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Dods Group PLC (DODS)

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Wednesday 14 November, 2018

Dods Group PLC

Half-year Report

RNS Number : 3003H
Dods Group PLC
14 November 2018
 

14 November 2018

Dods Group plc

 ("Dods" or "the Group")

 

Unaudited Interim Results

 

Dods, a market leading business intelligence, data, events, media and training company, announces its unaudited interim results for the six months ended 30 September 2018. The Group continues to reposition the business as a leading provider of Augmented Intelligence with a strengthened Board and Senior Management Team.

Financial Highlights

 

 

 

FY 2019 H1

FY 2018 H1

 

 

30 Sept 18

30 Sept 17

 

 

 

 

Total revenue (£)

 

10.7m

10.0m

Gross margin (%)

 

42%

43%

Adjusted EBITDA (£) 1,2

 

1.5m

1.7m

Adjusted EBIT (£) 3

 

0.9m

1.1m

Adjusted basic EPS before tax (pence)

 

0.30p

0.38p

 

 

 

 

Cash at bank (£) 4,5

 

8.3m

9.5m

Total assets (£)

 

39.5m

37.9m

Debtor days

 

 

31

31

 

 

 

 

 

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

2. Marketing and Board costs have increased by £200k on a like-for-like basis.

3. Adjusted EBIT is calculated as operating profit plus non-recurring costs.

4. After major cash outflow relating to investments of £2.4m in the 12 months from 01 Oct 2017.

5. Includes restricted cash of £1.3 million (H1 FY2018: £1.3 million) supporting the lease agreement for the London premises of the Group.

Statutory results - continuing operations

 

FY 2019 H1

FY 2018 H1

 

30 Sept 18

30 Sept 17

Total revenue (£)

10.7m

10.0m

Profit before tax (£)

0.4m

0.9m

Adjusted basic EPS (Pence)

0.30p

0.38p

Basic EPS (Pence)

0.11p

0.27p

 

Operational Highlights

 

·      Secured a number of new contracts with KPMG, EY, Teva, Roche and HSE (Health and Safety Executive)

·      Extended contract with NHS England to provide the NHS Health & Care Innovation Expo in 2019

·      The Group is nearing completion of a programme of restructuring designed to support planned growth

·      Restructuring reflected in necessary increases in investment relating to board changes and non-recurring expenses, plus increased marketing costs to increase sales effectiveness

·      Dods' go-to-market strategy is now enabled by marketing automation, bringing targeted customer acquisition, on-boarding and retention with a renewed focus on priority sectors

·      An ambitious plan has been developed for the Group, which is aimed at driving further organic improvements, as well as growth through targeted acquisitions which meet the Group's key criteria.

Board Changes in H1 2019

 

·      New Chief Executive Officer Simon Presswell joined the Board on 9 July 2018

·      Cheryl Jones Non-Executive Chairman stepped down from the Board on 1 August 2018

·      David Hammond was appointed Non-Executive Chairman following the Company's Annual General Meeting on 2 August 2018

·      Richard Boon was appointed as a Non-Executive Director on 14 August 2018

 

Simon Presswell, Chief Executive of Dods Group plc, commented:

 

"Since joining the business in July, I have been able to explore our current operations, meet a large number of our customers and see how our staff deliver the excellent service that Dods is known for. With such tremendous heritage across our business and a portfolio of existing and new brands, Dods is well positioned to continue to grow our product offering both organically and through acquisitions."

 

 

For further information, please contact: 

 

Dods Group Plc

Simon Presswell- CEO                                                        020 7593 5500

Nitil Patel- CFO

 

Cenkos

Nicholas Wells                                                                    020 7397 8900  

Mark Connelly

Callum Davidson

 

 

 

 

 

 

 

Business and Operational Review

 

With a recently strengthened Board and senior management team in place, Dods is now nearing completion of a significant business transformation. Leveraging the Group's experience in the political and policy markets has helped to develop an ambitious growth plan, which is aimed at further embedding our products and services into our customers' workflows, as well as providing the opportunity for the business to serve new industries.

