Information  X 
Enter a valid email address

Sumo Group PLC (SUMO)

  Print      Mail a friend

Tuesday 25 September, 2018

Sumo Group PLC

Half Year Results 2018

RNS Number : 7623B
Sumo Group PLC
25 September 2018
 

 

25 September 2018

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

SUMO GROUP PLC

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

 

UNAUDITED HALF YEAR RESULTS 2018

 

Sumo Group (AIM: SUMO), the provider of turnkey and co-development services to the world's largest video game publishers, announces its unaudited half year results for the six months ended 30 June 2018, which show significant progress across the Group. 

 

These half year results are the first since Sumo Group's IPO in December 2017 to cover a period throughout which the Company was listed.  For the purpose of providing comparative information for the six months ended 30 June 2017 and to help users of this information to assess the underlying financial performance of the Group, this announcement contains unaudited information derived from Part Three: Historical Financial Information of the Admission Document dated 15 December 2017.  As a consequence of the significant non-cash charges included in the Group's results which relate to the amortisation of goodwill and to share based payments, the Board believes that it is helpful to include alternative performance measures which exclude these items and present the underlying results of the Group.  These measures are reconciled to the income statement in note 15.  One of the adjustments is in respect of the financing of one contract following the introduction of  IFRS 15. It is worth noting that the analysts who publish research on the Company have done so on a pre IFRS 15 basis.  All figures in this announcement are unaudited and comparative figures are for the half year to 30 June 2017 unless stated otherwise.

 

 

 

 

 

H1

2018

 

H1

2017

% change (where relevant)

Reported results

 

 

 

Revenue

£22.9m

£14.3m

60.1%

Gross profit

£8.0m

£5.3m

51.3%

Gross margin

34.8%

36.8%

 

Loss before tax

(£1.8m)

(£2.0m)

 

Cash flow from operations

(£4.4m)

£2.1m

 

Net cash / (debt)

£6.5m

(£54.5m)

 

 

 

 

 

Underlying results

 

 

 

Adjusted revenue excluding pass-through1

£19.6m

£13.2m

48.0%

Adjusted revenue excluding pass-through and royalties

 

£19.5m

 

£13.0m

 

50.1%

Adjusted Gross profit

£8.2m

£5.3m

56.3%

Adjusted gross margin excluding pass-through1

42.1%

39.8%

 

Adjusted gross margin excluding pass-through and royalties

 

41.8%

 

38.7%

 

Adjusted EBITDA2

£5.0m

£3.4m

45.9%

Adjusted profit before tax3

£4.3m

£3.0m

42.9%

 

1 The adjustment to revenue is in respect of pass-through revenue on which Sumo does not charge a margin

2Adjusted EBITDA, which is defined as profit before finance costs, tax, depreciation, amortisation, share based payments charge, the impact of IFRS 15 financing recognition and exceptional items, is a non-GAAP metric used by management and is not an IFRS disclosure.

3Adjusted profit before tax excludes exceptional operating expenses, share based payment charges, net finance costs relating to pre-IPO financial structure and amortisation of customer contracts and relationships. The reconciliation to the income statement is set out in note 15.

 

H1 2018 highlights:

 

·

Strong performance driven fundamentally by organic growth

·

Adjusted gross profit margin excluding pass-through and royalties of 41.8%

·

Sumo Digital took on the Newcastle studio of CCP Games on 1 January 2018, further strengthening the relationship with CCP Games and bringing a new location to Sumo Digital and 34 talented people

·

Maintained strong balance sheet with net cash position of £6.5m (31 December 2017: £12.4m)

 

Current trading and outlook:

 

·

Acquisition of The Chinese Room in August 2018 accelerates the Group's own-IP pipeline and provides new intellectual property, creative talent and the opportunity to develop a new studio in the south of England, extending the reach and accelerating the growth of our core business

·

Strong business development pipeline and the Board expects to have good visibility of 2019 revenue by the end of 2018

·

Andrea Dunstan has today joined the Group, as a non-executive director and chair of the Remuneration Committee, bringing extensive experience of organisational development and HR strategy

·

Current trading since the half year end has been in line with the Board's expectations

·

The Board is positive about the outlook for the Group and expects results for the full year to be in line with consensus market forecasts

 

Carl Cavers, Chief Executive Officer of Sumo Group, said: 

 

"These results cover our first half year period as an AIM quoted company. The business is flourishing under this new, independent capital structure and I am delighted to report an excellent performance in H1, driven by continued strong organic growth in our core services. We are seeing exciting business development opportunities, as the video gaming market continues to grow globally. This, combined with our low risk business model, gives us a great deal of confidence in the ongoing success of the business.

 

"Our investment in people and locations continues, as demonstrated by our recent acquisition of The Chinese Room in Brighton, an industry hot spot. We have strengthened the Board to support growth. We are a people business and the appointment of Andrea Dunstan, with her people expertise, shows our absolute commitment to ensuring that Sumo Group is in the best possible shape to attract and retain exceptional talent."

 

Enquiries:

 

 

Sumo Group plc

                                       Tel: +44 (0) 114 242 6766

Carl Cavers, Chief Executive Officer

David Wilton, Chief Financial Officer

 

Zeus Capital Limited (Nominated Adviser & Broker)

Nick Cowles / Andrew Jones

                                       Tel: +44 (0) 161 831 1512

Ben Robertson / John Goold

                                       Tel: +44 (0) 203 829 5000

 

 

Belvedere Communications Limited

                                      

Cat Valentine ([email protected])

Tel: +44 (0) 7715 769 078

Kim Van Beeck ([email protected])

Tel: +44 (0) 7477 967 446

 

 

About Sumo Group - www.sumogroupplc.com 

 

Sumo Group's award-winning businesses provide creative and development services to the video games and entertainment industries, from studios in Sheffield, Newcastle, Nottingham, Brighton, Pune (India) and Vancouver (Canada).

 

The Group's operating businesses include Sumo Digital and Atomhawk.  Sumo Digital, its primary business, is one of the UK's largest independent developers of AAA-rated video games, providing both turnkey and co-development solutions to an international blue-chip client base.  The Sumo Digital studio in Brighton operates under the name of The Chinese Room and was acquired in August 2018.  Atomhawk, a complementary business acquired in June 2017, is a multi-award winning visual design company, servicing the games, film and visual effects industries. Together, the Group delivers full-service visual and development solutions, which include initial concepts and pre-production, production and development, and post-release support.

