Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Grafenia Plc LSE:GRA London Ordinary Share GB0009638130 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 5.45 5.00 5.90 5.80 5.45 5.45 5,573 08:00:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 9.7 -2.3 -1.8 - 6

Grafenia plc Half-year Report

22/11/2021 7:00am

UK Regulatory (RNS & others)


Grafenia (LSE:GRA)
Historical Stock Chart


From Nov 2021 to May 2022

Click Here for more Grafenia Charts.

TIDMGRA

RNS Number : 0414T

Grafenia plc

22 November 2021

22 November 2021

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.

Grafenia plc

("Grafenia", "the Group" or "the Company")

Unaudited Interim Results for the period ended 30 September 2021

Financial highlights

 
                           Six months to  Six months to 
                            30 September   30 September 
                                    2021           2020 
Turnover                        GBP6.31m       GBP5.25m 
EBITDA*                         GBP0.39m     GBP(0.13)m 
Operating Loss                GBP(0.53)m     GBP(1.11)m 
Loss before Tax               GBP(0.78)m     GBP(1.29)m 
Tax                             GBP0.15m       GBP0.12m 
Total Comprehensive Loss      GBP(0.63)m     GBP(1.17)m 
 
EPS                              (0.55)p        (1.03)p 
 
Development Expenditure         GBP0.31m       GBP0.32m 
 
Bank Cash                       GBP2.67m       GBP3.68m 
Net debt                      GBP(4.49)m     GBP(3.68)m 
 
 

*Earnings before interest, tax, depreciation and amortisation

Operational highlights

   -       Positive EBITDA swing of GBP0.5m compared to last interim period 
   -       Overall revenue up more than GBP1m, a 20% increase 
   -       Nettl company stores bounce back with 61% higher revenue 
   -       WorksThing Software-as-a-Service for sign install now open for registration 

Interim Statement

The past six months have been like a perverse, real-life Squid Game. But without the teal tracksuits and ball of cash. Every week has levelled up some new challenges:

Green light! Government restrictions easing, restaurants and bars, allowed to re-open.

Red light! Everyone pinged to self-isolate by Track and Trace.

   Green light!   Events and exhibitions back on, demand for print and display, improving. 

Red light! HGV driver shortages, distribution costs and wholesale energy prices rising.

Green light! Business, bouncing back strongly.

Red light! Stock shortages and importing shipping containers costs 10x more than 2019.

Yet we've made progress. We want to thank our teams and our partners for working through this adversity and continuing to build the future.

Our interim period started 1(st) April 2021. Cast your mind back to the Spring and the UK was in another lockdown. In May and June, some restrictions eased. We all celebrated 'freedom day' on July 19(th) , with the majority of remaining restrictions lifted.

We sell to businesses. We help promote them offline and online. Displays, exhibitions, printing and signage. Websites, search engine optimisation and ecommerce. With each tweak of the rules, more business activity came back. August and September were our best trading months since November 2019.

Trading Results and Cash

Turnover during the six-month period increased to GBP6.31m (2020: GBP5.25m). Gross profit improved to GBP3.44m (2020: GBP2.96m). Gross profit as a percentage of sales was 54.5% (2020: 56.3%). Last year, in the height of The Original Lockdown 1.0, product sales were hit hard. Higher margin digital services and subscription fees were more resilient. This year, sales of displays, printing and signage have rebounded a little. That change in product mix explains the reduction in percentage margin.

We've talked before about the changes we made to reduce our overheads. That's been by upgrading equipment, deploying software and combining two factories into one. With our cost-base now reset, modest improvements in gross profit have meant that EBITDA (which is earnings before interest, tax, depreciation and amortisation) rose to GBP0.39m (2020: loss of GBP0.13m). Our loss after tax reduced to GBP0.63m compared with GBP1.17m for the same period last year.

In the last few announcements we've discussed our goal of achieving 10-15% EBITDA in the mid-term. We're encouraged that trading in August and September were both within that range. That coincided with restrictions being fully removed.

Our overheads were GBP3.04m compared to GBP3.08m in the same period last year. Within overheads, staff costs were GBP1.91m (2020: GBP1.94m). The comparative period benefited from the Government's Job Retention Scheme. This year that contributed GBP0.14m (2020: GBP0.49m) of support.

