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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Earthport Plc | LSE:EPO | London | Ordinary Share | GB00B0DFPF10 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 37.70 | 36.90 | 38.50 | 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
TIDMEPO
RNS Number : 9967I
Earthport PLC
27 March 2018
27 March 2018
Earthport plc
("Earthport", the "Company" or the "Group")
Unaudited Interim Results
Earthport (AIM: EPO.L), the leading cross border payment services utility, is pleased to announce its unaudited interim results for the six-month period ended 31 December 2017 (H1 FY 2018).
Financial Highlights
-- Revenues grew by 8% to GBP15.4 million (H1 FY 2017: GBP14.3 million)
o Transactional revenues comprised 94% of H1 FY 2018 total revenues
-- Adjusted Gross Profit(1) decreased by 3.0% to GBP9.8 million (H1 FY 2017: GBP10.1 million)
o Adjusted Gross Margin decreased to 64% (H1 FY 2017: 70%), due to increase in network delivery costs and business mix
-- Gross margin of 62% (H1 FY 2017: 69%) after the impact of warrant charge, resulting in gross profit of GBP9.5 million (H1 FY 2017: GBP9.9 million)
-- Administrative expenses increased by 10% to GBP14.3 million (H1 FY 2017: GBP13.0 million) and represented 93% of revenues (H1 FY 2017: 91%)
-- Adjusted EBITDA loss increased by approximately GBP1.7 million to GBP3.2 million (H1 FY 2017: GBP1.5 million)
-- Adjusted operating loss(2) increased by GBP1.6 million to GBP4.8 million (H1 FY 2017: GBP3.2 million), in line with management's expectations as announced in February 2018
-- Loss after taxation increased by GBP1.9 million to GBP4.8 million (H1 FY 2017: GBP2.9 million)
-- Loss per share increased to 0.93 pence (H1 FY 2017: 0.61 pence)
-- Cash Balance at 31 December 2017 amounted to GBP30.6 million, compared to GBP11.9 million at 30 June 2017, which includes net proceeds of GBP24 million from the fundraising completed in October 2017
Operational Highlights
-- Transactions and payment volume continued to be robust through the period
o Number of transactions was approximately 5 million, in line with the prior year period (H1 FY 2017: 5 million). Excluding the recent change at one of our leading e-commerce clients announced in December 2017, the number of transactions increased by 11%
o Payment volume increased by 12% to $8.7 billion (H1 FY 2017: $7.8 billion)
o Average revenue per transaction increased by 9% to GBP2.87 (H1 FY 2017: GBP2.64), caused by the discontinuation of the low-value e-commerce business
-- Earthport now has over 65 countries in its local banking network, with the ability to deliver payments to 200 countries in total
-- The Company enters H2 FY 2018 with a record pipeline
Phil Hickman, Interim CEO of Earthport plc, commented: "While there have been clear challenges as we announced in December 2017, Earthport's core offering and market positioning remains strong. We continue to deliver growth in revenue, expand our geographic presence and deliver an increasingly relevant service to our clients. We currently have a strong pipeline with increasing opportunities within the banking and ecommerce sectors, as well as in new geographies. This, coupled with continued growth in our existing client base, gives us confidence in meeting our expectations for FY 2018 and becoming cash flow breakeven by the end of FY 2019."
1. Adjusted gross profit and margin figures exclude a warrant charge of GBP0.33 million (H1 FY2017: GBP0.23 million)
2. Adjusted loss before taxation is stated before the unrealised fair gain adjustment of GBP1.2 million (H1 FY2017: GBP0.94 million) and share based payment charge of GBP1.0 million (H1 FY2017: GBP1.1 million)
For further information, please contact:
Earthport Plc 020 7220 9700
Phil Hickman, Chief Executive Officer (Interim)
Hank Uberoi, Executive Chairman
Newgate Communications 020 7653 9848
Bob Huxford/James Ash
N+1 Singer (Nomad & Joint Broker) 020 7496 3000
Mark Taylor/James White
Shore Capital (Joint Broker) 020 7408 4090
Toby Gibbs/Stephane Auton
About Earthport
Earthport provides cross-border payment services to banks and businesses. Through a single relationship with Earthport, clients can seamlessly manage payments to almost any bank account in the world, reducing costs and complexity to meet their customers' evolving expectations of price, speed and transparency.
