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Share Name Share Symbol Market Type Share ISIN Share Description
Blue Prism Group Plc LSE:PRSM London Ordinary Share GB00BYQ0HV16 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.00 0.07% 1,531.00 1,531.00 1,535.00 1,544.00 1,500.00 1,530.00 535,303 16:35:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 141.4 -81.4 -93.0 - 1,444

Blue Prism Group PLC Preliminary results for year ended 31 Oct 2020

14/01/2021 7:00am

UK Regulatory (RNS & others)


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RNS Number : 6308L

Blue Prism Group PLC

14 January 2021

BLUE PRISM GROUP PLC

'BLUE PRISM' OR 'THE GROUP'

UNAUDITED PRELIMINARY RESULTS FOR THE YEARED 31 OCTOBER 2020

JASON KINGDON, CHAIRMAN & CEO, COMMENTED:

"We are building a global software company and have made a great deal of progress in the year. The business demonstrated resilience and strength throughout the extraordinary events of 2020, with strong retention and an acceleration in new business in the second half. We delivered revenue growth of 46% in the year, and Blue Prism Cloud, our SaaS product, was a standout contributor, with an increase of 147% in bookings in its first year as an integrated part of the Group, underpinning its strategic value as our enterprise customers look to cloud based deployments. We move into FY21 with a strong pipeline, underpinning our belief that intelligent automation is key to driving recovery across enterprises of all sizes. Our unique market focus on complex, enterprise-grade intelligent automation and access to cutting edge technologies via our Digital Exchange and partner network, generates significant ROI for our customers which is the foundation for us to benefit from long-term, value accretive relationships."

 
 FINANCIAL HIGHLIGHTS          Unaudited    Unaudited      FY 2019 
                                FY 2020      FY 2019 as     as originally 
                                             restated***    presented 
 Group revenue                 GBP141.4m    GBP96.8m       GBP101.0m 
----------------------------  ===========  -------------  --------------- 
 Share of recurring licence 
  revenues                     98%          96%            96% 
----------------------------  ===========  -------------  --------------- 
 Adjusted EBITDA loss*         GBP(40.3)m   GBP(76.1)m     GBP(71.9)m 
----------------------------  ===========  -------------  --------------- 
 Operating loss                GBP(81.6)m   GBP(91.8)m     GBP(81.4)m 
----------------------------  ===========  -------------  --------------- 
 Operating cash flow           GBP(33.0)m   GBP(57.5)m     GBP(57.5)m 
----------------------------  ===========  -------------  --------------- 
 Net cash**                    GBP137.6m    GBP74.1m       GBP74.1m 
----------------------------  ===========  -------------  --------------- 
 

* Adjusted EBITDA loss is EBITDA loss adjusted to exclude contingent share-based payments and exceptional expenses

**Cash includes cash on deposit classified as short-term investments.

***See financial information below for details of the FY19 restatement

OPERATIONAL HIGHLIGHTS

-- Revenues increased by 46% to GBP141.4m (FY19: GBP96.8m restated), monthly recurring revenue (MRR) of GBP12.8m (FY19: GBP10.6m) (GBP1.1m from Blue Prism Cloud (FY19: GBP0.7m)

-- Strong improvement in cash generation, particularly in the second half, driven by business performance and aided by some benefit from pandemic-related savings

-- Enterprise-grade product providing significant customer ROI, and increasingly seen as a strategic tool, drives long-term customer relationships

   -    98% gross revenue retention 
   -    Closing customers of 2,031 (FY19: 1,677 customers) 
   -    39% of opening customer base upsold for more licences during the year 

-- Significant long-term commitments made - remaining performance obligation, which represents future revenues under contract but not yet recognised as revenue, was GBP312m

-- Increasing direct investment in product and R&D

- Additional resource accelerated development - 8 product updates launched including Blue Prism Accelerators for SAP ERP, Interact, Service Assist and Decipher

- Blue Prism continues to be ranked a strong market leader by industry analysts, including Gartner, Everest and Forrester

-- Continued broadening of technology partner ecosystem

   -    250,000 registered users, an increase of 97% on the prior year 

- Online marketplace 'Blue Prism Digital Exchange' leverages 100 technology partnerships, now has 46,000 users, a 318% increase from 2019, and 1,800 assets

-- 147% increase in Blue Prism Cloud bookings, the market leader with 20% share of the RPA SaaS market (based on IDC market sizing)

-- The Board is pleased to announce the addition of two additional Non-Executive Directors, Maurizio Carli and Murray Rode, both of whom bring extensive international and US software experience.

CONTACT DETAILS

For further information please contact:

Blue Prism Group plc

Tom Hull, Head of Investor Relations +44 (0)77 3670 7407

Investec Bank plc +44 (0)20 7597 5970

Carlton Nelson

Ben Griffiths

BofA Securities +44 (0)20 7628 1000

James Robertson

Oliver Elias

Brunswick +44 (0)20 7404 5959

Caroline Daniel

Rosie Oddy

FINANCIAL CALAR

Blue Prism World May 2021

Half year results 18 June 2021

ANALYST PRESENTATION

Jason Kingdon (Chairman and CEO) and Ijoma Maluza (CFO) will host a webinar on these results at 3pm GMT/10am ET/7am PT today. A link to the webinar and to register can be found below. A question and answer session will be hosted during the webinar and to participate attendees will need to dial in.

Phone number UK: +44 (0)330 336 9125

Phone number USA: +1 929-477-0402

Confirmation code: 5712982

Phone lines will open at 2.45pm GMT

To view slides and join the audio webcast please use the following link:

https://webcasting.brrmedia.co.uk/broadcast/5ff3047ac627bb518d531317

RESULTS FOR THE YEARED 31 OCTOBER 2020

STRATEGY AND OPERATIONS

Group revenue increased 46% and the monthly recurring revenue (MRR) generated at the end of October was GBP12.8m (FY19: GBP10.6m). During the year the Group noted a direct impact from the COVID-19 pandemic, with customers responding to the uncertain macro environment by delaying purchasing decisions or reducing deal sizes. The Group saw some recovery in the second half of the year, with sales activity improving and deal sizes starting to recover, but overall deal sizes remained lower than the prior year.

