TIDMDSG

RNS Number : 5381A

Dillistone Group PLC

26 September 2022

Dillistone Group Plc

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

Interim Results & Investor Presentation

Dillistone Group Plc, the AIM quoted supplier of software and services to recruiters, is pleased to announce interim results for the six months ended 30 June 2022.

Financial Highlights

   --    Revenue increased by 1% to GBP2.823m. First H1 growth since 2017. 

-- Recurring revenues represented 88% (2021: 90%) of Group revenue, which covers administration expenses (excluding depreciation and amortisation).

-- Annualised recurring revenue relating to Talentis ended H1 at GBP62k, an increase of over 300% on the equivalent figure at the end of H2 2021.

-- Growth in orders driven by improving performance in market. Order book increased by 13% year on year.

-- The Group benefited from flexible furlough support worth GBP0.170m in 2021. Excluding this, the Adjusted(*) loss on operating activity decreased from GBP0.260m in 2021 to GBP0.129m in 2022 - an improvement of 51%.

   --    Net cash from operating activities broadly the same at GBP0.560m (2021: GBP0.562m). 

-- Cash at period end of GBP0.608m. The Board does not expect the Group to require additional funding to reach profitability.

Operational Highlights

   --    Improved performance in both UK contingency and global executive search sectors. 

-- Contingency business successfully implemented previously announced large contract win. A further large contract was received post period end, providing confidence in H2 and visibility into the future.

-- Driven by Talentis, our executive search products had their best H1 in terms of new contract wins since 2017.

Commenting on the results and prospects, Giles Fearnley, Non-Executive Chairman, said:

"In my statement in the annual report, I was optimistic for the future and our H1 results validate this belief. Revenue is growing, our order book is stronger and operational performance is improving. We enter the second half with a strong pipeline of business and are optimistic about delivering further progress in the coming months.

"While the Board is conscious of the broader economic situation, it expects the Group to deliver full year results in line with market expectations."

* Note: "Adjusted" refers to activities before acquisition, reorganisation, furlough support, and one-off costs

Investor Presentation: 3pm today, Monday 26 September 2022

Jason Starr, Chief Executive, and Ian Mackin, Interim Finance Director, will hold an investor presentation to cover the results and prospects at 3pm today, Monday 26 September 2022.

The presentation will be hosted through the digital platform Investor Meet Company. Investors can sign up to Investor Meet Company and add to meet Dillistone Group Plc via the following link https://www.investormeetcompany.com/dillistone-group-plc/register-investor . For those investors who have already registered and added to meet the Company, they will automatically be invited.

Questions can be submitted pre-event to dillistone@walbrookpr.com or in real time during the presentation via the "Ask a Question" function.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Contacts:

 
 Dillistone Group Plc                                             Via Walbrook PR 
 Jason Starr               Chief Executive 
 Ian Mackin                Interim Finance Director 
 
 WH Ireland Limited (Nominated adviser) 
 Chris Fielding            Head of Corporate Finance                020 7220 1650 
 
 Walbrook PR 
 Tom Cooper / Nick Rome                                             020 7933 8780 
                                                        dillistone@walbrookpr.com 
 

Notes to Editors:

Dillistone Group Plc is a global leader in the supply of technology solutions and test & train services to the recruitment sector worldwide, in both contingency recruitment and executive search markets.

The Group trades through the Ikiru People brand ( www.IkiruPeople.com ), selling into recruitment, staffing and executive search businesses, as well as corporate talent acquisition teams around the world.

Ikiru People provides the platforms its clients need to test and train candidates, support further development, enhance the recruitment process, and source the best talent. With clients in more than 50 countries over six continents and working with thousands of users, the Group boasts more than 30 years in the market and 100's of years of collective experience.

The Group develops, markets and supports the Talentis, FileFinder, Infinity, Mid-Office, ISV and GatedTalent products.

Dillistone was admitted to AIM, a market operated by the London Stock Exchange plc, in June 2006.

Learn about our products:

   Talentis Software:                            https://www.talentis.global/recruitment-software 
   Voyager Software:                           https://www.voyagersoftware.com 
   GatedTalent Services:                    https://www.talentis.global/optimization-services 

Chairman's Statement

In my statement in the annual report, I said that I was optimistic for the future. This has been validated by our first half results which show a strong and improving performance in both our executive search and contingency staffing markets.

