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DSG.GB Dillistone Group Plc

9.00
0.00 (0.00%)
28 Mar 2024 - Closed
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Share Name Share Symbol Market Type Share ISIN Share Description
Dillistone Group Plc AQSE:DSG.GB Aquis Stock Exchange Ordinary Share GB00B13QQB40
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 9.00 8.00 10.00 9.00 9.00 9.00 0.00 06:57:51
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
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Dillistone Group PLC Half-year Report (3633K)

21/09/2016 7:00am

UK Regulatory


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RNS Number : 3633K

Dillistone Group PLC

21 September 2016

Dillistone Group Plc

("Dillistone", the "Company" or the "Group")

Interim Results

Dillistone Group Plc, the AIM quoted supplier of software and services for the recruitment sector, is pleased to announce its interim results for the six months ended 30 June 2016.

Operational:

Dillistone Systems Division

   --     Encouraging success with FileFinder Anywhere 

o New business orders in January - August already significantly ahead of the equivalent value for the whole of 2015

o May 2016 saw record month for implementations of FileFinder licences

o Launch of a standalone browser based app in March - a first for the mainstream executive search software sector

-- Recurring revenues recovered from poor performance in 2015 and account for 71% of divisional revenue

Voyager Software Division

   --     Incoming new business order values already ahead of equivalent figure for the whole of 2015 

-- Infinity SaaS delivering increased recurring revenues which were up 6% and account for 70% of divisional revenue

   --     New product announcements expected in September 2016 

Financial:

   --     Revenue up 2% to GBP4.811m 

-- Recurring revenues represent 70% of total revenue and cover 100% of administrative expenses excluding acquisition related items

   --     Profit for the period up 3% to GBP0.489m (2015: GBP0.476m) 
   --     Adjusted EBITDA(1) up 2% to GBP1.204m 
   --     Basic EPS up 1% to 2.48p 
   --     First half performance exceeded second half of 2015 as previously foreseen 

-- Cash balances of GBP1.611m at 30 June 2016 (2015: GBP1.335m) and debt of GBP0.242m (2015: GBP0.406m)

   --     2% increase in interim dividend to 1.375p (2015: 1.35p) 
   --     Expectation of revenue and profits growth for full year in line with expectations 

(1) Adjusted EBITDA is adjusted operating profit with depreciation and amortisation added back.

Commenting on the results and prospects, Mike Love, Non-Executive Chairman, said:

"After a challenging 2015, we are very happy to deliver an encouraging set of results for the first half of the year, with the recently announced record implementations and orders expected to underpin future periods.

"Despite the uncertain economic horizons, we have delivered both revenue and profit after tax growth. Very significant increases in new business orders across the Group suggests that we are taking market share from our competitors and demonstrates the success of our ongoing product development strategy. The recent slide in the value of sterling is having a positive impact on revenues, partially offset by a negative effect on costs.

"We will continue to invest in our products, services and infrastructure across the Group as this is essential to delivering long term shareholder value and to strengthening Dillistone's position in its chosen markets.

"Our confidence in the future has allowed us to declare a 2% increase in our interim dividend."

Investor Access Event:

The Directors will be holding an Investor Access event for Private Investors, Private Client Investment Managers and Institutional Investors to introduce the Dillistone Group, review the Interim Results and expand on opportunities at 3.15pm on Monday 26 September 2016 at the Tower of London. Presentations will be given by the Directors of Dillistone and the Research Analyst from WH Ireland.

Investors will have access to the Directors and customers of Dillistone at a drinks reception to be held later that day at 4pm at the Tower of London in conjunction with the 2016 World Executive Search Congress, an annual event for the Executive Search industry hosted by Dillistone Systems, a division of Dillistone Group. In addition, guests will be offered the opportunity to visit the Crown Jewels as part of the visit to the historic site.

Those wishing to attend should contact Tom Cooper on tom.cooper@walbrookpr.com or 020 7933 8780 or 0797 122 1972 for further details.

