INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MAY 22
27 July 2022
musicMagpie plc
("musicMagpie", or "the Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2022
Consumer Technology revenue up 15.9%. Strong progress made in the Group's device rental subscription service, with future growth to be supported by new £30m bank facility
musicMagpie, a circular economy pioneer specialising in refurbished consumer technology in both the UK and US, follows its half year trading update from 16 June 2022 with announcement of its unaudited interim results for the six months ended 31 May 2022.
|
|
H1 22 £m |
H1 21 £m |
|
Revenue |
71.3 |
72.8 |
|
|
|
|
|
Gross Profit |
19.0 |
23.7 |
|
Gross Margin |
26.6% |
32.6% |
|
|
|
|
|
Adjusted EBITDA 1 |
2.6 |
6.2 |
|
|
|
|
|
Adjusted (Loss)/ Profit Before Tax 2 |
(0.7) |
4.0 |
|
|
|
|
|
Adjusted (Loss)/ Earnings per Share 3 |
(0.6p) |
3.7p |
|
|
|
|
Notes
1 Adjusted EBITDA is a non-GAAP measure and has been calculated as earnings before interest, taxation, depreciation, amortisation, equity-settled share-based payments and other non-underlying items
2 Adjusted Profit Before Tax means profit before tax before equity-settled share-based payments and other non-underlying items, including non-underlying financial expenses
3 Adjusted Earnings per Share is calculated on Adjusted Profit Before Tax and is given to exclude the effects of equity-settled share-based payments and other non-underlying items, all net of taxation, and is therefore considered to show the underlying performance of the Group
Financial highlights
· Group revenue of £71.3m (H1 2021: £72.8m) with growth in Consumer Technology largely offsetting the expected post-pandemic reduction in Disc Media and Books
o Consumer Technology revenue (65% of Group), including subscriptions, was up 15.9% to £46.0m (H1 2021: £39.7m)
o Disc Media and Books revenue fell 23.6% to 25.3m (H1 2021: 33.1m) with the prior year H1 benefitting from pandemic lockdowns
· Gross profit of £19.0m (H1 2021: £23.7m) with gross margin reducing to 26.6% (H1 2021: 32.6%) as a result of the change in overall product mix towards Consumer Technology, with an increased proportion of these products being sourced from intermediary wholesale partners
· Net debt of £3.3m (Nov 2021: £1.8m net cash), consistent with Board expectations, with an investment into Consumer Technology rental assets of £3.6m (H1 2021: £1.4m) and IT platforms of £2.2m (H1 2021: £0.9m)
· New committed 3-year £30m revolving credit facility with HSBC UK and NatWest signed post period end to drive future Rental growth
Operational highlights
· Strong progress from the Group's device rental subscription service, increasing to 24,000 active subscriptions as at 31 May 2022 (31 May 2021: 7,500)
o Expanded the subscription service from phones to include MacBooks, tablets and games consoles in February 2022
o Subscription revenues of £2.3m in H1 (H1 2021: £0.4m)
o Entered H2 2022 with c£2.0m in contractually committed revenues for the second half, before renewals or growth in new subscriptions
· Expanded sales channels by launching on Back Market, the online marketplace dedicated to refurbished devices
· Expansion of listings following Amazon re-opening refurbished B grade ('Very Good') and C grade ('Good') conditioned products in the UK and US, as well as the placing of stock in Amazon FBA ('Fulfilled by Amazon') warehouses
· Continued roll-out of SMARTdrop Kiosk concept with 170 now in place and around 12,700 devices sold and bought to date: still on track to be in 295 Asda stores across the UK by October 2022, meaning 90% of the UK's population will be within 15-minute drive of a kiosk
· Matthew Fowler joined from genedrive plc as CFO in April
· Matt Harrison joined from Asda to be Chief Development & Partnership Officer in June 2022, with responsibility for leading the Group's offering to the corporate market (under the 'Magpie Circular' banner)
Outlook
The current economic environment is of course uncertain for many consumer-facing businesses, with numerous well-documented headwinds in the market and squeezed wallets for consumers.
For our strategically important Consumer Technology segment (which represents 65% of Group revenue) we expect an increased contribution in the second half of the year from our growing base of rental subscribers. In addition to sales and rentals through the musicMagpie store, we also expect continued sales revenue growth from the recent expansion of 'marketplace' sales through our new partnership with Back Market, and from additional listings with long-term partners such as Amazon. These factors, along with the expectation of lower marketing spend as a percentage of higher revenues, not least owing to the expected contribution from the Black Friday sales period, mean that we have confidence going into the second half of our financial year.
