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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pelatro Plc | LSE:PTRO | London | Ordinary Share | GB00BYXH8F66 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.02 | 0.80 | 1.20 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPTRO
RNS Number : 3593A
Pelatro PLC
29 September 2020
29 September 2020
Pelatro Plc
("Pelatro" or the "Group")
Interim results
New contract win
Pelatro Plc (AIM: PTRO), the precision marketing software specialist, is pleased to announce today its interim results for the 6 months ended 30 June 2020.
Financial highlights
-- Revenue $2.29m (H1 2019: $2.71m) -- Recurring revenue $1.53m (H1 2019: $0.84m), 67% of revenue (H1 2019: 31%) -- Adjusted EBITDA(*) $0.66m (H1 2019: $0.81m) -- EBITDA margin 29% -- Adjusted earnings per share (0.6)c (H1 2019: 0.5c)
-- Gross cash as at 30 June 2020 $0.75m (at 31 December 2019: $1.12m); approximately $2.7m received from debtors since FY19 end
Operational highlights
-- New contract win with an OpCo of an existing customer group - expansion within the group thereby strengthening our position further
-- mViva successfully installed at our largest customer site (350m subscribers) - a major milestone with respect to the maturity of our software
Post period end highlights
-- Completed placing of 4.5m shares to raise GBP2.1m (pre expenses) -- Gross cash at 31 August $3.16m -- Current revenue visibility of $5m for full year -- Plus a near-term pipeline of $15m, of which $4m is from existing customers
New contract win
Pelatro also announces that it has expended its relationship with a large telco group, which is a customer of Pelatro, by winning a new contract from another opco within that group. This contract is expected to contribute about US$1.5m of revenue over a 5 year period and will add to our recurring revenue base.
Outlook
Management expectations for the year underpinned by:
-- revenue visibility of $5m for full year (including $2.3m reported for first half)
-- 2020 pipeline of $8m, of which of which $4m is from existing customers for various new modules and/or products, i.e. cross-selling opportunities where Pelatro is the only contender in most cases
Richard Day, Non-executive Chairman of Pelatro commented:
"Our interim results follow the equity fundraising we announced in August, in which we successfully raised GBP2.1m from new and existing shareholders to invest in sales and marketing and help fund our continuing organic growth.
These remain challenging times in world markets generally with the continuing Covid-19 pandemic; however, consumers are still using and relying on their mobile phones and we are working closely with our clients, the telcos, to ensure that the best service can be offered to their millions of users. We were able to announce today a new contract with the operating company of one of our existing companies. We continue to develop new and innovative products and our strategy remains focussed on increasing our Annual Recurring Revenue.
As with last year, we anticipate significant weighting of revenue towards our second half. We have had a good start to the second half and we have a strong pipeline from which we expect to be able to deliver revenue in line with expectations on the basis of license sales. However, we will continue to prefer gain share and managed service contracts where possible which give significantly higher returns to Pelatro over the contract length. With the pace of customer engagement picking up there remains a lot of work to be done but we are looking forward to the future with every confidence."
Analyst presentation
A copy of the results presentation provided to analysts will be available on Pelatro's website later today ( www.pelatro.com ).
For further information contact:
Pelatro Plc Subash Menon, Managing Director c/o Cenkos Nic Hellyer, Finance Director Cenkos Securities plc (Nominated Adviser and Broker) +44 (0)20 7397 8900 Stephen Keys / Cameron MacRitchie (corporate finance) Michael Johnson (sales)
* earnings before interest, tax, depreciation, amortisation, exceptional items and share-based payments
Notes to editors
The Pelatro Group was founded in March 2013 by Subash Menon and Sudeesh Yezhuvath with the objective of offering specialised, enterprise class software solutions for customer engagement principally to telcos who face a series of challenges including market maturity, saturation and customer churn.
