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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Octagonal Plc | LSE:OCT | London | Ordinary Share | GB00BWWCHQ23 | ORD 0.05P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.00 | 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
TIDMOCT
RNS Number : 2278P
Octagonal PLC
15 November 2016
15 November 2016
Octagonal plc
("Octagonal" or the "Company")
Unaudited Half-Year Results for the Six Months to 30 September 2016
Octagonal (AIM: OCT), announces its unaudited half-year results for the six months to 30 September 2016.
Summary of Financial highlights for the six months to 30 September 2016
-- Unaudited revenues increased by 50% to GBP2.9m in the reporting period (September 2015: GBP1.9m and audited 12 months to 31 March 2016 GBP4.2m)
-- Unaudited operating profit increased by 156% to GBP1.1m (September 2015: GBP0.4m and audited 31 March 2016: GBP0.8m)
-- Unaudited operating profit after exceptional charge and before tax of GBP902,000 (September 2015: GBP0.1m and audited 31 March 2016: GBP0.8m)
-- Net Assets GBP6.1m (September 2015: GBP4.8m and 31 March 2016: GBP5.4m) -- Cash balance of GBP2.6m (September 2015: GBP1.3m and audited 31 March 2016: GBP1.6m)
Interim period trading highlights:
-- Cost efficiencies and margin improvement- Continue within Global Investment Strategy UK Ltd ("GIS") - Significant work continues being undertaken to improve processing efficiencies, client reporting and reducing frictional costs; as a result net margins have improved from 28% to 40% over the comparable period.
-- Positive US dollar impact - Positive impact of the strong US$, and to a lesser extent Euro, on margins as revenues are over 90% in these currencies.
-- Additional services to clients - Enhanced FX, Futures and Options trading services have now gone live to existing clients. This continues the Company's strategy of organically growing, offering a broader range of services to clients where it sees long term value.
Business Overview
Trading results
This is the first full 6 month interim trading results for the Company post its acquisition of GIS in July 2015, GIS also reported record revenue and profit for the period.
The revenue for the six months to 30 September 2016 from continuing operations was GBP2.9m (September 2015: GBP1.9m), a 50% increase on a like for like basis. Operating profit amounted to GBP1.1m compared with just GBP0.4m in the same period last year. Gross profit margins remain strong at 68% (September 2015: 62%) with operating profit margins increasing significantly to 38% (September 2015: 21%).
In addition Net assets and Cash rose to GBP6.1 million (September 2015: GBP4.8m) and GBP2.6m (September 2015: GBP1.3m and audited 31 March 2016: GBP1.6m), respectively
'PLC' costs for the interim period remained low at GBP78,000, however, the Group was unable to avoid incurring an unrealised loss on its pre-RTO historic investments of GBP168,000.
Dividend
The Board propose no dividend at this point.
OPERATING REPORT
Prospects
The Company remains focused on organic growth and does not anticipate making any acquisitions in the near term. It's wholly owned subsidiary GIS, will continue looking at new business lines, but only where they will provide the opportunity to enhance earnings. Given the broad scope of our regulatory permissions, the Board see this as the most dynamic way to grow the profitability of the business. The long term objective remains increasing profitability and cash generation.
CEO Report
This is a good set of results for the half year as the second quarter is usually impacted by reduced trading volumes over the summer period.
The weakness in the pound has benefited GIS as revenues are by majority USD and to a lesser extent Euro and GBP.
Whilst the business remains subject to fluctuations in global markets, we continue to be confident in the outlook for the remainder of the financial year.
We have seen improved margins with our operating subsidiary GIS which has come as a result of improved processing efficiencies and reduced direct costs. We will continue to seek further improvements over the remainder of the financial year where possible.
We have seen two major political events this year with the referendum on BREXIT and most recently the US elections. Markets seem to have responded well post event, but as yet the longer term impact is unknown.
We are also pleased to announce that GIS is now offering futures trading across most major global indices to their existing client base. In addition, our enhanced foreign exchange service has gone live.