 

 

CHIEF EXECUTIVE'S REPORT

 

The Board is pleased to report the unaudited half year results for the six months ended 30 June 2018, which show significant progress across the Group. 

 

Financial review

 

The underlying trading of the Group was strong in the six months under review. Reported revenue was £22.9m (H1 2017: £14.3m), which includes £3.6m (H1 2017: £1.1m) of pass-through revenue on which Sumo does not charge a margin.  Revenue excluding pass through was £19.6m (H1 2017: £ 13.2m).

 

Development fees were £22.6m, an increase of 77.0% on the figure of £12.7m in 2017. Atomhawk, which was acquired on 29 June 2017, contributed revenue of £1.3m in the six months ended 30 June 2018.  On a like for like basis the Group's development fees increased by 66.6% or 51.3% excluding pass-through revenue.

 

The Group generated own intellectual property ("own-IP") title revenue of £0.3m (H1 2017: £1.3m).  Royalty income was £0.1m (H1 2017: £0.3m).  Both these revenue figures are in line with the Board's expectations.  The own-IP revenue is generated from the ongoing sales of Snake Pass which was launched in March 2017. 

 

Gross profit for the six months was £8.0m, an increase of 51.3% on the £5.3m in the six months ended 30 June 2017.

 

Gross margin was 34.8% (H1 2017: 36.8%).

 

These unaudited half year results are the first prepared having adopted IFRS 15: Revenue from Contracts with Customers.  In the Annual Report & Accounts 2017 the Board stated that it did not expect the adoption of IFRS 15 to have a material impact on the financial information of the Group in the period of initial application.  Whilst this remains the view there is one contract referred to in this announcement which has unusual payment terms and whose terms have changed.  Under IFRS 15 there have been adjustments in the first half of 2018 of £0.3m and £0.1m to revenue and interest income respectively.  It is expected that there will be further adjustments in the second half of 2018 and in 2019.   

 

Gross margin adjusted for the IFRS 15 allocation and excluding pass-through revenue and royalties was 41.8% (H1 2017: 38.7%).

 

Operating expenses were £9.9m (H1 2017: £4.7m). Included within operating expenses were amortisation and depreciation of £5.0m and £0.5m respectively (H1 2017: £2.6m and £0.3m respectively). The overall increase in operating expenses other than amortisation and depreciation was primarily due to investment in people and systems, the inclusion of Atomhawk and increased premises costs on the newly acquired leasehold units in Sheffield. The Group spent £0.7m (H1 2017: £0.4m) on research and development, all of which was expensed as incurred.

 

Adjusted EBITDA was £5.0m. This was in line with the Board's expectations and was an increase of 45.9% on the figure of £3.4m in 2017. The underlying adjusted profit before tax, share based payments charge, exceptional items and amortisation for the half year was £4.3m (H1 2017: £3.0m) and reported loss before tax was £1.8m (H1 2017: loss of £2.0m).

 

For the first time, the financial results reflect the cost of share based incentive schemes.  One of the main reasons why the Group became a public listed company was to use the quoted shares to incentivise our people.  The Sumo Group plc Long Term Incentive Plan and the Sumo Group plc Share Incentive Plan were launched in March 2018 and July 2018 respectively.  There is a non cash charge of £1.1m in the first half of 2018 to reflect the cost of the first of these plans.

 

The net finance income for the period was £0.1m (H1 2017: net finance charge £2.4m).  The Group had no borrowings during the period and the net finance income consists of the IFRS 15 financing income referred to above partially offset by the bank commitment fee payable.

 

The Corporation Tax credit for the period was £0.5m (H1 2017: £0.5m credit).  Further information regarding taxation is set out in note 7.

 

Net outflow of cash generated from operations was £4.4m (H1 2017: cash inflow £2.1m).  This was as expected and arose primarily due to the payment terms on the one contract whereby for commercially attractive terms the Group is financing an element of development combined with the timing of milestone receipts.  Cash balances at 30 June 2018 were £6.5m (31 December 2017:  £12.4m).  Capital expenditure was £1.5m (H1 2017: £0.4m), most of which related either to the refitting of the premises in Sheffield or to the purchase of IT equipment and systems.

 

Current assets were £24.7m (30 June 2017: £12.5m). Trade and other receivables were £18.2m (30 June 2017: £10.1m). The increase of £8.1m in trade receivables is primarily due to the contract with unusual payment terms which represented £5.3m of the movement. Trade and other payables were £10.8m (30 June 2017: £7.3m). 

 

The consolidated balance sheet at 30 June 2018 includes a treasury reserve of £4.9m which relates to shares issued under the terms of the Sumo Group plc Long Term Incentive Plan.

 

In line with the strategy set out at the time of the flotation, the Board intends to reinvest a significant portion of the Group's earnings to facilitate plans for future growth. Accordingly, the Board does not propose a dividend at present but it remains the Board's intention, should the Group generate a sustained level of distributable profits, to consider a dividend policy in future years.

 

Operational review

 

Sumo Digital

 

Sumo Digital Limited ("Sumo Digital"), the Group's largest business representing around 94% of revenue in the period, is a developer of AAA-rated video games, providing both turnkey and co-development solutions to an international blue-chip client base. Its full-service development solution includes initial concept and pre-production, production and development and post release support.

 

The business now operates from studios in Sheffield, Nottingham, Newcastle and Pune in India and, following the recent post half year end acquisition of The Chinese Room, a new studio in Brighton.  Sumo Digital took over CCP Games' Newcastle studio on 1 January 2018.  During the period Sumo Digital completed a significant refurbishment programme of the facilities in Sheffield to provide capacity for expansion and a state-of-the-art creative space.  The continuing growth of the business is reliant on attracting and retaining the best people and the Board is committed to providing them with the right working environment.  Having acquired the studio in Brighton with the acquisition of The Chinese Room, Sumo Digital is in the process of recruiting staff to work at that site.  The Board continues to review opportunities to accelerate growth by opening studios in other key locations.

 

Throughout the period Sumo Digital continued to work with some of the largest publishers in the world. Over the past few years, it has worked with Sony, Microsoft, Sega, Deep Silver, IO Interactive and CCP Games, who announced their co-development relationship with Sumo Digital in October 2017.