Pelatro provides its "mViva" platform for use by customers in B2C and B2B applications, and is well positioned in the Customer Engagement space. Our technology orchestrates the digital journey of the customers of the telcos through contextual, relevant and real time offers and loyalty programs across multiple channels including websites, social media, apps and others.
For more information about Pelatro, visit www.pelatro.com
Managing Director's statement
Engagements with existing customers like implementation and support are progressing well despite Covid-19. With respect to new contracts, while there have been Covid-19 related delays, we expect our overall win rate to remain the same. The additional level of scrutiny that businesses had introduced with respect to investments had lengthened the sales cycle over the past 6 months; however, we are now starting to experience positive movement with customers starting to release contracts and purchase orders. The contract win announcement from us today is a result of this positive movement. Consequently, given the level of the current pipeline, we are confident of achieving our order booking target for 2020.
Given that all our customers are telcos, we are delighted to note that their businesses, while impacted to some extent due to Covid-19, are quite resilient due to the higher level of usage of data by their consumers. Most businesses have moved online as have educational institutions and a variety of other activities. This move has resulted in considerable increase in data consumption by both individuals and enterprises leading to higher revenue from data products offered by telcos.
The new contract win announced today within a telco group, who is already our customer, considerably improves the value of that customer as a reference. As well as bringing valuable additional revenue, it acts as proof of further acceptance of mViva within that telco group. This success further solidifies Pelatro's position within the Customer Engagement space.
As noted in the announcement of the placing on 4 August, the Group intends to strengthen the sales team in both existing emerging and new developed markets. Interviews are already in progress to identify and appoint sales persons to cover both Europe and the Middle East/Africa.
Financial review
Revenue and profitability
In the six months to 30 June 2020 revenue decreased by 15% over the comparable period to $2.29m (H1 2019: $2.71m). Like many companies, we have experienced some delays as a result of Covid-19 but the Group remains confident that this is business will be picked up in the second half, which is the strongest period for us historically.
Of the $2.29m, approximately $1.53m (H1 2019: $0.84m) was recurring revenue, comprising managed services, post contract support and gain share income. Taking change requests of $0.34m into account, over 80% of revenue is now repeating in nature.
Underlying operating loss (excluding the impact of non-cash share-based payments, amortisation of customer-related intangible assets and exceptional items) was $0.43m (H1 2019: $0.20m profit). 32 extra staff have been employed to service our large managed services contract, although the majority of these were taken on after the period end.
Net cash and trade receivables
Cash generated from operating activities was approximately $1.18m after working capital movements (H1 2019: $0.34m). After net financing receipts of $0.81m (excluding approximately $93,000 relating to lease payments under IFRS 16) and capital expenditure of around $2.00m, gross cash at 30 June 2020 was approximately $0.75m. Financial debt (excluding IFRS 16 liabilities) was approximately $1.29m, giving net debt of approximately $0.54m (FY 2019: $0.69m net cash). Post period end, the Group completed a fundraising, raising GBP2.1m before expenses.
Short-term trade receivables (including unbilled revenue but excluding contract assets) as at 30 June 2020 were $4.80m (31 December 2019 $5.28m) .
Expenditure on non-current assets
Capitalised development expenditure was $1.21m (H1 2019: $1.11m) and the Group spent $0.79m on fixed assets, the vast majority of which was computer server equipment required to fulfil the significant managed service contract and which is already producing revenue. This was financed by way of a matching term loan.
Current trading and outlook
As with previous years we anticipate significant weighting of revenue towards the second half. The near term pipeline remains strong and the Group will continue to focus on transitioning this from "one time" revenue like license fees to "recurring revenue" which is more sustainable and predictable. In view of the changing economic scenario, telcos are increasingly exploring opex rather than capex solutions. This is naturally more conducive to our strategy and consequently our transition to recurring revenue is progressing unabated. We expect this trend to be in line with our expectations resulting in significant increase in recurring revenue. We are confident of recurring revenue, as a proportion of our total revenue, moving to more than 80% in the next couple of years.
