TIDMCRDL
RNS Number : 3100A
Cordel Group PLC
22 January 2024
22 January 2024
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Interim Results
Cordel Group PLC (AIM: CRDL), the Artificial Intelligence
platform for transport corridor analytics, announces unaudited
results for the six months ending 31 December 2023.
Six months Six months % change % change
to to (constant currency*)
31 Dec 2023 31 Dec 2022
GBP'000 GBP'000
------------- --------------- --------- ----------------------
Total revenue 1,961 945 108% 111%
Cost of sales (924) (268) 245% 233%
Total expenses (1,760) (1,523) 16% 27%
Other income 149 57 161% 165%
EBITDA (574) (789) 27% 14%
*Constant currency reflects the results had the underlying
transactional currencies, (i.e. USD, AUD and GBP) remained constant
across the full financial year.
Highlights:
-- Total revenue increased by 108% in reported currency and 111% at constant currency.
-- Cost of sales increased by 245% (233% constant currency) due
to an increased proportion of hardware vs software and services in
new contracts in the half year.
-- Total expenses increased by 16% (27% at constant currency) as
the Group executed on its strategy to invest in growth.
-- As at 31 December 2023, cash balance was GBP1,191,528
compared with GBP1,283,463 at 30 June 2023.
-- Total assets as at 31 December 2023 were GBP4,358,514 whilst
net assets were GBP3,081,296 compared with GBP4,823,403 and
GBP3,799,076, respectively, as at 30 June 2023.
-- UK achievements during the period included further
development of new business initiatives with our key partner Angel
Trains in the field of Unmanned Geometry, detection of vegetation
infringements and prevention of overhead line obstruction, a new
Data-as-a-Service contract with High Speed One ("HS1") and the move
to live production for the Network Rail Railway Gauging Data
Solution ("RGDS") system.
-- USA achievements included a new contract in Mexico in
partnership with Holland LP and continued, on-schedule progress
with the Amtrak contract announced last year.
-- Australia achievements included the extension of the
Australian Rail Track Corporation ("ARTC") contract and a Level
Crossing Safety Research project with National Transport Research
Organisation ("NTRO").
Ian Buddery, Chairman, Cordel, said: "The interim results show
very pleasing growth compared to the corresponding period last
year, with sales momentum building in all markets. The delivery of
a LiDAR unit in Mexico and hardware units supporting our Angel
partnership reduced our normal operating margin, but this is
expected to balance out positively in the second half as software
and Data-as-a-Service components are delivered for these
projects.
During the period, we added new sales, business development and
technical support staff in the USA and UK and are delighted with
the resulting uplift in market engagement, which gives us
confidence for continuing success in 2024 and beyond. As always, we
take care to balance the requirements of growth opportunities while
maintaining adequate cash reserves."
Enquiries:
Cordel Group PLC c/o Zeus Capital
Ian Buddery, Chairman
John Davis, CEO
Zeus Capital Limited Broker + 44 (0)20 3829 5000
Simon Johnson / Alexandra Campbell-Harris
Strand Hanson Limited Nominated Adviser
Richard Johnson / James Bellman +44 (0)20 7409 3494
About Cordel
Cordel offers a patented cloud-based platform for master data
management and business analytics, together with specialist
hardware and software for capturing, analysing and reporting on
large datasets within the transport sector, employing sophisticated
artificial intelligence algorithms.
Further information on the Company is available at:
www.cordel.ai
Cordel Group PLC
Review of operations by the Chief Executive Officer
31 December 2023
Cordel Group PLC ("the Group"), the developer of the Artificial
Intelligence platform for transport corridor analytics, offers a
patented cloud-based platform for master data management and
business analytics, together with specialist hardware and software
for capturing, analysing and reporting on large datasets within the
transport and infrastructure sectors, employing sophisticated
artificial intelligence algorithms.
Overview of results
During the half year ended 31 December 2023, the Company secured
an extension of its partnership with Angel Trains tackling new use
cases in Unmanned Geometry, quantified vegetation trending and
overhead line obstruction prevention, further strengthening our
position in the UK rail market. We have also secured a new
Data-as-a-service contract with High Speed One and moved our
Network Rail RGDS system into live production. In the USA, we have
secured a new contract in Mexico in partnership with Holland LP and
our delivery to Amtrak as part of the contract announced earlier in
2023 is progressing on track. We have recruited a new team in the
USA and we are already seeing the benefits of their genuine
industry knowledge and experience and deeper connections with Tier
1 and Tier 2 railroads. We remain optimistic about the global
opportunity for Cordel's services. Railroads worldwide want to use
digital analysis to optimise inspection and maintenance to create
safer, more efficient and sustainable railways.
