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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fd Technologies Public Limited Company | LSE:FDP | London | Ordinary Share | GB0031477770 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-6.00 | -0.49% | 1,224.00 | 1,220.00 | 1,224.00 | 1,232.00 | 1,200.00 | 1,200.00 | 206,846 | 16:35:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Cmp Processing,data Prep Svc | 296.04M | -4.01M | -0.1429 | -85.23 | 342.11M |
TIDMFDP
RNS Number : 1858E
First Derivatives PLC
28 May 2012
First Derivatives plc
("First Derivatives" the "Company" or the "Group")
Final Results
First Derivatives (AIM: FDP.L, ESM:FDP.I), a leading provider of software and consulting services to the capital markets industry, today announces its results for the twelve months ended 29 February 2012.
Financial Highlights:
- Total revenue increased 25.4% to GBP46.1 million (2011: GBP36.7 million)
- Software license revenue increased 7.6% to GBP13.5 million (2011: GBP12.5 million)
- Transactional and recurring revenue increased 102.2% to 44% of software revenues (2011: 23%)
- Consultancy revenue increased by 34.7% to GBP32.6 million (2011: GBP24.2million)
- EBITDA increased 21.8% to GBP10.9 million (2011: GBP8.9 million)
- Normalised pre-tax profit increased by 25.0% to GBP7.3 million (2011: GBP5.9 million) after adjusting for associate and currency translation
- Pre-tax profit increased by 7.0% to GBP6.9 million (2011: GBP6.5 million) - Normalised basic earnings per share increased by 31.1% to 37.5p per share (2011: 28.6p) - Fully diluted earnings per share increased by 13.1% to 32.8p per share (2011: 29.0p)
- Final dividend of 8.15p per share, which together with interim dividend of 3.0p amounts to 11.15p for the year (2011: 10.15p)
Business Highlights:
- Growing customer base with software and services being provided to over 91 different investment banks, exchanges, brokers and hedge funds
- New initiatives to position consulting divisions for global trends - Launch of Capital Markets Legal services stream - Launch of Vendor Managed Services - Launch of Data Management Team
- New software releases to enhance "Big Data" and FX offerings major wins achieved including Thomson Reuters, SGX, ANZ and Direct FX
- Significant investment into staff, headcount at year end 662 (2011 year end: 524)
- Earnings visibility improving as revenue contribution from transactional / recurring revenue increases
David Anderson, Chairman of First Derivatives commented:
"This year has seen continued strong growth across the Group's activities with total revenues up over 25%. As the economic recovery has been taking a fragile hold we have continued to make a substantial investment in the development of all the group's activities. The goal of this investment has been to ensure that we build a robust organisation with a strong asset base and service offering to ensure future growth. We expect the market in coming years will continue to be challenging as the full effects of budget constraints, regulation and globalisation continue to impinge our customers. With the improvements made to the Delta suite and its revenue stream and the positioning and improvements to our service offerings, we feel that the group is well positioned to continue to grow. We continue to have a strong pipeline of prospects and have made a strong start to the current year and expect to be able to report further progress in the year to 28 February 2013."
Enquiries:
First Derivatives plc +44(0)28 3025 2242 Brian Conlon, Chief Executive www.firstderivatives.com Graham Ferguson, Chief Financial Officer Charles Stanley Securities (Nominated Adviser) +44 (0)20 7149 6000 Russell Cook Carl Holmes Goodbody Corporate Finance (EMI Adviser) +353 1 667 0420 Diane Hodgson Linda Hickey Walbrook PR +44 (0)20 7933 8780 Fiona Henson fiona@walbrookpr.com Paul Cornelius paul@walbrookpr.com Stakeholder Communications +44 (0) 2890 339949 John Hart Jonathan King
About First Derivatives
First Derivatives is a global provider of software and consulting services to the financial services industry. With almost 16 years experience working with leading financial institutions, it continues to deliver technologically advanced products and services that anticipate and respond to the evolving needs of global capital markets.
First Derivatives currently employs around 700 people worldwide and counts many of the world's top investment banks, brokers and hedge funds as its customers. It has operations in London, New York, Stockholm, Shanghai, Singapore, Toronto, Sydney, Dublin, Newry and Hong Kong.
