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DODS Dods Group Plc

75.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Dods Group PLC Half-year Report (6293W)

16/11/2017 7:01am

UK Regulatory


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TIDMDODS

RNS Number : 6293W

Dods Group PLC

16 November 2017

Dods Group PLC

("Dods" or "the Group")

Unaudited Interim Results

for the six months ended 30 September 2017

Financial Highlights

 
                             H1      H1 2016    Actual 
                            2017                Increase 
 
 Revenue                  GBP10.0m   GBP9.7m     3.1% 
 Gross Profit             GBP4.3m    GBP3.7m     16.2% 
 Gross Profit Margin        43%        38%      5 ppts 
 Profit Before Tax        GBP0.9m    GBP0.8m     12.5% 
 Adjusted EBITDA*         GBP1.7m    GBP1.5m     13.3% 
 Cash at bank             GBP9.5m    GBP7.9m     20.3% 
 Basic EPS                 0.27p      0.24p      12.5% 
 Adjusted Basic 
  EPS                      0.38p      0.34p      11.8% 
 

*Adjusted EBITDA is calculated as earnings before interest, tax, depreciation, amortisation of intangible assets, share based payments and non-recurring items

Operational Highlights

-- At the half year, recurring revenue as a percentage of total revenue is 85% and client retention is 94%

-- Specific first-half product innovation highlights include the expansion of the Dods People app including UK and EU parliaments, the expansion of series-based events, the introduction of new EU focussed quarterly magazine and the development of Dods People data integration with a global CRM provider

-- The Group continues to focus on its strategic approach to sales and marketing, client services and product innovation

   --      Planned investment in key personnel will continue in the second half of the financial year. 

Post Period-end

-- The Group also announced today it has acquired and subscribed for 30% of the enlarged issued share capital of Social360 Limited (www.social360monitoring.com) for GBP1.65 million in cash. The acquisition gives Dods an opportunity to create a competitive advantage and expand its bundled services around political monitoring, business intelligence and consultative services to existing clients and new markets.

Cheryl Jones, Chairman of Dods Group PLC, commented:

"The Group's financial performance is on track for the full fiscal year. Moreover, the increase in margin and profit is a reflection of high client retention and efficiency levels that have been achieved in the business.

The Group has now moved to the next stage in its development, re-invigorating its sales and marketing to attract new customers whilst also exploring new products to cross sell into its existing base. We have a clear strategy to be a leading provider of high quality information, engagement and digital services and are confident that we will be able to achieve long term growth, both organically and through acquisitions."

For further information, please contact:

Dods Group PLC via Alma PR

   Josh Royston                                                                        07780 901 979 
   John Coles                                                                             07836 273660 
   Helena Bogle                                                                        07580 216 203 

Cenkos

   Nicholas Wells                                                                    020 7397 8900 

Mark Connelly

Business and Operational Review

The Group's revenues grew by 3% to GBP10.0 million (2016: GBP9.7 million). Gross margins improved from 38% to 43%. Adjusted EBITDA has improved from GBP1.5 million to GBP1.7 million, an increase of 13.3%. Profit before tax of GBP0.9 million (2016: GBP0.8 million).

As part of its strategy, Dods is focussed on bringing innovative products and flexible solutions to the marketplace. This strategy combined with the high-calibre level of our political and business consulting teams, our strategic sales efforts and our investment in technology infrastructure, has resulted in a 94% retention level in our subscriber base.

Through the period, the operational priorities were:

   -       support the planned growth in revenue in the events and engagement portfolio; 
   -       maintain focus on improving the retention of recurring subscriber revenues; 

- continue to develop and invest in our digital products whilst maintaining our print media market share resulting in 89% recurring revenues as at 30 September 2017;

   -       on-going client stakeholder mapping to optimise competitive positioning; and 
   -       increase our training revenues via internal investment in key personnel. 

The Group is actively pursuing acquisitions and strategic investments that will expand core competencies into new markets, offer product innovation and bring scale to existing products and services.

Dods provides tailored solutions that enable actionable insights for critical decision making in an increasingly fast-paced commercial landscape. As the pressure to perform increases, clients are seeking more bespoke offerings with evolved solutions. This creates demand for providers to recombine products and to offer creative service bundles rather than going to market with traditionally more narrowly defined products. These market dynamics underpin the Group's strategy.