Group statement of comprehensive income
6 months 6 months Year to to to December 30 June 30 June 2019 2020 2019 Note $'000 $'000 $'000 (unaudited) (unaudited) (audited) Revenue 2 2,291 2,714 6,667 Cost of sales and provision of services (667) (634) (999) _______ _______ _______ Gross profit 1,624 2,080 5,668 Adjusted administrative expenses (1,738) (1,879) (4,048) _______ _______ _______ Adjusted operating profit/(loss) (114) 201 1,620 Exceptional items 3 149 - 236 Amortisation of acquisition-related intangibles 3 (342) (349) (686) Share-based payments 3 (27) (49) (52) _______ _______ _______ Operating profit/(loss) (334) (197) 1,118 Finance income 4 37 20 54 Finance expense 5 (106) (85) (164) _______ _______ _______ Profit/(loss) before taxation (403) (262) 1,008 Income tax credit/(expense) (36) 4 (194) _______ _______ _______ PROFIT/(LOSS) FOR THE PERIOD (439) (258) 814 Other comprehensive income/(expense): Items that may be reclassified subsequently to profit or loss: Exchange differences 21 1 (25) _______ _______ _______ Other comprehensive income, net of tax 21 1 (25) TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD (418) (257) 789 Earnings/(loss) per share Reported Basic and diluted 6 (1.3)c (0.8)c 2.5c Adjusted Basic and diluted 6 (0.6)c 0.5c 4.2c
Group statement of financial position
As at As at As at 31 30 June 30 June December 2020 2019 2019 Note $'000 $'000 $'000 (unaudited) (unaudited) (audited) Assets Non-current assets Intangible assets 7 11,132 10,648 10,891 Property, plant and equipment 8 1,220 408 515 Right-of-use assets 9 240 420 339 Deferred tax assets 92 - 63 Contract assets 446 117 519 Trade and other receivables 238 306 231 _______ _______ _______ 13,368 11,899 12,558 Current assets Contract assets 246 304 293 Trade receivables 4,800 4,272 5,283 Other assets 576 425 501 Cash and cash equivalents 749 1,118 1,101 _______ _______ _______ 6,371 6,119 7,178 Total assets 19,739 18,018 19,736 Liabilities Non-current liabilities Borrowings 10 1,145 359 362 Lease liabilities 11 104 260 187 Contract liabilities 228 202 274 Long-term provisions 113 - 124 Other financial liabilities 13 - 1,187 - _______ _______ _______ 1,590 2,008 947 Current liabilities Trade and other payables 12 892 356 523 Borrowings 10 148 73 246 Lease liabilities 11 171 224 205 Contract liabilities and deferred revenue 337 257 665 Other financial liabilities 13 801 - 948 _______ _______ _______ 2,349 910 2,587 Total liabilities 3,939 2,918 3,534 NET ASSETS 15,800 15,100 16,202 Issued share capital and reserves Share capital 1,065 1,065 1,065 Share premium 11,603 11,603 11,603 Other reserves (606) (668) (643) Retained earnings 3,738 3,100 4,177 _______ _______ _______ TOTAL EQUITY 15,800 15,100 16,202
Group statement of cash flows
6 months 6 months Year to to to December 30 June 30 June 2019 2020 2019 $'000 $'000 $'000 (unaudited) (unaudited) (audited) Cash flows from operating activities Profit/(loss) for the period (439) (258) 814 Adjustments for: Income tax expense/(credit) recognised in profit or loss 45 (4) 194 Finance income (37) (20) (54) Finance costs 87 85 160 Depreciation of tangible non-current assets 135 132 188 Amortisation of intangible non-current assets 993 809 1,726 Fair value adjustment on contingent consideration (149) - (236) Share-based payments 27 49 52 Foreign exchange (gains)/losses 6 (6) (8) _______ _______ _______ Operating cash flows before movements in working capital 668 787 2,836 (Increase)/decrease in trade and other receivables 416 (402) (1,509) (Increase)/decrease in contract assets 122 (38) (428) Increase/(decrease) in trade and other payables 386 (230) 103 Increase in contract liabilities and other deferred income (413) 220 701 _______ _______ _______ Cash generated from