Disc Media and Book sales are expected to perform broadly in-line with the first half and we will start to see softer comparatives as the abnormal pandemic lockdown periods from 2021 fall away. Gross margins across Disc Media and Books are expected to remain resilient.
Th e Board continues to be confident that the business is well positioned for future growth and Adjusted EBITDA remains in line with its expectations for the full year.
Commenting on the results, Steve Oliver, Chief Executive Officer of musicMagpie, said:
" I am pleased that the business has delivered a strong performance in our strategically important Consumer Technology division, which now represents two-thirds of our total revenue.
I am also delighted with the progress being made in our device rental subscription service. In light of the continuing squeeze on consumer spending, we believe that this will become an increasingly attractive option to a wider range of consumers seeking to replace their non-discretionary technology products in a cost-effective way. Whilst the successful growth of this offering has a short-term compression on the financial performance of the business relative to a one-off sale, it will deliver higher revenue and EBITDA over the life of the device. It therefore remains our overriding growth strategy for the medium term, and we are delighted to announce HSBC UK and NatWest's support in the form of a new £30m three-year revolving credit facility to further support our investment in this area.
Notwithstanding the challenges presented by the current macroeconomic uncertainty, we expect consumers will continue to seek ways to raise cash and save money and as a result, we are confident that the business is well positioned for future growth in H2 2022 and beyond."
Analyst Conference Call
Steve Oliver (CEO), Matthew Fowler (CFO) and Ian Storey (COO) will host an analyst presentation at 9:00am GMT today, Wednesday 27 July 2022, to talk through the Group's operational and financial performance.
Please advise whether you and/ or a colleague would like to attend to Powerscourt, either by phone on +44 (0) 20 7250 1446 or by email to musicmagpie@powerscourt-group.com.
Enquiries
|
musicMagpie plc Steve Oliver, CEO Ian Storey, COO |
Tel: +44 (0) 870 479 2705 |
|
Matthew Fowler, CFO
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Peel Hunt (Nominated Adviser and Joint Broker) Edward Knight Paul Gillam Tom Ballard |
Tel: +44 (0) 20 7418 8900
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|
Shore Capital (Joint Broker) Malachy McEntyre Mark Percy Daniel Bush John More |
Tel: +44 (0) 20 7408 4090 |
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Powerscourt (Financial Public Relations) Rob Greening Genevieve Ryan Sam Austrums |
Tel: +44 (0) 20 7250 1446 |
Notes to Editors
Operating through two trusted brands - musicMagpie in the UK and decluttr in the US - musicMagpie's core strategy is simple: to provide consumers with a smart, sustainable and trusted way to buy, rent and sell refurbished consumer technology and physical media products with sustainability running to the very heart of its operations. Founded in 2007, the Group has an established presence in the UK, with operations in Stockport, Greater Manchester, and in the US in Atlanta, Georgia.
musicMagpie has a strong environmental and social focus, as demonstrated by its trademarked 'smart for you, smart for the planet' ethos. Over 400,000 consumer technology products were resold in FY21. In addition, the Group re-sells approximately 2,500 tonnes of books and disc media each year that could have ended up as waste. During 2021, musicMagpie's UK consumer tech and disc media customers, along with its trade partners, helped to save over 50,000 tonnes of CO 2 by buying, selling and renting with the Group - an amount equivalent to providing heating for over 18,000 homes. The Group has been given the London Stock Exchange's Green Economy Mark in recognition of its contribution to the global green economy.
When selling to musicMagpie, the customer is offered a fixed valuation via the website, provided with free logistics to ship the products and (subject to it being 'as described') receives payment for their product on the day of arrival at the Group's warehouse. The Group also recently partnered with Asda to give customers the option of using its SMARTdrop Kiosks in store for a fast and easy way to recycle phones for instant cash. Customers purchasing from musicMagpie receive branded refurbished product for a fraction of the price of buying new.
The Group has the highest number of seller reviews on both Amazon and eBay and has consistently achieved extremely positive feedback scores. The Group also has a 4.5* rating on UK Trustpilot with over 230,000 reviews.
For further information please visit : www.musicmagpieplc.com
INTERIM STATEMENT
We are pleased to report our interim results for the six months ended 31 May 2022, which has seen a period of strong growth in our key Consumer Technology segment (now representing 65% of Group revenue).
