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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cordel Group Plc | LSE:CRDL | London | Ordinary Share | GB00BYZQM590 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.25 | -5.26% | 4.50 | 4.20 | 4.80 | 4.75 | 4.50 | 4.75 | 110,122 | 10:08:51 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computer Related Svcs, Nec | 3.46M | -598k | -0.0030 | -15.00 | 8.98M |
From Apr 2022 to Apr 2024
TIDMCRDL
RNS Number : 3895O
Cordel Group PLC
31 January 2023
31 January 2023
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Interim Results
Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces unaudited results for the six months ending 31 December 2022.
Hot Features
Premium
Six months Six months % change % change
to to (constant currency*)
31 Dec 2022 31 Dec 2021
GBP'000 GBP'000
--------------- -------------- --------- ----------------------
Total revenue 945 629 50.3% 47.5%
Cost of sales (268) (329) -18.5% -21.0%
Total expenses (1,523) (1,564) -2.6% -7.7%
Other income 57 - 100.0% 100.0%
EBITDA (789) (1,264) 37.6% 38.6%
*Constant currency reflects the results had the underlying transactional currencies, (i.e. USD, AUD and GBP) remained constant across the full financial year.
Highlights:
-- Total revenue increased by 50.3% in reported currency and 47.5% at constant currency.
-- Cost of sales decreased by 18.5% (21.0% constant currency) due to reduced labour and easing component costs in COGS for hardware sales.
-- Total expenses decreased by 2.6% (7.7% at constant currency) as the Company continued to manage its discretionary costs.
-- As at 31 December 2022, cash balance was GBP433,945 compared with GBP339,665 at 30 June 2022. Total assets as at 31 December 2022 were GBP2,572,399 whilst net assets were GBP1,826,295 compared with GBP2,735,272 as at 30 June 2022.
-- UK achievements during the period include a 5-year contract with Angel Trains to install fully-automated hardware onto passenger trains and a new partnership with Ricardo PLC to identify and pursue opportunities in railway inspection and asset management.
-- USA achievements include increasing sales engagements in the Class 1 Railroad market and continuing progress with key partners.
-- Contracted revenue will be carried into the second half, with a satisfactory full year cash position expected.
Ian Buddery, Chairman, Cordel, said: "The interim results show a return to growth compared to the corresponding period last year, as we benefit from long term contracts secured earlier. We are pleased by the market's recognition of our technology advantages and confident we will add new contracts as 2023 progresses. We are managing the business to balance the requirements of growth opportunities while maintaining adequate cash reserves."
Enquiries:
Cordel Group PLC c/o Zeus Capital Ian Buddery, Chairman Nick Smith, CEO Zeus Capital Limited Broker + 44 (0)20 3829 5000 Simon Johnson / Alexandra Campbell-Harris Strand Hanson Limited Nominated Advisor Richard Johnson / James Bellman +44 (0)20 7409 3494
About Cordel
Cordel offers a patented cloud-based platform for master data management and business analytics, together with specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated artificial intelligence algorithms.
Further information on the Company is available at: www.cordel.ai
Cordel Group PLC
Review of operations by the Chief Executive Officer
31 December 2022
Cordel Group Plc ("the Group") the Artificial Intelligence platform for transport corridor analytics offers a patented cloud-based platform for master data management and business analytics. Together with specialist hardware and software for capturing, analysing and reporting on large datasets within the transport and infrastructure sectors, employing sophisticated artificial intelligence algorithms.
Overview of results
During the half year ended 31 December 2022, the Company secured a significant new contract with Angel Trains, further strengthening our position in the UK rail market. The Company's engagement with USA railroads continues to improve, particularly following the release of our Automated Intelligent Clearance solution on 22 November 2022. Railways worldwide are seeking to replace dangerous human track inspections and reduce the carbon footprint of traditional clearance measurement methods, which include heavy and slow inspection trains.
