TIDMIDEA
RNS Number : 5146A
Ideagen PLC
22 January 2020
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014
22(nd) January 2020
Ideagen PLC
("Ideagen" the "Company" or the "Group")
Unaudited Interim Results for the six months ended 31 October
2019
Ideagen PLC (AIM: IDEA), a leading supplier of Integrated Risk
Management software to highly regulated industries, announces its
unaudited interim results for the six months ended 31 October
2019.
Financial Highlights
-- First half performance in line with market expectations and
confident outlook for second half
-- Revenue increased 30% to GBP27.3 million (H1 2018: GBP21.0 million)
o Continued growth of recurring revenues, representing 74% (H1
2018: 67%) of total revenues
o SaaS revenues increased by 76% to GBP9.7 million (H1 2018:
GBP5.5 million)
o Underlying organic revenue growth* of 7% (H1 2018: 8%)
-- Annual Recurring Revenue book (ARR) was up 20% at
approximately GBP43.9 million (GBP36.4 million at 30 April
2019)
o Acquisition-led growth of GBP3.8 million
o Organic growth of GBP3.7 million - 10% in period (H1: 2018 7%)
20% annualised
o 48% increase in SaaS bookings (H1 2018: 80%)
-- Adjusted EBITDA** on an IFRS16 basis grew 38% to GBP8.0
million (H1 2018: GBP5.8 million on an IAS17 basis)
o Adjusted EBITDA** on a like for like IAS17 basis (note 2) grew
30% to GBP7.5 million (H1 2018: GBP5.8 million).
-- Adjusted PBT*** increased by 25% to GBP6.0 million (H1 2018: GBP4.8 million)
-- Adjusted diluted EPS*** increased by 17% to 2.31 pence (H1 2018: 1.98 pence)
-- Cash generated by operations of GBP5.9 million (H1 2018:
GBP5.2 million) representing 74% (H1 2018: 90%) of adjusted
EBITDA**
-- Net bank debt at 31 October 2019 was GBP18.0 million (30
April 2019: GBP1.3 million; 31 October 2018: GBP1.3 million)
-- Interim dividend increased by 15.6% to 0.104 pence per share (H1 2018: 0.09 pence)
Operational Highlights
-- Acquisition of Redland Solutions Ltd a fast growing,
profitable RegTec SaaS company supplying software to the financial
services industry
-- Acquisition of Optima Diagnostics Limited a SaaS based Health and Safety compliance company
-- Strong international growth with 90% of all new SaaS logo wins outside of the UK
-- 206 new logo SaaS customer wins including - Emirates Group ,
SSE, Mallinckrodt Pharmaceuticals, Royal London, Washington
Department of Transport, Vietjet Air, Natixis
-- 73 new logo on-premise customer wins including Merck,
Directorate General of Civil Aviation, Mater Hospitals and Health
Services, Sandia National Laboratories, Electoral Commission,
YASREF
-- Strong account management with significant contract
extensions from Excujet, Uniphar, Sanofi, Southern Water,
Commerzbank, Sunclass Airlines. Oshkosh Defense, Belfast Health
& Social Care Trust Enterprise
-- Continued high levels of customer retention with support and
maintenance contract renewal rate of 95%
-- Ongoing product innovation and investment across all products
with strong emphasis on cloud solutions
* Comparison calculated on a pro-forma basis as if acquisitions
had been in the Group for the same period in the previous year
** Before share-based payments and exceptional items
*** Before share-based payments, amortisation of acquisition intangibles and exceptional items
Ben Dorks, Chief Executive of Ideagen, commented:
"I am delighted with the progress we have made against our
business objectives in the first six months. A key growth metric is
ARR, in which we have delivered excellent growth. This was driven
by a strong organic performance, further acquisitions and ongoing
investment to support our product development.
We continue to achieve organic ARR growth across each of our key
vertical markets which is strengthened by the successful
integrations of InspectionXpert, Morgan Kai and Scannell (acquired
late in our previous financial year).
The second half of the year has begun in line with our
expectations. We continue to win new logo customers which, coupled
with the repeat business derived from more than 4,500 customers and
our strong ARR base, provides the Board with confidence in the
prospects for the Group for the current year and beyond."
Enquiries:
Ideagen plc 01629 699100
David Hornsby, Executive Chairman
Ben Dorks, Chief Executive
Graeme Spenceley, Chief Financial Officer
020 7220
finnCap Limited 0500
Henrik Persson, James Thompson (Corporate
Finance)
Alice Lane (ECM)
020 7523
Canaccord Genuity Limited 8000
Simon Bridges
Richard Andrews
About Ideagen plc
Ideagen is a UK-headquartered, global technology company quoted
on the London Stock Exchange AIM market (Ticker: IDEA.L).
The Group provides software and services to organisations
operating within highly regulated industries such as aviation,
banking and finance and life science, with operational premises
spread throughout the UK, EU, US, Middle East and SE Asia.
With an excellent portfolio of software products including
Q-Pulse, Coruson, Pentana Audit, Pentana Risk and PleaseReview,
Ideagen helps its clients reduce costs, improve operational
efficiency, strengthen compliance and oversight and anticipate and
manage every detail of risk.
Currently, more than 4,700 organisations use Ideagen's products
including seven of the top 10 UK accounting firms, all of the top
aerospace and defence companies and 75% of the world's leading
pharmaceutical firms.
Ideagen's diverse and varied customer base includes many
well-known, global brands such as British Airways, Aggreko, BAE,
Ryanair, US Navy, KLM, BBVA, Bank of New York, Commerzbank,
Meggitt, Heineken, Johnson Matthey, Haeco Group and European
Central Bank. As well as this, Ideagen counts 250 hospitals across
the UK and US amongst its client base.
Ideagen directly employs over 500 members of staff and is
present in every continent globally.
CHIEF EXECUTIVE'S REVIEW
I am delighted to report that the first six months has continued
to be a success for Ideagen based on strong customer demand and
sales execution in the period during which we have achieved a
strong performance in all metrics. Our results demonstrate the
transition to a recurring model is progressing successfully ahead
of schedule whilst we continue to deliver robust margins and cash
conversion.
The board now considers the most relevant growth metric as being
Annual Recurring Revenue ("ARR"). Increasing by approximately 20
per cent from GBP36.4 million on 30 April 2019 to GBP43.9 million
on 31 October 2019. This comprises of acquisition-led growth of
GBP3.8 million combined with organic growth of GBP3.7 million.