For further information please visit www.firstderivatives.com
Chairman's Statement
I am pleased to report another year of continued growth in profitability for the group, the sixteenth year of continued progression. This achievement is all the more satisfying given the market backdrop where we are seeing market trends that are significantly altering the economics of the financial services industry. In response to these market opportunities and building upon prior years, we have continued to implement the Board's strategy of continued investment into the group's technology, infrastructure and operations in order to create a platform for continued success and future growth. Our ability to generate continued growth in this challenging market, while implementing our investment growth strategy, demonstrates the strength of the organisation.
Financials
Revenues for the year ended 29 February 2012 increased by 25.4% to GBP46.087 million from GBP36.740 million in the previous year. Normalised pre-tax profits (after adjusting for currency translation and associate) increased by 25.0% to GBP7.315 million compared to GBP5.852 million in 2011 reported pre-tax profits increased by 7.0% to GBP6.947 million (2011: GBP6.495 million). Normalised basic earnings fully diluted earnings per share increased by 40.2% to 34.2p per share (2011: 24.4p).
Dividend
The group continues to generate strong operating cash flow and this, along with our retained cash at the year end, allows the Board to recommend a final dividend of 8.15p per share which together with the interim dividend of 3.0p per share paid on 8 December 2011, totals 11.15p and is covered approximately three times by earnings. This will be paid on 6 July 2012 to those shareholders on the register on 8 June 2012. The shares will be marked ex-dividend on 6 June 2012.
Software
Software sales at GBP13.458million (2011: GBP12.511 million) were up 7.6% on the previous year. While this revenue stream increased it does not reflect the progress made in revenue generated from the Delta Suite. Transactional and recurring revenues were up 102.2% on the previous year showing the significant progress achieved. This was partly offset by a reduction of 54.1% in one off license fee income and a reduction of 68.9% in technology income stream (Auto Deal+) obtained as part of the acquisition of "Cognotec" in 2010.
The technical challenges are extensive in the capital markets particularly when dealing with complex instruments on a global scale. This complexity, in combination with continually increasing data volumes and the subsequent IT processing requirements, create many challenges for the industry. Our products are all developed on the common Delta technology platform which is specifically engineered to meet the complex calculations and large volume of data issues that exist in the capital markets sector. We also have made a significant investment in establishing the physical infrastructure necessary to operate the software in the 'cloud' or on a Software as a Service model ("SaaS") to meet the growing trend and desire of our clients to operate this model. This allows clients to seek economies of scale by outsourcing elements of their infrastructure, while removing the need for internal expertise in the support of the software. The investment in expanding this capability enables many of our products to be sold under annual license or transactional revenue based pricing models. Both models allow us to secure a continued and visible stream of software revenue.
Sales success has been achieved across all our key products in the year with contract wins for our complex event processing ("CEP") engine (Delta Stream), algorithmic trading engine (Delta Algo), data management engine (Delta Data Factory) and FX trading platform (Delta Flow). As our customer base has expanded, our opportunity to cross sell to our consulting and software clients has been enhanced. At the year-end we concluded the sale of our CEP, Algorithmic engine and FX platform to one customer and are in further discussions with a number of other existing customers for the provision of other products within our suite.
We have a healthy pipeline of prospects within our specific domain and are actively looking for partners to help bring the products to new markets and new industries. This continuing investment in our platform, increasing the channels to market and the successful deployment of our solutions, allied with our flexible licensing and service model, gives us confidence in our ability to deliver continued growth in software revenues.
Consulting
Consulting revenues increased 34.7% to GBP32.629 million from GBP24.229 million in the previous year. It has been another year of continued growth across the division, both in our client base, expansion of the number of assignments undertaken with new and existing customers and our penetration into the global market place. The key to this continued growth continues to be the quality of our people, our commitment to training and the quality and the flexibility of our service.
