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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aquis Exchange Plc | LSE:AQX | London | Ordinary Share | GB00BD5JNK30 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 465.00 | 460.00 | 470.00 | 465.00 | 465.00 | 465.00 | 1,165 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Security,commodity Exchanges | 19.93M | 4.68M | 0.1702 | 27.32 | 127.97M |
TIDMAQX
RNS Number : 6864M
Aquis Exchange PLC
23 September 2021
23 September 2021
Aquis Exchange PLC
("Aquis", the "Company" or the "Group")
Interim results for the six months ended 30 June 2021
Continued strong growth with EBITDA more than triple 1H20
Aquis Exchange PLC (AQX.L), the exchange services group, is pleased to announce its unaudited results for the six months ended 30 June 2021.
Highlights:
-- Revenue increased 37% to GBP6.7 million (1H20: GBP4.9 million) -- EBITDA grew to GBP1.6 million (1H20: GBP0.5 million) -- Pre-tax profit grew to GBP1.0 million (1H20: GBP0.0 million) -- Cash and cash equivalents at 30 June 2021 of GBP13.9 million (30 June 2020: GBP11.2 million) -- Membership of Aquis Exchange (AQX) grew to 39 (1H20: 31) and there was a 27% increase in the average monthly usage, in terms of chargeable orders (2Q 2021 vs 4Q 2020) -- Market share of all pan-European trading significantly increased at 5.80% in 2Q21 (4.65% 4Q20, 4.56% 2Q20) -- Overall share of available liquidity of 22%, the highest of any European MTF -- Aquis Stock Exchange (AQSE) successfully integrated into the Group and multiple enhancements implemented, resulting in a record fourteen admissions completed during 1H21
Post-period highlights:
-- Currently tracking in line with market expectations for the full year -- Achieved a new record monthly market share of pan-European trading of 6.2% in July 2021
Alasdair Haynes, Chief Executive Officer of Aquis, commented:
"We are delighted to announce that profits have continued to increase, reflecting the strong momentum maintained in revenue growth. This growth has been driven by our existing Members continuing to increase their trading volumes through our pan-European equity, lit market. The strength of our offering in this division is demonstrated by our having reached 5.80% of all pan-European secondary trading during 2Q21.
Following the completion of the acquisition of AQSE in March 2020 we introduced a number of strategic initiatives which have significantly improved liquidity, spreads and the overall attractiveness of the market. These changes have had a material effect on the number of companies admitted to trading with 14 new admissions during the first half, compared to three in 1H20.
While we anticipate the prevailing economic uncertainty will continue to impact market participants in the short to medium term, we have demonstrated we have the right model, team, technology and vision to deliver shareholder value and look to the future with confidence."
An overview of the results from Alasdair Haynes, CEO, is available to view on this link:
https://www.brrmedia.co.uk/broadcasts-embed/6149d6a43ae1ca74490b15c2/aqx/?popup=true
The Group will be hosting webinars for analysts and retail investors today at 9.00 and 13.00 respectively.
If you would like to register for the analyst webinar, please contact aquis@almapr.co.uk . Investors who would like to attend the retail investor webinar can sign up to Investor Meet Company for free and add themselves to the meeting via https://www.investormeetcompany.com/aquis-exchange-plc/register-investor . Investors who have already registered will be automatically invited.
Enquiries:
Aquis Exchange PLC Tel: +44 (0)20 3597 6321 Alasdair Haynes, CEO Jonathan Clelland, CFO and COO Tel: +44 (0)20 3597 Belinda Keheyan, Head of Marketing 6329 Liberum Capital Limited (Nominated Adviser Tel: +44 (0)20 3100 and Broker) 2000 Clayton Bush Chris Clarke Edward Thomas Kane Collings Canaccord Genuity Limited (Joint Broker) Tel: +44 (0) 20 7523 Bobbie Hilliam 8000 Patrick Dolaghan Alma PR (Financial PR Adviser) Tel: +44 (0)20 3405 0209 Susie Hudson aquis@almapr.co.uk Kieran Breheny Faye Calow
Notes to editors:
Aquis Exchange PLC is an exchange services group, which operates pan-European cash equities trading businesses (Aquis Exchange/AQX), growth and regulated primary markets (Aquis Stock Exchange/AQSE) and develops/licenses exchange software to third parties (Aquis Technologies).
