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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pennant International Group Plc | LSE:PEN | London | Ordinary Share | GB0002570660 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 29.00 | 28.00 | 30.00 | 29.00 | 29.00 | 29.00 | 7,000 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Engineering Services | 13.69M | -901k | -0.0244 | -11.89 | 10.7M |
TIDMPEN
RNS Number : 7499N
Pennant International Group PLC
27 September 2023
FOR IMMEDIATE RELEASE 27 September 2023
PENNANT INTERNATIONAL GROUP PLC
Interim Results for the six months ended 30 June 2023
EBITA of GBP0.5 million; fourth consecutive period of EBITA profit; record gross margin;
on track to meet full year expectations;
Pennant International Group plc (AIM:PEN) ("Pennant", the "Group" or "Company"), the IPS software and services company, announces its Interim Results for the six months ended 30 June 2023 (the "First Half", the "Period", or "H1 2023").
Commenting on the results, Chairman Philip Cotton said:
"I am pleased to report that the Group has maintained positive earnings before interest, taxation and amortisation for a fourth consecutive period, with profitability in-line with market expectations for the year as a whole.
Our plan to re-engineer the business to build on software, services and other higher-margin work - focusing on our unique breadth of products and services across multiple Integrated Product Support disciplines - is producing results."
Key points: Financial
-- Group revenues for the Period of GBP7.1 million (H1 2022: GBP6.9 million) -- 46% of revenues generated from software licensing and associated activities (H1 2022: 52%) -- Record gross margin of 47% (H1 2022: 41%)
-- Earnings before interest, taxation and amortisation (EBITA) of GBP0.5 million (H1 2022: EBITA of GBP0.1 million)
-- Earnings before interest, taxation, depreciation and amortisation (EBITDA) of GBP0.8 million (H1 2022: EBITDA of GBP0.4 million)
-- Loss before tax of GBP0.4 million (H1 2022: loss before tax of GBP0.8 million) -- Net debt at Period end of GBP1.9 million (H1 2022: net debt of GBP4.1 million) -- Trade and other receivables due at Period end of GBP4.2 million (H1 2022: GBP5.1 million) -- Basic loss of (1.02)p per share (H1 2022: basic loss per share of (2.21)p per share)
-- Unrelieved tax losses of GBP7.1 million carried forward (H1 2022: GBP6.7 million carried forward)
-- Three-year order book at Period end stood at GBP25 million (H1 2022: GBP27 million)
Note: the above results are stated before circa GBP0.1 million of exceptional transaction and integration costs associated with the acquisition of Track Access Productions Limited. See note 5 to the Notes for a reconciliation between operating loss, EBITDA and EBITA.
Key points: Operational
-- Good progress on the circa GBP9 million Boeing Defence United Kingdom (BDUK) Apache upgrade programme, which is running on time and on budget, with final deliveries scheduled for completion in September 2024.
-- Acquisition of Track Access Productions Limited ("TAP") in April 2023, broadening Pennant's existing rail offering and customer base, and adding circa GBP0.3 million of subscription-based recurring revenues.
-- Version 2 of GenS released in May 2023, with first commercial sale achieved in June 2023.
-- Order intake secured during the First Half of GBP6.5 million, which resulted in a Period-end three-year contracted order book of GBP25 million.
Commenting on the Group's prospects, Philip Cotton added:
"Given the burgeoning technological complexity of military, aviation and rail platforms, the demand for innovative Integrated Product Support solutions is only likely to grow, particularly with increasing defence budgets across the Western world.
Our strategy has been formulated with precisely these factors in mind and with our developing S-Series solutions, we are well-placed to capitalise."
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Enquiries:
Pennant International Group www.pennantplc.com plc Philip Walker, CEO David Clements, Commercial & Risk Director +44 (0) 1452 714 914 Michael Brinson, CFO WH Ireland Limited (Nomad and https://www.whirelandplc.com/capital-markets Broker) Mike Coe Sarah Mather +44 (0) 20 7220 1666 Walbrook PR (Financial PR) pennant@walbrookpr.com Paul Vann +44 (0)20 7933 8780 Joe Walker Mob: +44 (0)7768 807631
Pennant International Group plc
Interim Report for the six months ended 30 June 2023
Chairman's Statement
Results and dividend
On behalf of the Board of Directors, I can report that the Group recorded revenues for the Period of GBP7.1 million (H1 2022: GBP6.9 million).
