edward Mansfield Alma PR 020 3405 0205 Caroline Forde / Hannah Campbell 1spatial@almapr.co.uk
Alternative Performance Measures ('APMs')
The Group uses certain Alternative Performance Measures to enable the users of the Group's financial statements to understand and evaluate the performance of the Group consistently over different reporting periods. APMs are non-GAAP company specific measures. As these are non-GAAP measures, they should not be considered as replacements for IFRS measures. The Group's definition of non-GAAP measures may not be comparable to other similarly titled measures reported by other companies. A description of the measures set out above is included below with a reconciliation to the closest GAAP measure included in the notes to the consolidated condensed interim financial report.
APM Explanation of APM
Recurring Revenue Recurring Revenue is the value of committed
(s) recurring contracts for term licences and support
& maintenance recorded in the year.
-----------------------------------------------------
Annualised Recurring Annualised Recurring Revenue ("ARR") is the
Revenue ("ARR") annualised value at the year-end of committed
recurring contracts for term licences and support
& maintenance.
-----------------------------------------------------
Adjusted EBITDA Adjusted EBITDA is a company-specific measure
which is calculated as operating profit/(loss)
before depreciation (including right of use
asset depreciation), amortisation and impairment
of intangible assets, share-based payment charge
and strategic, integration, and other non-recurring
items.
-----------------------------------------------------
Net cash Net cash is gross cash less bank borrowings.
-----------------------------------------------------
About 1Spatial plc
Unlocking the Value of Location Data
1Spatial plc is a global leader in providing Location Master Data Management (LMDM) software, solutions and business applications, primarily to the Government, Utilities and Transport sectors via the 1Spatial platform. Our solutions ensure data governance, facilitating the efficient, effective and sustainable operation of customers around the world. Our global clients include national mapping and land management agencies, utility companies, transportation organisations, government and defence departments.
Today, when using and sharing trusted data provides significant opportunities for businesses and governments to deliver against important sustainability and Net Zero goals, our vision is clear: to make the world safer, smarter and more sustainable by unlocking the value in data, enabling better decisions and greater insights.
The 1Spatial platform is a comprehensive set of data and system agnostic LMDM software components which helps ensure master data is compliant, current, complete, consistent, and coordinated - and that customers can be confident it will remain that way as it evolves. It allows them to master their data on any device, anywhere, anytime and can be deployed as SaaS in the cloud, on-premise, or as a hybrid of both.
1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with operations in the UK, Ireland, USA, France, Belgium, Tunisia and Australia.
www.1spatial.com
Half-year review
We are very pleased with the performance of the Group's enterprise business in the first six months of the year, most notably delivering 11% revenue growth and 27% growth in term licence ARR as we secured new wins and delivered on milestones of significant contracts signed in previous years. These new customer wins build on the secure, long-term levels of ARR we have generated and provide significant opportunities to expand and drive incremental revenues in the future.
The growing revenue generated by our enterprise business in recent years has provided funding for the development of two high margin SaaS solutions launched at the end of calendar 2022, 1Streetworks and a SaaS version of our NG9-1-1 solution. These applications present a transformational growth opportunity in the medium term and are a major focus for the Group.
SaaS sales have already exceeded our expectations with our first customer contracts signed in the period. In the US, we signed five new contracts for the SaaS version of our NG9-1-1 solution, targeting US counties. This rapid adoption of the product demonstrates the value offered to the customer and provides the Group with an opportunity to rapidly scale up into a substantial market opportunity.
In the UK, we secured five customers for paid for trials of 1Streetworks. With the utilities sector being a primary target vertical for this product, we are delighted to report that, following successful completion of a trial, a large utility provider is in the final stages of contracting an annual licence. This independent commercial validation provides the Company with a case study that management can use to accelerate market adoption over the next 12 months. The speed of conversion from trial to annual contract demonstrates the relevance of our new SaaS product to this sector.
While we have seen significant growth in revenue and gross profit contribution compared to the previous year, the investment we made in our sales function together with inflationary increases and adverse foreign exchange movements have diluted EBITDA margins and resulted in a decrease of approximately GBP0.3m in EBITDA. While the increases in operating costs were in line with forecasts, the management team has taken steps to address the cost base in Europe by removing GBP1m annualised costs from non-revenue generating activities. As a larger proportion of the term licence renewals are weighted towards the second half of the year management remains confident of delivering material cash and EBITDA generation before the end of the financial year.
The Group remains focussed on investing in and developing our cloud platform to set our SaaS businesses up for success. We also see continuing investment in our enterprise business as critical to our growth strategy. Digital transformation, and the growing need for better, more accurate and shareable data to support infrastructure investment continues to drive demand for our solutions across our target markets, being Government, Utilities and Transport.
The Group has a strong order book, a growing recurring revenue stream and a strong sales pipeline for its enterprise business as well as a potentially transformational pipeline for its SaaS based solutions, underpinning the Board's confidence in the Group's ability to deliver against its growth strategy and achieve results for FY 2024 in line with expectations.
Successful launch and first sales of SaaS solutions
The expansion of the 1Spatial Cloud platform includes our multi-tenancy SaaS based solutions - NG9-1-1 and 1Streetworks (formerly Traffic Management Plan Automation). These applications considerably increase our addressable market and provide the potential for significant expansion of high margin software revenue.
The launch of our cloud platform in January 2023 means we can now offer a "light version" of our NG9-1-1 solution aimed at the counties and cities within each US state, significantly increasing our addressable opportunity. We have now secured five contract wins for this solution and have further trials underway. There is an addressable market of over US$345m ARR for our NG9-1-1 SaaS solution and we are currently targeting up to 15% market share. In Q4, the team will be working on advancing our offering with an Esri integration, aiming at driving adoption of the product.
1Streetworks automates the production of traffic management plans, diversion routing and asset inventory lists in the UK, producing a comprehensive, site-specific traffic management plan in just a few minutes.