Selling services to the market continued to be a challenge this year with ongoing regulatory changes, continued globalisation challenges, increasing complexity, fast moving technology innovation and margin pressures affecting our customer base. To meet the challenges facing our customers, we have continued to invest in our service offerings, launching three major initiatives in the period, in addition to the continual reinvestment and refinement of our existing portfolio. We undertook a new legal services initiative aimed at providing resources to banks in areas such as non-core asset disposal, regulatory compliance and securitisation, where personnel with a combination of IT, finance and legal skills are in short supply. Secondly, we have launched a strategic vendor service practice focused on the delivery of global, large scale implementation and support services for leading third party trading technology platforms. Finally we have formed a dedicated data management team, bringing together a group of highly experienced and respected professionals from the data management industry. Market reaction has proven positive with a number of engagements already underway and we expect that these new initiatives combined with continued development of existing services will have the company well positioned in the changing market.
We undertake complex assignments for our clients and our inherent knowledge of their systems leads to repeat business from upgrades and ongoing development. This repeat recurring business model is a key focus for us. We are able to achieve this by our ability to ensure that our services are integrated into our customers' strategy and operations assisting them to streamline their services and products. We do this while ensuring we provide the relevant market or domain expertise along with a competitive cost operating model to ensure that we maximize the recurring revenue stream.
Accommodation
No further acquisition of employee residential accommodation has been made. Disposal of four individual properties was made in the year with a resulting profit on sale of GBP528k. At year end three properties were listed for sale with selling agents and have been classified as such in the accounts. We will continue to dispose of properties when suitable profitable opportunities arise. The remaining properties held by the group have a carrying value of GBP15.524 million and at the year-end were independently valued by external valuers at GBP18.915 million on an open market basis.
Outlook
This year has seen continued strong growth across the Group's activities with total revenues up over 25%. As the economic recovery has been taking a fragile hold we have continued to make a substantial investment in the development of all the group's activities. The goal of this investment has been to ensure that we build a robust organisation with a strong asset base and service offering to ensure future growth. We expect the market in coming years will continue to be challenging as the full effects of budget constraints, regulation and globalisation continue to impinge our customers. With the improvements made to the Delta suite and its revenue stream and the positioning and improvements to our service offerings, we feel that the group is well positioned to continue to grow. We continue to have a strong pipeline of prospects and have made a strong start to the current year and expect to be able to report further progress in the year to 28 February 2013.
I would like to thank Brian Conlon and his team for making it another successful year for the group.
David Anderson
Chairman
CHIEF EXECUTIVE'S STATEMENT
I am pleased to report that First Derivatives has had another successful year, despite continuing uncertainty in the financial markets resulting largely from the European sovereign debt crisis. We have continued to expand and consider that we are well positioned to continue to grow our operations and customer base.
Review of activities
First Derivatives sells software products to the capital markets and provides a range of associated consulting services. Our customer base continues to grow and this year we provided services to 91different investment banks, brokers, exchanges and hedge funds. We continue to expand our global reach with assignments underway in countries such as Chile, Russia, Hungary, Turkey and South Africa as well as in major financial centres such as New York, London, Toronto, Chicago, Singapore, Hong Kong, Tokyo and Sydney.
The broad but yet focused nature of our product and consulting offerings and our geographical spread is key to our continued organic growth. Our target industry segment is extensive and gives us a vast potential market to penetrate and our success has been built on treating our customers as partners to build strong recurring revenue streams both in consulting and software. In consulting we target assignments that are vital to the customers' infrastructure that will be in existence for years. We sell software on a subscription model or on a Software as a Service basis.
Software
We continue to invest heavily in improving our Delta technology platform and applications. We have made significant scientific progress in areas such as messaging and in-memory capacity. Our Delta technology platform is designed to work with large volumes of data analytics in the cloud on any desktop or handheld device. Allied with our hosting and data centre expertise this means that we are well placed to take advantage of the wider trends in the technology market - Cloud computing, "Big Data" and mobile devices.
We continue to add new features to our existing flagship products and have successful reference implementations. Delta Stream for example is now in use at several large financial institutions including ANZ and Singapore Exchange and Delta Algo is firmly embedded in one of the largest investment banks in the world. We are very excited about the prospects for Delta Data Factory which has been successfully deployed by Thomson Reuters. The sales pipeline is very healthy and we are cautiously optimistic for the year ahead.
