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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
I-nexus Global Plc | LSE:INX | London | Ordinary Share | GB00BDFDLT01 | 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% | 4.875 | 4.50 | 5.25 | 4.875 | 4.875 | 4.875 | 0.00 | 07:41:02 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Prepackaged Software | 3.53M | -756k | -0.0256 | -1.90 | 1.44M |
TIDMINX
RNS Number : 2633W
i-nexus Global PLC
21 December 2021
21 December 2021
i-nexus Global plc
("i-nexus", the "Company" or the "Group")
Final Results
i-nexus Global plc (AIM: INX), a leading provider of cloud-based Strategy Execution software solutions designed for the Global 5000, today provides its audited results for the year ended 30 September 2021 ("FY21").
Financial Highlights
-- Group revenue GBP3.6m (FY20: GBP4.1m)
o Recurring revenue GBP3.3m (FY20: GBP3.7m)
o Services revenue GBP0.3m (FY20: GBP0.4m)
-- Administrative expenses reduced by 27% to GBP4.1m (FY20: GBP5.6m) -- Group loss before taxation reduced to GBP1.1m (FY20: GBP2.4m) -- Cash & cash equivalents at the period end of GBP0.6m (FY20: GBP0.1m) -- Exit Monthly Recurring Revenue ("MRR") GBP235k (FY20: GBP305k)
-- Financial position of the Company secured for the near term by the Convertible Loan notes subscribed for during the year by shareholders
-- Currently trading on an EBITDA positive basis
Operational Highlights
-- Despite the ongoing impact on enterprise software Budgets, successful in closing four new deals across the year with three being in the last quarter
-- Higher level of non-renewing customers than anticipated, but levels of non-renewing customers reduced in the last three months of the year
-- Marketing initiatives started to bear fruit as our investments saw the highest historical results in terms of engagement, reach and therefore leads; confirming our ability to rebuild our prospect pipeline
Post Period End Highlights & Outlook
-- Sales momentum emerged in Q4 and is continuing in FY22
-- At the time of writing this report we have closed six deals in six months; validating our ability to win new business, the longest period on record of regular deal delivery
-- Our average deal size is increasing and we now have clear predictable conversion rates of leads into deals
-- After another tough year we have emerged in a strong position and primed to deliver double digit net Monthly Recurring Revenue (MRR) growth in FY22
Simon Crowther, Chief Executive, of i-nexus Global plc, commented: " The substantial challenges posed by the pandemic continued in the year, but the ongoing investments made in our products and the changes to our Go To Market strategy started to deliver an increase in new customer win rate in Q4, increased industry recognition and a growing confidence across the business as we head into FY22. The efforts we have made in cash conservation and the uplift in revenues meant we traded on an EBITDA positive footing (adjusted for non-underlying items) for the last three months of the year, with a visible cash runway.
"Our sales pipeline continues to develop with solid new opportunities being created monthly and we have seen a general shortening of sales cycles, reflecting in our improved conversion metrics. We therefore enter the new financial year with a greater level of optimism.
"The changes brought by the pandemic have highlighted the need for scalable, robust, digital strategy execution tools and the market for our software is growing. We are confident we are well positioned, with a differentiated offering, to play a leadership role in this maturing market and are focused on delivering a year of growth."
For further information please contact:
i-nexus Global plc Via: Alma PR Simon Crowther, CEO Alyson Levett, CFO Singer Capital Markets (Nominated Tel: +44 (0)207 496 Adviser and Broker) 3000 Sandy Fraser / Alaina Wong (Corporate Finance) Tom Salvesen (Corporate Broking) Alma PR Tel: +44 (0) 203 405 Caroline Forde 0205
About i-nexus Global plc
i-nexus Global plc ("i-nexus") helps organisations achieve their goals. Whether executing a strategy, driving operational excellence and continuous performance improvement, or coordinating portfolios and programs to transform results, i-nexus strategy execution software underpins success.
Today, we support organisations in managing over 200,000 strategic programmes around the world.
i-nexus transforms how organisations plan, execute, and track goals. We inspire the confidence to leave behind the spreadsheets, presentations and reports those organisations rely on, replacing it with a cloud-based, collaborative solution.
Chairman's Statement
For many businesses 2020/21 remained challenging due to economic and commercial uncertainty coupled with all the ongoing disruption caused by the global pandemic. Of course, certain businesses were in the right markets to benefit from the unprecedented demands created by this environment, whilst others were on the wrong side of the "must have / like to have" decision process. However, while in FY20 we saw many large businesses retract from longer term decision making on procuring discretionary enterprise software purchases, during FY21 we saw a distinct change in behaviour from our existing and potential customers as they returned to addressing the fundamental challenge of increasing longer term productivity.
Critical to addressing this challenge is how enterprises deploy their strategy. Having agreed strategic goals, how they set the goals across large and complex businesses, how they measure whether or not they are on track to achieve those goals and finally what to do to course correct if they are not on target. As a Board we are confident that the challenge which i-nexus addresses, the automation of Business Improvement and Strategy Deployment, is one which all businesses face and more and more will seek to address over the coming years. We remain confident that we have an extremely capable solution as demonstrated by the quality of the customers which we currently serve and those with which we are currently negotiating.
i-nexus Global plc went into the FY20 downturn in a particularly weak position, both from a cash and from a sales perspective, but crucially we were supported at this critical time by our major shareholders. We demonstrated to those shareholders the inherent value in this business in terms of the technology we have developed, the customers who have deployed it and the new customers who have signed contracts or are currently in our pipeline. We all acknowledge that there was and continues to be considerable uncertainty about the speed at which the market for strategy deployment software develops but are confident that there is a significant market to address and that such deployments go the heart of how businesses operate. We remained 'hunkered down' during FY21, keeping costs to a minimum, successfully rebuilding our sales pipeline, continuing to service our existing customers, signing new ones and continuing on a more limited basis to develop our technology. Preservation of cash until such time as we can see a clear, sustainable improvement in sales and revenues, was our number one priority and remains so.