 

During the period three publishers made significant announcements about games being developed by Sumo Digital.  At the Electronic Entertainment Expo 2018 (E3) in Los Angeles in June, Microsoft confirmed the launch date of February 2019 for Crackdown 3 and IO Interactive announced its partnership with Warner Brothers to publish Hitman 2.  The game Team Sonic Racing for SEGA on PlayStation 4, Xbox One, Switch and PC was announced in May and has since won accolades at both E3 and Gamescom.

 

Sumo Digital remains focused on investing in its key relationships to develop and deliver high quality videogames, while maintaining a high level of staff utilisation which has been in excess of 95% in the UK over recent years. This proven model gives Sumo Digital high quality and visible earnings with a relatively low risk profile. The shift towards more royalty arrangements on contracts continued in the period and the Board expects to generate royalty income in the future on contracts entered in the period. The Board is always keen to align our interests with those of our clients and see the opportunity for financial out-performance on new iterations of proven games.

 

The development of own-IP continues to represent a strong opportunity for Sumo Digital.  This IP potentially arises from three sources: the output from the dedicated concept team, from the regular Game Jams in which our people share their creative ideas, and potentially from acquisitions.  There are several specific concepts currently under development and we expect to launch two games in 2019.  In the meantime, sales of Snake Pass, Sumo Digital's first own-IP game launched in March 2017, have continued.  The arcade mode of Snake Pass was released in March this year and we plan to release the Japanese version on PS4 and Switch later this year.  The acquisition of The Chinese Room accelerates the Group's own-IP pipeline/programme with the addition of original concepts, one of which, 13th Interior, is at prototype stage.  Sumo Digital also has the opportunity to generate revenue from The Chinese Room's owned back catalogue of IP.

 

Atomhawk

 

Atomhawk, which represents around 5% of the Group's total revenue, delivered a strong performance in the six months to 30 June 2018.

 

Atomhawk provides visual development (concept art) and marketing art, as well as motion graphics and user interface design. Its expertise is in helping clients including SEGA, Costa Coffee, Marvel, Lego, Microsoft, Ubisoft and NetherRealm define a visual look for their products, from inception through development and, at the final point of sale, through marketing imagery, videos and box packaging design. Atomhawk primarily serves the creative industries, working with videogames studios, as well as in film and television.

 

During the period Atomhawk continued to export its services to an enviable list of clients across the globe.  In May 2018, Atomhawk announced that it was approached by Unity, a leading global gaming industry software company, to help refresh and reboot their 3D Game Kit with a re-imagined style. The Vancouver studio relocated to a larger site in February ahead of the expected timetable.

 

Acquisitions

 

On 1 January 2018, Sumo Digital Limited took on the Newcastle studio of CCP Games under an asset purchase agreement for nominal consideration. All 34 people working at the studio became employees of the Group on that date and the lease for the property in which the studio was located was assigned to Sumo Digital Limited, although the vendor continued to pay the rent until 23 July 2018.  This studio was quickly integrated into the Group and fully utilised.  The Board is very pleased with the performance of this studio.

 

On 14 August 2018, post the half year end, Sumo Group announced the acquisition of The Chinese Room Limited for a total consideration of approximately £2.2m.  The net consideration was approximately £0.6m as The Chinese Room was acquired with approximately £1.6m of cash on the balance sheet.  This acquisition accelerates the Group's own-IP pipeline and provides new intellectual property, creative talent and the opportunity to develop a new studio location in Brighton.

 

The Chinese Room is an award-winning independent game development studio based in Brighton, best known for creating experimental first-person games.  The acquisition brings intellectual property rights over revenue generating Dear Esther and The Chinese Room's latest release So Let Us Melt, a Google Daydream Exclusive title until late September 2018. It also accelerates the Group's own-IP pipeline/programme with the addition of original concepts, one of which, 13th Interior, is at prototype stage. 

 

Revenues from the historical titles will be recognised through The Chinese Room and the Brighton studio will operate under that name. Going forward The Chinese Room's revenues and costs will be accounted for through Sumo Digital.

 

People

 

Sumo Group is a people business. We invest in our people and will continue to do so. This investment includes recruiting new joiners, incentivising our staff and investing in the working environment.  I am pleased to report that, at the end of August 2018, our headcount had increased to 554, an increase of 65 from 489 at the end of December 2017.

 

Since IPO, Sumo Group has taken steps to incentivise our staff, which include providing opportunities to participate in the newly listed equity, and the Group is investing in its premises to provide a high quality working environment.

 

The Board is committed to maintaining Sumo Group's culture as we grow. Exceptional talent drives growth and, on behalf of the Board, I would like to thank everyone at Sumo Group for their passion, commitment and desire to create outstanding games and imagery.

 

I am very pleased that Andrea Dunstan has today joined the Board, as a non-executive director and Chair of the Remuneration Committee.  She has a wealth of experience which is relevant to our business.  Further details regarding this appointment, including regulatory information, are set out in a separate announcement.

 

Strategy

 

Sumo Group has continued to deliver on growth strategy to, in order of importance, deliver and expand, win new clients, add complementary revenue streams and develop our own-IP.  The Group has delivered strong organic growth, taken on a new location in Newcastle and, post half year end, acquired The Chinese Room, which accelerates the Group's own-IP pipeline, brings new intellectual property and creative talent, and provides the opportunity to develop a studio in the creative hot spot of Brighton.  

 

Our markets

 

As previously reported the analysis and coverage of the global market served by Sumo Group remains extremely positive.  Confidence in the videogaming sector is high and the opportunities are considerable.  The primary challenge to growth being faced by all in the industry lies in securing valuable development talent and experience.  Sumo continues to deliver in this vital area, attracting the best possible talent.

 

Outlook

 

The Board remains positive about the outlook for Sumo Group in the current year and beyond.  Our businesses continue to deliver strong organic growth. The Group has completed the acquisition of The Chinese Room, which, although relatively small, was an important step for the Group. We are actively seeking to accelerate growth and are exploring suitable acquisition opportunities. The Board is confident about the outlook for the Group in the year ahead and we expect to deliver full year results in line with market expectations.