The Company has simplified its operating structure by focusing
all resources into Cordel operations and discontinuing Airsight
Australia and Nextcore activities. The primary growth opportunity
and investment focus is continuing the development and
commercialisation of the Cordel Artificial Intelligence analytics
platform.
Revenue for the half year is summarised as follows:
Six Months to
Six Months to 31 December
31 December 2023 2022
GBP '000 GBP '000 Change
------------------ -------------- -------
NextCore 3 116 -97%
Cordel 1,958 829 136%
Total Revenue 1,961 945 108%
Ongoing operations
The Group operates from offices in London, UK and Newcastle,
Australia with staff in these locations and in the USA. The Company
has customers in Australia, UK, the USA and Mexico. As of 31
December 2023, the Company had cash and receivables totalling
GBP2.7m.
Outlook
The Company continues to be awarded new contracts following
competitive bid processes. This results in a steady growth of the
total mileage of railway track under long-term data management and,
combined with new analytic services released in 2023 and planned
for 2024, is expected to produce further growth in recurring
revenue.
John Davis
Chief Executive Officer
22 January 2024
Cordel Group PLC
Review of operations by the Chief Financial Officer
31 December 2023
A summary of the Group's results are as follows:
Six Months Six Months
to to
31 December 31 December
2023 2022 Change
GBP '000 GBP '000
Revenue from contracts with customers 1,961 945 108%
Total Revenue 1,961 945 108%
Direct cost of sales 924 268 245%
Gross Margin 1,037 677 53%
Employee expenses 1,453 1,162 25%
Occupancy expenses 24 14 71%
Other operating expenses 283 347 -18%
Total expenses 1,760 1,523 15%
Other income 149 57 162%
EBITDA (earnings before interest
expenses, taxation, depreciation
and amortisation adjusted for
other one-off items) (574) (789) 27%
Discontinued operations inventory
written off 92 - 100%
Depreciation 45 61 -27%
Finance Costs 4 5 -23%
Loss before and after income
tax (715) (855) 16%
The above consolidated statements of profit or loss and other
comprehensive income should be read in conjunction with the
accompanying notes.
Revenue
Total revenue for the period increased by 108% to GBP1.96m.
Direct cost of sales
Direct cost of sales increased by GBP656k to GBP924k due to an
increased proportion of hardware vs software and services in new
contracts in the half year. Gross margin fell from 72% to 53% as a
result but this is expected to balance out in the full year.
Operating expenses
Overall operating expenses increased by GBP237k compared to the
prior corresponding period. An increase of staff expenses of
GBP291k reflects the investment in strategic new hires the Group
has made. As at 31 December 2023, Cordel had 35 employees in
Australia, the UK and USA; an increase of 10 employees compared to
the same period in the previous year.
Other operating costs were largely flat with small decreases in
depreciation and amortisation costs offset by slightly higher
occupancy costs.
Other income of GBP141k relates to refundable R&D tax offset
as well as income received for grant-funded projects.
Underlying EBITDA (excluding one-off items) was a loss of
GBP574k, an improvement of 27% on the prior period. This excludes
GBP92k of obsolete inventory written off following the
discontinuation of Nextcore operations.
The loss after tax for the period was GBP715k, an improvement of
16% compared to a loss of GBP855k in the corresponding period to 31
December 2022.
Balance sheet, cash and working capital
The Group balance sheet shows cash resources of GBP1.19 million
million and receivables of GBP1.55 million as at 31 December 2023.
Net cash inflow from operating activities was GBP0.09 million.
Underlying basis of EBITDA
The Group manages its operations by looking at the underlying
EBITDA which excludes the impact of one-off and non-cash items as
this, in the Board's opinion, provides a more representative
measure of the Group's performance. A reconciliation between the
reported loss before tax and underlying EBITDA is included at Note
6 to the financial statements.
