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MRIT Merit Group Plc

61.00
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Merit Group Plc LSE:MRIT London Ordinary Share GB00BNYKJJ86 ORD GBP0.28
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 61.00 60.00 62.00 61.00 61.00 61.00 15,004 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Miscellaneous Publishing 25.5M -2.69M -0.1121 -5.44 14.61M

Dods Group PLC Half-year Report (6794O)

09/11/2016 7:00am

UK Regulatory


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TIDMDODS

RNS Number : 6794O

Dods Group PLC

09 November 2016

 
 9 November 2016 
 

Dods Group PLC

("Dods" or the "Company")

Interim Results for the six months ended 30 September 2016 (Unaudited)

Financial Highlights

   --      Revenue of GBP9.74 million (2015: GBP9.28 million) 
   --      Gross Profit of GBP3.72 million (2015: GBP3.31 million) 
   --      Gross Profit margin of 38% (2015: 36%) 
   --      Adjusted EBITDA of GBP1.53 million (2015: GBP1.01 million)* 
   --      Cash generated from operations GBP1.40 million (2015: GBP1.11 million) 
   --      Profit before tax of GBP0.82 million (2015: GBP0.11 million) 
   --      Adjusted EPS of 0.34 pence (2015: 0.20 pence)** 

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

** Adjusted Earnings per Share (EPS) is calculated by dividing the adjusted profit (see note 4) attributable to shareholders post tax by the weighted average number of ordinary shares in issue during the period

Operational Highlights

-- In the first half of the year, the Group's go-to-market model was redesigned to enable a strategic approach to sales and client services, product management and marketing

-- The scaled-up events operation has maintained its service delivery at the highest level while delivering an expected 18% increase in revenue on a comparative basis

-- Management undertook the development of a new series of products and product enhancements during the half year, including the launch of the new Dods People App and Political Risk Reports

-- The Group's primary base of operations and registered office were relocated to The Shard, creating a convenient and conducive environment for client meetings and demonstrations whilst providing a more efficient and technologically advanced infrastructure for our business operations

Cheryl Jones, Chairman of Dods Group PLC, commented:

"The Board is pleased to announce that the Group's interim results are in line with expectations.

Management's priorities continue to be; realigning market-facing activities for greater effectiveness and increased market share, repositioning Dods' resources to further enable efficient product and service innovation, leveraging the shareholders' investment in technology, and pursuing acquisitive growth.

The Board of Directors believes that these priorities will enable the Group to make significant progress to becoming the outsourcing partner of choice to its markets."

For further information, please contact:

Dods Group PLC

   Guy Cleaver, Chief Executive Officer      020 7593 5500 

Nitil Patel, Chief Financial Officer

Cenkos

   Nicholas Wells                                                  020 7397 8920 

Business Review

The first half of the financial year saw the Group perform in line with the transformational plans for the business. The Group's revenues grew by 5% to GBP9.7 million (2015: GBP9.3 million). Gross margins improved from 36% to 38%. Adjusted EBITDA has improved from GBP1.0 million to GBP1.5 million, an increase of 50%. Profit before tax of GBP0.8 million (2015: GBP0.1 million) was achieved and cash generated from operations was GBP1.4 million, in comparison to GBP1.1 million in the prior comparative period

As outlined in the 2016 annual report, the Group has adopted a 'client for life' philosophy. A significant amount of management's focus in the first half of the year was spent realigning sales, product and marketing teams to support improved retention rates and to enhance the account management experience for our clients. As these structures are newly established, during the second half of the year management will focus on leveraging the redesigned teams to increase market share and accelerate future revenue growth.

Management believes that the future benefits of the new structures include creating scalability for efficient growth and the ability to expand our services into new markets allowing Dods to become the outsourcing partner of choice to our clients.

During the period, the operational sales and service priorities were to:

   -      support the planned 18% growth in revenue in the events' portfolio; 
   -      maintain a keen focus to improving the retention of recurring subscriber revenues; 

- continue to develop and invest in our digital products whilst maintaining our print media market share;

- develop a pipeline of new products and product enhancements, which will be introduced before the end of the financial year;

   -      launch the new Political Risk service; and 

- launch the new Dods People App providing access to our biographical reference data on mobile devices.