The Company has simplified its operating structure by consolidating its Airsight Australia and Nextcore activities into Cordel operations. The primary investment focus is continuing the development of the Cordel Artificial Intelligence analytics platform.
Revenue for the half year is summarised as follows:
Six Months to
Six Months to 31 December
31 December 2022 2021
GBP '000 GBP '000 Change
------------------ -------------- -------
Airsight 0 229
NextCore 116 194 -40%
Cordel 829 206 +302%
Total Revenue 945 629 +50%
Underlying EBITDA for the period was a loss of GBP0.789 million.
Ongoing operations
The Company operates from offices in London, UK and Newcastle, Australia with staff in these locations and in the USA. The Company has customers in Australia, UK, Japan and the USA. As of 31 December 2022, the Company had cash and receivables totalling GBP0.673 million.
Outlook
The Company continues to be awarded new contracts following competitive bid processes. This results in steady growth of the total mileage of railway track under long-term data management and, combined with new analytic services released in 2022 and planned for 2023, is expected to produce further growth in recurring revenue.
Nicholas Smith
Chief Executive Officer
31 January 2023
Cordel Group PLC
Review of operations by the Chief Financial Officer
31 December 2022
A summary of the Group's results are as follows:
Six Months Six Months
to to
31 December 31 December
2022 2021 Change
GBP '000 GBP '000
Revenue from contracts with customers 945 629 +50.3%
Total Revenue 945 629 +50.3%
Direct Cost of sales 268 329 -18.5%
+125.7
Gross Margin 677 300 %
Employee expenses 1,162 1,080 +7.6%
Occupancy expenses 14 12 +11.5%
Professional Fees 208 193 +8.1%
Other operational expenses 139 279 -50.1%
Total expenses 1,523 1,564 -2.6%
Other income 57 -
Interest income - -
EBITDA (earnings before interest
expenses, taxation, depreciation
and amortisation adjusted for
other one-off items (789) (1,264) +37.6%
Depreciation 61 74 -17.6%
Finance Costs 5 6 -16.7%
Other non-operating costs 0 5 -
Loss before income tax expenses (855) (1,349) +36.6%
Income tax - - -
Loss after income tax expense (855) (1,349) +36.6%
The above consolidated statements of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
Revenue
Total revenue for the period increased by 50.3% to GBP0.945 million.
Operating expenses
Overall operating expenses decreased by GBP0.041 million compared to the corresponding period and staff expenses increased GBP0.081 million to GBP1.162 million. due to salary increase pressures.
Other costs reduced by GBP0.075 million due to the lower requirement for outsourced research work in the current period. The reallocation of processing costs from overheads to COGS increased processing COGS from GBP0.011 million to GBP0.075 million.
As at 31 December 2022, Cordel employed 25 full time equivalent staff across Australia, the UK and USA.
Underlying EBITDA for the period was a loss of GBP0.789 million compared to a loss of GBP1.264 million for the corresponding period ended December 2021.
Finance and other non-operating expenditure were GBP0.006 million for the period relating to the interest expenses.
The loss after tax for the period was GBP0.855 million, an improvement of 36.6% compared to loss of GBP1.349 million in the corresponding period ended December 2021.
Balance sheet, cash and working capital
The Group balance sheet shows cash resources of GBP0.434 million and receivables of GBP0.239 million as at 31 December 2022. Cash inflow from operating activities was GBP0.020 million.
Underlying basis of EBITDA
The Group manages its operations by looking at the underlying EBITDA which excludes the impact of a number of one-off and non-cash items as this, in the Board's opinion, provides a more representative measure of the Group's performance. A reconciliation between the reported loss before tax and underlying EBITDA is included at note 6 to the financial statements.
