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SAL.GB Spaceandpeople

90.00
0.00 (0.00%)
24 May 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Spaceandpeople AQSE:SAL.GB Aquis Stock Exchange Ordinary Share GB00BPQDJM21
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 90.00 85.00 95.00 90.00 90.00 90.00 0.00 07:01:53
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

SpaceandPeople PLC Interim results for six months ended 30 June 2023 (4329N)

25/09/2023 7:00am

UK Regulatory


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TIDMSAL

RNS Number : 4329N

SpaceandPeople PLC

25 September 2023

25 September 2023

SpaceandPeople plc

("SpaceandPeople" or the "Group")

Interim results for the six months ended 30 June 2023

SpaceandPeople (AIM:SAL), the retail, promotional and brand experience specialist which facilitates and manages the sale of promotional and retail merchandising space in shopping centres and other high footfall venues, announces its interim results for the six months ended 30 June 2023.

 
            Highlights 
             Financial 
             o Group revenue up 5% to GBP2,537k (H1 2022: GBP2,413k) 
             due to German retail revenue increasing by 38% to GBP801k 
             (H1 2022: GBP582k), partially offset by a decline in UK 
             retail revenue of 23% to GBP468k (H1 2022: GBP609k). 
 
             o Operating loss increased by 11% to GBP355k (H1 2022: GBP320k) 
             due to an increase in administration expenses including 
             professional fees and staff costs. 
 
             o Loss after tax increased by 13% to GBP351k (H1 2022: GBP311k). 
 
             o Net cash outflow from operating activities of GBP1,058k 
             (H1 2022: GBP470k) primarily due to reduction in creditors 
             with a significant creditor as at 31 December 2022 being 
             paid during H1 2023. 
 
             o Facility headroom at 30 June 2023 of GBP1,306k (30 June 
             2022: GBP1,368k) which has been increased post period end 
             to GBP1,537k at 22 September 2023 (23 September 2022: GBP1,550k). 
 
             o Net bank debt as at 30 June 2023 has decreased by 25% 
             to GBP763k (30 June 2022: GBP1,024k), with bank debt repayments 
             of GBP323k since 30 June 2022. 
 
             Operational 
 
             o Transformation of UK retail division with the continued 
             roll-out of Rock Up and Pop Up concept. 
 
             o Growth in German retail division with average number of 
             RMUs in operation increasing to 95 during H1 2023 (H1 2022: 
             69). 
 
             o Further contract extension with Network Rail until September 
             2024. 
 
             o New trading relationship Multi Germany GmbH in Germany 
             agreed during September 2023. 
 

Contact details:

 
SpaceandPeople Plc                         0845 241 8215 
Nancy Cullen, Gregor Dunlay 
 Zeus Capital Limited (Nominated Adviser 
  and Broker)                               0203 829 5000 
 David Foreman, Jamie Peel, Ed Beddows 
 

Chief Executive's Interim Operating Statement

It is fantastic to be able to produce a report which is untainted by extraneous factors, such as Covid-19, for the first time since 2019. This half year has been encouraging for SpaceandPeople ("S&P"), with a drive to invest further across the business both in the UK and in Germany in order to develop products and services that are closely attuned to our customers evolving needs. I am pleased, therefore, to report a 5% increase in revenues from GBP2,413k in 2022 to GBP2,537k this period.

The growth in revenue in this first half year has been delivered mainly by strong results in our German retail division and steady performance in our UK promotions division, partially offset by a slight reduction in UK retail, as this division transforms towards our innovative Rock Up and Pop Up ("RUPU") concept of kiosk retailing.

This increase in revenue has driven an improvement in the gross profitability of the business, enabling us to invest in both staff and IT systems that will improve our customer experience and drive further revenue and profitability growth in H2 2023 and beyond.