operating activities 1,179 337 1,703 Income tax paid (110) (96) (334) _______ _______ _______ Net cash generated from operating activities 1,069 241 1,369 Cash flows from investing activities Development of intangible assets (1,210) (1,111) (2,102) Purchase of intangible assets (3) (12) (35) Acquisition of property, plant and equipment (791) (78) (256) _______ _______ _______ Net cash used in investing activities (2,004) (1,201) (2,393) Cash flows from financing activities Proceeds from borrowings 1,117 276 317 Repayment of borrowings (301) (300) (313) Repayments of principal on lease
liabilities (93) (88) (171) Finance income 37 20 54 Finance costs (61) (40) (93) Less interest accrued but not paid 16 1 - Interest expense on lease liabilities (8) (22) (40) _______ _______ _______ Net cash generated by/(used in) financing activities 707 (153) (246) Net increase/(decrease) in cash and cash equivalents (228) (1,113) (1,270) Net foreign exchange differences (43) 7 (20) Cash and cash equivalents at beginning of period 934 2,224 2,224 _______ _______ _______ Cash and cash equivalents at end of period 663 1,118 934 Comprising: Cash at bank and in hand 749 1,118 1,101 Overdraft (86) - (167) _______ _______ _______ 663 1,118 934
Group statement of changes in equity
Share Share Exchange Merger Share-based Retained Total capital premium reserve reserve payments profits reserve $'000 $'000 $'000 $'000 $'000 $'000 $'000 Balance at 31 December 2018 as previously reported 1,065 11,603 (193) (527) - 3,414 15,362 Effect of change of accounting policy (IFRS 16) - - - - - (51) (51) _____ _____ _____ _____ _____ _____ _____ Balance at 31 December 2018 as restated 1,065 11,603 (193) (527) - 3,363 15,311 (Loss) after taxation for the period - - - - - (258) (258) Share-based payments - - - - 49 - 49 Other comprehensive income: Exchange differences - - 4 - - - 4 _____ _____ _____ _____ _____ _____ _____ Balance at 30 June 2019 1,065 11,603 (189) (527) 49 3,105 15,106 Profit after taxation for the period - - - - - 1,072 1,072 Share-based payments - - - - 51 - 51 Other comprehensive income: Exchange differences - - (27) - - - (27) _____ _____ _____ _____ _____ _____ _____ Balance at 31 December 2019 1,065 11,603 (216) (527) 100 4,177 16,202 Profit after taxation for the period - - - - - (439) (439) Share-based payments - - - - 50 - 50 Other comprehensive income: Exchange differences - - (13) - - - (13) _____ _____ _____ _____ _____ _____ _____ Balance at 30 June 2020 1,065 11,603 (229) (527) 150 3,738 15,800
Notes to the Group financial statements
1 Basis of preparation
The Group has prepared its interim financial statements for the 6 months ended 30 June 2020 (the "interim results") in accordance with the recognition and measurement principles of International Financial Reporting Standards ("IFRS") as adopted by the European Union and also in accordance with the recognition and measurement principles of IFRS issued by the International Accounting Standards Board, but do not include all the disclosures that would otherwise be required. They have been prepared under the historical cost convention as modified to include the revaluation of certain non-current assets. The accounting policies adopted in the interim financial statements are consistent with those adopted in the Group's Annual Report and Financial Statements for the year ended 31 December 2019 and those which will be adopted in the preparation of the annual report for the year ending 31 December 2020.
As permitted, the interim results have been prepared in accordance with the AIM Rules of the London Stock Exchange and not in accordance with IAS34 Interim Financial Reporting . They do not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006 and are unaudited.