The Group delivered GBP122m of business from new customers and upselling existing customers, driving revenue growth in FY20 and future periods. The total value of new software sold (which measures the total contract value from new customers, upsells and renewals generated over the period) was GBP180m (2019: GBP181m). Sixty percent of total business was generated in the second half of the year as customer activity and deal sizes increased. Remaining performance obligations (RPO), which represents future revenues under contract but not yet recognised as revenue, were GBP312m at the end of the period indicating the strong level of commitments made by customers despite the challenging environment.

In response to uncertainty driven by the COVID-19 pandemic the Group raised GBP100m (before expenses) to reinforce the balance sheet in the event of prolonged market disruptions. This funding allowed the Group to maintain investments made during 2018 and 2019 while continuing to prioritise spending into product and R&D, positioning the Group favourably as normal market conditions return.

The adjusted EBITDA loss for the period of GBP(40.3)m improved by 47% compared to FY19. This improvement was as a result of strong revenue growth combined with financial discipline across the business and reduced spending on areas like travel & expenses during the pandemic, offset partly by an increase of 124% in product and R&D spend.

The reported operating loss was GBP(81.6)m (FY19: GBP(91.8)m restated).

CUSTOMERS

The Group closed the financial year ended 31 October 2020 with a significantly increased customer base of 2,031 customers, an increase of 21% on the previous year. The customer base represents a significant opportunity for the Group, with the largest customers increasingly providing a blueprint for other customers to scale and the Group's continued track record in upselling underpinning this opportunity further.

 
 SALES HIGHLIGHTS              FY20    FY19 
 Opening customers             1,677   992 
----------------------------  ------  ------ 
 Adjustments [1]               (28)    (21) 
----------------------------  ------  ------ 
 Revised opening number        1,649   971 
----------------------------  ------  ------ 
 Losses during the year        (117)   (40) 
----------------------------  ------  ------ 
 Acquired with Thoughtonomy    -       76 
----------------------------  ------  ------ 
 Additions during the 
  year                         499     670 
----------------------------  ------  ------ 
 Closing customers at 
  31 Oct                       2,031   1,677 
----------------------------  ------  ------ 
 

Notable new logos included the U.S Department of Veteran Affairs, Bristol Myers-Squibb, the Federal Aviation Administration, Huawei, Fremantle Media, Nomura and Thames Valley Police. New customers typically start small, with deal sizes for new customers in 2020 similar to those in 2019 (average 3-5 digital workers). The Group aims to unlock further value from new customers by upselling further licences; this has the benefit of both increasing value per customer and retention levels.

In 2020 Blue Prism upsold into 647 customers (FY19: 536 customers). While upsell numbers remained high, the average value of an upsell deal fell as customers responded to uncertainty arising from the COVID-19 pandemic by either delaying or reducing the level of incremental spend. As a result, the net retention rate for the year was lower at 113% (2019: 143%).

During the period the Group delivered healthy levels of upselling across its largest customers, with 38 of its top 50 customers by revenue upselling. The Group's top 50 customers accounted for 36% of enterprise MRR, with an average spend of $1.3m a year. The Group views the top 50 customers as a blueprint for the remaining and new customer base.

Despite the pandemic driving significant uncertainty for the customer base, overall customer retention remained very strong. The gross retention rate for the year was 98%, with very low levels of revenue churn. The majority of losses were very small in size - 103, or 88% of the losses related to customers with deployments of 5 or less digital workers.

The high levels of revenue retention and increasing levels of customer commitments demonstrated provide the Group confidence in the margin potential.

PEOPLE

Since its IPO in 2016 the Group has invested in new talent across all functions to respond to the significant market opportunity. As previously indicated, 2020 was a year of consolidation, with total headcount largely unchanged from the prior year.

 
 NUMBER OF EMPLOYEES         FY20    FY19 
  AT 31 OCT 
                                    ------ 
 General & administrative    104     112 
--------------------------  ======  ------ 
 Sales & marketing           515     559 
--------------------------  ======  ------ 
 Professional services       210     191 
--------------------------  ======  ------ 
 Product                     176     139 
--------------------------  ======  ------ 
 Total                       1,005   1,001 
--------------------------  ======  ------ 
 

While headcount was flat on 2019, resources were pivoted toward product and R&D, in line with the Group's goal to increase product innovation and continue its focus on complex, enterprise-grade intelligent automation, where it is a market leader.

Sales & Marketing productivity was directly impacted by the COVID-19 pandemic, with short-term changes to customer behaviour reducing average deal sizes. This lengthened the payback period for some of the 2019 investments, which we had expected to reach productivity during the period.

The Group remains confident that the investments made will reach productivity and is reassured by the returns seen from the 2018 cohort of sales hires in 2019, where they helped to drive a strong net retention rate and 60% growth in MRR.

The Group continued to make key recruits to build a leadership team to support the potential of the organisation. These included a new Chief Marketing Officer, Chip Coyle, and the appointment of John King as Head of Strategy and Corporate Finance. The Group plans to continue strengthening leadership as the business grows and evolves.

During the year Charmaine Carmichael stepped down from her role as Non-Executive director, as a result of taking up a full-time executive role, which required her to step down from external appointments. Following Charmaine's resignation Rachel Mooney was appointed as a Non-Executive director, bringing extensive software experience from organisations such as Google and Snow Software.

The Group has today announced the addition of two additional Non-Executive directors, Maurizio Carli and Murray Rode, effective 1 February 2021. These appointments strengthen the Board's breadth and depth of global software industry experience and expertise, notably in the critically important US market. The two appointees also bring invaluable skills in operations, product development - including cloud computing - and in scaling technology businesses, which will be central to supporting strategy.

Maurizio Carli is an international executive with an exceptional track record of driving sales growth in enterprise IT companies. Most recently Maurizio held a number of go-to-market leadership roles at VMWare, an $11bn+ revenue cloud computing and virtualization software and services company, progressing from direct responsibility for EMEA, then the US and finally leading worldwide sales and services. Prior to VMWare Maurizio held leadership roles at Google, Business Objects and IBM. Maurizio is currently Chairman of Board International, a decision-making software company, and is a Non-Executive Director at Temenos.

