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RDT Rosslyn Data Technologies Plc

10.50
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Rosslyn Data Technologies Plc LSE:RDT London Ordinary Share GB00BMV2DB09 ORD GBP0.25
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 10.50 10.00 11.00 10.50 10.50 10.50 8,675 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Computer Programming Service 4.52M 372k 0.0211 4.98 1.85M

Rosslyn Data Technologies PLC Final Results (2732P)

30/08/2017 9:22am

UK Regulatory


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RNS Number : 2732P

Rosslyn Data Technologies PLC

30 August 2017

30 August 2017

Rosslyn Data Technologies plc

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

Rosslyn Data Technologies plc

("Rosslyn", "RDT" or the "Company")

Audited Results

For the year ended 30 April 2017

Rosslyn Data Technologies plc (AIM: RDT), the provider of a leading cloud-based enterprise data analytics platform today is pleased to announce its audited results for the year ended 30 April 2017.

Financial Summary

Group Revenues of GBP3.6M (2016 GBP3.9M)

Loss before tax improvement of GBP0.4M to GBP2.0M (2016 GBP2.4M)

Cash used in Operations of GBP1.6M (2016 GBP2.9M)

Net Cash as at 30(th) April 2017 stands at GBP0.3M (2016 GBP1.9M)

Tight financial and operational management delivered a lower cash burn than expected

Operational Highlights

   --    Customer wins included a major logistics company and a global media brand 

-- Strategic partnership with Dun & Bradstreet to provide self-service data and analytics to procurement professionals

-- Microsoft recognised the RAPid platform as one of the top cloud-based platform products in October 2016 and also recognised Rosslyn as a preferred partner, issuing us with their "Co-Sell Recommended Partner" status

-- New investments made in developing our product suite on the RAPid platform, adding new tools and functionality to the mix whilst ensuring the RAPid platform is scalable, user friendly and provides a satisfying user experience for our partners and clients

-- Investment of funds in the development of an HR analytics product suite utilising the core technologies from our other applications and demonstrating the versatility of the platform

   --    Development of the Group's strategy to focus on growth through acquisition and organically 

Commenting on today's results Roger Bullen, CEO of Rosslyn, said, " I am pleased to report the Group results for the year ended 30 April 2017.

We have continued to invest in the development of our talented team, making key hires in sales, customer service, and R&D. The addition of these skilled people ensures that our product offering remains market-leading and that we provide the highest levels of service possible to our clients. Our continued development of the partner channel is exciting and is seeing the RAPid platform being progressively embedded in a number of organisations and I expect this list to increase. These Partnerships play an important role in closing the gap between the firm and the market place enabling us to grab market share far easier than through the direct channels.

We have a broad pipeline of new business and we are excited about the year ahead."

Chairman's Statement

Results

The financial year to 30 April 2017 was our third full year as a public company for Rosslyn Data Technologies plc after the listing on AIM in April 2014. The platform we have built over the last three years has received significant accolades this year, culminating in receiving a Microsoft Data Platform of the Year finalist accreditation in October 2016, confirming our belief that the progress we have made in developing a cloud-based solution is significant.

This year, growing both our partnerships and our direct sales client base has been both challenging and rewarding. We deployed a significant element of the IPO funds into our partnership, sales and marketing strategies, whilst ensuring we did not miss any developments that would enable the business to transform to profitability and organic cash generation. As previously reported, the progress this year was not as rapid as we would have liked; Brexit, the US presidential election and difficult trading times for some of our Partners and clients has led to a slowdown in the delivery of some larger contracts. Group revenue GBP3.6m (2016: GBP3.9m). Despite this we have been able to manage our cost base and we are now able to see a timeline when cash flow break-even and profitability occur; although we are not yet complete, we believe there is a strong chance of this occurring this new financial year.

We ended the year with net cash balances of GBP0.3m (2016: GBP1.9m), but following the share placement on 15 May 2017, the Board believes that we have adequate cash resources to take the Group through to break-even and cash generation.

Strategy

The Group's strategy has developed from last year with the appointment of Roger Bullen as CEO; our aim now is to establish the platform as a significant player in cloud-based analytics, delivering far more than the "Spend" environment we have focused on for the last three years. We are committed to growing revenues and profitability through a dual-track strategy of acquisition and organic growth. The acquisition of Integritie, now a 100% owned subsidiary in May 2017, demonstrates our determination to add new products and revenue streams to our platform and introduce new customers to the cloud.

