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DSG Dillistone Group Plc

9.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Dillistone Group Plc LSE:DSG London Ordinary Share GB00B13QQB40 ORD 5P
  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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Computer Related Svcs, Nec 5.7M -183k -0.0093 -9.68 1.77M

Dillistone Group PLC Interim Results (1694Z)

16/09/2015 7:01am

UK Regulatory


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RNS Number : 1694Z

Dillistone Group PLC

16 September 2015

16 September 2015

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 2015.

Highlights include:

Financial

   --     Revenue up 12% to GBP4.71m 

o Recurring revenues up 14% to GBP3.26m

o Non-recurring revenues up 6% to GBP1.20m

   --     Adjusted EBITDA(1) up 9% to GBP1.19m 
   --     Depreciation & amortisation up 53% following uplift in R&D 
   --     Adjusted operating profits(2) down 6% to GBP0.78m 
   --     Adjusted basic EPS(3) down 7% to 3.31p 

-- Cash balances of GBP1.34m at 30 June 2015 (2014: GBP1.19m) and debt of GBP0.40m (2014: GBPnil) after making final payments associated with acquisition of FCP

   --     4% increase in interim dividend to 1.35p (2014: 1.30p) 

Operational

Dillistone Systems Division

   --     Notable contract wins include multiple clients taken from direct competitors 
   --     Preferred Provider Agreements signed with two major global executive search groups 
   --     Significant improvement in client retention rates and return of a large former client 

-- Incoming order values up approx. 20% since launch of FileFinder Anywhere Further details available at: http://www.dillistone.com/en/page/Interim_Results_Presentation

Voyager Software Division

-- Launch of cloud hosted version of Infinity with additional functionality for use in the temporary staffing sector

   --     Launch of integration of ISV FastPath and Infinity to facilitate cross selling opportunities 
   --     Launch of version 6 of Evolve software 

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

"These results demonstrate growth in revenue and EBITDA, with the benefits of our acquisition strategy showing through.

"We continue to invest in our products, services and infrastructure across the Group. These investments are expected to deliver long term shareholder benefits and strengthen Dillistone's position in its chosen markets.

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

Dr Mike Love, Chairman

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

(2) Adjusted operating profit is statutory operating profit before acquisition costs, related intangible amortisation, movements in deferred consideration and other one-off costs relating to acquisitions.

(3.) Adjusted earnings per share is computed from statutory profits after tax adjusted to exclude the post-tax effect of acquisition costs, related intangible amortisation, movements in deferred consideration and other one-off costs relating to acquisitions.

Results Webinar: Jason Starr, Chief Executive, and Julie Pomeroy, Finance Director, will be hosting a webinar at 2.45pm today to review the results and prospects. Those wishing to participate should register at https://attendee.gotowebinar.com/register/145321721560845569 or contact Tom Cooper on tom.cooper@walbrookpr.com or 0797 122 1972.

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

The Group has made good progress in the first half, delivering a solid set of financial results coupled with an impressive number of product updates launched in the period. We continue to pursue a growth strategy of investing in our products and services and targeting complementary acquisitions. This is a strategy that has served us well in the past and which remains our conviction at this time.

Revenues increased by 12% over the 6 months to June 2014 with recurring revenues up by 14% and now representing 69% of total revenues. Revenues have benefited from the acquisition of ISV in October 2014. Excluding the impact of ISV, which did not contribute to the comparative first half period in 2014, underlying revenue growth was 3%.

Administration expenses have risen in H1 2015, not only through the acquisition of the ISV business, but also through increased depreciation and amortisation charges, relating primarily to investment in product development. Excluding depreciation and amortisation and the impact of ISV, administrative expenses rose 3% over H1 2014.

EBITDA grew 9% to GBP1.19m (2014: GBP1.09m). Total depreciation and amortisation, including acquisition intangibles, increased to GBP0.60m (2014: GBP0.39m) resulting in profit before tax being down 12% to GBP0.57m (2014: GBP0.65m). Operating profits, excluding acquisition intangibles, were therefore GBP0.78m, down 6% on 2014.

