22 July 2024
AdvancedAdvT
Limited
Period end results for eight
months to 29 February 2024
AdvancedAdvT Limited (LSE: ADVT,
"AdvT", the "Group"), the international software solutions provider
for the business solutions, healthcare compliance, and human
capital management sectors, has published its period end results
for the eight months to 29 February 2024.
Financial performance
·
Revenue from continuing operations of
£21.1m
·
Recurring revenue represented 77% of total
revenues
·
Adjusted EBITDA from continuing operations of
£4.4m, ahead of management expectations
·
Pre-tax profit from continuing operations of £5.2m
(12 months to 30 June 2023: £1.4m)
·
Reported basic EPS: 5p (12 months to 30 June 2023:
1p)
·
Cash of £82.1m at 29 February 2024 (30 June 2023:
£104.7m) in addition to 9.8% shareholding in M&C Saatchi
plc
Highlights
·
Acquired core software assets for £26.8m net of
sale of Synaptic Software ("Synaptic")
·
Sold non-core asset Synaptic for £3.7m* (£2.2m
gain on sale)
·
Acquired Celaton Limited an intelligent process
automation (IPA) platform provider for £4.8m*
·
Identified operational improvements within
acquired businesses with implementation of these well
progressed
·
Refreshed the go-market strategy following the
significant investment in SaaS and Cloud product offerings prior to
our acquisition
·
Admission to AIM completed in January
2024
Vin
Murria, AdvancedAdvT's Executive
Chairperson, said
"We are seeing positive momentum in multiple areas and
continue to make strong progress on delivering operational
performance, particularly in new wins, recurring revenue,
utilisation and improved profitability. We also continue to explore
numerous acquisition opportunities to expand the
Group.
"Our business solutions and healthcare operations have
won some notably large contracts across the Irish and UK public
sector, whilst the human/resource management operations have
extended and expanded a number of substantial multi-year contracts
with the larger corporates.
"Many of our customers are assessing the benefits of digital
transformation and its alignment with their strategy for the coming
years. We see numerous opportunities for business growth,
particularly with AI, automation and SaaS offerings, to support
their digital transformation.
"The Group is experiencing good organic growth, in line with
the Board's expectations."
* Sales and acquisition value are
net of cash sold/acquired.
Enquiries:
|
AdvancedAdvT Limited
|
|
|
Vin Murria, Chairperson
Gavin Hugill, Chief Financial
Officer
|
c/o Meare Consulting
|
|
|
|
|
Singer Capital Markets (Nominated Adviser and Broker)
|
Tel: 020 7496 3000
|
|
Philip Davies / Asha Chotai / Sam
Butcher
|
|
|
|
|
|
KK
Advisory (Investor
Relations)
|
Tel: 020 7039 1901
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Kam Bansil
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|
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Meare Consulting
|
|
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Adrian Duffield
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Tel: 07990 858548
|
Note to Editors
AdvancedAdvT Limited (AdvT) provides
software solutions and platforms across two business
transformational areas: business solutions & healthcare
compliance, and human capital management.
The Group's operations are IBSS
(financial management software), CHKS (AI based healthcare
intelligence compliance and accreditation software), Retain (global
resource planning and talent management software) and WFM
(workforce management software provider).
AdvT is an agent for change. The
Group enables the delivery of Artificial Intelligence ("AI"), data
analytics and business intelligence, all of which are key future
drivers for growth in these sectors where long term digitisation
trends are set to transform the workplace for
professionals.
AdvT is developing both organically
and through acquisitions, by expanding its presence across adjacent
markets, geographical boundaries and digital sectors.
Chairperson's statement
Strategic overview
In the eight-month period to 29
February 2024, the Group made good progress in executing on its
strategy which is centred around backing sectors characterised by
long term AI, automation, digital transformation, data analytics
and business intelligence trends, that are in early stages of
adoption and set to transform the professional workplace for the
next few decades.
Embracing a long-term perspective,
the aim is to build a lasting and thriving business. This thinking
shapes how investment is deployed on both M&A and within the
platform businesses, in order to develop relationships with clients
and partners and with a strategy centred around business and
digital transformation and continuous improvement.
The management team boasts
substantial experience in the software and services sector, having
invested in and operated a range of high-performing businesses. The
team have successfully driven operational excellence within these
enterprises, leading to consistent organic growth. Management has a
proven track record of targeted and accretive mergers and
acquisitions in the software sector. This expertise, combined with
the recent acquisition, positions AdvT well to build a robust
platform for future growth, both organically and through strategic
acquisitions, in the rapidly evolving digital landscape.