In September, the Group's primary base of operations and registered office was relocated to The Shard, creating a convenient and conducive environment for client meetings and demonstrations whilst providing a more efficient and technologically advanced infrastructure for our business operations. Management believes that the new offices will be more conducive to accelerate the Company's transformation in its business processes, client services and infrastructure efficiencies.

Management continue to be focused on achieving their objectives for the current financial year. This includes identifying suitable acquisitions which will provide enhanced services to our customers and increased value for our Shareholders.

Guy Cleaver

Chief Executive Officer

Key Financial Information

 
 Three Year Summary - Half Year 
------------------------------------------  -------------  -------------  ------------- 
                                              Six months     Six months     Six months 
                                               ended 30       ended 30       ended 30 
                                               September      September      September 
 (GBP000s unless specified otherwise)            2016           2015           2014 
 
 Revenue                                        9,740          9,275          8,442 
 Gross Profit Margin 
  %                                              38%            36%            25% 
 
 Adjusted EBITDA                                1,531          1,008           (54) 
 Depreciation                                   (124)          (160)           (58) 
 
   Amortisation of intangible assets 
   and assets acquired through business 
   combinations                                 (292)          (312)          (418) 
 Amortisation of software intangible 
  assets                                        (172)          (155)          (578) 
------------------------------------------  -------------  -------------  ------------- 
 Adjusted EBIT                                   943            380          (1,108) 
 Non-recurring items                             (42)          (251)           (75) 
 Net finance costs                               (83)           (16)            - 
-----------------------------------------   -------------  -------------  ------------- 
 Earnings before tax                             818            113          (1,183) 
 
 EPS (pence)                                     0.24           0.03          (0.33) 
 Adjusted EPS (pence)                            0.34           0.20          (0.19) 
 
 Cash flow from operations                      1,404          1,137           (98) 
 Cash Balance                                   7,888          6,977          4,843 
-----------------------------------------   -------------  -------------  ------------- 
 
   Three Year Summary - Annual 
------------------------------------------  -------------  -------------  ------------- 
                                              Full Year      Full Year      Full year 
                                              to 31 March    to 31 March    to 31 March 
 (GBP000s unless specified otherwise)            2016           2015           2014 
 Revenue                                        19,620         18,301         19,775 
 Gross Profit Margin 
  %                                              38%            29%            29% 
-----------------------------------------   -------------  -------------  ------------- 
 
 Adjusted EBITDA                                2,958          1,205          1,085 
 
   Depreciation                                 (230)          (228)          (225) 
 
   Amortisation of intangible assets 
   and assets acquired through business 
   combinations                                 (629)          (791)         (1,026) 
 Amortisation of software intangible 
  assets                                        (412)          (763)          (803) 
------------------------------------------  -------------  -------------  ------------- 
 Adjusted EBIT                                  1,687          (577)          (696) 
 Non-recurring items                            (544)         (1,550)         (475) 
 
   Adjustments to amortisation of 
   intangible assets/ assets acquired 
   through business combinations                  -           (2,781)           - 
 Net finance costs                               (21)           (63)           (44) 
------------------------------------------  -------------  -------------  ------------- 
 Earnings before tax                            1,122         (4,971)        (1,488) 
 EPS (pence)                                     0.32          (1.38)         (0.38) 
 Adjusted EPS (pence)                            0.66           0.13           0.06 
 Cash flow from operations                      3,175          1,449           439 
 Cash Balance                                   9,083          5,908          5,291 
-----------------------------------------   -------------  -------------  ------------- 
 

FINANCIAL REVIEW

Income Statement

The Group's revenue from continuing operations increased by 5% to GBP9.7 million (2015: GBP9.3 million) and gross profit increased by 12% to GBP3.7 million (2015: GBP3.3 million).

Gross margin increased from 36% to 38% in the period, with administrative expenses decreasing to 23% of revenues (2015: 25%). The increase in gross margin is due to an ongoing focus to process efficiencies and scalability, and the quality of revenue across the Group.