Divisional review

Dillistone Systems (www.dillistone.com) reported revenues of GBP2.306m (2014: GBP2.302m).

The launch of FF Anywhere in September 2014 has been well received by existing clients and we have benefitted from a significant number of these clients upgrading, which has resulted in improved retention rates. The product has also led to us achieving a number of notable new client wins, with the most recent of these including our largest win in South America since 2006 and our largest win in the UK since 2012. These are in addition to the previously referenced notable wins in mainland Europe and North America. We are delighted to report that incoming order values for FileFinder have risen by approximately 20% in the year since the launch of FileFinder Anywhere. http://www.dillistone.com/en/page/Interim_Results_Presentation

Divisional profits are GBP0.218m down in the period mainly due to increased depreciation and amortisation charges, relating primarily to development costs and also to increased fixed assets, following our head office relocation in October 2014, and higher staff costs.

Voyager Software (www.voyagersoftware.com) has also enjoyed a good trading period with revenue 27% ahead of 2014 at GBP2.400m (2014: GBP1.896m). It has benefited from the impact of the ISV acquisition, which took place in October 2014. On a like for like basis, excluding ISV, underlying revenue would have been ahead by nearly 6%.

The Division continues to invest in product development and in the period launched a Cloud hosted version of its Infinity product together with additional functionality to allow the product to be used by clients in the temporary staffing sector.

We also launched our new integration between the ISV FastPath product and Infinity. We believe that this development will facilitate cross selling within the Division.

In July 2015 we were delighted to announce the release of version 6 of Evolve. The Evolve(TM) product was acquired through our acquisition of FCP in 2013 and this represents its biggest release in many years and again demonstrates our commitment to product development.

Divisional profits increased by GBP0.164m in the period.

Financial Performance

Revenue in the six months ended 30 June 2015 increased by 12% to GBP4.706m (2014: GBP4.198m). Recurring revenues increased by 14% to GBP3.257m over the comparable period last year (2014: GBP2.861m) and represented 69% of total revenues (2014: 68%). Non recurring revenues increased 6% to GBP1.202m (2014: GBP1.129m).

Costs of sales increased to GBP0.661m (2014: GBP0.548m) mainly due to the inclusion of ISV. Excluding acquisition related costs, administrative costs increased by 16% to GBP3.270m (2014: GBP2.825m). Excluding ISV costs, administrative costs grew 8%. In addition depreciation, excluding amortisation of acquisition intangibles, increased by 55% to GBP0.411m (2014: GBP0.265m), reflecting the impact of the increased amortisation of development costs. Administrative costs also include GBP0.189m (2014: GBP0.128m) relating to the amortisation of acquisition intangibles.

Profit before tax and acquisition related items fell by 7% to GBP0.772m (2014: GBP0.828m). Profit before tax and after acquisition related items fell by 12% to GBP0.566m (2014: GBP0.646).

The tax charge fell to GBP0.090m in the period to 30 June 2015 (2014: GBP0.132m). This gave an effective global tax rate of 15.9% (2014: 20.4%). The 2014 and 2015 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.

Adjusted basic EPS fell 7% to 3.31p (2014: 3.55p), before acquisition related items, and fell 13% to 2.45p after such items.

(MORE TO FOLLOW) Dow Jones Newswires

September 16, 2015 02:01 ET (06:01 GMT)

Cash generated from operating activities remained strong at GBP1.111m (2014: GBP1.179m). Total cash flow in the 6 months ended 30 June 2015 showed a net cash outflow of GBP0.560m (2014: outflow GBP0.198m). The main elements of non-operating expenditure related to dividends paid in the period of GBP0.528m (2014: GBP0.475m) and investment in new product development of GBP0.464m (2014: GBP0.324m) and deferred and contingent consideration payments in respect of ISV and FCP totalling GBP0.666m (2014: GBP0.550m). At 30 June 2015 we had cash reserves of GBP1.335m (2014: GBP1.193m) and GBP0.406m in borrowings (2014: GBPnil).