In the pursuit of executing our
strategy, we seized an opportunity in the software and services
sector, marked by the acquisition of five businesses on 31 July
2023. Leveraging a carve-out approach, we capitalised on attractive
valuation multiples to secure these assets. These businesses serve
as our initial platform and align with our business
strategy.
Acting with pace, we executed on our
focused approach by selling one of the acquired businesses,
Synaptic, with the divestment completing on 26 January 2024. This
strategic move enabled us to sharpen our focus on delivering our
core strategy, streamlining our operational portfolio for enhanced
efficiency and effectiveness.
In the seven months since the Group
acquired the businesses, covered by the period under review, it has
made good progress. Our initiatives have encompassed a concerted
effort towards standardisation and simplification, aimed at
harnessing best practices to optimise go-to-market strategies and
operational activities.
Moving forward, the Group
performance will be measured through a set of core financial
metrics, including recurring revenue, adjusted EBITDA, and free
cash flow. These indicators will serve as benchmarks in gauging our
progress, ensuring alignment with our overarching strategic
objectives and commitment to delivering sustainable value to our
stakeholders.
In January 2024, AdvT transferred
its listing from the Main Market of the London Stock Exchange and
was admitted to trading on AIM.
The Group continues to hold a 9.8%
stake in M&C Saatchi plc.
Current trading and
outlook
Despite the significant
macroeconomic uncertainty and disruption, we believe that the
current environment will present numerous opportunities to develop
the Group, both organically and by acquisition.
In the current financial year, which
started on 1 March 2024, the Group has continued to make good
progress and has secured a number of large, long-term contracts
across both public sector and private sector customers. The
improvement in performance of the four units has also continued.
Overall, the Group is trading in line with the Board's
expectation.
Financial highlights
The Group reported revenues from
continuing operations of £21.1m in the period under review, with
recurring revenue representing 77% of total revenue. Adjusted
EBITDA from continuing operations was £4.4m, which was ahead of
early expectations. The Group ended the period with cash of
£82.1m.
The Group acquired five businesses
on 31 July 2023 for a £26.8m net cash consideration including the
subsequent and profitable sale of one of those businesses -
Synaptic. The remaining four acquisitions have established a core
software platform for developing the Group.
The Group identified and implemented
a number of operational changes within these four businesses, which
is resulting in an improvement in their performance. The
Group also refreshed their go-to-market strategies following the
significant investment in SaaS and Cloud product offerings made
prior to the acquisition.
M&A
Since the year end, the Group has
acquired Celaton for £4.8 million net of cash. Celaton is a
machine-learning AI based intelligent process automation ("IPA")
platform (inSTREAM). Its functionality provides intelligent
document processing ("IDP") with automatic data recognition,
classification, validation and enrichment, continual process
automation with machine-learning AI algorithms and
analytics.
This business is highly
complementary to the Group, with IBSS clients expected to be the
primary beneficiaries. Working with Celaton within end-to-end
business processing, accounts payables and sales order processing
automation, IBSS clients will benefit from InSTREAM's improved
efficiency, throughput, and enhanced compliance - providing mutual
benefits to both the customer and supplier relationship. There will
be an opportunity for both revenue and efficiency synergies across
the Group.
In the two years prior to this
acquisition, Celaton invested £2.3m in product development,
targeted at platform AI capabilities, web user interface and
multi-language support. Its customers consist of
multi-national well-known enterprises with high volume e-invoicing
and document process needs including Talk Talk, Currys and
Capgemini.
With the Group's substantial cash
reserves (£82.0m as at 30 June 2024, before the acquisition of
Celaton), and investment in M&C Saatchi plc (valued at £23.4m
as at 30 June 2024).and our disciplined approach, we are well
placed to execute M&A that is both synergistic and accretive
over the longer term and a number of other potential acquisition
opportunities have been identified.
M&A continues to be a core part
of the Group's strategy and revolves around evaluating high-quality
businesses, based on a set of key characteristics which align with
the management team's vision and will enable businesses to
consistently generate long-term value.
The Board will continue to evaluate
each potential target against its acquisition criteria, seeking
businesses with:
·
high recurring revenue streams and good forward
visibility;
·
sticky customer retention;
·
mission critical products and services;
·
opportunities for both organic and inorganic
growth;
·
strong cash generation;
·
sectors with high barriers to entry; and
in
·
highly fragmented industries with opportunities
for consolidation.