Although we successfully signed a number of new customers during FY21 we were hit by higher levels of churn amongst some of our existing customers than we were anticipating. The principal drivers for this churn were M&A activity and customers who found themselves in particularly hard-hit industries. In retrospect, given the considerable M&A activity amongst our customers, such events are not entirely unexpected. We have continued to support such customers in a totally professional manner and one in particular, having been acquired, has already started a new pilot to deploy i-nexus across the new merged entity. The result of this higher than anticipated churn was a tighter than anticipated cash position which was once again supported by our shareholders.
We remain confident that the market we address is emerging and that i-nexus is a leading automation product enabling businesses to deploy strategy more efficiently. We are also confident that we are running as lean a cost base as manageable in challenging times, that we have the appropriate and committed management team and that our core market is undoubtedly growing.
Although we believe that the stock market currently undervalues the business on any comparable metric, we recognise that the management of the business must demonstrate to investors that i-nexus has the exciting potential we can see and that we as a team can realise the results we envisage. Whilst we do so, we will manage our cash resources as effectively as possible, continue to develop one of the best platforms available to enable the automation of business improvement and strategy deployment and continue to drive our exciting sales pipeline as hard as our resources permit.
Finally, I would like once again to thank our management team and employees for their dedication and commitment during these challenging times. I would also like to take this opportunity to thank all shareholders who have continued to support the business and in particular those who subscribed for additional Loan Notes during the most challenging of times. They have given the business the opportunity to continue to pursue the growth in new and existing customers and ultimately the financial results the management team work unstintingly to achieve.
Richard Cunningham
Chairman
CEO's Statement
Overview
We have emerged as a stronger business as a result of the commercial and operational challenges of FY21. After the major milestone in FY20 of deploying an upgraded version of i-nexus with a new modern interface across all our customers, which has deepened our understanding of our customers' needs, we are generating the highest number of new sales leads per month, on average one new demo request is arriving per working day and the start of a stable cadence of new contract wins is now visible. We are now moving into what I expect to be an exciting phase in i-nexus' history.
Our shareholders were an invaluable support during the challenges of FY21 and have provided the means for us to get back on a growth trajectory. I would like to add my thanks for that to those expressed by our Chairman.
Trading
The substantial challenges posed by the pandemic continued in the year, but the ongoing investments made in our products and the changes to our Go To Market ("GTM") strategy started to deliver an increase in new customer win rate in Q4, increased industry recognition and a growing confidence across the business as we head into FY22. The efforts we have made in cash conservation and the uplift in revenues meant we traded on an EBITDA positive footing (adjusted for non-underlying items) for the last three months of the year, with a visible cash runway.
The fundraising gave us much needed working capital. We remain conscious of the challenges that still lie ahead, but we are passionate about continuing to deliver on our growth strategy in the coming year while carefully managing our cash resources to ensure the long-term future of the business.
Market opportunity
All businesses set goals, plan how to deliver them and track performance. The challenge is if they can do this at pace, with insight and high levels of visibility across their complex operating environment. In most cases the answer to this is no and this is where i-nexus' software delivers considerable value. While the last 18 months has been painful for many, it brought into focus the importance of strategy being up to date, all in one place and at the fingertips of those driving a business forward and most importantly, remotely and digitally accessible. This, we believe, will see the momentum we have seen in recent months continue and grow in the coming year.
Sales & Marketing activity
Since the launch of our next generation platform, i-nexus Workbench, last year we are encouraged by the exceptionally positive response from existing customers and the high level of interest from new prospects. The flexibility and usability of the platform has enabled us to implement live trials and "test drives" for prospects for the first time, enabling high levels of engagement where prospects can see their own data in the system, providing a powerful proof of the ROI which can be delivered.
The success of these trials and test drives can be seen in the uplift in customer win rate in Q4 and into the new financial year, with five trials converted into annual contracts since July 2021 - an encouraging run rate of new business not experienced for some time.
The four new customers signed in the year were a major domestic appliance manufacturer, the first of six portfolio companies of a US-based Private Equity business, with further companies in their portfolio now evaluating the platform, a European pharmaceutical organisation and a European automotive technology company. Subsequent to the year end, we have signed one further contract with the second of the portfolio companies mentioned above with further deals progressing through contracting.
We currently have several further live trial implementations at multiple enterprises across the US, UK and Europe and a paid Pilot with a major technology company. We continue to see an uplift in new business enquiries as a result of our targeted marketing activities but are mindful that the economic backdrop remains uncertain.
Existing account activity
Typically, our software is initially utilised within one division of our customers, or one geography, with considerable scope for further expansion. However, within the year, we saw lower levels of customer expansion deals than previously with only two notable additions, a cross sell at an existing account to a new geography, Singapore and the conclusion of an enterprise deal with a major technology company whereby their MRR will ramp across the next 3-5 years. Despite these two increases success elsewhere was limited with COVID-19 continuing to impact enterprise software budgets. We have seen some improvement post year end and anticipate a higher level of customer expansion deals in FY22.
Marketing
We have seen a considerably higher level of new business enquiries as we progressed through the year, reflecting both the improving business landscape and our inclusion on G2, the world's largest online technology marketplace within the 'best strategic planning' software category. Having not appeared in this list previously, we now consistently rank highly, having received forty two reviews and three awards. Year on year the result is encouraging with new contacts nearly twice last year's average, content download 1.5 times those on average a year ago and both returning contacts and returning web visits at least five times those a year ago. All of this activity has seen our rate of leads and, importantly, demo requests increase.
Our focus for the year ahead will be to convert this increase in marketing reach, maintain this consistency in the rate of new customer acquisition, expanding with our existing customers and delivering net customer growth.
Business structure
The business comprises four core teams: GTM (Sales & Marketing), Product (Development, Product & Cloud Ops), Success, (all the customer facing & delivery teams) and Business Support (Finance, HR & Admin). Each team has clearly laid out performance metrics and KPIs, to be delivered against quarterly. A key feature of the change in the GTM approach has been to utilise domain experts, with an in depth knowledge of i-nexus, throughout the sales cycle. This has enabled a far greater level of interaction with the prospect's team on a peer-to-peer basis. In addition, we have also adopted a similar approach in customer success, whereby our Solution Consultants are acting as success managers for our accounts. Both these changes are delivering positive results.
