TIDMDODS
RNS Number : 5513D
Dods (Group) PLC
27 October 2015
Dods (Group) PLC
Interim Results for the six months ended 30 September 2015
Financial Highlights
-- Revenue of GBP9.3 million (2014: GBP8.4 million)
-- Gross profit margin at 36% (2014: 25%)
-- Adjusted EBITDA at GBP1.0 million (2014: Loss GBP54,000)
*
-- Cash generated from operations was GBP1.1 million (2014: Loss
GBP98,000)
-- Net cash of GBP7.0 million at 30 September 2015
-- Adjusted EPS 0.20 pence (2014: Loss 0.19 pence)
*EBITDA is calculated as earnings before interest, tax,
depreciation, amortisation of intangible assets acquired through
business combinations, share based payments and nonrecurring
items
Cheryl Jones, Chairman of Dods (Group) PLC, commented:
"The Board is pleased to announce that the Company achieved the
plan outlined for the business in the first half of the fiscal
year. The financial performance improvement is a result of the past
nine months of transformational initiatives.
In the second half of the year, management will be keenly
focussed on resource effectiveness, maintaining and leveraging the
efficiencies gained through restructuring, and further developing
marketing and sales programmes to accelerate revenue growth and
capture market share.
Business Update
Turnover improved 11% from GBP8.4 million to GBP9.3 million.
Gross margins improved significantly from 25% to 36%, driven
primarily from transformational initiatives, which include focus on
recurring revenue and client retention.
Adjusted EBITDA for the six months ended 30 September has
improved to a profit of GBP1.0 million compared to a loss of
GBP54,000 in the comparative period. Cash generated from operations
was GBP1.1 million; a result of EBITDA earnings and early benefits
derived through implementation of initial administrative and
back-office procedures.
Non-recurring costs of GBP250,000 were incurred in the first
half of the year relating to the restructuring of the business.
Digital revenues were up 9% to GBP4.1 million in the first half
of the fiscal period. The Company's event and training revenues had
a very positive first half performance growing by 30% to GBP2.9
million and 19% to GBP0.6 million respectively.
In the second half of the fiscal year, the Company will remain
focussed on the priorities set out in the 2015 annual report.
Further progress against these priorities will allow Dods' to
reposition resources enabling further product and service
innovation, to realign market-facing activities for greater
effectiveness, to leverage the investment in technology and improve
the Group's overall structural efficiencies.
The Board is confident the company is well positioned for
significant growth in the second half of the financial year.
Key Financial Information
Three Year Summary - Half
Year
----------------------------------- ------------- ------------- -------------
Six months Six months Six months
ended 30 ended 30 ended 30
(GBP000s unless specified September September September
otherwise) 2015 2014 2013
Revenue 9,275 8,442 9,332
Gross Profit
Margin % 36% 25% 22%
Adjusted EBITDA 1,008 (54) 28
Depreciation (160) (58) (114)
Amortisation of intangible
assets and assets acquired
through business combinations (312) (418) (514)
Amortisation of software
intangible assets (155) (578) (375)
----------------------------------- ------------- ------------- -------------
Adjusted EBIT 380 (1,108) (974)
Non-recurring
items (251) (75) (89)
Net finance costs (16) - 7
---------------------------------- ------------- ------------- -------------
Earnings before
tax 113 (1,183) (1,057)
EPS (pence) 0.03 (0.33) (0.34)
Adjusted EPS
(pence) 0.20 (0.19) (0.13)
Cash flow from operations 1,107 (98) (453)
Cash Balance 6,977 4,843 5,611
---------------------------------- ------------- ------------- -------------
Three Year Summary - Annual
----------------------------------- ------------- ------------- -------------
Full Year Full Year 15 months
(GBP000s unless specified to 31 March to 31 March to 31 March
otherwise) 2015 2014 2013
Revenue 18,301 19,775 18,773
Gross Profit
Margin % 29% 29% 25%
---------------------------------- ------------- ------------- -------------
Adjusted EBITDA 1,205 1,085 378
Depreciation (228) (225) (270)
Amortisation of intangible
assets and assets acquired
through business combinations (791) (1,026) (1,223)
Amortisation of software
intangible assets (763) (803) (843)
----------------------------------- ------------- ------------- -------------
Adjusted EBIT (577) (969) (1,958)