Murray Rode brings extensive experience in enterprise software at the executive and Board level, with particular knowledge in SaaS, analytics and data science, and data management infrastructure. He held senior Executive roles at Tibco, a $1bn+ revenue big data and software integration business, including CEO, CFO and COO. During his time at Tibco Murray led the company through a major financial and operating transformation, revamping the core strategy and go to market approach, significantly increasing profitability and executing a series of acquisitions. Murray currently serves as Senior Advisor for Bow Capital Management in Menlo Park, CA.

PRODUCT

Blue Prism is differentiated by its focus on enterprise-grade end-to-end intelligent automation. Four core areas enable this focus:

   --    Scalable: 

o The Blue Prism digital workforce is centrally managed from an enterprise platform, maximizing versatility and scalability. Digital workers can be retrained and redeployed across the organization depending on business needs and how they evolve

o This is very different from the wider market approach - which commonly takes desktop automation tools and adds on components in an attempt to allow scaling

   --    Secure 

o As a result of the centralised architecture the digital workforce maintains total compliance and governance transparency

o Digital workers have their own security credentials, providing clear audit trails of all actions and training history

   --    Smart 

o The Blue Prism Digital Exchange (DX) allows direct access to cognitive capabilities, providing access to the world's best AI from the likes of Google, Amazon and Microsoft This allows the digital workers to multitask, learning and operating new technologies seamlessly

o Digital workers are available to business users with intuitive, easy -to -train formats, that require no coding

   --    Successful 

o The Blue Prism platform allows object-based reusability - meaning that every part of an automation can be reused. This simplifies building additional processes, allowing increasing complexity and improving time to value

o Digital workers can closely match or exceed the output of human workers, with fewer errors and faster throughput

o This provides customers a faster path to realizing business value and ROI at low total cost of ownership (TCO)

During the year the Group has prioritised the preservation and expansion of these differentiators with additional resource directed to the product function. In FY20 spending in R&D increased to GBP20.1m (FY19: GBP12.5m) of which GBP17.7m (FY19: GBP7.9m) was expensed through the P&L and GBP2.4m (FY19: GBP4.6m) capitalised.

These investments have driven an acceleration in product innovation and R&D. In the last twelve months, the Group has launched versions 6.7, 6.8, 6.9 and 6.10 of the product, incorporating new functionality including Latin American Spanish and improvements to user experience. In addition to these updates specific functionality has also been launched including:

- Decipher IDP: (intelligent document processing): an easy-to-use intelligent document processing solution that uses OCR (optical character recognition) and ML (machine learning) technology to identify and extract data from business documents, such as invoices. It learns from human-in the-loop interaction and applies the knowledge going forward

- Blue Prism Interact: an easy to use collaboration tool that allows humans to interact with digital workers, replicating many of the benefits of attended or desktop automation, while preserving the product's unique security and scalability features.

   -     Blue Prism Service Assist: skills for the digital workforce to use in call centre situations 

- Blue Prism Accelerators for SAP ERP ERP: hundreds of pre-built automation components and thousands of actions designed to accelerate enterprise resource planning (ERP) software deployments and migrations with no code.

Further product development has been integrated in the form of Blue Prism Cloud, the Group's SaaS offering which provides immediate access to digital workers hosted on Microsoft Azure, as well as access to Azure Cognitive Services. These capabilities were acquired as part of the Thoughtonomy acquisition in July 2019, and have been successfully integrated throughout 2020. Blue Prism Cloud bookings increased by 147% in 2020 and accounted for 18.5% of bookings during the year. This offering capitalises on trends toward enterprise cloud migrations and SaaS based deployments and positions the Group favourably in this area.

In 2018 the Group launched its Digital Exchange (DX) platform to provide object-based access to technologies from its technology partnerships and pre-made automations. The DX allows customers to upskill their digital workforce by incorporating the latest in technology from the technology partner network, including AI, machine learning and other cognitive tools from partners including Amazon, IBM, Microsoft and Google.

The DX has continued to grow in terms of active users and assets available. As of 31 October 2020, 46,000 users are registered with the platform and have access to over 1,800 assets. This is in part driven by the rapid development of the technology partner network which has increased to 100 in the year, a 100% increase on the prior year.

MARKETPLACE

The RPA market continued to grow throughout 2020, albeit at a lower than expected rate as customers delayed or reduced spend in response to the uncertain environment driven by the COVID-19 pandemic. Gartner estimate that in 2020, the RPA market grew 12%. Blue Prism continued to build market share as our track record of delivering enterprise-grade automation continued to resonate. The role of RPA in driving enterprise productivity, and the potential for increasingly strategic deployments, remains undiminished and the Board believe may in some ways be accelerated by the pandemic going forward as businesses look to improve organisational resilience and respond to changing consumer demands.

During 2020 the returns to customers and scale of the market opportunity has attracted the attention of some major software vendors. Microsoft acquired RPA vendor Softomotive in May 2020 and has subsequently launched their Power Automate tool. These entries into the market are a recognition of the scale and validity of the RPA market opportunity, and while there is always the potential for increased competitive tension, the Group notes that most new entrants, including Microsoft, are focused on the desktop automation space. The Board remains confident in the capabilities of the Group's product set, and enterprise-grade intelligent automation solutions, validated by its continued cross-selling and partnership activities with the likes of Microsoft on larger, strategic deals.