Enquiries:

 
 Dillistone Group 
  Plc 
 Mike Love           Chairman                         020 7749 6100 
 Jason Starr         Chief Executive                  020 7749 6100 
 Julie Pomeroy       Finance Director                 020 7749 6100 
 
 WH Ireland Limited (Nominated 
  adviser) 
                     Head of Corporate 
 Chris Fielding       Finance                         020 7220 1650 
 
 Walbrook PR 
 Tom Cooper / 
  Paul Vann                                           020 7933 8780 
                                                      0797 122 1972 
                                          tom.cooper@walbrookpr.com 
 

Notes to Editors:

Dillistone Group Plc (www.dillistonegroup.com) is a leader in the supply and support of software and services to the recruitment industry. It has four trading businesses operating through two divisions: Dillistone Systems, which targets the executive search industry (www.dillistone.com); and Voyager Software, which targets other recruitment markets (www.voyagersoftware.com).

Dillistone has made three acquisitions: Voyager Software in September 2011, FCP Internet in July 2013 and ISV Software in September 2014. The Group operates under the FileFinder, Infinity, Evolve and ISV brands.

Dillistone was admitted to AIM, a market operated by the London Stock Exchange plc, in June 2006. The Group employs over 100 people globally with offices in London (head office) Basingstoke and Southampton, Frankfurt, New Jersey and Sydney.

Chairman's Statement

Our financial results show that the Group has made good progress in the first half. As expected, we have returned to revenue growth as our continued investment in product development is progressively delivering positive results. Investment in our products remains key to the future success of the business. We are increasingly selling SaaS based products which have less short term revenue impact but favour longer term recurring revenue. The advantage to this style of contract is recurring revenue visibility, albeit that it often appears that there is a delay in these new contracts reflecting in the Group's results.

We also continue to pursue growth through targeting complementary acquisitions. This is a strategy that has served us well in the past and which remains part of our core strategy at this time.

Revenues increased by 2% over the 6 months to June 2015 with recurring revenues up 4% and now representing 70% of total revenues. The growth in new business orders across both divisions in H1 has been very pleasing to see.

Profit after tax was up 3% to GBP0.489m (2015: GBP0.476m).

Divisional review

We are pleased to report a turnaround in the performance of our Dillistone Systems division. After a challenging 2015, we had stated that we faced a more competitive market than in previous years and, as a result, we felt it necessary to increase investment in the Division. It was our expectation that we would return to both revenue and profit growth in 2016. The performance in 2015 meant that we began the period with recurring revenues at a lower level that those seen at the same stage in the previous year, but over the reporting period we have wiped out this deficit. Despite economic turbulence, it remains our expectation that the Division will deliver growth in the full year.

Dillistone Systems (www.dillistone.com) reported revenues of GBP2.265m (2015: GBP2.306m) with recurring revenues up 2% to GBP1.614m and non recurring revenues down GBP0.072m in part due to the move in timing of the World Executive Search Congress which is being held in H2 2016 (in H1 2015).

The latest release of the FileFinder Anywhere platform has been extremely well received by both existing and new clients. Evidence of this can be seen in our record month of licence implementations in May and the contract that we announced post the period end with the global search firm Alexander Hughes International headquartered out of Paris for circa 200 new licences. By the end of August, we had won new business contracts worth significantly more than our total new business order book for the whole of 2015. Our challenge now is to implement the increased demand for our services while maintaining our performance standards.

As anticipated, Divisional profits are down by GBP0.063m in the period.

Voyager Software (www.voyagersoftware.com) has also enjoyed a good trading period with revenue 6% ahead of 2015 at GBP2.546m (2015: GBP2.400m). We are particularly pleased with the performance of our Infinity SaaS platform, launched a year ago, and the continued growth in our FCP Evolve Platform. The performance of both of these products gives us improved visibility over future revenues.