We continue to follow a progressive dividend policy and, reflecting this, the Board has declared an increase in the interim dividend for 2015 of 4%. Accordingly, a dividend of 1.35p per share (2014: 1.30p) will be paid on 19 November 2015 to holders on the register on 16 October 2015. Shares will trade ex-dividend from 15 October 2015.

Strategy

The Group remains committed to a strategy of both organic and acquisitive growth underpinned by continued investment in our core products. Following the acquisition of ISV we have delivered a key goal with the launch of the integration between the ISV FastPath product and Voyager Infinity.

Outlook

The Board is pleased that our Dillistone Systems division has seen revenues grow after the fall seen last year. We expect this to continue as new and existing clients increasingly turn to the FileFinder Anywhere suite and more and more firms sign up for our cloud services.

The Board is aware that the executive search software market in which Dillistone Systems operates is far more competitive than it has been in previous years. Increased competition means that the Division has to work harder to win business and maintain standards, and this has required and continues to require ongoing investment in our products, in our services, and in our infrastructure.

The turnaround in Sales seen since the launch if FF Anywhere demonstrates that this strategy is working. It is particularly pleasing to note that, in the 12 months since launch, the value of total incoming orders has risen by approximately 20% and the Division has won more contracts and more users from our two closest competitors than in the previous four years combined.

The Board is of the view that it is in the best long term interest of all stakeholders that the Division continues to invest in products and services but is aware that, in reality, this means that, while Dillistone Systems will continue to operate in a very profitable manner, margins will be impacted and pre-tax profits will fall in 2015.

Our Voyager Software division has shown growth at both the revenue and the pre-tax profit level, and we expect this to continue into the second half. Our Infinity SaaS product, launched earlier in the summer, has already led to new business contract wins and we are optimistic that revenue growth will continue in 2015.

In the short term, expected growth in Voyager will not make up for the increased investment in Dillistone Systems and, as a result, Group revenue will grow but profits will fall in 2015 compared to 2014. However, the Group will continue to be very profitable.

The Board therefore remains confident in the future prospects of the Group and has declared an increase in the interim dividend to 1.35p per share.

Mike Love

15 September 2015

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
 
 
                                   Note        6 Months ended 30    Year ended 
                                                      June              31 Dec 
                                                2015         2014         2014 
                                           Unaudited    Unaudited      Audited 
                                             GBP'000      GBP'000      GBP'000 
 Revenue                            4          4,706        4,198        8,625 
 Cost of sales                                 (661)        (548)      (1,108) 
                                         -----------  -----------  ----------- 
 Gross profit                                  4,045        3,650        7,517 
 Administrative expenses                     (3,459)      (2,954)      (6,115) 
                                         -----------  -----------  ----------- 
 
 Result from operating 
  activities                        4            586          696        1,402 
 
 Analysed as: 
 Result from operating 
  activities before acquisition 
  related items                                  775          824        1,820 
 Acquisition related 
  items                             5          (189)        (128)        (418) 
                                         -----------  -----------  ----------- 
 Result after acquisition 
  related items                                  586          696        1,402 
--------------------------------  -----  -----------  -----------  ----------- 
 
 Financial income                                  4            4            6 
 Financial cost                                 (24)         (54)        (103) 
                                         -----------  -----------  ----------- 
 Profit before tax                               566          646        1,305 
 
 Tax expense                        6           (90)        (132)        (160) 
                                         -----------  -----------  ----------- 
 Profit for the period                           476          514        1,145 
 
 Other comprehensive 
  income net of tax: 
 Currency translation 
  differences                                   (14)            3          (8) 
                                         -----------  -----------  ----------- 
 Total comprehensive 
  income for period net 
  of tax                                         462          517        1,137 
                                         ===========  ===========  =========== 
 
 Earnings per share (pence) 
 Basic                              8           2.45         2.82         6.18 
 Diluted                                        2.34         2.72         5.95 
 
 
 