STRATEGY

The Group's strategy has been designed to enhance its position as the go-to provider of enterprise grade, intelligent automation:

   --    Empower customers to extend the boundaries of process automation 

o The Blue Prism platform is a holistic solution for customers to automate business processes that are not adequately handled with existing systems. To drive the greatest possible adoption, it aims to:

-- Allow business users, not just IT, to implement an automation tool by providing no code software

-- Enabled by the Digital Exchange (DX):

   --    Build extensive capabilities for handling commonly deployed IT systems 

-- Work with a technology partner network, including Google, AWS and Microsoft, to provide a range of skills for digital workers to complete a diverse array of tasks (for example OCR, NLP, sentiment analysis, machine learning)

   --    Lower the barrier to adoption and increase the stickiness of products 

o Investments across product, sales and marketing and in the ecosystem of systems integrators and partners ensure that:

-- The product is accessible to potential or new customers with learning and trial editions via multiple routes, including public cloud

-- Customers have access to trained resources when planning, deploying and extending automation projects

-- The product is capable of scale via building on initial successful projects and can quickly scale up across a customer's organization

-- The product responds to the evolving needs of customers and can integrate legacy technology with the newest, cloud-based applications

-- The Group can solve the most complex, mission-critical and sensitive areas of customers' operations, fulfilling regulatory requirements

-- All processes are centrally controlled and are made of editable, reusable objects which speed up process building and lower total cost of ownership with scale

   --    Drive growth with compelling user economics 

o Based on strong and consistent gross retention rates and track record of upselling, the Group continues to invest in growth. To optimize this, the Group:

-- Takes a holistic approach to maximise investments, looking at the long-term value of new account and upsell opportunities

-- Employ both direct and indirect sales strategies, depending on relationships and presence in a given market

-- Work with partners to map out the most compelling upselling opportunities within major accounts

-- Explore partnership and joint venture opportunities where market characteristics warrant it

CORPORATE STRATEGY

As announced in November 2020 at the full year trading update, the Board has begun exploring a potential secondary listing in the United States. No decisions regarding the terms or timing of a potential secondary listing have been made, and there is no certainty that a US listing will take place.

OUTLOOK

The Board is instigating a guidance format from 2021 which reflects the significant structural opportunity in our end market, coupled with the heightened uncertainty stemming from the actions taken by governments around the world to combat the pandemic and aligns more closely with the approach of global software peers.

Based on the Annual Recurring Revenue of GBP154m for the year to 31 October 2020 and prevailing foreign exchange rates, the Board currently expects that revenue for 2020/21 will be in the range GBP170m to GBP180m, with an adjusted EBITDA loss of the order of GBP25m. The Group continues to plan to reach cash break-even by the end of the financial year ended 31 October 2021. The FY20/21 pipeline is stronger than at the same point in 2020. To date the business has performed in line with expectations.

The guidance provided above is forward-looking in nature. Actual results may differ materially. See the cautionary note regarding forward-looking statements below, under "Disclaimer".

TRADING

REVENUES

Recognised revenues for the period increased by 46% to GBP141.4m (FY19: GBP96.8m restated) with recurring, subscription-based, licence revenue accounting for 98% (FY19: 96%).

Other revenues accounted for 2% of total revenues, with professional services and training revenues increasing to GBP3.0m (FY19: GBP2.6m) and sponsorship and other revenue decreasing to GBP0.1m (FY19: GBP1.8m) as a result of the Blue Prism World events being hosted virtually in response to the COVID-19 pandemic.

MRR, which is the exit run rate of monthly recurring revenue at the last month of the reporting period, was GBP12.8m (FY19: GBP10.6m). Growth in MRR was directly impacted by the COVID-19 pandemic as customers became more cautious with spending decisions, resulting in extended sales cycles and smaller average deal sizes. Recognised revenues by geography were as follows:

 
             FY 2020             FY 2019 restated     % MOVEMENT 
             GBPM    %OF TOTAL   GBPM    %OF TOTAL 
----------  ======  ==========  ------  ----------- 
 EMEA        67.1    47%         45.6    47%          47% 
----------  ======  ==========  ------  -----------  ----------- 
 Americas    56.6    40%         39.2    41%          44% 
----------  ======  ==========  ------  -----------  ----------- 
 APAC        17.7    13%         12.0    12%          48% 
----------  ======  ==========  ------  -----------  ----------- 
 Total       141.4   -           96.8                 46% 
----------  ======  ==========  ------  -----------  ----------- 
 

Blue Prism Cloud accounted for GBP11.5m of revenues in the period, compared to GBP1m in 2019 following its acquisition in July 2019. Blue Prism Cloud bookings increased by 147% and now contribute around 18.5% of the new bookings achieved by the Group.

LOSS FROM OPERATIONS

Excluding contingent share based payments and exceptional deferred consideration costs, the Group recorded an operating loss for the year of GBP(50.2)m (FY19: GBP(78.4)m restated). The reduction in the loss was as a result of strong revenue growth while costs grew modestly due to lower travel and expenses and events costs, in part as a result of restrictions due to the COVID-19 pandemic, as well as lower recruitment costs and general cost management. Offsetting some of these cost reductions were investments in the product and R&D. Operating expenses were in the following categories

 
 GBPm                             FY20    FY19 - restated 
 General & Administrative         24.9    31.4 
-------------------------------  ======  ---------------- 
 Professional services            23.9    20.3 
-------------------------------  ======  ---------------- 
 Sales & Marketing                98.9    105.3 
-------------------------------  ======  ---------------- 
 Research & Development 
  [2]                             17.7    7.9 
-------------------------------  ======  ---------------- 
 Depreciation and amortisation    6.1     1.4 
-------------------------------  ======  ---------------- 
 Share based payments             13.2    7.2 
-------------------------------  ======  ---------------- 
 Exceptional costs [3]            18.2    6.2 
-------------------------------  ======  ---------------- 
 Total operating expenses         202.9   179.7 
-------------------------------  ======  ---------------- 
 

CASH FLOW

Net cash at the period end was GBP137.6m (FY19: GBP74.1m). The increase in cash and cash equivalents relates to the net proceeds from the GBP100m fundraising in April 2020 less operating cash outflow.

Operating cashflow for the year was GBP(33.0)m (FY19: GBP(57.5)m). The improvement in operating cashflow was primarily driven by improving adjusted EBITDA loss GBP(40.3)m (FY19: GBP(76.1)m restated). The strong cash performance also reflects positive working capital, driven by strong cash collection and increasing deferred revenue, and lower capitalised spend.

OTHER COMPREHENSIVE INCOME

During the period the translation of the overseas subsidiaries from their local currency into the Group's reporting currency resulted in other comprehensive loss of GBP(2.6)m (FY19: gain of GBP1.8m).

STATEMENT OF FINANCIAL POSITION

Deferred revenue was higher than the prior year at GBP95.7m (FY19: GBP77.4m restated) in line with the growth of the business.

Trade and other receivables increased to GBP44.4m (FY19: GBP43.6m restated). This was driven by the growth in the business across the year offset by robust cash collection in the second half of the year (reflected in the closing cash position).