Aquis Exchange (AQX) is authorised and regulated by the UK Financial Conduct Authority and France's Autorité des Marchés Financiers to operate Multilateral Trading Facility businesses in the UK/Switzerland and in EU27 respectively. AQX operates lit order books and does not allow aggressive non-client proprietary trading, which has resulted in lower market impact and signalling risk on AQX than other trading venues in Europe. According to independent studies, trades on Aquis are less likely to lead to price movement than on other lit markets. AQX uses a subscription pricing model which works by charging users according to the message traffic they generate, rather than a percentage of the value of each stock that they trade.
Aquis Stock Exchange (AQSE) is a stock market providing primary and secondary markets for equity and debt products. It is authorised as a Recognised Investment Exchange, which allows it to operate a regulated listings venue. The AQSE Growth Market is divided into two segments 'Access' and 'Apex', with different levels of admission criteria. The Access market focuses on earlier stage growth companies, while Apex is the intended market for larger, more established businesses.
Aquis Technologies is the software and technology division of Aquis Exchange PLC. It creates and licenses cutting-edge, cost-effective matching engine and trade surveillance technology for banks, brokers, investment firms and exchanges.
Aquis Exchange PLC (AQX.L) is listed on the Alternative Investment Market of the LSE (AIM) market. For more information, please go to www.aquis.eu
For more information, please go to www.aquis.eu and www.aquis.technology
Chief Executive Officer's Report
The six months to 30 June 2021 have been another strong period of growth as we build on the profits achieved during 2020. In addition, we have made good operational progress in all areas to help drive us towards our long-term goals. The fact that we have achieved all this amidst the continued challenging economic circumstances arising from the global Covid-19 pandemic demonstrates our strong operational resilience and the continued demand for our unique offering.
We are very pleased to have implemented our numerous planned enhancements for the AQSE market, and that these changes have been so well received by market participants.
Operational Review
Aquis continued to develop its three divisions throughout the period:
-- Aquis Exchange (AQX): its pan-European lit equities market; -- Aquis Stock Exchange (AQSE): a primary listings market for small and mid-cap companies;
-- Aquis Technologies: a multi-asset class technology licensing service to an international client base
The Group's Market Data income stream (generated through the sale of AQX and AQSE data) has also grown substantially during the period.
This has enabled us to continue our strong growth as synergies are developed and the business potential is harnessed.
We continue to invest in key personnel in all areas, including the recent appointments of David Stevens as Chief Revenue Office (CRO) in May 2021, and Richard Fisher as Director of Finance (DoF) earlier in the year. Both David and Richard have already demonstrated their value in the short time since they joined Aquis and we are confident that they will help accelerate our business development progress going forward. The strength, experience and commitment of our staff, who have continued to demonstrate an admirably flexible approach during the last six months, remain a key contributor to our success.
Covid-19 Update
As previously communicated, the Group had well-established remote working policies and disaster recovery plans, which were put into practice during 1H20 and which have enabled the remote market operations although Aquis has now implemented a partial flexible return to office working. Thanks to our focus on technology and in line with being a flexible and agile operation, we have continued to serve our clients effectively whilst also pushing ahead with key strategic initiatives.
During 1H21 trading levels have been close to historic averages compared to 1H20 where we saw in the early weeks of the pandemic greatly increased market volumes and volatility which had a short-term positive impact. It is difficult to predict equity market trading volumes in the medium to long term, however, our business model continues to show its strength and we are confident we have the right strategy in place to continue delivering significant growth over the long term.
A summary of progress across our divisions is outlined below.
The Exchanges
The performance of both Aquis Exchange and Aquis Stock Exchange has progressed well. Exchange revenue increased by GBP1.2m (33%) from GBP3.7 million to GBP4.9 million and the number of Members grew from 31 to 39. In addition, a number of Aquis Exchange Members increased their trading volumes materially, with a 27% increase in the average monthly usage, in terms of chargeable orders (2Q 2021 vs 4Q 2020). This resulted in increased monthly subscriptions. There are now nine Members using the top three subscription pricing tiers and 25 in the other five tiers, with five liquidity providers.
Issuer revenue also increased reaching GBP0.34m as the number of admissions on AQSE grew year on year.
As the business moves forward, we anticipate AQSE and AQX will become increasingly integrated, allowing Members to benefit from the Group's enlarged offering.