Robert Lojszczyk
Chief Financial Officer
31 January 2023
Cordel Group PLC
Consolidated statements of profit and loss and other comprehensive income
For the period ended 31 December 2022
Audited
Unaudited six months year
ended
ended 31 December 30 June
Note 2022 2021 2022
GBP GBP GBP
Revenue from contracts with
customers 4 945,020 628,793 2,272,683
Total Revenue 945,020 628,793 2,272,683
Direct Cost of sale (267,749) (328,613) (775,290)
Gross Margin 677,271 300,180 1,497,393
Employee expenses (1,162,233) (1,080,620) (2,191,308)
Occupancy expenses (13,587) (12,181) (29,338)
Professional Fees (208,339) (192,788) (507,363)
Other operational expenses (139,175) (278,864) (389,740)
Total expenses (1,523,334) (1,564,453) (3,117,749)
Other income 5 57,080 - 596,765
Interest income 15 - 12
EBITDA (earnings before interest
expenses, taxation, depreciation
and amortisation adjusted for
other one-off items (788,968) (1,264,272) (1,023,579)
Depreciation & Amortisation (60,953) (74,231) (166,797)
Finance Costs (5,160) (5,469) (14,398)
Other non-operating costs (283) (5,031) -
Loss before income tax expenses (855,364) (1,349,003) (1,204,774)
Income tax - - 4,081
Loss after income tax expense
for the period (855,364) (1,349,003) (1,200,693)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Foreign currency translation (53,613) (4,560) (77,879)
Share option reserve - - 59,048
Total comprehensive income
for the period (908,977) (1,344,443) 1,132,551
------------ ------------ ------------
Loss for the period attributable
to:
Non-controlling interest - - -
Owners of Cordel Group plc (855,364) (1,349,003) (1,200,693)
(855,364) (1,349,003) (1,200,693)
------------ ------------ ------------
Total comprehensive income
for the period is attributable
to:
Non-controlling interest - - -
Owners of Cordel Group plc (908,977) (1,344,443) 1,132,551
(908,977) (1,344,443) 1,132,551
------------ ------------ ------------
Basic earnings per share (pence
per share) 15 (0.50) (0.80) (0.70)
Diluted earnings per share
(pence per share) 15 (0.50) (0.80) (0.70)
The above consolidated statements of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
Cordel Group PLC
Consolidated Balance Sheet as at 31 December 2022
Unaudited Audited
December 31 June 30
Note 2022 2021 2022
Assets GBP GBP GBP
Non-current assets
Goodwill 1,223,403 1,223,403 1,223,403
Right to use assets 45,582 110,985 98,843
Property, plant & equipment 99,383 166,439 132,478
Deferred tax asset 157,405 - 234,842
------------- ------------- ---------------
Total non-current assets 1,525,773 1,500,827 1,689,566
------------- ------------- ---------------
Current assets
Trade and other receivables 7 238,824 142,380 640,598
Other 8 373,857 588,239 915,737
Cash and cash equivalents 433,945 935,049 339,665
------------- ------------- ---------------
Total current assets 1,046,626 1,665,668 1,896,000
------------- ------------- ---------------
Total Assets 2,572,399 3,166,495 3,585,566
------------- ------------- ---------------
Liabilities
Non-Current liabilities
Lease Liabilities 15,126 75,155 62,392
Deferred tax - - 5,151
------------- ------------- ---------------
Total non-current liabilities 15,126 75,155 67,543
------------- ------------- ---------------
Current liabilities
Trade and other payables 9 456,526 375,482 548,246
Unearned Income 11,363 10,581 -
Lease Liabilities 35,445 40,303 76,921
Borrowings 78,622 39,261 -
Employee benefits 149,022 137,376 157,584
Total current liabilities 730,978 603,003 782,751
------------- ------------- ---------------
Net assets/(liabilities) 1,826,295 2,488,337 2,735,272
------------- ------------- ---------------
Equity
Share Capital 1,704,272 1,687,661 1,704,272
Share premium account 9,525,617 9,520,634 9,525,617
Other reserves 10 2,346,151 2,327,063 2,399,764
Accumulated losses (11,749,745) (11,047,021) (10,894,381)
Equity/(deficiency) attributable
to the owners of Cordel
Group plc 1,826,295 2,488,337 2,735,272
Non-controlling interest - - -
Total equity/(deficiency) 1,826,295 2,488,337 2,735,272
------------- ------------- -------------
