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Dods Group PLC (DODS)

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Thursday 16 November, 2017

Dods Group PLC

Half-year Report

RNS Number : 6293W
Dods Group PLC
16 November 2017
 

Dods Group PLC

 ("Dods" or "the Group")

 

Unaudited Interim Results

 for the six months ended 30 September 2017

 

Financial Highlights

 

 

H1 2017

H1 2016

Actual Increase

 

 

 

 

 

 

Revenue

 

 

£10.0m

£9.7m

3.1%

Gross Profit

 

£4.3m

£3.7m

16.2%

Gross Profit Margin

43%

38%

5 ppts

Profit Before Tax

£0.9m

£0.8m

12.5%

Adjusted EBITDA*

£1.7m

£1.5m

13.3%

Cash at bank

£9.5m

£7.9m

20.3%

Basic EPS

 

0.27p

0.24p

12.5%

Adjusted Basic EPS

 

0.38p

0.34p

11.8%

 

 

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

 

Operational Highlights

 

·      At the half year, recurring revenue as a percentage of total revenue is 85% and client retention is 94%

·      Specific first-half product innovation highlights include the expansion of the Dods People app including UK and EU parliaments, the expansion of series-based events, the introduction of new EU focussed quarterly magazine and the development of Dods People data integration with a global CRM provider

·      The Group continues to focus on its strategic approach to sales and marketing, client services and product innovation

·      Planned investment in key personnel will continue in the second half of the financial year.

 

Post Period-end

·      The Group also announced today it has acquired and subscribed for 30% of the enlarged issued share capital of Social360 Limited (www.social360monitoring.com) for £1.65 million in cash. The acquisition gives Dods an opportunity to create a competitive advantage and expand its bundled services around political monitoring, business intelligence and consultative services to existing clients and new markets.

 

Cheryl Jones, Chairman of Dods Group PLC, commented: 

 

"The Group's financial performance is on track for the full fiscal year. Moreover, the increase in margin and profit is a reflection of high client retention and efficiency levels that have been achieved in the business.

 

The Group has now moved to the next stage in its development, re-invigorating its sales and marketing to attract new customers whilst also exploring new products to cross sell into its existing base. We have a clear strategy to be a leading provider of high quality information, engagement and digital services and are confident that we will be able to achieve long term growth, both organically and through acquisitions."

 

 

 

For further information, please contact: 

 

Dods Group PLC via Alma PR

Josh Royston                                                                        07780 901 979

John Coles                                                                             07836 273660

Helena Bogle                                                                        07580 216 203

 

Cenkos

Nicholas Wells                                                                    020 7397 8900  

Mark Connelly

 

Business and Operational Review

 

The Group's revenues grew by 3% to £10.0 million (2016: £9.7 million). Gross margins improved from 38% to 43%. Adjusted EBITDA has improved from £1.5 million to £1.7 million, an increase of 13.3%. Profit before tax of £0.9 million (2016: £0.8 million).

 

As part of its strategy, Dods is focussed on bringing innovative products and flexible solutions to the marketplace. This strategy combined with the high-calibre level of our political and business consulting teams, our strategic sales efforts and our investment in technology infrastructure, has resulted in a 94% retention level in our subscriber base.

 

Through the period, the operational priorities were:

 

-       support the planned growth in revenue in the events and engagement portfolio;

-       maintain focus on improving the retention of recurring subscriber revenues;

-       continue to develop and invest in our digital products whilst maintaining our print media market share resulting in 89% recurring revenues as at 30 September 2017;

-       on-going client stakeholder mapping to optimise competitive positioning; and

-       increase our training revenues via internal investment in key personnel.

 

The Group is actively pursuing acquisitions and strategic investments that will expand core competencies into new markets, offer product innovation and bring scale to existing products and services.

 

Dods provides tailored solutions that enable actionable insights for critical decision making in an increasingly fast-paced commercial landscape. As the pressure to perform increases, clients are seeking more bespoke offerings with evolved solutions. This creates demand for providers to recombine products and to offer creative service bundles rather than going to market with traditionally more narrowly defined products. These market dynamics underpin the Group's strategy.

 

Outlook

 

The Board is confident in the long-term growth prospects for the Group. The quality and loyalty of the existing customer base provides the opportunity for strong organic growth as we continue to add to our range of services.