Thouraya Walker
Chief Financial Officer
22 January 2024
Cordel Group PLC
Consolidated statements of profit and loss and other
comprehensive income
For the period ended 31 December 2023
Audited
Unaudited six months year
ended
ended 31 December 30 June
Note 2023 2022 2023
GBP GBP GBP
Revenue from contracts with
customers 4 1,960,934 945,020 3,046,496
Total Revenue 1,969,934 945,020 3,046,496
Direct Cost of sale (924,438) (267,749) (791,668)
Gross Margin 1,045,496 677,271 2,254,828
Employee expenses (1,452,558) (1,162,233) (2,367,385)
Occupancy expenses (24,278) (13,587) (34,411)
Depreciation & Amortisation (44,687) (60,953) (117,302)
Other operational expenses (375,649) (347,797) (593,297)
Finance Costs (3,841) (5,160) (16,819)
Total expenses (1,901,013) (1,589,730) (3,129,214)
Other income 5 149,325 57,080 408,756
Interest income 99 15 46
Loss before income tax expenses (715,093) (855,364) (465,584)
Income tax - - (132,566)
Loss after income tax expense
for the period (715,093) (855,364) (598,150)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Foreign currency translation (2,687) (53,613) (17,257)
Share option reserve - - 54,601
Total comprehensive income
for the period (717,780) (908,977) (560,806)
------------ ------------ ------------
Loss for the period attributable
to:
Non-controlling interest - - -
Owners of Cordel Group PLC (715,093) (855,364) (598,150)
(715,093) (855,364) (598,150)
------------ ------------ ------------
Total comprehensive income
for the period is attributable
to:
Non-controlling interest - - -
Owners of Cordel Group PLC (717,780) (908,977) (560,806)
(717,780) (908,977) (560,806)
------------ ------------ ------------
Basic earnings per share (pence
per share) 15 (0.004) (0.50) (0.30)
Diluted earnings per share
(pence per share) 15 (0.004) (0.50) (0.30)
The above consolidated statements of profit or loss and other
comprehensive income should be read in conjunction with the
accompanying notes.
Cordel Group PLC
Consolidated Balance Sheet as at 31 December 2023
Unaudited Audited
December 31 June 30
Note 2023 2022 2023
Assets GBP GBP GBP
Non-current assets
Goodwill 1,223,403 1,223,403 1,223,403
Right to use assets - 45,582 28,858
Property, plant & equipment 145,849 99,383 73,872
Deferred tax asset 85,991 157,405 84,069
------------- ------------- ---------------
Total non-current assets 1,455,243 1,525,773 1,410,202
------------- ------------- ---------------
Current assets
Trade and other receivables 7 1,554,216 458,345 1,985,957
Inventory 157,527 154,336 143,781
Cash and cash equivalents 1,191,528 433,945 1,283,463
------------- ------------- ---------------
Total current assets 2,903,271 1,046,626 3,413,201
------------- ------------- ---------------
Total Assets 4,358,514 2,572,399 4,823,403
------------- ------------- ---------------
Liabilities
Non-Current liabilities
Lease Liabilities - 15,126 -
Deferred tax 2,031 - 2,031
------------- ------------- ---------------
Total non-current liabilities 2,031 15,126 2,031
------------- ------------- ---------------
Current liabilities
Trade and other payables 8 1,052,789 456,526 662,160
Unearned Income 29,425 11,363 133,290
Lease Liabilities - 35,445 32,700
Borrowings - 78,622 -
Employee benefits 192,972 149,022 194,146
Total current liabilities 1,275,186 730,978 1,022,296
------------- ------------- ---------------
Net assets/(liabilities) 3,081,296 1,826,295 3,799,076
------------- ------------- ---------------
Equity
Share Capital 1,994,886 1,704,272 1,994,886
Share premium account 10,856,854 9,525,617 10,856,854
Other reserves 9 2,434,421 2,346,151 2,437,108
Accumulated losses (12,204,865) (11,749,745) (11,489,772)
Equity/(deficiency) attributable
to the owners of Cordel
Group PLC 3,081,296 1,826,295 3,799,076
Non-controlling interest - - -
Total equity/(deficiency) 3,081,296 1,826,295 3,799,076
------------- ------------- -------------
The above consolidated balance sheet should be read in
conjunction with the accompanying notes.