A CLEAR STRATEGIC GROWTH PLAN: "BUY MORE, SELL MORE, RENT MORE"
Operating through our two trusted brands - musicMagpie in the UK and decluttr in the US - the Group's core strategy is simple: to provide consumers with a smart, trusted and sustainable way to buy, rent and sell refurbished consumer technology and physical media products. The market for pre-owned consumer technology and physical media is worth approximately £9 billion in the UK and US and is growing, supported by a number of positive tailwinds including the environmental benefits of reducing e-waste and the cost benefits for consumers. We see a significant opportunity for musicMagpie to accelerate its growth by adopting a simple three-pillared strategic approach to "buy more, sell more, rent more":
1. Rent More
The Group's rental subscription service continues to grow strongly with active subscribers at 24,000 as at 31 May 2022, an increase of 320% (16,500) compared to 31 May 2021.
Our renewal data continues to build and shows a retention rate with customers of well over 70% - with retained customers opting for a broadly equal mix of (i) upgrading the device, (ii) keeping their rental static and (iii) renewing with the same device at a lower rental cost. Renewals form an important part of our model with no customer acquisition costs and very low transactional costs. With £7.3m of investments into rental handsets to date, the Group has a strong base, alongside its extended £30m banking facility, from which to grow this highly profitable recurring revenue stream.
In addition to the individual consumer offering, H2 will see us launch a direct to corporate subscription service as part of Magpie Circular. This provides a single source service for companies wishing to upgrade their mobile phone and tablets and recycle their existing stock. The expectation is for larger bulk subscriptions of higher value handsets and we believe that this has the potential to significantly enhance the value of the rental portfolio while simultaneously providing a supply of incremental refurbished phones for the musicMagpie store.
2. Buy More
The Group continues to successfully roll-out its SMARTdrop Kiosk installation programme with Asda which will see around half of its stores fitted with a kiosk. As at 31 May 2022, the Group was approximately half-way through the programme and remains on target to have a kiosk installed in 295 stores by October 2022 at which point it is estimated that 90% of the population in England will live within a 15-minute drive of a SMARTdrop Kiosk.
For customers, the kiosks offer an even faster and easier way to recycle unwanted phones, allowing customers to take their phone to a kiosk, deposit it, receive a valuation and get paid to their bank account within minutes - thereby enabling customers to 'pay for their shopping today'. For the Group, the kiosk network gives us greater opportunities to buy incremental phones at a better overall margin.
In addition, progress continues to be made with Magpie Circular, our Corporate offering that provides technology recycling services to businesses wishing to increase their sustainability efforts. The Group recently recruited Matt Harrison from Asda where he was a Senior Director of Business Development & Partnerships, to be Chief Development & Partnership Officer. Matt will lead our Magpie Circular sales and marketing strategy.
3. Sell More
Whether through our own direct to consumer websites or through third-party marketplaces such as Amazon, eBay and Back Market, we remain focused on expanding the sales reach for our products.
Historically the musicMagpie store has contributed the overwhelming majority (over 80% in the UK) of Consumer Technology sales. However, given the clear benefits of leveraging the reach, scale and marketing investment of third-party marketplaces, we have seen sales from those marketplaces increase as a proportion of total sales as we expand our sales channels and grow our listings on their platforms.
In April 2022 we announced the launch of our products on Back Market, a dedicated marketplace for refurbished phones and tablets. Initial sales performance has been strong and we expect continued growth during H2. With existing partnerships we have focused on extending our listings. For example, we have recently increased product availability on Amazon as a result of it re-opening the ability to list refurbished B grade ('Very Good') and C grade ('Good') conditioned products in the UK and US. This opens up the entire musicMagpie Consumer technology stockholding to be sold on Amazon, thereby greatly increasing the sales potential for this platform. In addition, we have also begun using Amazon's fulfilment service (Fulfilment by Amazon) which provides additional reach, scale and speed of execution.
As this strategy progresses, platform fees will be increasingly offset by reductions in our direct marketing costs as a percentage of overall sales as we leverage third-party platforms' extensive brand awareness and marketing spend.
FINANCIAL PERFORMANCE REVIEW
Group revenue for the six months ended 31 May 2022 was slightly below the previous year at £71.3m (H1 2021: £72.8m).
Consumer Technology revenue, which now makes up approximately two thirds of total revenue, was up 15.9% to £46.0m (H1 2021: £39.7m), driven by further growth in outright sales (up 11.2% versus the prior period) and continued strong growth in rentals. The year-on-year growth in outright product sales has been intentionally tempered by promoting our contracted monthly rental subscription service over outright purchase. Rental subscriptions are expected to earn higher revenue and EBITDA over the life of a device, as opposed to a one-off sale, underpinned by a contracted recurring income and cash flow stream, which will become more visible in the Group's performance in the medium-term.