1Streetworks is the first solution in the market to fully automate the production of traffic management plans, significantly shortening the time, effort and cost it takes to produce traffic management plans that are both consistent and compliant. It has the potential to revolutionise the traffic management planning industry. This solution is now being trialled by five customers across the UK, with final contractual discussions for an annual licence underway with a large utility company.
There are currently over 2.5 million roadworks each year on low-speed roads alone. This is expected to increase to approximately 4 million per year. The catalyst for this increase is the planned electrification of the UK (for example: installation of electric vehicle charging points) as well as the roll out of new telecoms fibre across the country. We estimate that the total addressable market will be in excess of GBP400m in the coming years.
Innovation
As well as the launch of our first two SaaS solutions, we continue to innovate, augmenting the capabilities of our existing offerings and developing new ones to expand our addressable market.
In terms of new product development, we recently developed additional rules based cleansing applications, such as NG9-1-1, focused on specific industry verticals, leveraging the power of our 1Integrate rules engine to automate data ingestion. The development of these innovative products will provide us with a pipeline of product launches for 2024 and beyond.
We also continue to build our product portfolio. Two core components that underpin our SaaS Solutions and the 1Spatial Platform have also been enhanced to make even the most complex data supply chains even easier to manage.
-- 1Integrate went through its next major release - v4.0. This introduced a brand-new user interface,
expertly reworked for a smooth user experience and huge productivity gains. Building the rules
that define the specific data processing tasks has never been faster.
-- 1Data Gateway also went through similar UI and API improvements. This allows us to improve
the speed, consistency, and quality of how we release and deploy our world-class SaaS rules-based
solutions (defined in 1Integrate) to our customers. How we repeatedly promote SaaS solutions
through different environments has never been easier.
We plan to leverage this innovation and development by considering entry into new markets and verticals such as the Built Environment in the UK and 1Streetworks in Canada.
Enterprise business expansion
US
The US continues to be the most significant contributor of recurring revenue growth with 56% at constant currency compared to the same period in the prior year. We appointed a new Head of Sales in the US helping to drive pipeline growth and pipeline conversion to ensure we capitalise on the huge opportunity in this region. We are already seeing the benefit of this appointment in new opportunities across our customer base.
We secured our first contract with the State of Oregon using our 1Integrate and 1DataGateway products - the initial contract value is $0.4m over two years with a number of future expansion opportunities. The Group now has 18 US States as customers, each with significant expansion potential. We secured our second contract with the California Department of Transportation (Caltrans), in partnership with Rizing, a global SAP partner, bringing the total ARR derived from this customer to $0.4m demonstrating our ability to execute on the opportunity.
We expanded our existing contract with Federal Highways through the sale of additional 1Integrate licences generating incremental ARR of $150K, bringing total ARR on the account to $200K.
UK
We have seen good growth in the UK during the half, in addition to the five trials secured for 1Streetworks.
We secured our first contract with Yorkshire Water Services for GBP650K. The contract was to replace the company's GIS platform technology and network data model to enable visualisation of GIS data, configuration of GIS business applications and integration of the new GIS with wider business applications across the company. Our team was selected to undertake the transformation project using Esri technology due to the significant experience we have in the sector.
We strengthened our relationship with Ordnance Survey Great Britain through a two-year contract renewal, worth approximately GBP1.5m, and will see 1Spatial's specialist team provide software and support services to Ordnance Survey's Data Management System. We also secured a further software and services contract with existing customer Land and Property Services in conjunction with our partner Version1, with a contract value of GBP0.2m. Land and Property Services (LPS) is a division within the Department of Finance (DoF) in Northern Ireland who collect, process and manage land and property information.
We are pleased that the first phase of the NUAR Project ('National Underground Asset Register') (also known as the MVP stage), has now been completed and was launched by government on 5 April 2023. This first phase of NUAR contains data from public and private sector organisations which own pipes and cables in North-East England, Wales and London including all the major energy and water providers. The size of the dataset continues to grow and has received excellent feedback from all stakeholders.
Europe
In Belgium, we secured an initial four-year contract with Société Walloon Des Eaux using our 1Water application. The contract includes a four-year extension resulting in a total contract value of EUR3m, including ARR from licence sales of EUR230K.
During the half, a major European aerospace company, initially secured in July 2022, contracted 1Spatial for additional complementary services due to a change in the project scope. The value of the award was EUR240K.
Australia
The Group secured its first 1Integrate licence contract in Australia winning Hunter Water, a state-owned corporation providing drinking water, wastewater, recycled water and storm water services to 500,000 people in the Lower Hunter Region in New South Wales. The contract is initially for 6 months carrying a value totalling AUS$200K with the possibility to extend.
ESG and People
We continue to make good progress with the development of our ESG strategy. In March 2022, we kicked off a stakeholder materiality assessment to determine the priority areas. We consulted with more than 150 customers, employees, board members and senior management, shareholders, partners and suppliers to understand what areas are considered as most important for our stakeholders. We are now developing these objectives through industry benchmarking, peer review and business consultations. We reported on the key focus areas in our FY23 Annual Report.
During the first half of FY 2024, we started rolling out ISO27001 to the UK and other Group entities, as well as an electric first initiative as our car fleet comes up for renewal. We have also started to gather information around carbon reporting across the Group. We plan to report on our continental European, US and Australian businesses' carbon emissions, as well as extending the scope of our UK disclosures (scope 3), in the FY 2024 Annual Report.
Our people are critical to the success of the Group. We continue to invest in our people, providing them with the tools and training to support them and allow them to realise their potential. The success of this approach is evidenced by the Group's selection as one of the top 100 organisations featured on the 2023 UK's Most Loved Workplace (R). We actively encourage our people to pursue activities that help them in their day-to-day work life and offer a professional development allowance for them to use as they see fit. We firmly believe that investing in and empowering our people fosters loyalty, team spirit and engenders trust which are all to the benefit both the Group and its people. We support our people in their charitable activities and organise team and company-wide events to recognise important milestones throughout the year such as mental health awareness.