Through the period, the operational priorities were:

·      finalise the restructuring of the business;

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

·      maintain focus on improving the retention of recurring revenues;

·      continue to invest in data management, marketing automation and the Group's sales effectiveness;

·      develop and invest in digital products to continue to drive recurring revenue; and

·      enhance the talent within the Group by investing in the appointment of new key personnel.


During the period the Group secured a number of notable contracts with KPMG, EY, Teva, Roche and HSE and extended a contract with NHS England to provide the NHS Health & Care Innovation Expo in September 2019. Our Training division continued to win international contracts and deliver various programmes across the globe including 10 different Caribbean governments, the European Central Bank and over 220 training workshops to the UK Government.

Holyrood launched the inaugural Holyrood Garden Party and Political awards in June of this year and the Editor won the UK columnist of the year award at the PPA magazine awards in London. PoliticsHome has continued to enjoy strong growth in readership, with page views up 18% on the same period to 5.2m (H1 FY2018 4.4m) and unique visitors up 14% to 3.2m (H1 FY2018 2.8m).

The Group continues to pursue potential acquisitions and has defined a set of acquisition criteria from which the key attributes required can quickly be identified. In so doing, we believe the Group is able to move at speed to identify further opportunities to create additional shareholder value by both bringing scale to existing products and services, whilst entering new end markets and addressing new customers.

We are increasingly focussed on enriching the points of contact within our customer base, expanding beyond public affairs and into the Chief Risk, Innovation and Marketing Officers' agenda as we seek to help customers manage risk and find competitive advantage in the markets within which they operate.

We do this by providing scalable solutions that enable actionable insights for business-critical decisions, not just in political and policy areas, but increasingly in the fields of business risk and in pursuit of competitive advantage across new and existing regulated markets. As the complexity of the world's commercial and political markets increases, this creates pressure to perform and customers are seeking more time critical and relevant solutions. Dods offers this by combining the products and services in our portfolio into bespoke, yet scalable, evolved end- to-end solutions.

Outlook

The Board is confident in the long-term prospects of the Group. The quality and loyalty of the existing customer base provide the opportunity for strong scalable organic growth as we now move to execute our ambitious growth plans.

Simon Presswell

Chief Executive Officer

 

 

 

 

Financial Review

Income Statement 

 

The Group's revenue from continuing operations increased by 7% to £10.7 million (H1 FY2018: £10.0 million) and gross profit increased by 4.7% to £4.5 million (H1 FY2018: £4.3 million). 

 

Gross margin decreased from 43% to 42% in the period. The decrease in gross margin was due to increased cost on delivery of events and change in the product mix sold in the period. Administration costs increased by 11% to £3.0 million (H1 FY2018: £2.7 million) reflecting the increase in business rates of £100k, increased marketing spend of £150k and £50k due to Board changes mentioned earlier.

 

Adjusted EBITDA decreased by 12% to £1.5 million (H1 FY2018: £1.7 million). Operating profit was £0.4 million (H1 FY2018: £1.0 million), after an amortisation charge of £0.2 million (H1 FY2018: £0.2 million) for business combinations and a charge of £0.3 million (H1 FY2018: £0.2 million) for intangible assets. The depreciation charge in the period remained flat at £0.2 million (H1 FY2018: £0.2 million).

 

During the period, the Group incurred £0.5 million of non-recurring costs (H1 FY2018: £0.1 million). The largest expense of £0.3 million (H1 FY2018: £nil) related to costs incurred for departing executives.  In addition, the Group incurred talent costs of £0.1 million (H1 FY2018: £nil) reflecting Board changes in the period and addition of new talent in content and sales delivery.

The taxation charge for the period was £nil (H1 FY2018: £nil) and is based on the use of accumulated tax losses.