At 30 September 2021, the Company had cash of GBP2.67m (2020: GBP3.68m) and debt of GBP7.16m (2020: GBP7.35m). Our operating activities generated GBP0.43m of cash (2020: GBP0.33m).

Capital expenditure was GBP0.34m (2020: GBP0.37m). The total includes GBP0.31m (2020: GBP0.32m) invested in the ongoing development of our platform which underpins our operations and is licensed to our partners.

Trading Review

We think of our Group as two business units: our software-as-a-service platforms and our company stores (we call this business unit Nettl Systems); and our manufacturing hub (it's based in Manchester and we call it Works Manchester). Last time we said we'd provide more transparency on how those two business units performed.

Nettl Systems

We licence our software and brands to graphic professionals. Designers, printers, signmakers, marketing agencies and other graphic professionals use our marketing tools, workflow management system and supply chain to deliver better service to their local clients. We own five Nettl company stores. We use these to refine new initiatives and develop best practice. We have hundreds of partners who licence our systems.

Partners pay us a monthly subscription (from GBP300 to c.GBP1,000) which gives them access to our systems, training and support. They're able to buy factory-direct print and display to resell to clients along with centralised digital marketing services like SEO, Social Media and Paid Search. We call some of them 'brand partners' because they use the Nettl or printing.com brand in conjunction with their own. They're our exclusive partner in their neighbourhood. We licence printing.com and Nettl directly in the UK and Ireland. We also licence Nettl in Belgium, France, the Netherlands and in the USA. In Australia and New Zealand, we have a master licence agreement. We've supported partners through difficult trading conditions. Those that have adapted to the new way of working have weathered the storm. Some who've not been able to make the digital leap, have left the network. Whilst that's regrettable, we must focus energy on helping those that can to do more.

In the interim period, revenue from Nettl Systems increased by 30% to GBP3.45m (2020: GBP2.66m). Within this segment, company stores increased by 61% to GBP1.24m (2020: GBP0.77m). In the second half of 2020, we rolled three businesses into our Birmingham and Dublin company stores. If we exclude them this year, like-for-like sales were GBP0.98m, up 27%. Licence fee and subscription income increased to GBP1.04m (2020: GBP0.98m). The products our partners sell - like signage, printing and promo goods - they buy from us at wholesale prices, totalling GBP1.17m (2020: GBP0.92m).

Works Manchester

We manufacture signs, displays and a wide range of marketing and promotional materials. And we sell those via our Image Group client service team and Marqetspace.com. Revenue for Works Manchester increased to GBP2.86m (2020: GBP2.59m). Sign sales were flat at GBP1.92m (2020: GBP1.92m). That's really because in 2020 we were flat out making social distancing signage, floor graphics and hand sanitizers. So clients could make their premises covid-secure. Marqetspace only sells to professional trade buyers. Sales recovered on that channel to GBP0.94m (2020: GBP0.67m).

Works Manchester has a fairly fixed overhead base. When volumes drop below certain levels, as they did due to Covid, the unit loses money. As volumes improved, only modest increases were required to flow straight to the bottom line. That's because, with batch production, reduced volume is like flying an aircraft with empty seats. We've worked hard to win new clients and expand what we can do. In part that's come from a software upgrade we call 'Plans'. It allows our sales teams and partners to build bespoke product quotes, without any central support or admin. They configure their multi-part projects in a simple interface, upload graphic files and send straight to production. In the background, the system intelligently plans the workflow, routing to the right machines, calculating time and materials. It means we can be more responsive to client requests and our partners can do more self-service.

Like most businesses, we've experienced cost increases across almost every line item. Paper, aluminium printing plates, distribution and energy have all seen double-digit rises. As long-term contracts have ended, or stock is depleted, we've faced increased costs. In the second half, we've increased our wholesale and retail prices and it seems likely they'll have to increase again. Our competitors have been forced to do the same. It's highly likely that increased energy and input costs, coupled with not-yet-back-to-normal demand and the removal of government support will be too much for many printers to bear.

Works Manchester has plenty of capacity. It would benefit from ingesting more external volume. We continue to look for strategic partners or other opportunities to get more from this resource.

The Software Circle

In summer 2020, we ran a summer school for interns with London Business School. We've developed a team of analysts and searchers. They are looking for software businesses for us to acquire and become part of the Group.