The Division continues to invest in product development and a series of product enhancements will be announced later this month. Divisional profits increased 5% to GBP0.412m in the period.

Financial Performance

Revenue in the six months ended 30 June 2016 increased by 2% to GBP4.811m (2015: GBP4.706m). Recurring revenues increased by 4% to GBP3.384m over the comparable period last year (2015: GBP3.257m) and represented 70% of total revenues (2015: 69%). Non recurring revenues were down at GBP1.129m (2015: GBP1.202m).

Cost of sales increased by 5% in H1 2016 mainly due to the continued roll out of third party data centres for hosting our cloud products. Administration expenses rose 3% in H1 2016, in part due to increased depreciation and amortisation charges, relating primarily to investment in product development. Excluding depreciation and amortisation, administrative expenses rose 2% over H1 2015. Administrative costs also include GBP0.189m (2015: GBP0.189m) relating to the amortisation of acquisition intangibles.

EBITDA grew 2% to GBP1.204m (2015: GBP1.185m). Total depreciation and amortisation, including amortisation of acquisition intangibles, increased to GBP0.656m (2015: GBP0.599m) resulting in profit before tax being down 5% to GBP0.538m (2015: GBP0.566m).

The tax charge fell to GBP0.049m in the period to 30 June 2016 (2015: GBP0.90m). This gave an effective global tax rate of 9.2% (2015: 15.9%). Excluding acquisition related items the tax rate was 11.34%. The 2015 and 2016 rates have been reduced by claims in the UK for research and development tax credits reflecting the continuing development of our products. The falling UK tax rates have also had a positive impact on the charge, which is offset by the higher rates of corporation tax payable in the US and Australia.

Basic EPS increased by 1% to 2.48p (2015: 2.45p).

Cash generated from operating activities remained strong at GBP1.347m (2015: GBP1.111m). Total cash flow in the 6 months ended 30 June 2016 showed a net cash outflow of GBP0.070m (2015: outflow GBP0.560m). The main elements of non-operating expenditure related to dividends paid in the period of GBP0.541m (2015: GBP0.528m) and investment in new product development of GBP0.539m (2015: GBP0.464m) and deferred and contingent consideration payments in respect of acquisitions GBP0.212m (2015: GBP0.666m). At 30 June 2016 we had cash reserves of GBP1.611m (2015: GBP1.335m) and GBP0.242m in borrowings (2015: GBP0.406m).

We continue to follow a progressive dividend policy and, reflecting this, the Board has declared an increase in the interim dividend for 2016 of 2%. Accordingly, a dividend of 1.375p per share (2015: 1.35p) will be paid on 17 November 2016 to holders on the register on 14 October 2016. Shares will trade ex-dividend from 13 October 2016.

Strategy

The Group remains committed to the continued investment in our core products as a means of delivering organic growth. It will also continue to target appropriate acquisitions in its current or related sectors.

Outlook

The Board is pleased to see that the Group's investment in the FileFinder Anywhere platform is starting to show real signs of success. Although economic turbulence has had some impact on the number and size of the opportunities available to us, our improved market position has seen an increase in both conversion rates and in average order values. The Dillistone Systems division plans to announce further improvements to the product suite in September 2016 and as a result expects to maintain its improved market performance.

Our Voyager Software division has shown growth at both the revenue and the pre-tax profit level, and we expect this to continue. Our Infinity SaaS product, launched in 2015, has proved increasingly popular, though this model does mean that revenue is not recognised as quickly as in the traditional licence sale but has longer term benefits. The Division also plans various product launches and upgrades in the remainder of 2016.

The last few months have seen some volatility in the recruitment market. This has led to a reduction in additional licence purchases amongst some of our existing client firms. This has been more than offset by growth in our new business sales and upgrades for existing clients and we expect this trend to continue. However, we would not be immune to a more significant economic slowdown. Nevertheless, with our recurring revenues covering our administrative expenses (excluding acquisition related items), the Group remains in a very solid position. As a result, in H2 of 2016 the Board expects the Group to make further progress and results are anticipated to be in line with market expectations with the Group delivering both revenue and operational profit growth in the full year.