Adjusted EBITDA was GBP1.5 million (2015: GBP1.0 million). Operating profit was GBP0.9 million (2015: GBP0.1 million), after an amortisation charge of GBP0.3 million (2015: GBP0.3 million) for business combinations and a charge of GBP0.2 million (2015: GBP0.2 million) for intangible assets. Depreciation charge in the period was GBP0.1 million (2015: GBP0.2 million).

The taxation charge for the period is GBPNil (2015: GBPNil) and is based on the expected annual tax rate and the assumed use of accumulated tax losses.

Earnings per share

Basic and diluted loss per share from continuing operations in the year was 0.24 pence (2015: 0.03 pence) and was based on the profit for the period of GBP0.8 million (2015: GBP0.1 million) with a weighted average number of shares in issue during the period of 340,840,953 (2015: 339,770,953).

Dividend

The Board is not proposing a dividend at this time.

Statement of Financial Position

Assets

Non-current assets consisted of goodwill of GBP13.3 million (2015: GBP13.3 million), intangibles of GBP7.5 million (2015: GBP8.1 million), software intangibles of GBP1.4 million (2015: GBP1.5 million), and tangible fixed assets of GBP2.5 million (2015: GBP0.2 million). The increase in tangible assets reflects the GBP2.4 million investment by the Group in its new premises.

The Group had a cash balance of GBP7.9 million as at 30 September 2016 (2015: GBP7.0 million). The cash balance is after the expenditure of GBP2.6 million in investing activities and includes a deposit of GBP1.3 million (2015: GBPNil) being held in the Group's name with its bankers.

Equity and Liabilities

Retained profits as at 30 September 2016 were GBP1.0 million (2015: losses of GBP0.8 million) and total shareholders' equity at that date was GBP26.6 million (2015: GBP24.7 million).

On 29 March 2016, the Group issued 535,000 new ordinary shares, pursuant to the exercise of share options. On 4 July 2016, the Group issued a further 535,000 new ordinary shares, also pursuant to the exercise of share options. Following the admission of these new shares to AIM, the Group's issued number of shares increased to 340,840,953 (2015: 339,770,953). Non-current deferred tax liability was GBP0.8 million (2015: GBP0.8 million) as at 30 September 2016

Cash flows

During the period the Group generated GBP1.4 million from operations (2015: GBP1.1 million). In addition, the Group expended GBP2.6 million in investing activities (2015: GBP0.02 million) primarily on the new premises and as a result net cash and cash equivalents decreased by GBP1.2 million to GBP7.9 million.

Nitil Patel

Chief Financial Officer

 
 DODS GROUP PLC 
                          CONDENSED CONSOLIDATED INCOME STATEMENT for the six months 
                                            ended 30 September 2016 
                                                                     Unaudited       Unaudited 
                                                                    Six months      Six months         Audited 
                                                                         ended           ended      Year ended 
                                                                  30 September    30 September        31 March 
                                                                          2016            2015            2016 
                                                           Note        GBP'000         GBP'000         GBP'000 
 
 Revenue                                                    2            9,740           9,275          19,620 
 Cost of 
  sales                                                                (6,017)         (5,962)        (12,172) 
--------------------------------------------------------  -----  -------------   -------------   ------------- 
 Gross profit                                                            3,722           3,313           7,448 
 
 Administrative expenses: 
 Non-recurring 
  items                                                     3             (42)           (251)           (544) 
 
 Amortisation of intangible 
  assets and assets acquired 
  through business combinations                                          (292)           (312)           (629) 
 Amortisation of intangible 
  assets                                                                 (172)           (155)           (412) 
 Depreciation                                                            (124)           (160)           (230) 
 
 Net administrative 
  expenses                                                             (2,191)         (2,306)         (4,490) 
-------------------------------------    ---------------  -----  -------------   -------------   ------------- 
 Total administrative 
  expenses                                                             (2,821)         (3,184)         (6,305) 
-------------------------------------    ---------------  -----  -------------   -------------   ------------- 
 Operating profit                                                          901             129           1,143 
 Finance 
  income                                                                    18               3              26 
 Financing 
  costs                                                                  (101)            (19)            (47) 
--------------------------------------------------------  -----  -------------   -------------   ------------- 
 Profit before 
  tax                                                                      818             113           1,122 
 Income tax                                                                  -               -            (36) 
---------------------------      -----------------------  -----  -------------   -------------   ------------- 
 Profit for the 
  period                                                                   818             113           1,086 
-------------------------------     --------------------  -----  -------------   -------------   ------------- 
 