 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
                                                                As at 
                                          As at 30 June        31 Dec 
                                           2015        2014      2014 
                                      Unaudited   Unaudited   Audited 
 ASSETS                                 GBP'000     GBP'000   GBP'000 
 Non-current assets 
       Goodwill                           3,415       2,745     3,415 
       Intangible assets                  6,245       4,808     6,317 
       Property plant & equipment           295         117       299 
                                     ----------  ---------- 
                                          9,955       7,670    10,031 
 Current assets 
       Inventories                           27          59        41 
       Trade and other receivables        1,839       1,855     1,784 
       Cash and cash equivalents          1,335       1,193     1,929 
                                     ----------  ----------  -------- 
                                          3,201       3,107     3,754 
                                                             -------- 
 Total assets                            13,156      10,777    13,785 
                                     ==========  ==========  ======== 
 
 EQUITY AND LIABILITIES 
 Equity 
 Share capital                              978         914       969 
 Share premium                            1,553         498     1,432 
 Merger reserve                             365         365       365 
 Share option reserve                       130         140       118 
 Retained earnings                        3,462       3,115     3,514 
 Translation reserve                        114         139       128 
                                     ----------  ----------  -------- 
 Total equity                             6,602       5,171     6,526 
 
 Liabilities 
 Non current liabilities 
       Trade and other payables             428          55       666 
       Borrowings                           242           -       325 
       Deferred tax                       1,139         860     1,152 
 Current liabilities 
       Trade and other payables           4,281       4,297     4,669 
       Borrowings                           164           -       162 
       Current tax payable                  300         394       285 
                                     ----------  ----------  -------- 
 Total liabilities                        6,554       5,606     7,259 
 
 Total liabilities and equity            13,156      10,777    13,785 
                                     ==========  ==========  ======== 
 

The interim report was approved by the Board of directors and authorised for issue on 15 September 2015. They were signed on its behalf by:

   JS Starr                                              J P Pomeroy 
 
 CONSOLIDATED STATEMENT OF CASH FLOWS 
                                                                        Year ended 
                                              6 months ended 30 June        31 Dec 
                                                    2015         2014         2014 
                                               Unaudited    Unaudited      Audited 
                                                 GBP'000      GBP'000      GBP'000 
 Operating Activities 
 Profit before tax                                   566          646        1,305 
 Add taxation (paid)/ repaid                        (92)           29        (122) 
 Adjustment for 
    Financial income                                 (4)          (4)          (6) 
    Financial cost                                    24           54          103 
    Depreciation and amortisation                    600          393          868 
    Share option expense                              22           18           13 

(MORE TO FOLLOW) Dow Jones Newswires

September 16, 2015 02:01 ET (06:01 GMT)

     Other including foreign exchange 
      adjustments arising from operations           (10)            1          (3) 
                                                                       ----------- 
 Operating cash flows before 
  movements 
 in working capital                                1,106        1,137        2,158 
 Increase in receivables                            (83)         (57)         (81) 
 Decrease / (Increase) in inventories                 14           19           37 
 Increase in payables                                 74           80            4 
                                            ------------  -----------  ----------- 
 Net cash generated from operating 
  activities                                       1,111        1,179        2,118 
                                            ------------  -----------  ----------- 
 
 Investing Activities 
 Interest received                                     4            4            6 
 Finance cost                                        (7)            -          (2) 
 Purchases of property plant 
  and equipment                                     (60)         (32)        (259) 
 Investment in development costs                   (464)        (324)        (814) 
 Acquisition of subsidiaries 
  net of cash acquired                                 -            -        (718) 
 Contingent consideration paid                     (666)        (550)        (550) 
                                                                       ----------- 
 Net cash used in investing 
  activities                                     (1,193)        (902)      (2,337) 
                                            ------------  -----------  ----------- 
 
 Financing Activities 
 Proceeds from issue of share 
  capital                                            130            -          989 
 Bank loan received                                    -            -          500 
 Bank loan repayments made                          (80)            -         (13) 
 Dividends paid                                    (528)        (475)        (723) 
                                                                       ----------- 
 Net cash (used by) / generated 
  from financing activities                        (478)        (475)          753 
                                            ------------  -----------  ----------- 
 