As with many software companies, we are an agile business and well-equipped to facilitate remote working. Our staff continue to work successfully from home, with no disruption to the Group's continuity of service and indeed some benefits of the greater ease of collaboration. We took the decision in the year not to renew the lease on our Coventry HQ. We require a more flexible workspace for the future as lockdown restrictions lift and resource planning can become more definitive.
Innovation
Evolving market
Our software category - Strategy Execution Management (SEM) - continues to evolve and gain momentum as companies accelerate digitising mission-critical processes in this post pandemic world. Faced with market uncertainty, this "new normal" future requires companies to increase responsiveness by dynamically managing their strategic plan; something that we believe simply cannot be achieved in spreadsheets and other conventional productivity tools.
The growing importance of the SEM market has been acknowledged by leading analysts including Gartner Research, with SEM now considered an integral part of the new Strategy Portfolio Management (SPM) software category.
Competition
Our competitive landscape has shifted accordingly. Falling under Strategic Portfolio Management from an analyst perspective, has had two effects. It has both distanced us from many previous SEM competitors but also introduced new SPM competitors.
Against remaining SEM vendors, i-nexus is differentiated in both its depth of capabilities and its ability to support larger deployments where stringent IT requirements - including data security - must be met and flexibility in configuration is needed. Those capabilities include the X-Matrix interactive planning used by multiple strategy execution methodologies including Hoshin Kanri.
i-nexus has two clear advantages in strategy execution against SPM vendors: powerful strategic planning and performance management capabilities that complement portfolio management features. Plus, i-nexus' customers benefit from experience gained from over fifteen years of market experience in strategy execution.
Customer priorities
The past twelve months have seen the emergence of two clear trends in customer priorities. The first is around the governance of strategic data. Responding to changing market conditions requires real-time strategic insight that depends ultimately on quality data. Customers increasingly rely on i-nexus to centralise and manage this data, and furthermore present executives with visualisation and reporting on strategic health
The second noticeable trend is growing interest in rethinking the traditional annual strategic planning process, applying agile principles to strategic planning and delivery. Approaching strategic execution in a more incremental way enables customers to regularly assess not just progress toward the strategic plan but also any internal and external factors that might warrant strategic course correction.
In the year ahead we will continue to evaluate our product market fit and deliver those enhancements that respond to the market needs, especially those resulting from a greater extent of virtual operations.
Partners
While we secured one new customer at the start of the year via a partner, our consulting partners largely continued to be impacted by COVID-19, seeing their own pipelines slow down and facing substantial uncertainty, we therefore have reduced our focus on this area for the time-being.
People
Once again, I would like to thank our amazing team personally and on behalf of the Board. We are incredibly lucky with the talent and commitment of the team that we have at i-nexus. This has not been an easy year, but everyone has worked incredibly hard to make it a success and I am delighted for all of us that we are now starting to see the fruits of those labours.
Current Trading and Outlook
We exited the year with a Monthly Recurring Revenue rate of GBP235k and we continue to trade on a monthly EBITDA positive basis. Importantly, we have seen levels of non-renewing customers reduce considerably over the last five months and we do not expect to see a repeat of the rates seen last year.
Our sales pipeline continues to develop with solid new opportunities being created monthly and we have seen a general shortening of sales cycles, reflecting in our improved conversion metrics. We therefore enter the new financial year with a greater level of optimism.
The changes brought by the pandemic have highlighted the need for scalable, robust, digital strategy execution tools and the market for our software is growing. We are confident we are well positioned, with a differentiated offering, to play a leadership role in this maturing market and are focused on delivering a year of growth.
Simon Crowther
Chief Executive Officer
Chief Financial Officer's Report
Reported revenue
Revenue reduced to GBP3.6m (FY20: GBP4.1m) as the COVID-19 pandemic continued to affect our rate of new deal conversion and professional services billing until the last quarter of the year. The Group signed four new customers, three in the last quarter (FY20: two), all under recurring contracts of more than one year in length, paid in advance annually. Upsells and cross sells in our existing accounts were lower than previous years, adding GBP10k Monthly Recurring Revenue in the year (FY20: GBP40k). At the same time, we experienced exceptional levels of non-renewing contracts, some of which were a direct result of COVID-19, and we exited FY20 with closing MRR of GBP235k (FY20 exit MRR: GBP305k).
Revenue from recurring contracted software subscriptions was GBP3.3m (FY20: GBP3.7m), this reduction reflecting the low levels of new MRR generated from sales and the high level of non-renewing contracts. Revenue from associated professional services was GBP0.3m (FY20: GBP0.3m). We had expected some resurgence in our services billing closer to levels seen historically, but this did not materialise during the earlier part of the year. This also showed signs of improvement in the last 3 months of the year with billing in this area reaching an average of GBP29k per month from an average of just GBP5k per month from December 2020 to May 2021.
Gross Margin
Gross margin in the year was GBP3.0m, or 83% (FY20: GBP3.0m, or 73%) after accounting for commission payable to the Group's business partners. This improvement is a demonstration of how well the team have responded to the pressures on the business in the past twelve months.
Reported gross margin is the combined gross margin over both recurring software subscriptions and professional services.
Overheads
Overheads (defined as the aggregate of staff costs and other operating expenses, but excluding those costs included in cost of sales, depreciation of tangible assets and amortisation of intangible assets, and share based payment charges) reduced by 27% in the year to GBP3.9m (FY20: GBP5.31m). This cost saving was a combination of a full year of reduced headcount, continuing to utilise the Government Furlough scheme, albeit at a much lower rate, not renewing the Lease on the Coventry office and other savings related to software use and other general overheads savings. Included in overheads was GBP0.04m (FY20: GBP0.2m) of non-recurring administrative expenses as a result of the redundancies. As reported elsewhere our monthly run rate of total costs, both cost of sales and overheads dropped by approximately GBP100k in the year to close at approximately GBP270k. Interest expense at GBP156k is up on the previous year by GBP102k as the recognition of rolled-up interest expense on the first tranche of convertible loan notes commenced. Cash interest paid dropped from GBP40k to GBP22k as the historical venture debt continues to be paid down.