Operational review
Our business solutions and
healthcare compliance operations, comprising IB Software and
Solutions (Ireland) and Integrated Business Software and Solutions
(together "IBSS") and CHKS Limited ("CHKS"), have strategically
realigned to place a heightened emphasis on the customer and their
evolving needs and to deliver value-driven software and digital
solutions. This pivot has helped secure a number of new compliance
clients while performing consistently with our
projections.
Within the human capital management
operations, Retain International Software and Retain International
Software USA (together "Retain") and Workforce Management Software
("WFM"), the Group successfully onboarded several new customers
onto its SaaS platform. Additionally, the Group also began
investing in new product offerings, roadmap features and
functionality.
As anticipated, the Group is
observing positive digital trends across both business solutions
and healthcare compliance operations. The recently launched
automated clinical coding solution has been deployed to the Group's
first customer, with a pipeline of further opportunities
demonstrating interest. Moreover, there is an increasing demand for
digital services and solutions out of the Ireland-based
operation.
Similarly, human capital management
operations are experiencing positive digitalisation trends. New and
existing clients are embracing the cloud-based resourcing SaaS
platform - enabling simplification and best practice processes,
alongside the uptake of AI functionality in our resource
suitability engine introduced in the latest releases.
The Group has begun investing in
system enhancements to bolster its growth strategy. Under the
agreement with Capita plc for the acquired businesses, the Group
engaged in a transitional services arrangement (the "TSA"). The
Group is currently advancing well-defined plans and executing
actions to transition these services and systems onto its new
platforms.
CFO's Report
For the eight months ended 29
February 2024, after owning the acquired businesses for seven
months, continuing operations generated revenues of £21.1m from the
four acquired businesses. Recurring revenues from continuing
operations as a proportion of total revenue was
77%.
Adjusted EBITDA from continuing
operations, which is a key underlying measurement of the Group, was
£4.4m. Upon acquisition, one of our key aims was to separate the
solutions and services that were linked to the former owners,
provided to us in the TSA. We started this process of breaking away
quickly, in order to establish an independent operational platform
for further M&A.
This initiative was reinforced by
the introduction of new systems across critical functions,
including Customer Relationship Management (CRM), Human Resources
(HR), payroll, benefits administration, financial management, and
professional services. By implementing these foundational
frameworks, we are poised to streamline processes, enhance
operational agility, and drive sustainable growth.
As we continue to standardise,
optimise and integrate the acquired businesses, we expect to
continue to improve margins, albeit initially offset by the
activities and costs of decoupling from the Capita plc systems and
services.
During the same period, we navigated
the complexities associated with a reverse takeover and our
admission to trading on AIM.
The table below reconciles EBITDA to
operating profit including one off adjustments and the fair value
gains.
|
Summary results from continuing operations for the eight
months to 29 February 2024
|
£000s
|
|
Revenue
|
21,122
|
|
EBITDA
|
1,997
|
|
Acquisition expenses, stamp duties
and relisting expenses
|
2,309
|
|
Share based payment
expense
|
72
|
|
Adjusted EBITDA
|
4,378
|
|
Share based payment
expense
|
(72)
|
|
Depreciation
|
(69)
|
|
Adjusted operating profit
|
4,237
|
|
Amortisation of acquired intangible
assets
|
(1,597)
|
|
Acquisition expenses, stamp duties
and relisting expenses
|
(2,309)
|
|
Fair value gain on Financial
Assets
|
2,580
|
|
Operating profit
|
2,911
|
Based on its cash reserves, the
Group had a net finance income of £2.3m (2023: £3.4m) and profit
before tax from continuing operations of £5.2m (2023:
£1.4m).
The Group's 9.8% stake in M&C
Saatchi plc was valued at £20.8m at 29 February 2024 (30 June 2023:
£18.2m), an increase of £2.6m. As a significant shareholder, the
Group continues to assess all potential value creation
opportunities for the company.
The Group has recognised a deferred
tax asset of £1.2m in respect of losses expected to be utilised in
future periods. The Group has a deferred tax liability of
£3.8m relating to intangible assets recognised on
acquisition.
Basic and diluted EPS was £0.05
(June 2023: £0.01).