For the fourth consecutive six-month period, EBITA was positive at GBP0.5 million, an improvement over the EBITA profit of GBP0.1 million recorded for the comparable period in 2022.
The gross profit margin for the Period increased to 47% (H1 2022: 41%) due to software licence revenues and sound performance across a number of programmes.
This resulted in a significantly reduced pre-tax loss for the Period of GBP0.4 million which compares with a pre-tax loss of GBP0.8 million in H1 2022.
Administrative costs for the Period were GBP3.6 million (H1 2022: GBP3.6 million), pleasingly being held at the same level as 12 months ago, despite general inflationary pressures.
At the Period-end net debt stood at GBP1.9 million (H1 2022: net debt of GBP4.1 million), as the Group utilised its overdraft facilities to fund programme expenditure (for which the cash milestones are expected to unwind in the latter part of the year and into early 2024) and internally-funded development of the GenS software suite.
Total assets at the Period end were GBP20.5 million (H1 2022: GBP21.9 million).
The basic loss per share for the Half Year was (1.02)p compared to a loss of (2.21)p for the same period last year.
A minimal effective tax rate is expected for the full year due to unrelieved tax losses of GBP7.1 million which have been carried forward at the Half Year (H1 2022: GBP6.7 million) and with R&D tax credit claims in progress.
The Group's three-year order book stood at GBP25 million at Period-end (H1 2022: GBP27 million) and is scheduled for delivery as follows: GBP8.1 million in H2 2023, GBP8.7 million in 2024, GBP5.3 million in 2025 and the balance in H1 2026.
The Directors have concluded that it is in the best interests of the Company and its shareholders to retain cash at this time for expected working capital requirements, particularly as the internally-funded GenS development programme reaches its critical later stages.
The Board will therefore not be declaring an interim dividend but will continue to review the Group's dividend policy based on performance, cash generation and working capital and investment requirements.
I would like to thank all Pennant employees, who have worked tirelessly during the First Half, drawing on Pennant's long heritage to deliver our impressive breadth of products and capabilities.
Operational Commentary
Each region, and business line, made a significant contribution during the Period as follows:
Revenue by Region GBP m UK & Europe 3.7 ---- North America 2.2 ---- Australasia 1.2 ---- Total 7.1 ----
A key strategic focus of the Group is to continue to grow the proportion of revenues which derive from software and related activities. During the Period, circa 46% of revenues derived from software and related services; 56% of revenues were of a recurring nature.
Revenue by business line GBP m Software Licences 0.7 ---- Software Maintenance 0.7 ---- Software Services 1.9 ---- Engineered-to-order training solutions 1.9 ---- Generic training solutions 0.5 ---- Technical Services 1.4 ---- Total 7.1 ----
Commentary is provided on the various business lines below.
Integrated Product Support (IPS) Software Suite
The Group's IPS software suite comprises Pennant's three proprietary software product suites, OmegaPS, Analyzer and R4i. OmegaPS is a sophisticated logistics data tool; Analyzer uses recognised processes and analytical methods to develop, store and evaluate information about operational equipment and the support environment; and R4i provides its users with a dynamic, S1000D-compliant technical documentation solution.
In addition, Pennant provides long-term recurring consultancy, support and maintenance services on both software suites to its many customers which include the Canadian and Australian defence departments and their respective supply bases.
The Period saw continuing demand for these products and related consultancy.
Product Investment
Capital investment continued in the OmegaPS successor product, 'GenS' to realise the vision of a cutting-edge, end-to-end solution for customers' data and documentation needs. During the Period, the Group invested circa GBP0.6 million in this development project.
GenS represents the next generation of Logistics Support Analysis/Logistics Product Data technology, with a modern, easy to use interface and functionality, deployable 'on premise' or as a software as a service. GenS, when combined with the Analyzer and R4i S1000D Technical Publishing suite will transform customers' Integrated Product Support capabilities into a truly integrated digital capability and reduce programme delivery costs. Version 2 of GenS was released in May 2023, with the first commercial sale achieved in June 2023.
The Group also has an active pipeline of potential product innovations and improvements that are undergoing a detailed assessment process, including the use of Artificial Intelligence to integrate our IPS software database and the use of augmented / mixed reality in the delivery of our technical data to the end user.
Training Technology
Training is an important sub-discipline within the IPS field and Pennant designs and builds generic and platform-specific training technology (and provides related technical and support services) for the defence, aerospace, rail and other safety critical industries.
The Group's key training-related contract during the Period was the UK Apache upgrade programme, under which Pennant is upgrading four different types of Apache training device for the UK Army.