The Board therefore remains confident in the future prospects of the Group and has declared an increase in the interim dividend to 1.375p per share.

Mike Love

Chairman

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                            Note      6 Months ended       Year ended 
                                          30 June           31 Dec 
                                        2016        2015         2015 
                                   Unaudited   Unaudited      Audited 
                                     GBP'000     GBP'000      GBP'000 
 Revenue                     4         4,811       4,706        9,437 
 Cost of sales                         (694)       (661)      (1,313) 
                                  ----------  ----------  ----------- 
 Gross profit                          4,117       4,045        8,124 
 Administrative expenses             (3,569)     (3,459)      (7,016) 
                                  ----------  ----------  ----------- 
 
 Result from operating 
  activities                 4           548         586        1,108 
 
 Analysed as: 
 Result from operating 
  activities before 
  acquisition related 
  items                                  737         775        1,424 
 
 Acquisition related 
  items                      5         (189)       (189)        (316) 
                                  ----------  ----------  ----------- 
 Result after acquisition 
  related items                          548         586        1,108 
--------------------------------  ----------  ----------  ----------- 
 
 Financial income                          3           4            5 
 Financial cost                         (13)        (24)         (41) 
                                  ----------  ----------  ----------- 
 Profit before tax                       538         566        1,072 
 
 Tax (expense)/income        6          (49)        (90)          140 
                                  ----------  ----------  ----------- 
 Profit for the period                   489         476        1,212 
 
 Other comprehensive income net 
  of tax: 
 Currency translation 
  differences                            (4)        (14)         (27) 
                                  ----------  ----------  ----------- 
 Total comprehensive 
  income for period 
  net of tax                             485         462        1,185 
                                  ----------  ----------  ----------- 
 
 Earnings per share 
  (pence) 
 Basic                       8          2.48        2.45         6.20 
 Diluted                                2.46        2.34         6.00 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 
                                                        As at 
                                      As at 30 June    31 Dec 
                                   2016        2015      2015 
                              Unaudited   Unaudited   Audited 
 ASSETS                         GBP'000     GBP'000   GBP'000 
 Non-current assets 
 Goodwill                         3,415       3,415     3,415 
 Intangible assets                6,084       6,245     6,163 
 Property plant & 
  equipment                         259         295       257 
                             ----------  ----------  -------- 
                                  9,758       9,955     9,835 
 Current assets 
 Inventories                          9          27        16 
 Trade and other 
  receivables                     1,961       1,839     1,736 
 Cash and cash equivalents        1,611       1,335     1,595 
                             ----------  ----------  -------- 
                                  3,581       3,201     3,347 
                             ----------  ----------  -------- 
 Total assets                    13,339      13,156    13,182 
                             ----------  ----------  -------- 
 
 EQUITY AND LIABILITIES 
 Equity 
 Share capital                      983         978       983 
 Share premium                    1,631       1,553     1,631 
 Merger reserve                     365         365       365 
 Retained earnings                3,956       3,462     4,008 
 Share option reserve                70         130        71 
 Translation reserve                 97         114       101 
                             ----------  ----------  -------- 
 Total equity                     7,102       6,602     7,159 
 
 Liabilities 
 Non current liabilities 
 Trade and other 
  payables                          178         428       428 
 Borrowings                          72         242       158 
 Deferred tax                       980       1,139     1,006 
 Current liabilities 
 Trade and other 
  payables                        4,599       4,281     4,193 
 Borrowings                         170         164       167 
 Current tax payable                238         300        71 
                             ----------  ----------  -------- 
 Total liabilities                6,237       6,554     6,023 
 