 Earnings per 
  share                                                      4 
 Basic                                                                  0.24 p          0.03 p          0.32 p 
 Diluted                                                                0.24 p          0.03 p          0.32 p 
 
 
 
 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for 
  the six months ended 30 September 2016 
                                              Unaudited      Unaudited 
                                             Six months     Six months       Audited 
                                                  ended          ended    Year ended 
                                           30 September   30 September      31 March 
                                                   2016           2015          2016 
                                                GBP'000        GBP'000       GBP'000 
 Profit for the period                              818            113         1,086 
 
 Items that will be subsequently 
  reclassified to profit and loss 
 Exchange differences on disposal 
 of translation of foreign operations               (2)              5           (2) 
                                          -------------  -------------  ------------ 
 Other comprehensive (loss)/income 
  for the period                                    (2)              5           (2) 
                                          -------------  -------------  ------------ 
 Total comprehensive income in the period 
 attributable to equity holders 
  of parent company                                 816            118         1,084 
                                          -------------  -------------  ------------ 
 
 
 DODS GROUP PLC 
 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
  as at 30 September 2016 
 
                                                            Unaudited                         Unaudited                Audited 
                                                                As at                             As at                  As at 
                                                         30 September                      30 September               31 March 
                                                                 2016                              2015                   2016 
                                                              GBP'000                           GBP'000                GBP'000 
 
  Goodwill                                                     13,282                            13,282                 13,282 
  Intangible assets          5                                  8,926                             9,601                  9,260 
  Property, plant and 
   equipment                 6                                  2,516                               214                    186 
  Total non-current assets                                     24,724                            23,097                 22,728 
 -------------------------------------  -----------------------------  ---  ---------------------------  ---  ---------------- 
 
  Inventories                                                      67                                56                     41 
  Trade and other receivables                                   2,287                             3,709                  2,190 
  Cash                       7                                  7,888                             6,977                  9,083 
  Total current assets                                         10,242                            10,742                 11,314 
 -------------------------------------  -----------------------------  ---  ---------------------------  ---  ---------------- 
  Total assets                                                 34,966                            33,839                 34,042 
 -------------------------  ----------  -----------------------------  ---  ---------------------------  --- 
 
     Capital and reserves 
  Issued capital                                               17,088                            17,078                 17,083 
  Share premium                                                 8,105                             8,009                  8,057 
  Other reserves                                                  409                               409                    409 
  Retained profit                                               1,039                             (769)                    221 
  Share option reserve                                             27                                47                     27 
  Translation reserve                                            (66)                              (61)                   (68) 
 
  Total equity                                                 26,602                            24,713                 25,729 
 -------------------------------------  -----------------------------  ---  ---------------------------  ---  ---------------- 
 
  Income tax payable                                                -                                44                      5 
  Trade and other payables                                      7,525                             8,274                  7,469 
 -------------------------------------  -----------------------------  ---  ---------------------------  ---  ---------------- 
  Total current liabilities                                     7,525                             8,318                  7,474 
 -------------------------------------  -----------------------------  ---  ---------------------------  ---  ---------------- 
 
 
    Deferred tax liability                                        839                               808                    839 
 -------------------------  ----------  -----------------------------  ---  ---------------------------  --- 
  Total non-current liabilities                                   839                               808                    839 
  Total equity and liabilities                                 34,966                            33,839                 34,042 
 -------------------------------------  -----------------------------  ---  ---------------------------  ---  ---------------- 
 
 
 
 
 DODS GROUP PLC 
 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months 
  ended 30 September 2016 
 
                                                                                                 Share           Total 
                                        Share       Share    Merger   Retained   Translation    option   shareholders' 
                                      capital     premium   reserve   earnings       reserve   reserve           funds 
                                      GBP'000     GBP'000   GBP'000    GBP'000       GBP'000   GBP'000         GBP'000 
 