The Group is developing modular software-based training solutions and during the Period launched the Engine Systems Starting Trainer (which combines a high-fidelity graphical model of an engine with Pennant's proprietary emulation technology), which has gone out on trial with a selected key customer.
Programme Delivery
Major Programme update : Pennant continues to make good progress on its contract with BDUK for the UK Apache upgrade programme. By the end of the Period, Preliminary Design Review had been successfully passed on all four devices, whilst on two of the devices, Critical Design Review (the final design sign-off) had also been achieved. The contract remains on track for completion in September 2024.
Commercial aerospace projects : the Group continues to progress its two North American software and services contracts for the development and delivery of its new technical publications solution for the commercial aviation market. The projects have involved the transfer of complex legacy data into a new solution which has resulted in an enlarged scope and technical challenges. The contracts are now expected to be completed during the first half of 2024 with the associated milestones expected to unwind in early 2024.
Acquisition update
We successfully acquired Track Access Productions Limited ("TAP") in April 2023 for an initial consideration of GBP798,500, funded from existing resources, and a deferred consideration of GBP175,500 payable in April 2024 . TAP is a provider of driver training, route mapping and route familiarisation services to the UK rail industry and bolsters the Group's 'third pillar' of rail products and services.
I am pleased that TAP is performing in line with the Board's expectations. Pennant's combined Track Access business unit (comprising TAP and Track Access Services) had a successful First Half in respect of order intake and is on course to deliver turnover of approximately GBP900,000 for the year ending 31 December 2023 on an annualised basis, with an operating profit of approximately GBP400,000.
Targeted acquisitions, which add new strategic customers and/or add to our software capabilities, remain a key part of the Group's strategy for growth.
Post Period-end
Further positive outcomes have been achieved since Period-end:
-- Sales: circa GBP1.5 million of new orders for software and services were received across July and August, taking orders received during 2023 to a total of GBP8.1 million. This included a new contract with the Australian Defence Force worth AUD$1.2 million over 12 months, secured in early July.
-- New partnership: the Group announced a strategic partnership with Aquila Learning to collaborate on a number of projects, including the integration of the ALaRMS - Aquila Learning (and Requirements /Resource/Record) Management System into the market leading Pennant IPS software suite (GenS, Analyzer and R4i). The integration will realise natural synergies in both product and customer base and broaden our S-Series capabilities.
-- Cash: the Group secured a GBP1 million increase in its overdraft facility (to GBP4 million). This is available from September 2023 to January 2024 to provide short-term working capital contingency pending the realisation of programme milestones referred to above, and the continued investment ahead of full product launch of GenS and the integrated IPS software suite in April 2024.
Outlook
Given the burgeoning technological complexity of military, aviation and rail platforms, the demand for innovative Integrated Product Support solutions is only likely to grow, particularly with increasing defence budgets across the Western world.
Our strategy has been formulated with precisely these factors in mind and with our developing integrated S-Series solutions, we are well-placed to capitalise.
We continue to explore opportunities for partnerships and acquisitions that will enhance our capabilities and accelerate our strategic objectives.
We also remain focused on ensuring a lean, productive and effective organisation; costs remain well-controlled following the decisive restructuring in 2021 and we are confident of meeting market expectations for the year as a whole.