Adjusted EBITDA and net loss for the year
Our focus for the year was to remain as close to EBITDA breakeven as we could to conserve cash. These efforts were rewarded by the final quarter as we traded profitably at EBITDA level (adjusted for non-underlying items) for the last three months and are continuing to do so in the new financial year. Adjusted EBITDA (EBITDA before depreciation, amortisation, impairment and loss on disposal of assets, share based payments and non-underlying items) was a loss of just GBP0.3m as a result (FY20: loss GBP1.8m)
Group loss before taxation reduced to GBP1.1m (FY20: GBP2.4m), a result that reflects the cost reductions made. There are minimal plans to increase the cost base in the coming year, restricted to well targeted investments in lead generation, projects designed to improve conversion rates and in marketing initiatives with our partners. These investments will only be made as net new MRR increases thus releasing cash to enable them.
Cash Flow
The Group had cash & cash equivalents at the period end of GBP0.58m (FY20: GBP0.12m). The Group's cash position was enhanced during the year with successful fund raises to secure GBP1.975m as a result of the issue of Fixed Rate Unsecured Convertible Redeemable Loan Notes.
Gross debt at 30 September 2021 was GBP1.90m (FY20: GBP0.24m), of which GBP0.07m (FY20: GBP0.18m) was payable within one year.
The Group experienced a reduced outflow of funds from operating activities of GBP0.5m (FY20: GBP2.0m) and a net outflow from operating activities of GBP1.0m (FY20: GBP0.5m). This net outflow was largely the result of the repayment of HMRC deferrals and other accumulated creditor balances resulting from our pressured cash position towards the end of last year. The Group had a cash inflow of GBP1.8m (FY20: outflow of GBP0.2m) from financing activities.
The funds raised during the year provide additional working capital to facilitate the continued implementation of the Group's plans and will be applied entirely towards meeting the Group's ongoing working capital requirements. With the pattern of deal flow we are experiencing we expect to be self-sufficient in working capital terms in FY22 and can therefore start a prudent series of investments in resources to help us accelerate our growth.
Careful cash management will continue to be a priority focus for the Board. The Group continues to apply treasury and foreign currency exposure management policies to minimise both the cost of finance and our exposure to foreign currency exchange rate fluctuations.
The Group prepares budgets and cashflow forecasts and undertakes scenario planning to ensure that the Group can meet its liabilities as they fall due. As was the case last year the uncertainty as to the ongoing impact on the Group of COVID-19 has been considered as part of the Group's adoption of the going concern basis. In particular, the ongoing impact of COVID-19 may continue to cause sales cycles to extend and make it difficult to forecast future sales.
The Board's assessment in relation to going concern is included in Note 2 of the financial information. The Group's principal risks and uncertainties are set out in Note 9 of the financial information.
Capital expenditure
The Group operates an asset light strategy and has low capital expenditure requirements, therefore expenditure on tangible fixed assets is very low at less than 1% of revenue (FY20: 3%). The main area of capitalisation is the development of the Group's product software which amounted to GBP0.3m in the year (FY20: GBP0.6m).
The Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. This is reflective of the continual evolution of the market in which the Group operates and the needs of its customers, both present and prospective, and the Group's agile approach to continually developing and improving its offering. By necessity, this may mean that expenditure on intangible assets meeting the recognition criteria may later become impaired. As a result of this review we determined an impairment of GBP0.29m was necessary in the year (FY20: GBP0.11m). Our development capacity is contributing to the marketability of the Group's products, the product launch last August is proving to be strategically important to us as the success of trials and pilots is becoming evident.
Alyson Levett
Chief Financial Officer
Primary statements
Consolidated Statement of Comprehensive income
For the year ended 30 September 2021
Year ended Year ended Notes 30 September 30 September 2021 2020 GBP GBP Revenue 3 3,639,111 4,080,582 Cost of sales (635,532) (1,094,342) Gross profit 3,003,579 2,986,240 Other operating income 3 88,316 244,656 Administrative expenses (4,062,295) (5,555,327) ------------- ------------- Operating loss (970,400) (2,324,431) Adjusted EBITDA 4 (256,873) (1,816,412) ------------- ------------- Depreciation, amortisation, impairment and profit / loss on disposal (551,862) (331,924) Share based payment expense (17,181) - Non-underlying items (144,484) (176,095) ---------------------------------------- ------ ------------- ------------- Finance income 65 1,007 Finance costs (162,855) (54,299) ------------- ------------- Loss before taxation (1,133,190) (2,377,723) Income tax credit 398,258 361,490 ------------- -------------
Loss for the year (734,932) (2,016,233) ============= ============= Other comprehensive income: Exchange differences on translation of foreign operations 17,346 8,068 Loss on net investment hedge - (26,307) Total comprehensive loss for the year (717,586) (2,034,472) ------------- ------------- Attributable to equity holders of company (717,586) (2,034,472) ------------- ------------- Basic and diluted earnings per share 5 (0.02) (0.07) ------------- -------------
Consolidated Statement of Financial Position
As at 30 September 2021 Notes 30 September 30 September 2021 2020 GBP GBP Non-current assets Intangible assets 1,099,313 1,136,808 Property, plant and equipment 67,111 245,963 --------------- --------------- Total non-current assets 1,166,424 1,382,771 --------------- --------------- Current assets Trade and other receivables 791,948 832,507 Current tax receivable 275,000 300,000 Cash and cash equivalents 575,203 120,011 --------------- --------------- Total current assets 1,642,151 1,252,518 --------------- --------------- Total assets 2,808,575 2,635,289 --------------- --------------- LIABILITIES Current liabilities Trade and other payables 952,157 1,239,609 Borrowings 6 71,425 179,098 Lease liabilities - 37,467 Deferred revenue 1,030,315 1,723,661 --------------- --------------- Total current liabilities 2,053,897 3,179,835 --------------- --------------- Net current liabilities (411,746) (1,927,317) --------------- Non-current liabilities Trade and other payables 88,330 - Borrowings 6 42,094 64,402 Provisions - 80,702 Convertible loan notes 7 1,782,458 - --------------- --------------- Total non-current liabilities 1,912,882 145,104 --------------- --------------- Total liabilities 3,966,779 3,324,939 --------------- --------------- Net liabilities (1,158,204) (689,650) =============== =============== Equity Share capital 8 2,957,161 2,957,161 Share