Current trading and outlook
We are transitioning from a predominantly services-based business to one which has productised its valuable IP and data expertise into scalable software solutions including SaaS. We sit at the heart of the transformation taking place across multiple sectors, with our growing levels of recurring revenue providing confidence to continue investing in our scalable solutions. We remain focused on the conversion of our substantial sales pipeline, which will in turn drive revenue growth and margin expansion.
With a sales focused team, compelling offering, a growing recurring revenue stream and a strong sales pipeline for our enterprise business as well as a potentially transformational pipeline for our SaaS based solutions, we believe the business is well placed to deliver and capitalise on the huge market opportunity ahead.
Trading in the second half is in line with expectations with several new contracts secured. While cognisant of inflationary cost pressures, the Board remains confident in delivering results for FY 2024 in line with expectations.
Claire Milverton
Chief Executive Officer
Financial performance
Summary
The Group delivered a solid financial performance in the period with further growth in revenues and ARR. The increase in revenue generated compared to the prior period supports the increase in investment in innovation and sales resources required to secure higher value longer-term recurring contracts and pipeline growth.
Revenue
Group revenue increased by 11% to GBP15.53m from GBP14.03m in H1 2023. The business strategy is to grow recurring revenue from repeatable business solutions on longer-term contracts, including recurring term licences, rather than one-off perpetual licences. In FY 2021, the Board approved a three-year revenue growth plan, with increased planned spending on technology, sales and delivery capacity in order to effect a step change in revenue growth. As a result of this focus, recurring revenue in the period increased by 24% to GBP8.2m from GBP6.6m and the Group achieved organic growth in revenue of 11%. The revenue by type is shown below:
Revenue by type
H1 2024 H1 2023 % change
Recurring revenue [term licences,
SaaS + S&M] 8.18 6.62 24%
Services 6.65 6.44 3%
Revenue (excluding perpetual
licences) 14.83 13.06 14%
Perpetual licences 0.70 0.97 (28%)
Total revenue 15.53 14.03 11%
Growth in term licence ARR
We are growing term licences from our proprietary solutions but we also sell third-party products on a standalone basis or to support our own solution sales. In the twelve-month period to 31 July 2023, we have increased the annualised value of term licences by 27% overall (23% for 1Spatial solutions), as shown in the table below.
H1 2024 H1 2023 Growth
ARR for term licences - owned 5.01 4.07 23%
ARR for term licences - third
party 1.55 1.10 41%
-------- --------
ARR for term licences - total 6.56 5.17 27%
Annualised Recurring Revenue
The Annualised Recurring Revenue ("ARR") (annualised value at the period-end of committed recurring contracts for term licences and support and maintenance) increased by 10% from GBP15.0m at 31 July 2022 to GBP16.5m as at 31 July 2023. The growth rates varied by region as shown in the table below with most regions growing total ARR and the US growing at the fastest rate of 22%. The UK also had an excellent growth rate at 10%. Europe's ARR growth rate was modest at 9%. The overall renewal rate remains high at around 94%.
ARR by region
H1 2024 H1 2023 Growth
UK/Ireland 6.95 6.30 10%
Europe 5.56 5.09 9%
US 2.56 2.09 22%
Australia 1.58 1.72 -8%
-------- -------- -------
Total ARR 16.65 15.20 10%
-------- -------- -------
Committed services revenue
The level of committed services revenue, which has reduced since the start of the year as services revenue on our major projects won last year is recognised, nevertheless remains high at GBP10.6m and provides strong revenue visibility, underpinning the Group's strong financial footing.
The combination of growing ARR, committed services revenue backlog and a strong pipeline of prospects means that the business is on track to make further progress on its revenue growth plan. With the business focus on developing and selling repeatable software solutions under a SaaS model, there is an increased level of revenue visibility, which allows the Board to continue to invest with confidence.
Regional revenue
Revenue by region is shown in the table below:
Regional revenue
Growth
Growth % (constant
H1 2024 H1 2023 % fx)
UK/Ireland 6.37 5.62 13% 13%
Europe 5.12 5.31 (4%) (7%)
US 2.29 1.80 27% 24%
Australia 1.75 1.30 35% 40%
-------- --------
15.53 14.03 11% 9%
-------- --------
It was pleasing to achieve double-digit revenue growth overall, which was driven mainly by the strong growth in the UK, Australia and the US following excellent contract wins last year, offset by the results in Europe. In Europe, revenue was impacted by the timing of closing a major contract at the end of H1 with an estimated annual licence revenue of EUR0.5m. This contract is now expected to close at the end of FY 2024. The delay in conversion of this opportunity resulted in a reduction of 7% at constant currency compared to the previous year. Going forward, all regions will continue to focus on increasing their sales of higher margin owned technology sold as term licences.
Gross profit margin
In spite of inflationary increases we have seen across our cost base over the last 12 months, the gross profit margin increased two percentage points to 52% (H1 FY23: 50%) through the increase of subscriptions pricing and charge out rates.
Cost management continues to be an important focus during FY 2024. Although the business is incurring some planned increases in costs to support future revenue growth, the management team will remain focused on driving improvements to the gross margin levels through revenue growth of higher margin term licences.
Adjusted EBITDA
The adjusted EBITDA decreased by 16% to GBP1.7m from GBP2.0m in the prior period with EBITDA margin also lower than the prior period at 10.9% (H1 2023: 14.4% ). This decrease was due primarily to the continued investment in our sales resource. As a sales-led organisation, targeted investment in people is critical to ensure that we achieve our strategic sales objectives and we will continue to invest to execute our strategy. To enable further planned investment in this area, the management team carried out a review of operational and R&D costs in the half, taking GBP1m of non-revenue generating expenditure out of the business on an annualised basis. With the combination of the cost reduction program and a larger weighting of term licence renewals in the second half of the year, we will recoup the EBITDA shortfall in the next six months. We will also have the headcount to deliver the sale of SaaS product in the second half and into the new financial year.
