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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 : 6293W
Dods Group PLC
16 November 2017
Dods Group PLC
("Dods" or "the Group")
Unaudited Interim Results
for the six months ended 30 September 2017
Financial Highlights
H1 H1 2016 Actual 2017 Increase Revenue GBP10.0m GBP9.7m 3.1% Gross Profit GBP4.3m GBP3.7m 16.2% Gross Profit Margin 43% 38% 5 ppts Profit Before Tax GBP0.9m GBP0.8m 12.5% Adjusted EBITDA* GBP1.7m GBP1.5m 13.3% Cash at bank GBP9.5m GBP7.9m 20.3% Basic EPS 0.27p 0.24p 12.5% Adjusted Basic EPS 0.38p 0.34p 11.8%
*Adjusted EBITDA is calculated as earnings before interest, tax, depreciation, amortisation of intangible assets, share based payments and non-recurring items
Operational Highlights
-- At the half year, recurring revenue as a percentage of total revenue is 85% and client retention is 94%
-- Specific first-half product innovation highlights include the expansion of the Dods People app including UK and EU parliaments, the expansion of series-based events, the introduction of new EU focussed quarterly magazine and the development of Dods People data integration with a global CRM provider
-- The Group continues to focus on its strategic approach to sales and marketing, client services and product innovation
-- Planned investment in key personnel will continue in the second half of the financial year.
Post Period-end
-- The Group also announced today it has acquired and subscribed for 30% of the enlarged issued share capital of Social360 Limited (www.social360monitoring.com) for GBP1.65 million in cash. The acquisition gives Dods an opportunity to create a competitive advantage and expand its bundled services around political monitoring, business intelligence and consultative services to existing clients and new markets.
Cheryl Jones, Chairman of Dods Group PLC, commented:
"The Group's financial performance is on track for the full fiscal year. Moreover, the increase in margin and profit is a reflection of high client retention and efficiency levels that have been achieved in the business.
The Group has now moved to the next stage in its development, re-invigorating its sales and marketing to attract new customers whilst also exploring new products to cross sell into its existing base. We have a clear strategy to be a leading provider of high quality information, engagement and digital services and are confident that we will be able to achieve long term growth, both organically and through acquisitions."
For further information, please contact:
Dods Group PLC via Alma PR
Josh Royston 07780 901 979 John Coles 07836 273660 Helena Bogle 07580 216 203
Cenkos
Nicholas Wells 020 7397 8900
Mark Connelly
Business and Operational Review
The Group's revenues grew by 3% to GBP10.0 million (2016: GBP9.7 million). Gross margins improved from 38% to 43%. Adjusted EBITDA has improved from GBP1.5 million to GBP1.7 million, an increase of 13.3%. Profit before tax of GBP0.9 million (2016: GBP0.8 million).
As part of its strategy, Dods is focussed on bringing innovative products and flexible solutions to the marketplace. This strategy combined with the high-calibre level of our political and business consulting teams, our strategic sales efforts and our investment in technology infrastructure, has resulted in a 94% retention level in our subscriber base.
Through the period, the operational priorities were:
- support the planned growth in revenue in the events and engagement portfolio; - maintain focus on improving the retention of recurring subscriber revenues;
- continue to develop and invest in our digital products whilst maintaining our print media market share resulting in 89% recurring revenues as at 30 September 2017;
- on-going client stakeholder mapping to optimise competitive positioning; and - increase our training revenues via internal investment in key personnel.
The Group is actively pursuing acquisitions and strategic investments that will expand core competencies into new markets, offer product innovation and bring scale to existing products and services.
Dods provides tailored solutions that enable actionable insights for critical decision making in an increasingly fast-paced commercial landscape. As the pressure to perform increases, clients are seeking more bespoke offerings with evolved solutions. This creates demand for providers to recombine products and to offer creative service bundles rather than going to market with traditionally more narrowly defined products. These market dynamics underpin the Group's strategy.
Outlook
The Board is confident in the long-term growth prospects for the Group. The quality and loyalty of the existing customer base provides the opportunity for strong organic growth as we continue to add to our range of services.
