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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Escher Grp | LSE:ESCH | London | Ordinary Share | IE00B6SKRB38 | ORD EUR0.005 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 189.50 | 177.00 | 202.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMESCH
RNS Number : 6753Y
Escher Group Holdings PLC
07 March 2017
7 March 2017
Escher Group Holdings plc
Strong profitability and cash generation driven by increasing recurring revenue streams
Escher Group Holdings plc (AIM: ESCH, "Escher" or "the Group"), a world leading provider of outsourced, point of service software to the postal industry, has published its results for the year ended 31 December 2016.
Financial highlights
-- Group revenue grew to US$22.4 million (2015: US$22.0 million) o Maintenance revenue grew 8% to US$8.2 million (2015: US$7.6 million) o Support revenues increased by 41% to US$3.4 million (2015: US$2.4 million) -- Adjusted EBITDA* up 41% to US$5.7 million (2015: US$4.0 million)
-- Profit before tax (before exceptional items) more than doubled to US$2.7 million (2015: US$1.1 million)
-- Basic earnings per share US$10.0 cents (2015: US$2.3 cents)
-- Strong cash generation resulted in a net positive cash position at year end of US$0.1 million (31 December 2015: net debt $2.7m)
Operational highlights
-- Continued transition to more predictable recurring revenue streams
-- Strong retention within existing customer base and renewals of maintenance and support contracts
-- New licence sales of Riposte digital transaction management platform, to Vietnamese and Qatari posts
-- Broadened technology offerings to existing postal clients: o Sale of loyalty platform to Saudi Post o Launch of secure digital communication platform in South Africa -- Expanded product functionality based on Riposte:
o Retail side of platform developed further to operate on additional hardware devices and operating systems
-- Continued investment in RiposteTrEx in support of new licensing and permitting business
* Adjusted EBITDA represents operating profit before depreciation, amortisation, share based payment and exceptional items.
% movements are based on unrounded data, rather than the rounded information presented in this report.
Liam Church, Escher's Chief Executive, commented:
"Major international customer deployments in 2014 and 2015 are now producing recurring, cash-generating, revenue streams which underpin the results in 2016 as well as strengthening the outlook. Total maintenance revenue exceeded US$8m for the first time in the company's history - this number is destined to increase with the additional licence sales achieved in 2016.
"We are now focused on developing new products and services that will enhance and expand our position within our current postal customer base.
"The current financial year has started in line with the Board's expectations. Given the quality of our pipeline, current technology set and contracted revenue, we remain confident about the prospects for 2017 and beyond."
Enquiries:
Escher www.eschergroupholdings.com +353 (0)1 254 5400 Liam Church, Chief Executive Officer Clem Garvey, Chief Financial Officer Panmure Gordon +44 (0)20 7886 2500 Andrew Godber/Alina Vaskina, Corporate Finance Erik Anderson, Corporate Broking Instinctif Partners +44 (0)20 7457 2020 Adrian Duffield/Lauren Foster
Market abuse regulation
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Forward looking statements
This press release contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results.
About Escher
Escher is a world leading provider of outsourced point-of-service software for use in the worldwide postal, retail and government sectors. Its core software, Riposte(R) , a digital transaction management platform, enables its customers to expand their offerings, providing new services, whilst reducing costs and increasing efficiency.
Overview
2016 was another year of solid progress in the business, resulting in improved profitability in Postal and Retail Services, the core of Escher's activity.
Group revenue was US$22.4 million (2015: US$22.0 million) generating US$5.7 million adjusted EBITDA* (2015: US$4.0 million), an increase of 41% year on year. Cash generation permitted the Group to finish the year in a net-cash-positive position.
The main drivers behind this increase in profitability were the 8% increase in Maintenance revenues and the 41% increase in Support revenues. At the same time, Escher's costs remained under control and the Group achieved a 2% reduction in operating expenses before exceptional items.
The Group reinforced its position as the premier provider of point-of-service software to the postal sector. In 2016, Escher concluded new licence sales of the Riposte digital transaction management platform to Vietnam Post and Qatar Post. These customer acquisitions are major achievements in Escher's continued pursuit of being the number one trusted advisor for postal organisations throughout the world.
Escher's core product remains the reference for the postal sector across the globe, giving customers a scalable platform to digitise the processing of complex transactions in omni-channel environments. The Group continues to enjoy strong retention within the existing customer base, with renewals of maintenance and support contracts in line with previous years.
Escher is also focused on developing new products and services that enhance its position within its current postal customer base, as well as expanding that base.
The Group continued to invest in its RiposteTrEx product in 2016. This product is the digital platform being used for its licensing and permitting solutions. It was rolled out in partnership with An Post, during 2016, to enable Irish businesses to digitally access the licences and permits they need, via Licences.ie.
Current trading and outlook
During 2015 and the first half of 2016, the global postal industry's revenues have continued to show growth. This growth is achieved from domestic ecommerce, international ecommerce and financial services. This trend is expected to continue.
The Group expects to see further investment in technology by postal organisations who wish to capitalise on these growth opportunities. The Group is well positioned to benefit from this context.
Escher is an important brand name in the postal industry world-wide and continues to build both pipeline and relevant product for this market. Escher sees that its investment in mobility, particularly in deployments on smartphones, positions the Group to deliver on its pipeline.
The evolving shape of Escher's business, with its increasingly strong recurring revenue streams, which now represent more than 50% of turnover, allows the Group to begin 2017 with a greater degree of confidence than previously experienced.
The proportionate weighting of Maintenance and Support revenue streams, compared to Software Development and Consulting Services, produces a positive gross margin mix effect, which should continue.
However, selling cycles in the governmental and quasi-governmental sectors are long and unpredictable, and Escher's software licence sales remain susceptible to these inconsistencies.
Although slower than anticipated, the licensing and permitting platform, Licences.ie, continued to broaden its reach by adding licensing and public authorities throughout Ireland during 2016. The Group expects this trend to continue in 2017, as the platform becomes more embedded as a government digital service initiative.
The digitisation of governmental services globally continues to show growth. The Group will continue to monitor the US market during 2017 to determine if there is an opportunity to commercialise its licensing and permitting platform developed for use in Ireland.