Earthport offers clients access to global payment capability in 200+ countries and territories, with local ACH options in 65+ countries and an evolving suite of currencies and settlement options.
Earthport continues to invest in the establishment of in-country bank partnerships across the world, bringing together its deep market and regulatory expertise in order to maintain compliant and commercially competitive services.
The result - a global payments network accessed via a single relationship, delivering significant cost and operating efficiencies for banks and businesses servicing high volumes of lower value payments.
Headquartered in London with regional offices in New York, Dubai, Miami and Singapore, Earthport is a public company, traded on the London Stock Exchange (AIM: EPO).
Please visit www.earthport.com for more information.
Overview
The first half of FY 2018 has not been without its challenges. Key changes in our senior management, board and client base have defined a period of change for Earthport. Despite this, and in line with our December update, we remain positive with good cause. Revenue from our existing clients has increased and continues to grow in line with expectations. As a consequence of this, we recently had an all-time record day of transactions processed.
The pipeline is stronger than it has ever been, with more new clients on boarded and meaningful prospects engaged than at any time previously. We expect to see the revenue benefits of this in the next financial year as the transactional volumes increase significantly over a 12-18 month period. Banks and international businesses are increasingly recognising the need to improve their payment capabilities, global reach and regulatory understanding. We are well positioned to deliver against this as validated by our continued growth from both new and existing clients.
Our focus is now firmly on optimising our operational efficiency and reducing our administration costs. Delivering key improvements in our technology to increase automation and process simplification is a high priority. We expect to see significant change across our business as a whole, delivering real reductions in overall cost. An internal review of all costs is already underway and is a key priority for us going forward.
Our model continues to remain relevant in the growing cross border payments market, offering significant value to our clients via our truly global reach, unmatched regulatory and risk experience and secure, predictable payments. Operating in over 200 countries and with direct local banking relationships in over 65 countries, we remain at the forefront of the ever evolving cross border payments market.
Financial and Transactional Review
Despite the challenges of delays in expected contracts, client implementations and a change at one of our leading e-commerce clients, revenues grew by 8% to GBP15.4 million (H1 FY 2017: GBP14.3 million) with 94% of revenues being transactional revenues. The increase is predominantly from existing customers, as the service becomes more robust, as well as the continued expansion of our global network and significant growth in ecommerce payments. The number of transactions was in line with H1 FY 2017 at approximately 5 million, this is due to the recent change at one of our leading e-commerce clients announced in December. Excluding that, transactions were up 11% compared to H1 FY 2017 with Straight Through Processing (STP) rates of greater than 99.5%. Monetary value of transactions processed increased by 12% to $8.7 billion (H1 FY 2017: $7.8 billion).
The Adjusted Gross Margin decreased to 64% (H1 FY 2017: 70%) due to network delivery costs, geographical mix of transactions and the associated differences in transaction price per corridor, this is in-line with management expectations. Adjusted Gross Profit decreased by 3.0% to GBP9.8 million (H1 FY 2017: GBP10.1 million). Gross margin for the period decreased to 62% (H1 FY 2017: 69%) after the impact of warrant charge, resulting in gross profit of GBP9.5 million (H1 FY 2017: GBP9.9 million).
Administrative expenses increased by 10% to GBP14.3 million (H1 FY 2017: GBP13.0 million), this is mainly due to investment in capturing the growing opportunities pipeline in existing clients and sales capacity, in the e-commerce vertical and in Asia. Administrative expenses were reported as GBP13.9m in our 15 February 2018 trading update.