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
The interim financial statements of Cordel Group plc (company number 1109701 (England and Wales)) were approved by the Board of Directors and authorised for issue on 31 January 2023. They were signed on its behalf by:
Ian Buddery Jonathan Macleod
Chairman Director 31 January 2023 31 January 2023
Cordel Group PLC
Consolidated statements of changes in equity
For the period ended 31 December 2022
Share Share Other Accumulated Total
Unaudited six months
ended Capital premium reserves Losses Equity
31 December 2021 account*
GBP GBP GBP GBP GBP
Balance at 1 July 2021 1,687,661 9,520,634 2,331,622 (9,698,017) 3,841,900
Loss after income tax
expense for the period - - - (1,349,003) (1,349,003)
Other comprehensive income
for the period, net of
tax - - (4,559) - (4,559)
Total comprehensive income
for the period - - (4,559) (1,349,003) (1,353,562)
Transactions with owners
in their capacity as
owners:
Share-based payments
(note 16) - - - - -
Balance at 31 December
2021 1,687,661 9,520,634 2,327,063 (11,047,020) 2,488,338
---------- ---------- ---------- ------------- ------------
Share Share Other Accumulated Total
Unaudited six months
ended Capital premium reserves Losses Equity
31 December 2022 account*
GBP GBP GBP GBP GBP
Balance at 1 July 2022 1,704,272 9,525,617 2,399,764 (10,894,381) 2,735,272
Loss after income tax
expense for the period - - - (855,364) (855,364)
Other comprehensive income
for the period, net of
tax - - (53,613) - (53,613)
Total comprehensive income
for the period - - (53,613) (855,364) (908,977)
Transactions with owners
in their capacity as
owners:
Share-based payments
(note 16) - - - - -
Balance at 31 December
2022 1,704,272 9,525,617 2,346,151 (11,749,745) 1,826,295
---------- ---------- ---------- ------------- ------------
The share premium account is used to recognise the difference between the issued share capital at nominal value and the share capital received, net of transaction costs.
Cordel Group PLC
Consolidated statements of changes in equity (cont'd)
For the period ended 31 December 2022
Share Share Other Accumulated Total
Audited year ended Capital premium reserves Losses deficiency
30 June 2022 account* in equity
GBP GBP GBP GBP GBP
Balance at 1 July
2021 1,687,661 9,520,634 2,331,622 (9,698,018) 3,841,900
Loss after income
tax expense for the
period - - - (1,200,693) (1,200,693)
Other comprehensive
income for the period,
net of tax - - 68,142 4,330 72,472
Total comprehensive
income for the period - - 68,142 (1,196,363) (1,128,221)
Transactions with
owners in their capacity
as owners:
Share Issue 16,611 4,983 - - 21,594
Balance at 30 June
2022 1,704,272 9,525,617 2,399,764 (10,894,381) 2,735,272
---------- ---------- ---------- ------------- ------------
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
Cordel Group PLC
Consolidated statements of cash flows
For the period ended 31 December 2022
Audited
Unaudited six months year
ended June
ended December 31 30
2022 2021 2022
GBP GBP GBP
Cash flows from operating activities
Loss before income tax expense
for the period (855,364) (1,349,003) (1,200,693)
Adjustments for:
Depreciation and amortisation 60,953 74,231 166,797
Loss/(Gain) on disposal of equipment - - 11,880
Share option reserve - - 65,378
Foreign exchange differences 283 5,031 (5,436)
Interest received (15) - (12)
Interest and other finance costs 5,160 5,469 14,398
(788,983) (1,264,272) (949,688)
Change in operating assets and
liabilities:
Decrease/(increase) in inventories 92,604 (72,520) (56,787)
Decrease/(increase) in trade
and other receivables 401,774 482,456 (118,386)
Decrease/(increase) in right
to use assets 53,261 (21,878) -
Decrease/(increase) in other
operating assets 449,276 397,217 (180,316)
(Decrease)/Increase in trade
and other payables (123,294) (107,959) 208,061
(Decrease)/Increase in other
liabilities 6,212 39,162 25,496
(Decrease)/Increase in lease
liabilities (56,748) (21,811) -
(Decrease)/Increase in employee
benefits (8,562) 36,296 -
---------- ------------ ------------
25,540 (533,309) (1,069,620)