Adjusted earnings per share, both basic and diluted, from continuing operations in the period were 0.30 pence (H1 FY2018: 0.38 pence) and were based on the adjusted profit for the period of £1.1 million (H1 FY2018: £1.3 million) with a weighted average number of shares in issue during the period of 341,524,286 (H1 FY2018: 340,840,953). 

 

Earnings per share, both basic and diluted, from continuing operations in the period were 0.11 pence (H1 FY2018: 0.27 pence) and were based on the net profit for the period of £0.4 million (H1 FY2018: £0.9 million).

 

The main impact on the basic earnings per share has been the increased costs of marketing, board changes and non-recurring expenses on a like-for-like basis. The increase in these costs was £0.53 million compared to the prior period.

 

Dividend 

The Board is not proposing a dividend at this time (H1 FY2018: £nil).

 

Statement of Financial Position

 

Assets

Non-current assets consisted of goodwill of £13.3 million (H1 FY2018: £13.3 million), intangible assets of £8.0 million (H1 FY2018: £8.5 million) and tangible fixed assets of £2.2 million (H1 FY2018: £2.3 million). The Group, since February 2017, has held a 40% stake in the issued share capital of Sans Frontières Associates (SFA) and has loaned SFA £0.7 million (H1 FY2018: £0.7 million) at the period end. The loan is unsecured and carries no interest charge. Additionally, the Group has held a 30% stake in Social 360 since November 2017 for £1.7 million (H1 FY2018: £nil).

 

Trade and other receivables increased by £1.6 million to £5.2 million (H1 FY2018: £3.6 million), largely because of increases in prepayments and other receivables. The increase in prepayments comprise of event venue deposits and prepaid related direct costs of £0.7 million, rent and rates of £0.24 million and £0.2 million for out sourced services being delivered in the second half of the year. The Group had a cash balance of £8.3 million (H1 FY2018: £9.5 million) and had no borrowings at the year end.

Current liabilities increased by £0.8 million to £9.7 million (H1 FY2018: £8.9 million) due to increases in trade payables, accruals and deferred income in the year. There was no change in the deferred tax liability of £0.8 million (H1 FY2018: £0.8 million).

Total assets of the Group were £39.4 million (H1 FY2018: £37.9 million) with the main movements being the investments in associates and prepayments. Total equity increased by £0.7 million to £28.9 million (H1 FY2018: £28.2 million), mainly reflecting the increase in retained profit for the year.

Liquidity and capital resources
Net interest and finance income during the period amounted to £4,000 (H1 FY2018: expense of £22,000).

The Group had a cash balance of £8.3 million (H1 FY2018: £9.5 million). The cash movement reflects a net working capital increase mainly due to prepayments of £1.0 million (H1 FY2018: £0.4 million).

 

Nitil Patel 

Chief Financial Officer  

 

 

 

 

 

 

DODS GROUP PLC

 

 

 

 

CONSOLIDATED INCOME STATEMENT

for the six months ended 30 September 2018

 

 

 

 

 

 

 

Unaudited Six months ended

Unaudited Six months ended

Audited Year

ended

 

 

 

30 Sept 18

30 Sept 17

31 Mar 18

 

 

 

Note

£'000

£'000

£'000

 

 

 

 

 

Revenue

2

10,702

10,002

20,586

Cost of sales

 

(6,241)

(5,658)

(12,239)

Gross Profit

 

4,461

4,344

8,347

Administrative expenses

 

(2,958)

(2,658)

(5,286)

58)

Other Income

 

-

-

444

Adjusted EBITDA

 

1,503

1,686

3,505

Depreciation

 

(185)

(178)

(357)

Amortisation of intangible assets acquired via combinations

 

(198)

(204)

(408)

Amortisation of intangible assets

 

(267)

(217)

(466)

Non-recurring items

3

(461)

(128)

(975)

Operating profit

 

392

44

959

1,299

Net finance costs

 