By Order of the Board
Key Financial Information
Half Year Summary Six months Six months ended ended (GBP'000s unless specified 30 September 30 September otherwise) 2017 2016 Revenue 10,002 9,740 Gross Profit Margin % 43% 38% Adjusted EBITDA 1,686 1,531 Depreciation (178) (124) Amortisation of intangible assets and assets acquired through business combinations (204) (292) Amortisation of software intangible assets (217) (172) Adjusted EBIT 1,087 943 Non-recurring items (128) (42) Net finance costs (22) (83) Earnings before tax 937 818 EPS (pence) 0.27 0.24 Adjusted EPS (pence) 0.38 0.34 Cash flow from operations 1,148 1,404 Cash at bank 9,498 7,888
FINANCIAL REVIEW
Income Statement
The Group's revenue from continuing operations increased by 3% to GBP10.0 million (2016: GBP9.7 million) and gross profit increased by 17% to GBP4.3 million (2016: GBP3.7 million).
Gross margin increased from 38% to 43% in the period. The increase in gross margin was due to an ongoing focus on the quality of revenue across the Group and more efficient management of internal resources. Administration costs increased by 22% to GBP2.7 million (2016: GBP2.2 million) reflecting the increase in building costs of GBP0.4 million as the Group moved in to its new London premises in the second half of last year.
Adjusted EBITDA increased by 10% to GBP1.7 million (2016: GBP1.5 million). Operating profit was GBP1.0 million (2016: GBP0.9 million), after an amortisation charge of GBP0.2 million (2016: GBP0.3 million) for business combinations and a charge of GBP0.2 million (2016: GBP0.2 million) for intangible assets. The depreciation charge in the period was GBP0.2 million (2016: GBP0.1 million) reflecting the increase in fixed assets related to the new London premises.
The taxation charge for the period is GBPNil (2016: GBPNil) and is based on the expected annual tax rate and the assumed use of accumulated tax losses and other mitigating factors.
Adjusted earnings per share, both basic and diluted, from continuing operations in the period were 0.38 pence (2016: 0.34 pence) and were based on the adjusted profit for the period of GBP1.3 million (2016: GBP1.2 million) with a weighted average number of shares in issue during the period of 340,840,953 (2016: 340,840,953). Earnings per share, both basic and diluted, from continuing operations in the period were 0.27 pence (2016: 0.24 pence) and were based on the profit for the period of GBP0.9 million (2016: GBP0.8 million).
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 (2016: GBP13.3 million), intangible assets of GBP8.5 million (2016: GBP9.0 million) and tangible fixed assets of GBP2.3 million (2016: GBP2.5 million). The Group holds a 40% stake in the issued share capital of Sans Frontières Associates (SFA) which it has loaned GBP0.7 million (2016: GBPNil) at the period end. The loan is unsecured and carries no interest charge.
The Group had a cash balance of GBP9.5 million as at 30 September 2017 (2016: GBP7.9 million). The cash balance is after the expenditure of GBP0.8 million in investing activities and includes a deposit of GBP1.3 million (2016: GBP1.3 million) being held in the Group's name with its bankers.
Equity and Liabilities
Retained profits as at 30 September 2017 were GBP2.7 million (2016: GBP1.0 million) and total shareholders' equity at that date was GBP28.2 million (2016: GBP26.6 million).
Non-current deferred tax liability was GBP0.7 million as at 30 September 2017 (GBP0.8 million as at 30 September 2016).
Cash flows
During the period, the Group generated GBP1.2 million from operations (2016: GBP1.4 million). In addition, the Group expended GBP0.8 million in investing activities (2016: GBP2.6 million) and as a result, net cash and cash equivalents increased by GBP0.4 million to GBP9.5 million.