Operational Review
Organisation
In 2016, the Group merged its Interactive Services business with its Retail Services business to consolidate these activities under a Postal and Retail Services unit. This allows the Group to better focus its efforts on the changing needs of its postal customer base.
During 2016, the Group also decided that the focus of its Digital Services unit should primarily be on developing licensing and permitting management solutions.
Postal and Retail Services
New licence sales of the Riposte digital transaction management software in 2016 confirmed the Group's position as the vendor of choice for postal organisations across the world in the management of complex digital transactions in omni-channel environments.
As anticipated, the major customer rollouts of 2015 have resulted in increases in Maintenance and Support revenue streams. This has brought balance to the business model with more than 50% of revenue now recurring.
Total Maintenance revenue in 2016 exceeded US$8 million for the first time in the Group's history and this number should increase with the additional licence sales achieved this year.
The broadening of Escher's technological offerings to its postal clientele continued throughout 2016 with the sale of its loyalty platform to Saudi Post, the launch of its secure digital communication platform in South Africa and Isle of Man's e-wallet for benefit payment, being rolled-out.
2016 also saw the development of Canada Post's Concept Store installations, designed to facilitate ecommerce transactions for its customers. Customers can pick-up or drop-off parcels, try-on clothing purchased on the web, access individually-reserved parcel-lockers and process ecommerce returns. Escher's software powers much of this functionality and renders it accessible to customers 24 hours per day, seven days per week.
The business model that Escher has developed, whereby initial sales of licences and projects deliver strong recurring revenue streams, applies as much for these new offerings as it does in the more traditional activities.
2015's deployment of some 15,000 mobile solutions for the Pick-Up-Drop-Off points of a major international logistics company, seeking to strengthen its ecommerce offer, produced revenues of some US$750,000 during 2016.
Each of these projects is, in itself, a demonstration of the potential that Escher has to bring its technologies to bear in postal organisations' activities outside of the retail counter and point-of-service domains, where the Group has, traditionally been strong.
Escher continued to augment its capacities in the loyalty and e-Money activities adding additional payment functionality, amongst others, to its platforms.
Escher's project to deliver a new point-of-service, branch-banking solution to the Irish bank, permanent tsb achieved a significant milestone at year-end with the completion of the core functionality. Escher is now engaged with permanent tsb in preparing for the deployment of the system during 2017.
The Group's experience with permanent tsb has reinforced its capacity to accompany postal organisations in their expansion into payments and other financial services.
Digital Services
Licensing and Permitting
Licensing and permitting has traditionally been a complex paper-based government service. Across the world, state and local governments are now looking to digitise their processes in these areas in order to maximise revenue generation through compliance, to minimise costs of operation and to simplify the citizen's experience.
Escher believes that the RiposteTrEx platform positions it well to play an important role in this market.
The Irish Licences.ie platform, based on RiposteTrEx, continued to broaden its reach across licensing and public authorities during 2016. Ireland's Property Services Regulatory Authority (PSRA) adopted the platform for the regulation of more than 20,000 registered Property Services Providers in the State.
During the course of 2016 the Group explored the potential of this market in a number of geographies, in particular in the United States. Potential routes to market have been identified for further development during 2017.
Start-Up Investments
During 2016, the Group granted loan notes of EUR125,000 and EUR100,000, respectively to two Irish start-up companies, Deposify and CircIt. Both companies wished to use the RiposteTrEx platform as the technology enabler for their business plans.
The Group recognised revenues in the amount of US$0.5m in respect of licence and services provided to these entities in return for equity.
Deposify's aim is to bring trust to the landlord/tenant relationship and Circit aims to create a secure environment in which auditors and banks can share information.
The Group does not intend to participate in further start-up investments in 2017.
FINANCIAL REVIEW
Introduction
The financial results for the year to 31 December 2016 reflect a year of progress. Escher further increased its recurring revenue levels to more than 50% of total revenue and maintained control over operating costs.
Cash generation from operating activities during the year was strong and resulted in Escher being in a net cash positive position at year end.
Revenue
Revenue for the year ended 31 December 2016 was US$22.4 million (2015: US$22.0 million), an increase of 2%, driven by the substantial increase in recurring revenue streams of maintenance and support.
Hot Features
Premium
Contribution
2016 2015 Change to Group
Analysis of revenue by category US$'000 US$'000 % %
------------------------------------ --------- --------- ------ -------------
Software licences 4,613 4,138 11 20
Software development and consulting
services 6,209 7,873 (21) 28
Maintenance 8,222 7,606 8 37
Support 3,367 2,393 41 15
22,411 22,010 2 100
------------------------------------ --------- --------- ------ -------------
Licence revenue was US$4.6 million (2015: US$4.1 million) mainly as a result of licence wins in Vietnam and Qatar which further demonstrated Escher's position as market leader in its traditional Postal Market.
Maintenance revenue increased 8%, or US$0.6 million to US$8.2 million (2015: US$7.6 million) and Support revenue increased by 41% to US$3.4 million (2015: US$2.4 million). These increases reflect the Group's continuing ability to capitalise on licence sales to produce strong recurring revenue streams. Maintenance and support recurring revenue streams now amount to 52% of overall revenue.
Software development and consulting services reduced by 21% to US$6.2m (2015: US$7.9m) as expected. This reduction reflects the conclusion of two major rollouts during 2015.
Gross profit
Gross profit was US$15.0 million (2015: US$13.6 million). The gross profit margin rate increased to 67% (2015: 62%) reflecting increases in the higher-margin revenue lines (software licences, maintenance and support) and reductions in lower margin lines (software development and consulting services).
Exceptional items
In August 2016, Escher reorganised its service operations. Exceptional costs of US$0.3m (2015: US$nil million) were recognised during 2016 in relation to this restructuring.
Operating expenses/profit (before exceptional items)
Operating expenses before exceptional items decreased by US$0.2 million or 2% to US$11.8 million due to tight cost management. Decreases of 2%-3% were recorded in sales and marketing and administrative expenses, reflecting prudent cost management and favourable exchange rates. These were offset by a slight increase of US$0.1 million in research and development (R&D).