Going concern
The Directors have considered trading and cash flow forecasts prepared for the Group, and based on these, and confirmed banking facilities, are satisfied that the Group will continue to be able to meet its liabilities as they fall due for at least one year from the date of these results. On this basis, they consider it appropriate to have adopted the going concern basis in the preparation of the interim results, which were approved by the Board of Directors on 28 September 2020.
Comparative financial information
The comparative financial information presented herein for the year ended 31 December 2019 does not constitute full statutory accounts for that period. Statutory accounts for the year ended 31 December 2019 have been filed with the Registrar of Companies. These statutory accounts carried an unqualified Auditor's Report, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006.
2 Segmental analysis
Revenue by type
6 months 6 months Year to to to 31 December 30 June 30 June 2019 2020 2019 $'000 $'000 $'000 (unaudited) (unaudited) (audited) Repeat software sales and services 1,148 1,316 3,114 Maintenance and support 719 645 1,399 _______ _______ _______ Total repeat revenues 1,867 1,961 4,513 Software - new licenses 424 498 1,887 Consulting - 250 258 Resale of hardware - 5 9 _______ _______ _______ 2,291 2,714 6,667
Revenue by geography
The Group recognises revenue in seven geographical regions based on the location of customers, as set out in the following table:
6 months 6 months Year to to to 31 December 30 June 30 June 2019 2020 2019 $'000 $'000 $'000 (unaudited) (unaudited) (audited) Caribbean 60 243 133 Central Asia 32 206 256 Eastern Europe 74 56 91 North Africa 42 95 135 South Asia 923 1,088 1,791 South East Asia 1,160 561 4,181 Sub-Saharan Africa - 465 80 _______ _______ _______ 2,291 2,714 6,667 3 Non-GAAP profit measures and exceptional items
Reconciliation of operating profit to earnings before interest, taxation, depreciation and amortisation ("EBITDA"):
6 months 6 months Year to to to 31 December 30 June 30 June 2019 2020 2019 $'000 $'000 $'000 (unaudited) (unaudited) (audited) Operating profit/(loss) (334) (197) 1,118 Adjusted for: - amortisation and depreciation 1,091 940 1,915 - revenue recognised as interest under IFRS 15 22 14 43 Exceptional items: - gain on adjustment of deferred consideration liability (149) - (236) Share-based payments 27 49 52 _______ _______ _______ Adjusted EBITDA 657 806 2,892
The criteria for adjusting operating income or expenses in the calculation of adjusted EBITDA are that they are material and either (i) arise from an irregular and significant event or (ii) are such that the income/cost is recognised in a pattern that is unrelated to the resulting operational performance. Materiality is defined as an amount which, to a user, would influence decision-making based on, and understandability of, the financial statements.
Exceptional items are treated as exceptional by reason of their nature and are excluded from the calculation of adjusted EBITDA (and adjusted earnings per share below) to allow a better understanding of comparable year-on-year trading and thereby an assessment of the underlying trends in the Group's financial performance. These measures also provide consistency with the Group's internal management reporting.
Adjustment for share-based payment expense is made because, once the cost has been calculated for a given grant of options, the Directors cannot influence the share-based payment charge incurred in subsequent years relating to that grant; also the value of the share option to the employee differs considerably in value and timing from the actual cash cost to the Group.
Elements of depreciation on right-to-use assets recognised under IFRS 16 and share-based payment expense are deemed to be directly attributable overheads for the purposes of capitalising relevant expenditure on developing intangible assets (see Note 18). The figures above are shown net of amounts so capitalised.