 Total liabilities 
  and equity                     13,339      13,156    13,182 
                             ----------  ----------  -------- 
 

The interim report was approved by the Board of directors and authorised for issue on 20 September 2016. They were signed on its behalf by:

   JS Starr                                              J P Pomeroy 

CONSOLIDATED STATEMENT OF CASH FLOWS

 
                                                                As at 
                                        As at 30 June          31 Dec 
                                         2016         2015       2015 
                                    Unaudited    Unaudited    Audited 
                                      GBP'000      GBP'000    GBP'000 
 Operating Activities 
 Profit before tax                        538          566      1,072 
 Add taxation repaid/(paid)                96         (92)      (219) 
 Adjustment for 
  Financial income                        (3)          (4)        (5) 
  Financial cost                           13           24         41 
  Depreciation and amortisation           656          600      1,240 
  Share option expense                    (1)           22         28 
  Other including foreign 
   exchange 
   adjustments arising from 
   operations                            (16)         (10)       (16) 
                                  -----------  -----------  --------- 
 Operating cash flows before 
  movements in working capital          1,283        1,106      2,141 
 
 Increase in receivables                (155)         (83)        278 
 Decrease / (Increase) in 
  inventories                               8           14         25 
 Increase in payables                     211           74      (307) 
                                  -----------  -----------  --------- 
 Net cash generated from 
  operating activities                  1,347        1,111      2,137 
                                  -----------  -----------  --------- 
 
 Investing Activities 
 Interest received                          3            4          5 
 Finance cost                             (5)          (7)       (13) 
 Purchases of property plant 
  and equipment                          (40)         (60)       (84) 
 Investment in development 
  costs                                 (539)        (464)      (961) 
 Contingent consideration 
  paid                                  (212)        (666)      (666) 
                                  -----------  -----------  --------- 
 Net cash used in investing 
  activities                            (793)      (1,193)    (1,719) 
                                  -----------  -----------  --------- 
 
 Financing Activities 
 Proceeds from issue of 
  share capital                             -          130        213 
 Bank loan repayments made               (83)         (80)      (162) 
 Dividends paid                         (541)        (528)      (793) 
                                  -----------  -----------  --------- 
 Net cash used by financing 
  activities                            (624)        (478)      (742) 
                                  -----------  -----------  --------- 
 
 Net change in cash and 
  cash equivalents                       (70)        (560)      (324) 
 
 Cash and cash equivalents 
  at beginning of the period            1,595        1,929      1,929 
 
 Effect of foreign exchange 
  rate changes                             86         (34)       (10) 
 
 Cash and cash equivalents 
  at end of period                      1,611        1,335      1,595 
                                  -----------  -----------  --------- 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                                Share      Share     Merger    Retained      Share    Foreign     Total 
                              capital    premium    Reserve    earnings     option   exchange 
                              GBP'000    GBP'000    GBP'000     GBP'000    GBP'000    GBP'000   GBP'000 
 
  Balance at 31 
   December 2014                  969      1,432        365       3,514        118        128     6,526 
 
  Comprehensive 
   income 
  Profit for the 
   6 months ended 
   30 June 2015                     -          -          -         476          -          -       476 
 
  Other comprehensive 
   income 
  Exchange differences 
   on translation 
   of overseas operations           -          -          -           -          -       (14)      (14) 
  Total comprehensive 
   income                           -          -          -         476          -       (14)       462 
                            ---------  ---------  ---------  ----------  ---------  ---------  -------- 
 
  Transactions 
   with owners 
  Issue of share 
   capital                          9        121          -           -          -          -       130 
  Share option 
   charge                           -          -          -           -         12          -        12 
  Dividends paid                    -          -          -       (528)          -          -     (528) 
 
  Balance at 30 
   June 2015                      978      1,553        365       3,462        130        114     6,602 
                            ---------  ---------  ---------  ----------  ---------  ---------  -------- 
 
