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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Dods Group Plc | LSE:DODS | London | Ordinary Share | GB00BNYKJJ86 | ORD GBP0.28 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 75.00 | 70.00 | 80.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMDODS
RNS Number : 3003H
Dods Group PLC
14 November 2018
14 November 2018
Dods Group plc
("Dods" or "the Group")
Unaudited Interim Results
Dods, a market leading business intelligence, data, events, media and training company, announces its unaudited interim results for the six months ended 30 September 2018. The Group continues to reposition the business as a leading provider of Augmented Intelligence with a strengthened Board and Senior Management Team.
Financial Highlights
Hot Features
Premium
FY 2019 H1 FY 2018 H1
30 Sept 18 30 Sept 17
Total revenue (GBP) 10.7m 10.0m
Gross margin (%) 42% 43%
Adjusted EBITDA (GBP) (1,2) 1.5m 1.7m
Adjusted EBIT (GBP) (3) 0.9m 1.1m
Adjusted basic EPS before
tax (pence) 0.30p 0.38p
Cash at bank (GBP) (4,5) 8.3m 9.5m
Total assets (GBP) 39.5m 37.9m
Debtor days 31 31
1. Adjusted EBITDA is calculated as earnings before interest, tax, depreciation, amortisation of intangible assets, share based payments and non-recurring items.
2. Marketing and Board costs have increased by GBP200k on a like-for-like basis.
3. Adjusted EBIT is calculated as operating profit plus non-recurring costs.
4. After major cash outflow relating to investments of GBP2.4m in the 12 months from 01 Oct 2017.
5. Includes restricted cash of GBP1.3 million (H1 FY2018: GBP1.3 million) supporting the lease agreement for the London premises of the Group.
Statutory results - continuing operations
FY 2018
FY 2019 H1 H1
30 Sept 18 30 Sept
17
Total revenue (GBP) 10.7m 10.0m
Profit before tax (GBP) 0.4m 0.9m
Adjusted basic EPS (Pence) 0.30p 0.38p
Basic EPS (Pence) 0.11p 0.27p
Operational Highlights
-- Secured a number of new contracts with KPMG, EY, Teva, Roche and HSE (Health and Safety Executive)
-- Extended contract with NHS England to provide the NHS Health & Care Innovation Expo in 2019
-- The Group is nearing completion of a programme of restructuring designed to support planned growth
-- Restructuring reflected in necessary increases in investment relating to board changes and non-recurring expenses, plus increased marketing costs to increase sales effectiveness
-- Dods' go-to-market strategy is now enabled by marketing automation, bringing targeted customer acquisition, on-boarding and retention with a renewed focus on priority sectors
-- An ambitious plan has been developed for the Group, which is aimed at driving further organic improvements, as well as growth through targeted acquisitions which meet the Group's key criteria.
Board Changes in H1 2019
-- New Chief Executive Officer Simon Presswell joined the Board on 9 July 2018 -- Cheryl Jones Non-Executive Chairman stepped down from the Board on 1 August 2018
-- David Hammond was appointed Non-Executive Chairman following the Company's Annual General Meeting on 2 August 2018
-- Richard Boon was appointed as a Non-Executive Director on 14 August 2018
Simon Presswell, Chief Executive of Dods Group plc, commented:
"Since joining the business in July, I have been able to explore our current operations, meet a large number of our customers and see how our staff deliver the excellent service that Dods is known for. With such tremendous heritage across our business and a portfolio of existing and new brands, Dods is well positioned to continue to grow our product offering both organically and through acquisitions."
For further information, please contact:
Dods Group Plc
Simon Presswell- CEO 020 7593 5500
Nitil Patel- CFO
Cenkos
Nicholas Wells 020 7397 8900
Mark Connelly
Callum Davidson
Business and Operational Review
With a recently strengthened Board and senior management team in place, Dods is now nearing completion of a significant business transformation. Leveraging the Group's experience in the political and policy markets has helped to develop an ambitious growth plan, which is aimed at further embedding our products and services into our customers' workflows, as well as providing the opportunity for the business to serve new industries.