Interest Received 15 - 12
Interest and other finance costs
paid (5,160) (5,469) (3,464)
Net cash used in operating activities 20,395 (538,778) (1,073,720)
---------- ------------ ------------
Cash flows from investing activities
Payments for property, plant
and equipment (45,432) (90,508) (160,240)
Proceeds from disposal of fixed
asset 36,378 - 7,601
Net cash used in investing activities (9,054) (90,508) 152,640
---------- ------------ ------------
Cash flows from financing activities
Proceeds from issue of shares - - 21,595
Interest on lease payments - - (10,934)
Payment for/(Repayment of) lease
arrangements (56,201) - 2,044
Proceeds from borrowings 103,076 - -
Net cash from financing activities 46,875 - 12,705
---------- ------------ ------------
Net increase/(decrease) in cash
and cash equivalents 58,216 (629,286) (1,213,007)
Cash and cash equivalents at
the beginning of the financial
period 339,655 1,538,150 1,538,150
Effects of exchange rate changes
on cash and cash equivalents 36,074 26,185 14,522
Cash and cash equivalents at
the end of the financial period 433,945 935,049 339,665
---------- ------------ ------------
Included in the decrease of trade and other payables during the year ended 30 June 2022 were lease payments of GBP50,732 (2021: GBP37,093).
The above consolidated statements of cash flows should be read in conjunction with the accompanying notes.
Cordel Group PLC
Notes to the consolidated financial statements
For the period ended 31 December 2022
Note 1. General information
The financial statements cover Cordel Group PLC ('Company') as a consolidated entity consisting of Cordel Group plc and the entities it controlled at the end of, or during, the period (referred to as the 'Group'). The financial statements are presented in Pounds Sterling, which is Cordel Group plc's functional and presentation currency.
The Company was incorporated on 6 December 2017 as a private company, Maestrano Group Limited. On 11 May 2018, the Company converted to a public company, Maestrano Group plc and on 30 May 2018 was admitted onto the Alternative Investment Market ('AIM'). On 19 April 2018, as part of a group reorganisation, the Company acquired 100% of the ordinary shares of Maestrano Pty Ltd from the existing shareholders and became the immediate and ultimate parent of the Group. On 31 October 2019, Maestrano Group plc acquired 100% of the shares in Airsight Holdings Pty Limited, an Australian based company.
On the 18 November 2021, Maestrano Group plc changed its name to Cordel Group plc.
Cordel Group plc is a listed public company limited by shares, incorporated and domiciled in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business 10 John Street 2/2 Frost Drive London WC1N 2EB Mayfield West NSW 2304 United Kingdom Australia
A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 31 January 2023. The directors have the power to amend and reissue the financial statements.
Note 2. Significant accounting policies
These financial statements for the interim half-year reporting period ended 31 December 2022 have been prepared in accordance with International Accounting Standards IAS 34 'Interim Financial Reporting'.
These interim financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2022 and any public announcements made by the Company during the interim reporting period.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the International Accounting Standards Board that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Going concern
The financial statements have been prepared assuming the Group will continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future. In assessing whether the going concern assumption is appropriate, the directors have considered the Group's existing working capital and are of the opinion that the Group has adequate resources to undertake its planned program of activities for the 12 months from the date of approval of these financial statements. Further details of the directors' considerations in relation to going concern are included in the directors' report.
