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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dods Group Plc | LSE:DODS | London | Ordinary Share | GB00BNYKJJ86 | ORD GBP0.28 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 75.00 | 70.00 | 80.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMDODS
RNS Number : 6794O
Dods Group PLC
09 November 2016
9 November 2016
Dods Group PLC
("Dods" or the "Company")
Interim Results for the six months ended 30 September 2016 (Unaudited)
Financial Highlights
-- Revenue of GBP9.74 million (2015: GBP9.28 million) -- Gross Profit of GBP3.72 million (2015: GBP3.31 million) -- Gross Profit margin of 38% (2015: 36%) -- Adjusted EBITDA of GBP1.53 million (2015: GBP1.01 million)* -- Cash generated from operations GBP1.40 million (2015: GBP1.11 million) -- Profit before tax of GBP0.82 million (2015: GBP0.11 million) -- Adjusted EPS of 0.34 pence (2015: 0.20 pence)**
*EBITDA is calculated as earnings before interest, tax, depreciation, amortisation of intangible assets acquired through business combinations, share based payments and non-recurring items
** Adjusted Earnings per Share (EPS) is calculated by dividing the adjusted profit (see note 4) attributable to shareholders post tax by the weighted average number of ordinary shares in issue during the period
Operational Highlights
-- In the first half of the year, the Group's go-to-market model was redesigned to enable a strategic approach to sales and client services, product management and marketing
-- The scaled-up events operation has maintained its service delivery at the highest level while delivering an expected 18% increase in revenue on a comparative basis
-- Management undertook the development of a new series of products and product enhancements during the half year, including the launch of the new Dods People App and Political Risk Reports
-- The Group's primary base of operations and registered office were relocated to The Shard, creating a convenient and conducive environment for client meetings and demonstrations whilst providing a more efficient and technologically advanced infrastructure for our business operations
Cheryl Jones, Chairman of Dods Group PLC, commented:
"The Board is pleased to announce that the Group's interim results are in line with expectations.
Management's priorities continue to be; realigning market-facing activities for greater effectiveness and increased market share, repositioning Dods' resources to further enable efficient product and service innovation, leveraging the shareholders' investment in technology, and pursuing acquisitive growth.
The Board of Directors believes that these priorities will enable the Group to make significant progress to becoming the outsourcing partner of choice to its markets."
For further information, please contact:
Dods Group PLC
Guy Cleaver, Chief Executive Officer 020 7593 5500
Nitil Patel, Chief Financial Officer
Cenkos
Nicholas Wells 020 7397 8920
Business Review
The first half of the financial year saw the Group perform in line with the transformational plans for the business. The Group's revenues grew by 5% to GBP9.7 million (2015: GBP9.3 million). Gross margins improved from 36% to 38%. Adjusted EBITDA has improved from GBP1.0 million to GBP1.5 million, an increase of 50%. Profit before tax of GBP0.8 million (2015: GBP0.1 million) was achieved and cash generated from operations was GBP1.4 million, in comparison to GBP1.1 million in the prior comparative period
As outlined in the 2016 annual report, the Group has adopted a 'client for life' philosophy. A significant amount of management's focus in the first half of the year was spent realigning sales, product and marketing teams to support improved retention rates and to enhance the account management experience for our clients. As these structures are newly established, during the second half of the year management will focus on leveraging the redesigned teams to increase market share and accelerate future revenue growth.
Management believes that the future benefits of the new structures include creating scalability for efficient growth and the ability to expand our services into new markets allowing Dods to become the outsourcing partner of choice to our clients.
During the period, the operational sales and service priorities were to:
- support the planned 18% growth in revenue in the events' portfolio; - maintain a keen focus to improving the retention of recurring subscriber revenues;
- continue to develop and invest in our digital products whilst maintaining our print media market share;
- develop a pipeline of new products and product enhancements, which will be introduced before the end of the financial year;
- launch the new Political Risk service; and
- launch the new Dods People App providing access to our biographical reference data on mobile devices.
In September, the Group's primary base of operations and registered office was relocated to The Shard, creating a convenient and conducive environment for client meetings and demonstrations whilst providing a more efficient and technologically advanced infrastructure for our business operations. Management believes that the new offices will be more conducive to accelerate the Company's transformation in its business processes, client services and infrastructure efficiencies.
Management continue to be focused on achieving their objectives for the current financial year. This includes identifying suitable acquisitions which will provide enhanced services to our customers and increased value for our Shareholders.