Outlook

The Board is confident in the long-term growth prospects for the Group. The quality and loyalty of the existing customer base provides the opportunity for strong organic growth as we continue to add to our range of services.

By Order of the Board

Key Financial Information

 
 Half Year Summary 
                                       Six months      Six months 
                                          ended           ended 
 (GBP'000s unless specified            30 September    30 September 
  otherwise)                               2017            2016 
 
 Revenue                                 10,002           9,740 
 Gross Profit 
  Margin %                                 43%             38% 
 
 Adjusted EBITDA                          1,686           1,531 
 Depreciation                             (178)           (124) 
 
   Amortisation of intangible 
   assets and assets acquired 
   through business combinations          (204)           (292) 
 Amortisation of software 
  intangible assets                       (217)           (172) 
 Adjusted EBIT                            1,087            943 
 Non-recurring 
  items                                   (128)           (42) 
 Net finance costs                        (22)            (83) 
 Earnings before 
  tax                                      937             818 
 
 EPS (pence)                              0.27            0.24 
 Adjusted EPS 
  (pence)                                 0.38            0.34 
 
 Cash flow from operations                1,148           1,404 
 Cash at bank                             9,498           7,888 
 

FINANCIAL REVIEW

Income Statement

The Group's revenue from continuing operations increased by 3% to GBP10.0 million (2016: GBP9.7 million) and gross profit increased by 17% to GBP4.3 million (2016: GBP3.7 million).

Gross margin increased from 38% to 43% in the period. The increase in gross margin was due to an ongoing focus on the quality of revenue across the Group and more efficient management of internal resources. Administration costs increased by 22% to GBP2.7 million (2016: GBP2.2 million) reflecting the increase in building costs of GBP0.4 million as the Group moved in to its new London premises in the second half of last year.

Adjusted EBITDA increased by 10% to GBP1.7 million (2016: GBP1.5 million). Operating profit was GBP1.0 million (2016: GBP0.9 million), after an amortisation charge of GBP0.2 million (2016: GBP0.3 million) for business combinations and a charge of GBP0.2 million (2016: GBP0.2 million) for intangible assets. The depreciation charge in the period was GBP0.2 million (2016: GBP0.1 million) reflecting the increase in fixed assets related to the new London premises.

The taxation charge for the period is GBPNil (2016: GBPNil) and is based on the expected annual tax rate and the assumed use of accumulated tax losses and other mitigating factors.

Adjusted earnings per share, both basic and diluted, from continuing operations in the period were 0.38 pence (2016: 0.34 pence) and were based on the adjusted profit for the period of GBP1.3 million (2016: GBP1.2 million) with a weighted average number of shares in issue during the period of 340,840,953 (2016: 340,840,953). Earnings per share, both basic and diluted, from continuing operations in the period were 0.27 pence (2016: 0.24 pence) and were based on the profit for the period of GBP0.9 million (2016: GBP0.8 million).

Dividend

The Board is not proposing a dividend at this time.

Statement of Financial Position

Assets

Non-current assets consisted of goodwill of GBP13.3 million (2016: GBP13.3 million), intangible assets of GBP8.5 million (2016: GBP9.0 million) and tangible fixed assets of GBP2.3 million (2016: GBP2.5 million). The Group holds a 40% stake in the issued share capital of Sans Frontières Associates (SFA) which it has loaned GBP0.7 million (2016: GBPNil) at the period end. The loan is unsecured and carries no interest charge.

The Group had a cash balance of GBP9.5 million as at 30 September 2017 (2016: GBP7.9 million). The cash balance is after the expenditure of GBP0.8 million in investing activities and includes a deposit of GBP1.3 million (2016: GBP1.3 million) being held in the Group's name with its bankers.

Equity and Liabilities

Retained profits as at 30 September 2017 were GBP2.7 million (2016: GBP1.0 million) and total shareholders' equity at that date was GBP28.2 million (2016: GBP26.6 million).

Non-current deferred tax liability was GBP0.7 million as at 30 September 2017 (GBP0.8 million as at 30 September 2016).

Cash flows

During the period, the Group generated GBP1.2 million from operations (2016: GBP1.4 million). In addition, the Group expended GBP0.8 million in investing activities (2016: GBP2.6 million) and as a result, net cash and cash equivalents increased by GBP0.4 million to GBP9.5 million.