  Comprehensive 
   income 
  Profit for the 
   6 months ended 
   31 Dec 2015                      -          -          -         736          -          -       736 
                                                                                                      - 
  Other comprehensive                                                                                 - 
   income 
  Exchange differences 
   on translation 
   of overseas operations           -          -          -           -          -       (13)      (13) 
  Total comprehensive 
   income                           -          -          -         736          -       (13)       723 
                            ---------  ---------  ---------  ----------  ---------  ---------  -------- 
 
  Transactions 
   with owners 
  Issue of share 
   capital                          5         78                                                     83 
  Share option 
   charge                           -          -          -          75       (59)          -        16 
  Dividends paid                    -          -          -       (265)          -          -     (265) 
 
  Balance at 31 
   December 2015                  983      1,631        365       4,008         71        101     7,159 
                            ---------  ---------  ---------  ----------  ---------  ---------  -------- 
 
  Comprehensive 
   income 
  Profit for the 
   6 months ended 
   30 June 2016                     -          -          -         489          -          -       489 
                                                                                                      - 
  Other comprehensive                                                                                 - 
   income 
  Exchange differences 
   on translation 
   of overseas operations           -          -          -           -          -        (4)       (4) 
  Total comprehensive 
   income                           -          -          -         489          -        (4)       485 
                            ---------  ---------  ---------  ----------  ---------  ---------  -------- 
 
  Transactions 
   with owners 
  Issue of share                    -          -          -           -          -          -         - 
   capital 
  Share option 
   charge                           -          -          -           -        (1)          -       (1) 
  Dividends paid                    -          -          -       (541)          -          -     (541) 
 
  Balance at 30 
   June 2016                      983      1,631        365       3,956         70         97     7,102 
                            ---------  ---------  ---------  ----------  ---------  ---------  -------- 
 

NOTES TO THE INTERIM

 
  NOTES TO THE UNAUDITED INTERIM REPORT 
 

CONSOLIDATED STATEMENT OF

   1.         Basis of Preparation 

The financial information for the six months ended 30 June 2016 included in this condensed interim report comprises the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the consolidated statement of changes in equity and the related notes on pages 12 - 18.

These interim financial statements have not been audited nor have they been reviewed by the auditors under ISRE 2410 of the Auditing Practices Board. The financial information set out in this report does not constitute statutory accounts as defined by the Companies Act 2006. The comparative figures for the year ended 31 December 2015 were derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. Those accounts received an unqualified audit report which did not contain statements under sections 498(2) or (3) (accounting records or returns inadequate, accounts not agreeing with records and returns or failure to obtain necessary information and explanations) of the Companies Act 2006.

The interim financial statements have been prepared on the basis of the accounting policies set out in the December 2015 financial statements of Dillistone Group Plc and on a going concern basis. They are presented in sterling which is also the functional currency of the parent company. They do not include all of the information required in annual financial statements in accordance with IFRS and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2015.

Dillistone Group Plc is the Group's ultimate parent company. It is a public listed company and is domiciled in the United Kingdom. The address of its registered office and principal place of business is 50 Leman St, London, E1 8HQ. Dillistone Group Plc's shares are listed on the Alternative Investment Market (AIM).

   2.         Share Based Payments 

The Company operates two share option schemes. The fair value of the options granted under these schemes is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period at the end of which the option holder may exercise the option. The fair value of the options granted is measured using the Black-Scholes model.