 

Carl Cavers

Chief Executive Officer

25 September 2018

 

CONSOLIDATED INTERIM INCOME STATEMENT

 

 

Note

Unaudited

Half year ended

30 June 2018

£'000

Unaudited

Half year ended

30 June 2017

£'000

Audited

Year ended 31 December 2017

£'000

Revenue

4

22,916

14,317

30,612

Direct costs (net)

5

(14,946)

(9,050)

(17,360)

Gross profit

 

7,970

5,267

13,252

Operating expenses

 

(9,859)

(4,741)

(33,191)

Operating expenses - exceptional

 

-

(95)

(2,656)

Operating expenses - total

 

(9,859)

(4,836)

(35,847)

Group operating (loss) / profit

 

(1,889)

431

(22,595)

Analysed as:

 

 

 

 

Adjusted EBITDA[1]

 

4,990

3,420

8,356

Amortisation

 

(5,036)

(2,582)

(27,626)

Depreciation

9

(525)

(312)

(669)

Share based payments charge

10

(1,058)

-

-

IFRS 15 financing impact

14

(260)

-

-

Exceptional items

 

-

(95)

(2,656)

Group operating (loss) / profit

 

(1,889)

431

(22,595)

Net finance income / (costs)

6

66

(2,410)

(5,378)

Loss before taxation

 

(1,823)

(1,979)

(27,973)

Taxation

7

491

450

4,538

Loss for the period attributable to equity shareholders

 

(1,332)

(1,529)

(23,435)

Loss per share (pence)

 

 

 

 

Basic

8

(0.95)

(14,351.42)

(389.40)

Diluted

8

(0.95)

(14,351.42)

(389.40)

 

Note 1: Adjusted EBITDA, which is defined as profit before finance costs, tax, depreciation, amortisation, share based payments charge, the impact of IFRS 15 financing recognition, and exceptional items, is a non-GAAP metric used by management and is not an IFRS disclosure.

 

The notes below form part of these condensed interim financial statements.

 

CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE EXPENSE

 

 

 

Unaudited

Half year ended

30 June 2018

£'000

Unaudited

Half year ended

30 June 2017

£'000

Audited

Year

ended 31 December 2017

£'000

Loss for the period attributable to equity shareholders

 

(1,332)

(1,529)

(23,435)

Other comprehensive expense:

 

 

 

 

Exchange differences on retranslation of foreign operations

 

(50)

-

(16)

Total other comprehensive expense

 

(50)

-

(16)

Total comprehensive expense for the period

 

(1,382)

(1,529)

(23,451)

 

Items in the statement above are disclosed net of tax.

The notes below form part of these condensed interim financial statements.

 

CONSOLIDATED INTERIM BALANCE SHEET

as at 30 June 2018

 

 

Note

Unaudited

30 June

2018

£'000

Unaudited

30 June

2017[2]

£'000

Audited

31 December

2017

£'000

Non-current assets

 

 

 

 

Goodwill and other intangible assets

 

23,378

53,013

28,213

Property, plant and equipment

9

2,601

1,026

1,835

Deferred tax asset

 

1,725

-

474

Total non-current assets

 

27,704

54,039

30,522

Current assets

 

 

 

 

Trade and other receivables            

 

18,230

10,090

10,155

Cash and cash equivalents

 

6,503

2,363

12,424

Total current assets

 

24,733

12,453

22,579

Total assets

 

52,437

66,492

53,101

Current liabilities

 

 

 

 

Borrowings

 

-

1,599

-

Trade and other payables

 

10,775

7,253

10,763

Corporation tax payable

 

926

-

1,316

Derivative financial instruments

 

-

249

-

Total current liabilities

 

11,701

9,101

12,079

Non-current liabilities

 

 

 

 

Borrowings

 

-

55,289

-

Employee related provisions

 

-

26

-

Deferred tax liabilities

 

-

4,545

-

Total non-current liabilities

 

-

59,860

-

Total liabilities

 

11,701

68,961

12,079

Net assets / (liabilities)

 

40,736

(2,469)

41,022

Equity

 

 

 

 

Share capital

 

1,496

46

1,450

Share premium

 

40,994

356

36,121

Reverse acquisition reserve

 

(60,623)

-

(60,623)

Foreign currency translation reserve

 

(23)

43

27

Treasury reserve

11

(4,919)

-

-

Retained earnings

 

63,811

(2,914)

64,047

Total equity

 

40,736

(2,469)

41,022

 

Note 2: The balance sheet as at 30 June 2017 differs from the one included in the Admission Document in order to treat the disposal of a fixed asset in a consistent manner to how it was treated in the 2017 annual report. In addition, the Video Games Tax Credit recoverable has been shown within trade and other receivables to be consistent with the treatment in the 2017 annual report.

The notes below form part of these condensed interim financial statements.

 

CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

for the period ended 30 June 2018

 

 

Share

capital

£'000

Share

premium

£'000

Reverse acquisition reserve

£'000

Foreign currency translation reserve

£'000

 

 

Treasury reserve

£'000

Retained

earnings

£'000

Total

equity

£'000

Balance at 1 January 2017

45

352

-

43

-

(1,385)

(945)

Loss for the period

-

-

-

-

-

(1,529)

(1,529)

Total comprehensive expense for the period

-

-

-

-

-

(1,529)

(1,529)

Transactions with owners:

 

 

 

 

 

 

 

Issue of share capital

1

4

-

-

5

Balance at 30 June 2017

46

356

-

43

-

(2,914)

(2,469)

Loss for the period

-

-

-

-

-

(21,906)

(21,906)

Exchange differences on retranslation of foreign operations

-

-

-

-

(16)

Total comprehensive expense for the period

-

-

-

(16)

-

(21,906)

(21,922)

Transactions with owners:

 

 

 

 

 

 

 

Issue of share capital

-

3

-

-

3

Issue of shares on conversion of debt

18

28,879

-

-

28,897

Issue of shares pre IPO

1,065

88,867

-

-

89,932

Group reorganisation

(64)

(29,238)

-

-

(89,925)

Capital reduction

-

(88,867)

-

88,867

-

Issue of shares on IPO

385

38,061

-

-

38,446

Expenses of the IPO

-

(1,940)

-

-

(1,940)

 

1,404

35,765

(60,623)

-

-

88,867

65,413

Balance at 31 December 2017 (audited)

1,450

36,121

(60,623)

27

-

64,047

41,022

Impact of change to IFRS 15

-

-

-

-

-

(131)

(131)

Restated balance as at 1 January 2018

1,450

36,121

(60,623)

27

-

63,916

40,891

Loss for the period

-

-

-

-

-

(1,332)

(1,332)

Exchange differences on retranslation of foreign operations

-

-

-

-

(50)

Total comprehensive expense for the period

-

-

-

(50)

-

(1,332)

(1,382)

Transactions with owners:

 

 

 

 

 

 

 

Purchase of own shares - Note 11

46

4,873

(4,919)

-

-

Share based payment transactions

-

-

-

-

-

1,227

1,227

 

46

4,873

-

-

(4,919)

1,227

1,227

Balance at 30 June 2018

1,496

40,994

(60,623)

(23)

(4,919)

63,811

40,736

The notes below form part of these condensed interim financial statements.