Analysis of operating expenses (before exceptional 2016 2015 Change items) US$'000 US$'000 % --------------------------------------------------- --------- --------- ------ Research and development 3,830 3,770 2 Sales and marketing 3,520 3,612 (3) Administrative expenses 4,472 4,613 (3) --------------------------------------------------- --------- --------- ------ Total 11,822 11,995 (2) --------------------------------------------------- --------- --------- ------
The Group capitalised US$1.3 million of R&D costs (2015: US$1.3 million), gross of government grants of US$0.3 million (2015: US$0.1 million) in respect of internally generated intangible assets. The amortisation charge for intangible assets was US$1.9 million (2015: US$1.8 million). The split between the projects and the amortisation charges are shown below.
2016 2015
US$'000 US$'000
------------------------------------ --------- ---------
RiposteTrEx capitalised cost 460 528
Riposte capitalised cost 886 782
------------------------------------ --------- ---------
Total capitalised cost during year 1,346 1,310
------------------------------------ --------- ---------
RiposteTrEx amortisation (697) (900)
Riposte amortisation (1,244) (945)
------------------------------------ --------- ---------
Total amortisation cost during year (1,941) (1,845)
------------------------------------ --------- ---------
Net impact on the income statement (595) (535)
------------------------------------ --------- ---------
Adjusted EBITDA
Adjusted EBITDA increased by US$1.7 million, or 41%, to US$5.7 million (2015: US$4.0 million), reflecting the increase in revenue coupled with reduction in costs. Adjusted EBITDA represents operating profit before depreciation, amortisation, share based payments and exceptional items.
2016 2015
US$'000 US$'000
-------------------- --------- ---------
Operating profit 2,866 1,654
Add back:
Depreciation 282 372
Amortisation 1,941 1,845
-------------------- --------- ---------
EBITDA 5,089 3,871
Share based payment 281 131
Exceptional items 287 -
-------------------- --------- ---------
Adjusted EBITDA 5,657 4,002
-------------------- --------- ---------
Net finance expense
Net finance expense reduced by US$0.1m to US$0.5 million (2015: US$0.6 million) as a result of Escher's reduced debt level. The amortisation charge for deferred financing costs was US$0.1 million (2015: US$0.1 million).
Profit before tax (and exceptional items)
The profit before tax increased by 152% to US$2.7 million (2015: US$1.1 million). Adjusted profit before tax excluding share based payments and exceptional items more than doubled to US$2.9 million (2015: US$1.2 million).
Income tax expense
The income tax expense is US$0.5 million (2015: US$0.6 million). The effective tax rate is 21% (2015: 60%). The reduction is due to the conclusion of the corporate restructuring in 2015.
Earnings per share
The Group reported a basic earnings per share (EPS) of US$10.0 cents per share (2015: US$2.3 cents per share), an increase of over 300% from 2015. Diluted EPS for 2016 also increased by over 300% to US$9.8 cents from US$2.2 cents per share in the prior year.
Dividend
The Board is not proposing to pay a dividend for the year.
Cash flow and net cash
Net cash at 31 December 2016 was US$0.1 million (2015: Net debt US$2.7 million) an improvement of US$2.8 million year on year.
Cash at the end of 2016 was US$6.1 million (2015: US$7.3 million) and borrowings were US$6.0 million (2015: US$10.0 million).
The net cash improvement of US$2.8m comprises of net cash generated from operations of US$4.2 million (2015: US$4.2 million) offset by cash flows from investing activities which were US$1.5m (2015: US$1.2m).
Cash used in investing activities resulted from investments in intangible assets net of government grants (2016 US$1.1m; 2015 US$1.2m); acquisitions of investments of US$0.3m (2015 US$nil) and purchases of property, plant and equipment (2016 US$0.1m; 2015 US$0.1m).
Net cash used in financing activities was US$4.0 million (2015: US$1.0 million). During 2016 scheduled loan repayments totalling US$1.0 million were made (2015: US$1.0 million) in addition to repaying the drawn debt revolver of US$3.0 million (2015: US$0 million). This facility is still available.
Consolidated income statement
For the financial year ended 31 December 2016
2016 Before 2016 After
Notes Exceptional 2016 Exceptional exceptional
items US$'000 items items 2015
US$'000 US$'000 US$'000
--------------------------- ------- -------------- ---------------- ------------ --------
Revenue 1 22,411 - 22,411 22,010
Cost of sales 2 (7,436) - (7,436) (8,361)
--------------------------- ------- -------------- ---------------- ------------ --------
Gross profit 14,975 - 14,975 13,649
Operating expenses 2 (11,822) (287) (12,109) (11,995)
Operating profit 3,153 (287) 2,866 1,654
Finance income 5 2 - 2 2
Finance costs 5 (490) - (490) (598)
--------------------------- ------- -------------- ---------------- ------------ --------
Net finance costs (488) - (488) (596)
Profit before income tax 2,665 (287) 2,378 1,058
Income tax expense 6 (547) 36 (511) (632)
--------------------------- ------- -------------- ---------------- ------------ --------
Profit for the financial
year 2,118 (251) 1,867 426
--------------------------- ------- -------------- ---------------- ------------ --------
Earnings per share (in US$
cents per share) 18
- Basic 10.0 2.3
- Diluted 9.8 2.2
--------------------------- ------- -------------- ---------------- ------------ --------
Reconciliation of EBITDA 2016 2015
and adjusted EBITDA Notes US$'000 US$'000
------------------------- ------- -------- --------
Operating profit 2,866 1,654
Depreciation 7 282 372
Amortisation 8 1,941 1,845
EBITDA 5,089 3,871
Share options expense 4 281 131
Exceptional items 3 287 -
------------------------- ------- -------- --------
Adjusted EBITDA 5,657 4,002
------------------------- ------- -------- --------
Consolidated statement of comprehensive income
For the financial year ended 31 December 2016
2016 2015
US$'000 US$'000
------------------------------------------------------- -------- --------
Profit for the financial year 1,867 426
Other comprehensive income:
Items that may be reclassified to the income statement
Currency translation differences (348) (589)
------------------------------------------------------- -------- --------
Total comprehensive income for the financial year 1,519 (163)
------------------------------------------------------- -------- --------
Consolidated statement of financial position
At 31 December 2016
2016 2015
Notes US$'000 US$'000
--------------------------------------------- ----- -------- --------
Assets
Non-current assets
Property, plant and equipment 7 218 383
Goodwill and intangible assets 8 35,020 36,051
Deferred tax assets 6 534 723
Investments in equity instruments 12 746 -
--------------------------------------------- ----- -------- --------
36,518 37,157
Current assets
Trade and other receivables 10 6,712 7,164
Cash and cash equivalents 11 6,055 7,346
12,767 14,510
--------------------------------------------- ----- -------- --------
Total assets 49,285 51,667
--------------------------------------------- ----- -------- --------