premium option 7,256,188 7,256,188 Share option reserve 12,989 - Foreign exchange reserve 1,876 (15,470) Equity reserve 7 231,851 - Merger reserve 10,653,881 10,653,881 Retained earnings (22,272,150) (21,541,410) --------------- --------------- Total equity (1,158,204) (689,650) =============== =============== Consolidated Share Share Equity Merger Foreign Share Retained Total Statement of capital premium reserve reserve exchange option earnings changes in reserve reserve equity As at 30 September 2021 GBP GBP GBP GBP GBP GBP GBP GBP Balance at 1 October 2019 2,957,161 7,256,188 - 10,653,881 (23,538) - (19,498,870) 1,344,822 Year ended 30 September 2020: Loss for the year - - - - - - (2,016,233) (2,016,233) Other comprehensive income: Exchange differences on foreign operations - - - - 8,068 - - 8,068 Loss on net investment hedge - - - - - - (26,307) (26,307) Total comprehensive income for the year - - - - 8,068 - (2,042,540) (2,034,472) Balance at 30 September 2020 2,957,161 7,256,188 - 10,653,881 (15,470) - (21,541,410) (689,650) Year ended 30 September 2021: Loss for the year - - - - - - (734,932) (734,932) Other comprehensive income: Exchange differences on foreign operations - - - - 17,346 - - 17,346 Total comprehensive income for the year - - - - 17,346 - (734,932) (734,932) Issue of convertible loan - - 231,851 - - - - 231,851 Share option expense in the year - - - - - 17,181 - 17,181 Share options cancelled - - - - - (4,192) 4,192 - Balance at 30 September 2021 2,957,161 7,256,188 231,851 10,653,881 1,876 12,989 (22,272,150) (1,158,204) Consolidated Statement of Cash Flows For the year ended 30 September 2021 Year ended Year ended 30 September 30 September 2021 2020 GBP GBP Cash flows from operating activities Loss after tax (734,932) (2,016,233) Adjustments for non-cash/non-operating items: Taxation credit (398,258) (361,490) Depreciation and profit on disposals 551,862 331,924 Share based payments 17,181 - Finance income (65) (1,007) Finance charges 162,855 54,299 Decrease in provisions (80,702) ------------- -------------- (482,059) (1,992,507) ------------- -------------- Changes in working capital: Decrease in trade and other receivables 78,059 690,536 (Decrease)/Increase in trade and other payables (980,799) 489,077 Cash from operating activities (1,384,799) (812,894) Income tax refunded 423,258 361,490 ------------- -------------- Net cash from operating activities (961,541) (451,404) ------------- -------------- Cash flows from investing activities Purchase of property, plant and equipment (1,171) (39,744) Proceeds from sale of property, plant 1,180 - and equipment Purchase of intangible assets - internally generated (335,446) (628,210) Interest received 65 1,007 Net cash flow from investing activities (335,372) (666,947) ------------- -------------- Cash flows from financing activities Payment of lease liabilities (37,467) (89,000) Issue of convertible loans 1,937,500 - Proceeds from bank loans 50,000 - Repayment of borrowings (179,981) (159,730) Interest paid (35,216) (54,299) Net cash flow from financing activities 1,734,836 (303,029)
------------- -------------- Net increase/(decrease) in cash and cash equivalents 437,923 (1,421,380) Cash and cash equivalents beginning of period 120,011 1,533,323 Effect of foreign exchange rate changes 17,269 8,068 ------------- -------------- Cash and cash equivalents at the end of the period 575,203 120,011 ============= ==============
Notes to accounts
1. General information
i-nexus Global plc is a public company limited by shares incorporated in England and Wales (registration number 11321642). The registered office and principal place of business is i-nexus, 27-28 Eastcastle Street, London, W1W 8DH.
The principal activity of i-nexus Global plc is to help organisations achieve their goals. Whether executing a strategy, driving operational excellence and continuous performance improvement, or coordinating portfolios and programs to transform results, i-nexus strategy execution software underpins success.
2. Significant accounting policies
The following principal accounting policies have been used consistently in the preparation of consolidated financial information for i-nexus Global plc and its subsidiaries (the 'Group').
Basis of preparation
The financial information has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, in accordance with the IFRS Interpretations Committee ("IFRIC") interpretations, and with those parts of the Companies Act 2006 as applicable to companies reporting under IFRS.
The financial information is prepared in sterling, which is the functional currency of the Group. Monetary amounts in this financial information are rounded to the nearest GBP1.
This financial information has been prepared applying the accounting policies applied in the Group's most recent publicly available financial statements.
The financial information incorporates the results of i-nexus Global plc and all of its subsidiary undertakings as at 30 September 2021.
Going concern
The Group prepares regular business forecasts and monitors its projected cash flows, which are reviewed by the Board. Forecasts are adjusted for reasonable sensitives that address the principal risks and uncertainties to which the Group is exposed, thus creating a number of different scenarios for the Board to challenge including a "stress" case scenario of a worsening of total billing across recurring and services revenue of GBP900,000 (2020: GBP700,000) compared to the base case budgeted for the current financial year. This stress case was based upon new billing remaining at the same substantially suppressed rate as FY20. In those cases, where scenarios deplete the Group's cash resources too rapidly, consideration is given to the potential actions available to management to mitigate the impact of one or more of these sensitivities, in particular the discretionary nature of costs incurred by the Group, in order to ensure the continued availability of funds.
On the basis of this analysis, the Board has concluded that there is a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future being a period of at least twelve months from the balance sheet date.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial information.
Abridged financial information
This preliminary announcement has been prepared in accordance with the basis of preparation set out above.
Whilst the financial information included in this preliminary announcement has been prepared in accordance with IFRS, this announcement does not itself contain sufficient information to comply with IFRS. This preliminary announcement constitutes a dissemination announcement in accordance with Section 6.3 of the Disclosures and Transparency Rules (DTR).
3. Revenue and segmental reporting
The Group has one single business segment and therefore all revenue is derived from the rendering of services as stated in the principal activity. The Group operates four geographical segments, as set out below. This is consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance, has been identified as the management team comprising the executive directors who make strategic decisions.