3 Reconciliation of adjusted operating profits to consolidated statement of comprehensive income

30 June 2016 and 30 June 2015

 
                             Adjusted   Acquisition                Adjusted   Acquisition 
                            operating       related               operating       related 
                              profits         items                 profits         items 
                                                            30                                    30 
                              30 June                     June      30 June                     June 
                                 2016         2016*       2016         2015         2015*       2015 
 
                              GBP'000       GBP'000    GBP'000      GBP'000       GBP'000    GBP'000 
 
 Revenue                        4,811             -      4,811        4,706             -      4,706 
 
 Cost of sales                  (694)             -      (694)        (661)             -      (661) 
 
 Gross profit                   4,117             0      4,117        4,045             -      4,045 
 
 Administrative 
  expenses                    (3,380)         (189)    (3,569)      (3,270)         (189)    (3,459) 
 
 Results from 
  operating activities            737         (189)        548          775         (189)        586 
 
 Financial income                   3             -          3            4             -          4 
 Financial cost                   (5)           (8)       (13)          (7)          (17)       (24) 
 
 Profit before 
  tax                             735         (197)        538          772         (206)        566 
 
 Tax expense/(income)            (83)            34       (49)        (128)            38       (90) 
 
 Profit for the 
  year                            652         (163)        489          644         (168)        476 
 
 Other comprehensive 
  income net of 
  tax: 
 Currency translation 
  differences                     (4)             -        (4)         (14)             -       (14) 
 
 Total comprehensive 
  income for the 
  year net of tax                 648         (163)        485          630         (168)        462 
                          -----------  ------------  ---------  -----------  ------------  --------- 
 

Earnings per share - from continuing activities

 
 Basic        3.31p        2.48p   3.31p     2.45p 
 Diluted      3.28p       2.46p    3.16p   2.34p 
 
 

* see accounts note 5

31 December 2015

 
                                Adjusted   Acquisition 
                               operating       related 
                                 profits         items 
                             31 December         2015*   31 December 
                                    2015                        2015 
 
                                 GBP'000       GBP'000       GBP'000 
 
 Revenue                           9,437             -         9,437 
 
 Cost of sales                   (1,313)             -       (1,313) 
 
 Gross profit                      8,124             -         8,124 
 
 Administrative expenses         (6,700)         (316)       (7,016) 
 
 Results from operating 
  activities                       1,424         (316)         1,108 
 
 Financial income                      5             -             5 
 Financial cost                     (13)          (28)          (41) 
 
 Profit before tax                 1,416         (344)         1,072 
 
 Tax income                            3           137           140 
 
 Profit for the year               1,419         (207)         1,212 
 
 Other comprehensive 
  income net of tax: 
 Currency translation 
  differences                       (27)             -          (27) 
 
 Total comprehensive 
  income for the year 
  net of tax                       1,392         (207)         1,185 
                            ------------  ------------  ------------ 
 

Earnings per share - from continuing activities

 
 Basic      7.26p   6.20p 
 Diluted    7.02p   6.00p 
 

* see accounts note 5

   4.         Segment reporting 
 
                                                Year ended 
                          6 months ended 30 
                                       June       31 Dec 
                             2016      2015         2015 
                          GBP'000   GBP'000      GBP'000 
 Revenue 
 Dillistone Systems         2,265     2,306        4,620 
 Voyager Software           2,546     2,400        4,831 
 Inter-divisional               -         -         (14) 
 Total revenue              4,811     4,706        9,437 
                      -----------  --------  ----------- 
 
 
 
 
   Results by division 
                                                Year ended 
                            6 months ended 30 
                                         June       31 Dec 
                               2016      2015         2015 
                            GBP'000   GBP'000      GBP'000 
 
 Results from operating 
  activities 
 Dillistone Systems             417       480          891 
 Voyager Software               412       392          629 
                             ------  --------  ----------- 
                                829       872        1,520 
 
 Central                       (92)      (97)         (96) 
 
 Amortisation of 
 acquisition intangibles 
 and other items              (189)     (189)        (316) 
 Result from operating 
  activities                    548       586        1,108 
                             ======  ========  =========== 
 
 
 
 Geographical segments 
 The following table provides an analysis of 
  the Group's revenues by geographical market. 
 