We have recently strengthened our Investment Management team with 4 additional personnel and will shortly be offering a Wealth Management service to Corporate Clients, Family offices and high net worth individuals. The Board does not anticipate that these additional services will contribute significantly to earnings in the current financial year, but will begin to do so in the medium term and this is in line with our strategy to broaden our line of services to clients and benefit future income streams and profitability.
For further information please visit www.octagonalplc.com or contact:
Hot Features
Premium
+44 (0) 20
Octagonal Plc 7048 9400
John Gunn, CEO
Beaumont Cornish Limited (Nominated
Adviser and Broker) +44 (0) 20
James Biddle / Roland Cornish 7628 3396
www.beaumontcornish.com
Unaudited Group Income Statement and statement of comprehensive income
For the 6 months ended 30 September 2016
Unaudited Unaudited Audited
------------- ------------- ---------
30 September 30 September 31 March
2016 2015 2016
-----------------------
GBP'000 GBP'000 GBP'000
----------------------- ------------- ------------- ---------
Revenue 2,853 1,908 4,202
Cost of sales (907) (729) (1,289)
Gross profit 1,946 1,179 2,913
Administrative
expenses (875) (760) (2,125)
Operating profit 1,071 419 788
Other gains and
losses (168) (459) -
Finance income - 183 4
Finance costs (1) (4) (1)
Profit before tax 902 139 791
Taxation (195) - (188)
Profit for the
year 707 139 603
Earnings per share
attributable to
owners of the parent
company
Basic and diluted
(pence per share)
From continuing
and total operations 0.126p 0.04p 0.135p
Unaudited Group Statement of Financial Position
As at 30 September 2016
Un audited Un audited Audited
------------- ------------- ---------
30 September 30 September 31 March
2016 2015 2016
--------------------------
GBP'000 GBP'000 GBP'000
-------------------------- ------------- ------------- ---------
Non-Current
assets
Goodwill 2,869 2,416 2,869
Property, plant
and equipment 66 65 55
2,935 2,481 2,924
-------------------------- ------------- ------------- ---------
Current assets
Available for
sale investments 579 679 689
Trade and other
receivables 644 471 705
Cash and cash
equivalents 2,628 1,316 1,552
3,851 2,466 2,946
TOTAL ASSETS 6,786 4,947 5,870
Current liabilities
Trade and other
payables 345 127 270
Current tax
liabilities 350 - 213
Borrowings - - 2
695 127 485
-------------------------- ------------- ------------- ---------
Non-Current
liabilities
Borrowings - - -
-------------------------- ------------- ------------- ---------
NET ASSETS/(LIABILITIES) 6,091 4,820 5,385
--------------------------- ------------- ------------- ---------
Equity
Share capital 1,104 280 1,104
Share premium
account 3,669 1,708 3,669
Reverse acquisition
reserve 679 2,994 679
Retained earnings 639 (162) (67)
--------------------------- ------------- ------------- ---------
TOTAL EQUITY 6,091 4,820 5,385
--------------------------- ------------- ------------- ---------
Unaudited Group Statement of Changes in Equity
For the 6 months ended 30 September 2016
Reverse
Share Share acquisition Retained Total
capital Premium reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- --------- --------- ------------- ---------- --------
Balance at 1
April 2014 2,613 - - (675) 1,938
Total comprehensive
income for the
year - - - 5 5
Balance at 31
March 2015 2,613 - - (670) 1,943
Total comprehensive
income for the
year - - - 603 603
Adjustment for
reverse acquisition (1,552) 2,109 679 - 1,236
Proceeds of share
issues 43 1,657 - - 1,700
Share issue costs - (97) - - (97)
Audited Balance
at 31 March 2016 1,104 3,669 679 (67) 5,385
Total comprehensive
income for the
year - - - 706 706
Unaudited Balance
at 30 September
2016 1,104 3,669 679 639 6,091
Unaudited Group Statement of Cash flows
For the 6 months ended 30 September 2016
Unaudited Unaudited Audited
------------- ------------- ---------
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
------------------------------- ------------- ------------- ---------
OPERATING ACTIVITIES
Profit/(loss) for
the year before taxation 902 419 791
Adjusted for:
Finance expense - 4 1
Finance income - - (4)
Depreciation 7 1 18
Investment impairment 168 (3) -
Operating cash flows
before movements in
working capital 1,077 421 806