The interim financial statements of Cordel Group PLC (company
number 1109701 (England and Wales)) were approved by the Board of
Directors and authorised for issue on 22 January 2024. They were
signed on its behalf by:
Ian Buddery Jonathan Macleod
Chairman Director
22 January 2024 22 January 2024
Cordel Group PLC
Consolidated statements of changes in equity
For the period ended 31 December 2023
Share Share Other Accumulated Total
Unaudited six months
ended Capital premium reserves Losses Equity
31 December 2022 account*
GBP GBP GBP GBP GBP
Balance at 1 July 2022 1,704,272 9,525,617 2,399,764 (10,894,381) 2,735,272
Loss after income tax
expense for the period - - - (855,364) (855,364)
Other comprehensive income
for the period, net of
tax - - (53,613) - (53,613)
Total comprehensive income
for the period - - (53,613) (855,364) (908,977)
Transactions with owners
in their capacity as
owners:
Share-based payments
(note 16) - - - - -
Balance at 31 December
2022 1,704,272 9,525,617 2,346,151 (11,749,745) 1,826,295
---------- ----------- ---------- ------------- ----------
Share Share Other Accumulated Total
Unaudited six months
ended Capital premium reserves Losses Equity
31 December 2023 account*
GBP GBP GBP GBP GBP
Balance at 1 July 2023 1,994,886 10,856,854 2,437,108 (11,489,772) 3,799,076
Loss after income tax
expense for the period (715,093) (715,093)
Other comprehensive income
for the period, net of
tax (2,687) (2,687)
Total comprehensive income
for the period 1,994,886 10,856,854 2,434,421 (12,204,865) 3,081,296
Transactions with owners
in their capacity as
owners:
Share-based payments
/Share Issue - - -
Balance at 31 December
2023 1,994,886 10,856,854 2,434,421 (12,204,865) 3,081,296
---------- ----------- ---------- ------------- ----------
*The share premium account is used to recognise the difference
between the issued share capital at nominal value and the share
capital received, net of transaction costs.
Cordel Group PLC
Consolidated statements of changes in equity (cont'd)
For the period ended 31 December 2023
Share Share Other Accumulated Total
Audited year ended Capital premium reserves Losses Equity
30 June 2023 account*
GBP GBP GBP GBP GBP
Balance at 1 July
2022 1,704,272 9,525,617 2,399,764 (10,894,381) 2,735,272
Loss after income
tax expense for the
period - - - (598,150) (598,150)
Other comprehensive
income for the period,
net of tax - - 37,344 2,759 40,103
Total comprehensive
income for the period - - 37,344 (595,391) (558,047)
Transactions with
owners in their capacity
as owners:
Share Issue 290,614 1,331,237 - - 1,621,851
Balance at 30 June
2023 1,994,886 10,856,854 2,437,108 (11,489,772) 3,799,076
---------- ----------- ---------- ------------- ----------
The above consolidated statement of changes in equity should be
read in conjunction with the accompanying notes
Cordel Group PLC
Consolidated statements of cash flows
For the period ended 31 December 2023
Audited
Unaudited six months year
ended June
ended December 31 30
2023 2022 2023
GBP GBP GBP
Cash flows from operating activities
Loss before income tax expense
for the period (715,093) (855,364) (465,584)
Adjustments for:
Depreciation and amortisation 44,687 60,953 117,302
Loss/(Gain) on disposal of equipment (1,687) - (36,423)
Discontinued operations inventory
written off 92,437 - -
Share option reserve - - 57,360
Foreign exchange differences 2,130 283 15,136
Interest received (98) (15) (46)
Interest and other finance costs 3,841 5,160 16,819
(573,783) (788,983) (295,436)
Change in operating assets and
liabilities:
Decrease/(increase) in inventories (13,746) 92,604 103,159
Decrease/(increase) in trade
and other receivables 431,741 904,311 (676,561)
(Decrease)/Increase in trade
and other payables 390,629 (123,294) 81,920
(Decrease)/Increase in other
liabilities (137,739) (59,098) 169,852
----------- ---------- -----------
97,102 25,540 (617,066)
Interest Received 98 15 46
Interest and other finance costs
paid (3,841) (5,160) (12,133)
Net cash used in operating activities 93,360 20,395 (629,153)
----------- ---------- -----------
Cash flows from investing activities
Purchase of property, plant
and equipment (116,665) (45,432) (60,809)
Proceeds from disposal of fixed
asset 1,687 36,378 69,422
Net cash used in investing activities (114,978) (9,054) 8,613
----------- ---------- -----------
Cash flows from financing activities
Proceeds from issue of shares - - 1,725,066
Interest on lease payments (1,061) - (4,685)
Repayment lease arrangements (19,960) (56,201) (37,650)
Proceeds from borrowings - 103,076 -
Transaction costs on issue of
shares - - (103,214)
Net cash from financing activities (21,021) 46,875 1,579,517
----------- ---------- -----------
Net increase/(decrease) in cash
and cash equivalents (42,639) 58,216 958,977
Cash and cash equivalents at
the beginning of the financial
period 1,283,463 339,655 339,665
Effects of exchange rate changes
on cash and cash equivalents (49,296) 36,074 (15,179)
Cash and cash equivalents at
the end of the financial period 1,191,528 433,945 1,283,463
----------- ---------- -----------
The above consolidated statements of cash flows should be read
in conjunction with the accompanying notes.