Non-recurring items (1,550) (475) (1,698)
Adjustments to amortisation
of intangible assets/ assets
acquired through business
combinations (2,781) - -
Impairment of goodwill - - (6,893)
Net finance costs (63) (44) (78)
----------------------------------- ------------- ------------- -------------
Earnings before
tax (4,971) (1,488) (10,627)
EPS (pence) (1.38) (0.38) (3.75)
Adjusted EPS
(pence) 0.13 0.06 (2.76)
Cash flow from operations 1,449 439 (1,459)
Cash Balance 5,908 5,291 7,037
---------------------------------- ------------- ------------- -------------
For further information, please contact:
Dods (Group) PLC
Cheryl Jones (Chairman)
Mark Morrell (Company Secretary)
0161 836 8800
Cenkos Securities plc
(Nominated Advisor and Broker to Dods)
Nicholas Wells
020 7397 8900
Note to editors:
Dods (Group) PLC is a public limited company listed on AIM
(ticker DODS)
DODS (GROUP) PLC
CONSOLIDATED INCOME STATEMENT
Six months ended Six months ended Year ended
30 September 30 September 31 March
2015 2014 2015
Note GBP'000 GBP'000 GBP'000
Revenue 2 9,275 8,442 18,301
Cost of sales (5,962) (6,352) (13,104)
----------------------------------------- ----- ----------------- ----------------- ------------
Gross profit 3,313 2,090 5,197
Administrative expenses:
Non-recurring items 3 (251) (75) (1,550)
Amortisation of intangible assets and
assets acquired through business
combinations (312) (418) (1,904)
Amortisation of intangible assets (155) (578) (763)
Depreciation (160) (58) (228)
Impairment of intangible assets and
assets acquired through business
combinations - - (1,668)
Net administrative expenses (2,306) (2,144) (3,998)
-------------------------------------- ----- ----------------- ----------------- ------------
Total administrative expenses (3,184) (3,273) (10,111)
-------------------------------------- ----- ----------------- ----------------- ------------
Operating profit/(loss) 129 (1,183) (4,914)
Finance income 3 17 32
Financing costs (19) (17) (89)
----------------------------------------- ----- ----------------- ----------------- ------------
Profit/(Loss) before tax 113 (1,183) (4,971)
Income tax credit 0 76 292
------------------------------------ ----- ----------------- ----------------- ------------
Profit/(Loss) for the period 113 (1,107) (4,679)
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October 27, 2015 06:13 ET (10:13 GMT)
------------------------------------- ----- ----------------- ----------------- ------------
Loss per share
Basic 4 0.03p (0.33) p (1.38) p
Diluted 4 0.03p (0.32) p (1.35) p
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2015 2014 2015
GBP'000 GBP'000 GBP'000
Profit/(Loss) for the period 113 (1,107) (4,679)
Items that will be subsequently
reclassified to profit
and loss
Exchange differences on
disposal of translation
of foreign operations 5 (7) (62)
---------------------------------------- ------------- -----------
Other comprehensive (loss)/income
for the period 5 (7) (62)
---------------------------------------- ------------- -----------
Total comprehensive loss in the
period
attributable to equity
holders of parent company 118 (1,114) (4,741)
---------------------------------------- ------------- -----------
DODS (GROUP) PLC
CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
As
As at As at at
31
30 September 30 September March
2015 2014 2015
GBP'000 GBP'000 GBP'000
Goodwill 13,282 13,282 13,282
Intangible assets 9,601 13,622 10,058
Property, plant and
equipment 214 457 308
---------------------------------- -------------- ------------- --------
Non-current assets 23,097 27,361 23,648
---------------------------------- -------------- ------------- --------
Inventories 56 109 74
Trade and other receivables 3,709 3,528 2,971
Cash 6,977 4,843 5,908
Income tax receivable - (3) -
---------------------------------- -------------- ------------- --------
Current assets 10,742 8,477 8,953
---------------------------------- -------------- ------------- --------
Income tax payable (43) - (30)
Trade and other payables (8,274) (6,624) (7,168)
---------------------------------- -------------- ------------- --------
Current liabilities (8,318) (6,624) (7,198)
---------------------------------- -------------- ------------- --------
Net current assets 2,424 1,853 1,755
---------------------------------- -------------- ------------- --------
Total assets less
current liabilities 25,521 29,214 25,403
---------------------------------- -------------- ------------- --------
Deferred tax liability (808) (1,025) (808)