Adjusted Loss before Taxation, excluding share based payment charges of GBP1.0 million (H1 FY 2017: GBP1.1 million) and unrealised fair gain value of GBP1.2 million (H1 FY 2017: GBP0.94 million) increased by 50% to GBP4.8 million (H1 FY 2017: GBP3.2 million). The unrealised fair value adjustment of GBP1.2 million arises on the translation of unsettled transactions at 31 December 2017 and this gain will only materialise in the event that any parties to the transactions default.
The reported loss before taxation increased by 42% to GBP4.7 million (H1 FY 2017: GBP3.3 million).
Loss per share increased by 53% to 0.93 pence (H1 FY 2017: 0.61 pence).
Net cash used in operating activities increased by 145 % to GBP4.9 million (H1 FY 2017: GBP2.0 million), this is in line with management's investment plan as detailed in October 2017. The Cash Balance at 31 December 2017 amounted to GBP30.6 million, compared to GBP11.9 million at 30 June 2017 (H1 FY 2017: GBP11.4 million), which includes the net proceeds of GBP24 million from the fundraising in October 2017.
Operational and Network Review
Earthport is one of the most trusted providers of cross-border payments in the world. Our compliance and regulatory function is second to none, offering an in-depth understanding of local requirements and potential risks. Our decision to prioritise building a bank grade compliance function is increasingly becoming a key differentiator for us. Receiving our New York money transfer licence in March 2018 exemplifies our continued drive in this key area and will now enable us to offer local treasury services to our North American clients.
With our pipeline stronger than at any time in the past, the Company secured numerous new customers and partnerships during the period under review. In addition to this, we have seen significant extensions to existing client relationships including Bank of America Merrill Lynch (BAML), Payoneer and Japan Post Bank.
In order to deliver payments for our clients and their clients to anywhere in the world, we continue our focus on new technologies to enhance our services both internally and externally. Our well documented early involvement in distributed ledger continues to expand, with a significant initiative to go live in the second half of FY 2018 with a Tier 1 global bank.
With GBP30.6 million of cash on our balance sheet as at 31 December 2017, we are well financed to deliver against our longer-term growth strategy. We are further investing in our global sales function and product enhancements. In addition, we are investing in technology, predominantly with the aim of reducing operational costs through further automation and innovation.
Board and Management changes
As announced in December, Hank Uberoi has been appointed as Executive Chairman of Earthport and is concentrating on working with the leadership team to identify wider strategic, commercial and investment opportunities.
With effect from 1(st) January, Phil Hickman, previously Non-Executive Chairman, has taken on the role of interim CEO whilst the Company looks for a permanent CEO replacement. Phil has significant banking and management experience, having spent over 32 years with HSBC.
Post period end it was announced that Simon Adamiyatt would step down from his role as Earthport's Chief Financial Officer and that John McCoy would step down from his position as a Non-Executive Director of Earthport. The Company thanks Simon and John for their contributions.
Earthport's search for a new permanent CEO and CFO is progressing well. The Company is in active discussions with various candidates and looks forward to announcing appointments in the near future.