We've contacted hundreds of businesses, using the same kind of sales and marketing techniques we use to target Nettl partners.

We're particularly interested in software businesses serving vertical markets. Perhaps where the owner is thinking about retirement planning. Often they're looking for a commercial partner to take care of their team and client base. We're an ideal home to provide continuity of support and maintain relationships.

The kind of businesses we've been getting to know include management information systems, risk management systems and help desk systems. Ideally, those businesses will be selling to SMEs and that gives us cross-selling opportunities. We'll retain their brands and we're not on some sort of masochistic plan to migrate them to our platform. They'll keep their technology stack and we'll integrate their finance function into the Group.

Whilst we're not rushing to do deals, we're hopeful of adding businesses to the Group. We've got a number of ongoing discussions and will provide further updates as things come to fruition.

If you own a software business or one of your mates is banging on about theirs, please hop to www.grafenia.com/acquisition or email letmein@grafenia.com .

It's a WorksThing

When we acquired Image Group in 2017, we wanted to learn how to manufacture and install signage at scale. The team were using a third-party application to build estimates and schedule production. Like much of the industry, it was used in conjunction with sketches and text messages. Installations managed by Whatsapp and little black books.

By their nature, sign and graphics orders are a lot more bespoke than printed marketing. We've talked about 'Plans' before. It's been the biggest part of our platform upgrade to go live. Building an estimate previously took a lot of knowledge of the technical aspects of manufacturing. How many fixings to add, how many hours of labour to factor in.

We've turned this into a step-by-step visual process. Studios can select a substrate, add as many parts as they need, in any size. They can keep all artwork the same or specify different designs for each copy. Then they can add standard finishes, like lamination, or add stock-pick components like fixings or stands. 'The Imposer' tool works out the most efficient use of space. If there are other orders with the same specification, they'll be aggregated together onto the same sheets to minimise waste.

With that in place, we're finishing the final parts of digital transformation. Every great install starts with a great survey. Studios can self-survey using 'The Surveyor'. Pick up a tablet, fill out the sections and snap pictures on-site. Back in the studio, they build a plan, design the artwork and then request an installation.

Communication is key. Complex manufacturing projects involve several people. Every person added to a project disproportionately increases the channels of communication. And that's a problem. With so many ways of chatting, it's easy for critical changes to get missed.

Our solution, 'The Arena', where everyone involved in the project is included in a group chat. Linked directly to the project. With all the details and history to view. An audit trail of who said what to whom and when and what was agreed with her by him.

Photos, progress and client sign off are all shared in a timeline. Giving studios and clients confidence that everything's going to plan.

We're launching this new system as WorksThing. It's an end-to-end Software-as-a-Service for studios and sign makers. For those that want to better manage their own installation teams. And for those that want to sell and design displays and need the supply chain and access to fitting teams.

Our Nettl company stores will be the first to add their installers and contacts. Next our Nettl partners will be invited to upgrade.

Right now we're inviting sign fitters to register at www.worksthing.com . We have hundreds of professional buyers and designers hooked into our platform. Many are subcontracting fitting. Doing things manually. Flicking through little black books. We'd like to send survey requests and fitting jobs to vetted WorksThing fitters. It's free to join the waitlist.

WorksThing will be launching in 2022 and extends our offering to a wider addressable market. It's the whole life cycle of a sign or display order. From a chat box on your website, to an enquiry. To an eye-catching online proposal, with sign off and deposit payment. Building plans, ordering standard products and file management. Surveys and installations synched with your calendar. And invoices posted into Xero or Quickbooks. It's a modern tool, designed for the manic reality of a complex world.

Outlook

We're currently in the second half of our financial year. Trading in October was ahead of last year and November should end better than last year.

We've come out of the pandemic in better shape than we went into it. We're focusing our attention on building more recurring revenue streams. That's by a mix of buying software companies. And by building tools to licence to professionals in the graphic arts, print and sign sectors. And to give our Nettl stores and partners access to the best systems, to deliver a client experience that's beyond what they're used to.

Who knows what the next black swan event will be. As your granny probably told you, worry is just a misuse of your imagination. So we're using ours to imagine a future, where Nettl is at the heart of every community. And building for that day.