Operating (loss)/profit
The Group recorded an operating loss of GBP0.3m compared to a profit of GBP0.4m in the prior year. Excluding the impact of restructuring costs (GBP0.3m), which were incurred primarily in our European operation, the Group reported a marginal profit. We are satisfied with the result for the period and are confident that the restructuring carried out will benefit of the Group's success in the medium term.
Taxation
The tax charge for the period was GBP0.1m (H1 2023: GBP0.1m).
Balance sheet
The Group's net assets increased to GBP16.7m at 31 July 2023 (H1 2023: GBP15.7m). Intangible assets increased to GBP18.5m (H1 2023: GBP15.9m), mainly due to increased R&D expenditure on our SaaS products. The drive to increase investment in our SaaS offerings has yielded its first results in the first six months of the year with a number of deals signed in the US and five trials signed in the UK. We will continue to invest in these product sets as we are confident that conversion of further opportunities will result in significant top line and EBITDA growth.
Cash flow
Cash generated from operations was GBP0.7m (H1 2023: GBP1.3m). This decrease was driven primarily by a higher cost base notably through increases in headcount, professional fees, legal expenses and exceptional items. While we did observe an increase in revenue generated, the incremental cost base was in excess of any additional cash generated from sales. With the traction demonstrated by the sales team over the last six months, the timing of term licence renewals weighted towards the second half of the year, the non-recurrence of exceptional costs incurred in the half and the positive impact from the restructuring carried out in first half of the year, we are confident that the cash inflow in the second half of the year will be improved on the first half.
Free cash outflow in the first half of the year was GBP2.5m (H1 FY23: GBP0.9m). In addition to the decrease in cash generated from operations for the same period in the prior year, the investment in software and research and development has also increased (GBP1.0m compared to the prior period). The increase in cost is focussed on the development of our cloud and SaaS product (GBP0.6m of software and research and development time) and investment in products developed in collaboration with major partners (GBP0.4m) where opportunities for sales have already been identified. The expected full year R&D spend remains in line with forecast and all development costs are consistent with our strategic objectives.
Free cash flow H1 2024 H1 2023
GBP'000 GBP'000
-------- --------
Cash generated from operations 683 1,343
Net interest paid (138) (75)
Net tax paid (59) (26)
Expenditure on software, product development
and intellectual property capitalised (2,565) (1,563)
Purchase of property, plant and equipment (35) (104)
Lease payments (384) (454)
-------- --------
Free cash outflow (2,498) (879)
-------- --------
Investment in R&D
Development costs capitalised in the period amounted to GBP2.1m (H1 2023: GBP1.6m). Amortisation of development costs was GBP0.9m (H1 2023: GBP0.7m). The increased R&D expenditure primarily relates to the investment in cloud-based SaaS solutions and development of product where opportunities have already been identified.
Financing
The Group has a GBP3m Revolving Credit Facility to ensure that the Group's working capital position is strengthened. The secured facility, arranged in June 2022, is committed for three years and priced on competitive terms. As at 31 July 2023 there was GBP1.1m drawn from the facility which we intend to repay by the end of the financial year.
Condensed consolidated statement of comprehensive income
Six months ended 31 July 2023
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
31 July 31 July 31 January
2023 2022 2023
Note GBP'000 GBP'000 GBP'000
--------------------------------------------- ----- ----------- ----------- ------------
Revenue 4 15,537 14,028 30,002
Cost of sales (7,496) (7,078) (14,504)
--------------------------------------------- ----- ----------- ----------- ------------
Gross profit 8,041 6,950 15,498
Administrative expenses (8,359) (6,589) (14,244)
--------------------------------------------- ----- ----------- ----------- ------------
(318) 361 1,254
--------------------------------------------- ----- ----------- ----------- ------------
Adjusted EBITDA 3 1,686 2,017 4,997
Less: depreciation (86) (105) (253)
Less: depreciation on right of use
asset (394) (491) (1,056)
Less: amortisation and impairment
of intangible assets 7 (1,120) (915) (2,048)
Less: share-based payment charge (14) (145) (192)
Less: strategic, integration and other
non-recurring items (390) - (194)
--------------------------------------------- ----- ----------- ----------- ------------
Operating (loss)/profit (318) 361 1,254
Finance income 9 7 19
Finance cost (147) (101) (229)
--------------------------------------------- ----- ----------- ----------- ------------
Net finance cost (138) (94) (210)
(Loss)/profit before tax (456) 267 1,044
Income tax (charge)/credit 5 (59) (60) 14
--------------------------------------------- ----- ----------- ----------- ------------
(Loss)/profit for the period (515) 207 1,058
Other comprehensive income
Items that may subsequently be reclassified
to profit or loss:
Actuarial gains/(losses) arising on
defined benefit pension, net of tax - - 162
Exchange differences on translating
foreign operations (189) 210 415
Other comprehensive (loss)/income
for the period, net of tax (189) 210 577
============================================= ===== =========== =========== ============
Total comprehensive (loss)/gain for
the period attributable to the equity
shareholders of the Parent (704) 417 1,635
============================================= ===== =========== =========== ============
(Loss)/profit per ordinary share from continuing operations
attributable to the equity shareholders of the Parent during
the period (expressed in pence per ordinary share):
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2023 2022 2023
Basic (loss)/earnings per share 6 (0.5) 0.2 1.0
Diluted (loss)/earnings per share 6 (0.5) 0.2 0.9
Condensed consolidated statement of financial position
As at 31 July 2023
Unaudited Audited Unaudited
As at As at As at
31 July 31 January 31 July
2023 2023 2022
-------------------------------------------------------- ----- ---------- ------------ ----------