Whilst we look at acquisition opportunities, to increase our scale and offering, we will also focus on developing the current relationships with our partners. We have been able to add more partners to our portfolio and have significantly expanded our relationship with Dun & Bradstreet, the world's largest data provider. We have confidence that these partnerships and relationships will continue to grow and flourish. We are particularly excited by the new opportunities we are discovering with our partners in North America and we are hopeful that we can continue to expand our footprint in this region in the months ahead.

Our direct sales operation has delivered some notable wins this year, in all the regions in which we operate - the UK, Continental Europe and the US - and have managed to grow our average annual contract value considerably, up by more than 50% (GBP50k - GBP77k) since IPO. We are particularly excited by the new opportunities we are unearthing in the "highly sensitive" data market around the world. We will continue to market to this sector in the months ahead.

Our Staff

Our business would be nothing without our innovative and hard-working staff. From the development team to the client support staff, it is an end-to-end effort. Each role is critical to our continued success. On behalf of the Board I would like to thank all of them for their outstanding efforts in the last year and look forward to working with them and the new enlarged team in the current year.

Outlook

The 2017-18 financial year is going to be a year of change within the firm. The Integritie acquisition has doubled the size of our business and will deliver a number of new opportunities for us. Our partnership strategy continues to develop and is coming to fruition in the US; these partnerships have the potential to deliver the majority of our revenue over the coming years. This, alongside the strengthening traction within our direct sales, makes this an exciting year for us.

Recent announcements demonstrate the high regard major players within the data and analytics industry hold Rosslyn, the RAPid platform and the Knowledge Capture environment. Converting these relationships into scalable revenue streams is key for our growth and our future. I am optimistic that recent product launches and the innovation we continue to deliver will drive the results the Company and our shareholders deserve.

CONSOLIDATED STATEMENT OF COMPRHENSIVE INCOME FOR THE YEARED 30(th) APRIL 2017

 
                                Year ended       Year ended 
                                  30 April    30 April 2016 
                                      2017 
 Revenue                         3,588,741        3,869,050 
 Cost of Sales                   (651,605)        (481,269) 
 Gross Profit                    2,937,136        3,387,781 
 
 Other Operating 
  Income                                 -           45,535 
 Administrative Expenses       (4,915,222)      (5,819,195) 
 
 Operating Loss                (1,978,086)      (2,385,879) 
 
 Finance Income                     15,029           11,058 
 
 Loss before Income 
  Tax                          (1,963,057)      (2,374,821) 
 
 Income tax                        222,308          256,878 
 
 Loss for the year             (1,740,749)      (2,117,943) 
 
 Other comprehensive 
  income                          (33,764)         (14,908) 
 
 Total Comprehensive 
  Income                       (1,774,513)      (2,132,851) 
============================  ============  =============== 
 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30(th) APRIL 2017

 
 Assets                                                 30th April         30th April 
                                                              2017               2016 
                        Non- Current 
                         Assets 
  Property, Plant 
   and Equipment                                            29,003             57,353 
                                                            29,033             57,353 
 
 Current Assets 
  Trade and other 
   receivables                                           1,879,635          1,907,521 
  Corporation tax 
   receivables                                             220,000            253,000 
  Cash and cash 
   equivalents                                             284,833          1,858,841 
                                                         2,384,468          4,019,362 
 
 Total Assets                                            2,413,471          4,076,715 
----------------------    -------------------------  -------------      ------------- 
 
 Liabilities 
                        Non-current liabilities 
                        Deferred                                 -                  - 
                         tax 
 
 Current Liabilities 
  Trade and other 
   payables                                            (1,687,284)        (1,635,015) 
                        Financial liabilities                    -                  - 
                         - borrowings 
                                                       (1,687,284)        (1,635,015) 
 
 Total Liabilities                                     (1,687,284)        (1,635,015) 
----------------------    -------------------------  -------------      ------------- 
 Net Assets                                                726,187          2,441,700 
----------------------    -------------------------  -------------      ------------- 
 