The Board is not recommending a
dividend. It intends to review the Group's dividend policy
following significant deployment of AdvT's capital and will only
commence the payment of dividends when it becomes commercially
appropriate.
The Group's cash position as at 29
February 2024 was £82.1m (June 2023: £104.7m), with the reduction
due to the acquisitions. Cash at 30 June 2024 was £82.0m,
before the net cash outflow of £4.8m to acquire Celaton.
Adjusted operating cashflow was
£4.2m, representing 97% cash conversion of adjusted
EBITDA.
Free cash flow, as presented below,
from continuing activities was £4.5 million.
|
Free cashflow from continuing activities
for the eight
months to 29 February 2024
|
£000s
|
|
|
|
|
Operating Profit
|
2,911
|
|
Fair value gain on Financial
Asset
|
(2,580)
|
|
Depreciation
|
69
|
|
Acquisition expenses, stamp duties
and relisting expenses
|
2,309
|
|
Amortisation and impairment of
intangible assets
|
1,597
|
|
Share based payment
expense
|
72
|
|
Adjusted EBITDA
|
4,378
|
|
Unrealised exchange
losses
|
(5)
|
|
Decrease/(increase) in working
capital
|
894
|
|
Capital expenditure
|
(1,025)
|
|
Adjusted operating cashflow
|
4,242
|
|
Cash Conversion
|
97%
|
|
Acquisition expenses, stamp duties
and relisting expenses
|
(2,309)
|
|
Interest income
|
2,530
|
|
Free cashflow
|
4,463
|
On 26 January 2024, the Group
completed the sale of Synaptic, one of the original acquired
businesses for cash consideration of £5.1m (including £1.4m cash
acquired). Discontinued revenue from Synaptic was £1.2m with
a net profit of just £37,000. Overall, a £2.2m gain was
reported for the disposal.
On 1 July 2024, the Group acquired
Celaton, the operator of an intelligent document processing
platform inSTREAM, for cash consideration of £4.8 million net of
cash acquired of £1.7m.
Notes to the Consolidated Financial
Statements
1. GENERAL INFORMATION
AdvancedAdvT Limited was
incorporated on 31 July 2020 in the British Virgin Islands
("BVI") as a BVI business
company (registered number 2040954) under the BVI Business Company
Act, 2004 and has its registered address at Commerce House,
Wickhams Cay 1, Road Town, Tortola, British Virgin Islands VG1110
and UK establishment at 11 Buckingham Street, London WC2N 6DF. The
Company has one direct subsidiary, MAC I (BVI) Limited and a number
of indirectly held subsidiaries named in note 14 (together with the
Company, the "Company" or
"Group").
The Group acquired five software and
services businesses from Capita plc on 31 July 2023 (the
"Acquisitions"). The Group
provides software solutions and platforms across two business
transformational areas: business solutions & healthcare
compliance, and human capital management. The Group's operations
are IBSS (financial management software), CHKS (AI based healthcare
intelligence compliance and accreditation software), Retain (global
resource planning and talent management software) and WFM
(workforce management software provider). The Company is an agent
for change, enabling the delivery of Artificial Intelligence
("AI"), data analytics and
business intelligence, all of which are key future drivers for
growth in these sectors where long term digitisation trends are set
to transform the workplace for professionals.
The Group is developing both
organically and through acquisitions, by expanding its presence
across adjacent markets, geographical boundaries, and digital
sectors.
The Company was listed on the Main
Market of the London Stock Exchange from 4 December 2020, the
Acquisitions constituted a reverse takeover and shares were
therefore suspended from 8 June 2023, the Company was subsequently
admitted to AIM from 10 January 2024.
The accounting reference date was
changed from 30 June to 29 February (or 28 February, as the case
may be). resulting in a short accounting period of 8 months, with
the results of the acquired entities being included for 7 months
from the date of acquisition. A shorter accounting period was
selected to align with Admission to AIM.
The members of the Group's
accounting reference date have also been changed to 29 February (or
28 February, as the case may be).
2. CRITICAL ACCOUNTING JUDGEMENTS AND
ESTIMATES
The preparation of the Financial
Statements under IFRS requires the Directors to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities
including those that would result in a material adjustment to
carrying amounts within the next financial year. Estimates and
judgements are continually evaluated and are based on historical
experience and other factors including expectations of future
events that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates.