Through the period, the operational priorities were:
-- finalise the restructuring of the business; -- support the planned growth in revenue in the events and engagement portfolio; -- maintain focus on improving the retention of recurring revenues;
-- continue to invest in data management, marketing automation and the Group's sales effectiveness;
-- develop and invest in digital products to continue to drive recurring revenue; and -- enhance the talent within the Group by investing in the appointment of new key personnel.
During the period the Group secured a number of notable contracts with KPMG, EY, Teva, Roche and HSE and extended a contract with NHS England to provide the NHS Health & Care Innovation Expo in September 2019. Our Training division continued to win international contracts and deliver various programmes across the globe including 10 different Caribbean governments, the European Central Bank and over 220 training workshops to the UK Government.
Holyrood launched the inaugural Holyrood Garden Party and Political awards in June of this year and the Editor won the UK columnist of the year award at the PPA magazine awards in London. PoliticsHome has continued to enjoy strong growth in readership, with page views up 18% on the same period to 5.2m (H1 FY2018 4.4m) and unique visitors up 14% to 3.2m (H1 FY2018 2.8m).
The Group continues to pursue potential acquisitions and has defined a set of acquisition criteria from which the key attributes required can quickly be identified. In so doing, we believe the Group is able to move at speed to identify further opportunities to create additional shareholder value by both bringing scale to existing products and services, whilst entering new end markets and addressing new customers.
We are increasingly focussed on enriching the points of contact within our customer base, expanding beyond public affairs and into the Chief Risk, Innovation and Marketing Officers' agenda as we seek to help customers manage risk and find competitive advantage in the markets within which they operate.
We do this by providing scalable solutions that enable actionable insights for business-critical decisions, not just in political and policy areas, but increasingly in the fields of business risk and in pursuit of competitive advantage across new and existing regulated markets. As the complexity of the world's commercial and political markets increases, this creates pressure to perform and customers are seeking more time critical and relevant solutions. Dods offers this by combining the products and services in our portfolio into bespoke, yet scalable, evolved end- to-end solutions.
Outlook
The Board is confident in the long-term prospects of the Group. The quality and loyalty of the existing customer base provide the opportunity for strong scalable organic growth as we now move to execute our ambitious growth plans.
Simon Presswell
Chief Executive Officer
Financial Review
Income Statement
The Group's revenue from continuing operations increased by 7% to GBP10.7 million (H1 FY2018: GBP10.0 million) and gross profit increased by 4.7% to GBP4.5 million (H1 FY2018: GBP4.3 million).
Gross margin decreased from 43% to 42% in the period. The decrease in gross margin was due to increased cost on delivery of events and change in the product mix sold in the period. Administration costs increased by 11% to GBP3.0 million (H1 FY2018: GBP2.7 million) reflecting the increase in business rates of GBP100k, increased marketing spend of GBP150k and GBP50k due to Board changes mentioned earlier.
Adjusted EBITDA decreased by 12% to GBP1.5 million (H1 FY2018: GBP1.7 million). Operating profit was GBP0.4 million (H1 FY2018: GBP1.0 million), after an amortisation charge of GBP0.2 million (H1 FY2018: GBP0.2 million) for business combinations and a charge of GBP0.3 million (H1 FY2018: GBP0.2 million) for intangible assets. The depreciation charge in the period remained flat at GBP0.2 million (H1 FY2018: GBP0.2 million).
During the period, the Group incurred GBP0.5 million of non-recurring costs (H1 FY2018: GBP0.1 million). The largest expense of GBP0.3 million (H1 FY2018: GBPnil) related to costs incurred for departing executives. In addition, the Group incurred talent costs of GBP0.1 million (H1 FY2018: GBPnil) reflecting Board changes in the period and addition of new talent in content and sales delivery.
The taxation charge for the period was GBPnil (H1 FY2018: GBPnil) and is based on the use of accumulated tax losses.
Adjusted earnings per share, both basic and diluted, from continuing operations in the period were 0.30 pence (H1 FY2018: 0.38 pence) and were based on the adjusted profit for the period of GBP1.1 million (H1 FY2018: GBP1.3 million) with a weighted average number of shares in issue during the period of 341,524,286 (H1 FY2018: 340,840,953).