Outlook
While there have been challenges during the period, Earthport's core offering and market positioning remain strong. Alongside growth opportunities, we are focused on delivering operational efficiencies, global expansion and continued innovation. With continued growth in revenue from existing clients, our strongest pipeline ever and a solid balance sheet supporting further expansion and strategic initiatives, the board remains confident in meeting its expectations for FY 2018 and reaching cash flow breakeven by the end of FY 2019.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31 December 2017
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 Jun
2017 2016 2017
Continuing operations: Notes GBP'000 GBP'000 GBP'000
Revenue 15,409 14,335 30,305
Cost of sales (5,615) (4,250) (9,620)
---------- ---------- ----------
Adjusted gross profit 9,794 10,085 20,685
Cost of sales - warrant
charge (332) (229) (514)
---------- ---------- ----------
Gross profit 9,462 9,856 20,171
Administrative expenses (14,306) (13,017) (26,439)
---------- ---------- ----------
Adjusted operating loss (4,844) (3,161) (6,268)
Share-based payment charge (1,010) (1,058) (1,664)
Unrealised fair value
gain/(loss) 11 1,207 939 (4,797)
Operating loss (4,647) (3,280) (12,729)
Finance (cost)/income (3) 3 3
Decrease in contingent
consideration liability
due to amendment as per
the CVR deed - - 136
---------- ---------- ----------
Loss before taxation (4,650) (3,277) (12,590)
Income tax (expense)/credit (181) 393 532
---------- ---------- ----------
Loss for the period and
total comprehensive income
attributable to owners
of the parent (4,831) (2,884) (12,058)
========== ========== ==========
Loss per share attributable
to the owners of the parent
- basic and diluted 4 (0.93p) (0.61p) (2.51p)
========== ========== ==========
There were no items of other comprehensive income for the year.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 December 2017
Restated
Unaudited Unaudited Audited
as at as at as at
31 Dec 31 Dec 30 Jun
2017 2016 2017
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 2,709 2,709 2,709
Intangible assets 4,336 5,917 5,089
Property, plant and equipment 477 484 371
7,522 9,110 8,169
----------- ----------- ----------
Current assets
Trade and other receivables 5 5,627 6,351 5,028
Derivative financial assets 6,522 11,592 7,293
Cash and cash equivalents 30,634 11,375 11,891
----------- ----------- ----------
42,783 29,318 24,212
----------- ----------- ----------
Total assets 50,305 38,428 32,381
Current liabilities
Trade and other payables 6 (3,683) (3,870) (4,765)
Derivative financial liabilities (1,358) (2,003) (3,335)
Earn-out consideration - (135) -
(5,041) (6,008) (8,100)
----------- ----------- ----------
Non-current liabilities
Deferred tax liability (1,529) (1,283) (1,348)
----------- ----------- ----------
(1,529) (1,283) (1,348)
----------- ----------- ----------
Total liabilities (6,570) (7,291) (9,448)
NET ASSETS 43,735 31,137 22,933
=========== =========== ==========
Equity
Capital and reserves
Ordinary shares 7 84,378 71,834 71,878
Share premium 8 90,367 79,120 78,799
Interest in own shares 9 (304) (883) (527)
Merger reserve 9,200 9,200 9,200
Share-based payment reserve 13,941 13,085 13,430
Warrant reserve 2,469 1,852 2,137
Retained earnings (156,316) (143,071) (151,984)
EQUITY ATTRIBUTABLE TO 43,735 31,137 22,933
=========== =========== ==========
OWNERS OF THE PARENT
CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 31 December 2017
Restated
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 Jun
2017 2016 2017
Notes GBP'000 GBP'000 GBP'000
Net cash used in operating
activities 10 (4,868) (2,031) (1,720)
Investing activities
Purchase of property,
plant and equipment (298) (99) (187)
Capitalised intangible
fixed assets (382) (924) (1,331)
Part refund of contingent
consideration - - 700
Net cash used in investing
activities (680) (1,023) (818)
Financing activities
Proceeds on issuance
of ordinary shares (net
of cost paid) 24,291 - -
Net cash from financing
activities 24,291 - -
Net increase in cash
and 18,743 (3,054) (2,538)
cash equivalents
Cash and cash equivalents
at the beginning of the
period 11,891 14,429 14,429
---------- ---------- ----------
Cash and cash equivalents
at the end of the period 30,634 11,375 11,891
========== ========== ==========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 December 2016 (Unaudited)
Attributable to the owners of the Parent
Interest Share-based
Share Share In own Merger Payment Warrant Retained
Capital Premium Shares Reserve Reserve Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