                                                                  Year ended 
                                   6 months ended 
                                       30 June                        31 Dec 
                                             2016      2015             2015 
                                          GBP'000   GBP'000          GBP'000 
 UK                                         3,938     3,805            7,642 
 US                                           679       676            1,381 
 Australia                                    194       225              414 
                                            4,811     4,706            9,437 
                                  ===============  ========  =============== 
 
 
 
   4.         Segment reporting (continued) 
 
 
   Business Segment 
 The following table provides an analysis of the 
  Group's revenues by products and services. 
                                                                                 Year ended 
                                                                6 months ended 
                                                                       30 June       31 Dec 
                                                                2016      2015         2015 
                                                             GBP'000   GBP'000      GBP'000 
 Recurring                                                     3,384     3,257        6,606 
 Non recurring                                                 1,129     1,202        2,333 
 Third party revenues                                            298       247          498 
                                                               4,811     4,706        9,437 
                                                     ===============  ========  =========== 
 
 Recurring income includes all support services, 
  software as a service income (SaaS) and hosting 
  income. Non-recurring income includes sales of 
  new licenses, and income derived from installing 
  those licenses including training, installation, 
  and data translation. Third party revenues arise 
  from the sale of third party software. 
 
 
   5          Acquisition related items 
 
                                                     Year ended 
                                    6 months ended 
                                           30 June       31 Dec 
                                    2016      2015         2015 
                                 GBP'000   GBP'000      GBP'000 
 Estimated change in 
  fair value of contingent 
  consideration                        -         -         (63) 
 Amortisation of acquisition 
  intangibles                        189       189          379 
 
                                     189       189          316 
 Unwinding of discount 
  on contingent consideration          8        17           28 
 
 Total                               197       206          344 
                                ========  ========  =========== 
 
   6          Tax 
 
                                                    Year ended 
                                   6 months ended 
                                          30 June       31 Dec 
                                   2016      2015         2015 
                                GBP'000   GBP'000      GBP'000 
 Current tax charge                  73       103          191 
 Prior year adjustment 
  - current tax                       -         -        (185) 
 Deferred tax charge                 10        25         (25) 
 Prior year adjustment 
  - deferred tax                      -         -           16 
 Deferred tax re acquisition 
  intangibles                      (34)      (38)        (137) 
                               --------  --------  ----------- 
 Total                               49        90        (140) 
                               ========  ========  =========== 
 

The tax charge is impacted by the higher rates of corporation tax payable in the US and Australia offset by the R&D tax credits available to both Dillistone Systems and Voyager Software. Deferred tax has been provided at 18%.

   7.         Dividends 

The Board has decided to pay an interim dividend of 1.375p per share (2015: 1.35p) on 17 November 2016 to holders on the register on 14 October 2016. Shares will trade ex-dividend from 13 October 2016.

   8.         Earnings per Share 
 
                                                          Year ended 
                                  6 months ended 
                                      30 June                 31 Dec 
                                    2016         2015           2015 
 Basic earnings per 
  share 
 Profit attributable 
  to ordinary shareholders    GBP489,000   GBP476,000   GBP1,212,000 
 
 Weighted average number 
  of shares                   19,668,021   19,434,115     19,547,754 
 
 Basic earnings per 
  share (pence)                     2.48         2.45           6.20 
                             ===========  ===========  ============= 
 
 Diluted earnings per 
  share 
 Profit attributable 
  to ordinary shareholders    GBP489,000   GBP476,000   GBP1,212,000 
 
 Diluted weighted average 
  number of shares            19,857,686   20,337,715     20,209,339 
 
 Diluted earnings per 
  share (pence)                     2.46         2.34           6.00 
                             ===========  ===========  ============= 
 
   9.         Related party transactions 

The Company has a related party relationship with its subsidiaries, its directors, and other employees of the Company with management responsibility. There were no transactions with these parties during the period outside the usual course of business.

There were no transactions with any other related parties.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BSGDCCSDBGLG

(END) Dow Jones Newswires

September 21, 2016 02:00 ET (06:00 GMT)

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