Equity and liabilities
Equity attributable to equity holders of
the parent
Issued capital presented as equity 16 128 128
Share premium 16 26,909 26,909
Other reserves 743 810
Retained earnings 9,419 7,552
--------------------------------------------- ----- -------- --------
Total equity 37,199 35,399
--------------------------------------------- ----- -------- --------
Non-current liabilities
Borrowings 14 4,954 5,844
Provisions for other liabilities and charges 21 21
--------------------------------------------- ----- -------- --------
4,975 5,865
Current liabilities
Borrowings 14 939 3,911
Trade and other payables 13 5,960 6,277
Current income tax liabilities 212 215
--------------------------------------------- ----- -------- --------
7,111 10,403
Total liabilities 12,086 16,268
--------------------------------------------- ----- -------- --------
Total equity and liabilities 49,285 51,667
--------------------------------------------- ----- -------- --------
Consolidated statement of changes in equity
For the financial year ended 31 December 2016
Cumulative
foreign Share
Equity currency based
share Share translation payment Retained Total
capital premium reserve reserves earnings equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------------------- --------- --------- ------------- --------- ---------- ---------
Balance at 1 January
2015 128 26,909 (981) 2,249 7,126 35,431
Profit for the financial
year - - - - 426 426
Other comprehensive
income - - (589) - - (589)
--------------------------- --------- --------- ------------- --------- ---------- ---------
Total comprehensive income
for the financial year - - (589) - 426 (163)
Share based payments - - - 131 - 131
Balance at 1 January
2016 128 26,909 (1,570) 2,380 7,552 35,399
Profit for the financial
year - - - - 1,867 1,867
Other comprehensive
income - - (348) - - (348)
--------------------------- --------- --------- ------------- --------- ---------- ---------
Total comprehensive income
for the financial year - - (348) - 1,867 1,519
Share based payments - - - 281 - 281
Balance at 31 December
2016 128 26,909 (1,918) 2,661 9,419 37,199
--------------------------- --------- --------- ------------- --------- ---------- ---------
Consolidated statement of cash flows
For the financial year ended 31 December 2016
2016 2015
Notes US$'000 US$'000
---------------------------------------------- ------- --------- ---------
Cash flows from operating activities
Cash generated from operations 15 4,827 5,719
Interest received 2 2
Interest paid (348) (487)
Income tax paid (289) (1,069)
Net cash generated from operating activities 4,192 4,165
---------------------------------------------- ------- --------- ---------
Cash flows from investing activities
Purchases of property, plant and equipment 7 (117) (57)
Additions to intangible assets 8 (1,346) (1,310)
Purchase of loan notes 12 (251) -
Government grant received 254 136
---------------------------------------------- ------- --------- ---------
Net cash used in investing activities (1,460) (1,231)
---------------------------------------------- ------- --------- ---------
Cash flows from financing activities
Repayment of borrowings 14 (4,000) (4,000)
Proceeds from borrowings 14 - 3,000
Borrowing costs (6) (40)
---------------------------------------------- ------- --------- ---------
Net cash used in financing activities (4,006) (1,040)
---------------------------------------------- ------- --------- ---------
Net (decrease)/increase in cash and cash
equivalents (1,274) 1,894
---------------------------------------------- ------- --------- ---------
Cash and cash equivalents at beginning
of financial year 7,346 5,720
Foreign exchange adjustments (17) (268)
Net (decrease)/increase in cash and cash
equivalents (1,274) 1,894
---------------------------------------------- ------- --------- ---------
Cash and cash equivalents at end of financial
year 11 6,055 7,346
---------------------------------------------- ------- --------- ---------
Selected accounting policies applied in the preparation of these consolidated financial statements are as follows:
Basis of preparation
The financial information contained in this results announcement has been extracted from the Group financial statements for the year ended 31 December 2016 and is presented in US$, rounded to the nearest thousand. The financial information does not include all the information and disclosures required in the annual financial statements. The Group financial statements for the year ended 31 December 2016 have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations endorsed by the European Union and were approved by the Board of Directors on 6 March 2017. The accounting policies used in preparing the group financial statements for 31 December 2016 are consistent with those applied in the prior year. The 2016 Annual Report will be distributed to shareholders and made available on the Company's website www.eschergroup.com. It will also be filed with the Companies Registration Office. The auditors have reported on the financial statements for the year ended 31 December 2016 and their report was unqualified.
Notes to the consolidated financial statements
1 Segment information
In line with the requirements of IFRS 8 "Operating Segments", the Group has identified its chief operating decision maker (CODM) as the Board of the Company. The Board reviews the Group's internal reporting in order to assess the performance of the Group and allocate resources. The Board considers the business from a product perspective and reviews working capital and overall statement of financial position performance on a Group-wide basis. Consequently, the Board determined there to be only one segment.
The Board assesses the performance of the segment based primarily on measures of revenues, adjusted EBITDA and profit before tax. These revenues derive from the following main sources:
2016 2015
Analysis of revenue by category US$'000 US$'000
--------------------------------------------- --------- ---------
Software licences 4,613 4,138
Software development and consulting services 6,209 7,873
Maintenance 8,222 7,606
Support 3,367 2,393
--------------------------------------------- --------- ---------
22,411 22,010
--------------------------------------------- --------- ---------
The entity is domiciled in the Republic of Ireland. The Group's external revenues are derived from the following main geographic locations:
2016 2015
US$'000 US$'000
----------------------- --------- ---------
Ireland 1,508 1,546
UK 609 645
Other Europe 4,768 5,331
North America 7,769 10,161
Asia-Pacific region 4,570 1,939
Africa and Middle East 3,187 2,388
----------------------- --------- ---------
22,411 22,010
----------------------- --------- ---------
Fluctuations in revenues with individual customers are typically due to a combination of the number of upfront perpetual licence contracts as well as the level and timing of development and other software customisation requirements with that customer (the latter being from both initial customisation work following a new licence win and periodic projects driven by a customer's internal requirements and software upgrades).