Nitil Patel
Chief Financial Officer
DODS GROUP PLC CONSOLIDATED INCOME STATEMENT for the six months ended 30 September 2017 Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2017 2016 2017 Note GBP'000 GBP'000 GBP'000 Revenue 2 10,002 9,740 19,965 Cost of sales (5,658) (6,017) (11,729) ----------------------------------- ----- ------------- ------------- --------- Gross Profit 4,344 3,722 8,236 ----------------------------------- ----- ------------- ------------- --------- Administrative expenses (2,658) (2,191) (4,835) ----------------------------------- ----- ------------- ------------- --------- Adjusted EBITDA 1,686 1,531 3,401 ----------------------------------- ----- ------------- ------------- --------- Depreciation (178) (124) (301) Amortisation of intangible assets acquired via combinations (204) (292) (584) Amortisation of intangible assets (217) (172) (368) Non-recurring items 3 (128) (42) (221) ----------------------------------- ----- Operating profit 959 901 1,927 ----------------------------------- ----- ------------- ------------- --------- Net finance costs (22) (83) (380) ----------------------------------- ----- ------------- ------------- --------- Profit before tax 937 818 1,547 Tax - - 16 ----------------------------------- ----- ------------- ------------- --------- Profit for the period 937 818 1,563 Earnings per share Basic 4 0.27p 0.24p 0.46p Diluted 4 0.27p 0.24p 0.46p DODS GROUP PLC CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 September 2017 Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2017 2016 2017 GBP'000 GBP'000 GBP'000 Profit for the period 937 818 1,563 Items that will be subsequently reclassified to profit and loss Exchange differences on translation of foreign operations - (2) (86) ----------------------------------------- ------------- --------- Other comprehensive loss for the period - (2) (86) ----------------------------------------- ------------- --------- Attributable to equity holders of parent company 937 816 1,477 ----------------------------------------- ------------- --------- DODS GROUP PLC CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2017 Unaudited Unaudited Audited As at As at As at 30 September 30 September 31 March 2017 2016 2017 GBP'000 GBP'000 GBP'000 Goodwill 13,282 13,282 13,282 Intangible assets 5 8,457 8,926 8,711 Property, plant and equipment 6 2,254 2,516 2,423 Long term loan 700 - 200 -------------------------- ---------- -------------- ----------------------------- ---------------- Total non-current assets 24,693 24,724 24,616 -------------------------------------- -------------- ----------------------------- ---------------- Inventories 50 67 35 Trade and other receivables 3,612 2,287 2,805 Cash and cash equivalents 7 8,232 6,622 7,767 Restricted cash held in deposit account 7 1,266 1,266 1,266 Total current assets 13,160 10,242 11,873 -------------------------------------- -------------- ----------------------------- ---------------- Total assets 37,853 34,966 36,489 -------------------------- ---------- -------------- ----------------------------- Capital and reserves Issued capital 17,088 17,088 17,088 Share premium 8,105 8,105 8,105 Merger reserves 409 409 409 Retained profit 2,721 1,039 1,784 Share option reserve 36 27 36 Translation reserve (154) (66) (154) Total equity 28,205 26,602 27,268 -------------------------------------- -------------- ----------------------------- ---------------- Trade and other payables 8,885 7,525 8,458 -------------------------------------- -------------- ----------------------------- ---------------- Total current liabilities 8,885 7,525 7,474 -------------------------------------- -------------- ----------------------------- ---------------- Deferred tax liability 763 839 763 -------------------------- ---------- -------------- ----------------------------- Total non-current liabilities 763 839 763 Total equity and liabilities 37,853 34,966 36,489 -------------------------------------- -------------- ----------------------------- ---------------- DODS GROUP PLC CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2017 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 2016 17,083 8,057 409 221 (68) 27 25,729 Total comprehensive loss Profit for the year - - - 1,563 - - 1,563 Other comprehensive loss Currency translation differences - - - - (86) - (86) Transactions with owners Exercise of share options Lapsed option - - - - - 9 9 transfer - - - - - - - Share based payment 5 48 - - - - 53 -------- -------- -------- --------- ------------ -------- --------------- At 1 April 2017 17,088 8,105 409 1,784 (154) 36 27,268