Aquis Exchange: Continued strong growth in the core business
Aquis Exchange (AQX) is the Group's pan-European lit secondary trading equities market. It comprises the UK MTF (AQXE) and the French MTF serving EU markets (AQXEU).
The key performance indicators of the Aquis Exchange business all grew during the period. Aquis Exchange's market share of all pan-European trading was 5.8% for 2Q21 (2Q20: 4.56%) and has averaged in excess of 6% during the period since the half year close, reflecting this positive performance.
The Company currently has an offering in excess of 1,700 stocks and ETFs across 15 European markets. This increase includes the resumption of the Swiss market at the beginning of February 2021 following the accord between the UK and Switzerland. The Brexit transition was successfully managed, both during the transition period and thereafter, with a significant proportion of Exchange activity now being executed on AQXEU, the Group's French MTF serving EU markets.
Available liquidity on the exchange was at 22% in 1H21 (23% in 1H20) and it is expected this will continue to underpin future anticipated growth.
The recognition that Aquis Exchange's toxicity is materially lower than its competitors continues to grow amongst investment managers and the wider market. With several market drivers pushing market participants towards lower toxicity, the opportunity for Aquis Exchange to attract a wider membership from across Europe and to facilitate increased trading volumes remains significant.
Aquis Stock Exchange (AQSE): Substantial changes implemented drive momentum
AQSE is a modern market for modern businesses, bringing positive disruption and competition to the listed SME sector. As one of the only two existing options for growing SMEs looking to IPO in the UK, Aquis' vision is for AQSE to become the home for quality growth businesses, applying core Aquis values such as transparency and innovation.
AQSE has now delivered the four key actions which we believe will materially enhance the market:
Action Purpose Execution ------------------------------ ---------------------- ---------------------------------------- Segmenting the market Providing appropriate Split the AQSE Growth support throughout market into two segments: the growth cycle * Access * Apex ------------------------------ ---------------------- ---------------------------------------- Gaining greater institutional Broadening the pool 13% growth in institutions and asset manager of available capital that have publicly affirmed support for issuers support for AQSE (1H21 vs 2H20) ------------------------------ ---------------------- ---------------------------------------- Prohibiting short Protecting issuers Short selling has been selling and investors prohibited on the Apex market for 6 months ------------------------------ ---------------------- ---------------------------------------- Enhanced trading Supporting greater Since December 2020 and mechanisms liquidity the introduction of innovative Market maker scheme: * Spreads reduced 64% * Value traded has increased >700% ------------------------------ ---------------------- ----------------------------------------
We also entered into arrangements with Fregnan Ltd and Research Tree Ltd. to produce and publish research on AQSE's top-tier Apex stocks. Every Apex stock now has quantitative research on it, provided by Fregnan, available for free through the AQSE website. In addition, any existing fundamental research on Apex stocks is available through a dedicated Research Tree portal.
Fourteen admissions were completed during 1H21 compared to three during 1H20. All were well supported and there is a very strong pipeline of high growth and 'new economy' businesses in conversation with AQSE regarding IPO.
Revenue growth coupled with achieving the targeted cost synergies and savings has significantly reduced the loss generated by AQSE to just GBP0.1m for the period."
Aquis Technologies
Progress made on a number of projects
Aquis licenses its leading exchange-related technology through its Aquis Technologies division. Aquis Technologies creates and licenses technology for high volume, low latency trading platforms, complex connectivity solutions and real-time trade monitoring and surveillance systems for banks, brokers, investment firms and exchanges.
Aquis recognises license revenue on completion of project delivery in accordance with IFRS accounting statutes. During 1H21 progress was made on a number of projects; however, there were no completed projects during the period. As a result, Aquis Technologies' revenue (net of provision releases) decreased 25% to GBP0.6m (1H20: GBP0.8m).
The successful cloud technology Proof of Concept (PoC) has demonstrated the quality of the Aquis Technologies offering and has resulted in a number of new exchange platform prospects. Innovation is at the core of Aquis Technologies and we will be focused on furthering the growth of the Technologies division, developing its products and services to help its clients with the challenges they face and ensuring the high-performance systems continue to be enhanced.
Aquis Market Data
Aquis generates revenue from the sale of data derived from AQX (AQXE & AQXEU) and AQSE to non-Member market participants.