 

CONSOLIDATED INTERIM CASH FLOW STATEMENT

for the period ended 30 June 2018

 

 

Note

Unaudited

Half year

ended

30 June

 2018

£'000

Unaudited

Half year

ended

30 June

 2017[3]

£'000

Audited

Year

ended 31 December 2017

£'000

Cash flows from operating activities

13

(3,359)

3,559

9,105

Net finance costs

 

(39)

(693)

(5,378)

Tax paid

 

(981)

(736)

(475)

Net cash (used in) / generated from operating activities

 

(4,379)

2,130

3,252

Cash flows from investing activities

 

 

 

 

Purchase of intangible assets

 

(215)

-

(120)

Purchase of property, plant and equipment

 

(1,295)

(420)

(1,586)

Acquisition of subsidiary - net of cash acquired

 

-

(2,287)

(2,287)

Net cash used in investing activities

 

(1,510)

(2,707)

(3,993)

Cash flows from financing activities

 

 

 

 

Proceeds from issue of shares

 

-

5

67,358

Transaction costs relating to the issue of shares

 

-

-

(1,940)

Repayments of borrowings

 

-

(1,547)

(56,718)

Net cash (used in) / generated from financing activities

 

-

(1,542)

8,700

Net (decrease) / increase in cash and cash equivalents

 

(5,889)

(2,119)

7,959

Cash and cash equivalents at the beginning of the period

 

12,424

4,482

4,482

Foreign exchange

 

(32)

-

(17)

Cash and cash equivalents at the end of the period

 

6,503

2,363

12,424

 

Note 3: The cash flow for the period to 30 June 2017 differs from the one included in the Admission Document in order to be consistent with the presentation used in the 2017 annual report regarding the treatment of Video Games Tax Credit.

The notes below form part of these condensed interim financial statements.

 

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

for the period ended 30 June 2018

 

1. GENERAL INFORMATION

 

Sumo Group plc ("the Company") is a public limited company incorporated in England with the registered number 11071913.

 

The address of its registered office is 32 Jessops Riverside, Brightside Lane, Sheffield S9 2RX.

 

The Company's shares are quoted on the Alternative Investment Market.

 

The principal activity of the Company and its subsidiaries (together the 'Group') is that of video games development.

 

The condensed consolidated interim financial information was approved and authorised for issue by a duly appointed and authorised committee of the Board of Directors on 25 September 2018.

 

This condensed interim financial information has not been audited or reviewed by the Company's auditor.

 

Forward looking statements

 

Certain statements in this results announcement are forward looking. The terms "expect", "anticipate", "should be", "will be" and similar expressions identify forward-looking statements. Although the Board of Directors believes that the expectations reflected in these forward-looking statements are reasonable, such statements are subject to a number of risks and uncertainties and events could differ materially from these expressed or implied by these forward-looking statements.

 

2. BASIS OF PREPARATION

 

This condensed consolidated interim financial information for the six months ended 30 June 2018 has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting". The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2017, which have been prepared in accordance with International Financial Reporting Standards as endorsed by the European Union ('IFRS'), International Financial Reporting Standards Interpretation Committee ('IFRS IC') interpretations and those provisions of the Companies Act 2006 applicable to companies reporting under IFRS. The condensed consolidated interim financial statements have been prepared on the going concern basis and on the historical cost convention modified for the revaluation of certain financial instruments.

 

This condensed consolidated interim financial information does not constitute the Group's statutory accounts within the meaning of section 434 of the Companies Act 2006. The comparatives for the full year ended 31 December 2017 are not the Company's full statutory accounts for that year. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors, Grant Thornton UK LLP, have reported on these accounts, their report is unqualified, does not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and does not constitute a statement under either Section 498(2) or (3) of the Companies Act 2006.

 

3. ACCOUNTING POLICIES

 

In these unaudited half year results the Group has, with effect from 1 January 2018, adopted IFRS 9 and IFRS 15. There were no transition differences in respect of IFRS 9. The only transition difference noted for IFRS 15 is the separation of the financing element of one specific contract where the payment profile extends beyond twelve months. The transaction price from this contract has been adjusted for the length of time between the period the services are transferred to the customer and payment date, and the prevailing interest rate of 6%. The use of the 6% rate in this instance is considered to be a key judgement. Otherwise there are no new standards that have become effective in the period that have had a material effect on the Group's financial statements.

 

The accounting policies applied by the Group in these unaudited half year results are consistent with those applied in the annual financial statements for the year ended 31 December 2017 as described in the Group's Annual Report and full financial statements for that year and as available on the Company's website www.sumogroupplc.com except for the introduction of IFRS 15 which is set out in the policy below.

 

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

 

Revenue

 

Revenue arises from the provision of game development services. To determine whether to recognise revenue, the Group follows a 5-step process as follows:

 

1.             Identifying the contract with a customer

2.             Identifying the performance obligations

3.             Determining the transaction price

4.             Allocating the transaction price to the performance obligations

5.             Recognising revenue when/as performance obligation(s) are satisfied

 

Revenue is measured at transaction price, stated net of VAT and other sales related taxes.

 

Revenue is generally recognised over time as the Group satisfies performance obligations by transferring the promised services to its customers. The transaction price is set out in the contract and is generally the development fee or guaranteed royalty to be received. It is recognised as the development activity takes place over time. There are elements of variable consideration in the form of unguaranteed royalties, which are recognised once it is considered highly probable that they will not reverse. This is typically on receipt.

 

There are certain contracts that contain a financing component where the customer receives a benefit from the Group financing the transfer of services to the customer, generally over a period of time extending beyond 12 months. For arrangements with a significant financing component the transaction price is adjusted for both the length of time between when the Group delivers the services and when the customer pays for those services, and the effects of the time value of money using prevailing interest rates.