In the first half, the Group has delivered increased revenue, improved cash generation and a healthy order book. The Group benefited from flexible furlough support worth GBP0.170m in 2021. Excluding this, the Adjusted loss on operating activity decreased from GBP0.260m in 2021 to GBP0.129m in 2022 - an improvement of 51%.

We have previously announced that our non-executive Director, Julie Pomeroy, was due to step down from the Board on 30(th) September 2022. We are pleased to say that Julie has now agreed to stay with the Group. We are also delighted to confirm that Ian Mackin, previously Interim FD has now accepted the position on a permanent basis. We would like to thank Joanne Curd, who left the Group at the end of July 2022, for her valuable contribution.

Operational Review

The Group has seen order book growth of 13%, helping us to deliver H1 year on year revenue growth. While much of the growth has been in non-recurring revenue, we are pleased to note that recurring revenue saw year on year quarterly growth during Q2 2022, and we fully expect this growth to continue into H2. Net debt stands at (GBP0.992m), against a 2021 figure of (GBP0.925m). Cash generation in H1 was ahead of budget and the Group does not expect to need to raise additional capital to restore profitability.

We are pleased to report an improving performance from both our contingency and executive search products.

Our contingency products (Infinity, ISV, Mid-Office and VDQ) saw revenue grow by a combined 9%, driven by a particularly strong performance from our Infinity recruiting CRM. Many of our Infinity projects have been on behalf of firms in the Temporary staffing space and, as such, some of these firms also implement our Mid-Office application.

The period saw the successful completion of our previously announced large Infinity order and we are pleased to report that, post period end, we have won a further large contract for this product.

Our ISV product continues to make a contribution to profits, with clients including many of the UK's largest recruitment businesses. A number of these firms are on multi-year contracts.

The increasingly strong performance by Infinity has allowed the Group to prepare for the withdrawal of support for our VDQ product, and this is expected to occur over the coming months.

Our market share in the executive search software space (where historically we have offered FileFinder and GatedTalent) has fallen over recent years. However, we are delighted to report that this trend has begun to reverse. Driven by strong performance by our Talentis product, launched in 2021, this part of our business has added more than 50 new clients in the first half. In terms of new client wins, this was our best executive search CRM performance since 2017.

Launched in early 2021 and provided as part of a package to many FileFinder clients, Talentis now also has "stand alone" paying clients on six continents. Most of these clients have a small number of users, but we expect average client size (and associated revenue) to grow over time as we continue to develop and extend the product. Annualised recurring revenue associated with Talentis ended H1 at GBP62k, an increase of over 300% on the equivalent figure at the end of H2 2021. Across the Group, it has become our fastest growing CRM product by number of contract wins in the period.

Our FileFinder product has seen improved client retention, partly as a result of our decision to provide Talentis as part of a package to many of these firms. We have now completed our re-engineering of the FileFinder SaaS platform and are pleased to report a reduction in our FileFinder hosting costs of 21% in the period, largely as a result of this work.

GatedTalent continues to make a contribution to the Group, and the period has seen us undertake work to improve the margin associated with the professional services delivered under this banner. As part of this, we were delighted when one of our employees became - we believe - the first resume writer in Europe to be recognised by the National Résumé Writers' Association.

Across all of our product range, we continue to deliver best-in-class customer service. During the period, we were delighted to become, we believe, the first firm in our market to earn a "5* Excellent" rating on Trustpilot.

Financial Performance

Revenue in the six months ended 30 June 2022 amounted to GBP2.823m, up GBP0.022m (1%) (2021: GBP2.801m). Recurring revenues decreased by 2% to GBP2.477m over the comparable period last year (2021: 17% decline on 2020 H1 to GBP2.522m). However, in Q2 2022 we experienced our first year on year growth in quarterly recurring revenue since Q2 2018. Recurring revenues represented 88% of total revenues (2021: 90%). Non-recurring revenues were up 30% at GBP0.261m (2021: GBP0.200m).

Cost of sales increased 4% to GBP0.351m (2021: GBP0.336m), benefitting from a decrease of 21% in hosting costs for our FileFinder SaaS product as we moved to a new platform. This helped offset a growth driven rise in cloud and data processing costs elsewhere.