Note GBP'000 GBP'000 GBP'000
-------------------------------------------------------- ----- ---------- ------------ ----------
Assets
Non-current assets
Intangible assets including goodwill 8 18,531 17,408 15,940
Property, plant and equipment 265 302 376
Right-of-use assets 1,621 1,609 2,000
Total non-current assets 20,417 19,319 18,316
-------------------------------------------------------- ----- ---------- ------------ ----------
Current assets
Trade and other receivables 9 12,322 14,151 12,305
Current income tax receivable 44 35 179
Cash and cash equivalents 10 3,250 5,036 4,529
-------------------------------------------------------- ----- ---------- ------------ ----------
Total current assets 15,616 19,222 17,013
-------------------------------------------------------- ----- ---------- ------------ ----------
Total assets 36,033 38,541 35,329
-------------------------------------------------------- ----- ---------- ------------ ----------
Liabilities
Current liabilities
Bank borrowings 10 (1,745) (660) (643)
Trade and other payables 11 (13,196) (15,797) (12,741)
Lease liabilities (523) (608) (621)
Deferred consideration - (28) (370)
Total current liabilities (15,464) (17,093) (14,375)
-------------------------------------------------------- ----- ---------- ------------ ----------
Non-current liabilities
Bank borrowings 10 (962) (1,322) (1,562)
Lease liabilities (1,178) (1,077) (1,348)
Deferred consideration - - -
Defined benefit pension obligation (1,178) (1,154) (1,319)
Deferred tax (547) (544) (1,058)
Total non-current liabilities (3,865) (4,097) (5,287)
-------------------------------------------------------- ----- ---------- ------------ ----------
Total liabilities (19,329) (21,190) (19,662)
Net assets 16,704 17,351 15,667
======================================================== ===== ========== ============ ==========
Share capital and reserves
Share capital 12 20,161 20,155 20,150
Share premium account 30,497 30,488 30,479
Own shares held (28) (139) (303)
Equity-settled employee benefits
reserve 4,136 4,122 4,075
Merger reserve 16,465 16,465 16,465
Reverse acquisition reserve (11,584) (11,584) (11,584)
Currency translation reserve 312 501 296
Accumulated losses (42,778) (42,180) (43,434)
Purchase of non-controlling interest
reserves (477) (477) (477)
-------------------------------------------------------- ----- ---------- ------------ ----------
Equity attributable to shareholders
of the Parent company 16,704 17,351 15,667
-------------------------------------------------------- ----- ---------- ------------ ----------
Total equity 16,704 17,351 15,667
======================================================== ===== ========== ============ ==========
Condensed
consolidated
statement
of changes in
equity
Period ended
31 July 2023
Purchase
Equity-settled of
Share Own employee Reverse Currency non-controlling
Share premium shares benefits Merger acquisition translation interest Accumulated Total
GBP'000 capital account held reserve reserve reserve reserve reserve losses equity
Balance at 31
January 2022
as restated
(Audited) 20,150 30,479 (303) 3,930 16,465 (11,584) 86 (477) (43,236) 15,510
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Comprehensive
income/(loss)
Profit for the
year - - - - - - - - 1,058 1,058
Other
comprehensive
income/(loss)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Actuarial
gains arising
on
defined
benefit
pension - - - - - - - - 162 162
Exchange
differences
on
translating
foreign
operations - - - - - - 415 - - 415
Total other
comprehensive
(loss)/income - - - - - - 415 - 162 577
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Total
comprehensive
(loss)/income - - - - - - 415 - 1,220 1,635
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Transactions
with owners
recognised
directly in
equity
Recognition of
share-based
payments - - - 192 - - - - - 192
Issue of share
capital 5 9 - - - - - - - 14
Transfer of
treasury
shares - - 164 - - - - - (164) -
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
5 9 164 192 - - - - (164) 206
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Balance at
31 January
2023
(Audited) 20,155 30,488 (139) 4,122 16,465 (11,584) 501 (477) (42,180) 17,351
=============== ======== ======== ======= =============== ======== ============ ============ ================ ============ ========
Comprehensive
income/(loss)
Profit for the
period - - - - - - - - (515) (515)
Other
comprehensive
income
Exchange
differences
on
translating
foreign
operations - - - - - - (189) - - (189)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Total other
comprehensive
(loss)/income - - - - - - (189) - (515) (704)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Total
comprehensive
(loss)/income - - - - - - (189) - (515) (704)
Transactions
with owners
recognised
directly in
equity
Recognition of
share-based
payments - - - 14 - - - - - 14
Issue of share
capital 6 9 15
Transfer of
treasury
shares 111 (83) 28
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
6 9 - 14 - - (189) - (515) (648)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Balance at
31 July 2023
(Unaudited) 20,161 30,497 (28) 4,136 16,465 (11,584) 312 (477) (42,778) 16,704
=============== ======== ======== ======= =============== ======== ============ ============ ================ ============ ========
Purchase
Equity-settled of
Share Own employee Reverse Currency non-controlling
Share premium shares benefits Merger acquisition translation interest Accumulated Total
GBP'000 capital account held reserve reserve reserve reserve reserve losses equity
Balance at 31
January 2022
(Audited) 20,150 30,479 (303) 3,930 16,465 (11,584) 86 (477) (43,236) 15,510
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Comprehensive
loss
Loss for the
period - - - - - - - - 207 207
Other
comprehensive
(loss)/income
Exchange
differences
on
translating
foreign
operations - - - - - - 210 - - 210
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Total other
comprehensive
(loss)/income - - - - - - 210 - 207 417
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Total
comprehensive
(loss)/income - - - - - - 210 - 207 417
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Transactions
with owners
recognised
directly in
equity
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Recognition of
share-based
payments - - - 145 - - - - - 145