Key
sources of estimation uncertainty
Identifiable assets acquired and liabilities
assumed
As required by IFRS 3, we have
measured the assets acquired and liabilities assumed on the
acquisitions in the period at their fair value on acquisition. The
fair values of contract liabilities at acquisition dates were
estimated to obtain a price that would be paid to transfer the
liability in an orderly transaction between market participants.
The approach used was based on a market participant's estimate of
the costs that will be incurred to fulfil the obligation plus a
normal profit margin, based on the overall cost profile over the
life of the contract.
The determination of the fair value
of assets and liabilities including goodwill arising on the
acquisition of businesses, the acquisition of branding, customer
relationships and intellectual property, whether arising from
separate purchases or from the acquisition as part of business
combinations, and development expenditure, which is expected to
generate future economic benefits, are based, to a considerable
extent, on management's estimations. Independent specialists were
engaged to review the assessment.
The fair value of these assets is
determined by discounting estimated future net cash flows the asset
is expected to generate where no active market for the assets
exists. The use of different assumptions for the expectations of
future cash flows and the discount rate would change the valuation
of the intangible assets
Goodwill impairment
Goodwill is not considered impaired
based on cash flow projections.
Critical accounting judgements
Revenue Recognition
There are a number of areas where
judgement has been applied in respect of revenue recognition.
A description of the way in which revenue and associated assets are
recognised is detailed in note 3(e). in applying IFRS 15 Revenue
from Contracts with Customers significant judgement which may
affect the determination of the amount and timing of revenue from
contracts with customer include: assessment
of the costs the Group incurs to deliver the contractual
commitments and whether such costs should be expensed as incurred
or capitalised.
Recovery of deferred tax assets
Deferred tax assets are recognised
for deductible temporary differences only if the consolidated
entity considers it is probable that future taxable amounts will be
available to utilise those temporary differences and
losses.
Provisions
Onerous contract provisions are
recognised where the unavoidable costs under a contract reflect the
least net cost of exiting from the contract, which is the lower of
the cost of fulfilling it and any compensation or penalties arising
from failure to fulfil it.
For the period to 29 February 2024,
the Directors do not consider that they have made any other
significant estimates, judgments or assumptions which would
materially affect the balances and results reported in these
Financial Statements or in the next period.
3. ALTERNATIVE PERFORMANCE
MEASURES
In reporting financial information,
the Group presents alternative performance measures
("APMs") which are not defined or
specified under the requirements of IFRS. The Group believes that
these APMs, which are not considered to be a substitute for IFRS
measures, provide stakeholders with additional useful information
on the underlying trends, performance and position of the Group and
are consistent with how business performance is measured
internally. The alternative performance measures are not defined by
IFRS and therefore may not be directly comparable with other
companies' alternative performance measures. The key APMs that the
Group uses are outlined below.
|
|
Closest equivalent IFRS measure
|
Reconciling items to IFRS measure
|
Definition and purpose
|
|
Income Statement Measures
|
|
Adjusted EBITDA or Profit before tax
(PBT)
|
Operating Profit OR Profit before
Tax
|
Adjusting items
|
Adjusted Operating profit/Profit
before tax excludes adjusting items.
|
|
Adjusting items
|
None
|
Refer to definition
|
Items which are not considered part
of the normal operating costs of the business, are separately
disclosed because of their size, nature or incidence are treated as
adjusting. The Group believes the separate disclosure of these
items provides additional useful information to users of the
Financial Statements to enable a better understanding of the
Group's underlying financial performance. These may include the
financial effect of adjusting items such as, inter alia,
restructuring costs, impairment charges, amortisation of acquired
intangibles, costs relating to business combinations, one-off
foreign exchange gains or losses, integration costs,
acquisition-related expenses, share-based payment charges,
contingent consideration and earn-outs, cloud computing
configuration and customisation costs, and right-of-use asset
disposal gains or losses.
|
|
Recurring Revenue
|
Revenue
|
See note 5
|
Recurring Revenues are income
occurring continuously and repeatedly.
|
|
Transactional Revenue
|
Revenue
|
See note 5
|
Transactional Revenue are recognised
at the point of transfer (delivery) to a customer.
|
|
Balance Sheet Measures
|
|
Net cash or debt
|
None
|
See note 16
|
Net cash debt is defined as Cash and
cash equivalents and short-term deposits, less Bank overdrafts and
other current and non-current borrowings.
|
|
Cash Flow Measures
|
|
Cash conversion
|
None
|
Refer to definition
|
Adjusted operating cash flow as a
percentage of Adjusted EBITDA.