 

 

By Order of the Board

 

 

 

 

Key Financial Information

 

Half Year Summary

 

 

(£'000s unless specified otherwise)

Six months ended 30 September 2017

Six months ended 30 September 2016

 

 

 

 

 

Revenue

 

 

10,002

9,740

Gross Profit Margin %

 

43%

38%

 

 

 

 

 

Adjusted EBITDA

1,686

1,531

Depreciation

(178)

(124)

 

Amortisation of intangible assets and assets acquired through business combinations

(204)

(292)

Amortisation of software intangible assets

(217)

(172)

Adjusted EBIT

 

1,087

943

Non-recurring items

 

(128)

(42)

Net finance costs

 

(22)

(83)

Earnings before tax

 

937

818

 

 

 

 

 

EPS (pence)

 

0.27

0.24

Adjusted EPS (pence)

 

0.38

0.34

 

 

 

 

 

Cash flow from operations

1,148

1,404

Cash at bank

 

9,498

7,888

 

 

FINANCIAL REVIEW  

Income Statement 

 

The Group's revenue from continuing operations increased by 3% to £10.0 million (2016: £9.7 million) and gross profit increased by 17% to £4.3 million (2016: £3.7 million). 

 

Gross margin increased from 38% to 43% in the period. The increase in gross margin was due to an ongoing focus on the quality of revenue across the Group and more efficient management of internal resources.  Administration costs increased by 22% to £2.7 million (2016: £2.2 million) reflecting the increase in building costs of £0.4 million as the Group moved in to its new London premises in the second half of last year.

 

Adjusted EBITDA increased by 10% to £1.7 million (2016: £1.5 million). Operating profit was £1.0 million (2016: £0.9 million), after an amortisation charge of £0.2 million (2016: £0.3 million) for business combinations and a charge of £0.2 million (2016: £0.2 million) for intangible assets. The depreciation charge in the period was £0.2 million (2016: £0.1 million) reflecting the increase in fixed assets related to the new London premises.

 

The taxation charge for the period is £Nil (2016: £Nil) and is based on the expected annual tax rate and the assumed use of accumulated tax losses and other mitigating factors.

 

Adjusted earnings per share, both basic and diluted, from continuing operations in the period were 0.38 pence (2016: 0.34 pence) and were based on the adjusted profit for the period of £1.3 million (2016: £1.2 million) with a weighted average number of shares in issue during the period of 340,840,953 (2016: 340,840,953).  Earnings per share, both basic and diluted, from continuing operations in the period were 0.27 pence (2016: 0.24 pence) and were based on the profit for the period of £0.9 million (2016: £0.8 million).

 

Dividend 

The Board is not proposing a dividend at this time.

 

Statement of Financial Position

 

Assets

Non-current assets consisted of goodwill of £13.3 million (2016: £13.3 million), intangible assets of £8.5 million (2016: £9.0 million) and tangible fixed assets of £2.3 million (2016: £2.5 million). The Group holds a 40% stake in the issued share capital of Sans Frontières Associates (SFA) which it has loaned £0.7 million (2016: £Nil) at the period end. The loan is unsecured and carries no interest charge.

 

The Group had a cash balance of £9.5 million as at 30 September 2017 (2016: £7.9 million). The cash balance is after the expenditure of £0.8 million in investing activities and includes a deposit of £1.3 million (2016: £1.3 million) being held in the Group's name with its bankers.

 

Equity and Liabilities 

Retained profits as at 30 September 2017 were £2.7 million (2016: £1.0 million) and total shareholders' equity at that date was £28.2 million (2016: £26.6 million). 

 

Non-current deferred tax liability was £0.7 million as at 30 September 2017 (£0.8 million as at 30 September 2016).

 

Cash flows

During the period, the Group generated £1.2 million from operations (2016: £1.4 million). In addition, the Group expended £0.8 million in investing activities (2016: £2.6 million) and as a result, net cash and cash equivalents increased by £0.4 million to £9.5 million.

 

 

Nitil Patel 

Chief Financial Officer  

 

 

 

DODS GROUP PLC

 

 

 

 

CONSOLIDATED INCOME STATEMENT

for the six months ended 30 September 2017

 

 

 

 

 

 

 

Unaudited Six months ended

Unaudited Six months ended

Audited Year

ended

 

 

30 September

30 September

31 March

 

 

 

2017

2016

2017

 

£'000

£'000

£'000

 

 

 

 

 

Revenue

2

10,002

9,740

19,965

Cost of sales

 

(5,658)

(6,017)

(11,729)

Gross Profit

 

4,344

3,722

8,236

Administrative expenses

 

(2,658)

(2,191)

(4,835)

Adjusted EBITDA

 

1,686

1,531

3,401

Depreciation

 

(178)

(124)

(301)

Amortisation of intangible assets acquired via combinations

 

(204)

(292)

(584)

Amortisation of intangible assets

 