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
- - - - - - - - - -
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ----------------- ------------ --------
Balance at
31 July 2022
(Unaudited) 20,150 30,479 (303) 4,075 16,465 (11,584) 296 (477) (43,029) 16,072
=============== ======== ======== ======= =============== ======== ============ ============ ================= ============ ========
Condensed consolidated statement of cash flows
Period ended 31 July 2023
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
31 July 31 July 31 January
2023 2022 2023
Note GBP'000 GBP'000 GBP'000
---------------------------------------- ----- ----------- ----------- ------------
Cash flows from operating activities
Cash generated from operations 10 683 1,343 5,352
Interest received 9 6 19
Interest paid (147) (81) (229)
Tax paid (59) (26) (-)
Tax received - - 179
Net cash from operating activities 486 1,242 5,321
---------------------------------------- ----- ----------- ----------- ------------
Cash flows from investing activities
Purchase of property, plant and
equipment (35) (104) (163)
Expenditure on product development
and intellectual property capitalised (2,565) (1,563) (3,854)
Net cash used in investing activities (2,600) (1,667) (4,017)
---------------------------------------- ----- ----------- ----------- ------------
Cash flows from financing activities
Proceeds from loans and borrowings 1,100 500
Repayment of loans and borrowings (313) (206) (1,043)
Repayment of lease obligations (384) (454) (1,088)
Payment of deferred consideration
on acquisition (27) - (352)
Net proceeds from share issue 16 - 14
Net cash used in financing activities 392 (660) (1,980)
---------------------------------------- ----- ----------- ----------- ------------
Net decrease in cash and cash
equivalents (1,722) (1,085) (676)
Cash and cash equivalents at start
of period 5,036 5,623 5,623
Effects of foreign exchange on
cash and cash equivalents (64) (9) 89
Cash and cash equivalents at
end of period 10 3,250 4,529 5,036
---------------------------------------- ----- ----------- ----------- ------------
Notes to the Interim Financial Statements
1. Principal activity
1Spatial plc is a public limited company which is listed on the AIM London Stock Exchange and is incorporated and domiciled in the UK. The address of the registered office is Tennyson House, Cambridge Business Park, Cowley Road, Cambridge, CB4 0WZ. The registered number of the Company is 5429800.
The principal activity of the Group is the development and sale of software along with related consultancy and support.
2. Basis of preparation
This condensed consolidated interim financial report for the half-year reporting period ended 31 July 2023 has been prepared in accordance with UK adopted IAS 34 Interim Financial Reporting. The interim report does not include all the information required for a complete set of IFRS financial statements. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 January 2023 and any public announcements made by 1Spatial Plc during the interim reporting period. The annual financial statements of the Group were prepared in accordance UK adopted international accounting standards.
The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group's consolidated financial statements as at and for the year ended 31 January 2023.The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Several amendments and interpretations apply for the first time in 2022, but do not have a material impact on the interim financial statements of the Group.
The financial information for the six months ended 31 July 2023 and 31 July 2022 is neither audited nor reviewed and does not constitute statutory financial statements within the meaning of section 434(3) of the Companies Act 2006 for 1Spatial plc or for any of the entities comprising the 1Spatial Group. Statutory financial statements for the preceding financial year ended 31 January 2023 were filed with the Registrar and included an unqualified auditors' report.
After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly condensed consolidated financial statements.
These interim financial statements were authorised for issue by the Company's Board of Directors on 10 October 2023.
3. Alternative Performance Measures ('APMs')
The Group uses certain Alternative Performance Measures to enable the users of the Group's financial statements to understand and evaluate the performance of the Group consistently over different reporting periods. APMs are non-GAAP company specific measures. As these are non-GAAP measures, they should not be considered as replacements for IFRS measures. The Group's definition of non-GAAP measures may not be comparable to other similarly titled measures reported by other companies. A description of the measures set out above is included below with a reconciliation to the closest GAAP measure included in the notes to the consolidated condensed interim financial report.
APM Explanation of APM
Recurring Revenue Recurring Revenue is the value of committed
(s) recurring contracts for term licences and support
& maintenance recorded in the year.
-----------------------------------------------------
Annualised Recurring Annualised Recurring Revenue ("ARR") is the
Revenue ("ARR") annualised value at the year-end of committed
recurring contracts for term licences and support
& maintenance.
-----------------------------------------------------
Adjusted EBITDA Adjusted EBITDA is a company-specific measure
which is calculated as operating profit/(loss)
before depreciation (including right of use
asset depreciation), amortisation and impairment
of intangible assets, share-based payment charge
and strategic, integration, and other non-recurring
items.
-----------------------------------------------------
Operating cashflow Operating cashflow is a company-specific measure
which is calculated as cash generated from
operations excluding cash flow on strategic,
integration and other non-recurring items.
-----------------------------------------------------
Free cashflow Free cash flow is defined as net increase/(decrease)
in cash for the year before cash flows from
the acquisition of subsidiaries, cash flows
from new borrowings and repayments of borrowings
and cash flow from new share issue. But excludes
lease liabilities.
-----------------------------------------------------
Net cash Net cash is gross cash less bank borrowings.