July 2016 70,738 78,064 (953) 9,200 12,164 1,623 (140,324) 30,512
------- ------- -------- ------- ----------- ------- --------- --------
Loss for the
period, being
total
comprehensive
income for
the period - - - - - - (2,884) (2,884)
Transactions
with owners
Share-based
payments
- exercise of
share options - (70) 70 - (137) - 137 -
* employee share options charge - - - - 1,058 - - 1,058
- warrants - - - - - 229 - 229
Issue of ordinary
shares
- CVR holders 1,080 1,080 - - - - - 2,160
Issue of ordinary
shares
- in lieu of
fee 16 46 - - - - - 62
Total
transactions
with owners of
the Parent,
recognised
directly in
equity 1,096 1,056 70 - 921 229 (2,747) 625
Balance
at
31
December
2016 71,834 79,120 (883) 9,200 13,085 1,852 (143,071) 31,137
------- ------- -------- ------- ----------- ------- --------- --------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 December 2017 (Unaudited)
Attributable to the owners of the Parent
Interest Share-based
Share Share In own Merger Payment Warrant Retained
Capital Premium Shares Reserve Reserve Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
July 2017 71,878 78,799 (527) 9,200 13,430 2,137 (151,984) 22,933
------- ------- -------- ------- ----------- ------- --------- --------
Loss for the
period, being
total
comprehensive
income for
the period - - - - - - (4,831) (4,831)
Transactions
with owners
Share-based
payments
- exercise of
share options - (223) 223 - (499) - 499 -
* employee share options charge - - - - 1,010 - - 1,010
- warrants - - - - - 332 - 332
Issue of ordinary
shares 12,500 12,500 - - - - - 25,000
Issue of ordinary - - - - - - - -
shares
- CVR holders
Issue of ordinary - - - - - - - -
shares
- in lieu of
fee
Cost of share
issues - (709) - - - - - (709)
Total
transactions
with owners of
the Parent,
recognised
directly in
equity 12,500 11,568 223 - 511 332 (4,332) 20,802
Balance at
31
December
2017 84,378 90,367 (304) 9,200 13,941 2,469 (156,316) 43,735
------- ------- -------- ------- ----------- ------- --------- --------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 30 June 2017 (Audited)
Interest Share-based
Share Share In own Merger Payment Warrant Retained
Capital Premium Shares Reserve Reserve Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
July 2016 70,738 78,064 (953) 9,200 12,164 1,623 (140,324) 30,512
------- ------- -------- ------- ----------- ------- --------- ---------
Loss for the
year, being
total
comprehensive
Income for the
year - - - - - - (12,058) (12,058)
Transactions
with owners
Share-based
payments
- exercise of
share options - (426) 426 - (398) - 398 -
- employee share
options
charge - - - - 1,664 - - 1,664
- warrant charge - - - - - 514 - 514
Issue of ordinary
shares
- CVR holders 1,080 1,080 - - - - - 2,160
Issue of ordinary
shares
- in lieu of
fee 60 81 - - - - - 141
Total
transactions
with owners of
the Parent,
recognised
directly in
equity 1,140 735 426 - 1,266 514 (11,660) (7,579)
Balance at
30 June 2017 71,878 78,799 (527) 9,200 13,430 2,137 (151,984) 22,933
------- ------- -------- ------- ----------- ------- --------- ---------
notes to the UNAUDITED INTERIM results
for the six months ended 31 December 2017
1. GENERAL INFORMATION
Earthport plc is a public limited company listed on the AIM Market of London Stock Exchange, incorporated and domiciled in the England and Wales under the Companies Act 2006. The address of its principal place of business and registered office is 140 Aldersgate Street, London EC1A 4HY.
2. GOING CONCERN
The interim financial information has been prepared on the assumption that the Group is a going concern.
The Directors believe that the Group has demonstrated further progress in achieving its objective of positioning itself as an infrastructure supplier to the global payments industry. During the period, the Group has raised gross proceeds of GBP25 million (net GBP24 million) through the placing and subscription of 125 million ordinary shares. The Directors have prepared a cash flow forecast covering a period extending beyond 12 months from the date of these interim financial statements after taking account of anticipated overhead costs and revenue. Therefore, the Directors consider that it is appropriate to prepare the Group's interims financial statements on a going concern basis, which assumes that the Group is to continue in operational existence for the foreseeable future.
3. ACCOUNTING POLICIES
Basis of preparation
The interim financial information is prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as adopted by the European Union.