4

(22)

21

Share of loss of associate

 

(18)

-

(9)

Profit before tax

 

378

937

1,311

Tax

 

-

-

(182)

Profit for the period

 

378

937

1,129

 

 

 

 

 

Earnings per share

 

 

 

 

Basic

4

0.11p

0.27p

0.33p

Diluted

4

0.11p

0.27p

0.33p

 

 

               

DODS GROUP PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 September 2018

 

 

 

 

 

Unaudited

Six months ended

 Unaudited

Six months ended

Audited

Year ended

 

 

30 Sept 18

30 Sept 17

31 Mar 18

 

 

£'000

£'000

£'000

Profit for the period

378

937

1,129

 

 

 

 

 

Items that will be subsequently re-classified to profit and loss

 

 

 

Exchange differences on translation of foreign operations

-

-

95

Other comprehensive loss for the period

-

-

95

 

 

 

Attributable to equity holders of parent company

378

937

1,224

           

 

 

 

DODS GROUP PLC

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

As at

 

Unaudited

As at

 

Audited

As at

 

 

 

 30 Sept 18

 

30 Sept 17

 

31 Mar 18

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

Goodwill

 

13,282

13,282

 

13,282

 

Intangible assets

5

8,035

8,457

 

8,308

 

Investments

 

1,666

-

 

1,684

 

Property, plant and equipment                                     

6

2,209

2,254

 

2,327

 

Long term loan

 

700

700

 

700

 

Total non-current assets

25,892

24,693

 

26,301

 

 

 

 

 

 

 

 

 

Inventories

34

 

50

 

12

 

Trade and other receivables

5,169

 

3,612

 

3,469

 

Cash and cash equivalents

7

7,062

 

8,232

 

7,491

 

Restricted cash

7

1,266

 

1,266

 

1,266

 

Total current assets

13,531

 

13,160

 

12,238

 

Total assets

 

39,424

 

37,853

 

        38,539

 

 

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

 

Issued capital

17,096

 

17,088

 

17,096

 

Share premium

8,142

 

8,105

 

8,142

 

Merger reserves

409

 

409

 

409

 

Retained profit

3,291

 

2,721

 

2,913

 

Share option reserve

44

 

36

 

44

 

Translation reserve

(59)

 

(154)

 

(59)

 

 

 

 

 

 

 

 

Total equity

28,923

 

28,205

 

28,545

 

 

 

 

 

 

 

 

Trade and other payables

9,738

 

8,885

 

9,231

 

Total current liabilities

9,738

 

8,885

 

9,231

 

 

 

Deferred tax liability

         

763

 

                        763

 

             763

 

Total non-current liabilities

763

 

763

 

             763

 

Total equity and liabilities

39,424

 

37,853

 

38,539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DODS GROUP PLC

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 2017

17,088

8,105

409

1,784

(154)

36

27,268

 

Total comprehensive loss

 

 

 

 

 

 

 

 

      Profit for the year

-

-

-

1,129

-

-

1,129

 

Other comprehensive loss

 

 

 

 

 

 

 

 

      Currency translation differences

-

-

-

-

95

-

95

 

      Share based payment

 

 

 

 

 

8

8

 

      Issue of ordinary shares

8

37

-

-

-

-

45

 

At 1 April 2018

17,096

8,142

409

2,913

(59)

44

28,545

 

Total comprehensive profit

 

 

 

 

 

 

 

 

      Profit for the period

-

-

-

378

-

-

378

 

At 30 September 2018

17,096

8,142

409

3,291

(59)

44

28,923

                   

 

 
 

DODS GROUP PLC

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 September 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

Six months ended

 

 Unaudited

Six months ended

 

Audited

Year ended

 

 

 

 

30 Sept 18

 

30 Sept 17

 

31 Mar 18

 

 

 

 

£'000

 

£'000

 

£'000

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Profit for the period

 

 

378

 

937

 