UK

Pop up food and drink kiosks remain very popular as venue activity, particularly in the UK. However, it has been pleasing to see the growth of other fashion items such as eyewear, home products and fragrance. Our latest service, RUPU, is proving to be popular with both our venue clients and nascent businesses. During the first six months of the year, we introduced ten new retailers into our venues, including international, start-up and on-line only retailers. None of these retailers were in a position to launch their businesses in physical retail without the support that RUPU offered them. This product, given its ability to provide vibrant new names into our venues, is set to become an increasingly important aspect of the S&P service and we look forward to introducing many more new businesses into a widening portfolio of venues over the coming year.

S&P now has the operational capability and experience to take a business on the whole journey from being a pure play on-line brand to supplying it with a fully installed on-mall kiosk, designed to the brand's specification, with merchandising, marketing and business planning support, access to agency staff if required and all necessary equipment relating to the sale of its products. This means that we can now support a whole new generation of retailers who want to expand their businesses with a turnkey operation.

Our Brand Ex division had a very strong end of year in 2022, but the first quarter of 2023 produced lower revenue and activity levels than we had anticipated. I am therefore delighted to say that the second half of the year is looking significantly better for this division and we are seeing a marked resurgence in the scale of this activity across all venue types. Last year we launched our on-line website www.experientialspace.co.uk , which aims to provide brands and agencies with comprehensive information about venues and their site details. This website has been further developed this year with the addition of live on-line availability calendars.

Additionally, the brand market continues to require more sophisticated data regarding the sites they are purchasing and as a business, we have introduced functionality to increase the data available to buyers to grow this market further, along with working with technology partners to assess GDPR-compliant behaviour tracking mechanisms, which support brands' analysis of post event behaviour and campaign success.

Germany

In Germany we have had a strong start to 2023 with revenue up 38% to GBP801k (H1 2022: GBP582k) across our shopping centre portfolio. This was as a result of us having an average of 95 kiosks in operation compared with 69 in the first six months of 2022. The principal area of growth has been increasing the number of kiosks operating in additional venues that we have not previously had an agreement to trade in, along with an increase in the occupancy rates in our fixed rent portfolio.

Additionally, having launched two kiosks in Austria at the end of 2022, we have continued to trade successfully on these kiosks and are looking to develop further international opportunities.

Costs and Profitability

Our overall costs increased over the first six months by 5% to GBP3,004k (H1 2022: GBP2,865k) due to additional staff being employed both in London and Glasgow to support the growth of the business. As with all businesses, we are also not immune to inflationary pressures and therefore, costs have increased across the Group over the last few months and we have had some significant one-off costs related to professional and recruitment fees.

Other income of GBP112k is lower than in the same period of 2022, however, a significant proportion of this income in 2022 was made up of government grant support from Germany in relation to the Covid pandemic, which has not been repeated in 2023.

The cash position of GBP556k is slightly lower than at the same point last year (H1 2022: GBP618k) and headroom is correspondingly lower at GBP1,308k (2022: GBP1,368k). However, net debt has fallen from to GBP763k (H1 2022: GBP1,024k) as we have continued to repay our term loans. We have achieved this reduction in net debt whilst also clearing a large balance outstanding to a major client in this period.

Outlook

We are pleased, therefore, to report a solid first half of the year with stable results and we are seeing the investment in staff across the business delivering further growth. We are confident that plans are in place across both the UK and Germany to support and drive the business forward and we are very excited by the potential shown by new products such as RUPU.

We enter the second half of the year with confidence, as we have put in place the venue infrastructure, the products and the personnel to ensure that we can maximise the opportunities available to us during the busiest and most profitable period of the year.

I am absolutely delighted that we have recently agreed an extension of our relationship with Network Rail until September 2024. We look forward to continuing to work closely with the Network Rail team to deliver even more high quality brand events into their stations over the coming year.

We are also pleased to announce an agreement to supply new units into Centres operated by Multi Corporation in Germany, thus helping us to expand our German business beyond our core customer base.

Finally, I would like to take this opportunity to sincerely thank Steve Curtis, who served as a non-executive director with S&P for 9 years and who retired in June from his role. Steve provided invaluable support to the business throughout his tenure and was a tremendous support to us, not least during the lockdown/Covid affected period.