 Equity 
  Called up Share 
   Capital                                                 378,829            378,829 
  Share Premium                                          8,517,060          8,517,060 
  Share based payment 
   reserve                                                 218,276            166,107 
  Accumulated 
   loss                                               (13,453,865)       (11,719,947) 
  Translation 
   reserve                                                (67,175)           (33,411) 
  Merger reserve                                         5,133,062          5,133,062 
 --------------------------   ---------------------  -------------      ------------- 
 Total Equity                                              726,187          2,441,700 
----------------------    -------------------------  -------------      ------------- 
 
 
 

CONSOLIDATED STATEMENT OF CASH FLOWS for the Year ended 30 April 2017

 
                                        Year ended 30    Year ended 
                                           April 2017      30 April 
                                                               2016 
 Cash flows used in operating 
  activities 
  Cash used in operations                 (1,775,216)   (3,055,063) 
 
  Corporation tax received                    255,308       221,960 
  Other comprehensive income                 (33,764)      (14,908) 
 Net Cash used in operating 
  activities                              (1,553,672)   (2,848,011) 
------------------------------------   --------------  ------------ 
 
 Cash flows used in investing 
  Activities 
  Proceeds from sale of                           317             - 
   property, plant and equipment 
  Purchase of property, 
   plant and equipment                       (20,653)       (8,622) 
 Net cash used in investing 
  activities                                 (20,336)       (8,622) 
------------------------------------   --------------  ------------ 
 
 Cash flows (used)/generated 
  from financing activities 
  Repayment of borrowings                           -             - 
  Proceeds from share issuance                      -         2,744 
 Net cash generated from financing 
  activities                                        -       (2,744) 
------------------------------------   --------------  ------------ 
 Net Decrease in cash and cash 
  equivalents                             (1,574,008)   (2,853,889) 
------------------------------------   --------------  ------------ 
 
 Cash and cash equivalents at 
  beginning of year                         1,858,841     4,712,730 
 Cash and Cash equivalents at 
  end of year                                 284,833     1,858,841 
------------------------------------   --------------  ------------ 
 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

   1.   General Information 

Rosslyn Data Technologies plc (the "Company") is a company domiciled in the UK. The address of the registered office is Fox Court, 14 Gray's Inn Road, London WC1X 8HN. The Company is the ultimate parent of Rosslyn Analytics Ltd. a company incorporated in the UK, and the ultimate parent of Rosslyn Analytics Inc., a company incorporated in the United States of America (collectively the "Group"). The Group's principal activity is the provision of data analytics using a proprietary form.

The principal accounting policies adopted in the preparation of the consolidated financial information are set out below.

   2.   Accounting Policies 

Basis of preparation

The Group's consolidated financial statements have been prepared and approved by the Directors in accordance with the International Financial Reporting Standards (as adopted by the EU) and IFRC interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention

Going Concern

Notwithstanding that the Group has made losses in the current year, these financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for the foreseeable future. Following the placement of 111,142,031 ordinary GBP0.005 shares at the price of GBP0.045 on 15 May 2017, the Directors believe that the Group has sufficient working capital to meet its present requirements for at least the next twelve months from the date of this consolidated financial information. The Directors have prepared cash flow statements for the period to 30 April 2025 to ensure going concern criteria are met.

Basis of Consolidation

On 23 April 2014 the Company acquired the Group's previous parent company, Rosslyn Analytics Ltd., via a share for share exchange whereby every ordinary share and A preference share in Rosslyn Analytics Ltd. Was exchanged for eight ordinary shares and eight A preference shares respectively in Rosslyn Data Technologies Ltd. (prior to conversion to a plc on 24 April 2014). On 24 April 2014 the A preference shares were converted into ordinary shares on a one for one basis.

On 29 April 2014 Rosslyn data Technologies were admitted to trading on AIM.

Accordingly these financial statements are presented in the name of the legal parent, Rosslyn data Technologies plc.

The Annual report will be available on the Company's website for download by 21(st) September 2017 and the Annual General Meeting will be held on 19(th) October at 10.30am, Waterhouse Square, 138 Holborn, London EC1N 2SW

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR URAWRBNAWORR

(END) Dow Jones Newswires

August 30, 2017 04:22 ET (08:22 GMT)

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