Cordel Group PLC
Notes to the consolidated financial statements
For the period ended 31 December 2023
Note 1. General information
Cordel Group plc is a public company, registered in England and
Wales and listed on the Alternative Investment Market ('AIM').
Its registered office and principal place of business are:
Registered office Principal place of business
10 John Street Level 4/745 Hunter Street
London WC1N 2EB Newcastle West NSW 2302
United Kingdom Australia
A description of the nature of the Group's operations and its
principal activities are included in the directors' report, which
is not part of the financial statements. The financial statements
were authorised for issue, in accordance with a resolution of
directors, on 22 January 2024. The directors have the power to
amend and reissue the financial statements.
Note 2. Significant accounting policies
These financial statements for the interim half-year reporting
period ended 31 December 2023 have been prepared in accordance with
International Accounting Standards IAS 34 'Interim Financial
Reporting'.
These interim financial statements do not include all the notes
of the type normally included in annual financial statements.
Accordingly, these financial statements are to be read in
conjunction with the annual report for the year ended 30 June 2023
and any public announcements made by the Company during the interim
reporting period.
New or amended Accounting Standards and Interpretations
adopted
The Group has adopted all of the new or amended Accounting
Standards and Interpretations issued by the International
Accounting Standards Board that are mandatory for the current
reporting period. Any new or amended Accounting Standards or
Interpretations that are not yet mandatory have not been early
adopted.
Going concern
The financial statements have been prepared assuming the Group
will continue as a going concern. Under the going concern
assumption, an entity is ordinarily viewed as continuing in
business for the foreseeable future. In assessing whether the going
concern assumption is appropriate, the directors have considered
the Group's existing working capital and are of the opinion that
the Group has adequate resources to undertake its planned program
of activities for the 12 months from the date of approval of these
financial statements.
Note 3. Operating segments
Identification of reportable operating segments
The Group operates in one segment being provision of data
integration and analytic services. This operating segment is based
on the internal reports that are reviewed and used by the Board of
Directors (who are identified as the Chief Operating Decision
Makers ('CODM')) in assessing performance and in determining the
allocation of resources.
The operating segment information is the same information as
provided throughout the consolidated financial statements and are
therefore not duplicated.
Note 4. Revenue from contracts with customers
Audited
Unaudited six months year
ended June
ended December 31 30
2023 2022 2023
GBP GBP GBP
Nextcore 3,145 115,636 117,867
Cordel 1,957,789 829,384 2,928,629
Revenue from contracts with
customers 1,960,934 945,020 3,046,496
-------------- -------- -----------
Disaggregation of revenue
The disaggregation of revenue from contracts
with customers is as follows:
Audited
Unaudited six months year
ended
ended December 31 June 30
Geographical regions 2023 2022 2023
GBP GBP GBP
United Kingdom 1,045,959 659,997 1,545,453
Australia/New Zealand 123,812 235,734 318,412
United States of America 791,163 49,289 1,182,631
1,960,934 945,020 3,046,496
------------- ---------- -----------
Enterprise implementation and enterprise subscriber income are
recognised as revenue over time as opposed to a point in time.