Nitil Patel

Chief Financial Officer

 
 DODS GROUP PLC 
 CONSOLIDATED INCOME STATEMENT 
  for the six months ended 
  30 September 2017 
 
 
                                                Unaudited      Unaudited    Audited 
                                               Six months     Six months       Year 
                                                    ended          ended      ended 
                                             30 September   30 September   31 March 
                                                     2017           2016       2017 
                                      Note        GBP'000        GBP'000    GBP'000 
 
 Revenue                                 2         10,002          9,740     19,965 
 Cost of sales                                    (5,658)        (6,017)   (11,729) 
-----------------------------------  -----  -------------  -------------  --------- 
 Gross Profit                                       4,344          3,722      8,236 
-----------------------------------  -----  -------------  -------------  --------- 
 Administrative expenses                          (2,658)        (2,191)    (4,835) 
-----------------------------------  -----  -------------  -------------  --------- 
 Adjusted EBITDA                                    1,686          1,531      3,401 
-----------------------------------  -----  -------------  -------------  --------- 
 Depreciation                                       (178)          (124)      (301) 
 Amortisation of intangible 
  assets acquired via combinations                  (204)          (292)      (584) 
 Amortisation of intangible 
  assets                                            (217)          (172)      (368) 
 Non-recurring items                     3          (128)           (42)      (221) 
-----------------------------------  ----- 
 Operating profit                                     959            901      1,927 
-----------------------------------  -----  -------------  -------------  --------- 
 Net finance costs                                   (22)           (83)      (380) 
-----------------------------------  -----  -------------  -------------  --------- 
 Profit before tax                                    937            818      1,547 
 Tax                                                    -              -         16 
-----------------------------------  -----  -------------  -------------  --------- 
 Profit for the period                                937            818      1,563 
 
 
 Earnings per share 
 Basic                                   4          0.27p          0.24p      0.46p 
 Diluted                                 4          0.27p          0.24p      0.46p 
 
 
 DODS GROUP PLC 
 CONSOLIDATED STATEMENT OF COMPREHENSIVE 
 INCOME 
 for the six months ended 30 September 
 2017 
                                                                     Unaudited      Unaudited    Audited 
                                                                    Six months     Six months       Year 
                                                                         ended          ended      ended 
                                                                  30 September   30 September   31 March 
                                                                          2017           2016       2017 
                                                                       GBP'000        GBP'000    GBP'000 
  Profit for the period                                                    937            818      1,563 
 
  Items that will be subsequently 
  reclassified to profit 
  and loss 
  Exchange differences on 
   translation of foreign 
   operations                                                                -            (2)       (86) 
                                     -----------------------------------------  -------------  --------- 
  Other comprehensive loss 
   for the period                                                            -            (2)       (86) 
                                     -----------------------------------------  -------------  --------- 
 
  Attributable to equity 
   holders of parent company                                               937            816      1,477 
                                     -----------------------------------------  -------------  --------- 
 
 
 
 DODS GROUP PLC 
 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL 
  POSITION as at 30 September 2017 
 
                                              Unaudited                      Unaudited           Audited 
                                                  As at                          As at             As at 
                                           30 September                   30 September          31 March 
                                                   2017                           2016              2017 
                                                GBP'000                        GBP'000           GBP'000 
 
  Goodwill                                       13,282                         13,282            13,282 
  Intangible assets           5                   8,457                          8,926             8,711 
  Property, plant and 
   equipment                  6                   2,254                          2,516             2,423 
  Long term loan                                    700                              -               200 
 --------------------------  ----------  --------------  -----------------------------  ---------------- 
  Total non-current assets                       24,693                         24,724            24,616 
 --------------------------------------  --------------  -----------------------------  ---------------- 
 
  Inventories                                        50                             67                35 
  Trade and other receivables                     3,612                          2,287             2,805 
  Cash and cash equivalents   7                   8,232                          6,622             7,767 
  Restricted cash held 
   in deposit account         7                   1,266                          1,266             1,266 
  Total current assets                           13,160                         10,242            11,873 
 --------------------------------------  --------------  -----------------------------  ---------------- 
  Total assets                                   37,853                         34,966            36,489 
 --------------------------  ----------  --------------  ----------------------------- 
 
  Capital and reserves 
  Issued capital                                 17,088                         17,088            17,088 
  Share premium                                   8,105                          8,105             8,105 
  Merger reserves                                   409                            409               409 
  Retained profit                                 2,721                          1,039             1,784 
  Share option reserve                               36                             27                36 
  Translation reserve                             (154)                           (66)             (154) 
 