We have successfully migrated RealStream - an acquired legacy technology - to our architecture and relaunched this as Delta Flow. We believe that this product has the potential to be a disruptive technology in the FX trading arena. It is a hosted technology and we have mobile (iPhone, iPad and Android) and desktop versions. This view has been further reinforced during recent preliminary demos with a number of leading players in the market and our order book for this product is very encouraging. Indeed we have recently signed up one of the biggest banks in Asia and one of the biggest brokers in Russia.
Although our software revenue has only grown by a small amount in total relative to 2011 the mix has changed considerably. As expected there has been a tapering off of revenue from a legacy technology Auto Deal+, with recurring transactional revenue now accounting for 44% of our software revenue (2011: 23%). We will continue to endeavour to sell our software on an annual recurring or transactional model.
Our common technology platform makes it easier to develop new products and bring them quickly to market. In addition, the problems at which we excel - analysing large volumes of data in millisecond periods of time - are issues which are common to many industry sectors. The success of our technology in the capital markets industry should make it easier to sell in other areas. We have had some success in this respect and I am pleased to report that we have secured our first customers of Delta in the telecoms and utilities markets. We have launched a new prototype of a bandwidth exchange (in partnership with BT and Nokia at the recent TM Forum) and are launching an alpha version of a carbon credits trading platform at the Rio+ Earth Summit in June this year. This follows the success of an initial prototype at the recent Clinton Global Initiative in New York. This gives further validation as to the flexibility of our technology and gives us confidence that the market for our software is extensive.
We have further cemented our relationship with Kx Systems by recently signing an OEM and hosting agreement which gives us increased access to the kdb+ database for all products in a hosted or installed basis. We have been working with Kx Systems for 14 years and they had another profitable year last year. As a 20% shareholder we will continue to benefit from their success and continued investment in making their technology the world's leading time series database. Their products are used by some of the world's largest financial institutions and Kx Systems lists organisations such as JP Morgan, Goldman Sachs, Zurich Financial Group, Morgan Stanley, Fidelity Investments and Total Gas & Power.
Consulting
First Derivatives provides highly skilled resources to the capital markets in the areas of consulting, support and development services. We have ongoing contracts with many of the leading global banks, supporting their activities across a range of asset classes including credit, interest rate, foreign exchange, equity cash and derivatives markets. The Company has been working in this area for sixteen years and we have seen a trend in the last year for us to work on increasingly large projects. The major trends in the industry at the moment are around outsourcing and trying to implement various regulatory initiatives introduced throughout the world as a response to the global crisis in 2008. We have launched three major initiatives to respond to these trends:-
-- A legal stream offering services around the disposal of non-core assets by banks and the impact of
regulations and compliance
-- A managed services for outsourced third party product support and -- The creation of a dedicated data management team.
The market has responded positively to these initiatives and we have been able to draw upon the strength of our brand to win new customers in these areas. We continue to derive significant recurring revenue in this division from the long-term nature of the projects we undertake and these three new initiatives will also generate long-term work.
Our consultants continue to work closely with our development team by providing market intelligence and competitor analysis. They can also assist the product team with business analyst work and testing. The fungible nature of our resource pool gives us significant operational efficiencies.
Management and Personnel
The Company now employs almost 700 people and our success in retaining staff and senior management means that the experience profile of our consultants continues to improve. We continue to enhance our Capital Markets Training Programme and have now included legal stream modules which gives employees the opportunity to qualify for the New York Bar. Once again I would like to pay tribute to all First Derivatives employees who are hard working, talented, flexible and dedicated. Our customer retention rates are evidence of this.
Financial Review
The group has reported revenues and profits significantly higher than last year. Post-tax profit for the year was GBP5.946 million (2011: GBP5.112 million) on turnover of GBP46.087 million (2010: GBP36.740 million). Our balance sheet is strong with equity attributable to shareholders up to GBP32.236 million (2011: GBP24.888 million), an increase of 29.5%. This, and our confidence in the Group's ability to generate cash, enables the Board to recommend a final dividend of 8.15p per share (2011: 7.25p) which means that we will have paid a total dividend of 11.15p (2011: 10.15p) per share for the full year.