1,129

 

Depreciation of property, plant and equipment

 

185

 

178

 

357

 

Amortisation of intangible assets acquired through business combinations

198

 

204

 

408

 

Amortisation of other intangible assets

267

 

217

 

466

 

Share based payments credit

 

 

-

 

-

 

8

 

Other gains

 

 

1

 

22

 

21

 

Non-recurring acquisition research costs and professional fees

 

 

-

 

-

 

557

 

Income tax credit

 

 

-

 

-

 

182

 

Operating cash flows before movements in working capital

1,029

 

1,558

 

3,128

 

Change in inventories

 

 

(22)

 

(15)

 

23

 

Change in receivables

 

 

(1,497)

 

(807)

 

(664)

 

Change in payables

 

 

506

 

412

 

671

 

Net cash generated by operations

 

 

16

 

1,148

 

3,158

 

 

 

 

 

 

 

 

 

 

Income tax paid

 

 

-

 

-

 

(43)

 

 

 

 

 

 

 

 

 

 

Net cash from operating activities

 

16

 

1,148

 

3,115

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Interest and similar income received

 

 

-

 

-

 

2

 

Non-recurring acquisition research costs and professional fees

 

 

(185)

 

-

 

(557)

 

Investment in associate

 

 

-

 

-

 

(1,650)

 

Addition to property, plant and equipment

 

(68)

 

(9)

 

(261)

 

Additions to Intangible assets

 

 

(191)

 

(174)

 

(471)

 

Long term loan

 

 

-

 

(500)

 

(500)

 

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

 

(444)

 

(683)

 

(3,437)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

Proceeds from issue of share capital

 

 

-

 

-

 

45

 

 

 

 

 

 

 

 

 

 

Net cash from financing activities

 

 

-

 

-

 

45

 

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

(428)

 

465

 

(277)

 

Opening cash and cash equivalents

 

 

8,757

 

9,033

 

9,033

 

Effect of exchange rate fluctuations on cash held

 

(1)

 

-

 

1

 

Closing cash at bank

 

 

 

9,498

 

8,757

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

7,062

 

8,232

 

7,491

 

Restricted cash held in deposit account

 

 

1,266

 

1,266

 

1,266

 

Closing cash at bank

 

 

8,238

 

9,498

 

8,757

DODS GROUP PLC                                                                                                                                                             

Notes to the condensed consolidated interim financial statements 30 September 2018

                                                                                                                                                                                               

                                                                                                                                                                                               

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 2018.

 

The comparative figures for the year ended 31 March 2018 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 2018 is based on the assumed use of accumulated tax losses.

 

The condensed set of interim financial statements have been prepared on a going concern basis and were approved by the Board on 13 November 2018.                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                               

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 Sept 18

 

30 Sept 17

 

31 Mar 18

 

 

£'000

 

£'000

 

£'000

Revenue

 

 

 

 

 

 

United Kingdom

8,753

 

8,002

 

16,469

Continental Europe and rest of the world

1,949

 

2,000

 

4,117

 

 

10,702

 

10,002

 

20,586

 

 

3       Non-recurring items

        

 

 

Unaudited

Six months ended

30 Sept 2018

Unaudited

Six months ended

30 Sept 2017

Audited

Year ended

31 Mar 2018

 

 

£'000

£'000

£'000

 

 

 

 

 

Non-Recurring acquisition research costs and professional fees

 

-

90

557

Talent Costs

 

83

-

110

Other

 

 

 

 

    Redundancy and people related expense

 

232

38

275

    Legacy IT related costs

 

-

-

-

    Office relocation

 

-

-

-

    Other

 

146

-

33

 

 

461

128

975

 

                                                                                                                                                           

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 2018

Unaudited

Six months ended

30-Sep-2017

Audited

Year ended

31 Mar 2018

 

 

£'000

£'000

£'000

 

 

 

 

 

Profit attributable to shareholders

 