P Cotton
Chairman
PENNANT INTERNATIONAL GROUP plc
CONSOLIDATED INCOME STATEMENT for the six months ended 30 June 2023
Notes Six months Six months Year ended ended 30 June ended 30 June 31 December 2023 Unaudited 2022 Unaudited 2022 Audited ------------------------- ---------------- ---------------- -------------- GBP000s GBP000s GBP000s ------------------------- ---------------- ---------------- -------------- Revenue 7,092 6,945 13,686 ------------------------- ---------------- ---------------- -------------- Cost of sales (3,750) (4,110) (7,897) ------------------------- ---------------- ---------------- -------------- Gross profit 3,342 2,835 5,789 ------------------------- ---------------- ---------------- -------------- Administration expenses (3,616) (3,558) (6,902) ------------------------- ---------------- ---------------- -------------- Other income 75 50 123 ------------------------- ---------------- ---------------- -------------- Operating (loss) (199) (673) (990) ------------------------- ---------------- ---------------- -------------- Finance costs (176) (137) (377) ------------------------- ---------------- ---------------- -------------- Finance income - - 2 ------------------------- ---------------- ---------------- -------------- (Loss) before taxation (375) (810) (1,365) ------------------------- ---------------- ---------------- -------------- Taxation 2 - - 464 ------------------------- ---------------- ---------------- -------------- (Loss) for the period (375) (810) (901) ------------------------- ---------------- ---------------- -------------- Earnings per share 3 ------------------------- ---------------- ---------------- -------------- Basic (1.02p) (2.21p) (2.45p) ------------------------- ---------------- ---------------- -------------- Diluted (1.02p) (2.21p) (2.45p) ------------------------- ---------------- ---------------- --------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2023
Six months Six months ended 30 ended 30 Year ended June 2023 June 2022 31 December Unaudited Unaudited 2022 Audited ----------- ----------- -------------- GBP000s GBP000s GBP000s ----------- ----------- -------------- (Loss) attributable to equity holders of the parent (375) (810) (901) Other comprehensive income Exchange differences on (124) 364 109 translation of foreign operations ----------------------------------- ----------- -------------- Prior year amortization adjustment - 39 ----------------------------------- ----------- -------------- Deferred tax credit - property, plant and equipment and intangibles - 248 ----------------------------------- ----------- ----------- -------------- (Loss) attributable to
equity (499) (446) (505) holders of the parent ----------- ----------- --------------
PENNANT INTERNATIONAL GROUP plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2023
Year ended Six months Six months 31 December ended 30 June ended 30 June 2022 2023 Unaudited 2022 Unaudited Audited GBP000s GBP000s GBP000s ---------------- ---------------- ------------- Non-current assets ---------------- ---------------- ------------- Goodwill 2,459 2,546 2,507 ---------------- ---------------- ------------- Other intangible assets 5,251 4,681 4,690 ---------------- ---------------- ------------- Property plant and equipment 3,958 5,817 4,002 ---------------- ---------------- ------------- Right Of Use Asset 624 567 503 ---------------- ---------------- ------------- Deferred tax asset 1,530 836 1,497 ---------------- ---------------- ------------- Total non-current assets 13,822 14,447 13,199 ---------------- ---------------- ------------- Current assets ---------------- ---------------- ------------- Inventories / work-in-progress 1,207 1,347 1,001 ---------------- ---------------- ------------- Trade and other receivables 4,204 5,146 4,129 ---------------- ---------------- ------------- Cash and cash equivalents 749 585 1,107 ---------------- ---------------- ------------- Current tax asset 492 330 354 ---------------- ---------------- ------------- Total current assets 6,652 7,408 6,591 ---------------- ---------------- ------------- Total assets 20,474 21,855 19,790 ---------------- ---------------- ------------- Current liabilities ---------------- ---------------- ------------- Trade and other payables 5,871 4,780 5,862 ---------------- ---------------- ------------- Current tax liabilities 151 89 155 ---------------- ---------------- ------------- Obligations under finance and operating leases 351 191 174 ---------------- ---------------- ------------- Bank overdraft 2,668 4,741 1,533 ---------------- ---------------- ------------- Deferred consideration on acquisition 615 335 327 ---------------- ---------------- ------------- Total current liabilities 9,656 10,136 8,051 ---------------- ---------------- ------------- Net current (liabilities) / assets (3,004) (2,728) (1,460) ---------------- ---------------- ------------- Non-current liabilities ---------------- ---------------- ------------- Obligations under finance and operating leases 323 444 385 ---------------- ---------------- ------------- Deferred tax liabilities - - - ---------------- ---------------- ------------- Contingent consideration on acquisition 152 419 552 ---------------- ---------------- ------------- Warranty provisions 108 122 107 ---------------- ---------------- ------------- Total non-current liabilities 583 985 1,044 ---------------- ---------------- ------------- Total liabilities 10,239 11,121 9,095 ---------------- ---------------- ------------- Net assets 10,235 10,734 10,695 ---------------- ---------------- ------------- Equity ---------------- ---------------- ------------- Share capital 1,840 1,836 1,840 ---------------- ---------------- ------------- Share premium 5,366 5,367 5,366 ---------------- ---------------- ------------- Capital redemption reserve 200 200 200 ---------------- ---------------- ------------- Retained earnings 2,508 1,900 2,844 ---------------- ---------------- ------------- Translation reserve 211 590 335 ---------------- ---------------- ------------- Revaluation reserve 110 841 110 ---------------- ---------------- ------------- Total equity 10,235 10,734 10,695 ---------------- ---------------- -------------