The absolute value of Rental subscription revenues included within Consumer Technology was £2.3m (H1 2021: £0.4m) and continues to deliver a high (>70%) EBITDA margin. We are now starting to see the benefit of a growing rental book with both high margins and recurring revenues and estimate that we are entering the second half of our financial year with committed rental subscription revenue of c£2.0m in the next six months. This will grow as we add new subscribers daily and as we maintain our renewal retention rate at above 70%.
As expected, sales of Disc Media and Books fell 23.6% to £25.3m (H1 2021: £33.1m) with the prior year benefiting from increased sales owing to periods of pandemic lockdowns. After normalising the impact of pandemic lock downs there is modest sales decline within the core of the segment (based on a 3 year 'pre v post' pandemic comparison) which has resilient margins and continues to provide support for the growth strategies for Consumer Technology.
Gross profit for the Group was £19.0m (H1 2021: £23.7m). Gross margin was 26.6% compared to the 12 months to 30 November 2021 of 30.4%. This was in line with the expectations set out at the time of the Group's final results in March 2022 given the change in the product mix towards Consumer Technology and a greater number of purchases from intermediary wholesale partners and higher overall sales prices.
Operating expenses, excluding depreciation and amortisation, were £19.3m (H1 2021: £19.0m). As with the prior year, the second half cost for marketing spend is anticipated to be substantially below the first six-month period as the momentum of FYQ4 requires less overall spend. Exceptional operating expenses were £0.3m (H1 2021: £21.5m, including £17.4m of share payments and £4.1m of IPO and other non-underlying items), consistent with the treatment of one-off items from the prior year. Adjusting for these expenses and the trading dynamics referred to above, EBITDA was £2.6m (H1 2021: £6.2m)
Finance costs were £0.3m (H1 2021: £1.0m), with the prior year including early termination charges as part of the refinancing that was completed in February 2021.
The Group's loss before tax was £1.0m (H1 2021: a loss of £17.7m), with the prior period including one-off costs of around £22.9m. After estimating the full year tax rate and adjusting the share-based payments deferred tax asset, the tax charge for the period is £2.2m (H1 2021: £0.1m credit) and the loss after tax is £3.2m (H1 2021: loss £17.7m). The basic and diluted loss per share was 2.9p (H1 2021: loss per share 17.3p).
Net cash from operating activities was £2.3m (H1 2021: £1.9m). Working capital movements were neutral (H1 2021: £0.2m consumption) with the majority of EBITDA falling to net cash from operations after an adjustment for lease interest of £0.3m (H1 2021: £1.0m). Cash conversion rate, being net cash from operations divided by adjusted EBITDA less movements in working capital, was 103.1% (H1 2021: 96.4%).
Below operating activities, cash used in investing activities increased from £2.5m for the same period in 2021 to £6.7m. The largest component of this increase was the investment in rental assets and this is a key features of our growth strategy. The cash investment in the six months to May 2021 was £1.4m, the six months to November 2021 was £2.3m and the six months to May 2022 was £3.6m demonstrating both the growth in the subscriptions and the investment required to fund the assets being rented. In addition to physical assets, we continue to invest in the underlying IT platforms of the business, which drive and enable our competitive market position, and that investment in the period was £2.2m (H1 2021: £0.9m).
Interest payments were £0.3m (H1 2021: £2.0m). During the period loan drawings were £6.5m (30 November 2021: £1.0m). Total drawings against the loan at 31 May 2022 were £7.5m and net debt was £3.3m (November 2021: £1.8m net cash).
The balance sheet has remained strong and overall movements from May 2021, November 2021 and May 2022 were relatively small. There was a continued increase in property plant and equipment from the investment in rental assets, with a £6.6m increase from £4.7m in May 2021 to £11.3m in May 2022. Net assets at the end of the period were £23.4m (31 May 2021: £17.8m).
Post period end the Group refinanced its existing £10m committed Revolving Credit Facility. On 26 July 2022 a club arrangement was entered into with HSBC UK and NatWest banks to provide a £30m revolving credit facility to the Group. The initial term is three years, with the potential to extend by a further 12 months. The facility provides the Group with the appropriate funding to exploit the growth in the Rental subscription service.