-----------------------------------------------------
Recurring Revenue H1 2024 H1 2023 FY2023
----------------------------------------------------- -------- -------- ---------
Total Revenue 15,537 14,028 30,002
Adjustments:
Services (6,653) (6,438) (13,601)
Perpetual Licences - own (188) (271) (393)
Perpetual Licences - third party (508) (695) (1,253)
----------------------------------------------------- -------- -------- ---------
Recurring Revenue 8,188 6,624 14,755
----------------------------------------------------- -------- -------- ---------
Annualised Recurring Revenue H1 2024 H1 2023 FY2023
----------------------------------------------------- -------- -------- ---------
Recurring Revenue 8,188 6,624 14,755
Adjustments:
Timing differences on Net New Revenue in
period 8,457 8,571 1,018
----------------------------------------------------- -------- -------- ---------
Annualised Recurring Revenue 16,645 15,195 15,773
----------------------------------------------------- -------- -------- ---------
Adjusted EBITDA H1 2024 H1 2023 FY2023
----------------------------------------------------- -------- -------- ---------
(Loss)/profit before tax (456) 267 1,044
Adjustments:
Depreciation 480 596 1,309
Amortisation and impairment of intangible
assets 1,120 915 2,048
Share-based payment charge 14 145 192
Strategic, integration and other one-off
items 390 - 194
Net finance cost 138 94 210
----------------------------------------------------- -------- -------- ---------
Adjusted EBITDA 1,686 2,017 4,997
----------------------------------------------------- -------- -------- ---------
Operating Cashflow H1 2024 H1 2023 FY2023
Cash generated from operations 683 1,343 5,352
Adjustments:
Cash flow on strategic, integration and other
non-recurring items 516 - 48
Cash generated from operations before strategic,
integration and other non-recurring items 1,199 1,343 5,400
Free cash flow H1 2024 H1 2023 FY2023
----------------------------------------------------- -------- -------- ---------
Cash generated from operations before strategic,
integration and other non-recurring items 1,199 1,343 5,400
Adjustments:
Net interest paid (138) (75) (210)
Net tax (paid)/received (59) (26) 179
Expenditure on product development and intellectual
property capitalised (2,565) (1,563) (3,854)
Purchase of property, plant and equipment (35) (104) (163)
Lease payments (384) (454) (1,099)
----------------------------------------------------- -------- -------- ---------
Free cash flow before strategic, integration
and other non-recurring items (1,982) (879) 253
Cash flow on strategic, integration and other
non-recurring items (516) - (48)
----------------------------------------------------- -------- -------- ---------
Free cash flow (2,498) (879) 205
Net Cash H1 2024 H1 2023 FY2023
Cash and cash equivalents 3,250 4,529 5,036
Adjustments:
Bank Borrowings - current (1,745) (643) (660)
Bank Borrowings - non-current (962) (1,562) (1,322)
Net Cash 543 2,324 3,054
4. Revenue
The following table provides an analysis of the Group's revenue by type:
Revenue by type
H1 2024 H1 2023
GBP000 GBP000
SaaS Solutions 0.09 -
Term licences - own 2.45 1.14 114%
Term licences - third party 0.90 0.55 64%
-------- --------
SaaS and Term licences - total 3.44 1.69 103%
Support & maintenance 4.74 4.93 (4%)
-------- --------
Recurring revenue 8.18 6.62 24%
-------- --------
Services 6.65 6.44 3%
Perpetual licences - own 0.19 0.27 (27%)
Perpetual licences - third party 0.51 0.70 (30%)
-------- --------
Perpetual licences - total 0.70 0.97 (28%)
-------- --------
Total revenue 15.53 14.03 11%
-------- --------
Percentage of recurring revenue 53% 47%
5. Taxation
The tax charge on the result for the six months ended 31 July 2023 is based on the estimated tax rates in the jurisdictions in which the Group operates for the year ending 31 January 2024.
6. (Loss)/earnings per share
Basic (loss)/earnings per share is calculated by dividing the (loss)/profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
31 July 31 July 31 January
2023 2022 2023
GBP'000 GBP'000 GBP'000
(Loss)/profit attributable to equity
holders of the Parent (515) 207 1,058
-------------------------------------- ----------- ----------- -------------
Number Number Number
000s 000s 000s
-------------------------------------- ----------- ----------- -------------
Ordinary shares with voting rights 110,829 110,486 110,712
-------------------------------------- ----------- ----------- -------------
Deferred consideration payable
in shares - 56 55
-------------------------------------- ----------- ----------- -------------
Basic weighted average number
of ordinary shares 110,859 110,542 110,807
-------------------------------------- ----------- ----------- -------------
Impact of share options/LTIPs 3,264 3,890 2,845
-------------------------------------- ----------- ----------- -------------
Diluted weighted average number
of ordinary shares 114,123 114,432 113,652
-------------------------------------- ----------- ----------- -------------
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
31 July 31 July 31 January
2023 2022 2023
Pence Pence Pence
----------------------------------- ----------- ----------- -------------
Basic (loss)/earnings per share (0.5) 0.2 1.0
----------------------------------- ----------- ----------- -------------
Diluted (loss)/earnings per share (0.5) 0.2 0.9
----------------------------------- ----------- ----------- -------------
There is no material difference between basic earnings per share and diluted earnings per share.
For H1 FY 2024, basic loss per share and diluted loss per share are the same because the options are anti-dilutive. Therefore, they have been excluded from the calculation of diluted weighted average number of ordinary shares.
7. Dividends
No dividend is proposed for the six months ended 31 July 2023 (31 January 2023: nil; 31 July 2022: nil).