Revenue from market data vendors increased significantly by GBP0.7m, 187%, to GBP1.1m for the six month period compared to the 2020 equivalent. The harmonisation of Aquis Exchange (AQX) and Aquis Stock Exchange (AQSE) data pricing has contributed to this increase in data revenues.
Financial Review
Revenue increased 37% to GBP6.7m (1H19: GBP4.9m) and the EBITDA profit for the half year was GBP1.5m, three times the EBITDA profit of GBP0.5m generated in 1H20. This EBITDA profit and the profit before tax of GBP1.0m includes GBP0.2m of income recognised from an impairment credit per IFRS 9 consistent with the 1H20 impairment credit. The EBITDA profit growth is mainly attributable to increased exchange revenue and data revenue as Members' subscriptions have risen as a result of increased trading levels. The Group made some controlled increases in costs during 1H 2021 as it continued to invest in personnel and technological resources and the Group will continue to invest in the future to maintain the business' growth momentum.
The Group's cash and cash equivalents as at 30 June 2021 were GBP13.9 million (30 June 2020: GBP11.2 million), demonstrating its continued focus on careful cash management.
Summary and Outlook
Our strategic goal remains to become one of the leading exchange services groups through delivering best-in-class exchange trading opportunities, underpinned by our commitment to first class client service, transparency, simplicity and best-in-class technology. To this end, our investment in R&D will help improve the trading experience for clients, as well as improving our market position and providing further growth and value creation for shareholders. We continue to make significant investment in our technology, sales and marketing activities, in particular in cloud technology, to support our long-term growth across all activities.
Alongside this we are working to enhance our software licensing activities and build presence internationally. We are pleased to have made significant progress on a number of material technology contracts post-period end that will support the second half performance and into FY22.
Looking forward, our focus continues to be on executing on our core growth strategy; increasing trading volumes and improving fundraising prospects for small and mid-cap companies. Notwithstanding the macroeconomic uncertainty, current trading is tracking in line with market expectations for the full year.
We have built good momentum over the past few years, despite facing numerous challenges along the way. This demonstrated the strength of our team and our offering, and I am excited to see what we can achieve across the next six months.
Alasdair Haynes
Chief Executive Officer
AQUIS EXCHANGE PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED 30 JUNE 2021
6 months ended 30/06/2021 Year ended 31/12/2020 6 months ended 30/06/2020 Note GBP'000 GBP'000 GBP'000 Income Statement Revenue 3 6,687 11,477 4,851 Impairment credit/(charge) 4 178 (100) 183 Administrative expenses (5,299) (9,856) (4,497) Operating profit 1,566 1,521 537 Investment income 5 - 15 14 Depreciation and amortisation 7,8 (543) (1,030) (522) Net finance costs 18 (15) (35) (17) Profit before taxation 1,008 471 12
Income tax credit - 307 - Deferred tax - 204 - Profit for the six months/year 1,008 982 12 ========================= ====================== ========================== Other comprehensive income Items that may be reclassified subsequently to profit or loss: Foreign exchange differences on translation of foreign operations, net of tax 17 4 (1) 4 Other comprehensive loss for the year 4 (1) 4 Total comprehensive profit for the year 1,012 981 16 ========================= ====================== ========================== Earnings per share (pence) 6 Basic Ordinary shares 3.7 3.6 0 Diluted Ordinary shares 3.5 3.4 0
The consolidated statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
AQUIS EXCHANGE PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021
6 months ended Year ended 31/12/2020 6 months ended 30/06/2021 (Restated) 30/06/2020 (Restated) Note GBP'000 GBP'000 GBP'000 Assets Non-current assets Goodwill 7 83 83 - Intangible assets 7 792 916 815 Property, plant and equipment 8 1,315 1,579 1,612 Deferred tax asset 10 204 204 - Trade and other receivables 9 915 840 947 3,309 3,622 3,374 Current assets Trade and other receivables 9 3,696 2,924 2,742 Cash and cash equivalents 13,860 12,268 11,182 17,556 15,192 13,924 Total assets 20,865 18,814 17,298 ------------------------- ------------------------- ------------------------ Liabilities Current liabilities Trade and other payables 11 2,827 2,846 2,329 Non-current liabilities Lease liabilities 18 953 995 1,092 Total liabilities 3,780 3,806 3,421 ------------------------- ------------------------- ------------------------ Net assets 17,085 14,973 13,877 ========================= ========================= ======================== Equity Called up share capital 12 2,749 2,717 2,717 Share premium account 13 11,738 10,892 10,892 Other reserves 14 1,055 761 476 Treasury shares 16 (561) (490) (409) Retained earnings/accumulated losses 15 2,100 1,092 197 Foreign currency translation reserve 17 4 1 4 Total equity 17,085 14,973 13,877 ========================= ========================= ========================