Martin Hellawell Steve Oliver
Chairman Chief Executive Officer
Consolidated Condensed Statement of Comprehensive Income
|
|
Note |
Unaudited
6 months ended £'000 |
Unaudited
6 months ended £'000 |
Audited Year ended 30 Nov 2021 £'000 |
|
Revenue |
4,5 |
71,254 |
72,772 |
145,506 |
|
Cost of sales |
|
(52,298) |
(49,023) |
(101,211) |
|
Gross profit
|
|
18,956 |
23,749 |
44,295 |
|
Operating expenses |
|
(19,318) |
(18,980) |
(35,875) |
|
Operating expenses - exceptional |
|
(328) |
(21,491) |
(22,000) |
|
Total operating expenses |
|
(19,646) |
(40,471) |
(57,875) |
|
Other operating income |
|
34 |
20 |
60 |
|
|
|
|
|
|
|
Adjusted EBITDA* |
10 |
2,561 |
6,240 |
12,174 |
|
Depreciation of property, plant and equipment |
|
(1,740) |
(713) |
(1,755) |
|
Impairment of property, plant and equipment |
|
(240) |
|
(410) |
|
Loss on disposal of property, plant and equipment |
|
- |
- |
(12) |
|
Amortisation of intangible assets |
|
(909) |
(738) |
(1,517) |
|
Equity - settled share-based payments |
|
- |
(17,379) |
(17,379) |
|
Other non - underlying items |
|
(328) |
(4,112) |
(4,621) |
|
|
|
|
|
|
|
Operating loss
|
|
(656)
(346) |
(16,702)
(1,028) |
(13,520)
(1,299) |
|
Loss before taxation
|
|
(1,002) |
(17,730) |
(14,819) |
|
Taxation |
6 |
(2,157) |
69 |
2,694 |
|
Loss for the period |
|
(3,159) |
(17,661) |
(12,125) |
|
Other comprehensive expense |
|
|
|
|
|
Items that may be reclassified to profit and loss Foreign exchange differences on translation of foreign operations |
|
68 |
(163) |
38 |
|
Total comprehensive loss for the period |
|
(3,091) |
(17,824) |
(12,087) |
|
|
|
|
|
|
|
|
|
Pence |
Pence |
Pence |
|
Basic and diluted loss per share for the period |
|
(2.9) |
(16.4) |
(12.7) |
|
|
|
|
|
|
|
|
|
|
|
|
*Adjusted EBITDA is a non-GAAP measure and has been calculated as earnings before interest, taxation, depreciation, amortisation, equity-settled share-based payments and other non-underlying items.
Consolidated Condensed Statement of Financial Position
|
|
Note |
Unaudited
As at £'000 |
Unaudited
As at £'000 |
Audited As at 30 Nov 2021 £'000 |
|
Assets Property, plant and equipment Intangible assets and goodwill |
9 |
1 1,316 10,967 |
4 ,742 8,538 |
6,118 9,680 |
|
Deferred tax |
|
2,708 |
1,735 |
5,333 |
|
Total non-current assets |
|
2 4,991 |
15,015 |
21,131 |
|
Inventories |
|
8 ,658 |
6,321 |
8,018 |
|
Trade and other receivables |
|
3 ,172 |
3,468 |
3,724 |
|
Cash and cash equivalents |
|
4 ,179 |
6,372 |
2,849 |
|
Total current assets
|
|
16,009 |
16,161 |
14,591 |
|
Total assets |
|
41,000 |
31,176 |
35,722 |
|
Liabilities Trade and other payables Other interest-bearing loans and borrowings Lease liabilities Corporation tax payable |
|
(8,038) - (621) (120) |
(11,149) - (638) (54) |
(8,359) - (366) (269) |
|
Total current liabilities
|
|
(8,779 ) |
(11,841) |
(8,994) |
|
Net current assets
|
|
7,2 30 |
4,32 0 |
5,597 |
|
Borrowings Lease liabilities Shares classified as debt |
|
( 7,413) (3 ,933 ) - |
- (1,546) - |
(887) (1,557) - |
|
Total non-current liabilities |
|
(11,346) |
(1,546) |
(2,444) |
|
Total liabilities
|
|
(20,125) |
(13,387) |
(11,438) |
|
Net assets |
|
2 0,875 |
17,789 |
24,284 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital |
|
1,078 |
1,078 |
1,078 |
|
Other reserves |
|
14,514 |
14,245 |
14,446 |
|
Retained earnings |
10 |
5,283 |
2,466 |
8,760 |
|
Equity attributable to owners of the company |
|
20,875 |
17,789 |
24,284 |
|
|
|
|
|
|
Consolidated Condensed Statement of Changes in Equity