During the year, the Group derived revenues from the following external customers who individually represented 10% or more of total reported revenues for that year:
2016 2015
% %
----------------------------- ------ ------
Customer A 30% 38%
Customer B 13% 0%
----------------------------- ------ ------
% of total reported revenues 43% 38%
----------------------------- ------ ------
The total of non-current assets other than deferred income tax assets located in the Republic of Ireland is US$8.9 million (2015: US$10.2 million), and the total of non-current assets located in other countries, primarily North America, is US$26.4 million (2015: US$26.2million).
2 Expenses by nature
2016 2015
US$'000 US$'000
---------------------------------------------- --------- ---------
Employee benefit expense (note 4) 10,043 9,209
Directors' remuneration 1,292 1,222
--------- ---------
Total employee benefit expense and directors'
remuneration 11,335 10,431
Rental and utilities expense 1,124 1,056
Travel costs 673 799
Consulting and contractors expense 1,226 1,963
Insurance 640 586
(Gain)/loss on foreign exchange (11) 623
Legal fees 315 211
Selling and marketing costs 407 538
Depreciation (note 7) 282 372
Amortisation of intangible assets (note 8) 1,941 1,845
Data communications 305 357
Professional fees 679 759
Provision for impaired receivables 24 297
Other expenses 605 519
---------------------------------------------- --------- ---------
Total 19,545 20,356
---------------------------------------------- --------- ---------
Analysed as:
Cost of sales 7,436 8,361
Research and development 3,830 3,770
Sales and marketing 3,520 3,612
Administrative expenses 4,472 4,613
---------------------------------------------- --------- ---------
Operating costs before exceptional items 11,822 11,995
Exceptional items (Note 3) 287 -
---------------------------------------------- --------- ---------
Operating costs 12,109 11,995
---------------------------------------------- --------- ---------
Total 19,545 20,356
---------------------------------------------- --------- ---------
3 Exceptional Items
2016 2015
US$'000 US$'000
------------------------------ --------- ---------
Employee Termination Benefits 287 -
------------------------------ --------- ---------
During 2016, Escher reorganised its service operations, resulting in head count reduction. All termination benefits related to the restructuring from the date of notification have been included in calculation of the exceptional item. The total termination benefits that were incurred was US$287,000 (2015: US$ Nil). The program of restructuring is fully concluded and all termination benefits have been paid in the current reporting period.
4 Employee benefit expense
2016 2015
US$'000 US$'000
-------------------------------------------- --------- ---------
Wages and salaries 10,002 9,618
Social insurance costs 674 502
Pension costs - defined contribution scheme 281 278
-------------------------------------------- --------- ---------
10,957 10,398
Capitalised labour (note 8) (1,346) (1,310)
-------------------------------------------- --------- ---------
9,611 9,088
Employee share based payments (see note 17) 145 121
Exceptional costs 287 -
-------------------------------------------- --------- ---------
10,043 9,209
-------------------------------------------- --------- ---------
Total share based payments for the period amounted to US$281,000 (2015: US$131,000), of which US$145,000 (2015: US$121,000), disclosed above, related to employees excluding Directors. The remaining US$137,000 (2015: US$10,000) related to Directors' remuneration.
The average number of persons employed by the Group during the period was:
2016 2015
Number Number
------------------------- -------- --------
Development 93 100
Selling and distribution 21 17
Administration 25 22
------------------------- -------- --------
139 139
------------------------- -------- --------
The number of persons employed by the Group (including Executive Directors) at 31 December 2016 was 126 (2015: 140).
The Group operates a number of defined contribution pension schemes in which the majority of Group employees participate. The assets of these schemes are held separately from those of the Group in independently administered funds. The pension charge represents contributions payable by the Group to the schemes and amounted to US$276,000 for employees excluding Directors in respect of 2016 (2015: US$278,000), of which US$89,000 was accrued at the year-end (2015: US$79,000).
5 Finance income and costs
2016 2015
US$'000 US$'000
----------------------------------------- --------- ---------
Finance income
Interest income 2 2
----------------------------------------- --------- ---------
Finance costs
Interest on bank borrowings (346) (463)
Amortisation of deferred financing costs (138) (135)
Finance charges (6) -
----------------------------------------- --------- ---------
(490) (598)
----------------------------------------- --------- ---------
Net finance costs (488) (596)
----------------------------------------- --------- ---------
6 Income tax expense
(a) Recognised in the income statement
2016 2015
US$'000 US$'000
-------------------------------------------------- --------- ---------
Current income tax
Irish corporation tax at 12.5% 107 151
Foreign corporation tax 255 334
Adjustments in respect of current income tax of
previous years (40) 189
-------------------------------------------------- --------- ---------
Total current tax 322 674
-------------------------------------------------- --------- ---------
Deferred tax
Origination and reversal of temporary differences 189 (42)
-------------------------------------------------- --------- ---------
Total deferred tax 189 (42)
-------------------------------------------------- --------- ---------
Total income tax charge recognised in the income
statement 511 632
-------------------------------------------------- --------- ---------
(b) Reconciliation of the total actual tax charge
The tax charge in the income statement for the year differs from the standard rate of corporation tax in the Republic of Ireland of 12.5%. The 2016 2015 differences are reconciled below: US$'000 US$'000 ------------------------------------------------------ --------- --------- Profit before taxation 2,378 1,058 Tax calculated at the Irish standard rate of corporation tax of 12.5% 297 132 Effects of: Income taxable at higher rates in other jurisdictions 173 127 Expenses not deductible for tax purposes 17 94 R&D tax credit - non-taxable (38) (66) Other adjustments 19 10 Foreign withholding tax suffered 83 146 Adjustment in respect of current income tax of previous years (40) 189 ------------------------------------------------------ --------- --------- Total income tax charge 511 632 ------------------------------------------------------ --------- ---------
(c) Deferred tax
The deferred tax included in the consolidated statement of financial position and the movement in each year is as follows:
Recognition
in income
1 January statement 31 December
2015 credit/(charge) 2015
US$'000 US$'000 US$'000
----------------------------------------- ---------- ----------------- -----------
Deferred tax assets
Trade losses carried forward 226 (226) -
Unrealised foreign exchange transactions - 8 8
Foreign R&D tax credits 181 (1) 180
Intangible assets - 231 231
Share options 227 (7) 220
Other 96 (12) 84
----------------------------------------- ---------- ----------------- -----------
730 (7) 723
----------------------------------------- ---------- ----------------- -----------
(c) Deferred tax (continued)
Recognition
in income
1 January statement 31 December
2016 credit/(charge) 2016
US$'000 US$'000 US$'000
----------------------------------------- ---------- ----------------- -----------
Deferred tax assets
Unrealised foreign exchange transactions 8 2 10
Foreign R&D tax credits 180 (1) 179
Intangible assets 231 (231) -
Share options 220 41 261
Other 84 - 84
----------------------------------------- ---------- ----------------- -----------
723 (189) 534
----------------------------------------- ---------- ----------------- -----------
Recognition
in income
1 January statement 31 December
2015 credit/(charge) 2015
US$'000 US$'000 US$'000
----------------------------------------- ---------- ----------------- -----------
Deferred tax liabilities
Unrealised foreign exchange transactions (49) 49 -
----------------------------------------- ---------- ----------------- -----------
(49) 49 -
----------------------------------------- ---------- ----------------- -----------
Analysis of non-current and current portions of deferred tax assets and liabilities:
2016 2015
US$'000 US$'000
-------------------- --------- ---------
Deferred tax assets
Non-current 439 400
Current 95 323
-------------------- --------- ---------
534 723
-------------------- --------- ---------
7 Property, plant and equipment
Fixtures
Computer and Leasehold
equipment fittings Equipment improvements Total
US$'000 US$'000 US$'000 US$'000 US$'000
------------------------- ----------- ---------- ---------- -------------- ---------
Cost
At 31 December 2014 1,492 495 264 223 2,474
Additions 48 1 7 1 57
Exchange differences (50) (28) (23) (7) (108)
------------------------- ----------- ---------- ---------- -------------- ---------
At 31 December 2015 1,490 468 248 217 2,423
------------------------- ----------- ---------- ---------- -------------- ---------
At 31 December 2015 1,490 468 248 217 2,423
Additions 98 16 3 - 117
Exchange differences (16) (4) (4) (2) (26)
------------------------- ----------- ---------- ---------- -------------- ---------
At 31 December 2016 1,572 480 247 215 2,514
------------------------- ----------- ---------- ---------- -------------- ---------
Accumulated depreciation
At 31 December 2014 (1,231) (213) (137) (171) (1,752)
Charge for the financial
year (190) (92) (59) (31) (372)
Exchange differences 63 8 6 7 84
------------------------- ----------- ---------- ---------- -------------- ---------
At 31 December 2015 (1,358) (297) (190) (195) (2,040)
------------------------- ----------- ---------- ---------- -------------- ---------
At 31 December 2015 (1,358) (297) (190) (195) (2,040)
Charge for the financial
year (119) (92) (57) (14) (282)
Exchange differences 15 3 6 2 26
------------------------- ----------- ---------- ---------- -------------- ---------
At 31 December 2016 (1,462) (386) (241) (207) (2,296)
------------------------- ----------- ---------- ---------- -------------- ---------
Net book value
At 31 December 2014 261 282 127 52 722
------------------------- ----------- ---------- ---------- -------------- ---------
At 31 December 2015 132 171 58 22 383
------------------------- ----------- ---------- ---------- -------------- ---------
At 31 December 2016 110 94 6 8 218
------------------------- ----------- ---------- ---------- -------------- ---------
Depreciation of US$160,000 (2015: US$182,000) has been charged in administrative expenses and US$122,000 (2015: US$190,000) in cost of sales in the income statement.
8 Goodwill and intangible assets
Goodwill RiposteTrEx Riposte Total
US$'000 US$'000 US$'000 US$'000
------------------------------ --------- ------------ -------- ---------
Cost
At 31 December 2014 30,399 4,991 5,211 40,601
Additions - 528 782 1,310
Government grants - (25) (110) (135)
Exchange differences (546) - - (546)
------------------------------ --------- ------------ -------- ---------
At 31 December 2015 29,853 5,494 5,883 41,230
------------------------------ --------- ------------ -------- ---------
At 31 December 2015 29,853 5,494 5,883 41,230
Additions - 460 886 1,346
Government grants - - (254) (254)
Exchange differences (182) - - (182)
------------------------------ --------- ------------ -------- ---------
At 31 December 2016 29,671 5,954 6,515 42,140
------------------------------ --------- ------------ -------- ---------
Accumulated amortisation
At 31 December 2014 - (2,711) (623) (3,334)
Charge for the financial year - (900) (945) (1,845)
------------------------------ --------- ------------ -------- ---------
At 31 December 2015 - (3,611) (1,568) (5,179)
------------------------------ --------- ------------ -------- ---------
At 31 December 2015 - (3,611) (1,568) (5,179)
Charge for the financial year - (697) (1,244) (1,941)
------------------------------ --------- ------------ -------- ---------
At 31 December 2016 - (4,308) (2,812) (7,120)
------------------------------ --------- ------------ -------- ---------
Net book value
At 31 December 2014 30,399 2,280 4,588 37,267
------------------------------ --------- ------------ -------- ---------
At 31 December 2015 29,853 1,883 4,315 36,051
------------------------------ --------- ------------ -------- ---------
At 31 December 2016 29,671 1,646 3,703 35,020
------------------------------ --------- ------------ -------- ---------
The additions of US$1,346,000 (2015: US$1,310,000), gross of government grants, all relate to capitalised labour (see note 8).
Amortisation of US$0.7 million (2015: US$0.85 million) on RiposteTrEx and amortisation of US$1.2 million (2015: US$1 million) on Riposte is included in operating costs in the income statement. Some elements of these products are still in the development phase and no amortisation has therefore occurred. The average remaining amortisation period of the RiposteTrEx development is 25 months (2015: 35 months). In the year there was US$1.9 million (2015: US$1.9 million) of research and development expenditure (excluding amortisation) recognised as an expense in the income statement as the state of completion was not viewed as being sufficiently developed to warrant capitalisation.
9 Government grants
Government grants of US$254,000 (2015: US$135,000) were recognised in the year and were netted against the development cost of the related intangible assets. For further details, please see note 8.