   Jan Mohr                                                                Peter Gunning 
   Chairman                                                               Chief Executive Officer 

19 November 2021

Unaudited Interim Results for the period ended 30 September 20 21

Consolidated Statement of Comprehensive Income

for the six months ended 30 September 202 1

 
                                               Unaudited      Unaudited     Audited 
                                              Six months     Six months  Year ended 
                                                      to             to    31 March 
                                            30 September   30 September       202 1 
                                     Note          202 1          20 20 
                                                  GBP000         GBP000      GBP000 
 
Revenue                               3            6,307          5,252       9,748 
Raw materials and consumables 
 used                                           (2, 872)        (2,293)    ( 4,173) 
Gross profit                                       3,435          2,959       5,575 
-----------------------------------  ----  -------------  -------------  ---------- 
 
Staff costs                                     (1,9 13)        (1,937)    ( 3,700) 
Other operating charges                         (1, 130)        (1,147)    ( 2,035) 
Earnings before interest, 
 tax depreciation and amortisation                   392          (125)      (1 60) 
-----------------------------------  ----  -------------  -------------  ---------- 
 
Depreciation and amortisation                     (9 24)          (980)    ( 1,705) 
Operating loss                                    ( 532)        (1,105)    ( 1,865) 
-----------------------------------  ----  -------------  -------------  ---------- 
 
Financial income                                       5             13          16 
Financial expenses                                ( 256)          (199)      ( 477) 
Net financing (expense)                           ( 251)          (186)      ( 461) 
-----------------------------------  ----  -------------  -------------  ---------- 
 
Loss before tax                                   ( 783)        (1,291)    ( 2,326) 
-----------------------------------  ----  -------------  -------------  ---------- 
 
Taxation                                            1 50            122        2 41 
Loss for the period                               ( 633)        (1,169)    ( 2,085) 
-----------------------------------  ----  -------------  -------------  ---------- 
 
 
Total comprehensive expense 
 for the period                                   ( 633)        (1,169)    ( 2,085) 
-----------------------------------  ----  -------------  -------------  ---------- 
 
Loss per share                        7         ( 0.55)p        (1.03)p    ( 1.83)p 
-----------------------------------  ----  -------------  -------------  ---------- 
 

Consolidated Statement of Financial Position

at 30 September 202 1

 
                                            Unaudited     Unaudited   Audited 
                                   Note  30 September  30 September  31 March 
                                                202 1          2020      2021 
                                               GBP000        GBP000    GBP000 
Non-current assets 
   Property, plant and equipment                4,705         5,193     5,065 
   Intangible assets                            3,282         3,706     3,510 
Total non-current assets                        7,987         8,899     8,575 
---------------------------------  ----  ------------  ------------  -------- 
 
Current assets 
   Inventories                                    434           430       444 
   Trade and other receivables      4           2,426         2,239     1,545 
   Prepayments                                    320           284       278 
   Cash and cash equivalents                    2,669         3,679     2,740 
---------------------------------  ----  ------------  ------------  -------- 
Total current assets                            5,849         6,632     5,007 
---------------------------------  ----  ------------  ------------  -------- 
 
Total assets                                  1 3,836        15,531   13, 582 
---------------------------------  ----  ------------  ------------  -------- 
 
Current liabilities 
  Other interest-bearing 
   loans and borrowings              6          1,345           779       931 
  Deferred consideration                            -           146         - 
  Trade and other payables          5           2,708         2,605     1,799 
  Deferred income                   5              24            67        60 
Total current liabilities                       4,077         3,597     2,790 
---------------------------------  ----  ------------  ------------  -------- 
 
Non-current liabilities 
  Other interest-bearing 
   loans and borrowings              6          5,811         6,429     6,149 
  Deferred tax liabilities                        323           411       389 
---------------------------------  ----  ------------  ------------  -------- 
Total non-current liabilities                  6, 134         6,840     6,538 
---------------------------------  ----  ------------  ------------  -------- 
Total liabilities                             10, 211        10,437     9,328 
---------------------------------  ----  ------------  ------------  -------- 
 
Net assets                                      3,625         5,094     4,254 
---------------------------------  ----  ------------  ------------  -------- 
 
