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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 : 4024X
Octagonal PLC
24 November 2017
24 November 2017
Octagonal plc
("Octagonal" or the "Company")
Unaudited Half-Year Results for the Six Months to 30 September 2017
Octagonal (AIM: OCT), announces its unaudited half-year results for the six months to 30 September 2017
Summary of Financial highlights for the six months to 30 September 2017
-- Unaudited revenues increased by 17.4% to GBP3.3m in the reporting period (September 2016: GBP2.9m and audited 12 months to 31 March 2017 GBP5.6m)
-- Synergis Capital Plc, 72.4% owned subsidiary of the Group raised external funding of over GBP1m during the period.
-- Unaudited adjusted operating profit excluding Synergis Capital plc consolidated costs and like for like basis comparison was GBP1.5m (2016: GBP1m and audited 31 March 2017 GBP1.9m).
-- Unaudited operating profit including additional consolidated cost of GBP482,000 in relation to the new business start up - Synergis Capital Plc was GBP1.1m (September 2016: GBP1.1m and audited 31 March 2017: GBP1.9m)
-- Net Assets GBP8.2m (September 2016: GBP6.1m and 31 March 2017: GBP6.6m) -- Cash balance of GBP5.3m (September 2016: GBP2.6m and audited 31 March 2017: GBP3.8m)
Interim period trading highlights:
-- Cost efficiencies and margin improvement continues 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 40% to 47.5% over the comparable period.
-- Additional services to clients - Asset Management and enhanced FX, Futures and Options trading services made a positive contribution in the period. This continues the Company's strategy of organically growing, offering a broader range of services to clients where it sees long term value.
-- Corporate finance activities made a positive contribution in the period for the first time.
Business Overview
Trading results
The revenue for the six months to 30 September 2017 from continuing operations was GBP3.3m (September 2016: GBP2.9m), a 17.4% increase on a like for like basis. Operating profit amounted to GBP1.1m with additional consolidated cost of GBP482,000 in Synergis Capital Plc ("Synergis), compared with GBP1m in the same period last year. Gross profit margins remain strong at 78% (September 2016: 68%) with operating profit margins reduced to 31% due to the additional consolidated Synergis costs (September 2016: 38%).
In addition Net assets and Cash rose to GBP8.2m million (September 2016: GBP6.1m) and GBP5.3m (September 2016: GBP2.6m and audited 31 March 2017: GBP3.8m), respectively
Included in the operating profit above were consolidated 'PLC' costs for the interim period that remained low at GBP65,000, and pre revenue start-up cost for Synergis for the period were GBP482,000.
Synergis Capital Plc is 72.4% owned subsidiary of the group and it raised external funding of over GBP1m during the period.
Board Changes
On 7(th) June 2017, the Company announced that Grant Roberts, Non Executive Chairman stepped down from the board due to increased demand from his other business commitments and John Gunn was appointed Chairman initially on an interim basis.
Other activities post reporting period:
On 31st October 2017, the Company announced that the Court approved the capital reduction of the Company. As a result, all issued deferred shares in the capital of the Company and the Company's share premium account were all cancelled. The effect of these actions had been to eliminate the deficit on distributable reserves enabling the Company to declare dividends.
On 21 November 2017, the company announced the soft launch of the "SynerGIS" bond offering through its subsidiary GIS and was available for pre-registration.
Dividend
On 7(th) November 2017, the Company declared a dividend of 0.1 pence per share payable on 15(th) December 2017.
John Gunn, CEO and Chairman, reports:
"This is a good set of results for the half year and this reflects the work done by the team to improve processing efficiencies and increasing margins.
We also managed to improve revenues and profits in spite of the negative impact of a slightly strengthened pound as our revenues are by majority USD and to a lesser extent Euro and GBP denominated.
This was the first time we have seen our corporate finance activities beginning to make a positive contribution to revenues and profits. We will naturally continue to develop these opportunities, although there is no certainty of maintaining these levels of revenue, which were below 10% of total revenues for the period.
Whilst our business remains subject to fluctuations in global markets, we continue to be confident in the outlook for the remainder of the year.
Our application for our Hong Kong license continues and we'll update shareholders when there are meaningful developments.
Finally I am please to announce that the company soft launched the SynerGIS Bond offering inviting depositors to pre register.'