Adjusted administration expenses decreased by GBP0.139m to GBP2.037m (2021: GBP2.176m). These expenses are covered 122% by recurring revenue (2021: 116%)

Amortisation of acquisition intangibles amounted to GBP0.082m (2021: GBP0.107m). In 2021 other items of credit GBP(0.092m) were received, which included the write-off of a US payroll protection loan which was forgiven in the period and, in Australia, a Covid-19 related grant.

The loss for the period before tax increased to GBP0.274m (2021: loss GBP0.141m). The loss after tax was GBP(0.183m) (2021: GBP(0.101m)).

There is a tax credit for the period of GBP0.091m (2021: credit GBP0.040m). The 2021 and 2022 tax credits have benefited from claims in the UK for research and development reflecting the continuing development of our products.

Cash generated from operating activities stayed broadly level at GBP0.560m (2021: GBP0.562m). Total cash flows in the 6 months ended 30 June 2022 showed a net outflow of GBP0.186m (2021: outflow GBP0.110m). The main elements of non-operating expenditure related to investment in new product development of GBP0.477m (2021: GBP0.504m) and loan repayments of GBP0.150m (2021: GBP0.213m).

At 30 June 2022, we had net cash reserves of GBP0.608m (2021: GBP1.039m) and GBP1.600m in borrowings (2021: GBP1.964m).

The CBIL loan balance stands at GBP1.200m and, on the current payment profile, has another 4 years until it is fully repaid. The Group also has a convertible loan of GBP0.400m, which will not be repaid until the CBIL loan has been repaid.

Strategy

Our long-term strategy is unchanged, concentrating on returning to sustainable growth and increasing profits. We are excited by the opportunity provided by our new Talentis product and the continued investment across our product range, backed up by consistently delivering "best in class" service to our clients.

Outlook

In my statement in the annual report, I was optimistic for the future. This remains my view, and I am delighted to that our performance during and since H1 has compounded this opinion.

In our view, Infinity has become a leading product in the UK temporary staffing sector, and we believe that this market is likely to perform well during any economic downturn. Talentis continues to grow rapidly and, based on the number of contracts signed in H1, we believe that the product has taken a significant share of new orders in the market and will increasingly be considered a market leader in the sectors it serves. Our aim now is to increase the size and value of the contracts associated with this product - and we are already seeing progress to this end. We remain very excited by the opportunity that Talentis presents for our Group.

The Group expects to deliver full year results in line with market expectations. Our cash position as at 31 August 2022 was GBP0.617m and we do not expect to raise additional funds to reach profitability.

Giles Fearnley

Non-Executive Chairman

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                        Note            6 Months ended 30            Year ended 
                                                               June                      31 Dec 
                                                           2022               2021         2021 
                                                      Unaudited          Unaudited      Audited 
                                                        GBP'000            GBP'000      GBP'000 
 
 Revenue                                 4                2,823              2,801        5,599 
 Cost of sales                                            (351)              (336)        (685) 
                                              -----------------  -----------------  ----------- 
 Gross profit                                             2,472              2,465        4,914 
 Administrative expenses                                (2,683)            (2,570)      (5,113) 
                                              -----------------  -----------------  ----------- 
 
 Result from operating activities        4                (211)              (105)        (199) 
 
 Analysed as: 
 Result from operating 
  activities before furlough 
  support, acquisition related, 
  reorganisation and other 
  items                                                   (129)              (260)        (375) 
 Furlough support                                             -                170          235 
 Acquisition related, reorganisation 
  and other items                        5                 (82)               (15)         (59) 
                                              -----------------  -----------------  ----------- 
 Result after acquisition related 
  items                                                   (211)              (105)        (199) 
--------------------------------------------  -----------------  -----------------  ----------- 
 
 Financial cost                                            (63)               (36)         (99) 
                                              -----------------  -----------------  ----------- 
 (Loss) before tax                                        (274)              (141)        (298) 
 
 Tax income                              6                   91                 40          302 
                                              -----------------  -----------------  ----------- 
 (Loss)/profit for the 
  period                                                  (183)              (101)            4 
 
 Other comprehensive income 
  net of tax: 
 Currency translation differences                             6                  2            4 
                                              -----------------  -----------------  ----------- 
 Total comprehensive (loss)/income 
  for period net of tax                                   (177)               (99)            8 
                                              -----------------  -----------------  ----------- 
 