Nancy Cullen

22 September 2023

Independent Auditor's Review Report on Interim Financial Information

Conclusion

We have reviewed the accompanying balance sheet of Spaceandpeople plc as of June 30, 2023 and the related statements of income, changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information does not present fairly, in all material respects the financial position of the entity as at June 30, 2023, and of its financial performance and its cash flows for the six-month period then ended in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Basis for Conclusion

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK), "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 2, the annual financial statements of the group are prepared in accordance with United Kingdom adopted International Accounting Standards. The condensed set of financial statements included in this half yearly financial report has been prepared in accordance with United Kingdom adopted international Accounting Standard 34, "Interim Financial Reporting".

Conclusions Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of directors

Management is responsible for the preparation and fair presentation of this interim financial information in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the company in accordance with International Standard on Review Engagements (UK) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

Azets Audit Services

Chartered Accountants

Statutory Auditors

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

22 September 2023

Consolidated Group Statement of Comprehensive Income

For the six months ended 30 June 2023

 
                                 Notes            6 months            6 months             12 months 
                                                to 30 June          to 30 June        to 31 December 
                                                       '23                 '22                   '22 
                                               (Unaudited)         (Unaudited)             (Audited) 
                                                   GBP'000             GBP'000               GBP'000 
 
 Revenue                           4                 2,537               2,413                 5,529 
 
 Cost of sales                                       (866)               (869)               (1,644) 
 
   Gross profit                                      1,671               1,544                 3,885 
 
   Administration expenses                         (2,138)             (1,996)               (4,101) 
 Other operating income                                112                 132                   207 
 
   Operating loss before 
   non-recurring charges                             (355)               (320)                   (9) 
 Non-recurring charges                                   -                   -               (1,500) 
 
   Operating loss                                    (355)               (320)               (1,509) 
 Finance costs                                        (69)                (57)                 (116) 
 
 Loss before taxation              4                 (424)               (377)               (1,625) 
 
 Taxation                                               73                  66                  (89) 
 
 Loss after taxation 
 
  Other comprehensive 
  income                                             (351)               (311)               (1,714) 
 Foreign exchange differences 
  on translation of foreign 
  operations                                           (5)                  11                  (25) 
 Total comprehensive 
  loss for the period                                (356)               (300)               (1,739) 
 
 
 
 Loss per share    10 
 
 Basic                   (18.4)p    (16.0)p    (88.4)p 
  Diluted                (18.4)p    (16.0)p    (88.4)p 
 
 
 

Consolidated Group Statement of Financial Position

As at 30 June 2023

 
                                Notes          30 June                30 June        31 December 
                                                 '23                      '22                '22 
                                              (Unaudited)         (Unaudited)          (Audited) 
                                                GBP'000               GBP'000            GBP'000 
 Assets 
 Non-current assets: 
 Goodwill                         5                 5,381               6,881              5,381 
 Property, plant & equipment      6                   469                 640                545 
  Deferred tax                                        281                 364                208 
                                           --------------      --------------      ------------- 
                                                    6,131               7,885              6,134 
 Current assets: 
 Trade & other receivables                          1,937               2,134              2,524 
 Cash & cash equivalents          7                   556                 618              1,885 
                                           --------------      --------------      ------------- 
                                                    2,493               2,752              4,409 
 
 Total assets                                       8,624              10,637             10,543 
                                           --------------      --------------      ------------- 
 
 Liabilities 
 Current liabilities: 
 Trade & other payables                             4,227               3,999              5,591 
  Lease liabilities                                   190                 176                180 
  Borrowings repayable 
   within one year                8                   322                 322                322 
                                                    4,739               4,497              6,093 
 Non-current liabilities: 
 Lease liabilities                                    192                 284                240 
 Borrowings repayable 
  after one year                  8                   997               1,320              1,158 
                                           --------------      --------------      ------------- 
                                                    1,189               1,604              1,398 
 
 Total liabilities                                  5,928               6,101              7,491 
                                           --------------      --------------      ------------- 
 