Revenue analysed by class of business Year ended Year ended 30 September 30 September 2021 2020 GBP GBP License 3,333,407 3,737,932 Services 305,704 342,650 3,639,111 4,080,582 =============== =============== Revenue analysed by geographical market Year ended Year ended 30 September 30 September 2021 2020 GBP GBP United Kingdom 853,663 808,412 Rest of Europe 806,472 1,823,246 United States 1,211,192 1,259,360 Rest of the World 767,784 189,564 --------------- --------------- 3,639,111 4,080,582 =============== =============== Other significant revenue Year ended Year ended 30 September 30 September 2021 2020 GBP GBP Grant income 88,316 244,656 =============== ===============
Grants of GBP88,316 (2020: GBP244,656) were received as part of the Government's initiatives to provide immediate financial support as a result of the COVID-19 pandemic. There are no future related costs associated with these grants which were received solely as compensation for costs incurred in the year.
4. Adjusted EBITDA
The calculation of Adjusted Earnings is consistent with the presentation of Adjusted Earnings before Interest, Tax, Depreciation, and Amortisation, as presented on the face of the Statement of Comprehensive Income. This adjusted element also removes non-underlying items which comprise COVID-19 related redundancy costs and professional and consultancy fees relating to the raising of finance during the year ended 30 September 2021. Non-underlying items in the year ended 30 September 2020 comprise COVID-19 related redundancy costs.
The Directors have presented this Alternative Performance Measure ("APM") because they feel it most suitably represents the underlying performance and cash generation of the business, and allows comparability between the current and comparative period in light of the rapid changes in the business, and will allow an ongoing trend analysis of this performance based on current plans for the business.
5. Earnings per share
The earnings per share has been calculated using the loss for the year and the weighted average number of ordinary shares outstanding during the year, as follows:
Year ended Year ended 30 September 30 September 2021 2020 GBP GBP Loss for the period attributable to equity holders of the company (734,932) (2,016,233) -------------- -------------- Weighted average number of ordinary shares (for basic and diluted earnings per share 29,571,605 29,571,605 -------------- -------------- Earnings per share (basic and diluted) (0.02) (0.07) ============== ==============
The Diluted EPS is the same as the basic EPS in the current and comparative year as the Group has incurred losses in each of the periods concerned. The Group has a number of potentially dilutive share options and convertible redeemable loan stock that could dilute the earnings per share should the Group become profitable. As at 30 September 2021 both the share options and the convertible loan stock are out of the money.
6. Borrowings At 30 September At 30 September 2021 2020 GBP GBP Current Bank loans 7,906 - Other loans 63,519 179,098 71,425 179,098 ---------------- ---------------- Non-current Bank loans 42,094 - Other loans - 64,402 42,094 64,402 ---------------- ---------------- Total borrowings 113,519 243,500 ================ ================
The Group has the following borrowings at 30 September 2021:
-- A Bounce Back Loan Scheme loan within bank loans which has an interest rate of 2.5% payable from November 2021 when the government grant incentive period expires. The loan is carried at GBP50,000 in the financial statements. This loan is unsecured.
-- Venture debt within other loans which has a fixed interest rate of the higher of 11.5% per annum or LIBOR plus 8% per annum and is measured at amortised cost. The venture debt is secured by way of fixed and floating charges over the title of all assets held by i-solutions Global Limited.
The directors consider the value of all financial liabilities to be equivalent to their fair value.
7. Convertible Loan note
Two tranches of convertible loan notes were issued during the year. The first tranche was issued on 4 November 2020 and total proceeds of GBP1,325,000 were recognised. The second tranche was issued on 29 September 2021 and total proceeds of GBP650,000 were recognised (of which GBP37,500 is accrued and included with other debtors).
Both tranches have a redemption date 3 years following their date of issue. The loan note holders are entitled, before the redemption date, to require the Company to convert all or part of their holding of loan notes into fully paid Ordinary Shares on the basis of 1 Ordinary Share for every 10p of principal nominal amount of loan notes held, or, convert all or part of their holding of loan notes into fully paid Ordinary Shares at the conversion rate; and/or redeem all or part of their holding of loan notes.
The net proceeds from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity as follows:
2021 GBP Proceeds of issue of convertible loan note 1,975,000 Equity component 231,851 Liability component at date of issue 1,743,149 ========== 8. Share capital At At 30 September 30 September 2021 2020 GBP GBP Authorised, allotted, called up and fully paid 29,571,605 (2020: 29,571,605) Ordinary shares of GBP0.10 each 2,957,161 2,957,161 ============== ==============
Fully paid shares carry one vote per share and carry rights to a dividend.