(217)

(172)

(368)

Non-recurring items

3

(128)

(42)

(221)

Operating profit

 

959

901

1,927

Net finance costs

 

(22)

(83)

(380)

Profit before tax

 

937

818

1,547

Tax

 

-

-

16

Profit for the period

 

937

818

1,563

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

Basic

4

0.27p

0.24p

0.46p

Diluted

4

0.27p

0.24p

0.46p

 

 

 

DODS GROUP PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 September 2017

 

 

 

 

 

 

Unaudited

Six months ended

 Unaudited

Six months ended

Audited

Year ended

 

 

 

30 September

30 September

31 March

 

 

 

2017

2016

2017

 

 

 

£'000

£'000

£'000

 

Profit for the period

937

818

1,563

 

 

 

 

 

 

 

Items that will be subsequently reclassified to profit and loss

 

 

 

 

Exchange differences on translation of foreign operations

-

(2)

(86)

 

Other comprehensive loss for the period

-

(2)

(86)

 

 

 

 

 

Attributable to equity holders of parent company

937

816

1,477

             

 

 

DODS GROUP PLC

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

As at

 

Unaudited

As at

 

Audited

As at

 

 

 

 

 30 September

 

30 September

 

31 March

 

 

 

 

2017

 

2016

 

2017

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

13,282

 

13,282

 

13,282

 

 

Intangible assets

5

8,457

 

8,926

 

8,711

 

 

Property, plant and equipment                                     

6

2,254

 

2,516

 

2,423

 

 

Long term loan

 

700

 

-

 

200

 

 

Total non-current assets

24,693

 

24,724

 

24,616

 

 

 

 

 

 

 

 

 

 

 

Inventories

50

 

67

 

35

 

 

Trade and other receivables

3,612

 

2,287

 

2,805

 

 

Cash and cash equivalents

7

8,232

 

6,622

 

7,767

 

 

Restricted cash held in deposit account

7

1,266

 

1,266

 

1,266

 

 

Total current assets

13,160

 

10,242

 

11,873

 

 

Total assets

 

37,853

 

                   34,966

 

        36,489

 

 

 

 

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

 

 

Issued capital

17,088

 

17,088

 

17,088

 

 

Share premium

8,105

 

8,105

 

8,105

 

 

Merger reserves

409

 

409

 

409

 

 

Retained profit

2,721

 

1,039

 

1,784

 

 

Share option reserve

36

 

27

 

36

 

 

Translation reserve

(154)

 

(66)

 

(154)

 

 

 

 

 

 

 

 

 

 

Total equity

28,205

 

26,602

 

27,268

 

 

 

 

 

 

 

 

 

 

Trade and other payables

8,885

 

7,525

 

8,458

 

 

Total current liabilities

8,885

 

7,525

 

7,474

 

 

 

 

Deferred tax liability

         

763

 

                        839

 

             763

 

 

Total non-current liabilities

763

 

839

 

             763

 

 

Total equity and liabilities

37,853

 

34,966

 

36,489

 

 

 

 

 

 

 

 

 

 

 

 

           

 

 

DODS GROUP PLC

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share

Share

Merger

Retained

Translation

Share option

Total

shareholders'

 

 

capital

premium

reserve

earnings

reserve

reserve

funds

 

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

At 1 April 2016

17,083

8,057

409

221

(68)

27

25,729

 

Total comprehensive loss

 

 

 

 

 

 

 

 

      Profit for the year

-

-

-

1,563

-

-

1,563

 

Other comprehensive loss

 

 

 

 

 

 

 

 

      Currency translation differences

-

-

-

-

(86)

-

(86)

 

Transactions with owners

 

 

 

 

 

 

 

 

     Exercise of share options

     Lapsed option transfer

-

-

-

-

-

-

-

-

-

-

9

-

9

                    -

 

     Share based payment

5

48

-

-

-

-

53

 

At 1 April 2017

17,088

8,105

409

1,784

(154)

36

27,268

 

Total comprehensive profit

 

 

 

 

 

 

 

 

      Profit for the period

-

-

-

937

-

-

937

 

Transactions with owners

 

 

 

 

 

 

 

 

     Exercise of share options

     Lapsed option transfer

-

-

-

-

-

-

-

-

-

-

-

-

-

-

 

Other comprehensive profit

 

 

 

 

 

 

 

 

      Currency translation differences

-

-

-

-

 

-

-

 

At 30 September 2017

17,088

8,105

409

2,721

(154)

36

28,205

                   

 

 
 

DODS GROUP PLC

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 September 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

Six months ended

 

 Unaudited

Six months ended

 