  Total equity                                   28,205                         26,602            27,268 
 --------------------------------------  --------------  -----------------------------  ---------------- 
 
  Trade and other payables                        8,885                          7,525             8,458 
 --------------------------------------  --------------  -----------------------------  ---------------- 
  Total current liabilities                       8,885                          7,525             7,474 
 --------------------------------------  --------------  -----------------------------  ---------------- 
 
 
    Deferred tax liability                          763                            839               763 
 --------------------------  ----------  --------------  ----------------------------- 
  Total non-current liabilities                     763                            839               763 
  Total equity and liabilities                   37,853                         34,966            36,489 
 --------------------------------------  --------------  -----------------------------  ---------------- 
 
 
 
 
 DODS GROUP PLC 
 CONDENSED CONSOLIDATED STATEMENT 
  OF CHANGES IN EQUITY for 
  the six months ended 30 September 
  2017 
 
                                                                                         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 2016                17,083     8,057       409        221          (68)        27           25,729 
  Total comprehensive 
   loss 
       Profit for the 
        year                          -         -         -      1,563             -         -            1,563 
  Other comprehensive 
   loss 
       Currency translation 
        differences                   -         -         -          -          (86)         -             (86) 
  Transactions 
   with owners 
      Exercise of 
       share options 
       Lapsed option                  -         -         -          -             -         9         9 
       transfer                       -         -         -          -             -         -          - 
      Share based 
       payment                        5        48         -          -             -         -               53 
                               --------  --------  --------  ---------  ------------  --------  --------------- 
  At 1 April 2017                17,088     8,105       409      1,784         (154)        36           27,268 
  Total comprehensive 
   profit 
       Profit for the 
        period                        -         -         -        937             -         -              937 
  Transactions 
   with owners 
      Exercise of 
       share options 
       Lapsed option                  -         -         -          -             -         -                - 
       transfer                       -         -         -          -             -         -                - 
  Other comprehensive 
   profit 
       Currency translation 
        differences                   -         -         -          -                       -                - 
                               --------  --------  --------  ---------  ------------  --------  --------------- 
  At 30 September 
   2017                          17,088     8,105       409      2,721         (154)        36           28,205 
                               --------  --------  --------  ---------  ------------  --------  --------------- 
 
 
 
 DODS GROUP PLC 
 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 
  for the six months ended 30 September 2017 
 
                                            Unaudited      Unaudited    Audited 
                                           Six months     Six months       Year 
                                                ended          ended      ended 
                                         30 September   30 September   31 March 
                                                 2017           2016       2017 
                                              GBP'000        GBP'000    GBP'000 
 
  Cash flows from 
   operating activities 
  Profit for the period                           937            818      1,563 
  Depreciation of property, 
   plant and equipment                            178            124        301 
  Amortisation of intangible 
   assets acquired through 
   business combinations                          204            292        584 
  Amortisation of other 
   intangible assets                              217            172        368 
  Share based payments 
   credit                                           -              -          9 
  Other gains                                      22             81        380 
  Income tax credit                                 -              -       (16) 
 ---------------------------------      -------------  -------------  --------- 
  Operating cash flows 
   before movements in 
   working capital                              1,558          1,487      3,189 
  Change in inventories                          (15)           (26)          6 
  Change in receivables                         (807)           (96)      (615) 
  Change in payables                              412             39        897 
 ---------------------------------      -------------  -------------  --------- 
  Net cash generated 
   by operations                                1,148          1,404      3,477 
 
  Income tax paid                                   -              -       (60) 
 
  Net cash from operating 
   activities                                   1,148          1,404      3,417 
 --------------------------------  ---  -------------  -------------  --------- 
 
  Cash flows from 
   investing activities 
  Interest and similar 
   income received                                  -             18         19 
  Addition to property, 
   plant and equipment                            (9)        (2,435)    (2,530) 
  Additions to Intangible 
   assets                                       (174)          (137)      (411) 
  Long term loan                                (500)              -      (200) 
 
  Net cash used in 
   investing activities                         (683)        (2,553)    (3,122) 
 ---------------------------------      -------------  -------------  --------- 
 