 Earnings per share (pence) 
 Basic                                   8               (0.93)             (0.51)         0.02 
 Diluted                                                 (0.93)             (0.51)         0.02 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 
 
                                  As at 30 June   As at 30 June 2021   As at 31 Dec 
                                           2022                                2021 
                                      Unaudited            Unaudited        Audited 
 ASSETS                                 GBP'000              GBP'000        GBP'000 
 Non-current assets 
 Goodwill                                 3,415                3,415          3,415 
 Intangible assets                        3,030                3,274          3,142 
 Right of use assets                        541                  646            592 
 Property plant & equipment                  22                   18             25 
                                 --------------  -------------------  ------------- 
                                          7,008                7,353          7,174 
 Current assets 
 Trade and other receivables                739                  843            615 
 Current tax receivable                     119                   67             29 
 Cash and cash equivalents                  608                1,175            764 
                                 --------------  -------------------  ------------- 
                                          1,466                2,085          1,408 
                                 --------------  -------------------  ------------- 
 Total assets                             8,474                9,438          8,582 
                                 --------------  -------------------  ------------- 
 
 EQUITY AND LIABILITIES 
 Equity 
 Share capital                              983                  983            983 
 Share premium                            1,631                1,631          1,631 
 Merger reserve                             365                  365            365 
 Convertible loan reserve                    14                   14             14 
 Retained earnings                           79                  107            262 
 Share option reserve                        72                  124             64 
 Translation reserve                         69                   61             63 
                                 --------------  -------------------  ------------- 
 Total equity                             3,213                3,285          3,382 
 
 Liabilities 
 Non current liabilities 
 Trade and other payables                   252                  237            238 
 Lease liabilities                          516                  604            560 
 Borrowings                                1300                1,600          1,450 
 Deferred tax                               210                  299            210 
                                 --------------  -------------------  ------------- 
 Total non-current liabilities            2,278                2,740          2,458 
                                 --------------  -------------------  ------------- 
 Current liabilities 
 Trade and other payables                 2,595                2,808          2,347 
 Lease liabilities                           88                  105             95 
 Borrowings                                 300                  364            300 
 Utilisation of banking                       -                  136              - 
  facility 
 Current tax payable                          -                    -              - 
                                 --------------  -------------------  ------------- 
 Total non-current liabilities            2,983                3,413          2,742 
                                 --------------  -------------------  ------------- 
 Total liabilities                        5,261                6,153          5,200 
                                 --------------  -------------------  ------------- 
 Total liabilities and 
  equity                                  8,474                9,438          8,582 
                                 --------------  -------------------  ------------- 
 

The interim report was approved by the Board of directors and authorised for issue on 23 September 2022. They

were signed on its behalf by:  JS Starr                                              IJ Mackin 

CONSOLIDATED STATEMENT OF CASH FLOWS

 
 
                                                      As at 30 June               As at 
                                                                            31 December 
                                                       2022         2021           2021 
                                                  Unaudited    Unaudited        Audited 
 
                                                    GBP'000      GBP'000        GBP'000 
 Operating Activities 
 (Loss) before tax                                    (274)        (141)          (298) 
 Adjustment for 
  Financial cost                                         63           36             99 
  Depreciation and amortisation                         648          656          1,335 
  Share option expense                                    8           15              3 
  Other including foreign exchange adjustments 
   arising from operations                             (24)          (4)             10 
 Operating cash flows before movements 
  in working capital                                    421          562          1,149 
 
 Increase / (Decrease) in receivables                 (124)           20            268 
 Increase / (Decrease) in payables                      263        (184)          (639) 
 Net taxation repaid                                      -          164            373 
 
 Net cash generated from operating 
  activities                                            560          562          1,151 
                                                 ----------  -----------  ------------- 
 
 Investing Activities 
 Purchases of property plant and equipment              (5)          (4)           (21) 
 Investment in development costs                      (477)        (504)          (987) 
 Net cash used in investing activities                (482)        (508)        (1,008) 
                                                 ----------  -----------  ------------- 
 
 Financing Activities 
 Finance cost                                          (63)         (36)           (99) 
 Lease payments made                                   (51)         (51)          (104) 
 Bank loan repayments                                 (150)        (213)          (461) 
 Utilisation of banking facility                          -          136              - 
                                                 ----------  -----------  ------------- 
 Net cash generated from financing 
  activities                                          (264)        (164)          (664) 
                                                 ----------  -----------  ------------- 
 