In addition, costs to obtain contract assets of GBP30.5m (FY19: GBP28.2m) have been recognised in line with the capitalisation of commission under IFRS 15. During the period software development costs of GBP2.4m (FY19: GBP4.6m) have been capitalised relating to product developments which will give rise to future economic benefits. The product upgrades represented a number of functional upgrades as well as some significant product innovations. These costs are being amortised over 18 months.

PRINCIPAL RISKS & UNCERTAINTIES

In day to day operations the Group faces risks and uncertainties. The Board aim to mitigate and manage these risks by regularly reviewing and assessing these risks and identifying suitable strategies to minimise the risks. The risks and mitigation strategies will be described in more detail in the Annual Report and Accounts and a list of the key risks is presented below:

   -      Growth strategies and management 
   -      Macroeconomic and political conditions 
   -      Software reliability and performance 
   -      Security breaches 
   -      Market and technological changes 
   -      Talent management 
   -      Pandemic management 
   -      Intellectual property 

GLOSSARY OF METRICS REFERENCED

Exit monthly recurring revenue (MRR) : The amount of recurring software licence revenue recognised in the Group's profit and loss account in the last month of the reporting period, adjusted to reflect the full impact of work won during the month

Net revenue retention : Measures the net growth in MRR from customers at the beginning of the reporting period

Gross revenue retention : MRR at the beginning of the period less MRR losses from lost customers divided by MRR at the beginning of the year, annualised

Jason Kingdon, Chairman & CEO

Ijoma Maluza, CFO

FINANCIAL INFORMATION

Blue Prism Group plc

Unaudited consolidated statement of profit or loss and other comprehensive income

for the year ended 31 October 2020

 
                                                            Restated 
                                      Note  Unaudited  Unaudited2019 
                                                 2020 
                                                GBP'm          GBP'm 
                                                Total          Total 
 
Revenue                                         141.4           96.8 
 
Cost of sales                            2     (18.6)          (8.5) 
                                              _______        _______ 
 
Gross profit                                    122.8           88.3 
 
Operating expenses                            (202.9)        (179.7) 
 
Operating expenses before 
 contingent share based payments 
 & exceptional costs                          (171.5)        (166.3) 
Contingent share based payments                (13.2)          (7.2) 
Exceptional costs                              (18.2)          (6.2) 
------------------------------------  ----  ---------  ------------- 
 
Net impairment losses on 
 financial assets                        4      (1.8)          (0.7) 
 
Other operating income / 
 tax credits                                      0.3            0.3 
                                              _______        _______ 
 
Operating loss                                 (81.6)         (91.8) 
 
Interest receivable                               0.5            0.7 
Finance costs                                   (0.3)              - 
                                              _______        _______ 
 
Loss before tax                                (81.4)         (91.1) 
 
Income tax (expense) / credit                   (0.4)            1.9 
                                              _______        _______ 
 
Loss after tax                                 (81.8)         (89.2) 
                                              _______        _______ 
 
Other comprehensive (loss)/income 
 
Items which will subsequently be reclassified 
 to profit or loss: 
Exchange (losses) / gains 
 on translation of foreign 
 operations                                     (2.6)            1.8 
                                              _______        _______ 
 
Total other comprehensive (loss)/income         (2.6)            1.8 
                                              _______        _______ 
 
Total comprehensive loss 
 for the year                                  (84.4)         (87.4) 
                                              _______        _______ 
 
Basic and diluted loss per 
 share attributable to ordinary 
 equity shareholders (p)                      (92.95)       (119.89) 
                                              _______        _______ 
 

Total comprehensive loss for the year has been derived from continuing operations.

Blue Prism Group plc

Unaudited consolidated statement of financial position

at 31 October 2020

 
                                                                                    Restated 
                                                           Unaudited               Unaudited 
                                        Note                    2020                    2019 
 Non-current assets                                            GBP'm                    GBPm 
 Intangible assets                                              37.4                    42.0 
 Cost to obtain contract assets            4                    17.2                    16.0 
 Property, plant and equipment                                   4.8                     1.6 
                                               _____________________   _____________________ 
 
 Total non-current assets                                       59.4                    59.6 
                                               _____________________   _____________________ 
 Current assets 
 Cost to obtain contract assets            4                    13.3                    12.2 
 Corporation tax receivable                                      1.1                     1.0 
 Trade and other receivables               3                    44.4                    43.6 
 Cash and cash equivalents                                     137.6                    45.5 
 Short-term investments                                            -                    28.6 
                                               _____________________   _____________________ 
 
 Total current assets                                          196.4                   130.9 
                                               _____________________   _____________________ 
 
 Total assets                                                  255.8                   190.5 
                                               _____________________   _____________________ 
 Current liabilities 
 Trade and other payables                                       37.5                    42.5 
 Deferred revenue                                               88.8                    71.5 
 Deferred consideration                                          3.9                     1.3 
                                               _____________________   _____________________ 
 
 Total current liabilities                                     130.2                   115.3 
                                               _____________________   _____________________ 
 Non-current liabilities 
 Other payables                                                  2.6                       - 
 Deferred revenue                                                6.9                     5.9 
                                                             _______   _____________________ 
 
 Total non-current liabilities                                   9.5                     5.9 
                                               _____________________   _____________________ 
 
 Total liabilities                                             139.7                   121.2 
                                               _____________________   _____________________ 
 
 Net assets                                                    116.1                    69.3 
                                               _____________________   _____________________ 
 Equity attributable to shareholders 
 Called up share capital                                         2.0                     1.9 
 Share premium                                                 155.1                   150.3 
 Shares to be issued                                             2.1                     4.2 
 Merger reserve                                                117.5                    15.5 
 Foreign exchange reserve                                      (1.2)                     1.4 
 Share based payment reserve                                    46.8                    17.3 
 Accumulated losses                                          (206.2)                 (121.3) 
                                                             _______                 _______ 
 
 Total equity                                                  116.1                    69.3 
                                                             _______                 _______ 
 