The notes to the financial statements on pages 6 to 16 form an integral part of these financial statements. The interim financial statements were approved by the board of directors and authorised for issue on 23 September 2021 and are signed on its behalf by:
J Clelland A Haynes Director Director
AQUIS EXCHANGE PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 30 JUNE 2021
Note Foreign Currency Share Share Other Treasury Retained Translation Capital Premium Reserves Shares Earnings Reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 January 2020 (Restated) 2,715 10,840 378 (328) 146 1 13,752 Profit for the 6-month period ended 30/06/2020 12 12 Issue of new shares 2 52 54 Movement in share option reserve 137 137 Movement in treasury shares (Restated) (81) (81) Foreign exchange differences on translation of foreign operations 3 3 Balance at 30 June 2020 2,717 10,892 515 (409) 158 4 13,877 Profit for the 6 month period ended 31/12/2020 969 969 Movement in share option reserve 246 246 Movement in treasury shares (81) (81) Foreign exchange differences on translation of foreign operations (3) (3) Post audit adjustments (35) (35) Balance at 31 December 2020 (Restated) 2,717 10,892 761 (490) 1,092 1 14,973 Profit for the 6-month period ended 30/06/2021 1,008 1,008 Issue of new shares 12,13 32 846 878 Movement in share option reserve 14 294 294 Movement in treasury shares 16 (71) (71) Foreign exchange differences on translation of foreign operations 17 3 3 Balance at 30 June 2021 2,749 11,738 1,055 (561) 2,100 4 17,085 ======== ======== ========= ========== ========= ============ ========
AQUIS EXCHANGE PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30 JUNE 2021
6 months Year 6 months ended ended ended 30/06/2021 31/12/2020 30/06/2020 Note GBP'000 GBP'000 GBP'000 Cash flows from operating activities Cash generated/absorbed by operations 19 1,215 2,130 568 Tax refunded - 308 - Finance expense on lease liabilities 18 (15) (35) (17) Net cash inflow from operating activities 1,200 2,403 551 ------------ ------------ ------------ Investing Activities Recognition of intangible assets 7 (154) (643) (311) Purchase of property, plant
and equipment 8 (163) (115) (44) Purchase of treasury shares 16 (71) - - Investment in subsidiaries - (259) - Interest received 5 - 15 14 Net cash used in / generated by investing activities (388) (1,002) (341) ------------ ------------ ------------ Financing Activities Proceeds from share issue 12,13 878 54 54 Principal portion of lease liability 18 (101) (195) (98) Net cash (used in)/ generated by financing activities 777 (141) (44) ------------ ------------ ------------ Net increase/(decrease) in cash and cash equivalents 1,589 1,258 167 Cash and cash equivalents at the beginning of the period 12,268 11,011 11,011 Effect of exchange rate changes on cash and cash equivalents 3 (1) 4 Cash and cash equivalents at the end of the period 13,860 12,268 11,182 ============ ============ ============
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation of half-year report
This condensed consolidated interim financial report for the half-year reporting period beginning 1 January 2021 and ending 30 June 2021 ("interim period") has been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting.
The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2020 and any public announcements made by Aquis Exchange PLC ("Aquis" or the "Company") during the interim reporting period.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.
2. Significant changes in the current reporting period
The financial position and performance of the Company was not affected by any specific events and transactions during the six months to 30 June 2021. However, it is worth noting the following:
-- At the beginning of the year, a significant percentage of trading of European securities moved to the Aquis European platform, Aquis Exchange Europe SAS. The subsidiary is based in Paris, France and is regulated by the Autorité de Co ntr ô le Prudentiel et de Resolution (ACPR) and the Autorité des Marchés Financiers (AMF). This followed the outcome of trade negotiations between the UK and the European Union, which failed to result in the acknowledgement of financial services equivalence between the two jurisdictions. It is anticipated that financial services equivalence is unlikely to be recognised and the majority of trading in EU securities will remain in Paris. This has not yet had a significant impact on the financial position or performance of the Company, however the lack of equivalence and resulting changes in the regulatory landscape are likely to present new challenges and opportunities for the Company.