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 2017
Unaudited Unaudited Audited
----------------------- ------------- ---------------------
30 September 30 September 31 March
2017 2016 2017
---------------------------
GBP'000 GBP'000 GBP'000
--------------------------- ----------------------- ------------- ---------------------
Revenue 3,348 2,853 5,596
Cost of sales (745) (907) (1,617)
Gross profit 2,603 1,946 3,979
Administrative expenses (1,556) (875) (2,053)
Operating profit 1,047 1,071 1,926
Other gains and losses - (168) (613)
Finance income - - -
Finance costs - (1) -
Profit before tax 1,047 902 1,313
Taxation (220) (195) (311)
Profit for the year 827 707 1,002
Attributable to:
Shareholders in the
Parent Company 932 707 1,035
Non-controlling Interests (105) - (33)
827 707 1,002
Earnings per share
attributable to owners
of the parent company
Basic and diluted
(pence per share)
From continuing and
total operations 0.166p 0.126p 0.185p
Unaudited Group Statement of Financial Position
As at 30 September 2017
Un audited Un audited Audited
------------- --------------------------- ---------
30 September 30 September 31 March
2017 2016 2017
--------------------------
GBP'000 GBP'000 GBP'000
-------------------------- ------------- --------------------------- ---------
Non-Current assets
Goodwill 2,869 2,869 2,869
Other Intangibles 169 50
Property, plant
and equipment 77 66 62
Deferred Tax asset 67 - 65
3,182 2,935 3,046
-------------------------- ------------- --------------------------- ---------
Current assets
Available for
sale investments 108 579 126
Trade and other
receivables 574 644 327
Cash and cash
equivalents 5,349 2,628 3,813
6,031 3,851 4,266
TOTAL ASSETS 9,213 6,786 7,312
Current liabilities
Trade and other
payables 309 345 286
Current tax liabilities 681 350 389
Borrowings - - -
990 695 675
-------------------------- ------------- --------------------------- ---------
Non-Current liabilities
Borrowings - - -
-------------------------- ------------- --------------------------- ---------
NET ASSETS/(LIABILITIES) 8,223 6,091 6,637 --------------------------- ------------- --------------------------- --------- Equity Share capital 1,104 1,104 1,104 Share premium account 3,669 3,669 3,669 Reverse acquisition reserve 679 679 679 Retained earnings 2,518 639 1,148 --------------------------- ------------- --------------------------- --------- Equity attributable to owners of the company 7,970 6,091 6,660 Non- Controlling interests 253 - 37 --------------------------- ------------- --------------------------- --------- Total Equity 8,223 6,091 6,637 --------------------------- ------------- --------------------------- ---------
Unaudited Group Statement of Changes in Equity
For the 6 months ended 30 September 2017
Share Share Reverse Retained Equity Non-controlling Total
capital Premium acquisition earnings attributable interests equity
reserve to owners
of the
Company
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- --------- --------- ------------- ---------- -------------- ---------------- --------
Balance at
1 April 2015 2,613 - - (670) 1,943 - 1,943
Total comprehensive
income for
the year - - - 603 603 - 603
Adjustment
for reverse
acquisition (1,552) 2,109 679 - 1,236 - 1,236
Proceeds
of share
issues 43 1,657 - - 1,700 - 1,700
Share issue
costs - -97 - - (97) - (97)
Balance at
31 March
2016 1,104 3,669 679 (67) 5,385 - 5,385
Total comprehensive
income for
the year - - - 1,035 1,035 (33) 1,002
Adjustment
arising from
change in
non-controlling
interest - - - 180 180 70 250
Balance at
31 March
2017 1,104 3,669 679 1,148 6,600 37 6,637
Total comprehensive
income for
the year - - - 932 932 (106) 826
Adjustment
arising from
change in
non-controlling
interest - - - 438 438 322 760
Balance at
31 March
2017 1,104 3,669 679 2,329 7,969 254 8,223
Unaudited Group Statement of Cash flows
For the 6 months ended 30 September 2017
Unaudited Unaudited Audited
------------- ------------- ---------
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
------------------------------- ------------- ------------- ---------
OPERATING ACTIVITIES
Profit/(loss) for
the year before taxation 1,047 902 1,313
Adjusted for:
Finance expense - - -
Finance income - - -
Depreciation 7 7 21
Investment impairment 18 168 613
Operating cash flows
before movements in
working capital 1,072 1,077 1,947
(Increase)/Decrease
in trade and other
receivables (247) 61 167
Increase/(Decrease)
in trade and other
payables 22 (75) 149
Net cash from /(used
in) operating activities (225) (14) 2,263
Tax paid (200)
Net cash used in operating
activities 847 1,063 2,063
------------------------------- ------------- ------------- ---------
INVESTING ACTIVITIES
Purchase of property,
plant and equipment (14) (11) (28)
Development costs (119) (50)
Purchase of investments - - (50)
Related party repayment
of loan - 25 76
Net cash from/(used
in) investing activities (133) 14 (52))
------------------------------- ------------- ------------- ---------
FINANCING ACTIVITIES
Non-controlling interest
investment 821 - 250
Interest paid - (1) -
Net cash from/(used
in) financing activities 821 (1) 250
------------------------------- ------------- ------------- ---------
Net (decrease)/increase
in cash and cash equivalents 1,535 1,076 2,261
Cash and cash equivalents
at beginning of year 3,813 1,552 1,552
Cash and cash equivalents
at end of year 5,348 2,628 3,813
------------------------------- ------------- ------------- ---------
Notes to the interim statement
For the 6 months ended 30 September 2017
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 2017 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 2017, 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 2017 were approved by the Board on
22 November 2017.
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 period ended year ended 30 September 2017 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
2017 2016 2017
GBP'000 GBP'000 GBP'000
----------------------------- ------------- ------------- -------------
Profit attributable
to owners of the Group GBP932,279 GBP707,000 GBP1,035,000
----------------------------- ------------- ------------- -------------
Weighted average number
of ordinary shares
in issue for basic
and fully diluted earnings 560,893,552 560,226,886 560,226,886
----------------------------- ------------- ------------- -------------
Earnings per share
(pence per share)
Basic and fully diluted: 0.166p 0.126p 0.185p
----------------------------- ------------- ------------- -------------
4. Dividend
On 7(th) November 2017, the Company declared a dividend of 0.1 pence per share payable on 15(th) December 2017.
5. Distribution
The half yearly report for the six-month period ended 30 September 2017 will shortly be available on the Company's website (www.octagonalplc.com) or directly from the Company at its registered address.
-ends-
The company news service from the London Stock Exchange
END
IR EAKFDASKXFFF
(END) Dow Jones Newswires
November 24, 2017 02:00 ET (07:00 GMT)
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