Guy Cleaver
Chief Executive Officer
Key Financial Information
Three Year Summary - Half Year ------------------------------------------ ------------- ------------- ------------- Six months Six months Six months ended 30 ended 30 ended 30 September September September (GBP000s unless specified otherwise) 2016 2015 2014 Revenue 9,740 9,275 8,442 Gross Profit Margin % 38% 36% 25% Adjusted EBITDA 1,531 1,008 (54) Depreciation (124) (160) (58) Amortisation of intangible assets and assets acquired through business combinations (292) (312) (418) Amortisation of software intangible assets (172) (155) (578) ------------------------------------------ ------------- ------------- ------------- Adjusted EBIT 943 380 (1,108) Non-recurring items (42) (251) (75) Net finance costs (83) (16) - ----------------------------------------- ------------- ------------- ------------- Earnings before tax 818 113 (1,183) EPS (pence) 0.24 0.03 (0.33) Adjusted EPS (pence) 0.34 0.20 (0.19) Cash flow from operations 1,404 1,137 (98) Cash Balance 7,888 6,977 4,843 ----------------------------------------- ------------- ------------- ------------- Three Year Summary - Annual ------------------------------------------ ------------- ------------- ------------- Full Year Full Year Full year to 31 March to 31 March to 31 March (GBP000s unless specified otherwise) 2016 2015 2014 Revenue 19,620 18,301 19,775 Gross Profit Margin % 38% 29% 29% ----------------------------------------- ------------- ------------- ------------- Adjusted EBITDA 2,958 1,205 1,085 Depreciation (230) (228) (225) Amortisation of intangible assets and assets acquired through business combinations (629) (791) (1,026) Amortisation of software intangible assets (412) (763) (803) ------------------------------------------ ------------- ------------- ------------- Adjusted EBIT 1,687 (577) (696) Non-recurring items (544) (1,550) (475) Adjustments to amortisation of intangible assets/ assets acquired through business combinations - (2,781) - Net finance costs (21) (63) (44) ------------------------------------------ ------------- ------------- ------------- Earnings before tax 1,122 (4,971) (1,488) EPS (pence) 0.32 (1.38) (0.38) Adjusted EPS (pence) 0.66 0.13 0.06 Cash flow from operations 3,175 1,449 439 Cash Balance 9,083 5,908 5,291 ----------------------------------------- ------------- ------------- -------------
FINANCIAL REVIEW
Income Statement
The Group's revenue from continuing operations increased by 5% to GBP9.7 million (2015: GBP9.3 million) and gross profit increased by 12% to GBP3.7 million (2015: GBP3.3 million).
Gross margin increased from 36% to 38% in the period, with administrative expenses decreasing to 23% of revenues (2015: 25%). The increase in gross margin is due to an ongoing focus to process efficiencies and scalability, and the quality of revenue across the Group.
Adjusted EBITDA was GBP1.5 million (2015: GBP1.0 million). Operating profit was GBP0.9 million (2015: GBP0.1 million), after an amortisation charge of GBP0.3 million (2015: GBP0.3 million) for business combinations and a charge of GBP0.2 million (2015: GBP0.2 million) for intangible assets. Depreciation charge in the period was GBP0.1 million (2015: GBP0.2 million).
The taxation charge for the period is GBPNil (2015: GBPNil) and is based on the expected annual tax rate and the assumed use of accumulated tax losses.
Earnings per share
Basic and diluted loss per share from continuing operations in the year was 0.24 pence (2015: 0.03 pence) and was based on the profit for the period of GBP0.8 million (2015: GBP0.1 million) with a weighted average number of shares in issue during the period of 340,840,953 (2015: 339,770,953).
Dividend
The Board is not proposing a dividend at this time.
Statement of Financial Position
Assets
Non-current assets consisted of goodwill of GBP13.3 million (2015: GBP13.3 million), intangibles of GBP7.5 million (2015: GBP8.1 million), software intangibles of GBP1.4 million (2015: GBP1.5 million), and tangible fixed assets of GBP2.5 million (2015: GBP0.2 million). The increase in tangible assets reflects the GBP2.4 million investment by the Group in its new premises.
The Group had a cash balance of GBP7.9 million as at 30 September 2016 (2015: GBP7.0 million). The cash balance is after the expenditure of GBP2.6 million in investing activities and includes a deposit of GBP1.3 million (2015: GBPNil) being held in the Group's name with its bankers.
Equity and Liabilities
Retained profits as at 30 September 2016 were GBP1.0 million (2015: losses of GBP0.8 million) and total shareholders' equity at that date was GBP26.6 million (2015: GBP24.7 million).