|
|
Share capital £'000 |
Other reserves £'000 |
Retained earnings £'000 |
Total equity £'000 |
|
As at 30 November 2020 |
14 |
1,532 |
874 |
2,420 |
|
Loss for the period |
- |
- |
(17,661) |
(17,661) |
|
Foreign currency translation |
- |
(163) |
- |
(163) |
|
Total comprehensive loss for the period |
|
(163) |
(17,661) |
(17,824) |
|
Transactions with shareholders: |
|
|
|
|
|
Cancellation of share premium |
- |
(1,690) |
1,690 |
- |
|
Reclassification of shares |
1,100 |
- |
- |
1,100 |
|
Repurchase of deferred shares |
(1,108) |
1,108 |
- |
- |
|
Bonus issue of shares |
991 |
(991) |
- |
- |
|
Shares issued |
81 |
14,922 |
- |
15,003 |
|
Issue cost of shares |
- |
(473) |
- |
(473) |
|
Interest of preference shares waived by the owners |
- |
- |
185 |
185 |
|
Share-based payments |
- |
- |
17,378 |
17,378 |
|
As at 31 May 2021 |
1,078 |
14,245 |
2,466 |
17,789 |
|
Profit for the period |
- |
- |
5,536 |
5,536 |
|
Foreign currency translation |
|
201 |
- |
201 |
|
Total comprehensive profit for the period |
- |
201 |
5,536 |
5,737 |
|
Transactions with shareholders: |
|
|
|
|
|
Tax effects of share-based payment charge |
- |
- |
758 |
758 |
|
|
|
|
|
|
|
As at 30 November 2021 |
1,078 |
14,446 |
8,760 |
24,284 |
|
Loss for the period |
- |
|
(3,159) |
(3,159) |
|
Foreign currency translation |
- |
68 |
- |
68 |
|
Total comprehensive loss for the period |
- |
68 |
(3,159) |
(3,091) |
|
Transactions with shareholders: |
|
|
|
|
|
Tax effects of share-based payment charge |
- |
- |
(318) |
(318) |
|
|
|
|
|
|
|
As at 31 May 2022 |
1,078 |
14,514 |
5,283 |
20,875 |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Condensed Cash Flow Statement
|
|
|
Unaudited 6 months
ended £'000 |
Unaudited 6 months
ended £'000 |
Audited Year ended 30 Nov 2021 £'000 |
|
Net cash flow from operating activities |
|
|
|
|
|
Loss for the period Adjustments for: |
|
(3,159) |
(17,661) |
(12,125) |
|
Finance costs |
|
346 |
1,028 |
1,299 |
|
Income tax expense Depreciation of property, plant and equipment Impairment of property, plant and equipment Loss on property, plant and equipment Amortisation Share-based payments Income taxes paid
Working capital adjustments
Decrease/ (increase) in trade and other receivables (Decrease)/increase in trade and other payables |
|
2,157 1,740 240 - 909 - -
(637) 984 (268) |
(69) 713 - - 738 17,379 -
519 (981) 236 |
(2,694) 1,755 410 12 1,517 17,379 -
(1,184) (1,216) (2,522) |
|
Net cash from operations |
|
2,312 |
1,902 |
2,631 |
|
Cash flows used in investing activities Acquisition of property, plant and equipment Capitalised development expenditure |
|
(4,524) (2,196) |
(1,565) (888) |
(4,404) (2,837) |
|
Net cash used in investing activities |
|
(6,720) |
(2,453) |
(7,241) |
|
Cash flows used in financing activities Proceeds from new loan Issue of share capital Costs incurred on IPO charged to Share Premium Interest paid Repayment of lease liabilities Interest paid on lease liabilities Repayment of borrowings
|
|
6,500 - - (305) (404) (68) - |
- 15,002 (473) (1,967) (414) - (10,200) |
1,000 15,002 (473) (2,275) (618) (131) (10,200)
|
|
Net cash used in finance activities |
|
5,723 |
1,948 |
2,305 |
|
Net increase in cash and cash equivalents Cash and cash equivalents brought forward Exchange losses on cash and cash equivalents |
|
1,315 2,849 15 |
1,397 5,140 (165) |
(2,305) 5,140 14 |
|
Cash and cash equivalents carried forward |
|
4,179 |
6,372 |
2,849 |
|
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