Blue Prism Group plc

Unaudited consolidated statement of cash flows

for the year ended 31 October 2020

 
                                                                        Restated 
                                                          Unaudited    Unaudited 
                                                               2020         2019 
 Cash flows from operating activities                         GBP'm        GBP'm 
 Loss after tax                                              (81.8)       (89.2) 
 Adjustments for: 
 Amortisation of intangible fixed assets                        7.0          1.8 
 Depreciation of property, plant and equipment                  2.9          0.5 
 Loss on disposal of property, plant and 
  equipment                                                       -          0.2 
 Interest receivable                                          (0.5)        (0.7) 
 Finance costs                                                  0.3            - 
 Share based payment - options & awards                        13.9          7.6 
 Exceptional costs                                             18.2          6.2 
 Income tax (credit) / expense                                  0.4        (1.9) 
                                                            _______      _______ 
 
                                                             (39.6)       (75.5) 
 
 Increase in trade and other receivables                      (3.0)       (11.5) 
 Increase in cost to obtain contract assets                   (2.1)       (16.0) 
 Increase in trade and other payables                         (6.7)         18.5 
 Increase in deferred revenue                                  18.4         27.0 
                                                            _______      _______ 
 
 Cash used in operations                                     (33.0)       (57.5) 
 
 Income taxes paid                                            (0.9)        (0.4) 
                                                            _______      _______ 
 
 Net cash flows from operating activities                    (33.9)       (57.9) 
 
 Investing activities 
 Payment of software development costs                        (2.4)        (4.6) 
 Purchases of property, plant and equipment                   (0.3)        (1.3) 
 Maturity of/(investment in) short-term investments            28.6       (28.6) 
 Acquisition of subsidiary Thoughtonomy, 
  net of cash acquired                                            -       (10.4) 
 Interest received                                              0.5          0.7 
                                                            _______      _______ 
 
 Net cash generated from / (used in) investing 
  activities                                                   26.4       (44.2) 
 
 Financing activities 
 Issue of ordinary shares                                     104.8        103.1 
 Issue costs                                                  (2.9)        (2.8) 
 Repayment of lease liabilities                               (2.1)            - 
 Interest on lease liabilities                                (0.3)            - 
 Repayment of bank loan                                           -        (2.5) 
                                                            _______      _______ 
 
 Net cash from financing activities                            99.5         97.8 
 
 Net increase / (decrease) in cash and cash 
  equivalents                                                  92.0        (4.3) 
 Cash and cash equivalents at beginning of 
  year                                                         45.5         50.5 
 Effect of foreign exchange on cash and cash 
  equivalents                                                   0.1        (0.7) 
                                                            _______      _______ 
 
 Cash and cash equivalents at end of year                     137.6         45.5 
                                                            _______      _______ 
 

Blue Prism Group plc

Unaudited consolidated statement of changes in equity

for the year ended 31 October 2020

 
                                                                                              Share 
                                                                Foreign                       based 
                        Share         Share        Shares      exchange        Merger       payment   Accumulated         Total 
Unaudited             capital       premium  to be issued       reserve       reserve       reserve        losses        equity 
                        GBP'm         GBP'm         GBP'm         GBP'm         GBP'm         GBP'm         GBP'm         GBP'm 
Equity as at 31 
 October 2018             1.7          50.2             -         (0.4)           0.4           4.2        (44.3)          11.8 
Impact of 
 initial 
 adoption of 
 IFRS 15                    -             -             -             -             -             -          12.2          12.2 
                 ____________  ____________  ____________  ____________  ____________  ____________  ____________  ____________ 
Equity as at 1 
 November 2018            1.7          50.2             -         (0.4)           0.4           4.2        (32.1)          24.0 
 
Comprehensive 
loss for 2019 
Loss after tax 
 restated                   -             -             -             -             -             -        (89.2)        (89.2) 
Other 
 comprehensive 
 income                     -             -             -           1.8             -             -             -           1.8 
                 ____________  ____________  ____________  ____________  ____________  ____________  ____________  ____________ 
Total 
 comprehensive 
 loss for the 
 year 
 restated                   -             -             -           1.8             -             -        (89.2)        (87.4) 
Contributions 
by and 
distributions 
to 
owners 
Exercise of 
 options                  0.1           3.0             -             -             -             -             -           3.1 
Issue of shares 
 - placing                0.1          99.9             -             -             -             -             -         100.0 
Cost of placing             -         (2.8)             -             -             -             -             -         (2.8) 
Issue of shares 
 - acquisition 
 of subsidiary 
 restated                   -             -             -             -          15.1             -             -          15.1 
Shares to be 
 issued - 
 acquisition of 
 subsidiary 
 restated                   -             -           4.2             -             -             -             -           4.2 
Share based 
 payments - 
 acquisition of 
 subsidiary 
 restated                   -             -             -             -             -           5.5             -           5.5 
Share based 
 payments - 
 options & 
 awards                     -             -             -             -             -           7.6             -           7.6 
                 ____________  ____________  ____________  ____________  ____________  ____________  ____________  ____________ 
Equity as at 31 
 October 2019 
 restated                 1.9         150.3           4.2           1.4          15.5          17.3       (121.3)          69.3 
                 ____________  ____________  ____________  ____________  ____________  ____________  ____________  ____________ 
Impact of 
 initial 
 adoption of 
 IFRS 16                    -             -             -             -             -             -         (0.2)         (0.2) 
                 ____________  ____________  ____________  ____________  ____________  ____________  ____________  ____________ 
Equity as at 1 
 November 2019            1.9         150.3           4.2           1.4          15.5          17.3       (121.5)          69.1 
                 ____________  ____________  ____________  ____________  ____________  ____________  ____________  ____________ 
Comprehensive 
loss for 2020 
Loss after tax              -             -             -             -             -       -           (81.8)           (81.8) 
Other 
 comprehensive 
 income                     -             -             -         (2.6)             -       -             -               (2.6) 
                 ____________  ____________  ____________  ____________  ____________  ____________  ____________  ____________ 
Total 
 comprehensive 
 loss for the 
 year                       -             -             -         (2.6)             -       -           (81.8)        (84.4) 
Contributions 
by and 
distributions 
to 
owners 
Exercise of 
 options                    -           4.8             -             -             -             -             -           4.8 
Issue of shares 
 - placing                0.1             -             -             -          99.9             -             -         100.0 
Cost of placing             -             -             -             -             -             -         (2.9)         (2.9) 
Issue of shares 
 - acquisition 
 of subsidiary              -             -         (2.1)             -           2.1             -             -             - 
Share based 
 payments - 
 acquisition of 
 subsidiary                 -             -             -             -             -          15.6             -          15.6 
Share based 
 payments - 
 options & 
 awards                     -             -             -             -             -          13.9             -          13.9 
                 ____________  ____________  ____________  ____________  ____________  ____________  ____________  ____________ 
Equity as at 31 
 October 2020             2.0         155.1           2.1         (1.2)         117.5          46.8       (206.2)         116.1 
                 ____________  ____________  ____________  ____________  ____________  ____________  ____________  ____________ 
 