|
|
Free cash flow
|
None
|
Refer to definition
|
Cash flow in the period after
accounting for operating activities, investing activities, lease
payments, intere-st and tax.
|
4. SEGMENT INFORMATION
Revenue from continuing operations
|
|
8 months
ended 29
February
2024
|
12
months
ended 30
June
2023
|
|
|
£000s
|
£000s
|
|
Recurring Revenues
|
16,250
|
-
|
|
Transactional Revenues
|
4,872
|
-
|
|
|
21,122
|
-
|
Revenue is recognised for each
category as follows:
• Recurring Revenues: income
occurring continuously and repeatedly; and
• Transactional Revenues: recognised
at the point of transfer (delivery) to a customer.
Operating segments
IFRS 8 requires operating segments to
be identified on the basis of internal reports about components of
the Group that are regularly reviewed by the chief operating
decision makers to allocate resources to the segments and to assess
their performance.
The chief operating decision makers
have been identified as the Executive Directors. The Group revenue
is derived from the sale and subscription of recurring and
transactional revenue engagements with its customers. Consequently,
the Executive Directors review the two revenue streams, but as the
costs are not recorded in the same way, the information on costs is
presented as one segment and as such the information included below
is presented in line with management information.
|
|
8 months
ended
|
12
months
ended
|
|
|
29 February
|
30
June
|
|
|
2024
|
2023
|
|
|
£000s
|
£000s
|
|
|
|
|
|
Revenue
|
21,122
|
-
|
|
|
|
|
|
EBITDA
|
1,997
|
(1,006)
|
|
Acquisition expenses, stamp duties
and relisting expenses
|
2,309
|
484
|
|
Share based payment
expense
|
72
|
96
|
|
Adjusted EBITDA
|
4,378
|
(426)
|
|
Share based payment
expense
|
(72)
|
(96)
|
|
Depreciation
|
(69)
|
-
|
|
Adjusted operating profit/(loss)
|
4,237
|
(522)
|
|
Amortisation of acquired intangible
assets
|
(1,597)
|
-
|
|
Acquisition expenses, stamp duties
and relisting expenses
|
(2,309)
|
(484)
|
|
Fair Value gain/(loss) on Financial
Assets
|
2,580
|
(960)
|
|
Operating profit/(loss)
|
2,911
|
(1,966)
|
|
Net Finance income
|
2,295
|
3,398
|
|
Profit before tax from continuing operations
|
5,206
|
1,432
|
|
Corporation tax
|
(458)
|
-
|
|
Profit for the period from continuing
opertions
|
4,748
|
1,432
|
5. EARNINGS PER ORDINARY SHARE
Basic EPS is calculated by dividing
the profit/(loss) attributable to equity holders of a company by
the weighted average number of ordinary shares in issue during the
year. Diluted EPS is calculated by
adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all potentially dilutive
instruments into ordinary shares.
The Company has issued 700,000
warrants, each of which is convertible into one ordinary
share.
As more fully detailed in note 22
incentive shares in MAC I (BVI) Limited have been issued. On
exercise, the value of these shares is expected to be delivered by
the Company issuing new ordinary shares, and hence the Incentive
Shares could have a dilutive effect, although the Company has the
right at all times to settle such value in cash. As the Preferred
Return has not currently been met, the Incentive Shares cannot be
redeemed, therefore have not been included in the calculation of
diluted EPS.
The Company has issued two sponsor
shares, the sponsor shares have no right to receive distributions
and so have been ignored for the purposes of IAS 33.
|
|
For the 8
months
ended
29 February
2024
|
For the 12
months ended
30 June
2023
|
|
Basic
|
|
|
|
Profit attributable to owners of the
parent (£000s)
|
7,003
|
1,432
|
|
Weighted average number of ordinary
shares in issue
|
133,200,000
|
133,200,000
|
|
Basic profit per ordinary share
(£'s)
|
0.05
|
0.01
|
|
Diluted
|
|
|
|
Profit attributable to owners of the
parent (£000s)
|
7,003
|
1,432
|
|
Weighted average shares in
issue
|
133,200,000
|
133,200,000
|
|
Adjustment to number of shares for
warrants
|
700,000
|
700,000
|
|
Adjusted weighted average shares in
issue
|
133,900,000
|
133,900,000
|
|
Diluted profit per ordinary share (£'s)
|
0.05
|
0.01
|
|
|
|
|