 Net change in cash and cash equivalents              (186)        (110)          (521) 
 Cash and cash equivalents at beginning 
  of the period                                         764        1,291           1291 
 Effect of foreign exchange rate changes                 30          (6)            (6) 
 
 Cash and cash equivalents at end of 
  period                                                608        1,175            764 
                                                 ----------  -----------  ------------- 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                               Share      Share     Merger   Retained   Convertible      Share    Foreign     Total 
                             capital    premium    Reserve   earnings          loan     option   exchange 
                                                                            reserve 
                             GBP'000    GBP'000    GBP'000    GBP'000       GBP'000    GBP'000    GBP'000   GBP'000 
 
 Balance at 31 
  December 2021                  983      1,631        365        262            14         64         63     3,382 
 Comprehensive 
  income 
 Loss for the 6 
  months ended 30 
  June 2022                        -          -          -      (183)             -          -          -     (183) 
 Other comprehensive                                                                                              - 
  income 
 Exchange differences 
  on translation 
  of overseas operations           -          -          -          -             -          -          6         6 
 Total comprehensive 
  (loss)                           -          -          -      (183)             -          -          6     (177) 
                           ---------  ---------  ---------  ---------  ------------  ---------  ---------  -------- 
 Transactions with 
  owners 
 Share option charge               -          -          -          -             -          8          -         8 
 
 Balance at 30 
  June 2022                      983      1,631        365         79            14         72         69     3,213 
                           ---------  ---------  ---------  ---------  ------------  ---------  ---------  -------- 
 
 Balance at 31 
  December 2020                  983      1,631        365        208            14        110         59     3,370 
 Comprehensive 
  income 
 Loss for the 6 
  months ended 30 
  June 2021                        -          -          -      (101)             -          -          -     (101) 
 Other comprehensive                                                                                              - 
  income 
 Exchange differences 
  on translation 
  of overseas operations           -          -          -          -             -          -          2         2 
 Total comprehensive 
  (loss)                           -          -          -      (101)             -          -          2      (99) 
                           ---------  ---------  ---------  ---------  ------------  ---------  ---------  -------- 
 Transactions with 
  owners 
 Share option charge               -          -          -          -             -         14          -        14 
 
 Balance at 30 
  June 2021                      983      1,631        365        107            14        124         61     3,285 
                           ---------  ---------  ---------  ---------  ------------  ---------  ---------  -------- 
 

NOTES TO THE INTERIM

 
  NOTES TO THE UNAUDITED INTERIM REPORT 
 

CONSOLIDATED STATEMENT OF

   1.         Basis of Preparation 

The financial information for the six months ended 30 June 2022 included in this condensed interim report comprises the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the consolidated statement of changes in equity and the related notes.

The financial information in these interim results is that of the holding company and all of its subsidiaries (the Group). It has been prepared in accordance with UK adopted international accounting standards but does not include all of the disclosures that would be required under International Financial Reporting Standards (IFRSs). The accounting policies applied by the Group in this financial information are the same as those applied by the Group in its financial statements for the year ended 31 December 2021 and are those which will form the basis of the 2022 financial statements.

The comparative financial information presented herein for the year ended 31 December 2021 does not constitute full statutory accounts for that period. The Group's annual report and accounts for the year ended 31 December 2021 have been delivered to the Registrar of Companies. The Group's independent auditor's report on those statutory accounts was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

Going concern

The directors have continued to perform detailed forecasting on a regular basis taking into account current trading and expectations and cash balances and, having reflected upon these forecasts, the directors of the Company continue to adopt the going concern basis of accounting in preparing the financial statements.

Dillistone Group Plc is the Group's ultimate parent company. It is a public listed company and is domiciled in the United Kingdom. The address of its registered office and principal place of business is 12 Cedarwood, Crockford Lane, Chineham Business Park, Basingstoke, RG24 8WD. Dillistone Group Plc's shares are listed on the Alternative Investment Market (AIM).

   2.         Share Based Payments 

The Company operates two share option schemes. The fair value of the options granted under these schemes is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period at the end of which the option holder may exercise the option. The fair value of the options granted is measured using the Black-Scholes model.