3. Revenue
An analysis of the Group's revenue is as follows:
6 months Year 6 months ended ended ended 30/06/2021 31/12/2020 30/06/2020 GBP'000 GBP'000 GBP'000 Exchange Fees 4,899 7,738 3,682 Licence Fees 379 2,320 607 Issuer Fees 340 524 189 Data Vendor Fees 1,069 895 373 6,687 11,477 4,851 ------------ ------------ ------------
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
4. Expected credit loss
The expected credit loss on licensing contract assets has been calculated in accordance with IFRS 9:
GBP'000 As at 31/12/2019 411 Expected credit loss reversal for the period (183) --------- As at 30/06/2020 228 Expected credit loss reversal for the period 281 --------- As at 31/12/2020 509 Expected credit loss reversal for the period (178) As at 30/06/2021 331 --------- 5. Investment income 6 months Year ended 6 months ended 30/06/2021 31/12/2020 ended 30/06/2020 GBP'000 GBP'000 GBP'000 Interest income on bank deposits 0 15 14 ------------------ ------------ ------------------ 6. Earnings per share 6 months Year 6 months ended ended ended 30/06/2021 31/12/2020 30/06/2020 Number of Shares ('000) Weighted average number of ordinary shares for basic earnings per share 27,197 27,164 27,158 Weighted average number of ordinary shares for diluted earnings per share 28,638 28,281 28,043 Earnings (GBP'000) Profit for the period from continued operations 1,008 982 12 Basic and diluted earnings per share (pence) Basic earnings per ordinary share 3.7 3.6 0 Diluted earnings per ordinary share 3.5 3.4 0
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
7. Intangible assets Group Developed Trading Platforms Goodwill GBP'000 GBP'000 Cost As at 31/12/2019 2,055 - Additions- internally generated (Restated) 311 83 ----------- ----------- As at 30/06/2020 (Restated) 2,366 83 Additions- internally generated 332 - ----------- ----------- As at 31/12/2020 2,698 83 Additions- internally generated 154 - As at 30/06/2021 2,852 83 ----------- ----------- Accumulated amortisation and impairment As at 31/12/2019 1,302 - Charge for the period 249 - ----------- ----------- As at 30/06/2020 1,551 - Charge for the period 231 - ----------- ----------- As at 31/12/2020 1,782 - Charge for the period 278 - As at 30/06/2021 2,060 - ----------- ----------- Carrying amount As at 31/12/2019 753 - As at 30/06/2020 (Restated) 815 83 As at 31/12/2020 916 83 As at 30/06/2021 792 83 ----------- -----------
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
8. Property, plant and equipment Non-current portion Fixtures, of IFRS fittings Computer 16 leased and equipment Equipment assets Total GBP'000 GBP'000 GBP'000 GBP'000 Cost As at 31/12/2019 249 2,097 1,271 3,617 Additions & disposals - 44 - 44 As at 30/06/2020 249 2,141 1,271 3,661 Additions & disposals 3 70 - 73 As at 31/12/2020 252 2,211 1,271 3,734 Additions & disposals - 163 - 163 As at 30/06/2021 252 2,374 1,271 3,897 --------------- ----------- ------------ -------- Accumulated depreciation and impairment As at 31/12/2019 127 1,476 173 1,776 Charge for the period 25 161 87 273
As at 30/06/2020 152 1,637 260 2,049 Charge for the period 26 167 86 279 As at 31/12/2020 178 1,804 346 2,328 Charge for the period 25 142 87 254 As at 30/06/2021 203 1,946 433 2,582 --------------- ----------- ------------ -------- Carrying amount As at 31/12/2019 122 621 1,098 1,841 As at 30/06/2020 97 504 1,011 1,612 As at 31/12/2020 74 407 925 1,406 As at 30/06/2021 49 428 838 1,315 --------------- ----------- ------------ --------
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
9. Trade and other receivables Current ---------------------------------------- As at As at As at 30/06/2021 31/12/2020 30/06/2020 GBP'000 GBP'000 GBP'000 Trade receivables net of impairment 2,918 2,633 2,204 Prepayments 598 279 340 Other receivables 180 12 198 3,696 2,924 2,742 ------------ ------------ ------------ Non-Current ---------------------------------------- As at As at As at 30/06/2021 31/12/2020 30/06/2020 GBP'000 GBP'000 GBP'000 Trade receivables net of impairment 690 618 729 Other receivables 225 222 218 915 840 947 ------------ ------------ ------------
Trade receivables are stated net of any credit impairment provision as set out previously in Note 3 in accordance with IFRS 9, as illustrated below:
As at 30/06/2020 As at As at 30/06/2021 31/12/2020 (Restated) GBP'000 GBP'000 GBP'000 Gross trade receivables 3,957 3,777 3,283 Expected credit loss (349) (526) (350) ------------ Trade receivables net of impairment 3,608 3,251 2,933 ------------ ------------ ------------
Impairment includes the expected credit loss on licencing contract assets stated in Note 4.