Audited

Year ended

 

 

 

 

30 September

 

30 September

 

31 March

 

 

 

 

2017

 

2016

 

2017

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Profit for the period

 

 

937

 

818

 

1,563

 

Depreciation of property, plant and equipment

 

178

 

124

 

301

 

Amortisation of intangible assets acquired through business combinations

204

 

292

 

584

 

Amortisation of other intangible assets

217

 

172

 

368

 

Share based payments credit

 

 

-

 

-

 

9

 

Other gains

 

 

22

 

81

 

380

 

Income tax credit

 

 

-

 

-

 

(16)

 

Operating cash flows before movements in working capital

1,558

 

1,487

 

3,189

 

Change in inventories

 

 

(15)

 

(26)

 

6

 

Change in receivables

 

 

(807)

 

(96)

 

(615)

 

Change in payables

 

 

412

 

39

 

897

 

Net cash generated by operations

 

 

1,148

 

1,404

 

3,477

 

 

 

 

 

 

 

 

 

 

Income tax paid

 

 

-

 

-

 

(60)

 

 

 

 

 

 

 

 

 

 

Net cash from operating activities

 

1,148

 

1,404

 

3,417

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Interest and similar income received

 

 

-

 

18

 

19

 

Addition to property, plant and equipment

 

(9)

 

(2,435)

 

(2,530)

 

Additions to Intangible assets

 

 

(174)

 

(137)

 

(411)

 

Long term loan

 

 

(500)

 

-

 

(200)

 

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

 

(683)

 

(2,553)

 

(3,122)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

Proceeds from issue of share capital

 

 

-

 

53

 

53

 

Foreign exchange forward contracts

 

 

-

 

(90)

 

(399)

 

Interest and similar expenses paid

 

 

-

 

(9)

 

-

 

 

 

 

 

 

 

 

 

 

Net cash from financing activities

 

 

-

 

(46)

 

(346)

 

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

465

 

(1,195)

 

(51)

 

Opening cash and cash equivalents

 

 

9,033

 

9,083

 

9,083

 

Effect of exchange rate fluctuations on cash held

 

-

 

-

 

1

 

Closing cash at bank

 

 

9,498

 

7,888

 

9,033

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

8,232

 

 7,888

 

9,033

 

Restricted cash held in deposit account

 

 

1,266

 

-

 

-

 

Closing cash at bank

 

 

9,498

 

7,888

 

9,033

 

 

 

 

 

 

 

 

 

                   

 

 

 

 

DODS GROUP PLC                                                                                                                                                               

Notes to the condensed consolidated interim financial statements                                                                                   

30 September 2017

                                                                                                                                                                                               

                                                                                                                                                                                               

1     Statement of Accounting Policies                                                                                                                                  

                                                                                                                                                                                               

       Basis of preparation

 

This condensed set of financial statements has been prepared in accordance with IAS 34: Interim Financial Reporting as adopted by the EU. The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.  As required by AIM Rules, the condensed set of financial statements has been prepared, and applying accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year-ended 31 March 2017.

 

The comparative figures for the year ended 31 March 2017 have been extracted from the Group's statutory accounts for that financial period.  Those accounts have been reported on by the company's auditor and delivered to the registrar of companies.  The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

 

The taxation charge for the six months ended 30 September 2017 is based on the expected annual tax rate, and the assumed use of accumulated tax losses and other mitigating factors.

 

The condensed set of interim financial statements have been prepared on a going concern basis and were approved by the Board on 15 November 2017.                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                               

2     Segmental information                                                                                                                                                  

                                                                                                                                                                                               

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

 

Principal activities are as follows:                                                                                                                                                                                                                                                                                                      

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

 

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

 

 

 

 

Unaudited

Six months ended

 

Unaudited

Six months ended

Audited

Year      ended

 

 

30 September

 

30 September

31 March

 

 

2017

 

2016

2017

 

 

£'000

 

£'000

£'000

Revenue

 

 

 

 

 

United Kingdom

8,002

 

7,823

15,972

Continental Europe and rest of the world

2,000

 

1,917

 

3,993

 

 

10,002

 

9,740

 

19,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

3       Non-recurring items

        

 

 

Unaudited

Six months ended

30 Sept 2017

Unaudited

Six months ended

30 Sep 2016

Audited

Year ended

31 Mar 2017

 

 

£'000

£'000

£'000

 

 

 

 

 

Redundancy and people related expense

 

38

33

76

Legacy IT related costs

 

8

-

106

Acquisition related expense

 

82

-

28

London office move

 

-

9

11

 

 