On 29 March 2016, the Group issued 535,000 new ordinary shares, pursuant to the exercise of share options. On 4 July 2016, the Group issued a further 535,000 new ordinary shares, also pursuant to the exercise of share options. Following the admission of these new shares to AIM, the Group's issued number of shares increased to 340,840,953 (2015: 339,770,953). Non-current deferred tax liability was GBP0.8 million (2015: GBP0.8 million) as at 30 September 2016
Cash flows
During the period the Group generated GBP1.4 million from operations (2015: GBP1.1 million). In addition, the Group expended GBP2.6 million in investing activities (2015: GBP0.02 million) primarily on the new premises and as a result net cash and cash equivalents decreased by GBP1.2 million to GBP7.9 million.
Nitil Patel
Chief Financial Officer
DODS GROUP PLC CONDENSED CONSOLIDATED INCOME STATEMENT for the six months ended 30 September 2016 Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 September 30 September 31 March 2016 2015 2016 Note GBP'000 GBP'000 GBP'000 Revenue 2 9,740 9,275 19,620 Cost of sales (6,017) (5,962) (12,172) -------------------------------------------------------- ----- ------------- ------------- ------------- Gross profit 3,722 3,313 7,448 Administrative expenses: Non-recurring items 3 (42) (251) (544) Amortisation of intangible assets and assets acquired through business combinations (292) (312) (629) Amortisation of intangible assets (172) (155) (412) Depreciation (124) (160) (230) Net administrative expenses (2,191) (2,306) (4,490) ------------------------------------- --------------- ----- ------------- ------------- ------------- Total administrative expenses (2,821) (3,184) (6,305) ------------------------------------- --------------- ----- ------------- ------------- ------------- Operating profit 901 129 1,143 Finance income 18 3 26 Financing costs (101) (19) (47) -------------------------------------------------------- ----- ------------- ------------- ------------- Profit before tax 818 113 1,122 Income tax - - (36) --------------------------- ----------------------- ----- ------------- ------------- ------------- Profit for the period 818 113 1,086 ------------------------------- -------------------- ----- ------------- ------------- ------------- Earnings per share 4 Basic 0.24 p 0.03 p 0.32 p Diluted 0.24 p 0.03 p 0.32 p CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 September 2016 Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 September 30 September 31 March 2016 2015 2016 GBP'000 GBP'000 GBP'000 Profit for the period 818 113 1,086 Items that will be subsequently reclassified to profit and loss Exchange differences on disposal of translation of foreign operations (2) 5 (2) ------------- ------------- ------------ Other comprehensive (loss)/income for the period (2) 5 (2) ------------- ------------- ------------ Total comprehensive income in the period attributable to equity holders of parent company 816 118 1,084 ------------- ------------- ------------ DODS GROUP PLC CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2016 Unaudited Unaudited Audited As at As at As at 30 September 30 September 31 March 2016 2015 2016 GBP'000 GBP'000 GBP'000 Goodwill 13,282 13,282 13,282 Intangible assets 5 8,926 9,601 9,260 Property, plant and equipment 6 2,516 214 186 Total non-current assets 24,724 23,097 22,728 ------------------------------------- ----------------------------- --- --------------------------- --- ---------------- Inventories 67 56 41 Trade and other receivables 2,287 3,709 2,190 Cash 7 7,888 6,977 9,083 Total current assets 10,242 10,742 11,314 ------------------------------------- ----------------------------- --- --------------------------- --- ----------------
Total assets 34,966 33,839 34,042 ------------------------- ---------- ----------------------------- --- --------------------------- --- Capital and reserves Issued capital 17,088 17,078 17,083 Share premium 8,105 8,009 8,057 Other reserves 409 409 409 Retained profit 1,039 (769) 221 Share option reserve 27 47 27 Translation reserve (66) (61) (68) Total equity 26,602 24,713 25,729 ------------------------------------- ----------------------------- --- --------------------------- --- ---------------- Income tax payable - 44 5 Trade and other payables 7,525 8,274 7,469 ------------------------------------- ----------------------------- --- --------------------------- --- ---------------- Total current liabilities 7,525 8,318 7,474 ------------------------------------- ----------------------------- --- --------------------------- --- ---------------- Deferred tax liability 839 808 839 ------------------------- ---------- ----------------------------- --- --------------------------- --- Total non-current liabilities 839 808 839 Total equity and liabilities 34,966 33,839 34,042 ------------------------------------- ----------------------------- --- --------------------------- --- ---------------- DODS GROUP PLC CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2016 Share Total Share Share Merger Retained Translation option shareholders' capital premium reserve earnings reserve reserve funds GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 April 2015 17,078 8,009 409 (882) (66) 47 24,595 Total comprehensive loss Profit for the year - - - 1,086 - - 1,086 Other comprehensive loss Currency translation differences - - - - (1) - (2) Transactions with owners Exercise of share options 5 48 - 430 - (430) 53 Lapsed option transfer - - - 17 - (17) - Share based payment - - - - - (3) (3) -------- ---------- -------- --------- ------------ -------- -------------- At 1 April 2016 17,083 8,057 409 221 (68) 27 