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
10. Deferred tax asset
A deferred tax asset was recognised in the year ended 31 December 2020, due to the Group becoming profitable for the first time. The Group is expected to continue to be profitable in future years, with the value of the deferred tax asset to be reassessed annually at year end.
As at As at As at 30/06/2021 31/12/2020 30/06/2020 GBP'000 GBP'000 GBP'000 ------------ ------------ ------------ Deferred tax asset 204 204 - ------------ ------------ ------------ 11. Trade and other payables As at As at 31/12/2020 As at 30/06/2021 (Restated) 30/06/2020 Trade payables 264 263 90 Accruals 1,063 1,560 968 Social security and other taxation 190 427 370 Deferred revenue 935 432 709 Other payables 375 164 192 ------------ ------------ ------------ 2,827 2,846 2,329 ------------ ------------ ------------ 12. Called up share capital As at As at As at 30/06/2021 31/12/2020 30/06/2020 GBP'000 GBP'000 GBP'000 Ordinary share capital Issued and fully paid 27,149,559 Ordinary shares of 10p each 2,717 2,715 2,715 Issue of new shares following exercise of 323,267 EMI share options 32 - - Issue of new shares following exercise of 20,137 EMI share options - 2 2 Ordinary share capital 2,749 2,717 2,717 ------------ ------------ ------------
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
13. Share premium account As at As at As at 30/06/2021 31/12/2020 30/06/2020 GBP'000 GBP'000 GBP'000 Share premium At beginning of year 10,892 10,840 10,840 Issue of new shares following exercise of 323,267 EMI share options 846 - - Issue of new shares following exercise of 20,137 EMI share options - 52 52 Share premium 11,738 10,892 10,892 ------------ ------------ ------------ 14. Other Reserves GBP'000 As at 31/12/2019 (Restated) 378 Share-based payment expense for the 6-month period ended 30/06/2020 (Restated) 137 As at 31/06/2020 (Restated) 515 Share-based payment expense for the 6-month period ended 31/12/2020 246 As at 31/12/2020 761 Share-based payment expense for the 6-month period ended 30/06/2020 294 As at 30/06/2021 1,055 --------
The reserves relating to share-based payments reflects the estimated value of the approved employee share option schemes, which include the EMI, CSOP and Restricted Share options. The valuation of the options granted is estimated using a US binomial or Black Scholes model. Also included in the share-based payment reserve are the treasury shares purchased by the Trust under the Share Incentive Plan.
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
15. Retained earnings GBP'000 As at 31/12/2019 146 Profit for the 6-month period ended 30/06/2020 12 As at 31/06/2020 158 Profit for the 6-month period ended 30/12/2020 969 Post audit adjustments(1) (35) As at 31/12/2020 (Restated) 1,092 Profit for the 6-month period ended 30/06/2021 1,008 As at 30/06/2021 2,100 --------
(1) These relate to separate adjustments that were posted in Aquis Stock Exchange Limited (GBP24k) and Aquis Exchange Europe SAS (GBP11k) after the Group audit had concluded. The adjustments affect the Group prior year retained earnings and trade payables balances.
16. Treasury shares
Treasury shares are purchased by a Trust under the employee Share Employee Plan. The Trust is consolidated within the Group financial statements and the value of the shares held at the balance sheet date is shown below.