---------------------------------- -------------- ------------- --------
Non-current liabilities (808) (1,025) (808)
Net assets 24,713 28,189 24,595
---------------------------------- -------------- ------------- --------
Equity attributable to equity
holders of parent
Issued capital 17,078 17,078 17,078
Share premium 8,009 8,009 8,009
Other reserves 409 409 409
Retained profit (769) 2,253 (882)
Share option reserve 47 471 47
Translation reserve (61) (31) (66)
Total equity 24,713 28,189 24,595
---------------------------------- -------------- ------------- --------
DODS (GROUP) PLC
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Total
Share
Share Share Merger Retained Translation option shareholders'
capital premium reserve earnings reserve reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2014 17,078 8,009 409 3367 (4) 471 29,330
Reclassification - - - - - - -
Total comprehensive
loss
Loss for the
year - - - (4,679) - - (4,679)
Other comprehensive
loss
Currency translation
differences - - - - (62) - (62)
Transactions
with owners
Lapsed option
transfer - - - 430 - (430) (-)
Share based
payment - - - - - 6 6
-------- -------- -------- --------- ------------ -------- --------------
At 1 April 2015 17,078 8,009 409 (882) (66) 47 24,595
Total comprehensive
profit/(loss)
Profit for the
period - - - 113 - - 113
Other comprehensive
profit/(loss)
Currency translation
differences - - - - 5 - 5
-------- -------- -------- --------- ------------ -------- --------------
At 30 September
2015 17,078 8,009 409 (769) (61) 47 24,713
-------- -------- -------- --------- ------------ -------- --------------
DODS (GROUP) PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2015 2014 2015
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit/(loss) for
the period 113 (1,107) (4,679)
Depreciation of property,
plant and equipment 160 58 228
Amortisation of intangible
assets acquired through
business combinations 312 418 1,904
Amortisation of other
intangible assets 155 578 763
Accelerated amortisation
of software intangibles - - 578
Impairment of intangible
assets acquired through
business combinations - - 1,668
Share based payments
credit - - 6
Net finance costs - - 57
Income tax credit - (76) (292)
--------------------------------- ------------- ------------- ---------------------------
Operating cash flows
before movements in
working capital 740 (129) 233
Change in inventories 18 (13) 50
Change in receivables (738) 282 788
Change in payables 1,117 (202) 378
--------------------------------- ------------- ------------- ---------------------------
Net cash generated
by operations 1,137 62) 1,449
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Income tax paid (30) (36) -
Net cash used in operating
activities 1,107 (98) 1,449
-------------------------------- ------------- ------------- ---------------------------
Cash flows from investing
activities
Interest and similar
income received - 17 32
Addition to property,
plant and equipment (22) (38) (73)
Additions to intangible
assets - (291) (638)
Net cash used in
investing activities (22) (312) (680)
--------------------------------- ------------- ------------- ---------------------------
Cash flows from financing
activities
Interest and similar
income received 3 - -
Interest and similar
expenses paid (19) (4) (89)
Net cash from financing
activities (16) (4) (89)
--------------------------------- ------------- ------------- ---------------------------
Net (decrease)/increase
in cash and cash equivalents 1,069 (414) 679
Opening cash and
cash equivalents 5,908 5,291 5291
Effect of exchange
rate fluctuations on
cash held - (34) (62)
-------------------------------- ------------- ------------- ---------------------------
Closing cash and
cash equivalents 6,977 4,843 5,908
--------------------------------- ------------- ------------- ---------------------------
DODS (GROUP) PLC
Notes to the Accounts
30 September 2015
1 Statement of Accounting Policies
Basis of preparation
This condensed set of financial statements has been prepared in
accordance with IAS 34: Interim Financial Reporting as adopted by
the EU. The annual financial statements of the Group are prepared
in accordance with International Financial Reporting Standards
(IFRSs) as adopted by the EU. As required by AIM Rules, the
condensed set of financial statements has been prepared, and
applying accounting policies and presentation that were applied in
the preparation of the company's published consolidated financial
statements for the year-ended 31 March 2015.