3. Reconciliation of adjusted operating profits to consolidated statement of comprehensive income

30 June 2022 and 30 June 2021

 
                               Adjusted   Acquisition                    Adjusted           Acquisition 
                              operating       related                   operating    and reorganisation 
                                profits         items                     profits               related 
                                                                                                  items 
                                                                                                            30-Jun 
                            30-Jun-2022         2022*   30-Jun-2022   30-Jun-2021                 2021*       2021 
 
                                GBP'000       GBP'000       GBP'000       GBP'000               GBP'000    GBP'000 
 
 Revenue                          2,823             -         2,823         2,801                     -      2,801 
 
 Cost of sales                    (351)             -         (351)         (336)                     -      (336) 
 
 Gross profit                     2,472             -         2,472         2,465                     -      2,465 
 
 Administrative expenses        (2,601)          (82)       (2,683)       (2,555)                  (15)   (2, 570) 
 
 Results from operating 
  activities (inc 
  furlough)                       (129)          (82)         (211)          (90)                  (15)      (105) 
 
 Financial cost                    (63)             -          (63)          (36)                     -       (36) 
 
 (Loss) before tax                (192)          (82)         (274)         (126)                  (15)      (141) 
 
 Tax expense/(income)                76            15            91            36                     4         40 
 
 (Loss)/profit for 
  the year                        (116)          (67)         (183)          (90)                  (11)      (101) 
 
 Other comprehensive 
  income net of tax: 
 Currency translation 
  differences                         6             -             6             2                     -          2 
 
 Total comprehensive 
  (loss) for the year 
  net of tax                      (110)          (67)         (177)          (88)                  (11)       (99) 
                           ------------  ------------  ------------  ------------  --------------------  --------- 
 

* see accounts note 5

Earnings per share - from continuing activities

 
 Basic                        (0.59)p                (0.93)p             (0.46)p                (0.51)p 
 Diluted                      (0.59)p                  (0.93)p           (0.46)p             (0.51)p 
 
 

31 December 2021

 
                                          Adjusted           Acquisition 
                                         operating    and reorganisation 
                                           profits               related 
                                                                   items 
                                       31 December                 2021*     31 December 
                                              2021                                  2021 
 
                                           GBP'000               GBP'000         GBP'000 
 
 Revenue                                     5,599                     -         5,599 
 
 Cost of sales                               (685)                     -         (685) 
                                      ------------  --------------------  ------------ 
 
 Gross profit                                4,914                     -         4,914 
 
 Administrative expenses                   (5,054)                  (59)       (5,113) 
 
 Results from operating activities 
  (inc furlough)                             (140)                  (59)         (199) 
 
 Financial cost                               (99)                     -            (99) 
 
 Loss before tax                             (239)                  (59)           (298) 
 
 Tax income                                    287                    15             302 
 
 Profit/(loss) for the year                     48                  (44)               4 
 
 Other comprehensive income 
  net of tax: 
 Currency translation differences                4                     -               4 
 
 Total comprehensive profit/(loss) 
  for the year net of tax                       52                  (44)               8 
                                      ============  ====================  ============== 
 

* see accounts note 5

Earnings per share - from continuing activities

 
 Basic      0.24p   0.02p 
 Diluted    0.24p   0.02p 
 
   4.         Segment reporting 
 
 Results 
                                                                   Year ended 
                                          6 months ended 30 June       31 Dec 
                                         2022               2021         2021 
                                      GBP'000            GBP'000      GBP'000 
 
 Results from operating activities 
 Ikiru People                           (128)          (61)             (169) 
 
 Central                                  (1)          (29)                29 
 
 Reorganisation and 
  other costs                               -            92               154 
 Amortisation of acquisition 
  intangibles and reorganisation 
  costs                                  (82)         (107)             (213) 
 Result from operating 
  activities                            (211)         (105)             (199) 
                                   ==========  ============  ================ 
 
 
 
 Geographical segments 
 The following table provides an analysis of the Group's revenues 
  by geographical market. 
                                                                    Year ended 
                                    6 months ended 30 
                                           June                         31 Dec 
                                         2022          2021               2021 
                                      GBP'000       GBP'000        GBP'000 
 UK                                     1,942         1,928              3,933 
 Europe                                   350           441                762 
 Americas                                 309           242                526 
 Australia                                117            76                140 
 ROW                                      105           114                238 
                                        2,823         2,801              5,599 
                              ===============  ============  ================= 
 