Total comprehensive profit Profit for the period - - - 937 - - 937 Transactions with owners Exercise of share options Lapsed option - - - - - - - transfer - - - - - - - Other comprehensive profit Currency translation differences - - - - - - -------- -------- -------- --------- ------------ -------- --------------- At 30 September 2017 17,088 8,105 409 2,721 (154) 36 28,205 -------- -------- -------- --------- ------------ -------- --------------- DODS GROUP PLC CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 September 2017 Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2017 2016 2017 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit for the period 937 818 1,563 Depreciation of property, plant and equipment 178 124 301 Amortisation of intangible assets acquired through business combinations 204 292 584 Amortisation of other intangible assets 217 172 368 Share based payments credit - - 9 Other gains 22 81 380 Income tax credit - - (16) --------------------------------- ------------- ------------- --------- Operating cash flows before movements in working capital 1,558 1,487 3,189 Change in inventories (15) (26) 6 Change in receivables (807) (96) (615) Change in payables 412 39 897 --------------------------------- ------------- ------------- --------- Net cash generated by operations 1,148 1,404 3,477 Income tax paid - - (60) Net cash from operating activities 1,148 1,404 3,417 -------------------------------- --- ------------- ------------- --------- Cash flows from investing activities Interest and similar income received - 18 19 Addition to property, plant and equipment (9) (2,435) (2,530) Additions to Intangible assets (174) (137) (411) Long term loan (500) - (200) Net cash used in investing activities (683) (2,553) (3,122) --------------------------------- ------------- ------------- --------- Cash flows from financing activities Proceeds from issue of share capital - 53 53 Foreign exchange forward contracts - (90) (399) Interest and similar expenses paid - (9) - Net cash from financing activities - (46) (346) --------------------------------- ------------- ------------- --------- Net increase/(decrease) in cash and cash equivalents 465 (1,195) (51) Opening cash and cash equivalents 9,033 9,083 9,083 Effect of exchange rate fluctuations on cash held - - 1 -------------------------------- --- ------------- ------------- --------- Closing cash at bank 9,498 7,888 9,033 --------------------------------- ------------- ------------- --------- Cash and cash equivalents 8,232 7,888 9,033 Restricted cash held in deposit account 1,266 - - ------------------------------- --- ------------- ------------- --------- Closing cash at bank 9,498 7,888 9,033 --------------------------------- ------------- ------------- ---------
DODS GROUP PLC
Notes to the condensed consolidated interim financial statements
30 September 2017
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 2017.
The comparative figures for the year ended 31 March 2017 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 2017 is based on the expected annual tax rate, and the assumed use of accumulated tax losses and other mitigating factors.
The condensed set of interim financial statements have been prepared on a going concern basis and were approved by the Board on 15 November 2017.
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 Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2017 2016 2017 GBP'000 GBP'000 GBP'000 Revenue United Kingdom 8,002 7,823 15,972 Continental Europe and rest of the world 2,000 1,917 3,993 10,002 9,740 19,965 ------------- ------------- --------- 3 Non-recurring items Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 Sept 30 Sep 31 Mar 2017 2016 2017 ----------------------- ------------ ------------ ------------ GBP'000 GBP'000 GBP'000 Redundancy and people related expense 38 33 76 Legacy IT related costs 8 - 106 Acquisition related expense 82 - 28 London office move - 9 11 128 42 221 ----------------------- ------------ ------------ ------------ 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 30 Sep 31 Mar 2017 2016 2017 ---------------------------- ------------ ------------ ------------ GBP'000 GBP'000 GBP'000 Profit attributable to shareholders 937 818 1,563 Add: non-trading items net of tax 128 42 221 Add: amortisation of intangible assets acquired through business combinations 204 292 584 Add: net exchange losses 22 - 331 ----------------------------- ------------ ------------ ------------ Add: share based payment charge - - 9 ----------------------------- ------------ ------------ ------------ Adjusted profit on continuing operations 1,291 1,152 2,708 ----------------------------- ------------ ------------ ------------ Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 Sept 30 Sep 31 Mar 2017 2016 2017 ---------------------------- ------------ ------------ ------------ Ordinary Ordinary Ordinary shares shares shares Weighted average number of shares In issue during the period - basic 340,840,953 340,840,953 340,840,953 Share options 1,250,000 1,250,000 1,250,000 ----------------------------- ------------ ------------ ------------ Weighted average number of shares for diluted earnings per share 342,090,953 342,090,953 342,090,953 ----------------------------- ------------ ------------ ------------ Earnings per share - ordinary shares 0.27p 0.24p 0.46p Adjusted earnings per ordinary share (as defined above) 0.38p 0.34p 0.79p Earnings per share on continuing operations Profit per ordinary share - basic 0.27p 0.24p 0.46p Profit per ordinary share - diluted 0.27p 0.24p 0.46p ----------------------------- ------------ ------------ ------------ 5 Intangible assets Assets Software Total acquired through business combinations GBP'000 GBP'000 GBP'000 Cost At 1 April 2016 24,215 4,058 28,273 Reclassified to property, plant and equipment - (79) (79) Additions -externally purchased - 39 39 Additions -internally generated - 372 372 Disposals - (1,954) (1,954) --------------------------- -------------- --------- -------- At 1 April 2017 24,215 2,436 26,651 Additions -internally generated - 167 167 --------------------------- -------------- --------- -------- At 30 September 2017 24,215 2,603 26,818 --------------------------- -------------- --------- -------- Amortisation At 1 April 2016 16,367 2,646 19,013 Reclassified to property, plant and equipment - (71) (71) Charged in year 584 368 952 --------------------------- -------------- --------- -------- At 1 April 2017 16,951 989 17,940 Charged in period 204 217 421 --------------------------- -------------- --------- -------- At 30 September 2017 17,155 1,206 18,361 --------------------------- -------------- --------- -------- Net Book Value At 1 April 2016 7,848 1,412 9,260 --------------------------- -------------- --------- -------- At 1 April 2017 7,264 1,447 8,711 --------------------------- -------------- --------- -------- At 30 September 2017 7,060 1,397 8,457 --------------------------- -------------- --------- -------- 6 Property, plant and equipment Leasehold Equipment Total improvements and fixtures and fittings GBP'000 GBP'000 GBP'000 Cost At 1 April 2016 642 615 1,257 Reclassified from intangible assets - 79 79 Additions 1,709 821 2,530 Disposals (623) (425) (1,048) --------------------- -------------- -------------- -------- At 1 April 2017 1,728 1,090 2,818 --------------------- -------------- -------------- -------- Rebate of bought forward assets (23) - (23) Additions - 32 32 --------------------- -------------- -------------- -------- At 30 September 2017 1,705 1,122 2,827 --------------------- -------------- -------------- -------- Depreciation At 1 April 2016 542 529 1,071 Reclassified from intangible assets 27 44 71 Charged in year 160 141 301 Disposals (623) (425) (1,048) --------------------- -------------- -------------- -------- At 1 April 2017 106 289 395 Charged in period 83 95 178 --------------------- -------------- -------------- -------- At 30 September 2017 189 384 574 --------------------- -------------- -------------- -------- Net Book Value At 1 April 2016 100 86 186 --------------------- -------------- -------------- -------- At 1 April 2017 1,622 801 2,423 --------------------- -------------- -------------- -------- At 30 September 2017 1,516 738 2,254 --------------------- -------------- -------------- -------- 7 Cash and Cash Equivalents Unaudited Unaudited Six months Six months Audited ended ended Year ended 30 Sept 30 Sep 31 Mar 2017 2016 2017 --------------------- ------------ ------------ ------------ GBP'000 GBP'000 GBP'000 Cash at bank and in hand 9,498 7,888 9,033 9,498 7,888 9,033 --------------------- ------------ ------------ ------------
Included in the cash balance is a cash deposit held in the Group's name with its bankers of GBP1.27m (2016: GBP1.27m) 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 BABFTMBIBBJR
(END) Dow Jones Newswires
November 16, 2017 02:01 ET (07:01 GMT)
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