Earnings per share, both basic and diluted, from continuing operations in the period were 0.11 pence (H1 FY2018: 0.27 pence) and were based on the net profit for the period of GBP0.4 million (H1 FY2018: GBP0.9 million).
The main impact on the basic earnings per share has been the increased costs of marketing, board changes and non-recurring expenses on a like-for-like basis. The increase in these costs was GBP0.53 million compared to the prior period.
Dividend
The Board is not proposing a dividend at this time (H1 FY2018: GBPnil).
Statement of Financial Position
Assets
Non-current assets consisted of goodwill of GBP13.3 million (H1 FY2018: GBP13.3 million), intangible assets of GBP8.0 million (H1 FY2018: GBP8.5 million) and tangible fixed assets of GBP2.2 million (H1 FY2018: GBP2.3 million). The Group, since February 2017, has held a 40% stake in the issued share capital of Sans Frontières Associates (SFA) and has loaned SFA GBP0.7 million (H1 FY2018: GBP0.7 million) at the period end. The loan is unsecured and carries no interest charge. Additionally, the Group has held a 30% stake in Social 360 since November 2017 for GBP1.7 million (H1 FY2018: GBPnil).
Trade and other receivables increased by GBP1.6 million to GBP5.2 million (H1 FY2018: GBP3.6 million), largely because of increases in prepayments and other receivables. The increase in prepayments comprise of event venue deposits and prepaid related direct costs of GBP0.7 million, rent and rates of GBP0.24 million and GBP0.2 million for out sourced services being delivered in the second half of the year. The Group had a cash balance of GBP8.3 million (H1 FY2018: GBP9.5 million) and had no borrowings at the year end.
Current liabilities increased by GBP0.8 million to GBP9.7 million (H1 FY2018: GBP8.9 million) due to increases in trade payables, accruals and deferred income in the year. There was no change in the deferred tax liability of GBP0.8 million (H1 FY2018: GBP0.8 million).
Total assets of the Group were GBP39.4 million (H1 FY2018: GBP37.9 million) with the main movements being the investments in associates and prepayments. Total equity increased by GBP0.7 million to GBP28.9 million (H1 FY2018: GBP28.2 million), mainly reflecting the increase in retained profit for the year.
Liquidity and capital resources
Net interest and finance income during the period amounted to GBP4,000 (H1 FY2018: expense of GBP22,000).
The Group had a cash balance of GBP8.3 million (H1 FY2018: GBP9.5 million). The cash movement reflects a net working capital increase mainly due to prepayments of GBP1.0 million (H1 FY2018: GBP0.4 million).
Nitil Patel
Chief Financial Officer
DODS GROUP PLC
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 September
2018
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31 Mar
18 17 18
Note GBP'000 GBP'000 GBP'000
Revenue 2 10,702 10,002 20,586
Cost of sales (6,241) (5,658) (12,239)
----------------------------------- ----- ------------ ------------ -----------
Gross Profit 4,461 4,344 8,347
----------------------------------- ----- ------------ ------------ -----------
Administrative expenses (2,958) (2,658) (5,286)
58)
----------------------------------- ----- ------------ ------------ -----------
Other Income - - 444
----------------------------------- ----- ------------ ------------ -----------
Adjusted EBITDA 1,503 1,686 3,505
----------------------------------- ----- ------------ ------------ -----------
Depreciation (185) (178) (357)
Amortisation of intangible assets
acquired via combinations (198) (204) (408)
Amortisation of intangible assets (267) (217) (466)
Non-recurring items 3 (461) (128) (975)
----------------------------------- -----
Operating profit 392 959 1,299
44
----------------------------------- ----- ------------ ------------ -----------
Net finance costs 4 (22) 21
Share of loss of associate (18) - (9)
----------------------------------- ----- ------------ ------------ -----------
Profit before tax 378 937 1,311
Tax - - (182)
----------------------------------- ----- ------------ ------------ -----------
Profit for the period 378 937 1,129
----------------------------------- ----- ------------ ------------ -----------
Earnings per share
Basic 4 0.11p 0.27p 0.33p
Diluted 4 0.11p 0.27p 0.33p
DODS GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