 
 
 
 Business Segment 
 The following table provides an analysis of the Group's revenues 
  by products and services. 
                                                                   Year ended 
                                               6 months ended 30 
                                                            June       31 Dec 
                                             2022           2021         2021 
                                          GBP'000        GBP'000      GBP'000 
 Recurring                                  2,477          2,522        5,009 
 Non recurring                                261            200          427 
 Third party revenues                          85             79          163 
                                            2,823          2,801        5,599 
                                    =============  =============  =========== 
 
 
   'Recurring income' represents all income recognised over time, 
   whereas 'Non-recurring income' represents all income recognised 
   at a point in time. Recurring income includes all support services, 
   software as a service income (SaaS) and hosting income. Non-recurring 
   income includes sales of new licenses, and income derived from 
   installing those licenses including training, installation, and 
   data translation. Third party revenues arise from the sale of 
   third party software. 
 
 
   5.         Acquisition related items and other one off costs 
 
                                                        Year ended 
                                    6 months ended 30 
                                                 June       31 Dec 
                                      2022       2021         2021 
                                   GBP'000    GBP'000      GBP'000 
 Reorganisation costs                    -          -            6 
 US Government loan (Payment 
  Protection Program)                    -       (86)        (154) 
 Grants received from overseas 
  jurisdictions                          -        (6)          (6) 
 Amortisation of acquisition 
  intangibles                           82        107          213 
 
 
 Total                                  82         15           59 
                                 =========  =========  =========== 
 
   6.         Tax 
 
                                                           Year ended 
                                       6 months ended 30 
                                                    June       31 Dec 
                                         2022       2021         2021 
                                      GBP'000    GBP'000      GBP'000 
 
 Current tax                             (56)       (43)         (96) 
 Prior year adjustment - current 
  tax                                       -          -        (121) 
 Deferred tax release                    (20)       (11)         (35) 
 Prior year adjustment - deferred 
  tax                                       -          -         (60) 
 2021 Deferred tax rate change 
  to 25% (19% in 2020)                      -         34           50 
 Deferred tax re acquisition 
  intangibles                            (15)       (20)         (40) 
 Tax credit for the period               (91)       (40)        (302) 
                                    =========  =========  =========== 
 

The tax charge is calculated for each jurisdiction based on the estimated position for the year. Deferred tax has been provided at a rate of 25% (2021: 25%).

   7.         Dividends 

The Board has decided not to pay an interim dividend (2021: nil per share).

   8.         Earnings per Share 
 
                                                                  Year ended 
                                              6 months ended 30 
                                                           June       31 Dec 
                                            2022           2021         2021 
 
 Basic earnings per share 
 (Loss) attributable to ordinary 
  shareholders                      GBP(183,000)   GBP(101,000)     GBP4,000 
 
 Weighted average number of 
  shares                              19,668,021     19,668,021   19,668,021 
 
 Basic (loss) per share (pence)           (0.93)         (0.51)         0.02 
                                   =============  =============  =========== 
 
 

As the Group is in a loss position shares options are anti-dilutive.

   9.         Related party transactions 

The Company has related party relationships with its subsidiaries, its directors, and other employees of the Company with management responsibility. There were no transactions with these parties during the period outside the usual course of business.

The Directors participated in the issue of convertible loan notes in 2017 which carry interest at 8.15% per annum payable quarterly in arrears.

There were no transactions with any other related parties.

   10.       Cautionary statement 

This Interim Report has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for these strategies to succeed. The Interim Report should not be relied on by any other party or for any other purpose. The Interim Report contains certain forward-looking statements with respect to the financial condition, results of operations and businesses of the Company. These statements are made in good faith based on the information available to them up to the time of their approval of this report. However, such statements should be treated with caution as they involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. The continuing uncertainty in global economic outlook inevitably increases the economic and business risks to which the Company is exposed. Nothing in this announcement should be construed as a profit forecast.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR EAPNSAFPAEFA

(END) Dow Jones Newswires

September 26, 2022 02:01 ET (06:01 GMT)

Dillistone (AQSE:DSG.GB)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024 Dillistone 차트를 더 보려면 여기를 클릭.
Dillistone (AQSE:DSG.GB)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024 Dillistone 차트를 더 보려면 여기를 클릭.