Outlook
Based on the health of our current sales pipeline we anticipate reporting further growth in the year to 28 February 2013. As well as organic growth the Board will continue to pursue acquisition opportunities where we see a strategic fit and have access to the necessary sources of finance. On a macro level we are confident that we have positioned ourselves to benefit from global trends in technology and consulting and that with our recurring revenue model and continued reinvestment in the business we will deliver further significant benefits in the years ahead.
Brian Conlon
Chief Executive Officer
Consolidated statement of comprehensive income
Year ended 29 February 2012
2012 2011 Note GBP'000 GBP'000 Continuing operations Revenue 2 46,087 36,740 Cost of sales (30,172) (23,423) Gross profit 15,915 13,317 Other operating income 1,414 1,974 Administrative expenses (9,368) (8,723) Results from operating activities 7,961 6,568 Finance income 2 7 Finance expense (648) (723) Loss on foreign currency translation (455) (198) --------- --------- Net financing expense (1,101) (914) Share of profit of associate using the equity method, net of tax 458 841 Share of loss on dilution in associate using the equity method (371) - Profit before income tax 6,947 6,495 Tax expense (1,001) (1,383) --------- --------- Profit for the year 5,946 5,112 ========= ========= Other comprehensive income Deferred tax on share options outstanding (309) 1,030 Net exchange gains/(losses) on net investment in foreign subsidiaries and associate 214 (1,091) Net (loss)/gain on hedge of net investment in foreign subsidiaries and associate (121) 594 --------- --------- Other comprehensive income for the period, net of tax (216) 533 --------- --------- Total comprehensive income for the period attributable to equity holders' of the company 5,730 5,645 ========= ========= Earnings per share Pence Pence Basic 4 36.0 33.2 Diluted 4 32.8 29.0 ========= =========
Consolidated balance sheet
Year ended 29 February 2012
2012 2011 Note GBP'000 GBP'000 Assets Property, plant and equipment 5 14,738 18,292 Intangible assets and goodwill 6 30,053 26,732 Investment in associate 7,059 7,447 Trade and other receivables 437 - Deferred tax asset 1,750 1,860 -------- -------- Non current assets 54,037 54,331 -------- -------- Trade and other receivables 13,767 12,563 Cash and cash equivalents 1,318 3,501 Assets held for sale 1,598 - -------- -------- Current assets 16,683 16,064 Total assets 70,720 70,395 ======== ======== Equity Share capital 83 80 Share premium 10,502 7,846 Share option reserve 2,673 2,384 Revaluation reserve 167 174 Currency translation adjustment reserve 290 197 Retained earnings 18,521 14,207 -------- -------- Equity attributable to shareholders 32,236 24,888 ======== ======== Liabilities Loans and borrowings 18,598 21,544 Deferred tax liabilities 2,224 1,319 Contingent deferred consideration - 1,993 Provisions - 344 Trade and other payables 2,901 2,034 Non-current liabilities 23,723 27,234 Loans and borrowings 3,603 1,124 Trade and other payables 7,456 7,955 Current tax payable 702 1,176 Employee benefits 2,110 2,401 Contingent deferred consideration 890 5,617 -------- -------- Current liabilities 14,761 18,273 Total liabilities 38,484 45,507 -------- -------- Total equity and liabilities 70,720 70,395 ======== ========
Consolidated statement of changes in equity
Year ended 29 February 2012
Share Share premium Share option Revaluation Currency Retained Total equity capital reserve reserve translation earnings GBP000 adjustment GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 1 March 2011 80 7,846 2,384 174 197 14,207 24,888 -------- ------------- ------------ ----------- ------------ --------- ------------ Total comprehensive income for the year Profit for the year - - - - - 5,946 5,946 Other comprehensive income Deferred tax on share options outstanding - - (309) - - - (309) Change in effective rate of deferred tax - - - 5 - (5) Net exchange gains on net investment in foreign subsidiaries and associate - - - - 214 - 214 Net exchange loss on hedge of net investment in foreign subsidiaries and associate - - - - (121) - (121) Transfer on dilution of investment in associate - - - (12) - 12 - -------- ------------- ------------ ----------- ------------ --------- ------------ Total other comprehensive income - - (309) (7) 93 7 (216) -------- ------------- ------------ ----------- ------------ --------- ------------ Total comprehensive income for the year - - (309) (7) 93 5,953 5,730 Transactions with owners, recorded directly in equity Exercise of share options 1 442 (83) - - - 360 Issue of shares as purchase consideration 2 2,214 - - - - 2,216 Share based payment charge - - 725 - - - 725 Transfer on forfeit of share options - - (44) - - 44 - Dividends to equity holders - - - - - (1,683) (1,683) -------- ------------- ------------ ----------- ------------ --------- ------------ Total contributions by and distributions to owners 3 2,656 598 - - (1,639) 1,618 -------- ------------- ------------ ----------- ------------ --------- ------------ Balance at 29 February 2012 83 10,502 2,673 167 290 18,521 32,236 ======== ============= ============ =========== ============ ========= ============
Consolidated cash flow statement
Year ended 29 February 2012
2012 2011 GBP'000 GBP'000 Cashflows from operating activities Profit for the year 5,946 5,112 Adjustments for: Net finance costs 1,101 914 Share of profit of associate (458) (841) Share of loss on dilution in associate 371 - Provision release (266) - Depreciation 592 475 Amortisation of intangible assets 1,821 1,532 Gain on sale of property, plant & (528) - equipment Equity settled share-based payment transactions 486 340 Tax expense 1,001 1,383 10,066 8,915 Changes in: Trade and other receivables (1,331) (2,711) Trade and other payables 196 880 Onerous provisions (78) (301) Taxes paid (699) (1,422) -------- --------- Net cash from operating activities 8,154 5,361 Cash flows from investing activities Interest received 2 7 Acquisition of subsidiaries, net of cash acquired - (585) Acquisition of property, plant and equipment (866) (842) Disposal of property, plant and equipment 2,705 - Acquisition of intangible assets (4,636) (3,477) Dividend received from associate 570 654 Payment of deferred consideration (3,316) (1,795) -------- --------- Net cash used in investing activities (5,541) (6,038) Cash flows from financing activities Proceeds from issue of share capital 360 3,579 Receipt of new long term loan 1,553 19,878 Repayment of borrowings (3,602) (19,426) Payment of finance lease liabilities (26) (66) Interest paid (767) (537) Dividends paid (1,683) (1,435) -------- --------- Net cash from financing activities (4,165) 1,993 Net (decrease) / increase in cash and cash equivalents (1,552) 1,316 Cash and cash equivalents at 1 March 2011 3,501 1,711 Effects of exchange rate changes on cash held (631) 474 -------- --------- Cash and cash equivalents at 29 February 2012 1,318 3,501 ======== =========
Notes
1 Basis of preparation
The consolidated financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group").
Both the consolidated financial statements and the Company financial statements have been prepared and approved by the directors in accordance with International Financial Reporting Standards as adopted by the EU ("IFRSs").
2 Operating segments
Business segments
The group has disclosed below certain information on its revenue by geographical location. Details regarding total can be found in the statement of comprehensive income.
The group's two revenue streams are separated as follows:
-- Consulting activities which includes services to capital markets; and -- Software activities which includes the sale of intellectual property and related services.
Revenue by division
Consulting Software Total 2012 2011 2012 2011 2012 2011 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Total Segment Revenue 32,629 24,229 13,458 12,511 46,087 36,740 --------- --------- --------- --------- ----------- -----------
Geographical location analysis
UK Rest of America Australasia Total Europe 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue from external customers 18,387 15,811 3,795 2,627 18,969 14,812 4,936 3,490 46,087 36,740 Non Current Assets 20,873 22,376 8,655 5,930 22,727 24,333 1,782 1,692 54,037 54,331 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 3 Dividends 2012 2011 GBP'000 GBP'000 Final dividend relating to the prior year 1,187 976 Interim dividend paid 496 459 ------- ------- 1,683 1,435 ======= =======
The dividends recorded in each financial year represent the final dividend of the preceding financial year and the interim dividend of the current financial year.