4 Finance income 6 months 6 months Year to to to 31 December 30 June 30 June 2019 2020 2019 $'000 $'000 $'000 (unaudited) (unaudited) (audited) Interest receivable on interest-bearing deposits 15 6 11 Notional interest accruing on contracts with a significant financing component 22 14 43 _______ _______ _______ Total finance income 37 20 54 5 Finance expense 6 months 6 months Year to to to 31 December 30 June 30 June 2019 2020 2019 $'000 $'000 $'000 (unaudited) (unaudited) (audited) Interest and finance charges paid or payable on borrowings 79 40 96 Interest on lease liabilities under IFRS 16 15 22 40 Less: amounts capitalised as intangible assets (7) - (19) Acquisition-related financing expense - unwinding of discount on financial liabilities 19 23 47 _______ _______ _______ Total finance expense 106 85 164 6 Earnings per share
Earnings per share - reported ("EPS")
The calculation of the basic and diluted EPS is based on the following data:
6 months 6 months Year to to to 31 December 30 June 30 June 2019 2020 2019 $'000 $'000 $'000 Earnings Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent (439) (258) 814 Number of shares Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share 32,532,431 32,532,431 32,532,431
The weighted average number of shares and the loss for the year for the purposes of calculating the fully diluted earnings per share are the same as for the basic loss per share calculation. This is because the outstanding share options would have the effect of reducing the loss per ordinary share and would therefore not be dilutive under IAS33.
Adjusted earnings per share
Adjusted EPS is calculated as follows:
6 months 6 months Year to to to 31 December 30 June 30 June 2019 2020 2019 $'000 $'000 $'000 Earnings attributable to owners of the Parent (439) (258) 814 Adjusting items: - amortisation of acquisition-related intangibles 343 349 686 - finance charge on liabilities relating to contingent consideration 19 23 47 - exceptional items (149) - (236) - share-based payments 27 49 52 - prior year adjustments to tax charge - - (7) _______ _______ _______ Adjusted earnings attributable to owners of the Parent (199) 163 1,356 Adjusted earnings per share attributable to shareholders (basic) (0.6)c 0.5c 4.2c Weighted number of ordinary shares in issue 32,532,431 32,532,431 32,532,431 Effect of dilutive potential ordinary shares: - in-the-money share options - 6,702 - ________ ________ ________ Weighted average number of ordinary shares for the purposes of diluted earnings per share 32,532,431 32,539,133 32,532,431 Adjusted earnings per share attributable to shareholders (diluted) (0.6)c 0.5c 4.2c
The criteria for inclusion of adjusting items in the calculation of adjusted EPS are the same as those relating to the calculation of adjusted EBITDA as set out in Note 3. Additionally, finance expense on liabilities relating to contingent consideration are non-cash costs reflecting the time value of money in arriving at the fair value of such liabilities and the effluxion of time over the period for which they are outstanding; and amortisation of acquisition-related intangibles relates to the amortisation of intangible assets in respect of customer relationships and brands which are recognised on a business combination and are non-cash in nature.
The Group has one category of potentially dilutive ordinary share, being those share options granted to employees where the exercise price (plus the remaining expected charge to profit under IFRS 2) is less than the average price of the Company's ordinary shares during the period. The weighted average number of shares for the calculation of diluted earnings per share is computed using the treasury share method.
7 Intangible assets
Intangible assets comprise capitalised development costs, acquired software, customer relationships and goodwill.