 Net assets                                         2,696               4,536              3,052 
                                           --------------      --------------      ------------- 
 
 Equity 
 Share capital                    9                   195                 195                195 
 Share premium                                      4,868               4,868              4,868 
 Special reserve                                      233                 233                233 
 Own shares held                                     (50)                   -               (50) 
 Retained earnings                                (2,550)               (760)            (2,194) 
 
 Total equity                                       2,696               4,536              3,052 
                                           --------------      --------------      ------------- 
 

Consolidated Group Statement of Cash Flows

For the six months ended 30 June 2023

 
                                  Notes            6 months            6 months             12 months 
                                                 to 30 June          to 30 June        to 31 December 
                                                        '23                 '22                   '22 
                                                (Unaudited)         (Unaudited)             (Audited) 
                                                    GBP'000             GBP'000               GBP'000 
 Cash flow from operating 
  activities 
 Cash (outflow) / inflow 
  from operations                                     (989)               (418)                 1,216 
 Interest paid                                         (69)                (57)                 (116) 
 Taxation                                                 -                   5                     6 
                                             --------------      --------------      ---------------- 
 Net cash (outflow) / 
  inflow from operating 
  activities                                        (1,058)               (470)                 1,106 
                                             --------------      --------------      ---------------- 
 
 Cash flows from investing 
  activities 
 Purchase of property, 
  plant & equipment                 6                  (28)                (62)                  (87) 
 Disposal of property, 
  plant & equipment                 6                     -                  68                     - 
 Purchase of own shares                                   -                   -                  (50) 
 Net cash (outflow) / 
  inflow from investing 
  activities                                           (28)                   6                 (137) 
                                             --------------      --------------      ---------------- 
 
 Cash flows from financing 
  activities 
 Bank loans repaid                  8                 (161)               (137)                 (298) 
 Payment of finance lease 
  obligations                                          (82)               (161)                 (166) 
 Net cash outflow from 
  financing activities                                (243)               (298)                 (464) 
                                             --------------      --------------      ---------------- 
 
 
 (Decrease) / increase 
  in cash and cash equivalents                      (1,329)               (762)                   505 
 Cash at beginning of period                          1,885               1,380                 1,380 
                                             --------------      --------------      ---------------- 
 Cash at end of period              7                   556                 618                 1,885 
                                             --------------      --------------      ---------------- 
 
 
 Reconciliation of operating 
  loss to net cash flow 
  from operating activities 
 Operating loss                     (355)   (320)   (1,509) 
 Goodwill impairment                    -       -     1,500 
 Loss on disposal                       -       -       (6) 
 Depreciation of property, 
  plant & equipment                   148     167       332 
 Effect of foreign exchange 
  rate moves                          (5)      13      (25) 
 Decrease / (increase) 
  in receivables                      587      62     (328) 
 (Decrease) / increase 
  in payables                     (1,364)   (340)     1,252 
                                 --------  ------  -------- 
 Cash flow from operating 
  activities                        (989)   (418)     1,216 
                                 --------  ------  -------- 
 

Consolidated Group Statement of Changes in Equity

For the six months ended 30 June 2023

 
                        Share      Share    Special        Own    Retained      Total 
   Six months to      capital    premium    reserve     Shares    earnings     equity 
   30 June '23                                            Held 
                      GBP'000    GBP'000    GBP'000    GBP'000     GBP'000    GBP'000 
 
 At 1 January 
  '23                     195      4,868        233       (50)     (2,194)      3,052 
 Foreign currency 
  translation               -          -          -          -         (5)        (5) 
 Loss for the 
  period                    -          -          -          -       (351)      (351) 
                    ---------  ---------  ---------  ---------  ----------  --------- 
 At 30 June 
  '23                     195      4,868        233       (50)     (2,550)      2,696 
                    ---------  ---------  ---------  ---------  ----------  --------- 
 
 
                          Share      Share    Special        Own    Retained      Total 
   Six months to        capital    premium    reserve     Shares    earnings     equity 
   30 June '22                                              Held 
                        GBP'000    GBP'000    GBP'000    GBP'000     GBP'000    GBP'000 
 