for the six months ended 30 September 2018
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 Sept 30 Sept 31 Mar 18
18 17
GBP'000 GBP'000 GBP'000
Profit for the period 378 937 1,129
Items that will be subsequently
re-classified to profit and loss
Exchange differences on translation
of foreign operations - - 95
------------ ------------- ------------
Other comprehensive loss for the
period - - 95
------------ ------------- ------------
Attributable to equity holders
of parent company 378 937 1,224
------------ ------------- ------------
DODS GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as
at 30 September 2018
Unaudited Unaudited Audited
As at As at As at
31 Mar
30 Sept 18 30 Sept 17 18
GBP'000 GBP'000 GBP'000
Goodwill 13,282 13,282 13,282
Intangible assets 5 8,035 8,457 8,308
Investments 1,666 - 1,684
Property, plant and equipment 6 2,209 2,254 2,327
Long term loan 700 700 700
------------------------------- ------------ --------------------------- ----------------
Total non-current assets 25,892 24,693 26,301
----------------------------------- ------------ --------------------------- ----------------
Inventories 34 50 12
Trade and other receivables 5,169 3,612 3,469
Cash and cash equivalents 7 7,062 8,232 7,491
Restricted cash 7 1,266 1,266 1,266
Total current assets 13,531 13,160 12,238
----------------------------------- ------------ --------------------------- ----------------
Total assets 39,424 37,853 38,539
------------------------------- ------------ ---------------------------
Capital and reserves
Issued capital 17,096 17,088 17,096
Share premium 8,142 8,105 8,142
Merger reserves 409 409 409
Retained profit 3,291 2,721 2,913
Share option reserve 44 36 44
Translation reserve (59) (154) (59)
Total equity 28,923 28,205 28,545
----------------------------------- ------------ --------------------------- ----------------
Trade and other payables 9,738 8,885 9,231
----------------------------------- ------------ --------------------------- ----------------
Total current liabilities 9,738 8,885 9,231
----------------------------------- ------------ --------------------------- ----------------
Deferred tax liability 763 763 763
------------------------------- ------------ ---------------------------
Total non-current liabilities 763 763 763
Total equity and liabilities 39,424 37,853 38,539
----------------------------------- ------------ --------------------------- ----------------
DODS GROUP PLC
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY for the six
months ended 30 September 2018
Share Total
Share Share Merger Retained Translation option shareholders'
capital premium reserve earnings reserve reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2017 17,088 8,105 409 1,784 (154) 36 27,268
Total comprehensive
loss
Profit for the year - - - 1,129 - - 1,129
Other comprehensive
loss
Currency translation
differences - - - - 95 - 95
Share based payment 8 8
Issue of ordinary
shares 8 37 - - - - 45
-------- -------- -------- --------- ------------ -------- ---------------
At 1 April 2018 17,096 8,142 409 2,913 (59) 44 28,545
Total comprehensive
profit
Profit for the period - - - 378 - - 378
At 30 September 2018 17,096 8,142 409 3,291 (59) 44 28,923
-------- -------- -------- --------- ------------ -------- ---------------
DODS GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months
ended 30 September 2018
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 Sept
18 30 Sept 17 31 Mar 18
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit for the period 378 937 1,129
Depreciation of property,
plant and equipment 185 178 357
Amortisation of intangible
assets acquired through
business combinations 198 204 408
Amortisation of other intangible
assets 267 217 466
Share based payments
credit - - 8
Other gains 1 22 21
Non-recurring acquisition
research costs and professional
fees - - 557
Income tax credit - - 182
----------------------------------- ------------ ------------- ------------
Operating cash flows before
movements in working capital 1,029 1,558 3,128
Change in inventories (22) (15) 23
Change in receivables (1,497) (807) (664)
Change in payables 506 412 671
----------------------------------- ------------ ------------- ------------
Net cash generated by
operations 16 1,148 3,158
Income tax paid - - (43)