(Increase)/Decrease
in trade and other
receivables 61 306 308
Increase/(Decrease)
in trade and other
payables (75) 51 117
Net cash used in operations (14) 357 1,231
Net cash used in operating
activities 1,063 778 1,231
------------------------------- ------------- ------------- ---------
INVESTING ACTIVITIES
Purchase of property,
plant and equipment (11) (1) (8)
Purchase of investments - (108) (50)
Payment to shareholders
as part of reverse
acquisition (Note
14) - (1,500) (1,500)
Loan to a related
party 25 - (76)
Finance income received - 183 4
Net cash from/(used
in) investing activities 14 (1,426) (1,630)
------------------------------- ------------- ------------- ---------
FINANCING ACTIVITIES
Net proceeds from
share issues - 1,615 1,603
Interest paid (1) - (1)
Net cash from/(used
in) financing activities (1) 1,615 1,602
------------------------------- ------------- ------------- ---------
Net (decrease)/increase
in cash and cash equivalents 1,076 967 1,203
Cash and cash equivalents
at beginning of year 1,552 349 349
Cash and cash equivalents
at end of year 2,628 1,316 1,552
------------------------------- ------------- ------------- ---------
Notes to the interim statement
For the 6 months ended 30 September 2015
1. General information
Octagonal plc is a company incorporated in the England and Wales with number 6214926, and whose registered office is: 2(nd) Floor, 2 London Wall Buildings, London EC2M 5PP, under the Companies Act 2006. The Company's main activity is that of a financial services business offering a wide range of services to institutional, family office and high net worth clients.
The Company's functional currency is Sterling. The Company's financial statements are presented in Sterling, which is the Company's presentational currency.
2. Basis of preparation
The financial information set out in this interim report for the six months ended 30 September 2016 is unaudited and does not constitute statutory accounts as defined in Section 434 of Companies Act (2006).
The Company's statutory financial statements for the period ended 31 March 2016, prepared under IFRS, have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
These financial statements have been prepared on a going concern basis under the historical cost convention. The Directors believe that the going concern basis is appropriate for the preparation of these interim financial statements as the Company is in a position to meet all its liabilities as they fall due. These interim financial statements for the six months to 30 September 2016 were approved by the Board on
15 November 2016.
3. Earnings per share
The basic earnings per share is based on the profit for the year divided by the weighted average number of shares in issue during the year. The weighted average number of ordinary shares for the year ended 31 March 2016 assumes that all shares have been included in the computation based on the weighted average number of days since issue.
Unaudited Unaudited Audited
------------- ------------- ------------
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
----------------------------- ------------- ------------- ------------
Profit attributable
to owners of the Group GBP707,000 GBP139,000 GBP603,000
----------------------------- ------------- ------------- ------------
Weighted average number
of ordinary shares
in issue for basic
and fully diluted earnings 560,226,886 335,889,092* 448,057,989
----------------------------- ------------- ------------- ------------
Earnings per share
(pence per share)
Basic and fully diluted: 0.126p 0.04p* 0.135p
----------------------------- ------------- ------------- ------------
*The weighted average number of shares amended to reflect the number of shares issued on the acquisition of GIS.
4. Dividend
The Board is not recommending the payment of an interim dividend for the period ended 30 September 2016.
5. Distribution
The half yearly report for the six-month period ended 30 September 2016 will shortly be available on the Company's website (www.octagonalplc.com) or directly from the Company at its registered address.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAFFSFAKKFFF
(END) Dow Jones Newswires
November 15, 2016 06:30 ET (11:30 GMT)
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