  Cash flows from 
   financing activities 
   Proceeds from issue 
   of share capital                                 -             53         53 
  Foreign exchange 
   forward contracts                                -           (90)      (399) 
  Interest and similar 
   expenses paid                                    -            (9)          - 
 
  Net cash from financing 
   activities                                       -           (46)      (346) 
 ---------------------------------      -------------  -------------  --------- 
 
  Net increase/(decrease) 
   in cash and cash equivalents                   465        (1,195)       (51) 
  Opening cash and 
   cash equivalents                             9,033          9,083      9,083 
  Effect of exchange 
   rate fluctuations 
   on cash held                                     -              -          1 
 --------------------------------  ---  -------------  -------------  --------- 
  Closing cash at 
   bank                                         9,498          7,888      9,033 
 ---------------------------------      -------------  -------------  --------- 
 
  Cash and cash equivalents                     8,232          7,888      9,033 
  Restricted cash 
   held in deposit 
   account                                      1,266              -          - 
 -------------------------------   ---  -------------  -------------  --------- 
  Closing cash at 
   bank                                         9,498          7,888      9,033 
 ---------------------------------      -------------  -------------  --------- 
 
 
 

DODS GROUP PLC

Notes to the condensed consolidated interim financial statements

30 September 2017

   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 2017.

The comparative figures for the year ended 31 March 2017 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 2017 is based on the expected annual tax rate, and the assumed use of accumulated tax losses and other mitigating factors.

The condensed set of interim financial statements have been prepared on a going concern basis and were approved by the Board on 15 November 2017.

   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    Audited 
                                   Six months     Six months       Year 
                                        ended          ended      ended 
                                 30 September   30 September   31 March 
                                         2017           2016       2017 
                                      GBP'000        GBP'000    GBP'000 
 Revenue 
 United Kingdom                         8,002          7,823     15,972 
 Continental Europe and 
  rest of the world                     2,000          1,917      3,993 
                                       10,002          9,740     19,965 
                                -------------  -------------  --------- 
 
 
 
 
 
   3       Non-recurring items 
 
                             Unaudited     Unaudited 
                            Six months    Six months       Audited 
                                 ended         ended    Year ended 
                               30 Sept        30 Sep        31 Mar 
                                  2017          2016          2017 
-----------------------   ------------  ------------  ------------ 
                               GBP'000       GBP'000       GBP'000 
 
 Redundancy and people 
  related expense                   38            33            76 
 Legacy IT related 
  costs                              8             -           106 
 Acquisition related 
  expense                           82             -            28 
 London office move                  -             9            11 
                                   128            42           221 
 -----------------------  ------------  ------------  ------------ 
 
   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        30 Sep        31 Mar 
                                       2017          2016          2017 
----------------------------   ------------  ------------  ------------ 
                                    GBP'000       GBP'000       GBP'000 
 
 Profit attributable 
  to shareholders                       937           818         1,563 
 Add: non-trading items 
  net of tax                            128            42           221 
 Add: amortisation 
  of intangible assets 
  acquired through business 
  combinations                          204           292           584 
 Add: net exchange 
  losses                                 22             -           331 
-----------------------------  ------------  ------------  ------------ 
 Add: share based payment 
  charge                                  -             -             9 
-----------------------------  ------------  ------------  ------------ 
 Adjusted profit on 
  continuing operations               1,291         1,152         2,708 
-----------------------------  ------------  ------------  ------------ 
 
                                  Unaudited     Unaudited 
                                 Six months    Six months       Audited 
                                      ended         ended    Year ended 
                                    30 Sept        30 Sep        31 Mar 
                                       2017          2016          2017 
----------------------------   ------------  ------------  ------------ 
                                   Ordinary      Ordinary      Ordinary 
                                     shares        shares        shares 
 Weighted average number 
  of shares 
 In issue during the 
  period - basic                340,840,953   340,840,953   340,840,953 
 Share options                    1,250,000     1,250,000     1,250,000 
-----------------------------  ------------  ------------  ------------ 
 Weighted average number 
  of shares for diluted 
  earnings per share            342,090,953   342,090,953   342,090,953 
-----------------------------  ------------  ------------  ------------ 
 
 Earnings per share 
  - ordinary shares                   0.27p         0.24p         0.46p 
 Adjusted earnings 
  per ordinary share 
  (as defined above)                  0.38p         0.34p         0.79p 
 