Audited
Note 5. Other income Unaudited six months year
ended June
ended December 31 30
2023 2022 2023
GBP GBP GBP
Government grants and rebates 147,638 20,585 372,172
Other Income 1,687 36,510 36,584
149,325 57,095 408,756
------------ --------- -----------
Note 6. EBITDA reconciliation (earnings before interest expense,
taxation, depreciation and amortisation)
Audited
Unaudited six months year
ended June
ended December 31 30
2023 2022 2023
EBITDA reconciliation GBP GBP GBP
Loss before income tax (715,093) (855,364) (465,584)
Less: Interest revenue (98) (15) (46)
Add: Interest expense 3,841 5,160 16,819
Add: Depreciation and amortisation 44,687 60,953 117,302
Add: Other non-operating costs - 283 -
EBITDA (666,663) (788,983) (331,509)
----------- ---------- -----------
Audited
Unaudited six months year
ended June
ended December 31 30
2023 2022 2023
Underlying EBITDA reconciliation GBP GBP GBP
EBITDA (666,663) (788,983) (331,509)
Discontinued operations 92,437 - -
Underlying EBITDA (574,226) (788,983) (331,509)
----------- ---------- -----------
The financial statements include both the statutory financial
statements and additional performance measures of EBITDA and
Underlying EBITDA. The directors believe these additional measures
provide useful information on the underlying trend in operational
performance going forward without these unusual and other one-off
items.
Note 7. Current assets - trade Audited
and other receivables Unaudited six months year
ended June
ended December 31 30
2023 2022 2023
GBP GBP GBP
Trade receivables 1,178,328 238,824 1,389,988
Other receivables 121,702 - 21,698
Prepayments 140,186 219,521 242,250
R&D tax offset refundable 114,000 - 332,021
1,554,216 458,345 1,985,957
----------- ---------- -------------
Note 8. Current liabilities - Audited
trade and other payables Unaudited six months year
ended June
ended December 31 30
2023 2022 2023
GBP GBP GBP
Trade payables 473,512 171,579 240,697
Accrued expenses 566,712 172,898 314,960
Other payables 12,565 112,049 106,503
1,052,789 456,526 662,160
------------ --------- -----------
Audited
Note 9. Equity - other reserves Unaudited six months year
ended June
ended December 31 30
2023 2022 2023
GBP GBP GBP
Foreign currency reserve 358,784 325,115 361,471
Share-based payments reserve 185,797 131,196 185,797
Capital reorganisation reserve 1,889,840 1,889,840 1,889,840
2,434,421 2,346,151 2,437,108
----------- ---------- -----------
Movements in reserves
Movements in each class of reserve during the
current financial period are set out below:
Unaudited six months ended
31 December 2023 Foreign Share-based Capital Total
Currency payments reorganisation
GBP GBP GBP GBP
Balance as at 1 July 2023 361,471 185,797 1,889,840 2,437,108
Foreign currency translation (2,687) - - (2,687)
Share-based payment - - - -
Balance at 31 December 2023 358,784 185,797 1,889,840 2,434,421
--------- ------------ --------------- ----------
Note 10. Equity - dividends
There were no dividends paid, recommended, or declared during
the current or previous financial period.
Note 11. Fair value measurement
The carrying amounts of trade and other receivables and trade
and other payables are assumed to approximate their fair values due
to their short-term nature.
The fair value of financial liabilities is estimated by
discounting the remaining contractual maturities at the current
market interest rate that is available for similar financial
liabilities.
Note 12. Related party transactions
Parent entity
The parent entity and ultimate parent entity is Cordel Group
PLC. There is no ultimate controlling party.
Transactions with related parties
Ian Buddery was remunerated through his personal service company
during the period.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to
related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current
and previous reporting date.
Note 13. Earnings Unaudited six
per share months Audited year
ended December
31 ended June 30
2023 2022 2023
GBP GBP GBP
Loss after income
tax (715,093) (855,364) (598,150)
Non-controlling
interest - - -
Loss after income
tax attributable
to the owners of
Cordel Group PLC (715,093) (855,364) (598,150)
--------------- ------------ ------------
Number Number Number
Weighted average
number of ordinary
shares used in
calculating basic
earnings per share 199,488,614 170,427,186 199,488,614
Weighted average
number of ordinary
shares used in
calculating diluted
earnings per share 199,488,614 170,427,186 199,488,614
Pence Pence Pence
Basic earnings
per share (0.40) (0.50) (0.30)
Diluted earnings
per share (0.40) (0.50) (0.30)
Note 14. Events after the reporting period
The Group entered into a three-year operating lease for new
premises in Newcastle, Australia after the balance sheet date. The
Group has future commitments of AUD$199,200 per annum under the
terms of the lease.
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IR GCGDBXXBDGSC
(END) Dow Jones Newswires
January 22, 2024 02:00 ET (07:00 GMT)
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