Equity 
   Share capital                                1,145         1,136    1, 145 
   Share premium account                        7,866         7,804    7, 866 
   Merger reserve                                 838           838       838 
   Retained earnings                         ( 6,312)       (4,763)  ( 5,679) 
   Share Option reserve                            88            79        84 
Total equity                                    3,625         5,094     4,254 
---------------------------------  ----  ------------  ------------  -------- 
 

Consolidated Statement of Changes in Shareholders Equity

for the six months ended 30 September 202 1 (unaudited)

 
                                  Share  Share Premium    Merger   Retained  Share based 
                                Capital                  Reserve   earnings      payment    Total 
                                                                                 reserve 
                                 GBP000         GBP000    GBP000     GBP000       GBP000   GBP000 
 
Opening shareholders' 
 funds at 1 April 2020            1,135          7,801       838    (3,594)           74    6,254 
 
Shares issued in the period           1              3         -          -            -        4 
Loss and total comprehensive 
 income for the period                -              -         -    (1,169)            -  (1,169) 
Share option reserve                  -              -         -          -            5        5 
 
Closing shareholders' 
 funds at 30 September 
 2020                             1,136          7,804       838    (4,763)           79    5,094 
-----------------------------  --------  -------------  --------  ---------  -----------  ------- 
 
Opening shareholders' 
 funds at 1 October 2020          1,136          7,804       838    (4,763)           79    5,094 
 
Shares issued in the period           9             62         -          -            -       71 
Loss and total comprehensive 
 income for the period                -              -         -      (916)            -    (916) 
Share option reserve                  -              -         -          -            5        5 
 
Closing shareholders' 
 funds at 31 March 2021           1,145          7,866       838    (5,679)           84    4,254 
-----------------------------  --------  -------------  --------  ---------  -----------  ------- 
 
Opening shareholders' 
 funds at 1 April 2021            1,145          7,866       838    (5,679)           84    4,254 
 
Loss and total comprehensive 
 income for the period                -              -         -      (633)            -    (633) 
Share option reserve                  -              -         -          -            4        4 
 
Closing shareholders' 
 funds at 30 September 
 2021                             1,145          7,866       838    (6,312)           88    3,625 
-----------------------------  --------  -------------  --------  ---------  -----------  ------- 
 
 

Consolidated Statement of Cash Flows

for the six months ended 30 September 202 1

 
                                                   Unaudited      Unaudited     Audited 
                                                  Six months     Six months  Year ended 
                                                          to             to    31 March 
                                                30 September   30 September       202 1 
                                                       202 1           2020 
                                                      GBP000         GBP000      GBP000 
Cash flows from operating activities 
Loss for the period                                   ( 633)        (1,169)    ( 2,085) 
   Adjustments for: 
   Depreciation, amortisation and impairment             924            980       1,705 
   Profit on sale of plant and equipment                   -            (4)           5 
   Release of deferred profit on sale 
    of plant and equipment                              ( 5)            (8)        (14) 
   Share based payments                                    4              5          10 
   Net finance expense                                   251            186         461 
   Bad debt expense                                       92            138         169 
   Tax income                                         ( 150)          (122)      ( 241) 
Operating cash flow before changes 
 in working capital and provisions                       483              6          10 
---------------------------------------------  -------------  -------------  ---------- 
   Change in trade and other receivables               (931)          (115)        4 65 
   Change in inventories                                  10           (82)        (96) 
   Change in trade and other payables                    860            348      ( 338) 
Cash generated /(utilised) by operations                 422            157          41 
---------------------------------------------  -------------  -------------  ---------- 
   Interest paid                                           -              -         (9) 
   Interest received                                       5              -           7 
   R&D tax income received                                 -            175         172 
Net cash inflow/(outflow) from operating 
 activities                                              427            332         211 
---------------------------------------------  -------------  -------------  ---------- 
 
Cash flows from investing activities 
   Proceeds from sale of plant and equipment               -             10          10 
   Acquisition of plant and equipment                  ( 21)           (45)       ( 90) 
   Capitalised development expenditure                ( 307)          (206)      ( 419) 
   Acquisition of other intangible assets               ( 8)          (122)      ( 259) 
   Acquisition of subsidiary net of cash                   -             17        (84) 
Net cash used in investing activities                 (3 36)          (346)      ( 842) 
---------------------------------------------  -------------  -------------  ---------- 
 