  At 1 April 2015                      17,078       8,009       409      (882)          (66)        47          24,595 
      Total comprehensive 
       loss 
       Profit for the year                  -           -         -      1,086             -         -           1,086 
      Other comprehensive 
       loss 
       Currency translation 
        differences                         -           -         -          -           (1)         -             (2) 
      Transactions with 
       owners 
       Exercise of share 
       options                              5          48         -        430             -     (430)        53 
            Lapsed option transfer          -           -         -         17             -      (17)          - 
      Share based payment                   -           -         -          -             -       (3)             (3) 
                                     --------  ----------  --------  ---------  ------------  --------  -------------- 
  At 1 April 2016                      17,083       8,057       409        221          (68)        27          25,729 
      Total comprehensive 
       profit 
       Profit for the period                -           -         -        818             -         -             818 
      Transactions with 
       owners 
      Exercise of share 
       options                              5          48         -          -             -         -              53 
       Lapsed option transfer               -           -         -          -             -         -               - 
      Other comprehensive 
       profit 
       Currency translation 
        differences                         -           -         -          -             2         -               2 
                                     --------  ----------  --------  ---------  ------------  --------  -------------- 
  At 30 September 2016                 17,088       8,105       409      1,039          (66)        27          26,602 
                                     --------  ----------  --------  ---------  ------------  --------  -------------- 
 
 
 
 DODS GROUP PLC 
 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months 
  ended 30 September 2016 
 
                                                         Unaudited       Unaudited 
                                                        Six months      Six months                       Audited 
                                                             ended           ended                    Year ended 
                                                      30 September    30 September                      31 March 
                                                              2016            2015                          2016 
                                                           GBP'000         GBP'000                       GBP'000 
 
      Cash flows from operating 
       activities 
  Profit for the period                                        818             113                         1,086 
  Depreciation of property, 
   plant and equipment                                         124             160                           230 
  Amortisation of intangible assets 
   acquired through business combinations                      292             312                           629 
  Amortisation of other intangible 
   assets                                                      172             155                           412 
  Share based payments credit                                    -               -                           (3) 
  Net finance costs                                             81               -                            21 
  Income tax credit                                              -               -                            36 
 ----------------------------------------------      -------------   -------------   --------------------------- 
      Operating cash flows before 
       movements in 
  working capital                                            1,487             740                         2,411 
  Change in inventories                                       (26)              18                            33 
  Change in receivables                                       (96)           (738)                           781 
  Change in payables                                            39           1,117                           300 
 ----------------------------------------------      -------------   -------------   --------------------------- 
  Net cash generated by operations                           1,404           1,137                         3,525 
 
  Income tax paid                                                -            (30)                          (30) 
 
  Net cash from operating activities                         1,404           1,107                         3,495 
 -----------------------------------------  -------  -------------   -------------   --------------------------- 
 
      Cash flows from investing 
       activities 
  Interest and similar income 
   received                                                     18               -                            26 
  Addition to property, plant 
   and equipment                                              (64)            (22)                         (108) 
      Additions to new building                            (2,371)               - 
  Additions to intangible 
   assets                                                    (137)               -                         (244) 
 
  Net cash (used in) investing 
   activities                                              (2,553)            (22)                         (326) 
 ----------------------------------------------      -------------   -------------   --------------------------- 
 
  Cash flows from financing 
   activities 
   Proceeds from issue of 
   share capital                                                53               3                            54 
      Foreign exchange forward 
       contracts                                              (90)               -                             - 
  Interest and similar expenses 
   paid                                                        (9)            (19)                          (47) 
 
  Net cash (used in)/from 
   financing activities                                       (46)            (16)                             7 
 ----------------------------------------------      -------------   -------------   --------------------------- 
 
  Net (decrease)/increase in cash 
   and cash equivalents                                    (1,195)           1,069                         3,176 
  Opening cash and cash equivalents                          9,083           5,908                         5,908 
  Effect of exchange rate fluctuations 
   on cash held                                                  -               -                           (1) 
 -----------------------------------------  -------  -------------   -------------   --------------------------- 
  Closing cash and cash equivalents                          7,888           6,977                         9,083 
 ----------------------------------------------      -------------   -------------   --------------------------- 
 
 
 

DODS GROUP PLC

Notes to the condensed consolidated interim financial statements 30 September 2016

   1        Statement of Accounting Policies 

Basis of preparation

This condensed set of financial statements has been prepared in accordance with IAS 34: Interim Financial Reporting as adopted by the EU. The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. As required by AIM Rules, the condensed set of financial statements has been prepared, and applying accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year-ended 31 March 2016.