378

937

1,129

Add: non-trading items net of tax

 

461

128

975

Add: amortisation of intangible assets acquired through business combinations

 

198

204

408

(Deduct)/Add: net finance (income)/charge

 

(4)

22

23

Add: share based payment charge

 

-

-

8

Adjusted profit on continuing operations

 

1,033

1,291

2,543

 

 

 

 

 

 

 

 

Unaudited

Six months ended

30 Sept 2018

Unaudited

Six months ended

30-Sep- 2017

Audited

Year ended

31 Mar 2018

 

 

Ordinary shares

Ordinary shares

Ordinary shares

Weighted average number of shares

 

 

 

 

In issue during the period - basic

 

341,524,286

340,840,953

341,524,286

Share options

 

250,000

1,250,000

250,000

Weighted average number of shares for diluted earnings per share

 

341,774,286

342,090,953

341,774,286

 

 

 

 

 

 

 

 

Earnings per share - ordinary shares

 

0.11p

0.27p

0.33p

Adjusted earnings per ordinary share (as defined above)

 

0.30p

0.38p

0.74p

 

 

 

 

 

Earnings per share on continuing operations

 

 

 

 

Profit per ordinary share - basic

 

0.11p

0.27p

0.33p

Profit per ordinary share - diluted

 

0.11p

0.27p

0.33p

 

 

5      Intangible assets

 

Assets acquired through business combinations

Software

Total

 

£'000

 

£'000

 

£'000

 

Cost

 

 

 

At 1 April 2017

24,215

2,436

26,651

Additions -internally generated

-

471

471

At 1 April 2018

24,215

2,907

27,122

Additions -internally generated

1

191

191

At 30 September 2018

24,216

3,098

27,313

 

 

 

 

Amortisation

 

 

 

At 1 April 2017

16,951

989

17,940

Charged in year

408

466

874

At 1 April 2018

17,359

1,455

18,814

Charged in period

198

267

465

At 30 September 2018

17,557

1,722

19,279

 

 

 

 

Net Book Value

 

 

 

At 1 April 2017

7,264

1,447

8,711

 

 

 

 

At 1 April 2018

6,856

1,452

8,308

 

 

 

 

At 30 September 2018

6,659

1,376

8,035

 

6      Property, plant and equipment

 

 

Leasehold improvements

Equipment and fixtures and fittings

Total

 

£'000

 

£'000

 

£'000

 

Cost

 

 

 

At 1 April 2017

1,728

1,090

2,818

Additions

216

45

261

Disposals

-

(63)

(63)

At 1 April 2018

1,944

1,072

3,016

Additions

54

14

68

At 30 September 2018

1,998

1,086

3,084

 

 

 

 

Depreciation

 

 

 

At 1 April 2017

106

289

395

Reclassified from intangible assets

 

 

 

Charged in year

173

184

357

Disposals

-

(62)

(62)

At 1 April 2018

279

411

690

Charged in period

98

87

185

At 30 September 2018

377

498

875

 

 

 

 

Net Book Value

 

 

 

At 1 April 2017

1,622

801

2,423

 

 

 

 

At 1 April 2018

1,665

662

2,327

 

 

 

 

At 30 September 2018

1,621

588

2,209

 

 

7     Cash and Cash Equivalents

 

 

 

Unaudited

Six months ended

30 Sept 2018

Unaudited

Six months ended

30 Sep 2017

Audited

Year ended

31 Mar 2018

 

 

£'000

£'000

£'000

 

 

 

 

 

Cash and cash equivalents

 

7,062

8,232

7,491

Restricted cash held in deposit account

 

1,266

1,266

1,266

 

 

8,328

9,498

8,757

 

Included in the cash balance is a cash deposit of £1.27m (2018: £1.27m) in relation to a lease for the London premises of the Group. Once the Group obtain certain adjusted EBIDTA performance then the deposit held by the Landlord becomes unrestricted.


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