Development Third Patents Customer Goodwill Total costs party relationships software $'000 $'000 $'000 $'000 $'000 $'000 Cost At 1 January 2020 6,391 108 23 6,862 470 13,854 Additions 1,232 3 - - - 1,235 Foreign exchange - (2) - - - (2) _______ _______ _______ _______ _______ _______ At 30 June 2020 7,623 109 23 6,862 470 15,087 Amortisation or impairment At 1 January 2020 (1,957) (34) - (972) - (2,963) Charge for the period (640) (10) - (343) - (993) Foreign exchange - 1 - - 1 _______ _______ _______ _______ _______ _______ At 30 June 2020 (2,597) (43) - (1,315) - (3,955) Net carrying amount At 30 June 2020 5,026 66 23 5,547 470 11,132 At 1 January 2020 4,434 74 23 5,890 470 10,891 8 Tangible assets Leasehold Computer Office Vehicles Total improvements equipment equipment $'000 $'000 $'000 $'000 $'000 Cost
At 1 January 2020 109 197 59 312 677 Additions 2 788 1 - 791 Foreign exchange differences (4) (14) (4) (17) (39) _______ _______ _______ _______ _______ At 30 June 2020 107 971 56 295 1,429 Depreciation At 1 January 2020 (7) (87) (9) (59) (162) Charge for the year (6) (26) (6) (18) (56) Foreign exchange differences - 4 1 4 9 _______ _______ _______ _______ _______ At 30 June 2020 (13) (109) (14) (73) (209) Net carrying amount At 30 June 2020 94 862 42 222 1,220 At 1 January 2020 102 110 50 253 515 9 Right-of-use assets
Right-of-use assets comprise leases over office buildings and vehicles
Office Vehicles Total buildings $'000 $'000 $'000 Cost At 1 January 2020 690 31 721 Additions in the period - - - Effects of foreign exchange movements (44) (2) (46) _______ _______ _______ At 30 June 2020 646 29 675 Depreciation At 1 January 2020 (368) (14) (382) Charge for the period (71) (7) (78) Effects of foreign exchange movements 24 1 25 _______ _______ _______ At 30 June 2020 (415) (20) (435) Net carrying amount At 30 June 2020 231 9 240 At 1 January 2020 322 17 339 10 Loans and borrowings As at As at As at 31 30 June 30 June December 2020 2019 2019 $'000 $'000 $'000 Non-current liabilities Secured term loans 1,145 359 362 _______ _______ _______ 1,145 359 362 Current liabilities Current portion of term loans 62 73 79 Unsecured borrowings 86 - 167 _______ _______ _______ 148 73 246 Total loans and borrowings 1,293 432 608 11 Lease liabilities
Lease liabilities comprise liabilities arising from the committed and expected payments on leases over office buildings and vehicles .
Amounts due in less than one year Office Vehicles Total buildings $'000 $'000 $'000 At 1 January 2020 193 12 205 Leases taken on in the period - - - Repayments of principal (87) (6) (93) Transfer from long-term to short-term 73 1 74 Effects of foreign exchange movements (14) (1) (15) _______ _______ _______ At 30 June 2020 165 6 171 Amounts due in more than one year Office Vehicles Total buildings $'000 $'000 $'000 At 1 January 2020 186 1 187 Leases taken on in the period - - - Transfer from long-term to short-term (73) (1) (74) Effects of foreign exchange movements (9) - (9) _______ _______ _______ At 30 June 2020 104 - 104 12 Trade and other payables As at As at As at 31 30 June 30 June December 2020 2019 2019 $'000 $'000 $'000 Due within a year Trade payables 40 12 82 Other payables and provisions 852 344 441 _______ _______ _______ Total trade and other payables 892 356 523
Other payables includes amounts due in respect of the capital expenditure referenced in Note 8, which was paid in July as per the agreed payment milestones. Provisions reflect payment holidays granted (principally in the Group's Indian subsidiary) in respect of certain duties and taxes.
13 Other financial liabilities
Other financial liabilities comprise the fair value of payments due in respect of earnout payments resulting from the Danateq acquisition.
As at As at As at 31 30 June 30 June December 2020 2019 2019 $'000 $'000 $'000 Contingent consideration on the acquisition of Danateq assets - potentially due within one year 801 - 948 - potentially after one year - 1,187 - _______ _______ _______ Total other financial liabilities 801 1,187 948
The amount owed to the vendors of Danateq had been agreed at $1m gross under the terms of the SPA. The net figure (paid earlier this month) was some $193,000 lower, being reduced by sums relating either to amounts paid by customers in advance to the former Danateq business but due to Pelatro, or amounts deductible under the terms of the SPA due to differences in outturn in disclosure items. The difference between the reporting date figure and the net payout is the imputed discount due to the time value of money.
14 Post balance sheet events
There have been no events subsequent to the reporting date which would have a material impact on these interim financial results.
[END]
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