The comparative figures for the year ended 31 March 2016 have been extracted from the Group's statutory accounts for that financial period. Those accounts have been reported on by the company's auditor and delivered to the registrar of companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

The taxation charge for the six months ended 30 September 2016 is based on the expected annual tax rate, and the assumed use of accumulated tax losses.

The condensed set of interim financial statements have been prepared on a going concern basis and were approved by the Board on 8 November 2016.

   2        Segmental information 

The Group considers that it has one operating business segment. It monitors revenue by product and activity to determine the overall performance of the segment.

Principal activities are as follows:

The Group's principal activity is the curation and aggregation of high quality information and data, and the provision of services through a combination of online information and digital services, training courses, conferences and events publications, and other media. The Group operates primarily in the UK, Belgium and France and has market-leading positions in much of its portfolio. These products and services can be paired and bundled to provide comprehensive solutions.

No client accounted for more than 10% of total revenue. The following table provides an analysis of the Group's performance by geographical market.

 
                                       Unaudited      Unaudited 
                                      Six months     Six months       Audited 
                                           ended          ended    Year ended 
                                    30 September   30 September      31 March 
                                            2016           2015          2016 
                                         GBP'000        GBP'000       GBP'000 
 Revenue 
 United Kingdom                            7,823          7,232        15,376 
 Continental Europe and rest of 
  the world                                1,917          2,043         4,244 
                                           9,740          9,275        19,620 
                                   -------------  -------------  ------------ 
 
   3     Non-recurring items 
 
                                          Unaudited      Unaudited 
                                         Six months     Six months        Audited 
                                              ended          ended     Year ended 
                                       30 Sept 2016    30 Sep 2015    31 Mar 2016 
----------------------------------   --------------  -------------  ------------- 
                                            GBP'000        GBP'000        GBP'000 
 
 Redundancy and people related 
  costs                                           5            242            300 
 Payments in lieu of notice, 
  compensation for loss of office 
  and associated costs                           28              -            218 
 Holyrood office move                             -              9             26 
 London office move                               9              -              - 
                                                 42            251            544 
 ----------------------------------  --------------  -------------  ------------- 
 
   4      Earnings per share 

Basic earnings per share is calculated by dividing the profit attributable to shareholders, by the weighted average number of Ordinary shares in issue during the period.

An adjusted earnings per share is calculated by dividing the adjusted profit attributable to shareholders (detailed below) by the weighted average number of Ordinary shares in issue during the period.

Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares, assuming conversion of all dilutive share options to Ordinary shares

 
                                             Unaudited      Unaudited 
                                            Six months     Six months        Audited 
                                                 ended          ended     Year ended 
                                          30 Sept 2016    30 Sep 2015    31 Mar 2016 
-------------------------------------   --------------  -------------  ------------- 
                                               GBP'000        GBP'000        GBP'000 
 
 Profit attributable to shareholders               818            113          1,086 
 Add: non-trading items net 
  of tax                                            42            251            544 
 Add: amortisation of intangible 
  assets acquired through business 
  combinations                                     292            312            629 
 (Deduct): share based payment 
  (credit)                                           -              -            (3) 
--------------------------------------  --------------  -------------  ------------- 
 Adjusted profit on continuing 
  operations                                     1,152            676          2,256 
--------------------------------------  --------------  -------------  ------------- 
 
 
                                            Unaudited      Unaudited 
                                           Six months     Six months        Audited 
                                                ended          ended     Year ended 
                                         30 Sept 2016    30 Sep 2015    31 Mar 2016 
----------------------------------   ----------------  -------------  ------------- 
                                                            Ordinary       Ordinary 
                                      Ordinary shares         shares         shares 
 Weighted average number of 
  shares 
 In issue during the period 
  - basic                                 340,840,953    339,770,953    340,305,953 
 Share options                              1,250,000      3,620,000      1,785,000 
-----------------------------------  ----------------  -------------  ------------- 
 Weighted average number of 
  shares for diluted earnings 
  per share                               342,090,953    343,390,953    342,090,953 
-----------------------------------  ----------------  -------------  ------------- 
 