Note 3. Operating segments
Identification of reportable operating segments
The Group operates in one segment being provision of data integration and analytic services. This operating segment is based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources.
The operating segment information is the same information as provided throughout the consolidated financial statements and are therefore not duplicated.
Note 4. Revenue from contracts with customers
Audited
Unaudited six months year
ended June
ended December 31 30
2022 2021 2022
GBP GBP GBP
Airsight 0 229,034 329,343
Nextcore 115,636 193,554 438,197
Cordel 829,384 206,206 1,505,143
Revenue from contracts with
customers 945,020 628,793 2,272,683
-------------- -------- -----------
Disaggregation of revenue
The disaggregation of revenue from contracts
with customers is as follows:
Audited
Unaudited six months year
ended June
ended December 31 30
Geographical regions 2022 2021 2022
GBP GBP GBP
United Kingdom 659,997 117,507 976,650
Australia/New Zealand 235,734 401,871 937,852
United States of America 49,289 38,905 135,542
Canada - - 51,741
Asia - 70,510 170,898
Europe - - -
945,020 628,793 2,272,683
------------ ---------- ------------
Enterprise implementation and enterprise subscriber income are
recognised as revenue over time as opposed to a point in time.
Airsight revenue is recognised when work has been completed
and invoiced.
Audited
Note 5. Other income Unaudited six months year
ended June
ended December 31 30
2022 2021 2022
GBP GBP GBP
Government grants and rebates 20,585 - 587,934
Other Income 36,510 - 8,831
57,095 - 596,765
------------- -------- -----------
Note 6. EBITDA reconciliation (earnings before interest expense,
taxation, depreciation and amortisation)
Audited
Unaudited six months year
ended June
ended December 31 30
2022 2021 2022
EBITDA reconciliation GBP GBP GBP
Loss before income tax (855,364) (1,349,003) (1,204,774)
Less: Interest revenue (15) - (12)
Add: Interest expense 5,160 5,469 14,398
Add: Depreciation and amortisation 60,953 74,231 166,797
Add: Other non-operating costs 283 5,031 -
EBITDA (788,983) (1,264,272) (1,023,591)
---------- ------------ ------------
Audited
Unaudited six months year
ended June
ended December 31 30
2022 2021 2022
Underlying EBITDA reconciliation GBP GBP GBP
EBITDA (788,983) (1,264,272) (1,023,591)
IPO - - -
Underlying EBITDA (788,983) (1,264,272) (1,023,591)
---------- ------------ ------------
The financial statements include both the statutory financial
statements and additional performance measures of EBITDA and
Underlying EBITDA. The directors believe these additional measures
provide useful information on the underlying trend in operational
performance going forward without these unusual and other one-off
items.