10 Trade and other receivables
2016 2015
US$'000 US$'000
---------------------------------------- --------- --------
Current
Trade receivables 4,399 4,712
Less provision for impaired receivables (775) (370)
--------------------------------------------- --------- --------
Trade receivable - net 3,624 4,342
Accrued income 1,953 1,457
Amounts owed by subsidiaries - -
Prepayments 265 344
Other receivables 150 187
Recoverable taxes 720 834
--------------------------------------------- --------- --------
6,712 7,164
------------------------------------------- --------- --------
The carrying value of trade receivables approximates to their fair value.
Trade receivables are non-interest bearing and are generally settled within a 45-day period.
(a) Ageing of trade receivables
The ageing analysis of past due trade receivables is set out below:
2016 2015
US$'000 US$'000
------------------------------ --------- --------
Neither impaired nor past due 1,872 1,859
Less than 30 days past due 812 880
Between 31-90 days past due 535 269
More than 90 days past due 405 1,334
Impaired 775 370
------------------------------ --------- --------
4,399 4,712
------------------------------ --------- --------
As of 31 December 2016, trade receivables of US$1,872,000 (2015: US$1,859,000) were fully performing.
As of 31 December 2016, trade receivables of US$1,752,000 (2015: US$2,483,000) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default.
As of 31 December 2016, trade receivables of US$775,000 (2015: US$370,000) were impaired. The individually impaired receivables mainly relate to three customers (2015: three customers).
(b) The majority of the Group's customers operate within the postal service industry, primarily representing national post offices. As at 31 December 2016, a significant portion of the trade receivables of the Group related to four customers (2015: three customers) as follows:
2016 2015
% %
----------- ------ ------
Customer A 19% -%
Customer B 17% 7%
Customer C 12% 1%
Customer D 12% -%
Customer E 8% 31%
Customer F 1% 16%
Customer G -% 23%
----------- ------ ------
No credit limits were exceeded during the year and management does not expect any losses from non-performance by the counterparties.
11 Cash and cash equivalents
2016 2015
US$'000 US$'000
-------------------------- --------- --------
Cash at banks and in hand 6,055 7,346
------------------------------- --------- --------
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods depending on the immediate cash requirements of the Group and earn interest at the respective short-term deposit rates.
The Group's currency exposure is set out below. Such exposure comprises the cash and cash equivalents of the Group that are denominated other than in US Dollars. As at 31 December 2016 these exposures were as follows:
2016 2015
US$'000 US$'000
---------------------------------------- --------- --------
Non-US Dollar denominated cash balances
Euro 2,228 1,150
Sterling 236 231
Singapore Dollar 100 128
South African Rand 9 16
---------------------------------------- --------- --------
Total non-US Dollar 2,573 1,525
---------------------------------------- --------- --------
12 Investments in equity instruments and loan notes
Available-for-sale financial assets include the following classes of financial assets:
Book Value Fair Value
--------- ---------- -------------------
2016 2015 2016 2015
US$'000 US$'000 US$'000 US$'000
---------------------------- --------- ---------- --------- --------
Non-current assets
Investments carried at cost 495 - - -
Convertible loan notes 251 - 251 -
746 - 251 -
---------------------------- --------- ---------- --------- --------
Investments are designated as available-for-sale financial assets if they do not have fixed maturities and fixed or determinable payments, and management intends to hold on to them for the medium to long-term. The financial assets are presented as non-current assets unless they mature, or management intends to dispose of them within 12 months of the end of the reporting period.
In 2016, the Group made investments in the ordinary shares of two companies (Deposify Limited and Circit Limited) of US$459,000 in consideration for the provision of services and licence software. In addition to these investments, the Group invested in convertible loan notes in both these companies in amount of US$251,000. These loan notes will be convertible into Ordinary A shares when agreed conditions have been met.
To determine if an available-for-sale financial asset is impaired, the group evaluates the duration and extent to which the fair value of the asset is less than its cost, and the financial health of and short-term business outlook for the investee. The group determined that there has been no decline in fair value of the convertible loan notes or the cost of the investments as at year end 31 December 2016.
13 Trade and other payables
2016 2015
US$'000 US$'000
--------------------------------------------------- --------- --------
Current
Trade payables 243 383
Amounts owed to subsidiaries - -
Accruals 1,220 1,262
Other creditors including tax and social insurance 532 387
Deferred revenue 3,965 4,245
-------------------------------------------------------- --------- --------
5,960 6,277
------------------------------------------------------ --------- --------
Amounts owed to subsidiary companies are unsecured and interest free.
2016 2015
US$'000 US$'000
------------------------------------------------------------- --------- --------
Other creditors including tax and social insurance comprise:
Income tax deducted under PAYE 303 210
Pay related social insurance 115 57
Other creditors 114 120
------------------------------------------------------------------ --------- --------
532 387
---------------------------------------------------------------- --------- --------
14 Borrowings
Book value Fair value
------------------- -------------------
2016 2015 2016 2015
US$'000 US$'000 US$'000 US$'000
------------------------- --------- -------- --------- --------
Non-current liabilities
Bank loans 5,000 6,000 4,730 5,796
Deferred financing costs (46) (156) (46) (156)
------------------------- --------- -------- --------- --------
Borrowings 4,954 5,844 4,684 5,640
------------------------- --------- -------- --------- --------
Current liabilities
Bank loans 1,000 4,000 1,000 4,000
Deferred financing costs (61) (89) (61) (89)
------------------------- --------- -------- --------- --------
Borrowings 939 3,911 939 3,911
------------------------- --------- -------- --------- --------
Total borrowings 5,893 9,755 5,623 9,551
------------------------- --------- -------- --------- --------
On 9 October 2013, the Group agreed a revised banking facility with Bank of Ireland Corporate Banking comprising a US$9.0 million five-year term loan facility and a revolving twelve-month facility for US$3.0 million, which was undrawn at year end (2015: fully drawn). The amended term loan is amortising to October 2018.
All of the Group's borrowings are denominated in US Dollars.