Cash flows from financing activities 
   Proceeds / (repayment) of funding 
    from invoice finance                                 300            (2)          81 
   Proceeds from loans                                     -          3,010       3,010 
   Repayment of loans                                  ( 79)           (20)       ( 81) 
   Capital payment of lease liabilities               ( 263)          (165)      ( 411) 
   Interest payment of lease liabilities              (1 20)          (136)      ( 260) 
  Payment of deferred consideration                        -          (102)      ( 147) 
  Issue of shares (net of costs)                           -              4          75 
Net cash (outflow) / inflow from financing 
 activities                                            (162)          2,589       2,267 
---------------------------------------------  -------------  -------------  ---------- 
 
   Net (decrease) / increase in cash 
    and cash equivalents                                (71)          2,575       1,636 
   Cash and cash equivalents at start 
    of period                                          2,740          1,104       1,104 
Cash and cash equivalents at end of 
 period                                                2,669          3,679       2,740 
---------------------------------------------  -------------  -------------  ---------- 
 

Notes

(forming part of the interim financial statements)

   1        Basis of preparation 

Grafenia plc (the "Company") is a company incorporated and domiciled in the UK.

These financial statements do not include all information required for full annual financial statements and should be read in conjunction with the financial statements of the Company as at and for the year ended 31 March 2021. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was: (i) unqualified; (ii) did not include a reference to any matters to which the auditors 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.

These interim financial statements are prepared on the same basis as the financial statements for the

year ended 31 March 2021, in which our full set of accounting policies, including critical judgements and key sources of estimation uncertainty, can be found.

The Directors review a two-year forecast when approving the interim financial statements to ensure that adequate cash resources are in operational existence to support trading for the foreseeable future.

These condensed consolidated interim financial statements were approved by the Board of Directors on 19 November 2021.

   2        Significant accounting policies 

The accounting policies applied by the Company in these condensed consolidated interim financial statements are the same as those applied by the Company in its consolidated financial statements for the year ended 31 March 2021.

   3        Segmental information 

The Company's primary operating segments are geographic being UK & Ireland, Europe and others. The secondary segmental analysis is by nature of sales channel and service.

This disclosure correlates with the information which is presented to the Chief Executive (CEO), the Chief Operating Decision Maker pursuant to IFRS 8, who reviews revenue (which is considered to be the primary growth indicator) by segment. The Company's costs, finance income, tax charges, non-current liabilities, net assets and capital expenditure are only reviewed by the CEO at a consolidated level and therefore have not been allocated between segments.

Analysis by location of sales

 
                                    UK & Ireland 
                                                       Europe       Other       Total 
                                          GBP000       GBP000      GBP000      GBP000 
 Six months ended 30 September 
  2021                                     5,987          123         197       6,307 
-------------------------------  ---------------  -----------  ----------  ---------- 
 Six months ended 30 September 
  2020                                     4,935          114         203       5,252 
-------------------------------  ---------------  -----------  ----------  ---------- 
 Year ended 31 March 2021                  9,117          242         389       9,748 
-------------------------------  ---------------  -----------  ----------  ---------- 
 

Revenue generated outside the UK is attributable to partners in Belgium, France, Ireland, New Zealand, The Netherlands and the USA. No single customer provided the Group with over 10% of its revenue.

DISAGGREGATION OF REVENUE

The disaggregation of revenue from contracts with customers is as follows:

 
                            Nettl Systems                          Works Manchester               Total 
               Licence   Company      Brand      Total    Works Sign     Online   Total Works 
                  Fees    Stores    Partner      Nettl    Businesses    & Trade    Manchester 
                                      Print    Systems 
                GBP000    GBP000     GBP000     GBP000        GBP000     GBP000        GBP000    GBP000 
 Six months 
  ended 30 
  September 
  2021           1,036     1,242      1,171      3,449         1,921        937         2,858     6,307 
------------  --------  --------  ---------  ---------  ------------  ---------  ------------  -------- 
 Six months 
  ended 30 
  September 
  2020             977       768        915      2,660         1,918        674         2,592     5,252 
------------  --------  --------  ---------  ---------  ------------  ---------  ------------  -------- 
 Year ended 
  31 March 
  2021           2,077     1,832      1,916      5,825         2,804      1,119         3,923     9,748 
------------  --------  --------  ---------  ---------  ------------  ---------  ------------  -------- 
 