 Earnings per share 
  on continuing operations 
 Profit per ordinary 
  share - basic                       0.27p         0.24p         0.46p 
 Profit per ordinary 
  share - diluted                     0.27p         0.24p         0.46p 
-----------------------------  ------------  ------------  ------------ 
 
 
   5      Intangible assets 
 
                                     Assets   Software     Total 
                                   acquired 
                                    through 
                                   business 
                               combinations 
                                    GBP'000    GBP'000   GBP'000 
 Cost 
 At 1 April 2016                     24,215      4,058    28,273 
 Reclassified to property, 
  plant and equipment                     -       (79)      (79) 
 Additions -externally 
  purchased                               -         39        39 
 Additions -internally 
  generated                               -        372       372 
 Disposals                                -    (1,954)   (1,954) 
---------------------------  --------------  ---------  -------- 
 At 1 April 2017                     24,215      2,436    26,651 
 Additions -internally 
  generated                               -        167       167 
---------------------------  --------------  ---------  -------- 
 At 30 September 2017                24,215      2,603    26,818 
---------------------------  --------------  ---------  -------- 
 
 Amortisation 
 At 1 April 2016                     16,367      2,646    19,013 
 Reclassified to property, 
  plant and equipment                     -       (71)      (71) 
 Charged in year                        584        368       952 
---------------------------  --------------  ---------  -------- 
 At 1 April 2017                     16,951        989    17,940 
 Charged in period                      204        217       421 
---------------------------  --------------  ---------  -------- 
 At 30 September 2017                17,155      1,206    18,361 
---------------------------  --------------  ---------  -------- 
 
 Net Book Value 
 At 1 April 2016                      7,848      1,412     9,260 
---------------------------  --------------  ---------  -------- 
 
 At 1 April 2017                      7,264      1,447     8,711 
---------------------------  --------------  ---------  -------- 
 
 At 30 September 2017                 7,060      1,397     8,457 
---------------------------  --------------  ---------  -------- 
 
   6      Property, plant and equipment 
 
                            Leasehold       Equipment     Total 
                         improvements    and fixtures 
                                         and fittings 
                              GBP'000         GBP'000   GBP'000 
 Cost 
 At 1 April 2016                  642             615     1,257 
 Reclassified from 
  intangible assets                 -              79        79 
 Additions                      1,709             821     2,530 
 Disposals                      (623)           (425)   (1,048) 
---------------------  --------------  --------------  -------- 
 At 1 April 2017                1,728           1,090     2,818 
---------------------  --------------  --------------  -------- 
 Rebate of bought 
  forward assets                 (23)               -      (23) 
 Additions                          -              32        32 
---------------------  --------------  --------------  -------- 
 At 30 September 
  2017                          1,705           1,122     2,827 
---------------------  --------------  --------------  -------- 
 
 Depreciation 
 At 1 April 2016                  542             529     1,071 
 Reclassified from 
  intangible assets                27              44        71 
 Charged in year                  160             141       301 
 Disposals                      (623)           (425)   (1,048) 
---------------------  --------------  --------------  -------- 
 At 1 April 2017                  106             289       395 
 Charged in period                 83              95       178 
---------------------  --------------  --------------  -------- 
 At 30 September 
  2017                            189             384       574 
---------------------  --------------  --------------  -------- 
 
 Net Book Value 
 At 1 April 2016                  100              86       186 
---------------------  --------------  --------------  -------- 
 
 At 1 April 2017                1,622             801     2,423 
---------------------  --------------  --------------  -------- 
 
 At 30 September 
  2017                          1,516             738     2,254 
---------------------  --------------  --------------  -------- 
 
   7     Cash and Cash Equivalents 
 
 
                           Unaudited     Unaudited 
                          Six months    Six months       Audited 
                               ended         ended    Year ended 
                             30 Sept        30 Sep        31 Mar 
                                2017          2016          2017 
---------------------   ------------  ------------  ------------ 
                             GBP'000       GBP'000       GBP'000 
 
 Cash at bank and in 
  hand                         9,498         7,888         9,033 
 
                               9,498         7,888         9,033 
 ---------------------  ------------  ------------  ------------ 
 
 

Included in the cash balance is a cash deposit held in the Group's name with its bankers of GBP1.27m (2016: GBP1.27m) in relation to the new premises of the Group.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BABFTMBIBBJR

(END) Dow Jones Newswires

November 16, 2017 02:01 ET (07:01 GMT)

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