 Net change in cash and cash 
  equivalents                                      (560)        (198)          534 
 
   Cash and cash equivalents at 
   beginning of the period                         1,929        1,399        1,399 
 
 Effect of foreign exchange 
  rate changes                                      (34)          (8)          (4) 
 
 Cash and cash equivalents at 
  end of period                                    1,335        1,193        1,929 
                                            ============  ===========  =========== 
 

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 
  2013                         914       498       365      3,076       121        136     5,110 
 
 Comprehensive income 
 Profit for the 6 
  months ended 30 June 
  2014                           -         -         -        514         -          -       514 
 
 Other comprehensive 
  income 
 Exchange differences 
  on translation of 
  overseas operations            -         -         -          -         -          3         3 
 
 Total comprehensive 
  income                         -         -         -        514         -          3       517 
                          --------  --------  --------  ---------  --------  ---------  -------- 
 
 Transactions with 
  owners 
 Issue of share capital          -         -         -          -         -                    - 
 Share option charge             -         -         -          -        19          -        19 
 Dividends paid                  -         -         -      (475)         -          -     (475) 
                                                                                     - 
 
 Balance at 30 June 
  2014                         914       498       365      3,115       140        139     5,171 
                          ========  ========  ========  =========  ========  =========  ======== 
 
 Comprehensive income 
 Profit for the 6 
  months ended 31 Dec 
  2014                           -         -         -        631         -          -       631 
 
 Other comprehensive 
  income 
 Exchange differences 
  on translation of 
  overseas operations            -         -         -          -         -       (11)      (11) 
 
 Total comprehensive 
  income                         -         -         -        631         -       (11)       620 
                          --------  --------  --------  ---------  --------  ---------  -------- 
 
 Transactions with 
  owners 
 Issue of share capital         55       934                                                 989 
 Share option charge             -         -         -         16      (22)          -       (6) 
 Dividends paid                  -         -         -      (248)         -          -     (248) 
 
 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 
                          ========  ========  ========  =========  ========  =========  ======== 
 

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 2015 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.

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 2014 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 2014 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 2014.

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

(MORE TO FOLLOW) Dow Jones Newswires

September 16, 2015 02:01 ET (06:01 GMT)

30 June 2015 and 30 June 2014

 
                               Adjusted                                        Adjusted 
                                operating     Acquisition                       operating     Acquisition 
                                profits       related                           profits       related 
                                30 June       items         30 June             30 June       items         30 June 
                                2015          2015*          2015               2014          2014*          2014 
                           GBP'000          GBP'000          GBP'000       GBP'000          GBP'000          GBP'000 
 
 Revenue                   4,706            -               4,706          4,198            -               4,198 
 
 Cost of sales             (661)            -               (661)          (548)            -               (548) 
                          ---------------  --------------  ---------      ---------------  --------------  --------- 
 
 Gross profit              4,045            -               4,045          3,650            -               3,650 
 
 Administrative 
  expenses                 (3,270)          (189)           (3,459)        (2,826)          (128)           (2,954) 
 
 Results from operating 
  activities               775              (189)           586            824              (128)           696 
 
 Financial income            4                 -               4             4                 -               4 
 Financial cost              (7)             (17)            (24)            -               (54)            (54) 
 
 Profit before 
  tax                      772              (206)           566            828              (182)           646 
 
 Tax expense               (128)                 38         (90)           (180)              48            (132) 
 
 Profit for the 
  year                     644              (168)           476            648              (134)           514 
 
 Other comprehensive 
  income net of 
  tax: 
 Currency translation 
  differences              (14)               -             (14)             3                -               3 
 
 Total comprehensive 
  income for the 
  year net of tax          630              (168)           462            651              (134)           517 
                          ===============  ==============  =========      ===============  ==============  ========= 
 
 

Earnings per share - from continuing activities

 
 Basic       3.31p   2.45p   3.55p   2.82p 
 Diluted     3.16p   2.34p   3.41p   2.72p 
 