The Group has made excellent strategic progress in implementing
its strategy of organic and acquisitive growth and we are excited
to see that continue. We have completed two acquisitions during the
period that has strengthened our product portfolio and provides
further consolidation opportunities and capability to support our
customer base. We continue to be extremely encouraged by the
success in our priority international markets of North America and
Asia, that continues to form a significant expansion opportunity
for the Group.
Total revenue of GBP27.3 million (H1 2018: GBP21.0 million),
representing overall growth of 30% and adjusted EBITDA that grew
38% (on an IFRS16 basis) to GBP8.0 million (H1 2018: GBP5.8 million
on an IAS17 basis). A further key financial metric for the Group
that continues to be important is EPS and I am pleased to report an
increase in adjusted diluted EPS of 17% to 2.31 pence (H1 2018:
1.98 pence).
Market drivers and growth opportunities
Ideagen operates in a global market and is fuelled by several
drivers that propel us to achieve our goal of strong structural
growth. Businesses around the world continue to need innovative
solutions to help them meet increasingly stringent compliance,
quality, safety, and regulatory risk requirements.
Ideagen's product-market strategy is focused in two areas:
QHSE - Quality, Health & Safety and Environmental Management
-
-- Compliance with existing and new standards, laws and regulations
-- Conformance with customer requirements, including, for
example, new pressures for risk-based shop floor quality management
in manufacturing supply chains
-- Efficiency and productivity in quality, safety and
environmental management; for example, being able to comply with
new or more stringent requirements without increasing headcount in
the compliance team
-- Improving performance in these areas, for example by reducing
the number of safety incidents in which employees are harmed,
ensuring that important quality audits are passed successfully
ARC - Audit, Risk and Compliance Management -
-- Pursuit of a sustainable competitive advantage through risk-based compliance and oversight
-- Establishing a strong governance model to deliver resilience,
compliance and strategic goals
-- Productivity of internal audit teams through automation of their business processes
-- Compliance with laws and regulations such as SOX, UK Companies Act, SM&CR or ASC 275
-- Stewardship of brand and reputation
These key market opportunities overlaid with a vertical
concentration in aviation, aerospace, automotive and defence
manufacturing, life sciences, healthcare, financial services and
banking; provides global opportunity for growth with the
accelerating shift towards a cloud economy.
Overview
Following continued strong financial performance Ideagen has the
capability and resources to make important investments across the
Group. These investments will support further growth in line with
our People, Products and Customers. Organic investment will be
directed at developing and launching additional world-class
products, improving the value-based outcomes for our customers, as
well as recruiting and developing the very best people into
Ideagen. We intend to support this organic investment by
considering acquisitions that broaden our geographic reach and
strengthen our product capabilities.
Corporate Transactions
Ideagen has a strong track record of acquiring companies. During
the period we have completed two further acquisitions to strengthen
our product and technology capabilities, broaden our international
reach and customer base, which in turn brings us closer to our
strategic goal of being a global leader in our chosen markets.
The first of these was Redland Business Solutions Ltd
("Redland") for a net consideration of GBP15.8 million. Redland is
a fast growing, profitable RegTec SaaS company supplying software
to the financial services industry. With solutions that underpin
the Senior Manager & Certification Regime (SMCR) and individual
employee competency. Customers include Nomura, Santander, Investec,
Hargreaves Lansdown, and Rathbones. Current run rate revenues are
approximately GBP4.2 million while ARR is approximately GBP3
million.
Redland is an extremely valuable addition to the Group and in
line with our strategy of acquiring Integrated Risk Management
businesses that have strong IP and growing recurring revenues.
Financial Services is an important vertical market for Ideagen and
the combination of Redland's Insight Platform with Ideagen's
Pentana products provides a compelling proposition covering
internal audit, risk management, certification and SMCR
compliance.
Since the acquisition, Redland has performed strongly securing
twelve new logo wins with a combined contract value of GBP1.6
million, including prestigious clients such as Natixis, Alexander
Hall, TPICAP and IG Group.
This was followed by the acquisition of Optima Diagnostics
Limited ("Optima") for a cash consideration of GBP1.8 million.
Optima is a Software as a Service ("SaaS") company that has
developed OSHENS, a SaaS based Health and Safety compliance
solution with approximately 80 customers across highly regulated
markets including Airbus, Sellafield, BAE Systems and Edinburgh
Airport. On a current run rate, Optima is generating approximately
GBP1 million in revenues and GBP900k ARR.
The Global Quality, Health, Safety and Environmental (QHSE)
market is valuable yet fragmented and the acquisition will further
enhance our market position as we aim to further consolidate this
sector.
The Board remains committed to our ongoing buy and build
strategy and expects to complete further acquisitions in the
future. Our acquisition strategy focuses on recurring revenues and
compelling product offerings. Continually applying strict criteria
to ensure that acquisitions represent value for shareholders.
Operational
At the end of the period the Group had net debt of GBP18.0
million (30 April 2019: net debt of GBP1.3 million) after spending
GBP19.8 million on acquisitions. Operating cash generation in the
period remained robust and in line with the Board's
expectations.
The Group continues to benefit from a strong and growing base of
recurring revenues, representing 74% of total revenue in the period
(H1 2018: 67%). The Group is committed to increasing the percentage
of total revenue derived from recurring contracts through the
medium-term transition of a traditional licence-based model to a
SaaS subscription model. This transition is underway and recurring
SaaS revenues have increased by 76% to GBP9.7 million (2018: GBP5.5
million)
The InspectionXpert and Morgan Kai acquisitions from FY2019 have
been successfully integrated using our mature 72 point integration
framework. The Scannell acquisition has been rebranded and
integrated as the new Q-Pulse Law product with good early market
feedback and sales execution.
People
At 31 October 2019 Ideagen counted 542 employees across its UK
and international office network, with the majority located at our
Centres of Excellence: Nottingham HQ (UK), Glasgow (UK), Kuala
Lumpur (Malaysia), Raleigh (US). A combined total of 129 people
situated internationally.
The organisation continues its significant investment within our
Technology teams, adding both depth, breadth, and further
leadership during the period. 32% of resource is dedicated to this
area, primarily based in Nottingham and Malaysia. Ideagen maintains
its focus upon building domain expertise within core markets and
delivering excellence across the customer base. As a result, the
Group has 27% within Sales & Marketing, and 29% in Customer
Delivery, Support and Success.