 
     Notes to the financial information for the year ended 
      31 October 2020 
 
 1   Accounting policies 
 

Basis of preparation

Blue Prism Group plc is a public limited company incorporated in the United Kingdom, listed on the Alternative Investment Market ('AIM') of the London Stock Exchange. Blue Prism Group plc and its subsidiaries ('the Group') have as their registered office and principal place of business 2 Cinnamon Park, Crab Lane, Warrington, WA2 0XP, United Kingdom.

The principal accounting policies adopted in the preparation of the financial information in these preliminary results are set out below. The policies have been consistently applied to all the years presented, subject to the prior period restatements noted below. The Group has adopted IFRS 16 'Leases' from 1 November 2019, replacing IAS 17 'Leases'. No other significant changes to accounting policies are expected for the year ended 31 October 2020.

The financial information set out in these preliminary results has been prepared on a going concern basis and in accordance with International Financial Reporting Standards ('IFRS') and their interpretations which have been issued by the International Accounting Standards Board ('IASB'), as adopted by the European Union.

All figures presented are rounded to the nearest GBPm to 1 decimal place, unless stated otherwise.

The financial information set out in these results does not constitute the company's statutory accounts for 2020 or 2019. Statutory accounts for the year ended 31 October 2020 have not yet been reported on by the Group's current Independent Auditor Grant Thornton.

Statutory accounts for the year ended 31 October 2019 have been filed with the Registrar of Companies and reported on by the Group's former Independent Auditor BDO. Their report on the 2019 statutory accounts was (i) unqualified; (ii) did not draw attention to any matters by way of emphasis; and (iii) did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

Prior period restatement

Pursuant to the following considerations, the Group has restated the originally presented financial results for the year ended 31 October 2019 in this financial information.

IFRS 15 Revenue from Contracts with Customers

The Group adopted IFRS 15 Revenue from Contracts with Customers for the first time in 2019. As part of the implementation, and based on advice provided at the time, three distinct performance obligations were identified, being the delivery of software licences, unspecified product upgrades and support services. A portion of revenue from software licence sales was recognised at the time of delivering the software licence and the remainder of the revenue was recognised straight line over the length of the contract. As disclosed previously the impact of this change was an increase to FY19 revenue of GBP4.2m compared to how revenue would have been recognised under IAS 18.

The Directors have reassessed this position and deemed there to be two distinct performance obligations, the first being provision of software licences along with unspecified product upgrades and the second being provision of support services. In making this assessment, the Directors have considered the contractual terms set out in the sales agreements, the interdependence and interrelatedness of the software licence, and other promises to the customers of the Group. Consequently, the Directors have concluded that the promises to deliver software licence and unspecified product upgrades are not capable of being separately distinct in the context of the sales contract with customers and have therefore been combined. Support services are still considered to be a separate performance obligation.

Following the reassessment, the Directors recognise revenue from the provision of software licences along with unspecified product upgrades on a straight line basis over the term of the contract on the basis that there are promises to deliver unspecified product upgrades on an as-and-when-available basis over the software licence term and support. This is considered a critical judgement. As a result, there exists a promise to deliver an unlimited quantity of unspecified product upgrades as a stand-ready obligation whereby a time-based measure of progress is considered to be an appropriate basis for recognising revenue.

This interpretation has subsequently been reviewed by the Group's new auditors, who concur with the Directors' assessment. Revenue recognition is now consistent with recognition under IAS 18, which was effective prior to 2019. As such, results for 2019 have been restated to retrospectively apply the updated revenue recognition policy. The impact is to reduce prior year revenue from GBP101m to GBP96.8m. Note that the impact of the new recognition policy on 2020 is that revenue is GBP2.1m lower than under the 3 performance obligation approach, with no impact on cashflows, customer commitments or the Group's obligations.

Unless otherwise stated, results and commentary in this presentation are on a restated basis.

IFRS 3 Business Combinations

On July 17, 2019 the Group acquired the share capital of the Thoughtonomy Group (renamed Blue Prism Cloud), a software-as-a-service RPA platform, to broaden our product offering and progress our cloud-based approach. As disclosed at the time, the consideration that Blue Prism paid comprised an upfront payment of cash and shares and a deferred payment of cash and shares. The terms of the contingent consideration included conditions making this portion of the consideration contingent upon continued employment of the CEO and certain other key individuals. The initial treatment was to account for the contingent payment as consideration for the acquisition of Thoughtonomy. This treatment has subsequently been reviewed by the new auditors and the Directors, with reference to the guidance set out in IFRS 3, which has resulted in an adjustment in relation to the contingent consideration relating to continuing employees of GBP29.6m as the consideration is automatically forfeited upon termination of employment for these individuals within a specified period. Consequently, 2019 results have been restated in this financial information to reflect a decrease in goodwill of GBP23.7m and an exceptional operating expense of GBP6.2m. The impact for 2020 is an exceptional operating expense of GBP18.2m and the impact for 2021, the final year, will be an exceptional operating expense of GBP5.2m.

The Board continue to be pleased with the integration of Blue Prism Cloud, which has enabled several important developments across the product suite and delivered excellent growth, with an increase in bookings of 147%, in its first year of integration to the Group.