Maturity of financial borrowings
The maturity profile of the carrying amount of the Group's borrowings is set out below:
Between Between
Within 1 and 2 2 and 5 After
1 year years years 5 years Total
US$'000 US$'000 US$'000 US$'000 US$'000
-------------------------- --------- --------- --------- --------- ---------
Group
Bank loans 4,000 1,000 5,000 - 10,000
Deferred financing (89) (89) (67) - (245)
-------------------------- --------- --------- --------- --------- ---------
Borrowings at 31 December
2015 3,911 911 4,933 - 9,755
-------------------------- --------- --------- --------- --------- ---------
Bank loans 1,000 5,000 - - 6,000
Deferred financing (61) (46) - - (107)
-------------------------- --------- --------- --------- --------- ---------
Borrowings at 31 December
2016 939 4,964 - - 5,893
-------------------------- --------- --------- --------- --------- ---------
Borrowings are secured by fixed and floating charges over all the Group's assets, including the guarantee of the holding Company.
15 Cash generated from operations
2016 2015
US$'000 US$'000
---------------------------------------- -------- --------
Profit before tax 2,378 1,058
Adjustments for:
Depreciation 282 372
Amortisation of intangible assets 1,941 1,845
Amortisation of deferred financing 138 135
Finance income (2) (2)
Finance costs 352 463
Employee share based payments 281 131
Effect of foreign exchange (11) 623
Management fee - -
Non-cash revenue transactions
(Note 12) (495) -
Changes in working capital
Decrease in trade and other receivables 342 3,054
Decrease in trade and other payables (379) (1,960)
------------------------------------------ -------- --------
Cash generated from operations 4,827 5,719
------------------------------------------ -------- --------
16 Share capital and share premium
Number
of Ordinary
ordinary shares Total
Authorised share capital shares US$'000 US$'000
---------------------------------------- ----------- --------- ---------
Equity share capital
At 1 January 2015, 31 December 2015 and
31 December 2016
A ordinary shares of EUR0.005 each 201,000,000 1,395 1,395
---------------------------------------- ----------- --------- ---------
Equity
share
capital
Number (presented Share
of as equity) premium Total
Issued share capital shares US$'000 US$'000 US$'000
----------------------------------- ----------- ----------- --------- ---------
A ordinary shares of EUR0.005
each
At 1 January 2015 18,689,070 128 26,909 27,037
Shares issued during the financial
year 17,501 - - -
----------------------------------- ----------- ----------- --------- ---------
At 31 December 2015 18,706,571 128 26,909 27,037
Shares issued during the financial
year 24,269 - - -
----------------------------------- ----------- ----------- --------- ---------
At 31 December 2016 18,730,840 128 26,909 27,037
----------------------------------- ----------- ----------- --------- ---------
During 2016, 24,269 shares (2015: 17,501) were exercised during the year as part of the Group's share based payment scheme. For further details, please see note 17.
17 Share based payments
In 2016, 360,000 options were granted through the Company's share option scheme to selected employees (2015: 44,228). The options were granted in one tranche with an exercise price of US$0.014, 180,000 of which vest in 2017, 2018 and 2019, with the remaining 180,000 options vesting when various market share price milestones are reached. The Group has no legal or constructive obligation to repurchase or settle the options in cash. Under the main share option plan the options have a seven-year life from their date of vesting. Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
2016 2015
--------------------------- ---------------------------
Average exercise Average exercise
price in US$ per price in US$ per
share option Options share option Options
--------------- ----------------- -------- ----------------- --------
At 1 January 1.794 491,645 1.956 485,095
Granted 0.014 360,000 0.005 44,228
Forfeited 3,887 (28,685) 3.310 (20,177)
Exercised 0.007 (24,269) 0.007 (17,501)
--------------- ----------------- -------- ----------------- --------
At 31 December 0.965 798,691 1.794 491,645
--------------- ----------------- -------- ----------------- --------
Out of the 798,691 outstanding options (2015: 491,645 options), 438,692 options (2015: 387,666) were exercisable at 31 December 2016.
Share options outstanding at the end of the year have the following expiry date and exercise prices:
Share options
------------- ----------------- -------------- ----------------
Exercise
price
in US$
per
Grant - vest Vesting year share options 2016 2015
------------- ----------------- -------------- ------- -------
2012 2013 0.007 61,012 66,737
2014 0.007 63,845 69,570
2015 0.007 78,932 84,657
2013-16 2014 3.887 62,934 74,663
2015 3.887 67,417 71,645
2016 3.887 67,417 80,145
2015-16 2015 0.006 10,134 17,228
2016 0.005 27,000 27,000
2016-19 2017 0.014 60,000 -
2018 0.014 60,000 -
2019 0.014 60,000 -
subject to market
2016- conditions 0.014 180,000 -
------------- ----------------- -------------- ------- -------
798,691 491,645
------------- ----------------- -------------- ------- -------
For the 180,000 options granted and vesting over the next three years: The weighted average fair value of options granted during the period determined using the Black-Scholes valuation model was US$2.7437 per option. The significant inputs into the model were the weighted average share price of US$2.633 at the grant date, the exercise price shown above, dividend yield of nil, an expected option life of three years, volatility of 41.76% based on the past movement in the share price and an annual risk-free interest rate of 4.25%. Where awards are granted with market conditions, the services received from an employee (who satisfies all other vesting conditions) are recognised, irrespective of whether the market conditions are satisfied. The possibility that the share price targets might not be achieved is taken into account when estimating the fair value of the options at grant date. The fair value of the 180,000 options granted with market conditions attached has been considered to be nil. See note 8 for the total expense recognised in the income statement for share options granted to Directors and employees.
18 Earnings per share
Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
The following reflects the income and share data used in the basic and diluted earnings per share computations.
2016 2015
US$'000 US$'000
--------------------------------------------- ---------- ----------
Profit attributable to ordinary shareholders 1,867 426
---------------------------------------------- ---------- ----------
Number Number
--------------------------------------------- ---------- ----------
Weighted average number of shares used in
basic EPS 18,714,690 18,699,923
Effects of:
Employee share options 300,875 265,444
---------------------------------------------- ---------- ----------
Weighted average number of shares used in
diluted EPS 19,015,565 18,965,367
---------------------------------------------- ---------- ----------
Basic earnings per share (in US$ cents per
share) 10.0 2.3
Diluted earnings per share (in US$ cents
per share) 9.8 2.2
---------------------------------------------- ---------- ----------
19 Subsequent events
There were no significant subsequent events since 31 December 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 07, 2017 02:00 ET (07:00 GMT)
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