Ideagen continues to believe a broad talent pool across the
company is the best way to ensure sustainable growth. As such it is
pleased to confirm 54% of employees have been with the Group for 3
or more years, and 30% have been with the company 6 years or more.
Although we acknowledge this is a traditionally male dominated
sector, we are delighted to see strong growth in female
applications, resulting in an improved ratio of 64% male to 36%
female.
I am immensely proud to work with such a committed and talented
team and delighted to see it reflected in positive feedback from
customers.
Current Trading & Outlook
Trading since the period end has remained robust and we continue
to see strong demand for our products from new potential customers.
With acquisitions made during the previous year integrating and
performing well, supported by our base of over 4,700 customers who
continue to generate growth through recurring revenues and repeat
business. The Board has every confidence in the continued prospects
for the Group.
Ben Dorks
Chief Executive Officer
Case Study
Q-Pulse Case Study: Kingspan Group Plc
Leading Manufacturer in Innovative and Sustainable Energy
Efficient Buildings Implements Q-Pulse as a Centralised System to
Improve Compliance Across Multiple Sites Worldwide.
Kingspan is a global manufacturer of insulated panels and
associated construction products. Starting as a small engineering
and contracting business back in 1965, Kingspan now have over
11,000 employees across 5 continents. They take pride in branding
themselves as "a global company with local roots." With a strong
vision for innovation and sustainability, Kingspan lead the way in
creating energy efficient buildings with a view that no one should
have to choose between efficiency, sustainability, style and
safety.
With innovation at the heart of every product, project and
through every stage of the manufacturing process, it is essential
for Kingspan to consider quality, health, safety and environmental
(QHSE) legislation compliance throughout every decision. Being
audited against ISO standards, a system was required to bring
together Kingspan's QHSE management into one centralised, cohesive
solution for all sites to access.
Kingspan have multiple sites across the globe and are expanding.
Working across 5 continents with over 11,000 employees, Kingspan
must ensure that they are able to comply with legislation in the
various locations in which they operate.
They needed a system that would help employees understand the
legislation and check they are compliant against each.
Paul McGowan, HSE Divisional Manager at Kingspan Panels, had
responsibility for implementing a management system that would help
him to carry out compliance audits across all sites and allow him
to effectively advise and support site management.
Kingspan selected Ideagen's Q-Pulse suite of products, namely
Q-Pulse Quality Management Software and Q-Pulse Law for managing
their quality, health, safety and environmental management
processes.
Within Kingspan, Paul says "A number of our sites use Q-Pulse
for document control, incident reporting, internal audit actions
and have done so for many years. Q-Pulse is a very powerful tool
which provides secure document management, allows other sites
across the globe to share documents and provides one area to record
and manage incidents."
When operating across 5 continents it can be a huge challenge to
ensure compliance with legislation in each jurisdiction. The Q
Pulse Law Module is an EHS legislation and compliance content
service that provides a summarised library which can be filtered to
the exact legislation for specific countries and regions. This
enables Kingspan to understand each location's legislation and what
is required for full compliance.
"Q-Pulse Law is used for two reasons; first it allows each site
to have a regularly updated legal register specific to their
requirements, which allows them to measure compliance with the
built in Check List. Secondly, I use Q-Pulse Law in my role to
establish local laws and verify compliance as part of the audit.
The system is also used to be directed to the statute books and to
be able to read the laws for further knowledge and compliance
checks" Paul McGowan explains.
"The main benefit of Q-Pulse Law is that it provides those
onsite, who do not have a legal degree or capacity to research and
understand the law, with a check list which, when completed,
provides a good standard of compliance for our sites."
"Q-Pulse can be accessed anywhere in the world so, at a glance,
it is easy for me to establish legal compliance levels for each of
the sites on the law module" explains Paul. "We can also audit
document reviews, and actions outstanding from incidents from one
location and even track it down to individual owners. The system
provides e-mail notification and reminders and has helped us share
and monitor the management systems."
As well as being able to access from all sites at any point,
Q-Pulse also allows Kingspan to carry out audits, manage incidents
and provides notifications and reminders to action-owners. This
ensures that individuals take ownership of actions, incidents are
managed effectively and management have full visibility of any
sites with recurring incidents or non-conformances. This is hugely
beneficial, particularly for Health, Safety and Environmental
management across all sites.
Currently, Kingspan comply with 5 of the ISO standards - 18001,
14001, 9001, 6001 and 50001. Q-Pulse is used to demonstrate
compliance and continually improve business activities in relation
to each standard. Paul highlights "All of these standards require
some sort of management of the procedures to regularly review,
update and record the changes; Q-Pulse does this automatically for
us."
Q-Pulse supports Kingspan with their overall vision of
sustainability, both for customers and for Kingspan itself, as they
can clearly demonstrate compliance to ISO 14001 and ascertain how
environmentally sustainable, they are operating. In addition, as
they work towards ISO 45001, Q-Pulse will efficiently and smoothly
support the transition.
Pentana Case Study: Admiral Group Plc
Admiral Group plc streamline global risk management with
Ideagen's Pentana Risk
The history of Admiral Group is one of growth, profitability and
innovation. Admiral launched in 1993 with just one brand, zero
customers and 57 members of staff. On 23rd September 2004, Admiral
floated on the London Stock Exchange and became Wales' only FTSE
100 company. The Group now offers home, van and travel insurance as
well as personal loans and car finance in the UK, has operations in
Spain, Italy, France, the US, Canada, India, Mexico and Turkey, and
has over 6.5 million customers worldwide.
In maintaining a global presence and diverse portfolio of
financial products, as well as protecting their market-leading
position, Admiral's risk management program is vitally important.
There was a desire to improve the oversight of the risk profile
throughout the Group and create a more streamlined and improved
reporting capability. This desire brought Admiral to the conclusion
that a new software solution was needed to demonstrate effective
risk management capabilities and a strong risk-aware culture
throughout the Group.
After evaluating several different vendors, Admiral chose
Ideagen's Pentana Risk to provide them with the assurance they need
that they're meeting the requirements of not only the regulators,
but also their executive teams and boards. For large global
organisations like Admiral, the management team need accurate,
actionable data on their organisation's top risks so they can make
informed decisions quickly.
Huw Thomas, Enterprise Risk Manager at Admiral, had a very clear
vision for what the new system needed to deliver.
"There were three main challenges we faced with our old system.