PENNANT INTERNATIONAL GROUP plc
CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 June 2023
Six months Six months Year ended ended 30 ended 30 June 31 December June 2023 2022 2022 Unaudited Unaudited Audited GBP000s GBP000s GBP000s ----------- --------------- ------------- Net cash generated from operating activities 159 47 2,572 Investing activities ----------- --------------- ------------- Interest received - - 2 ----------- --------------- ------------- Payment for acquisition of subsidiary, net of cash acquired (995) (559) (547) ----------- --------------- ------------- Purchase of intangible assets (730) (341) (1,150) ----------- --------------- ------------- Purchase of property plant and equipment (107) (13) (63) ----------- --------------- ------------- Proceeds from disposal of property, plant and equipment - - 2,117 ----------- --------------- ------------- Net cash used in investing activities (1,832) (913) 359 ----------- --------------- ------------- Financing activities ----------- --------------- ------------- Proceeds from sale of ordinary shares - 26 24 ----------- --------------- ------------- Net (repayment of) obligations under operating lease (97) (103) (263) ----------- --------------- ------------- Net cash used in financing activities (97) (77) (239) ----------- --------------- ------------- Net (decrease) / increase in cash and cash equivalents (1,770) (943) 2,692 ----------- --------------- ------------- Cash and cash equivalents at beginning of period (426) (3,540) (3,540) ----------- --------------- ------------- Effect of foreign exchange rates 277 327 422 ----------- --------------- ------------- Cash and cash equivalents
at end of period (1,919) (4,156) (426) ----------- --------------- -------------
PENNANT INTERNATIONAL GROUP plc
STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2023
Share Share Capital Retained Translation Revaluation Total equity capital premium redemption earnings reserve reserve reserve ------------- ------------ GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s ------------- ------------- ------------ ------------ ------------ ------------ ------------- At 31 December 2021 1,832 5,345 200 2,687 226 854 11,144 ------------- ------------- ------------ ------------ ------------ ------------ ------------- (Loss) for the year - - - (901) - - (901) ------------- ------------- ------------ ------------ ------------ ------------ ------------- Other comprehensive income - - - 1,031 109 (744) 396 ------------- ------------- ------------ ------------ ------------ ------------ ------------- Total comprehensive income 1,832 5,345 200 2,817 335 110 10,639 ------------- ------------- ------------ ------------ ------------ ------------ ------------- Issue of New Ordinary Shares 8 21 - (2) - - 27 ------------- ------------- ------------ ------------ ------------ ------------ ------------- Recognition of share based payment - - - 29 - - 29 ------------- ------------- ------------ ------------ ------------ ------------ ------------- Transfer from - - - - - - - revaluation reserve ------------- ------------- ------------ ------------ ------------ ------------ ------------- At 31 December 2022 1,840 5,366 200 2,844 335 110 10,695 ------------- ------------- ------------ ------------ ------------ ------------ ------------- (Loss) for the period - - - (375) - - (375) ------------- ------------- ------------ ------------ ------------ ------------ ------------- Other comprehensive income - - - - (124) - (124) ------------- ------------- ------------ ------------ ------------ ------------ ------------- Total comprehensive income 1,840 5,366 200 2,469 211 110 10,196 ------------- ------------- ------------ ------------ ------------ ------------ ------------- Issue of New - - - - - - - Ordinary Shares ------------- ------------- ------------ ------------ ------------ ------------ ------------- Recognition of share based payment - - - 39 - - 39 ------------- ------------- ------------ ------------ ------------ ------------ ------------- Transfer from - - - - - - - revaluation reserve ------------- ------------- ------------ ------------ ------------ ------------ ------------- At 30 June 2023 1,840 5,366 200 2,508 211 110 10,235 ------------- ------------- ------------ ------------ ------------ ------------ -------------
PENNANT INTERNATIONAL GROUP plc
NOTES TO THE FINANCIAL INFORMATION for the six months ended 30 June 2023
1. Basis of preparation
This condensed set of financial statements has been prepared using accounting policies expected to be adopted for the year ending 31 December 2023.
These accounting policies are drawn up in accordance with International Financial Reporting Standards (IFRSs) in conformity with the requirements of the Companies Act 2006.
The comparative figures for the year ended 31 December 2022 set out in this Interim Report are not statutory accounts. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, however attention was drawn to a material uncertainty relating to Going Concern in respect of payments on one major programme. The auditors' report did not contain a statement under s498 (2) or s498(3) of the Companies Act 2006. .