Net cash from operating
activities 16 1,148 3,115
----------------------------------- ------------ ------------- ------------
Cash flows from investing
activities
Interest and similar
income received - - 2
Non-recurring acquisition
research costs and professional
fees (185) - (557)
Investment in associate - - (1,650)
Addition to property, plant
and equipment (68) (9) (261)
Additions to Intangible
assets (191) (174) (471)
Long term loan - (500) (500)
Net cash used in investing
activities (444) (683) (3,437)
----------------------------------- ------------ ------------- ------------
Cash flows from financing
activities
Proceeds from issue of
share capital - - 45
Net cash from financing
activities - - 45
----------------------------------- ------------ ------------- ------------
Net increase/(decrease)
in cash and cash equivalents (428) 465 (277)
Opening cash and cash
equivalents 8,757 9,033 9,033
Effect of exchange rate
fluctuations on cash held (1) - 1
----------------------------------- ------------ ------------- ------------
Closing cash at bank 8,328 9,498 8,757
----------------------------------- ------------ ------------- ------------
Cash and cash equivalents 7,062 8,232 7,491
Restricted cash held
in deposit account 1,266 1,266 1,266
----------------------------------- ------------ ------------- ------------
Closing cash at bank 8,238 9,498 8,757
----------------------------------- ------------ ------------- ------------
DODS GROUP PLC
Notes to the condensed consolidated interim financial statements 30 September 2018
1 Statement of Accounting Policies
Basis of preparation
This condensed set of financial statements has been prepared in accordance with IAS 34: Interim Financial Reporting as adopted by the EU. The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. As required by AIM Rules, the condensed set of financial statements has been prepared, and applying accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year-ended 31 March 2018.
The comparative figures for the year ended 31 March 2018 have been extracted from the Group's statutory accounts for that financial period. Those accounts have been reported on by the company's auditor and delivered to the registrar of companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The taxation charge for the six months ended 30 September 2018 is based on the assumed use of accumulated tax losses.
The condensed set of interim financial statements have been prepared on a going concern basis and were approved by the Board on 13 November 2018.
2 Segmental information
The Group considers that it has one operating business segment. It monitors revenue by product and activity to determine the overall performance of the segment.
Principal activities are as follows:
The Group's principal activity is the curation and aggregation of high quality information and data, and the provision of services through a combination of online information and digital services, training courses, conferences and events publications, and other media. The Group operates primarily in the UK, Belgium and France and has market-leading positions in much of its portfolio. These products and services can be paired and bundled to provide comprehensive solutions.
No client accounted for more than 10% of total revenue. The following table provides an analysis of the Group's performance by geographical market.
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 Sept 30 Sept 31 Mar
18 17 18
GBP'000 GBP'000 GBP'000
Revenue
United Kingdom 8,753 8,002 16,469
Continental Europe and rest of
the world 1,949 2,000 4,117
10,702 10,002 20,586
------------ ------------ ------------
3 Non-recurring items
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 Sept 2018 30 Sept 2017 31 Mar 2018
---------------------------------- -------------- -------------- -------------
GBP'000 GBP'000 GBP'000
Non-Recurring acquisition
research costs and professional
fees - 90 557
Talent Costs 83 - 110
Other
Redundancy and people related
expense 232 38 275
Legacy IT related costs - - -
Office relocation - - -
Other 146 - 33
461 128 975
---------------------------------- -------------- -------------- -------------
4 Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to shareholders by the weighted average number of Ordinary shares in issue during the period.