9. Principal risks and uncertainties Risk Description Mitigation Working capital Whilst the Directors believe The Group prepares regular Vulnerability that the recent injection business forecasts and monitors of the Group's of funds, as a result of its projected cash flows, long term the Convertible Bond issues which are reviewed by the working capital. in November 2020 and more Board. recently in September 2021, The scenarios and sensitivities will provide the necessary demonstrate that there are flexibility to satisfy actions management can implement the Group's near-term funding should the plans not deliver requirements, there can the growth hoped. be no guarantee as to the Group's medium to longer term working capital requirements and, therefore, the Group may need to seek additional capital over and above that raised from the issue of the Convertible Loan Notes. No assurance can be given as to the availability of such additional capital at any future time or, the terms upon which such additional capital would be available. The proceeds of the Convertible Bond issue will provide the necessary flexibility in the event that the expected growth in revenues does not materialise in the near term, the Group's continuing viability in the longer term remains critically dependent on its ability to secure new sales to existing and potential customers. Given the nature of the COVID-19 Pandemic, it is not possible to know the potential impact of the ongoing crisis on the activities of the Group for the current financial year and beyond and, in particular, it is possible that as a direct or indirect result the Group will continue to experience a slower and/or lower sales conversion rate than the Directors have modelled within their central case financial projections. This could in turn have a material adverse effect on the Group's business, results of operations, financial condition and prospects. ======================================= ====================================== COVID-19 Pandemic The COVID-19 Pandemic has In addressing the impact The ongoing affected the performance of the COVID-19 Pandemic impact of of the business of the on its markets and its customers, the Pandemic Group. As at the date of the Group has continued cannot be this document, given the taking action to reduce predicted. nature of the crisis, where its operating cost base new variants are emerging in cash terms. Staffing and infection rates are expense reductions have increasing, the Group is been implemented and this not aware of the full extent has been combined with reduced of the effects of the COVID-19 discretionary spending. Pandemic for the near and This has reduced the Group's medium term. monthly operating cost significantly The global economic slowdown to approximately GBP270,000. resulting from the COVID-19 The Group have identified Pandemic requires a number further actions that can of businesses worldwide be taken to reduce its cost to make adjustments to base further should this their operating models. prove necessary. Whilst the Group continues to monitor the situation on a regular basis and may be able to introduce further cost saving measures if needed, it is possible that in the longer term the COVID-19 Pandemic will
have a material adverse effect on the Group's business, results of operations, financial condition and prospects. Also, there is no assurance that the implementation of the Group's strategic and operational changes introduced to date will be successful under current or future market conditions. ======================================= ====================================== Implementation The Board recognises that The Board monitors and manages of Growth executing the Group's strategy these strategies against Strategy may be difficult to implement/achieve market conditions, monthly Failure to and may not be as successful performance against budget successfully as planned. Pressure on and cash available. implement management, limitations its growth on operational and financial strategies. resources, the potential insufficiency of demand for the Group's products and a slower than anticipated market acceptance of the Group's products could lead to failure to successfully implement its strategies and so adversely affect the Group's reputation, prospects, results of operations, and its financial condition. ======================================= ====================================== Digitising A large proportion of the The Group has internal sales Strategy Execution Group's target market continues and marketing functions, Failure of to use traditional methods which are also supported the market and in-house developed by an important network to accept systems to assist in their of consulting partners, the need/urgency SE. The Board believes that work with potential to digitise the market needs further customers to educate on their Strategy education in the benefits the benefits the product Execution of digitising SE. Potential can offer an organisation. (SE). customers may prefer to Furthermore the impact of "do nothing" and be unnecessarily COVID-19 is making the need cautious about investing to digitise strategy more in the Group's software. widely accepted. Failure by the Group to adequately explain the value proposition to increase the market's readiness to accept the technology will lead to slower than projected growth. ======================================= ====================================== Account Proliferation An important aspect of The Group has a number of Failure of the Group's growth strategy Success managers. This team's our existing is to proliferate sales efforts at growing our existing accounts to of its i-nexus software accounts has been assisted grow, resulting with existing customers by the recent product enhancements from dissatisfaction as a result of the natural aimed at improving user with the product evolution of the software experience. Feedback has and/or deployment use over time. Although been excellent, highlighted issues. the Group has a number in the number of positive of examples where this reviews on the G2 platform has occurred in the past, discussed elsewhere in this this is no guarantee that report. The Board continue it will continue to happen to monitor the efficacy at the increasing rate and outcomes of the Group's predicted. Any failure efforts in cross-selling of this anticipated account and upselling. proliferation to happen will affect the Group's future success and adversely affect its business, prospects and results of operations and financial position. ======================================= ====================================== Dependence Part of the Group's strategy Renewed efforts in relation on is to increasingly sell to the evolution of this Channel Partners its software through channel strategic theme will take Failure to partners. There are no place in 2022 as investment develop this guarantees that sufficient in resource is unlocked additional channel partners will be by growth. The Board will route to market found to sell the Group's closely monitor progress. effectively. software at the rates planned. The Directors are confident that engagements to date by existing and prospective channel partners provide strong evidence of the opportunity in this regard. However, there is a risk that the loss of any one or more existing channel partners and/or failure to secure enough productive channel partners in the future could affect the Group's future success and adversely affect its business, prospects and results of operations and financial position. ======================================= ====================================== Dependence A small group of key customers As previously reported The on key Customers provide nearly half of Group has a dedicated team Failure to the Group's MRR. One of of long standing experienced retain our the Group's key customers professionals acting as larger key represents approximately Success managers. They have customers. 19 per cent of current well established processes MRR. The Group's financial and reporting that allow performance is therefore them to get early warning partly dependent on the of any issues. In addition, continued business relationship a substantial proportion with these key customers. of our remaining customer Failure to manage the ongoing base in value terms have renewal of the contracts either renewed, are renewing with these key customers or are on long term contracts, on a commercially acceptable giving us comfort over the basis could materially security of the bulk of affect the Group's operations our base. Whilst this cannot and/or its financial condition. guarantee renewal of all other customers in the face of disruptive external factors we can't foresee or manage, risk is expected to be lower this year than last. ======================================= ====================================== Software Reliability If the software provided The Group targets significant Undetected to our customers contains investment in product R&D. defects in undetected defects when This includes performance