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets at fair value as required by IAS39 and the principal accounting policies are set out in the 30 June 2017 financial statements.
notes to the UNAUDITED INTERIM results
for the six months ended 31 December 2017
4. LOSS PER SHARE
Loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 Jun
2017 2016 2017
GBP'000 GBP'000 GBP'000
Loss attributable to
owners of the parent (4,831) (2,884) (12,058)
========== ========== ==========
Number Number Number
Weighted average number
of ordinary shares in
issue (thousands) 518,327 478,227 483,771
Less: own shares held
(thousands) (1,384) (4,958) (2,763)
---------- ---------- ----------
516,943 473,269 481,008
========== ========== ==========
Basic and fully diluted
loss per share (pence) (0.93p) (0.61p) (2.51p)
========== ========== ==========
The loss attributable to Ordinary shareholders and weighted average number of ordinary shares for the purposes of calculating the diluted loss per share are identical to those used for basic loss per ordinary share. This is because the exercise of share options and other benefits would have the effect of reducing loss per share and is therefore not dilutive under the terms of IAS33 "Earnings per share".
notes to the UNAUDITED INTERIM results
for the six months ended 31 December 2017
5. TRADE AND OTHER RECEIVABLES
Restated
Unaudited Unaudited Audited
as at as at as at
31 Dec 2017 31 Dec 2016 30 Jun 2017
GBP'000 GBP'000 GBP'000
Trade receivables 2,282 2,902 2,658
Other receivables 2,144 2,535 1,243
Prepayments 1,201 914 1,127
------------ ------------ ------------
Trade and other receivables 5,627 6,351 5,028
============ ============ ============
Trade receivables amounted to GBP2.3 million (H1 FY 2017: GBP2.9 million), net of a provision of GBPnil
(FY2016: GBPnil) for impairment. There were no provisions in the Company accounts.
In accordance with IAS 39 Financial Instruments, as at 31 December 2016 the amounts related to forward foreign exchange contract executed with clients with the notional value of GBP6.5 million have been reclassified as Derivative Financial Assets.
6. TRADE AND OTHER PAYABLES
Restated
Unaudited Unaudited Audited
as at as at as at
31 Dec 2017 31 Dec 2016 30 Jun 2017
GBP'000 GBP'000 GBP'000
Trade payables 1,349 1,063 1,588
Other payables 57 - 59
Other taxation and social security 342 312 603
Accruals and deferred income 1,935 2,495 2,515
------------ ------------ ------------
3,683 3,870 4,765
============ ============ ============
Trade payables and accruals principally comprise amounts outstanding in respect of operating costs. The average credit period taken for trade purchases is 34 days (H1 FY 2017: 35 days). The directors consider that the carrying amounts for trade and other payables approximate their fair value.
In accordance with IAS 39 Financial Instruments, as at 31 December 2016 the amounts related to forward foreign exchange contract executed with clients with the notional value of GBP0.2 million have been reclassified as Derivative Financial Liabilities.
notes to the UNAUDITED INTERIM results
for the six months ended 31 December 2017
7. SHARE CAPITAL
Authorised
The Articles of Association were amended on 24 March 2010. The Company has no authorised share capital limit.
Issued
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 2017 31 Dec 2016 30 Jun 2017
GBP'000 GBP'000 GBP'000
At start of period 48,819 47,679 47,679
Shares issued in the period 12,500 1,080 1,080
Shares issued in lieu of consultancy fees - 16 60
At end of period 61,319 48,775 48,819
Deferred shares 23,059 23,059 23,059
------------ ------------ -------------
Total 84,378 71,834 71,878
============ ============ =============
During the period on 4 October 2017: 125,000,000 (H1 FY 2017: 10,797,671) ordinary shares of 10p were issued to existing investors and new institutional shareholders and Nil (H1 FY 2017: 155,836) ordinary shares of 10p were issued in lieu of consultancy fees.