The final dividend relating to the prior year amounted to 7.25 (previous year: 6.75) pence per share and the interim dividend paid during the year amounted to 3.00 (previous year: 2.90) pence per share. The cumulative dividend paid during the year amounted to 10.25 (previous year: 9.65) pence per share.
After the respective reporting dates, the following dividends were proposed by the directors. The dividends have not been provided for and there are no income tax consequences.
2012 2011 GBP'000 GBP'000 8.15 pence per ordinary share (2011: 7.25 pence) 1,370 1,185 ======= ======= 4 (a) Earnings per ordinary share
Basic
The calculation of basic earnings per share at 29 February 2012 was based on the profit attributable to ordinary shareholders of GBP5,946k (2011: GBP5,112k), and a weighted average number of ordinary shares ranking for dividend of 16,510k (2011: 15,415k).
2012 2011 Pence per Pence per share share Basic earnings per share 36.0 33.2 ========= =========
Weighted average number of ordinary shares
2012 2011 Number '000 Number '000 Issued ordinary shares at beginning of period 15,924 14,421 Effect of share options exercised 170 132 Effect of shares issued as purchase consideration 416 46 Effect of shares issued for cash - 816 Weighted average number of ordinary shares at end of period 16,510 15,415 =========== ===========
Diluted
The calculation of diluted earnings per share at 29 February 2012 was based on the profit attributable to ordinary shareholders of GBP5,946k (2011: GBP5,112k) and a weighted average number of ordinary shares after adjustment for the effects of all dilutive potential ordinary shares of 18,128k (2011: 17,606k).
2012 2011 Pence Pence per share per share Diluted earnings per share 32.8 29.0 ========== ==========
Weighted average number of ordinary shares (diluted)
2012 2011 Number Number '000 '000 Weighted average number of ordinary shares (basic) 16,510 15,415 Effect of dilutive share options in issue 1,618 2,191 Weighted average number of ordinary shares (diluted) at end of period 18,128 17,606 ======= =======
The average market value of the group's shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the period the options were outstanding.
At 29 February 2012, 600k options (2011: 315k) were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.
b) Earnings before tax per ordinary share
Earnings before tax per share are based on profit before taxation of GBP6,947k (2011: GBP6,495k). The number of shares used in this calculation is consistent with note 4(a) above.
2012 2011 Pence per Pence per share share Basic earnings before tax per ordinary share 42.1 42.1 Diluted earnings before tax per ordinary share 38.3 36.9 ========= =========
Reconciliation from earnings per ordinary share to earnings before tax per ordinary share.
2012 2011 Pence per Pence per share share Basic earnings per share 36.0 33.2 Impact of taxation charge 6.1 8.9 --------- --------- Adjusted basic earnings before tax per share 42.1 42.1 ========= ========= Diluted earnings per share 32.8 29.0 Impact of taxation charge 5.5 7.9 --------- --------- Adjusted diluted earnings before tax per share 38.3 36.9 ========= =========
Earnings before tax per share has been presented to facilitate pre-tax comparison returns on comparable investments.
(c) Normalised earnings after tax per ordinary share
Normalised earnings after tax per share are based on profit after taxation of GBP6,195k (2011: GBP4,415k). The adjusted profit after tax has been calculated by adjusting for the Group's share of loss on dilution of investment in associate GBP371k (2011: nil), share of profit of associate GBP458k (2011: GBP841k) and loss on foreign currency translation after tax effect GBP336k (2011: GBP143k). The number of shares used in this calculation is consistent with note 4 (a) above.