We used to struggle for hours trying to create bespoke reports and
needed a way to quickly create tailored, drillable reports.
Similarly, aggregation of risk was incredibly time-consuming and
was mainly done on spreadsheets; with a company of Admiral's size
this quickly became unmanageable. And finally, end-user buy in -
the old system was not user friendly and was poorly adopted within
the business. When implementing Pentana Risk, it was crucial that
these needs were met."
Since implementing Pentana Risk, Admiral have transformed the
risk management function into a streamlined, centralised system for
creating a single source of truth for risk enterprise-wide.
Mr Thomas stated: "The benefits of Pentana Risk were apparent
almost immediately. With Pentana Risk, we're able to create unique
portals for stakeholders across the business to let them identify
key risks quickly. We can compare risks across the globe, and it
allows users to update in real time so we can get an accurate and
up-to-date picture of the risks facing Admiral Group.
"We can produce reports in a matter of minutes, keeping senior
executives informed about Admiral's top risks. We can re-use them
with a click of a button to produce a variety of different reports
for different audiences and tailor it to their specific
requirements.
"Pentana Risk is very intuitive and buy-in from the business has
been very successful. By giving each business unit the tools to
control their own risk management, Admiral's oversight has
dramatically improved - the Enterprise Risk team can take a step
back and look at the holistic picture of risk, incorporating a more
corporate and strategic view."
More than the ability to deliver everything they wanted in a
risk management system; Admiral chose to partner with Ideagen
because they stood out as a good cultural fit for the
organisation.
"Its ability to be specifically tailored to Admiral made Pentana
Risk really stand out from the crowd. We spent time with Ideagen
configuring the system to make sure it met Admiral's needs, and
that support continued to ensure the system was fully embedded. We
get a great deal out of the relationship with Ideagen and feel that
the direction of the product is extremely positive."
FINANCIAL AND OPERATIONAL REVIEW
The Group has adopted IFRS16 "Leases" with effect from 1 May
2019 using the modified retrospective approach to transition and
has therefore, not restated any prior period information in the
Statement of Comprehensive Income, the Statement of Financial
Position and the Statement of Cash Flows. Accordingly, the results
for the six months ended 31 October 2019 are not directly
comparable with those presented in the prior period under the
previously applicable accounting standard IAS17 "Leases". In order
to show the impact of IFRS16 and to facilitate a comparison of
results with the prior year, a reconciliation of results for the 6
months ended 31 October 2019 as reported on an IFRS16 basis with
the former IAS17 basis has been presented in note 2.
Revenue for the six months ended 31 October 2019 increased by
30% to GBP27.3 million (2018: GBP21.0 million). Within this,
pro-forma organic revenue growth was 7% (2018: 8%). This is
calculated based on a comparison with pro-forma revenue for H1
2018/19 of GBP25.6 million which includes revenues for
InspectionXpert, Morgan Kai, Scannell, Redland and Optima for the
equivalent period that they were owned by the Group in H1
2019/20.
Revenues are analysed by revenue type in note 3.
Recurring revenues are a key strategic focus and they have grown
strongly due to an emphasis on growing sales of our
SaaS/Subscription-based products and the acquisitions of businesses
with high levels of recurring revenues. The Annualised Recurring
Revenue (ARR) book has grown by approximately 20 per cent. from
GBP36.4 million on 30 April 2019 to GBP43.9 million on 31 October
2019. This comprises of acquisition-led growth of GBP3.8 million
combined with organic growth of GBP3.7 million within the period,
representing approximately a 20 per cent. organic growth rate on an
annualised basis.
Total recurring revenues increased by 45% to GBP20.3 million
(2018: GBP14.0 million) representing 74% (2018: 67%) of overall
revenues. This proportion has improved consistently since 2016 when
recurring revenues represented only 53% of total revenues.
SaaS revenues increased by 76% to GBP9.7million (2018: GBP5.5
million) representing 36% (2018: 26%) of Group revenue. Support
& Maintenance revenues continued to grow both through new
perpetual licence sales and through the acquisition of Morgan Kai
where significant proportions of recurring revenues have
historically come from the perpetual licence model. Support &
Maintenance revenues increased by 25% to GBP10.6 million (2018:
GBP8.5 million) but represented a slightly reduced proportion of
total revenues at 39% (2018: 41%) due to the focus on SaaS
growth.
Professional services revenues represented 11% (2018: 11%) of
total revenues. The higher proportion of professional services
revenues in Redland was offset by the increasing proportion of SaaS
sales that require less configuration work.
Licence & Software development kit revenues decreased to
GBP3.8 million (2018: GBP4.5 million) representing 14% (2018: 21%)
of total revenue in line with the increasing emphasis on SaaS
sales.
Adjusted EBITDA for H1 2019/20 reported on an IFRS16 basis
increased by 38% to GBP8.0 million (2018: GBP5.8 million reported
on an IAS17 basis). GBP0.5 million of the increase in adjusted
EBITDA in H1 2019/20 was due to lower office rent charges following
the adoption of IFRS16. The adjusted EBITDA margin increased to
29.4% (2018: 27.5%) largely as a result of the adoption of IFRS16.
On an IAS17 basis, the adjusted EBITDA margin in H1 2019/20 would
have increased marginally to 27.6%. Gross margin improved slightly
to 91.4% (2018: 91.2%). Operating costs continue to be tightly
controlled representing 62.1% (2018: 63.7%) of revenue. On an IAS17
basis operating costs in H1 2019/20 would have represented 63.8% of
revenue. We recognise the need to continue targeting investment in
our staff and the operational systems of the business to support
continued organic growth and to provide a strong, scalable platform
for the integration of future acquisitions.
The Group has significant intangible assets, primarily from the
acquisitions that it has made. Amortisation of acquisition
intangibles of GBP4.8 million (2018: GBP3.4 million) represents the
majority of the total depreciation and amortisation charge of
GBP6.5 million (2018: GBP4.3 million). Amortisation of development
costs amounted to GBP0.9 million (2018: GBP0.7 million). Following
the adoption of IFRS16 on 1 May 2019, a number of Right of use
assets in respect of the group's leased offices were recognised for
the first time. At 31 October 2019 the net book value of the Right
of use assets amounted to GBP3.3 million. The depreciation charge
on these assets in the six months ended 31 October 2019 amounted to
GBP0.5 million.