25,729 Total comprehensive profit Profit for the period - - - 818 - - 818 Transactions with owners Exercise of share options 5 48 - - - - 53 Lapsed option transfer - - - - - - - Other comprehensive profit Currency translation differences - - - - 2 - 2 -------- ---------- -------- --------- ------------ -------- -------------- At 30 September 2016 17,088 8,105 409 1,039 (66) 27 26,602 -------- ---------- -------- --------- ------------ -------- -------------- DODS GROUP PLC CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 September 2016 Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 September 30 September 31 March 2016 2015 2016 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit for the period 818 113 1,086 Depreciation of property, plant and equipment 124 160 230 Amortisation of intangible assets acquired through business combinations 292 312 629 Amortisation of other intangible assets 172 155 412 Share based payments credit - - (3) Net finance costs 81 - 21 Income tax credit - - 36 ---------------------------------------------- ------------- ------------- --------------------------- Operating cash flows before movements in working capital 1,487 740 2,411 Change in inventories (26) 18 33 Change in receivables (96) (738) 781 Change in payables 39 1,117 300 ---------------------------------------------- ------------- ------------- --------------------------- Net cash generated by operations 1,404 1,137 3,525 Income tax paid - (30) (30) Net cash from operating activities 1,404 1,107 3,495 ----------------------------------------- ------- ------------- ------------- --------------------------- Cash flows from investing activities Interest and similar income received 18 - 26 Addition to property, plant and equipment (64) (22) (108) Additions to new building (2,371) - Additions to intangible assets (137) - (244) Net cash (used in) investing activities (2,553) (22) (326) ---------------------------------------------- ------------- ------------- --------------------------- Cash flows from financing activities Proceeds from issue of share capital 53 3 54 Foreign exchange forward contracts (90) - - Interest and similar expenses paid (9) (19) (47) Net cash (used in)/from financing activities (46) (16) 7 ---------------------------------------------- ------------- ------------- --------------------------- Net (decrease)/increase in cash and cash equivalents (1,195) 1,069 3,176 Opening cash and cash equivalents 9,083 5,908 5,908 Effect of exchange rate fluctuations
on cash held - - (1) ----------------------------------------- ------- ------------- ------------- --------------------------- Closing cash and cash equivalents 7,888 6,977 9,083 ---------------------------------------------- ------------- ------------- ---------------------------
DODS GROUP PLC
Notes to the condensed consolidated interim financial statements 30 September 2016
1 Statement of Accounting Policies
Basis of preparation
This condensed set of financial statements has been prepared in accordance with IAS 34: Interim Financial Reporting as adopted by the EU. The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. As required by AIM Rules, the condensed set of financial statements has been prepared, and applying accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year-ended 31 March 2016.
The comparative figures for the year ended 31 March 2016 have been extracted from the Group's statutory accounts for that financial period. Those accounts have been reported on by the company's auditor and delivered to the registrar of companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The taxation charge for the six months ended 30 September 2016 is based on the expected annual tax rate, and the assumed use of accumulated tax losses.
The condensed set of interim financial statements have been prepared on a going concern basis and were approved by the Board on 8 November 2016.
2 Segmental information
The Group considers that it has one operating business segment. It monitors revenue by product and activity to determine the overall performance of the segment.
Principal activities are as follows:
The Group's principal activity is the curation and aggregation of high quality information and data, and the provision of services through a combination of online information and digital services, training courses, conferences and events publications, and other media. The Group operates primarily in the UK, Belgium and France and has market-leading positions in much of its portfolio. These products and services can be paired and bundled to provide comprehensive solutions.
No client accounted for more than 10% of total revenue. The following table provides an analysis of the Group's performance by geographical market.
Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 September 30 September 31 March 2016 2015 2016 GBP'000 GBP'000 GBP'000 Revenue United Kingdom 7,823 7,232 15,376 Continental Europe and rest of the world 1,917 2,043 4,244 9,740 9,275 19,620 ------------- ------------- ------------ 3 Non-recurring items Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 Sept 2016 30 Sep 2015 31 Mar 2016 ---------------------------------- -------------- ------------- ------------- GBP'000 GBP'000 GBP'000 Redundancy and people related costs 5 242 300 Payments in lieu of notice, compensation for loss of office and associated costs 28 - 218 Holyrood office move - 9 26 London office move 9 - - 42 251 544 ---------------------------------- -------------- ------------- ------------- 4 Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to shareholders, by the weighted average number of Ordinary shares in issue during the period.