AIM-quoted companies are not required to comply with IAS34 'Interim Financial Reporting' and the Company has taken advantage of this exemption.
2. Taxation
The taxation charge for the Period is based on an estimated effective tax rate of zero, being the estimated effective rate of tax that is likely for the full year to 31 December 2023.
3. Earnings per share
Basic earnings per share are calculated by dividing the profit for the period attributable to the shareholders by the weighted average number of shares in issue. The calculation of diluted earnings per share does not take into account the potentially diluting effect of share options as this impact would be antidilutive to the losses attributable to equity shareholders.
Six months ended Six months ended Year ended 31 30 June 2023 30 June 2022 December 2022 Unaudited Unaudited Audited GBP000s GBP000s GBP000s ------------------------------- ----------------- --------------- Earnings ------------------------------- ----------------- --------------- Net (loss) attributable to equity shareholders (375) (810) (901) ------------------------------- ----------------- --------------- Number of shares Number Number Number ------------------------------- ----------------- --------------- Weighted average number of ordinary shares 36,790,447 36,674,834 36,725,879 ------------------------------- ----------------- --------------- Diluting effect of share options 1,626,667 1,939,043 1,414,228 ------------------------------- ----------------- --------------- Weighted average number of ordinary shares for the purpose of dilutive earnings per share 38,417,114 38,613,877 38,140,107 ------------------------------- ----------------- --------------- Earnings per share (basic) (1.02p) (2.21p) (2.45p) ------------------------------- ----------------- --------------- Earnings per share (diluted) (1.02p) (2.21p) (2.45p) ------------------------------- ----------------- ---------------
PENNANT INTERNATIONAL GROUP plc
NOTES TO THE FINANCIAL INFORMATION for the six months ended 30 June 2023 (continued)
4. Cash generated from operations
Six months Six months Year ended ended 30 June ended 30 June 31 December 2023 2022 2022 Unaudited Unaudited Audited GBP000s GBP000s GBP000s --------------- --------------- ------------- (Loss) for the period (375) (810) (901) --------------- --------------- ------------- Finance income - - (2) --------------- --------------- ------------- Finance costs 176 137 377 --------------- --------------- ------------- Income tax credit - - (464) --------------- --------------- ------------- Withholding tax - - (2) --------------- --------------- ------------- Depreciation of property, plant and equipment 151 215 373
--------------- --------------- ------------- Depreciation of right of use assets 91 84 183 --------------- --------------- ------------- Profit on disposal of property - - (374) --------------- --------------- ------------- Amortisation of other intangible assets 705 741 1,519 --------------- --------------- ------------- R&D tax credit (75) (50) (113) --------------- --------------- ------------- Share-based payment 39 10 29 --------------- --------------- ------------- Operating cash flows before movement in working capital 712 327 625 --------------- --------------- ------------- (Increase) / decrease in receivables (75) (618) 398 --------------- --------------- ------------- (Increase) / decrease in inventories (206) (482) (136) --------------- --------------- ------------- Increase / (decrease) in payables and provisions 85 1,262 2,252 --------------- --------------- ------------- Cash generated from operations 516 489 3,139 --------------- --------------- ------------- Tax (paid) / received (142) (278) (306) --------------- --------------- ------------- Interest paid (215) (164) (261) --------------- --------------- ------------- Net cash generated from operations 159 47 2,572 --------------- --------------- -------------
5. Reconciliation of operating loss to EBITA and EBITDA for the Period
Six months Six months Year ended ended 30 June ended 30 June 31 December 2023 2022 2022 Unaudited Unaudited Audited GBP000s GBP000s GBP000s --------------- --------------- ------------- (Loss) for the period including exceptional costs (475) (810) (901)* --------------- --------------- ------------- Exceptional acquisition 100 - - costs --------------- --------------- ------------- (Loss) for the period excluding exceptional costs (375) (810) (901) --------------- --------------- ------------- Interest (net) 176 137 375 --------------- --------------- ------------- Taxation - - (464) --------------- --------------- ------------- Amortisation 705 741 1,519 --------------- --------------- ------------- EBITA 506 68 529 --------------- --------------- ------------- Depreciation of property, plant and equipment 151 215 373 --------------- --------------- ------------- Depreciation of right of use assets 91 84 183 --------------- --------------- ------------- EBITDA 748 367 1,085 --------------------------- --------------- --------------- -------------
*The loss for the year ended 31 December 2022 includes a profit on sale of land and buildings of GBP374k
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