The share-based payment charge of GBP0.8 million (2018: GBP0.9
million) relates to the Group's equity-settled share option schemes
including the Long-Term Incentive Plan and the Share Incentive
Scheme for employees. The 2018 charge included GBP0.4 million of
national insurance costs on the exercise of non-tax efficient
options. The remainder of the share-based payment charge does not
represent a cash cost to the Group.
The Group incurred costs of GBP0.2 million (2018: GBP0.8
million) in acquiring the businesses during the period.
Restructuring charges were significantly higher in H1 of 2018
(GBP0.3 million) following the closure of several offices and some
reorganisation of the business which has not been repeated in H1 of
this year.
The adjusted Group tax charge is analysed in note 6 and amounted
to GBP0.8 million (2018: GBP0.6 million). This has been adjusted to
exclude the deferred tax effects associated with the amortisation
of acquisition intangibles and share based payment charges. The
adjusted Group tax charge represents 12.6% (2018: 12.0%) of
adjusted profit before tax of GBP6.0 million (2018: GBP4.8
million). The slightly increased tax rate is largely due to the
increased level of profits earned in the United States which
attract higher rates of tax than in the UK. The Group's use of
R&D tax credit claims and tax deductions linked to the
exercises of share options in particular have significantly reduced
the Group's liability to UK corporation tax.
As a result of the above, adjusted diluted earnings per share
increased by 17% to 2.31 pence (2018: 1.98 pence). There was no
significant effect on earnings per share from the adoption of
IFRS16 in the current period.
The Group's financial position has continued to strengthen
during the period with net assets increasing to GBP75.2 million (30
April 2019: GBP73.7 million; 31 October 2018 GBP71.7 million).
The value of intangible assets increased to GBP109.0 million (30
April 2019: GBP90.7 million) mainly as a result of the acquisitions
of Redland and Optima completed during the period. The Group
capitalised GBP1.9 million (2018: GBP1.3 million) of R&D
development costs during the period which represented 7.1% (2018:
6.2%) of total revenues. The increase is due to product development
by the businesses acquired during the period and the previous year
and to a particularly focused period of product development on our
core Q-Pulse product.
Starting with the purchase of Medforce in April 2018, the
Group's approach to the funding of acquisitions has been more
evenly balanced between using debt and equity together with the
Group's own cash generation. The strong cash flow and recurring
revenue profile of the business mean that the Group has been able
to secure relatively inexpensive debt funding. The acquisitions of
Medforce, InspectionXpert and Scannell in 2018 and early 2019 were
funded through increases in the Group's Revolving Credit Facility
together with the Group's own cash generation and the acquisition
of Morgan Kai in 2018 was primarily funded through a heavily
oversubscribed share placing which raised GBP19.4 million net of
costs.
The acquisitions of Redland and Optima in H1 2019/20 were both
funded from a combination of the Group's cash generation and the
Revolving Credit Facility. As a result, net bank debt (excluding
finance lease liabilities under IFRS16) increased to GBP18.0
million at 31 October 2019 (30 April 2019: GBP1.3 million) which
represented just under 1X the adjusted EBITDA forecast for the
current financial year.
Following the adoption of IFRS16 "Leases" on 1 May 2019, the
Group has recognised finance lease liabilities on a number of the
group's leased offices. At 31 October 2019 the group had total
finance lease liabilities of GBP3.2 million.
Cash generated by operations during the period amounted to
GBP5.9 million (2018: GBP5.2 million) representing cash conversion
of approximately 74% (2018: 90%) of adjusted EBITDA. In H1 2019/20
this cash conversion metric was affected to some extent by the
seasonal billing profile of recurring revenues at Redland (acquired
in June 2019) which is concentrated on early Autumn and late
Winter. We expect cash generation at Redland will be particularly
strong in H2. The cash generation profile of the existing group has
always had some bias in favour of H2 as the billing of recurring
revenues is slightly weighted towards H2. We expect that this trend
will continue in the current financial year.
Working capital, as recorded in the cash flow statement,
increased by GBP2.1 million between 30 April 2019 and 31 October
2019. As part of this, receivables increased by GBP2.2 million due
to significant organic growth in SaaS billings and increased
organic growth in the wider business together with some significant
seasonal billings in October 2019 at Redland.
Free Cash Flow in the period amounted to GBP2.2 million (2018:
GBP2.6 million) representing 28% (2018: 45%) of adjusted EBITDA or
8% (2018: 12%) of Revenue. Free Cash Flow before payments of
acquisition costs of GBP0.6 million (2018: GBP0.3 million) was
GBP2.8 million (2018: GBP2.9 million) representing 35% (2018: 50%)
of adjusted EBITDA or 10% (2018: 14%) of Revenue.
Operational Review
In order to facilitate the growth, Ideagen invests heavily in
'best of breed' cloud systems that have scalability, functionality
and reporting at their core. Salesforce.com and NetSuite remain the
number one systems for the organisation, providing the internal
platform for sales / marketing / finance, but these are supported
by several functionally specific cloud solutions such as Zendesk,
Natero, Peakon, Krow, and Jira. These packages are collectively
used to provide analytics and Management Information (MI) in
support of strategic decision making across Ideagen.
As Ideagen develops, significant resource is invested in
benchmarking processes and systems to ensure best practice is
standard and that Ideagen remains fit for growth. Ideagen remains
committed to relevant accreditations and currently holds Microsoft
Gold Partner status, ISO 9001, ISO 27001, ISO45001, and ISO 14001.
The Group has membership of a significant number of leading bodies
including the Chartered Quality Institute (CQI), Institute of
Internal Auditors (IIA), Flight Safety Foundation, and the
Institute of Biomedical Science (IBMS).
Dividend
The Board proposes to increase the interim dividend by 15.6% to
0.104 pence per share (2018/19: 0.09 pence per share) payable on
18(th) March 2020 to shareholders on the register on 28(th)
February 2020. The corresponding ex-dividend date is 27(th)
February 2020.
Graeme Spenceley
Chief Financial Officer
Ideagen plc
IFRS16 was adopted on 1 May 2019 and applied for the period to
31 October 2019 without restating prior year figures. As a result,
the primary statements are shown on an IFRS16 basis for the period
to 31 October 2019 and on an IAS17 basis for all periods prior to 1
May 2019. Note 2 provides some reconciliations and further
information on the two measures.