An adjusted earnings per share is calculated by dividing the adjusted profit attributable to shareholders (detailed below) by the weighted average number of Ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares, assuming conversion of all dilutive share options to Ordinary shares
Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 Sept 2016 30 Sep 2015 31 Mar 2016 ------------------------------------- -------------- ------------- ------------- GBP'000 GBP'000 GBP'000 Profit attributable to shareholders 818 113 1,086 Add: non-trading items net of tax 42 251 544 Add: amortisation of intangible assets acquired through business combinations 292 312 629 (Deduct): share based payment (credit) - - (3) -------------------------------------- -------------- ------------- ------------- Adjusted profit on continuing operations 1,152 676 2,256 -------------------------------------- -------------- ------------- ------------- Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 Sept 2016 30 Sep 2015 31 Mar 2016 ---------------------------------- ---------------- ------------- ------------- Ordinary Ordinary Ordinary shares shares shares Weighted average number of shares In issue during the period - basic 340,840,953 339,770,953 340,305,953 Share options 1,250,000 3,620,000 1,785,000 ----------------------------------- ---------------- ------------- ------------- Weighted average number of shares for diluted earnings per share 342,090,953 343,390,953 342,090,953 ----------------------------------- ---------------- ------------- ------------- Earnings per share - ordinary shares (pence) 0.24 p 0.03 p 0.32 p Adjusted earnings per ordinary share (as defined above) 0.34 p 0.20 p 0.66 p Earnings per share on continuing operations Profit per ordinary share - basic 0.24 p 0.03 p 0.32 p Profit per ordinary share - diluted 0.24 p 0.03 p 0.32 p ----------------------------------- ---------------- ------------- ------------- 5 Intangible assets Assets acquired through business combinations Software Total GBP'000 GBP'000 GBP'000 Cost At 1 April 2015 24,215 3,814 28,029 Additions - internally generated - 236 236 ---------------------- --------- -------- At 1 April 2016 24,215 4,050 28,265 Additions - internally generated - 137 137 ---------------------- --------- -------- At 30 September 2016 24,215 4,187 28,402 ====================== ========= ======== Amortisation At 1 April 2015 15,738 2,234 17,972 Charged in year 629 412 1,041 ---------------------- --------- -------- At 1 April 2016 16,367 2,646 19,013 Charged in period 292 172 464 ---------------------- --------- -------- At 30 September 2016 16,659 2,818 19,477 ====================== ========= ======== Net book value At 1 April 2015 8,477 1,580 10,057
---------------------- --------- -------- At 1 April 2016 7,848 1,404 9,252 ---------------------- --------- -------- At 30 September 2016 (unaudited) 7,556 1,370 8,926 ---------------------- --------- -------- 6 Property, plant and equipment Equipment Leasehold and improvements Motor vehicles Total GBP'000 GBP'000 GBP'000 Cost At 1 April 2015 567 582 1,149 Additions 75 32 107 ------------- --------------- -------- At 1 April 2016 642 614 1,256 Additions 2,391 64 2,455 ------------- --------------- -------- At 30 September 2016 3,033 678 3,711 ============= =============== ======== Depreciation At 1 April 2015 412 429 841 Charge for the year 130 100 230 ------------- --------------- -------- At 1 April 2016 542 529 1,071 Charge for the period 74 50 124 ------------- --------------- -------- At 30 September 2016 616 579 1,195 ------------- --------------- -------- Net book value At 1 April 2015 155 153 308 ------------- --------------- -------- At 1 April 2016 100 85 185 ------------- --------------- -------- At 30 September 2016 (unaudited) 2,417 99 2,516 ------------- --------------- --------
The Group did not have any assets recognised from obligations under finance leases in either the current period or prior year.
7 Cash and Cash Equivalents Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 Sept 2016 30 Sep 2015 31 Mar 2016 -------------------------- -------------- ------------- ------------- GBP'000 GBP'000 GBP'000 Cash at bank and in hand 7,888 6,977 9,083 7,888 6,977 9,083 -------------------------- -------------- ------------- -------------
Included in the cash balance is a cash deposit held in the Group's name with its bankers of GBP1.27m (2015: GBPNil) in relation to the new premises of the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BPBLTMBIMBIF
(END) Dow Jones Newswires
November 09, 2016 02:00 ET (07:00 GMT)
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