 
 2    Cost of sales 
                                                           2020      2019 
                                                          GBP'm     GBP'm 
 
  Amortisation of cost to obtain contract assets           12.9       7.6 
  Amortisation of development asset                         3.7       0.9 
      Direct cloud costs                                    2.0         - 
                                                        _______   _______ 
 
  Total cost of sales                                      18.6       8.5 
                                                        _______   _______ 
 
 
 3    Trade and other receivables                                      Restated 
                                                                2020       2019 
                                                               GBP'm      GBP'm 
 
  Trade receivables                                             41.2       35.4 
  Less: provision for impairment of trade receivables          (2.0)      (1.4) 
                                                             _______    _______ 
 
  Trade receivables - net                                       39.2       34.0 
  Prepayments                                                    3.6        6.5 
  Accrued revenue                                                0.4        0.6 
  Other taxes                                                      -        0.5 
  Accrued interest                                                 -        0.2 
  Other receivables                                              1.2        1.8 
                                                             _______    _______ 
 
  Total trade and other receivables                             44.4       43.6 
                                                             _______    _______ 
 

An impairment charge of GBP1.8m (2019: GBP0.7m) was recognised in the year relating to aged receivables.

 
 4    Cost to obtain contract assets and deferred 
       revenue 
                                                            2020      2019 
      Cost to obtain contract assets                       GBP'm     GBP'm 
 
  Opening balance                                           28.2      12.2 
  Costs to obtain contracts with customers during 
   the year                                                 15.2      23.6 
  Amortisation in line with contract performance          (12.9)     (7.6) 
                                                         _______   _______ 
 
  Total cost to obtain contract assets                      30.5      28.2 
                                                         _______   _______ 
 

Cost to obtain contract assets consist of commission payable to sales employees and are amortised over the period of the customer contract to which they relate. The Group assesses recoverability of the cost to obtain contract assets in line with IFRS 15. No impairment has been recognised in the year ended 31 October 2020 (2019: GBPnil).

 
                                                   2020      2019 
                                                  GBP'm     GBP'm 
 
  Current cost to obtain contract assets           13.3      12.2 
  Non-current cost to obtain contract assets       17.2      16.0 
                                                _______   _______ 
 
  Total cost to obtain contract assets             30.5      28.2 
                                                _______   _______ 
 
 
                                                                Restated 
                                                         2020       2019 
  Deferred revenue                                      GBP'm      GBP'm 
 
  Opening balance                                        77.4       47.9 
 
  Changes due to business combinations                      -        2.5 
  Release of brought forward deferred revenue          (67.3)     (42.1) 
  Contracts invoiced in advance of performance and 
   not recognised as revenue                             85.6       69.1 
                                                      _______    _______ 
 
  Total deferred revenue                                 95.7       77.4 
                                                      _______    _______ 
 
 
                                            Restated 
                                     2020       2019 
                                    GBP'm      GBP'm 
 
  Current deferred revenue           88.8       71.5 
  Non-current deferred revenue        6.9        5.9 
                                  _______    _______ 
 
                                     95.7       77.4 
                                  _______    _______ 
 

Deferred revenue represents amounts invoiced in advance in line with contractual arrangements. This will be amortised in future periods in line with fulfilment of the respective performance obligations. The Group expects to recognise most of the deferred revenue balance within one year of the statement of financial position date with a small amount being recognised as greater than one year.

The Group has restated deferred revenue for the year ended 31 October 2019 in line with the restatement of revenue described in Note 1. There is no impact on cash flows, trade receivables, or the company's contractual commitments as a result of this restatement.

Disclaimers

This document comprises a statement concerning Blue Prism Group Plc (the "Company") and its 2020 full year results (the "Statement"). No reliance may be placed for any purposes whatsoever on the information in this Statement or on its completeness. The Statement is intended to provide a general overview of the Company's business and does not purport to deal with all aspects and details regarding the Company. Accordingly, neither the Company nor any of its directors, officers, employees or advisers nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance may be placed on, the fairness, accuracy or completeness of the information contained in the Statement or the views given or implied. Neither the Company nor any of its directors, officers, employees or advisers nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith.

This Statement does not and is not intended to constitute, and should not be construed as, an offer, inducement, invitation or commitment to purchase, subscribe to, provide or sell any securities, services or products of the Company in any jurisdiction, or any part of any solicitation of any such offer, inducement, invitation or commitment, or to provide any recommendations for financial, securities, investment or other advice or to take any decision. You are encouraged to seek individual advice from your personal, financial, legal, tax and other advisers before making any investment or financial decisions subscribing for or purchasing any securities.

Certain statements in this Statement regarding the Company are, or may be deemed to be, forward-looking statements (including such words as "believe", "expect", "estimate", "intend", "anticipate" and words of similar meaning). These forward-looking statements are neither historical facts nor guarantees of future performance. Such statements are based on current expectations and belief and, by their nature, are subject to a number of known and unknown risks, uncertainties and assumptions which may cause the actual results, events, prospects and developments of the Company and its subsidiaries to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this Statement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Except as required by applicable law or regulation, the Company (nor its members, directors, officers, employees, agents or representatives) undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The information contained in this Statement is for background purposes only. The subject matter of the Statement may be subject to change and the Company does not take any responsibility for updating or amending the contents to reflect such changes. The material contained in this Statement reflects current legislation and the business and financial affairs of the Company, which are subject to change without notice.

This Statement summarises information contained in the 2020 full year results. No statement in this Statement is intended to be a profit forecast and no statement in this Statement should be interpreted to mean that earnings per Company share for current or future financial years would necessarily match or exceed the historical published earnings per Company share.

The information contained in this Statement has been obtained from Company sources and from sources which the Company believes to be reliable but it has not independently verified such information and does not guarantee that it is accurate or complete.

[1] The Group periodically reviews its customer numbers and will make adjustments to ensure the number remains accurate. This includes customer M&A and subsidiary changes as well as other adjustments.

[2] GBP2.4m (FY19: 4.6m) of R&D was capitalised, bringing total R&D spend in 2019 to GBP12.5m and GBP20.1m in 2020. Amortisation of this development asset of GBP3.7m (FY19: GBP0.9m) is presented in cost of sales and not included in this operating expenses breakdown

[3] FY19 re-stated to include the share-based payment charge in respect of the deferred consideration in respect of the Blue Prism Cloud (Thoughtonomy) acquisition in July 2019. Originally this was characterised as deferred consideration however, the accounting treatment of this has been revised and this is now accounted for as an exceptional cost.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

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