Group Statement of Comprehensive Income for the six months ended
31 October 2019
2019 2018
(IFRS 16 basis) (IAS 17 basis)
GBP'000 GBP'000
Revenue (note 3) 27,310 20,991
Cost of sales (2,346) (1,853)
Gross profit 24,964 19,138
Operating costs (16,946) (13,375)
----------------- ---------------
Profit from operating activities before
depreciation, amortisation,
share-based payment charges and exceptional
items 8,018 5,763
Depreciation and amortisation (6,464) (4,292)
Costs of acquiring businesses (236) (793)
Restructuring costs (34) (267)
Share-based payment charges (796) (948)
Profit / (loss) from operating activities 488 (537)
Finance costs (395) (98)
----------------- ---------------
Profit / (loss) before taxation 93 (635)
Taxation credit (note 5) 242 78
----------------- ---------------
Profit / (loss) for the period 335 (557)
Other comprehensive income
Items that may be subsequently reclassified
to profit or loss:
Exchange differences on translating foreign
operations (20) 978
Corporation tax on exercise of options 388 233
Total comprehensive income for the period
attributable to the owners of the parent
company 703 654
================= ===============
Earnings per share (note 4) Pence Pence
Basic 0.15 - 0.27
Diluted 0.15 - 0.42
Ideagen plc
Group Statement of Financial Position at 31 October 2019
31 October 30 April 31 October
2019 2019 2018
(IFRS16 (IAS17 (IAS17
basis) basis) basis)
GBP'000 GBP'000 GBP'000
Assets and liabilities
Non-current assets
Intangible assets 109,000 90,749 91,122
Property, plant and equipment 1,487 1,069 1,219
Right of use assets 3,295 - -
----------- --------- -----------
113,782 91,818 92,341
----------- --------- -----------
Current assets
Trade and other receivables 20,327 17,547 15,495
Cash and cash equivalents 5,769 6,199 5,947
----------- --------- -----------
26,096 23,746 21,442
----------- --------- -----------
Current liabilities
Trade and other payables 6,008 6,043 6,872
Current income tax liabilities 532 387 308
Bank borrowings 23,750 7,500 7,250
Finance lease liabilities 1,034 - -
Deferred revenue 20,842 18,570 16,846
Contingent consideration on business
combinations 500 769 -
Deferred consideration on business
combinations 500 1,269 2,030
----------- --------- -----------
53,166 34,538 33,306
----------- --------- -----------
Non-current liabilities
Finance lease liabilities 2,202 - -
Deferred income tax liabilities 9,265 7,344 8,820
----------- --------- -----------
11,467 7,344 8,820
----------- --------- -----------
Net assets 75,245 73,682 71,657
=========== ========= ===========
Ideagen plc
Group Statement of Financial Position at 31 October 2019
(continued)
31 October 30 April 31 October
2019 2019 2018
(IFRS16 (IAS17 (IAS17
basis) basis) basis)
GBP'000 GBP'000 GBP'000
Equity
Issued share capital 2,236 2,198 2,192
Share premium 54,639 53,948 53,661
Merger reserve 1,658 1,658 1,658
Share-based payments reserve 1,881 1,440 1,050
Retained earnings 14,010 13,597 11,918
Foreign currency translation
reserve 821 841 1,178
Equity attributable to owners
of the parent 75,245 73,682 71,657
=========== ========= ===========
Ideagen plc
Group Statement of Cash Flows for the six months ended 31
October 2019
2019 2018
(IFRS16 basis) (IAS17 basis)
GBP'000 GBP'000
Cash flows from operating activities
Profit / (loss) for the period 335 (557)
Depreciation of property, plant and equipment 262 210
Depreciation of right of use assets 466 -
Amortisation of intangible non-current
assets 5,736 4,082
Business acquisition costs in profit or
loss 236 793
Share-based payment charges in profit or
loss 796 948
Restructuring costs in profit or loss 34 -
Finance costs recognised in profit or loss 395 98
Taxation credit recognised in profit or
loss (242) (78)
Increase in trade and other receivables (2,157) (1,715)
(Decrease)/increase in trade and other
payables (365) 232
Increase in deferred revenue 415 1,194
--------------- --------------
Cash generated by operations 5,911 5,207
Finance costs paid (484) (88)
Income tax paid (26) (57)
Restructuring costs paid (34) -
Employer's national insurance paid on share-based
payments - (320)
Business acquisition costs paid (615) (327)
--------------- --------------
Net cash generated by operating activities 4,752 4,415
--------------- --------------
Cash flows from investing activities
Net cash outflow on acquisition of businesses
net of cash acquired (17,596) (24,330)
Payments of deferred consideration on business
combinations (769) -
Payments of contingent consideration on
business combination (769) -
Payments for development costs (1,944) (1,294)
Payments for property, plant and equipment (624) (490)
Net cash used by investing activities (21,702) (26,114)
--------------- --------------
Cash flows from financing activities
Proceeds from placing of equity shares - 20,000
Payments for share issue costs - (626)
Proceeds from issue of shares under share
option scheme 685 155
Proceeds from issue of shares under share
incentive scheme 44 40
Cost of shares purchased under the share
incentive scheme (3) (3)
New short-term borrowings 16,250 2,500
Finance lease payments (441) -
Net cash generated by financing activities 16,535 22,066
--------------- --------------
Net (decrease)/increase in cash and cash
equivalents during the period (415) 367
Cash and cash equivalents at the beginning
of the period 6,199 5,532
Effect of exchange rate changes on cash
balances held in foreign currencies (15) 48
Cash and cash equivalents at the end of
the period 5,769 5,947
--------------- --------------
Ideagen plc: Group Statement of Changes in Equity for the six
months ended 31 October 2019
Share Share Merger Share-based Retained Foreign Total
capital premium reserve payments earnings currency attributable
reserve translation to owners
reserve of the
parent
-------- -------- --------- ----------- --------- ------------ -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 May 2019 2,198 53,948 1,658 1,440 13,597 841 73,682
Shares issued under
share option scheme 35 650 - - - - 685
Shares issued under
share incentive
plan 3 41 - - - - 44
Share-based payments - - - 796 - - 796
Shares purchased under
the share incentive
scheme - - - (3) - - (3)
Transfer on exercise
of share options - - - (352) 352 - -
Taxation on
share-based payments
in
equity - - - - (662) - (662)
Total transactions
with owners
recognised
directly in equity 38 691 - 441 (310) - 860
-------- -------- --------- ----------- --------- ------------ -------------
Profit for the period - - - - 335 - 335
Other comprehensive
income for the period - - - - 388 (20) 368
-------- -------- --------- ----------- --------- ------------ -------------
Total comprehensive
income for the period - - - - 723 (20) 703
-------- -------- --------- ----------- --------- ------------ -------------
Balance at 31 October
2019 2,236 54,639 1,658 1,881 14,010 821 75,245
======== ======== ========= =========== ========= ============ =============
Ideagen plc: Group Statement of Changes in Equity for the year