the software first introduced or when enhancements, bug fixes provided by upgraded then the Group and integration of new technologies, the Group. may fail to meet its customers all of which undergo substantial performance requirements testing before releasing or otherwise satisfy contract to customers. In addition specifications. As a result the Group endeavours to it may lose customers and/or negotiate limitations of become liable to its customers liability clauses in its for damages and this may customers' contracts. among other things damage the Group's reputation, business, prospects, results of operation and financial condition. ======================================= ====================================== Software Applicability There is no guarantee that The Board feels that recent The i-nexus the i-nexus software will enhancements along with software may perform as intended or the Group's product strategy not perform meet customer expectations and R&D focus has de-risked as expected either in terms of functionality, this area. The Board monitors or meet customers' performance or usability. user satisfaction and the changing expectations Costs spent on developing extent to which the software quickly enough. the i-nexus software may continues to meet customer therefore not be recouped expectation through various at the rate anticipated channels, including on the or at all, and this may G2 platform. result in reduced profitability for the Group. ======================================= ====================================== Market Growth The Board believe that The Board do not consider Failure of there is strong evidence this year's new deal performance Strategy Execution supporting the growth in to be indicative of an underlying market to the adoption of Strategy weakness in the market for grow at the Execution software. However, the Group's product. The rate expected. there can be no assurance impact of COVID-19 has been that this growth will happen highlighted elsewhere in at the rate envisaged by this report. However it the Directors. If the market is clear from competitor fails to adopt Strategy activity, activity on the Execution software at the G2 platform we are part rate envisaged then this of and Gartner and Forrester will affect the Group's interactions that the Strategy future success and adversely Execution Management market affect its business, prospects is evolving. The Board continues and results of operations to monitor market evolution and financial position. and the Group's response to this. Competitors The Group may face an increasing The Group invests in R&D The Group amount of competition in and product development may face competition the future as the market to ensure that the product in a rapidly expands, making entry to remains market leading. evolving market. it more attractive. Whilst The GTM Market team is responsible the Group has achieved for making substantial improvements its market position through in our on line presence a deep understanding of in particular our progress the market, and the 10 on the G2 platform and this years of development of gives the Board comfort its i-nexus software which that the marketing strategy places the Group in a strong will help maintain our competitive position, there is no guarantee position in an evolving that the Group's competitors market. and potential competitors (who may have significantly greater financial, marketing, service, support, technical and other resources than the Group) may be able to develop competing products, respond more quickly to changes in customer requirements and devote greater resources to the enhancement, promotion and sale of their products, which could have a negative impact and disadvantage the Group's business. The entry into the market of strong, well funded competitors, could have a negative impact on sales volumes or profit margins achieved by the Group in the future. ===================================== ====================================== Security Breaches The Group is a Data Processor The group takes its Information & Cyber Attacks for its customers' confidential Security very seriously Vulnerability data. Although the Group as demonstrated by its ISO27001 of the Group's is ISO27001 accredited accreditation. Employees systems to and therefore employs security are trained in this area security breaches and testing measures for including the risks of phishing or cyber attacks. the software it deploys and the best practice for and the broader security Information Security. The environment is well documented, Group has cyber security these measures may not insurance in place and the protect it from all possible Group endeavors to secure security breaches that limitations of liability could harm the Group's clauses in its customer or its customers' business. contracts. Given the reliance of the Group on its information technology systems then its software is at risk from cyber attacks. Either of these security events may result in significant costs being incurred and other negative consequences including reputational damage and a loss of investor confidence. ===================================== ====================================== International A substantial proportion All geographies addressed Operations of the Group's customers by the Group can be readily Failure of and prospects operate overseas serviced from the UK. The the Group and as a result the Group Group applies Treasury and to adequately is exposed to various risks; foreign currency exposure manage risks operational challenges management policies to minimise of operating around distance, language both the cost of finance internationally. and culture, human resource and our exposure to foreign issues and different legal currency exchange rate fluctuations. and taxation environments. In addition a significant proportion of the Group's revenues are denominated in foreign currency, principally US dollars. Since the Group reports its financial results in sterling, fluctuations in rates of exchange between sterling and non-sterling currencies, particularly US dollars, may have a
material adverse impact on the Group's financial results. ===================================== ====================================== Reliance on There is a risk that parties The Group has very little counterparties with whom the Group trades exposure in its customer Risk that or has other business relationships base to those sectors most trading partners may be unable to pay the adversely affected by COVID-19. may be unable Group in a timely manner, Therefore, whilst the Group's to pay in or at all. Some of the customers have naturally a timely manner Group's customers may seek limited discretionary spend or may seek to renegotiate their pricing during the pandemic, there to renegotiate and/or payment terms with has not been a significant terms with the Group. Furthermore, impact on their creditworthiness. the Group. as a result of the COVID-19 In addition, the majority Pandemic and global economic of the Groups customer base slowdown some of the Group's are Global Enterprises with customers may enter into secure working capital. bankruptcy or insolvency proceedings and be in a position whereby they are unable to pay the Group all or some of the payments to which the Group is owed. If any of these risks arise, this could have an adverse impact on the Group's business, revenue, financial condition, profitability, prospects and results of operations. ===================================== ====================================== Dependence The Group is managed by Executive and staff remuneration on key executives a limited number of key plans, incorporating long-term and Personnel personnel, including the incentives, have been implemented Risk that Directors and senior management, to mitigate this risk. key personnel who have significant experience could leave within the Group and the the Group. sectors it operates within. If members of the Group's key senior team depart, the Group may not be able to find effective replacements in a timely manner, or at all and its business may be disrupted or damaged. ===================================== ====================================== Reliance on The Group contracts with The Group evaluates its third parties third parties to perform business partners very carefully The Group functions or operations and regularly undertakes is at risk that are integral to the risk assessments of these as to the Group's products and services, partners to evaluate surety availability, including third party suppliers of supply. price and for integration software, quality offered and cloud hosting. Any by such third significant changes in party suppliers. the availability, price and quality offered by third party suppliers could adversely affect profit margins and have a material adverse effect on the Group's business, results of operations and financial condition. The Group's reliance on third party suppliers increases the risk of disruption to its operations if such third party service providers are unable to provide business services as anticipated. The Group may not be able to provide its services and may need to seek alternative service providers or resume providing these business processes internally, which could be costly and time-consuming and have a material adverse effect on the Group's business, results of operations and financial condition. ===================================== ======================================
10. Forward-looking Statements
This document contains forward-looking statements that involve risks and uncertainties. All statements, other than those of historical fact, contained in this document are forward-looking statements. The Group's actual results could differ materially from those anticipated in the forward-looking statements as a result of many factors. Investors are urged to read this entire document carefully before making an investment decision. The forward-looking statements in this document are based on the relevant Directors' beliefs and assumptions and information only as of the date of this document, and the forward-looking events discussed in this document might not occur. Therefore, Investors should not place any reliance on any forward-looking statements. Except as required by law or regulation, the Directors undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future earnings or otherwise.
It should be noted that the risk factors listed above are not intended to be exhaustive and do not necessarily comprise all of the risks to which the Group is or may be exposed or all those associated with an investment in the Group. In particular, the Group's performance is likely to be affected by changes in market and/or economic conditions, political, judicial, and administrative factors and in legal, accounting, regulatory and tax requirements in the areas in which it operates and holds its major assets. There may be additional risks and uncertainties that the Directors do not currently consider to be material or of which they are currently unaware, which may also have an adverse effect upon the Group.
11. Availability of Report and Accounts
The audited report and accounts for the year ended 30 September 2021 will be published and posted to shareholders in due course. Following this a soft copy of the report and accounts will also be available to download from the Group's website, www.i-nexus.com .
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