 

When determining what rate to use, management consider the rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception taking into account the credit characteristics of the customer.

 

4. SEGMENTAL REPORTING - UNAUDITED

 

The trading operations of the Group are only in video games development, and are all continuing. This includes the activities of Sumo Digital Limited, Mistral Entertainment Limited, Sumo Video Games Private Limited, Cirrus Development Limited, Sumo Digital (Genus) Limited, Sumo Digital (Atlantis) Limited, Atomhawk Design Limited and Atomhawk Canada Limited. The central activities, comprising services and assets provided to Group companies, are considered incidental to the activities of the Group and have therefore not been shown as a separate operating segment but have been subsumed within video games development. All assets of the Group reside in the UK, with the exception of non-current assets with a net book value of £389,000 (31 December 2017: £400,000) which were located in India and Canada.

 

Major clients

 

In the half year ended 30 June 2018 there were five major customers that individually accounted for at least 10 per cent of total revenues (year ended 31 December 2017: three customers). The revenues relating to these customers in the half year ended 30 June 2018 were £5.1m, £3.8m, £3.6m, £3.5m and £3.0m (year ended 31 December 2017: £9.7m, £4.7m and £3.2m).

 

Analysis of revenue

 

 

Half year ended

30 June

2018

Half year ended

30 June

2017

Year ended

31 December

2017

 

£'000

£'000

£'000

 

 

 

 

UK & Ireland

5,681

6,083

10,248

Europe

8,761

5,545

10,861

Rest of the World

8,474

2,689

9,503

 

22,916

14,317

30,612

 

Revenue by category

 

 

Half year ended

30 June

2018

Half year ended

30 June

2017

Year ended

31 December

2017

 

£'000

£'000

£'000

Development Fees

 

 

 

Video Game Industry

22,494

12,746

28,303

Art & Leisure

34

-

96

Film & TV

-

-

15

Retail

29

-

25

Total Development Fees

22,557

12,746

28,439

 

 

 

 

Own IP

259

1,320

1,695

Royalties

100

251

478

Total Revenue

22,916

14,317

30,612

 

The Development Fees to the half year ended 30 June 2018 include £3,605,000 (year ended 31 December 2017: £2,021,000; half year ended 30 June 2017: £1,097,000) of pass-through revenue on which the Group does not charge a margin.

 

5. DIRECT COSTS (NET) - UNAUDITED

 

 

Half year ended

30 June

2018

Half year ended

30 June

2017

Year ended

31 December

2017

 

£'000

£'000

£'000

 

 

 

 

Direct costs

18,626

12,118

25,656

Video Game Tax Credit

(3,680)

(3,068)

(8,296)

 

14,946

9,050

17,360

 

6. NET FINANCE INCOME / (COSTS) - UNAUDITED

 

 

Half year ended

30 June

2018

Half year ended

30 June

2017

Year ended

31 December

2017

 

£'000

£'000

£'000

 

 

 

 

Interest income

-

-

3

Fair value movement on foreign exchange forward contracts

2

(43)

53

IFRS 15 financing income

118

-

-

Debt refinancing cost release

-

(98)

(841)

Bank and other interest

(54)

(2,269)

(4,593)

Finance income/ (costs)

66

(2,410)

(5,378)

 

7.     TAXATION - UNAUDITED

 

The taxation credit is recognised based on management's best estimate of the weighted average annual tax rate expected for the full financial year.

 

The tax credit for the period has been calculated at an effective rate of 26.9% (half year ended 30 June 2017: 22.7%; year ended 31 December 2017: 16.2%). The differences to the standard rate of 19% are due to the effects of non-taxable income, recording of deferred tax on the share-based payment charge and unrecognised deferred tax assets.

 

8. EARNINGS PER SHARE - UNAUDITED

 

Basic and diluted earnings per share are calculated by dividing the earnings attributable to equity shareholders by the weighted average number of ordinary shares in issue.

 

The weighted average number of shares is restricted by the 8,960,347 shares held by the EBT, as these shares are not freely available on the open market.

 

The calculation of basic and diluted loss per share is based on the following data:

 

 

Half year ended

30 June

2018

Half year ended

30 June

2017

Year ended

31 December

2017

Earnings (£'000)

 

 

 

Earnings for the purposes of basic and diluted earnings

per share being loss for the year attributable to equity shareholders

(1,332)

(1,529)

(23,435)

Number of shares

 

 

 

Weighted average number of shares for the purposes of basic earnings per share

140,004,508

10,654

6,018,226

Weighted average dilutive effect of conditional share awards

4,591,585

-

950,000

Weighted average number of shares for the purposes of diluted earnings per share

144,596,093

10,654

6,968,226

Loss per ordinary share (pence)

 

 

 

Basic loss per ordinary share

(0.95)

(14,351.42)

(389.40)

Diluted loss per ordinary share

(0.95)

(14,351.42)

(389.40)

Basic and diluted earnings per share are the same as the Group is loss making and therefore the effect of the conditional share awards would be anti-dilutive.

Adjusted earnings per ordinary share (pence)

 

 

 

Basic adjusted earnings per ordinary share

2.96

9,095.18

42.75

Diluted adjusted earnings per ordinary share

2.86

9,095.18

36.92

The calculation of basic and diluted adjusted earnings per share is based on the following data:

 

Half year ended

30 June

2018

Half year ended

30 June

2017

Year ended

31 December

2017

 

£'000

£'000

£'000

Loss for the period attributable to equity shareholders

(1,332)

(1,529)

(23,435)

Add back/(deduct):

 

 

 

Depreciation and amortisation charges

5,561

2,894

28,295

Share based payments charge

1,058

-

-

Exceptional items              

-

95

2,656

Tax effect of the above

(1,145)

(491)

(4,943)

Adjusted earnings

4,142

969

2,573

 

9. PROPERTY, PLANT AND EQUIPMENT - UNAUDITED

 

 

Leasehold improvements

Fixtures and fittings

Computer hardware

Total

 

£'000

£'000

£'000

£'000

COST

 

 

 

 

As at 1 January 2017

187

113

808

1,108

Acquisition of subsidiary

-

2

15

17

Additions

607

100

879

1,586

As at 31 December 2017

794

215

1,702

2,711

Impact of foreign exchange

-

(2)

(2)

(4)

Additions

685

250

360

1,295

As at 30 June 2018

1,479

463

2,060

4,002

 

 

 

 

 

DEPRECIATION

 

 

 

 

As at 1 January 2017

19

16

172

207

Charge for the period

45

54

570

669

As at 31 December 2017

64

70

742

876

Charge for the period

104

55

366

525

As at 30 June 2018

168

125

1,108

1,401

 

 

 

 

 

NET BOOK VALUE

 

 

 

 

As at 1 January 2017

168

97

636

901

As at 31 December 2017

730

145

960

1,835

As at 30 June 2018

1,311

338

952

2,601

 

Depreciation charges are allocated to direct costs and operating expenses in the income statement.