ended 30 April 2019
Share Share Merger Share-based Retained Foreign Total
capital premium reserve payments earnings currency attributable
account reserve translation to owners
reserve of the
parent
-------- -------- -------- ----------- --------- ------------ -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 May 2018 2,027 34,257 1,658 1,148 11,194 200 50,484
Share placing 141 19,859 - - - - 20,000
Share placing issue
costs - (625) - - - - (625)
Shares issued under
share option
schemes 27 370 - - - - 397
Shares issued under the
share incentive
scheme 3 87 - - - - 90
Share-based payments - - - 1,081 - - 1,081
Shares purchased under
the share
incentive scheme - - - (3) - - (3)
Transfer on exercise of
share options - - - (722) 722 - -
Transfer in respect of
share incentive
scheme - - - (64) 64 - -
Taxation on share-based
payments
in equity - - - - 250 - 250
Equity dividends paid - - - - (555) - (555)
-------- -------- -------- ----------- --------- ------------ -------------
Total transactions with
owners recognised
directly in equity 171 19,691 - 292 481 - 20,635
-------- -------- -------- ----------- --------- ------------ -------------
Profit for the year - - - - 1,385 - 1,385
Other comprehensive
income for the
year - - - - 537 641 1,178
-------- -------- -------- ----------- --------- ------------ -------------
Total comprehensive
income for the
year - - - - 1,922 641 2,563
-------- -------- -------- ----------- --------- ------------ -------------
Balance at 30 April
2019 2,198 53,948 1,658 1,440 13,597 841 73,682
======== ======== ======== =========== ========= ============ =============
Ideagen plc: Group Statement of Changes in Equity for the six
months ended 31 October 2018
Share Share Merger Share-based Retained Foreign Total
Capital premium reserve payments earnings currency attributable
reserve translation to owners
reserve of the
parent
-------- -------- --------- ----------- --------- ------------ -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 May 2018 2,027 34,257 1,658 1,148 11,194 200 50,484
Shares issued under
share placing 141 19,859 - - - - 20,000
Share placing issue
costs - (626) - - - - (626)
Shares issued under
share option scheme 21 134 - - - - 155
Shares issued under
share incentive
scheme 3 37 - - - - 40
Share-based payments - - - 560 - - 560
Shares purchased under
the share incentive
scheme - - - (3) - - (3)
Transfer on exercise
of share options - - - (647) 647 - -
Transfer in respect of
share incentive
scheme (8) 8 -
Taxation on
share-based payments
in
equity - - - - 393 - 393
Total transactions
with owners
recognised
directly in equity 165 19,404 - (98) 1,048 - 20,519
-------- -------- --------- ----------- --------- ------------ -------------
Loss for the period - - - - (557) - (557)
Other comprehensive
income for the period - - - - 233 978 1,211
-------- -------- --------- ----------- --------- ------------ -------------
Total comprehensive
income for the period - - - - (324) 978 654
-------- -------- --------- ----------- --------- ------------ -------------
Balance at 31 October
2018 2,192 53,661 1,658 1,050 11,918 1,178 71,657
======== ======== ========= =========== ========= ============ =============
Ideagen plc
Notes to the interim financial information
1 Basis of information
The interim financial information for the 6 months ended 31
October 2019 and the six months ended 31 October 2018 included in
this announcement is unaudited. The financial information for the
year ended 30 April 2019 included in this announcement does not
constitute the annual report and accounts of the Company for the
year ended 30 April 2019 within the meaning of section 434 of the
Companies Act 2006. The audited annual report and financial
statements of the Company for the year ended 30 April 2019 has been
filed with the Registrar of Companies. The auditor's report on
those financial statements was unqualified and did not contain any
statement under section 498 (2) or (3) of the Companies Act 2006
and did not include references to any matters to which the auditor
drew attention by way of emphasis.
Consistent accounting policies have been applied in the
preparation of this information except that the Group has adopted
IFRS16 "Leases" with effect from 1 May 2019 which replaces the
previous accounting standard IAS17 "Leases". Prior period
information has not been restated. Further information on the
impact of the adoption of IFRS16 is set out in note 2 below.
2 Adoption of IFRS16 - new accounting standard on leases
The Group has adopted IFRS16 "Leases" with effect from 1 May
2019, replacing IAS17 "Leases". This means that some previously
unrecognised operating leases are now recognised in the Statement
of financial position as Finance lease liabilities and Right of use
assets. Rent payments on some of these leases are no longer treated
as a charge within Operating Expenses in the Statement of
comprehensive income. Instead a depreciation charge on the Right of
use assets and an interest expense on the Finance lease liabilities
are now recognised in the Statement of comprehensive income.
On adoption of IFRS16 the Group has used the modified
retrospective approach to transition. When applying IFRS16, the
Group has used the following practical expedients on
transition:
-- reliance on the previous identification of a lease under IAS17;
-- exclusion of initial direct costs from the measurement of the
right of use asset at transition;
-- the classification of all long leases which had less than 12
months remaining at transition date as short-term leases;
-- the measurement of the value of Right of use assets on transition as an amount equal to the corresponding lease liability adjusted for any prepaid lease payments;
-- the use of hindsight in determining the length of the lease.
The Group is applying the accounting policy recognition
exemptions set out in paragraph 5 of IFRS16 in respect of
short-term leases (leases of less than 12 months) and small value
leases. Under IFRS16, short-term leases and small value leases are
not recognised in the Statement of financial position and the lease
payments are charged as an expense in the Statement of
comprehensive income.
The Group has applied judgement in its assessment of the length
of certain leases where there are break clauses or options to
extend the lease. The conclusions drawn by management in deciding
whether lease break clauses or lease extension options are likely
to be applied are based on its current assessment of the
longer-term growth expectations of the Group and its associated
future office space requirements.
As noted above, the Group is applying the modified retrospective
approach to transition and has therefore not restated any prior
period information. Accordingly, the results for the 6 months ended
31 October 2019 are not directly comparable with those presented in
the prior period under the previously applicable accounting
standard IAS17 "Leases".