* see accounts note 5

31 December 2014

 
                                        Adjusted 
                                       operating     Acquisition 
                                         profits         related 
                                          31 Dec           items          31Dec 
                                            2014           2014*           2014 
                                         GBP'000         GBP'000        GBP'000 
 
 Revenue                                   8,625               -          8,625 
 
 Cost of sales                           (1,108)               -        (1,108) 
                                 ---------------  --------------  ------------- 
 
 Gross profit                              7,517               -          7,517 
 
 Administrative expenses                 (5,697)           (418)        (6,115) 
 
 Results from operating 
  activities                               1,820           (418)          1,402 
 
 Financial income                              6               -              6 
 Financial cost                              (2)           (101)          (103) 
 
 Profit before tax                         1,824           (519)          1,305 
 
 Tax expense                               (240)              80          (160) 
 
 
 Profit for the year                       1,584           (439)          1,145 
 
 Other comprehensive 
  income net of tax: 
 Currency translation 
  differences                                (8)               -              (8) 
 
 Total comprehensive 
  income for the year 
  net of tax                               1,576           (439)          1,137 
                                 ===============  ==============  ============= 
 
 

Earnings per share - from continuing activities

 
 Basic                8.56p   6.18p 
 Diluted             8.23p    5.95p 
 

* see accounts note 5

   4.         Segment reporting 
 
                                                    Year ended 
                         6 Months ended 30 June       31 Dec 
                                2015       2014         2014 
                             GBP'000    GBP'000      GBP'000 
 Revenue 
 Dillistone Systems            2,306      2,302        4,557 
 Voyager Software              2,400      1,896        4,068 
 Total revenue                 4,706      4,198        8,625 
                      --------------  ---------  ----------- 
 
 
 
 
   Results by division 
                                                   Year ended 
                          6 Months ended 30 June       31 Dec 
                                  2015      2014         2014 
                               GBP'000   GBP'000      GBP'000 
 
 Results from operating activities 
 Dillistone Systems                480       698        1,168 
 Voyager Software                  392       228          649 
                                ------  --------  ----------- 
                                   872       926        1,817 
 Central                          (97)     (102)            3 
 Amortisation of acquisition 
 intangibles                     (189)     (128)        (418) 
 Result from operating 
  activities                       586       696        1,402 
                                ======  ========  =========== 
 
 
 
 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 
                                                                  2015      2014                   2014 
                                                               GBP'000   GBP'000                GBP'000 
 UK                                                              3,805     3,308                  6,859 
 US                                                                676       593                  1,198 
 Australia                                                         225       297                    568 
                                                                 4,706     4,198                  8,625 
                                               =======================  ========  ===================== 
 
 
 
   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 
                                                                                   2015      2014         2014 
                                                                                GBP'000   GBP'000      GBP'000 
 Recurring                                                                        3,257     2,861        5,929 
 Non recurring                                                                    1,202     1,129        2,285 
 Third party revenues                                                               247       208          411 
                                                                                  4,706     4,198        8,625 
                                                                =======================  ========  =========== 
 
 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 
                                              2015         2014         2014 
                                           GBP'000      GBP'000      GBP'000 
 Estimated change in fair 
  value of contingent consideration              -            -          (9) 
 Amortisation of acquisition 
  intangibles                                  189          128          286 
 Fees relating to acquisition                    -            -          141 
                                      ------------  -----------  ----------- 
                                               189          128          418 
 Unwinding of discount on 
  contingent consideration                      17           54          101 
 
 Total                                         206          182          519 
                                      ============  ===========  =========== 
 
   6          Tax 
 
                                                           Year ended 
                                  6 months ended 30 June       31 Dec 
                                       2015         2014         2014 
                                    GBP'000      GBP'000      GBP'000 
 Current tax charge                     103          175          200 
 Deferred tax charge                     25            5           40 
 Deferred tax re acquisition 

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September 16, 2015 02:01 ET (06:01 GMT)

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