 

10. SHARE-BASED PAYMENTS - UNAUDITED

 

During the period awards were made over the Company's ordinary shares of £0.01 each under The Sumo Group plc Long Term Incentive Plan (the "LTIP"). Together with the awards made on admission the total number of awards under option as at 30 June 2018 is 8,960,347. The fair value of the awards has been calculated and a charge of £1,058,000 has been recognised in the income statement with a corresponding credit to retained earnings.

 

11. TREASURY RESERVE - UNAUDITED

Pursuant to the LTIP Awards noted above, the Company issued on 9 March 2018 a total of 4,618,735 Ordinary Shares to Aghoco 1337 Limited (the "New Shares"), the trustee of the Sumo Group plc Employee Benefit Trust (the "EBT") to be held in order to satisfy the element of the proposed LTIP Awards which are to be held under a joint ownership arrangement.

 

12. POST BALANCE SHEET EVENTS - UNAUDITED

 

On 14 August 2018 the Group acquired The Chinese Room Limited ("The Chinese Room") for a total consideration of £2.2 million satisfied through £1.6 million cash consideration and £0.6 million through the issue of 357,485 new ordinary shares in Sumo Group plc. The net consideration was £0.6 million, as The Chinese Room has been acquired with £1.6 million of cash on the balance sheet.

 

13. NOTES TO THE CASHFLOW STATEMENT - UNAUDITED

 

 

Half year ended

30 June

2018

Half year ended

30 June

2017

Year ended

31 December

2017

 

£'000

£'000

£'000

 

 

 

 

Loss for the financial year/period

(1,332)

(1,529)

(23,435)

Income tax

(491)

(450)

(4,538)

Net finance (income)/ costs

(66)

2,410

5,378

Operating (loss)/ profit

(1,889)

431

(22,595)

Depreciation charge (note 9)

525

312

669

Amortisation of intangible assets

5,036

2,582

27,626

Increase in bad debt provision

-

-

19

Share based payments charge

1,058

-

-

(Increase)/Decrease in trade and other receivables

(8,101)

357

273

Increase/ (Decrease) in trade and other payables

12

(123)

3,113

 

(3,359)

3,559

9,105

 

The increase in trade and other receivables is mainly due to higher accrued income balances given the stage of the development of the games in progress at the half year. This primarily arose due to the payment terms on the one contract whereby the Group is financing an element of the development combined with the timing of milestone receipts.

 

14. TRANSITION TO IFRS 15 - UNAUDITED     

 

As stated in Note 3, the Group has adopted IFRS 15 in this condensed consolidated interim financial information. The Group has applied the modified retrospective approach and the following tables outline the adjustment to each line item.

 

The cumulative adjustment to opening retained earnings was £131,000. The impact on the affected line items is set out in the tables below:

 

Consolidated interim income statement

 

 

 

 

Half year ended

30 June 2018

£'000

 

 

IFRS 15

Adjustment

£'000

 

Unadjusted

Half year ended

30 June 2018

£'000

Revenue

22,916

260

23,176

Direct costs (net)

(14,946)

-

(14,946)

Gross profit

7,970

260

8,230

Operating expenses

(9,859)

-

(9,859)

Operating expenses - exceptional

-

-

-

Operating expenses - total

(9,859)

-

(9,859)

Group operating (loss) / profit

(1,889)

260

(1,629)

Analysed as:

 

 

 

Adjusted EBITDA[1]

4,990

-

4,990

Amortisation

(5,036)

-

(5,036)

Depreciation

(525)

-

(525)

Share based payments charge

(1,058)

-

(1,058)

IFRS 15 financing impact

(260)

260

-

Exceptional items

-

-

-

Group operating (loss) / profit

(1,889)

260

(1,629)

Net finance income / (costs)

66

(118)

(52)

Loss before taxation

(1,823)

142

(1,681)

Taxation

491

-

491

Loss for the period attributable to equity shareholders

(1,332)

142

(1,190)

Loss per share (pence)

 

 

 

Basic

(0.95)

0.10

(0.85)

Diluted

(0.95)

0.10

(0.85)

 

Note 1: Adjusted EBITDA, which is defined as profit before finance costs, tax, depreciation, amortisation, share based payments charge, the impact of IFRS 15 financing recognition, and exceptional items, is a non-GAAP metric used by management and is not an IFRS disclosure.

 

Consolidated interim balance sheet

 

 

 

30 June

2018

£'000

 

IFRS 15

Adjustment

£'000

Unadjusted

30 June

2018

£'000

Non-current assets

 

 

 

Goodwill and other intangible assets

23,378

-

23,378

Property, plant and equipment

2,601

-

2,601

Deferred tax asset

1,725

-

1,725

Total non-current assets

27,704

-

27,704

Current assets

 

 

 

Trade and other receivables            

18,230

273

18,503

Cash and cash equivalents

6,503

-

6,503

Total current assets

24,733

273

25,006

Total assets

52,437

273

52,710

Current liabilities

 

 

 

Borrowings

-

-

-

Trade and other payables

10,775

-

10,775

Corporation tax payable

926

-

926

Derivative financial instruments

-

-

-

Total current liabilities

11,701

-

11,701

Non-current liabilities

 

 

 

Borrowings

-

-

-

Employee related provisions

-

-

-

Deferred tax liabilities

-

-

-

Total non-current liabilities

-

-

-

Total liabilities

11,701

-

11,701

Net assets / (liabilities)

40,736

273

41,009

Equity

 

 

 

Share capital

1,496

-

1,496

Share premium

40,994

-

40,994

Reverse acquisition reserve

(60,623)

-

(60,623)

Foreign currency translation reserve

(23)

-

(23)

Treasury reserve

(4,919)

-

(4,919)

Retained earnings

63,811

273

64,084

Total equity

40,736

273

41,009

 

15. PRO FORMA INFORMATION - UNAUDITED             

 

Earnings per share

 

The disclosure in Note 8 for Earnings per share presents the information using the share capital at each of the relevant reporting periods. The below presents the earnings per share figures using the post-IPO capital structure in order to aid comparability across reporting periods. The weighted average number of shares is restricted by the 8,960,347 shares held by the EBT, as these shares are not freely available on the open market.