In order to show the impact of IFRS16 and to facilitate a
comparison of results with the prior year, a reconciliation is
presented below of results for the 6 months ended 31 October 2019
as reported on an IFRS16 basis with the former IAS17 basis.
H1 2019/20 IFRS16 H1 2019/20
impact
(IFRS 16 (IAS 17
basis) basis)
GBP'000 GBP'000 GBP'000
Revenue 27,310 27,310
Cost of sales (2,346) (2,346)
Gross profit 24,964 24,964
Operating costs (16,946) (484)(1) (17,430)
---------- -------- ----------
Profit from operating activities
before depreciation, amortisation,
share-based payment charges and
exceptional items 8,018 (484) 7,534
Depreciation and amortisation (6,464) 466(2) (5,998)
Costs of acquiring businesses (236) (236)
Restructuring costs (34) (34)
Share-based payment charges (796) (796)
Profit from operating activities 488 (18) 470
Finance costs (395) 43(3) (352)
---------- -------- ----------
Profit before taxation 93 25 118
---------- -------- ----------
Notes
(1) Reduced lease rental charges on IFRS16 basis
(2) Additional depreciation on right of use assets recognised
under IFRS16
(3) Additional Interest cost on finance leases recognised under
IFRS16
The adoption of IFRS 16 on 1 May 2019 has impacted certain
categories of assets and liabilities in the Group Statement of
financial position as set out below.
Extracts from the Group Statement of Financial Position
30 April IFRS16 1 May 2019
2019 impact
(IAS17 basis) (IFRS16
basis)
GBP'000 GBP'000 GBP'000
Non-current assets
Right of use assets - 2,334(1) 2,334
=============== ========= ===========
Current assets
Trade and other receivables 17,547 (76)(2) 17,471
=============== ========= ===========
Current liabilities
Finance lease liabilities - (561) (561)
=============== ========= ===========
Non-current liabilities
Finance lease liabilities - (1,697) (1,697)
=============== ========= ===========
Net assets 73,682 - 73,682
=============== ========= ===========
(1) The right of use assets recognised under IFRS16 were in
respect of leases of office premises.
(2) The impact on Trade and other receivables was in respect of
lease prepayments.
There was no overall impact on Net Assets or Equity from the
initial adoption of IFRS16 on 1 May 2019.
Finance lease liabilities reconciliation
GBP'000
Undiscounted future minimum lease payments under
operating leases at 30 April 2019 2,513
Impact of discounting (141)
Short-term leases expiring before 30 April 2020 (114)
-----------------
Finance lease liabilities at 1 May 2019 2,258
-----------------
Future lease payments at 1 May 2019 were discounted at the
Group's incremental borrowing rate of 2.75%.
The Group has applied the practical expedient to classify all
long lease leases for which the lease term ends within 12 months of
the date of adoption of IFRS16 as short-term leases. All other
leases of under 12 months length are also classified as short-term
leases.
3 Revenue
An analysis of the Group's revenue for the 6 months to 31
October 2019 is given below.
31 October 31 October
2019 2018
GBP'000 GBP'000
Recurring SaaS/subscription software
revenues 9,697 5,472
Recurring support & maintenance 10,575 8,506
----------- -----------
Total recurring revenues 20,272 13,978
Software - new licence revenues 3,770 4,497
Professional services 3,049 2,327
Other 219 189
Total revenue 27,310 20,991
----------- -----------
4 Earnings per share information
Basic earnings per share is calculated by dividing the profit
for the period attributable to the owners of the Company
('Earnings') by the weighted average number of ordinary shares
outstanding during the period. Diluted earnings per share is
calculated by dividing Earnings by the weighted-average number of
ordinary shares outstanding during the period as adjusted for the
effect of all potentially dilutive shares, including share
options.
In order to better demonstrate the performance of the Company,
adjusted earnings per share calculations have also been presented
which take into account items typically adjusted for by users of
financial statements. The adjusted earnings and earnings per share
information are shown below.
Earnings per share information 31 October 31 October
2019 2018
(IFRS16 basis) (IAS17 basis)
GBP'000 GBP'000
Profit / (loss) for the period
(Earnings) 335 (557)
Adjustments:
Amortisation of acquired
intangibles 4,834 3,430
Deferred taxation on amortisation
of acquired intangibles (950) (689)
Share-based payment charges 796 948
Deferred taxation on share-based
payment charges (46) 35
Costs of acquiring businesses 236 793
Restructuring costs 34 267
--------------------------- --------------------------
Adjusted earnings 5,239 4,227
--------------------------- --------------------------
Weighted average number of shares 220,326,156 206,392,189
Diluted weighted average number
of shares 227,107,597 213,894,916
Basic earnings per share 0.15 pence - 0.27 pence
Diluted earnings per share 0.15 pence - 0.26 pence
Basic adjusted earnings per share 2.38 pence 2.05 pence
Diluted adjusted earnings per 2.31 pence 1.98 pence
share
5 Taxation
Further information on the taxation charge in the Statement of
Comprehensive Income is as follows:
Six months Six months
ended 31 ended 31
October 2019 October 2018
GBP'000 GBP'000
Income taxation charge 418 448
Deferred tax credit on amortisation of
acquisition intangibles (950) (689)
Deferred tax on share-based payment charges (46) 35
Deferred tax charge on development costs 202 128
Other deferred tax charges 134 -
Total deferred income taxation credit (660) (526)
Total taxation credit (242) (78)
----------------- -----------------
6 Adjusted profit before taxation and adjusted taxation charge
6 months ended 6 months ended
31 October 31 October
2019 2018
(IFRS16 basis) (IAS17 basis)
GBP'000 GBP'000
Adjusted earnings (note 4) 5,239 4,227
Adjusted taxation charge (below) 754 576
----------------- -----------------
Adjusted profit before taxation 5,993 4,803
----------------- -----------------
Taxation in the Statement of Comprehensive
Income (242) (78)
Add back:
Deferred taxation credit on amortisation
of acquisition intangibles (note 5) 950 689
Deferred taxation on share-based payment
charges 46 (35)
----------------- -----------------
Adjusted taxation charge 754 576
----------------- -----------------
Adjusted taxation charge based on adjusted
profit before taxation 12.6% 12.0%
----------------- -----------------
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 rns@lseg.com or visit www.rns.com.
END
IR DZGZMMMKGGZZ
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January 22, 2020 02:00 ET (07:00 GMT)
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