   4               Trade and other receivables 
 
                                               Unaudited         Unaudited     Audited 
                                              Six months        Six months  Year ended 
                                         to 30 September   to 30 September    31 March 
                                                   202 1             20 20       202 1 
                                                  GBP000            GBP000      GBP000 
Trade receivables                                  3,229             3,022       2,408 
Less provision for trade receivables             (1,122)           (1,093)     (1,090) 
--------------------------------------  ----------------  ----------------  ---------- 
Trade receivables net                              2,107             1,929       1,318 
--------------------------------------  ----------------  ----------------  ---------- 
Total financial assets other than 
 cash and cash equivalents classified 
 at amortised cost                                 2,107             1,929       1,318 
--------------------------------------  ----------------  ----------------  ---------- 
 
Corporation tax                                      247               252         163 
Other taxes                                            -                 -           - 
Other receivables                                     72                58          64 
--------------------------------------  ----------------  ----------------  ---------- 
Total Other receivables                              319               310         227 
--------------------------------------  ----------------  ----------------  ---------- 
Total trade and other receivables                  2,426             2,239       1,545 
--------------------------------------  ----------------  ----------------  ---------- 
 
   5        Trade and other payables 
 
                                      Unaudited         Unaudited      Audited 
                                     Six months        Six months   Year ended 
  Current liabilities                        to   to 30 September     31 March 
                                   30 September              2020        202 1 
                                           2021 
                                         GBP000            GBP000       GBP000 
Trade payables                            1,382             1,158          689 
Accruals                                    443               356          358 
Other liabilities                           883             1,091          752 
--------------------------------  -------------  ----------------  ----------- 
Total financial liabilities, 
 excluding 'non-current' loans 
 and borrowings classified 
 as financial liabilities 
 measured at amortised cost               2,708             2,605        1,799 
Deferred Income                              24                67           60 
Total trade and other payables            2,732             2,672        1,859 
--------------------------------  -------------  ----------------  ----------- 
 
 
   6        Borrowings 
 
                                   Unaudited         Unaudited      Audited 
                                  Six months        Six months   Year ended 
  Current liabilities        to 30 September   to 30 September     31 March 
                                       202 1              2020        202 1 
                                      GBP000            GBP000       GBP000 
Invoice financing                        509               126          209 
Lease liabilities                        673               594          602 
Loans                                    163                59          120 
                                       1,345               779          931 
 -------------------------  ----------------  ----------------  ----------- 
 
Deferred consideration                     -               146            - 
--------------------------  ----------------  ----------------  ----------- 
 
 Non-current liabilities 
Lease liabilities                      2,851             3,439        3,185 
Loans                                    771               935          854 
Bearer bonds                           2,189             2,055        2,110 
--------------------------  ----------------  ----------------  ----------- 
                                       5,811             6,429        6,149 
 -------------------------  ----------------  ----------------  ----------- 
 
   7           Earnings per share 

The calculations of earnings per share are based on the following profits and numbers of shares:

 
                                         Unaudited      Unaudited      Audited 
                                        Six months     Six months   Year ended 
                                                to             to     31 March 
                                      30 September   30 September         2021 
                                             202 1           2020 
                                            GBP000         GBP000       GBP000 
Loss after taxation for the period           (633)        (1,169)      (2,085) 
-----------------------------------  -------------  -------------  ----------- 
 
Weighted average number of shares 
 in issue                              114,490,828    113,571,796  113,831,139 
-----------------------------------  -------------  -------------  ----------- 
Basic earnings per share                   (0.55)p        (1.03)p      (1.83)p 
-----------------------------------  -------------  -------------  ----------- 
 

Share options had no dilutive effect on the weighted average number of shares and therefore no diluted earnings per share have been stated.

   8          Dividend 

The Directors are not declaring an Interim Dividend (2020: Nil).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR PPGPCGUPGGGU

(END) Dow Jones Newswires

November 22, 2021 02:00 ET (07:00 GMT)

1 Year Grafenia Chart

1 Year Grafenia Chart

1 Month Grafenia Chart

1 Month Grafenia Chart
ADVFN Advertorial
Your Recent History
LSE
GRA
Grafenia
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20220521 05:44:08