An adjusted earnings per share is calculated by dividing the adjusted profit attributable to shareholders (detailed below) by the weighted average number of Ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares, assuming conversion of all dilutive share options to Ordinary shares
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 Sept 2018 30-Sep-2017 31 Mar 2018
------------------------------------- ---------------- -------------- -------------
GBP'000 GBP'000 GBP'000
Profit attributable to shareholders 378 937 1,129
Add: non-trading items net
of tax 461 128 975
Add: amortisation of intangible
assets acquired through business
combinations 198 204 408
(Deduct)/Add: net finance
(income)/charge (4) 22 23
Add: share based payment
charge - - 8
-------------------------------------- ---------------- -------------- -------------
Adjusted profit on continuing
operations 1,033 1,291 2,543
-------------------------------------- ---------------- -------------- -------------
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 Sept 2018 30-Sep- 2017 31 Mar 2018
------------------------------------- ---------------- -------------- -------------
Ordinary Ordinary
Ordinary shares shares shares
Weighted average number of
shares
In issue during the period
- basic 341,524,286 340,840,953 341,524,286
Share options 250,000 1,250,000 250,000
-------------------------------------- ---------------- -------------- -------------
Weighted average number of
shares for diluted earnings
per share 341,774,286 342,090,953 341,774,286
-------------------------------------- ---------------- -------------- -------------
Earnings per share - ordinary
shares 0.11p 0.27p 0.33p
Adjusted earnings per ordinary
share (as defined above) 0.30p 0.38p 0.74p
Earnings per share on continuing
operations
Profit per ordinary share
- basic 0.11p 0.27p 0.33p
Profit per ordinary share
- diluted 0.11p 0.27p 0.33p
-------------------------------------- ---------------- -------------- -------------
5 Intangible assets
Assets acquired Software Total
through business
combinations
GBP'000 GBP'000 GBP'000
Cost
At 1 April 2017 24,215 2,436 26,651
Additions -internally generated - 471 471
At 1 April 2018 24,215 2,907 27,122
Additions -internally generated 1 191 191
--------------------------------- ------------------ --------- --------
At 30 September 2018 24,216 3,098 27,313
--------------------------------- ------------------ --------- --------
Amortisation
At 1 April 2017 16,951 989 17,940
Charged in year 408 466 874
--------------------------------- ------------------ --------- --------
At 1 April 2018 17,359 1,455 18,814
Charged in period 198 267 465
--------------------------------- ------------------ --------- --------
At 30 September 2018 17,557 1,722 19,279
--------------------------------- ------------------ --------- --------
Net Book Value
At 1 April 2017 7,264 1,447 8,711
--------------------------------- ------------------ --------- --------
At 1 April 2018 6,856 1,452 8,308
--------------------------------- ------------------ --------- --------
At 30 September 2018 6,659 1,376 8,035
--------------------------------- ------------------ --------- --------
6 Property, plant and equipment
Leasehold Equipment Total
improvements and fixtures
and fittings
GBP'000 GBP'000 GBP'000
Cost
At 1 April 2017 1,728 1,090 2,818
Additions 216 45 261
Disposals - (63) (63)
------------------------------ -------------- -------------- --------
At 1 April 2018 1,944 1,072 3,016
------------------------------ -------------- -------------- --------
Additions 54 14 68
------------------------------ -------------- -------------- --------
At 30 September 2018 1,998 1,086 3,084
------------------------------ -------------- -------------- --------
Depreciation
At 1 April 2017 106 289 395
Reclassified from intangible
assets
Charged in year 173 184 357
Disposals - (62) (62)
------------------------------ -------------- -------------- --------
At 1 April 2018 279 411 690
Charged in period 98 87 185
------------------------------ -------------- -------------- --------
At 30 September 2018 377 498 875
------------------------------ -------------- -------------- --------
Net Book Value
At 1 April 2017 1,622 801 2,423
------------------------------ -------------- -------------- --------
At 1 April 2018 1,665 662 2,327
------------------------------ -------------- -------------- --------
At 30 September 2018 1,621 588 2,209
------------------------------ -------------- -------------- --------
7 Cash and Cash Equivalents
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 Sept 2018 30 Sep 2017 31 Mar 2018
--------------------------------- -------------- ------------- -------------
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 7,062 8,232 7,491
Restricted cash held in deposit
account 1,266 1,266 1,266
8,328 9,498 8,757
--------------------------------- -------------- ------------- -------------
Included in the cash balance is a cash deposit of GBP1.27m (2018: GBP1.27m) in relation to a lease for the London premises of the Group. Once the Group obtain certain adjusted EBIDTA performance then the deposit held by the Landlord becomes unrestricted.
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.
END
IR BIBFTMBABMJP
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November 14, 2018 02:01 ET (07:01 GMT)
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