8. Intangible assets including goodwill
Goodwill Brands Customers Software Development Intellectual Total
and related costs property
contracts
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 February
2023 17,672 462 4,738 6,799 25,597 72 55,340
Additions - - - 383 2,172 10 2,565
Effect of foreign
exchange (233) (6) (93) (97) (316) - (745)
------------------------
At 31 July 2023 17,439 456 4,645 7,085 27,453 82 57,160
------------------------ --------- -------- ------------- --------- ------------ ------------- --------
Accumulated impairment
and amortisation
At 1 February
2023 11,517 318 3,933 5,294 16,847 23 37,932
Amortisation - 11 76 116 914 3 1,120
Effect of foreign
exchange 93 2 73 52 203 - 423
At 31 July 2023 11,424 327 3,936 5,358 17,558 26 38,629
------------------------ --------- -------- ------------- --------- ------------ ------------- --------
Net book amount
at
31 July 2023 6,015 129 709 1,348 10,274 56 18,531
======================== ========= ======== ============= ========= ============ ============= ========
Goodwill Brands Customers Software Development Intellectual Total
and related costs property
contracts
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 February
2022 17,194 450 4,547 6,574 21,228 72 50,065
Additions - - - 7 1,556 - 1,563
Effect of foreign
exchange 284 2 28 27 106 - 447
--------------------------
At 31 July 2022 17,478 452 4,575 6,608 22,890 72 52,075
-------------------------- --------- -------- ------------- --------- ------------ ------------- --------
Accumulated impairment
and amortisation
At 1 February
2022 11,330 291 3,640 4,958 14,826 17 35,062
Amortisation - 11 73 103 725 3 915
Effect of foreign
exchange 23 - 20 17 98 - 158
At 31 July 2022 11,353 302 3,733 5,078 15,649 20 36,135
-------------------------- --------- -------- ------------- --------- ------------ ------------- --------
Net book amount
at
31 July 2022 6,125 150 842 1,530 7,241 52 15,940
========================== ========= ======== ============= ========= ============ ============= ========
Goodwill Brands Customers Software Development Intellectual Total
and related costs property
contracts
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 February 2022 17,194 450 4,547 6,574 21,228 72 50,065
Additions - - - 39 3,815 - 3,854
Effect of foreign
exchange 478 12 191 186 554 - 1,421
------------------------
At 31 January
2023 17,672 462 4,738 6,799 25,597 72 55,340
------------------------ --------- -------- ------------- --------- ------------ ------------- --------
Accumulated impairment
and amortisation
At 1 February 2022 11,330 291 3,640 4,958 14,826 17 35,062
Amortisation - 22 149 227 1,644 6 2,048
Effect of foreign
exchange 187 5 144 109 377 - 822
At 31 January
2023 11,517 318 3,933 5,294 16,847 23 37,932
------------------------ --------- -------- ------------- --------- ------------ ------------- --------
Net book amount
at
31 January 2023 6,155 144 805 1,505 8,750 49 17,408
======================== ========= ======== ============= ========= ============ ============= ========
Net book amount
at
31 January 2022 5,864 159 907 1,616 6,402 55 15,003
======================== ========= ======== ============= ========= ============ ============= ========
9. Trade and other receivables
As at As at As at
31 July 31 January 31 July
2023 2023 2022
Current GBP'000 GBP'000 GBP'000
----------------------------------------- --------- ------------ ---------
Trade receivables 4,173 4,992 2,701
Less: provision for impairment of trade
receivables (22) (29) (25)
----------------------------------------- --------- ------------ ---------
4,151 4,963 2,676
Other receivables 1,747 2,044 1,618
Prepayments and accrued income 6,424 7,144 8,011
----------------------------------------- --------- ------------ ---------
12,322 14,151 12,305
----------------------------------------- --------- ------------ ---------
10. Notes to the condensed consolidated statement of cash flows
a) Cash used in operations
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
31 July 31 July 31 January
2023 2022 2023
GBP'000 GBP'000 GBP'000
---------------------------------------------- ----------- ----------- --------------
Profit/(loss) before tax (456) 267 1,044
Adjustments for:
Net finance cost 138 94 210
Depreciation 480 596 1,309
Amortisation of acquired intangibles 206 190 386
Amortisation and impairment of development
costs 914 725 1,662
Share-based payment charge 14 145 192
Decrease/(increase) in trade and other
receivables 1,580 216 (1,426)
(Decrease)/increase in trade and other
payables (2,226) (668) 1,963
Increase/(decrease) in defined benefit
pension obligation 33 24 12
Net foreign exchange movement - (246) -
Cash from operations 683 1,343 5,352
---------------------------------------------- ----------- ----------- --------------
b) Reconciliation of net cash flow to movement in net funds
Unaudited Unaudited Audited
As at As at
31 July 31 July As at 31
2023 2022 January 2023
GBP'000 GBP'000 GBP'000
---------------------------------------------- ----------- ----------- --------------
Decrease in cash in the period (1,722) (1,085) (676)
---------------------------------------------- ----------- ----------- --------------
Changes resulting from cash flows (1,722) (1,085) (676)
Net cash inflow in respect of new borrowings (1,100) - -
Net cash outflow in respect of borrowings
repaid 313 206 543
Effect of foreign exchange (2) (28) (44)
---------------------------------------------- ----------- ----------- --------------
Change in net funds (2,511) (907) (177)
Net funds at beginning of period 3,054 3,231 3,231
----------------------------------------------
Net funds at end of period 543 2,324 3,054
---------------------------------------------- ----------- ----------- --------------
Analysis of net funds
Cash and cash equivalents classified
as:
Current assets 3,250 4,529 5,036
Bank and other loans (2,707) (2,205) (1,982)
Net funds at end of period 543 2,324 3,054
---------------------------------------------- ----------- ----------- --------------
Net funds is defined as cash and cash equivalents net of bank loans.
11. Trade and other payables
As As
at at
As at 31 31
31 July January July
2023 2023 2022
Current GBP'000 GBP'000 GBP'000
------------------------------------ --------- --------- ----------
Trade payables 2,760 2,861 2,242
Other taxation and social security 2,671 3,653 2,993
Other payables 410 506 492
Accrued liabilities 1,307 1,229 1,651
Deferred income 6,048 7,548 5,363
------------------------------------ --------- --------- ----------
13,196 15,797 12,741
------------------------------------ --------- --------- ----------
12. Share capital
As at As at As at
31 July 31 January 31 July
2023 2023 2022
GBP'000 GBP'000 GBP'000
--------------------------------------------------- --------- ------------ ---------
Allotted, called up and fully paid
110,859,545 (H1 FY 2024: FY 2023: 110,859,545)
ordinary shares of 10p each 11,093 11,087 11,082
226,699,878 (H1 FY 2024 and FY 2023: 226,699,878)
deferred shares of 4p each 9,068 9,068 9,068
--------------------------------------------------- --------- ------------ ---------
20,161 20,155 20,150
--------------------------------------------------- --------- ------------ ---------
There are 110,859,545 ordinary shares of 10p in issue, of which 29,899 ordinary shares are held in treasury. Consequently, the total number of voting rights is 110,829,646.
The deferred shares of 4p each do not carry voting rights or a right to receive a dividend. Accordingly, the deferred shares will have no economic value.
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IR UPGQPUUPWPGB
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