 Earnings per share - ordinary 
  shares (pence)                               0.24 p         0.03 p         0.32 p 
 Adjusted earnings per ordinary 
  share (as defined above)                     0.34 p         0.20 p         0.66 p 
 
 Earnings per share on continuing 
  operations 
 Profit per ordinary share 
  - basic                                      0.24 p         0.03 p         0.32 p 
 Profit per ordinary share 
  - diluted                                    0.24 p         0.03 p         0.32 p 
-----------------------------------  ----------------  -------------  ------------- 
 
   5      Intangible assets 
 
                                           Assets acquired 
                                                   through 
                                     business combinations   Software     Total 
                                                   GBP'000    GBP'000   GBP'000 
 
 Cost 
 At 1 April 2015                                    24,215      3,814    28,029 
 Additions - internally generated                        -        236       236 
                                    ----------------------  ---------  -------- 
 At 1 April 2016                                    24,215      4,050    28,265 
 Additions - internally generated                        -        137       137 
                                    ----------------------  ---------  -------- 
 At 30 September 2016                               24,215      4,187    28,402 
                                    ======================  =========  ======== 
 
 Amortisation 
 At 1 April 2015                                    15,738      2,234    17,972 
 Charged in year                                       629        412     1,041 
                                    ----------------------  ---------  -------- 
 At 1 April 2016                                    16,367      2,646    19,013 
 Charged in period                                     292        172       464 
                                    ----------------------  ---------  -------- 
 At 30 September 2016                               16,659      2,818    19,477 
                                    ======================  =========  ======== 
 
 Net book value 
 At 1 April 2015                                     8,477      1,580    10,057 
                                    ----------------------  ---------  -------- 
 
 At 1 April 2016                                     7,848      1,404     9,252 
                                    ----------------------  ---------  -------- 
 
 At 30 September 2016 (unaudited)                    7,556      1,370     8,926 
                                    ----------------------  ---------  -------- 
 
 
   6      Property, plant and equipment 
 
                                                         Equipment 
                                        Leasehold              and 
                                     improvements   Motor vehicles     Total 
                                          GBP'000          GBP'000   GBP'000 
 
 Cost 
 At 1 April 2015                              567              582     1,149 
 Additions                                     75               32       107 
                                    -------------  ---------------  -------- 
 At 1 April 2016                              642              614     1,256 
 Additions                                  2,391               64     2,455 
                                    -------------  ---------------  -------- 
 At 30 September 2016                       3,033              678     3,711 
                                    =============  ===============  ======== 
 
 Depreciation 
 At 1 April 2015                              412              429       841 
 Charge for the year                          130              100       230 
                                    -------------  ---------------  -------- 
 At 1 April 2016                              542              529     1,071 
 Charge for the period                         74               50       124 
                                    -------------  ---------------  -------- 
 At 30 September 2016                         616              579     1,195 
                                    -------------  ---------------  -------- 
 
 Net book value 
 At 1 April 2015                              155              153       308 
                                    -------------  ---------------  -------- 
 
 At 1 April 2016                              100               85       185 
                                    -------------  ---------------  -------- 
 
 At 30 September 2016 (unaudited)           2,417               99     2,516 
                                    -------------  ---------------  -------- 
 
 

The Group did not have any assets recognised from obligations under finance leases in either the current period or prior year.

   7     Cash and Cash Equivalents 
 
                                  Unaudited      Unaudited 
                                 Six months     Six months        Audited 
                                      ended          ended     Year ended 
                               30 Sept 2016    30 Sep 2015    31 Mar 2016 
--------------------------   --------------  -------------  ------------- 
                                    GBP'000        GBP'000        GBP'000 
 
 Cash at bank and in hand             7,888          6,977          9,083 
 
                                      7,888          6,977          9,083 
 --------------------------  --------------  -------------  ------------- 
 

Included in the cash balance is a cash deposit held in the Group's name with its bankers of GBP1.27m (2015: GBPNil) in relation to the new premises of the Group.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BPBLTMBIMBIF

(END) Dow Jones Newswires

November 09, 2016 02:00 ET (07:00 GMT)

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