Note 7. Current assets - trade Audited
and other receivables Unaudited six months year
ended June
ended December 31 30
2022 2021 2022
GBP GBP GBP
Trade receivables 238,824 94,113 640,598
Other receivables - 48,267 -
238,824 142,380 640,598
---------- ------------ --------------
Audited
Note 8. Current assets - other Unaudited six months year
ended June
ended December 31 30
2022 2021 2022
GBP GBP GBP
Prepayments 219,521 113,744 114,384
Inventory 154,336 262,674 246,940
R&D tax offset refundable - - 554,413
Deferred tax asset - 211,821 -
373,857 588,239 915,737
---------- ------------ --------------
Note 9. Current liabilities - Audited
trade and other payables Unaudited six months year
ended June
ended December 31 30
2022 2021 2022
GBP GBP GBP
Trade payables 171,579 221,351 386,381
Accrued expenses 172,898 60,098 151,498
Other payables 112,049 94,033 10,367
456,526 375,482 548,246
----------- ---------- -----------
Audited
Note 10. Equity - other reserves Unaudited six months year
ended June
ended December 31 30
2022 2021 2022
GBP GBP GBP
Foreign currency reserve 325,115 365,075 378,728
Share-based payments reserve 131,196 72,148 131,196
Capital reorganisation reserve 1,889,840 1,889,840 1,889,840
2,346,151 2,327,063 2,399,764
----------- ---------- -----------
Movements in reserves
Movements in each class of reserve during the
current financial period are set out below:
Unaudited six months ended
31 December 2022 Foreign Share-based Capital Total
Currency payments reorganisation
GBP GBP GBP GBP
Balance as at 1 July 2022 378,728 131,196 1,889,840 2,399,764
Foreign currency translation (53,613) - - (53,613)
Share-based payment - - - -
Balance at 31 December 2022 325,115 131,196 1,889,840 2,346,151
--------- ------------ --------------- ----------
Note 11. Equity - dividends
There were no dividends paid, recommended or declared during the current or previous financial period.
Note 12. Fair value measurement
The carrying amounts of trade and other receivables and trade and other payables are assumed to approximate their fair values due to their short-term nature.
The fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the current market interest rate that is available for similar financial liabilities.
Note 13. Related party transactions
Parent entity
The parent entity and ultimate parent entity is Cordel Group plc. There is no ultimate controlling party.
Transactions with related parties
Ian Buddery was remunerated through his personal service company during the period.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Audited
Note 15. Earnings per share Unaudited six months year
ended June
ended December 31 30
2022 2021 2022
GBP GBP GBP
Loss after income tax (855,364) (1,349,003) (1,200,693)
Non-controlling interest - - -
Loss after income tax attributable
to the owners of Cordel Group plc (855,364) (1,349,003) (1,200,693)
-------------- ---------------- -----------------------------------
Number Number Number
Weighted average number of ordinary
shares used in calculating basic
earnings per share 170,427,186 168,766,075 170,427,186
Weighted average number of ordinary
shares used in calculating diluted
earnings per share 170,427,186 168,766,075 170,427,186
Pence Pence Pence
Basic earnings per share (0.50) (0.80) (0.70)
Diluted earnings per share (0.50) (0.80) (0.70)
Note 16. Share-based payments
A share option plan has been established by the Group, whereby
the Group may, at the discretion of the Board of Directors, grant
options over the ordinary shares in the Company to certain key
management personnel and staff of the Group. The options are issued
for nil consideration
And are granted in accordance with performance guidelines established
by the Board of
Directors. Set out below is a summary of the options granted currently
under the plan:
2023
Balance Balance
at at
Exercise the start the end
of of
Grant Expiry price the year Granted Exercised Cancelled the period
date Date
GBP
1/07/2019 1/07/2029 0.013 3,421,111 3,421,111
GBP
13/03/2020 13/03/2030 0.020 800,000 800,000
GBP
17/04/2020 17/04/2030 0.018 2,082,500 2,082,500
GBP
4/05/2020 4/05/2030 0.018 2,000,000 2,000,000
GBP
3/11/2020 3/11/2030 0.010 2,000,000 2,000,000
GBP
24/11/2020 24/11/2030 0.010 1,000,000 1,000,000
GBP
10/08/2021 10/08/2031 0.125 300,000 300,000
GBP
30/11/2021 30/11/2031 0.128 100,000 100,000
GBP
2/02/2022 2/02/2032 0.108 2,000,000 2,000,000
GBP
11/11/2022 11/11/2032 0.070 500,000 500,000
13,703,611 500,000 - - 14,203,611
----------- ------------ ---------------- ----------------- ------------------
Note 17. Events after the reporting period
No matter or circumstance has arisen since 31 December 2022 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
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END
IR DFLBXXFLEBBV
(END) Dow Jones Newswires
January 31, 2023 03:00 ET (08:00 GMT)
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