2012 2011 Pence per Pence per share share Basic earnings after tax per ordinary share 37.5 28.6 Diluted earnings after tax per ordinary share 34.2 24.4 ========= ========= 5 Property, plant and equipment Land and Plant and Office Total buildings equipment furniture GBP'000 GBP'000 GBP'000 GBP'000 Cost At 1 March 2011 18,592 1,143 127 19,862 Additions 320 545 1 866 Disposals (2,352) - - (2,352) Reclassification to assets held for sale (1,734) - - (1,734) Exchange adjustments 29 - - 29 ----------- ----------- ----------- --------- At 29 February 2012 14,855 1,688 128 16,671 ----------- ----------- ----------- --------- Depreciation At 1 March 2011 922 587 61 1,570 Charge for the year 242 326 24 592 Disposals (99) - - (99) Reclassification to assets held for sale (136) - - (136) Exchange adjustments - 6 - 6 ----------- ----------- ----------- --------- At 29 February 2012 929 919 85 1,933 ----------- ----------- ----------- --------- Net book value At 29 February 2012 13,926 769 43 14,738 =========== =========== =========== ========= Land and Plant and Office Total buildings equipment furniture GBP'000 GBP'000 GBP'000 GBP'000 Cost At 1 March 2010 18,296 696 72 19,064 Additions 297 489 56 842 Exchange adjustments (1) (42) (1) (44) ----------- ----------- ----------- --------- At 28 February 2011 18,592 1,143 127 19,862 ----------- ----------- ----------- --------- Depreciation At 1 March 2010 696 385 45 1,126 Charge for the year 227 232 16 475 Exchange adjustments (1) (30) - (31) At 28 February 2011 922 587 61 1,570 ----------- ----------- ----------- --------- Net book value At 1 March 2010 17,600 311 27 17,938 =========== =========== =========== ========= At 28 February 2011 17,670 556 66 18,292 =========== =========== =========== ========= 6 Intangible assets Goodwill Customer Acquired Brand name Internally Total lists Software developed software GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Cost Balance at 1 March 2011 13,941 2,327 7,252 302 6,168 29,990 Development costs - - - - 4,819 4,819 Additions - - 1,340 - - 1,340 Adjustment to deferred consideration (1,354) - - - - (1,354) Exchange adjustments 303 35 53 2 (36) 357 --------- --------- ---------- ----------- ----------- --------- Balance at 29 February 2012 12,890 2,362 8,645 304 10,951 35,152 --------- --------- ---------- ----------- ----------- --------- Amortisation and impairment losses Balance at 1 March 2011 - 617 1,424 65 1,152 3,258 Exchange adjustment - 14 6 4 (4) 20 Amortisation for the year - 293 1,003 38 487 1,821 --------- --------- ---------- ----------- ----------- --------- Balance at 29 February 2012 - 924 2,433 107 1,635 5,099 --------- --------- ---------- ----------- ----------- --------- Carrying amounts At 29 February 2012 12,890 1,438 6,212 197 9,316 30,053 ========= ========= ========== =========== =========== ========= Goodwill Customer Acquired Brand Internally Total lists Software name developed software GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Cost Balance at 1 March 2010 11,427 2,039 7,590 300 2,701 24,057 Development costs - - - - 3,475 3,475 Additions - - 2 - - 2 Adjustment to deferred consideration 2,302 - - - - 2,302 Acquisition through business combinations 690 401 - 18 - 1,109 Exchange adjustments (478) (113) (340) (16) (8) (955) -------- -------- --------- ------- ---------- ------- Balance at 28 February 2011 13,941 2,327 7,252 302 6,168 29,990 -------- -------- --------- ------- ---------- ------- Amortisation and impairment losses Balance at 1 March 2010 - 372 447 30 930 1,779 Exchange adjustment - (30) (21) (2) - (53) Amortisation for the year - 275 998 37 222 1,532 -------- -------- --------- ------- ---------- ------- Balance at 28 February 2011 - 617 1,424 65 1,152 3,258 -------- -------- --------- ------- ---------- ------- Carrying amounts At 1 March 2010 11,427 1,667 7,143 270 1,771 22,278 ======== ======== ========= ======= ========== ======= At 28 February 2011 13,941 1,710 5,828 237 5,016 26,732 ======== ======== ========= ======= ========== ======= 7 Report and accounts
Copies of the Annual Report will be available as of 7 June 2012 on the Group's website, www.firstderivatives.com and from the Group's headquarters at 3 Canal Quay, Newry, BT35 2BP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR ARMPTMBITMIT
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