 

The earnings have been taken from the interim income statement above, and adjusted earnings exclude depreciation and amortisation charges, exceptional items, and their associated tax effect.

 

 

Half year ended

30 June

2018

Half year ended

30 June

2017

Year ended 31 December

2017

Earnings (£'000)

 

 

 

Earnings for the purposes of basic and diluted earnings per

share being profit for the period attributable to equity

shareholders

(1,332)

(1,529)

(23,435)

Number of shares

 

 

 

Weighted average number of shares for the purposes of basic earnings per share

140,004,508

138,917,931

138,917,931

Weighted average dilutive effect of conditional share awards

4,591,585

950,000

950,000

Weighted average number of shares for the purposes of diluted earnings per share

144,596,093

139,867,931

139,867,931

Loss per ordinary share (pence)

 

 

 

Basic loss per ordinary share

(0.95)

(1.10)

(16.87)

Diluted loss per ordinary share

(0.95)

(1.10)

(16.87)

Adjusted earnings per ordinary share (pence)

 

 

 

Basic adjusted earnings per ordinary share

2.96

0.70

1.85

Diluted adjusted earnings per ordinary share

2.86

0.69

1.84

 

The calculation of basic and diluted adjusted earnings per share is based on the following data:

 

 

Half year ended

30 June

2018

Half year ended

30 June 2017

Year ended

31 December

2017

 

£'000

£'000

£'000

Loss for the period attributable to equity shareholders

(1,332)

(1,529)

(23,435)

Add back/(deduct):

 

 

 

Depreciation and amortisation charges

5,561

2,894

28,295

Share based payments charge

1,058

-

-

Exceptional items              

-

95

2,656

Tax effect of the above

(1,145)

(491)

(4,943)

Adjusted earnings

4,142

969

2,573

 

Reconciliation of reported to underlying results

 

The below tables highlight the impact of IFRS 15 on the current year, together with adjustments to interest costs to reflect the ungeared structure of the Group as it is following the IPO in December 2017 and the effects of pass-through revenue (as discussed in note 4).

 

Half year ended 30 June 2018

 

 

Half year ended

30 June

2018

IFRS 15 adjustment

Other adjustments

Underlying

30 June

2018

 

£'000

£'000

£'000

£'000

Revenue

22,916

260

(3,605)

19,571

Gross profit

7,970

260

-

8,230

Operating expenses excluding depreciation, amortisation, exceptional items, share based payments charge, and IFRS 15 financing recognition

(2,980)

(260)

-

(3,240)

Adjusted EBITDA

4,990

-

-

4,990

Depreciation

(525)

-

-

(525)

Net finance income/ (costs)

66

(118)

-

(52)

IFRS 15 financing impact

(260)

260

-

-

Amortisation of software

(87)

-

-

(87)

Adjusted Profit before tax, exceptional items, share based payment charges and amortisation of customer contracts and customer relationships

4,184

142

-

4,326

Operating expenses - exceptional

-

-

-

-

Share based payments charges

(1,058)

-

-

(1,058)

Amortisation of customer contracts and customer relationships

(4,949)

-

-

(4,949)

Loss before taxation

(1,823)

142

-

(1,681)

 

Half year ended 30 June 2017

 

 

Half year ended

30 June

2017

IFRS 15 adjustment

Other adjustments

Underlying

30 June

2017

 

£'000

£'000

£'000

£'000

Revenue

14,317

-

(1,097)

13,220

Gross profit

5,267

-

-

5,267

Operating expenses excluding depreciation, amortisation, exceptional items, share based payments charge, and IFRS 15 financing recognition

(1,847)

-

-

(1,847)

Adjusted EBITDA

3,420

-

-

3,420

Depreciation

(312)

-

-

(312)

Net finance income/ (costs)

(2,410)

-

2,410

-

IFRS 15 financing impact

-

-

-

-

Amortisation of software

(81)

-

-

(81)

Adjusted Profit before tax, exceptional items, share based payment charges and amortisation of customer contracts and customer relationships

617

-

2,410

3,027

Operating expenses - exceptional

(95)

-

-

(95)

Share based payments charges

-

-

-

-

Amortisation of customer contracts and customer relationships

(2,501)

-

-

(2,501)

Loss before taxation

(1,979)

-

2,410

431

Year ended 31 December 2017

 

Half year ended

31 December

2017

IFRS 15 adjustment

Other adjustments

Underlying

31 December

2017

 

£'000

£'000

£'000

£'000

Revenue

30,612

-

(2,021)

28,591

Gross profit

13,252

-

-

13,252

Operating expenses excluding depreciation, amortisation, exceptional items, share based payments charge and IFRS 15 financing recognition

(4,896)

-

-

(4,896)

Adjusted EBITDA

8,356

-

-

8,356

Depreciation

(669)

-

-

(669)

Net finance income/ (costs)

(5,378)

-

5,378

-

IFRS 15 financing impact

-

-

-

-

Amortisation of software

(162)

-

-

(162)

Adjusted Profit before tax, exceptional items, share based payment charges and amortisation of customer contracts and customer relationships

2,147

-

5,378

7,525

Operating expenses - exceptional

(2,656)

-

-

(2,656)

Share based payments charges

-

-

-

-

Amortisation of customer contracts and customer relationships

(27,464)

-

-

(27,464)

Loss before taxation

(27,973)

-

5,378

(22,595)


FINANCIAL CALENDAR

 

Financial year end

31 December 2018

Preliminary announcement of full-year results

April 2019

Publication of Annual Report and Accounts

May 2019

Annual General Meeting

June 2019

Preliminary announcement of half-year results

September 2019

Publication of Interim Report

October 2019

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
IR BUGDCCXDBGIS

a d v e r t i s e m e n t