 At 1 January 
  '22                       195      4,868        233          -       (460)      4,836 
 Foreign currency 
  translation                 -          -          -          -          11         11 
 Loss for the 
  period                      -          -          -          -       (311)      (311) 
                    -----------  ---------  ---------  ---------  ----------  --------- 
 At 30 June 
  '22                       195      4,868        233          -       (760)      4,536 
                    -----------  ---------  ---------  ---------  ----------  --------- 
 

Notes to the financial statements

For the six months ended 30 June 2023

   1.               General information 

SpaceandPeople plc is a limited liability company incorporated and domiciled in Scotland (registered number SC212277) which is quoted on AIM (ticker: SAL).

This condensed consolidated interim financial information has been reviewed, but not audited, by the auditors, and their independent review is set out earlier in this report. It does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. The financial information for the 12 months to 31 December 2022 has been extracted from the statutory accounts for that period. These published accounts were reported on by the auditors without qualification or an emphasis of matter reference and did not include a statement under section 498 of the Companies Act 2006 and have been delivered to the Registrar of Companies.

This condensed consolidated interim financial information was approved by the board on 22 September 2023.

   2.               Basis of preparation 

This condensed consolidated interim financial information for the six months ended 30 June 2023 has been prepared in accordance with IAS 34 'Interim financial reporting'. The condensed consolidated interim financial information should be read in conjunction with the financial statements of the Group for the period ending 31 December 2022 which were prepared on a going concern basis under the historical cost convention in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK, and those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

   3.               Accounting policies 

The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the financial statements of the Group for the year ended 31 December 2022.

Going Concern

The Directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. In satisfaction of this responsibility the Directors have considered the Group's ability to meet its liabilities as they fall due.

The Group meets its day-to-day cash requirements through working capital management and the use of existing bank overdraft and loan. Management information tools including budgets and cash flow forecasts are used to monitor and manage current and future liquidity.

The current and future financial position of the Group, including its cash flows and liquidity, continue to be reviewed by the Directors. They take a prudent view on the continuing recovery in the Group's business post Covid and in light of current inflationary and other macroeconomic factors impacting on the business, its customers and suppliers. They have also considered the Group's ability to withstand the loss of key contracts and any mitigating actions that would be available to them.

The Group has term loans in place that mature in 2025 and 2027 along with overdraft facilities available until 2024. Financial covenants are in place that reflect the current and budgeted trading position and the Directors are confident of renewing the overdraft facilities in the normal course of business.

The Group continues to manage its cash flows prudently and the Directors are confident that the current resources and available funding facilities will provide sufficient headroom to meet the forecast cash requirements whilst remaining within its financial covenants.

As such, the Directors consider that it is appropriate to prepare the financial statements on the going concern basis.

   4.               Segmental reporting 

The Group splits its business into two main areas, being promotions and retail. The retail business is further sub-divided into both UK and German territories. The Group maintains its head office in Glasgow and has a subsidiary office in Hamburg, Germany. The Group has determined that these, along with head office functions, are the principal operating segments as the performance of these segments is monitored separately and reviewed by the Board.

The following tables present revenues and loss/profitability regarding the Group's two core business segments - Promotional Sales and Retail, split by geographic area, after licence fees and management charges made between Group companies.

 
                             Promotions     Retail     Retail       Head      Group 
                                     UK         UK    Germany     Office 
 
                                GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
 Six months to 30 June 
  '23 
 Revenue                          1,268        468        801          -      2,537 
                            -----------  ---------  ---------  ---------  --------- 
 Segment (loss) / profit 
  before tax                        174       (52)       (36)      (510)      (424) 
                            -----------  ---------  ---------  ---------  --------- 
 
 Six months to 30 June 
  '22 
 Revenue                          1,222        609        582          -      2,413 
                            -----------  ---------  ---------  ---------  --------- 
 Segment profit / (loss) 
  before tax                        244         16       (32)      (605)      (377) 
                            -----------  ---------  ---------  ---------  --------- 
 