Deferred shares carry no rights to receive any dividend nor other distribution. The holders of the deferred shares have no rights to receive notice, nor attend, speak or vote at any general meeting of the Company. On a return of capital on liquidation or otherwise, the holders of the deferred shares are entitled to receive the nominal amount paid up on the deferred shares after the repayment of GBP10,000,000 per ordinary share.
notes to the UNAUDITED INTERIM results
for the six months ended 31 December 2017
8. SHARE PREMIUM
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 2017 31 Dec 2016 30 June 2017
GBP'000 GBP'000 GBP'000
At start of period 78,799 78,064 78,064
New issue 12,500 1,080 1,080
Exercise of share options - - -
Transfer to interest in own shares (223) (70) (426)
Share issue in lieu of consultancy fees - 46 81
Expense of share issues (709) - -
------------ ------------ -------------
At end of period 90,367 79,120 78,799
============ ============ =============
9. INTEREST IN OWN SHARES
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended Ended
31 Dec 2017 31 Dec 2016 30 June 2017
GBP'000 GBP'000 GBP'000
At start of period (527) (953) (953)
Exercise of share options 223 70 426
At end of period (304) (883) (527)
============ ============ =============
notes to the UNAUDITED INTERIM results
for the six months ended 31 December 2017
10. RECONCILIATION OF LOSS BEFORE TAX TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
Restated
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 2017 31 Dec 2016 30 Jun 2017
GBP'000 GBP'000 GBP'000
Loss before tax (4,650) (3,277) (12,590)
Amortisation of intangible assets 1,135 1,256 2,492
Depreciation of property, plant and equipment 192 212 413
Share-based payment charge and warrant 1,342 1,287 2,178
charge
Shares issued in lieu of consultancy fees - 62 141
R & D Tax Credit Received - - 204
Finance cost/(income) 3 (3) (3)
Contingent consideration - - (136)
Operating cash out flow before movements in (1,978) (463) (7,301)
working capital
Decrease/(increase) in receivables 172 (400) 4,522
(Decrease)/increase in payables (3,059) (1,171) 1,056
------------ ------------ ------------
Cash used by operations (4,865) (2,034) (1,723)
Interest received (3) 3 3
------------ ------------ ------------
Net cash used in operating activities (4,868) (2,031) (1,720)
============ ============ ============
notes to the UNAUDITED INTERIM results
for the six months ended 31 December 2017
11. UNREALISED FAIR VALUE ADJUSTMENT
In accordance with IAS 39, the Group fair valued all currency bank accounts, which include client segregated and company accounts, as well as forward foreign exchange contracts. The fair value revaluation of financial derivatives resulted in a net derivative unrealised gain of GBP1.2 million (H1 FY 2017: gain of GBP0.9 million).
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 2017 31 Dec 2016 30 June 2017
GBP'000 GBP'000 GBP'000
Unrealised fair value gain/(loss) on derivatives 1,207 939 (4,797)
Total 1,207 939 (4,797)
============ ============ =============
The above mentioned unrealised gain and losses would only be realised in the unlikely event that any party to the transaction would default.
notes to the UNAUDITED INTERIM results
for the six months ended 31 December 2017
12. PUBLICATION OF NON-STATUTORY FINANCIAL STATEMENTS
The results for the six months ended 31 December 2017 and 31 December 2016 are unaudited and have not been reviewed by the auditor. The financial information contained herein does not comprise statutory financial information within the meaning of section 434 of the Companies Act 2006. The information for the year ended 30(th) June 2017 has been extracted from the latest published accounts. Statutory accounts for the year ended 30 June 2017, on which the auditors gave an audit report which was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006, have been filed with the Registrar of Companies.
The interim financial information has been prepared on the basis of the same accounting policies as published in the audited financial statements for the year ended 30 June 2017 and the accounting policies to be adopted in the financial statements for the year ended 30 June 2018. The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards and International Financial Reporting Interpretations Committee ("IFRIC") pronouncements as adopted by the European Union. Comparative figures for the year ended 30 June 2017 have been extracted from the statutory financial statements for that period.
13. The interim results for the six months ended 31 December 2017 are available on the Company's website: www.earthport.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUGWWUPRGBQ
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March 27, 2018 02:01 ET (06:01 GMT)
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