128

42

221

 

                                                                                                                                                                       

 

4      Earnings per share

 

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

 

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

 

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

 

 

 

 

Unaudited

Six months ended

30 Sept 2017

Unaudited

Six months ended

30 Sep 2016

Audited

Year ended

31 Mar 2017

 

 

£'000

£'000

£'000

 

 

 

 

 

Profit attributable to shareholders

 

937

818

1,563

Add: non-trading items net of tax

 

128

42

221

Add: amortisation of intangible assets acquired through business combinations

 

204

292

584

Add: net exchange losses

 

22

-

331

Add: share based payment charge

 

-

-

9

Adjusted profit on continuing operations

 

1,291

1,152

2,708

 

 

 

 

 

 

 

 

 

Unaudited

Six months ended

30 Sept 2017

Unaudited

Six months ended

30 Sep 2016

Audited

Year ended

31 Mar 2017

 

 

Ordinary shares

Ordinary shares

Ordinary shares

Weighted average number of shares

 

 

 

 

In issue during the period - basic

 

340,840,953

340,840,953

340,840,953

Share options

 

1,250,000

1,250,000

1,250,000

Weighted average number of shares for diluted earnings per share

 

342,090,953

342,090,953

342,090,953

 

 

 

 

 

Earnings per share - ordinary shares

 

0.27p

0.24p

0.46p

Adjusted earnings per ordinary share (as defined above)

 

0.38p

0.34p

0.79p

 

 

 

 

 

Earnings per share on continuing operations

 

 

 

 

Profit per ordinary share - basic

 

0.27p

0.24p

0.46p

Profit per ordinary share - diluted

 

0.27p

0.24p

0.46p

               

 

 

 

 

 

 

 

5      Intangible assets

 

Assets acquired through business combinations

Software

Total

 

£'000

 

£'000

 

£'000

 

Cost

 

 

 

At 1 April 2016

24,215

4,058

28,273

Reclassified to property, plant and equipment

-

(79)

(79)

Additions -externally purchased

-

39

39

Additions -internally generated

-

372

372

Disposals

-

(1,954)

(1,954)

At 1 April 2017

24,215

2,436

26,651

Additions -internally generated

-

167

167

At 30 September 2017

24,215

2,603

26,818

 

 

 

 

Amortisation

 

 

 

At 1 April 2016

16,367

2,646

19,013

Reclassified to property, plant and equipment

-

(71)

(71)

Charged in year

584

368

952

At 1 April 2017

16,951

989

17,940

Charged in period

204

217

421

At 30 September 2017

17,155

1,206

18,361

 

 

 

 

Net Book Value

 

 

 

At 1 April 2016

7,848

1,412

9,260

 

 

 

 

At 1 April 2017

7,264

1,447

8,711

 

 

 

 

At 30 September 2017

7,060

1,397

8,457

 

6      Property, plant and equipment

 

 

 

Leasehold improvements

Equipment and fixtures and fittings

Total

 

 

£'000

 

£'000

 

£'000

 

Cost

 

 

 

 

At 1 April 2016

 

642

615

1,257

Reclassified from intangible assets

 

-

79

79

Additions

 

1,709

821

2,530

Disposals

 

(623)

(425)

(1,048)

At 1 April 2017

 

1,728

1,090

2,818

Rebate of bought forward assets

 

(23)

-

(23)

Additions

 

-

32

32

At 30 September 2017

 

1,705

1,122

2,827

 

 

 

 

 

Depreciation

 

 

 

 

At 1 April 2016

 

542

529

1,071

Reclassified from intangible assets

 

27

44

71

Charged in year

 

160

141

301

Disposals

 

(623)

(425)

(1,048)

At 1 April 2017

 

106

289

395

Charged in period

 

83

95

178

At 30 September 2017

 

189

384

574

 

 

 

 

 

Net Book Value

 

 

 

 

At 1 April 2016

 

100

86

186

 

 

 

 

 

At 1 April 2017

 

1,622

801

2,423

 

 

 

 

 

At 30 September 2017

 

1,516

738

2,254

 

7     Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

Unaudited

Six months ended

30 Sept 2017

Unaudited

Six months ended

30 Sep 2016

Audited

Year ended

31 Mar 2017

 

 

 

£'000

£'000

£'000

 

 

 

 

 

 

 

Cash at bank and in hand

 

9,498

7,888

9,033

 

 

 

 

 

 

 

 

 

9,498

7,888

9,033

 

                       

 

Included in the cash balance is a cash deposit held in the Group's name with its bankers of £1.27m (2016: £1.27m) in relation to the new premises of the Group.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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