 12 months to 31 December 
  '22 
 Revenue                          3,011      1,236      1,282          -      5,529 
                            -----------  ---------  ---------  ---------  --------- 
 Segment profit / (loss) 
  before tax                        944    (1,312)         31    (1,455)    (1,625) 
                            -----------  ---------  ---------  ---------  --------- 
 
 
   5.               Goodwill 
 
                                 30 June   30 June '22   31 December 
   Net book value                    '23       GBP'000           '22 
                                 GBP'000                     GBP'000 
 
 Opening and closing balance       5,381         6,881         5,381 
                               ---------  ------------  ------------ 
 
   6.                Property, plant and equipment 
 
                            30 June   30 June '22   31 December 
   Net book value               '23       GBP'000           '22 
                            GBP'000                     GBP'000 
 Opening balance                545           690           690 
 IFRS16 Lease additions          44           123           168 
 Additions                       28            62            87 
 Disposals                        -          (68)          (68) 
 Depreciation                 (148)         (167)         (332) 
 Closing balance                469           640           545 
                          ---------  ------------  ------------ 
 

The right of use lease liabilities are secured against the right of use assets.

   7.                Cash & cash equivalents 
 
                             30 June '23   30 June '22   31 December 
                                 GBP'000       GBP'000           '22 
                                                             GBP'000 
 
 Cash at bank and on hand            556           618         1,885 
                            ------------  ------------  ------------ 
 
   8.                   Borrowings 

At the reporting date the Group had the following borrowings:

 
                          30 June '23   30 June '22   31 December 
                              GBP'000       GBP'000           '22 
                                                          GBP'000 
 Bank loans: 
 Less than one year               322           322           322 
 Greater than one year            997         1,320         1,158 
                         ------------  ------------  ------------ 
                                1,319         1,642         1,480 
                         ------------  ------------  ------------ 
 

As at 30 June 2023, SpaceandPeople plc had GBP1.32 million (2022: GBP1.64 million) of CBILS term loans, GBP0.44 million of which expire in April 2025 and GBP0.88 million expire in January 2026. SpaceandPeople plc also had GBP0.75 million of overdraft facilities of which GBPnil was used as at 30 June 2023 (2022: GBPnil). The bank facilities are secured by floating charge over the Group's assets and are subject to interest between 3.25% to 3.8% plus base.

   9.                   Called up share capital 
 
 Allotted, issued and fully        30 June '23   30 June '22   31 December 
  paid                                                                 '22 
 Class         Nominal 
                value 
 Ordinary      10p        GBP          195,196       195,196       195,196 
                          Number     1,951,957     1,951,957     1,951,957 
 
 
   10.                Earnings per share 

Earnings per share (EPS) has been calculated using the loss after taxation attributable to owners of the company for the period and the weighted average number of shares in issue.

 
                                                           30 June '23   30 June '22   31 December 
                                                               GBP'000       GBP'000           '22 
                                                                                           GBP'000 
 Loss after tax for the 
  period                                                         (351)         (311)       (1,714) 
 
   Non-recurring charges                                             -             -         1,500 
 
 Loss after tax for the 
  period before non-recurring 
  costs                                                          (351)         (311)         (214) 
 
 Weighted average number 
  of shares in issue during                                       '000          '000          '000 
  the period 
 
   *    Number of shares in issue during the period              1,952         1,952         1,952 
 
   *    Impact from purchase of own shares on 
 
 
  28 September 2022                                               (50)             -          (13) 
 
   *    Weighted average number of 10p ordinary shares           1,902         1,952         1,939 
 
   *    Weighted average number of share options                   182           110           137 
 
   *    Weighted average number of diluted ordinary 10p 
        shares                                                   2,084         2,062         2,076 
 
 
 

There are share options outstanding as at the end of each period which, if exercised, would increase the number of shares in issue. However, in these periods, there is an anti-dilutive effect and as such the effects of anti-dilutive potential ordinary shares are ignored in calculating diluted EPS.

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