The comparative figures for the year ended 31 March 2015 have
been extracted from the company's statutory accounts for that
financial period. Those accounts have been reported on by the
company's auditor and delivered to the registrar of companies. The
report of the auditor was (i) unqualified, (ii) did not include a
reference to any matters to which the auditor drew attention by way
of emphasis without qualifying their report, and (iii) did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006.
The taxation charge for the six months ended 30 September 2015
is based on the expected annual tax rate, and the assumed use of
accumulated tax losses.
Going Concern
The Group had net current assets as at 30 September 2015 of
GBP2,424,000 (2014: GBP1,853,000). The Directors have considered
the implications for Going Concern below.
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Group's medium
term performance, and the factors which mitigate these risks have
not significantly changed from those set out in the Group's
Financial Report for the 12 months ended 31 March 2015. The Board
has reviewed forecasts for the years ending 31 March 2016 and 31
March 2017, and remains satisfied with the Group's funding and
liquidity position.
On the basis of its forecasts and available facilities and cash
balances held on the balance sheet, the Board has concluded that
the Going Concern basis of preparation continues to be
appropriate.
2 Segmental information
The Group considers that it has one operating business segment.
It monitors revenue by product and activity to determine the
overall performance of the segment.
Principal activities are as follows:
The Group's principal activity is the curation and aggregation
of high quality information and data, and the provision of services
through a combination of online information and digital services,
training courses, conferences and events publications, and other
media. The Group operates primarily in the UK, Belgium and France
and has market-leading positions in much of its portfolio. These
products and services can be paired and bundled to provide
comprehensive solutions.
No client accounted for more than 10% of total revenue. The
following table provides an analysis of the Group's performance by
geographical market.
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2015 2014 2015
GBP'000 GBP'000 GBP'000
Revenue
United Kingdom 7,232 6,337 14,109
Continental Europe and
rest of the world 2,043 2,105 4,192
9,275 8,442 18,301
------------- ------------- ---------
3 Non-recurring items
Six months Six months
ended ended Year ended
30 Sept 30 Sep 31 Mar
2015 2014 2015
--------------------------- ----------- ----------- -----------
GBP'000 GBP'000 GBP'000
Redundancy and people
related costs 242 - 246
Consultancy fees - 75 83
Accelerated amortisation
of software intangibles - - 578
Payments in lieu of
notice, compensation
for loss of office
as associated costs - - 386
Holyrood office move 9 - -
Closure of Cambridgeshire
Office - - 46
Impairment of Debtor
Balances - - 211
---------------------------- ----------- ----------- -----------
251 75 1,550
--------------------------- ----------- ----------- -----------
4 Earnings per share
Basic earnings per share is calculated by dividing the profit/
(loss) attributable to shareholders, by the weighted average number
of Ordinary shares in issue during the period.
An adjusted earnings per share is calculated by dividing the
adjusted profit/ (loss) attributable to shareholders (detailed
below) by the weighted average number of Ordinary shares in issue
during the period.
Diluted earnings per share is calculated by adjusting the
weighted average number of Ordinary shares, assuming conversion of
all dilutive share options to Ordinary shares
Six months Six months
ended ended Year ended
30 Sept 30 Sep 31 Mar
2015 2014 2015
-------------------------------- ------------ ------------ ------------
GBP'000 GBP'000 GBP'000
Profit/(Loss) attributable
to shareholders 113 (1,107) (4,679)
Add: non-trading items
net of tax 251 57 1,550
Add: amortisation of
intangible assets acquired
through business combinations 312 418 1,904
Add: Impairment of
intangible assets acquired
through business combinations - - 1,668
Add/(deduct): share
based payment (credit)/charge - - 6
--------------------------------- ------------ ------------ ------------
Adjusted profit/(loss)
on continuing operations 676 (632) 449
--------------------------------- ------------ ------------ ------------
Six months Six months
ended ended Year ended
30 Sept 30 Sep 31 Mar
2015 2014 2015
-------------------------------- ------------ ------------ ------------
Ordinary Ordinary Ordinary
shares shares shares
Weighted average number
of shares
In issue during the
period - basic 339,770,953 339,770,953 339,770,953
Share options 3,620,000 7,620,000 5,620,000
--------------------------------- ------------ ------------ ------------
Weighted average number
of shares for diluted
earnings per share 343,390,953 347,390,953 345,390,953
--------------------------------- ------------ ------------ ------------
Earnings/(loss) per
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