As at As at As at 30/06/2020 30/06/2021 31/12/2020 (Restated) GBP'000 GBP'000 GBP'000 Share premium At beginning of year 490 328 328 Purchase of treasury shares 71 162 81 Treasury shares 561 490 409 ------------ ------------ ------------ 17. Foreign currency translation reserve
The translation of the European subsidiary into the functional currency of the group results in foreign exchange differences that have been recognised in Other Comprehensive Income ('OCI') for the group which have been accumulated in a separate component of equity as illustrated below.
6 months Year 6 months ended ended ended 30/06/2021 31/12/2020 30/06/2020 GBP'000 GBP'000 GBP'000 At the beginning of the year/period 1 4 1 Foreign exchange differences on translation of foreign operations recognised in OCI 3 (3) 3 At the end of the year/period 4 1 4 ------------ ------------ ------------
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
18. IFRS 16 Leases The impact on the Groups assets and liabilities, and the related effects on profit and loss, of the Groups leasing activities (the Group as a lessee) are detailed below. Right of Use Asset Property GBP --------------------------------- --------- Carrying amount at 1 January 2020 1,271 Depreciation for the period (87) Carrying amount at 30 June 2020 1,184 Depreciation for the period (86) Carrying amount at 31 December 2020 1,098 Depreciation for the period (87) Carrying amount at 30 June 2021 1,011 --------------------------------- --------- Of which are: Current 173 Non-current 838 1,011 --------------------------------- --------- Rent deposit asset Rent deposit asset GBP --------------------------------- ------------- Carrying amount at 1 January 2020 222 Finance income on rent deposit asset for the period 3 Carrying amount at 30 June 2020 225 Finance income on rent deposit asset for the period 4 Carrying amount at 31 December 2020 229 Finance income on rent deposit asset for the period 3 Carrying amount at 30 June 2021 232 --------------------------------- ------------- Of which are: Current 7 Non-current 225 232 --------------------------------- -------------
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
Lease liability Lease liability GBP ------------------------------------ ---------------- Carrying amount at 1 January 2020 1,378 Finance expense on lease liability for the period 21 Lease payments made during the period (115) Carrying amount at 30 June 2020 1,284 Finance expense on lease liability for the period 21 Lease payments made during the period (115) Carrying amount at 31 December 2020 1,190 Finance expense on lease liability for the period 18 Lease payments made during the period (116) Carrying amount at 30 June 2021 1,092 ------------------------------------ ---------------- Of which are: Current 139 Non-current 953 1,092 ------------------------------------ ---------------- Net finance expense on leases Year 6 months 6 months ended ended ended 30/06/2021 31/12/2020 30/06/2020 GBP GBP GBP ------------------------------------ ------------------ ------------ ------------ Finance expense on lease liability 18 42 21 Finance income on rent deposit asset (3) (7) (3) Net finance expense relating to leases 15 35 18 ------------------------------------ ------------------ ------------ ------------ The finance income and finance expense arising from the Groups leasing activities as a lessee have been shown net where applicable as is permitted by IAS 32 where criteria for offsetting have been met. Amounts recognised in profit and loss Year 6 months 6 months ended ended ended 30/06/2021 31/12/2020 30/06/2020 GBP GBP GBP -------------------------------------- ------------------ ------------ ------------ Depreciation expense on right-of-use assets (87) (173) (87) Finance expense on lease liability (18) (42) (21) Finance income on rent deposit asset 3 7 3 Net impact of leases on profit or loss (102) (208) (105) -------------------------------------- ------------------ ------------ ------------
AQUIS EXCHANGE PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
The total cash outflow for leases amounted to GBP115k in the 6 months to 30(th) June 2021.
19. Cash generated from operations 6 months ended 30/06/2020 6 months Year ended ended 30/06/2021 31/12/2020 (Restated) GBP'000 GBP'000 GBP'000 Profit after tax 1,008 982 12 Adjustments for: Taxation - (307) - Deferred tax - (204) - Investment revenue - (15) (14) Amortisation and impairment of intangible assets 278 480 249 Depreciation and impairment of property, plant and equipment 254 550 273 Equity settled share-based payment expense 294 393 98 Other gains/losses 39 40 (29) Movement in working capital: Increase in trade and other receivables (674) (1,100) (850) Increase in trade and other payables 16 1,311 829 Cash generated/ (absorbed) by operations 1,215 2,130 568 ------------ ------------ ------------
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END
IR SELESEEFSEDU
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September 23, 2021 02:00 ET (06:00 GMT)
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