TIDMACC
RNS Number : 7013U
Access Intelligence PLC
11 April 2016
11 April 2016
ACCESS INTELLIGENCE PLC
("Access Intelligence", "the Company" or "the Group")
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 NOVEMBER 2015
Access Intelligence Plc (AIM: ACC), a leading supplier of
Software-as-a-Service (SaaS) solutions for reputation and
operational risk management, announces its unaudited results for
the year ended 30 November 2015.
Highlights
-- Strategic M&A activity has strengthened the Group's portfolio of core products and services
-- Group revenue from continuing operations at year end up by 89% to GBP8.1m from GBP4.3m
-- Recurring revenue from continuing operations up by 99% to GBP7.5m from GBP3.7m
-- Strategic shift in focus with increased emphasis on the
development of the reputation and risk management divisions of the
business
-- Cash balance of GBP1,523,000 (2014: GBP1,144,000)
-- Total technology spend of GBP3,448,000 (2014: GBP3,940,000)
of which GBP1,526,000 (2014: GBP1,577,000) was capitalised
Michael Jackson, Non-Executive Chairman, commented:
"I am pleased to announce the results for FY2015 in what has
been a pivotal year for Access Intelligence plc. Our strategic
M&A activities have refocussed the Group firmly in the
Reputation Management market, whilst divesting a non-core asset in
software maintenance and hosting. The EBITDA loss reflects the
substantial reorganisation costs associated with Group M&A and
research and development. Post year end, the Group also divested of
a non-core asset Due North Ltd for GBP4.5 million."
For further information:
0843 659
Access Intelligence plc 2940
Michael Jackson (Non-Executive
Chairman)
Joanna Arnold (CEO)
Daryl Paton (CFO)
Allenby Capital Limited (Nominated 020 3328
Adviser & Broker) 5656
Simon Clements / James Thomas
Forward looking statements
This announcement contains forward-looking statements.
These statements appear in a number of places in this
announcement and include statements regarding our intentions,
beliefs or current expectations concerning, among other things, our
results of operations, revenue, financial condition, liquidity,
prospects, growth, strategies, new products, the level of product
launches and the markets in which we operate.
Readers are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those in the forward-looking statements as a result of various
factors.
These factors include any adverse change in regulations,
unforeseen operational or technical problems, the nature of the
competition that we will encounter, wider economic conditions
including economic downturns and changes in financial and equity
markets. We undertake no obligation publicly to update or revise
any forward-looking statements, except as may be required by
law.
Chairman's Statement and Strategic Report
I am pleased to announce our results for the year ended 30
November 2015.
2015 has been a pivotal year for Access Intelligence, during
which we restructured our portfolio around our reputation and risk
management software interests though a series of acquisitions and
divestments.
During the year we made a substantial acquisition of the UK
operations of Cision UK Ltd and Vocus UK Ltd. This acquisition,
combined with our existing reputation business significantly
strengthens our position in the reputation management space.
Our strategic focus on reputation and risk management software
also prompted the divestment of the software maintenance and
hosting business Willow Starcom Ltd and, more recently in 2016, the
e-procurement solution provider Due North Ltd.
Outlook
The current global political, economic and business climate
continues to reinforce the importance of effective reputation and
risk management, and, moreover, the interdependence of the two.
Organisations in both regulated and non-regulated environments
recognise the importance of bringing highly flexible, domain-driven
software and responsive business analytics to bear on building and
safeguarding reputation through both responsible, compliant
operations and effective communication. It is therefore essential
that we continue to invest in innovative research and development
to unify the position of our products in the market and to make our
software synonymous with customer success.
We are excited about the acquisition and development of the
reputation management business. The media and communications
environment has been subject to dramatic change in recent years,
and as such our software is increasingly relevant, with customers
seeking to influence multiple stakeholders in support of tangible
operational success. We expect our strengthened product suite to
drive greater market share as we build on the momentum post-
acquisition.
I would like to take this opportunity on behalf of the Board to
thank you for your continued support of Access Intelligence.
Strategic Report
Results
The 2015 financial year has been a year of significant
opportunity for the Group to restructure its operations and focus
its commitment on the SaaS business model within the reputation and
risk management sectors. This has included the strategic
acquisition of a substantial new business in June 2015 to
complement the Group's existing reputation software platform and
the divestment of a non-core IT support services business in April
2015. Prior to the year-end, the Board also made the decision to
divest a further non-core e-procurement business, with the sale
being completed in February 2016.
All companies that form part of the Group's continuing
operations saw their revenue increase year on year, with the
exception of A.I. Talent Limited. Notable revenue increases were
delivered by AITrackRecord Limited (34%) and Access Intelligence
Media & Communications Limited (19%), with total revenue from
existing continuing operations increasing by 11% to GBP4,768,000
(2014: GBP4,291,000).
In addition, the acquisition contributed revenue of GBP3,351,000
for the six month period that it formed part of the Group,
resulting in Group revenue from continuing operations increasing by
89% to GBP8,119,000 (2014: GBP4,291,000). Reported revenue for the
acquisition is not considered by the Board to be fully reflective
of the business acquired due to the requirements of acquisition
accounting (see Note 8 of the consolidated accounts for further
detail on the estimation of the fair value of deferred revenue on
acquisition).
Recurring revenue from existing continuing operations increased
by 14% to GBP4,297,000 (2014: GBP3,756,000), with the acquisition
contributing a further GBP3,189,000. As a result, total recurring
revenue from continuing operations increased significantly to
GBP7,486,000 for the year (2014: GBP3,756,000) and accounted for
92% (2014: 88%) of total revenue.
At 30 November 2015, total deferred revenue from continuing
operations stood at GBP4,643,000 (2014: GBP1,932,000) reflecting
again the impact of the acquisition in the year which added
GBP2,794,000 to deferred revenue at year end. Total Group deferred
revenue at year end stood at GBP5,264,000 (2014: GBP3,246,000).
Gross margin from existing continuing operations has remained
broadly consistent at 77% (2014: 78%). However, overall gross
profit from continuing operations has fallen to 60%, primarily as a
result of the acquisition which has higher direct costs of sales
than the existing continuing operations and short-term transition
and migration costs.
The Group has undertaken extensive and ongoing restructuring
during the year to reduce costs with the full impact of this not
being fully reflected in the 2015 financial performance. In
addition, the acquisition had immediate synergistic benefits as the
Group consolidated London offices and removed duplicated roles
although it is notable that the benefit of these synergies is also
not fully reflected in the 2015 financial performance. As a result
of the restructuring and refocusing of the business during the
year, earnings before interest, tax, depreciation and amortisation
(EBITDA) pre- impairment charges from existing continuing
operations declined to a loss of GBP1,359,000 (2014: loss
GBP696,000). The acquisition contributed a further EBITDA loss for
the period that it was part of the group of GBP379,000, resulting
in a total EBITDA loss for the year of GBP1,738,000 (2014: loss
GBP696,000).
Operating loss from continuing operations before impairments was
GBP2,523,000 (2014: loss GBP565,000), with a loss of GBP1,686,000
from existing continuing operations and a loss of GBP837,000 from
the acquisition. In arriving at the operating loss the Group has
charged GBP1,922,000 (2014: GBP2,363,000) for research and
development expenditure, GBP716,000 (2014: GBP270,000) for
depreciation and amortisation, GBP153,000 (2014: Nil) in
acquisition costs, GBP70,000 (2014: Nil) loss on disposal of fixed
assets and GBP278,000 (2014: Nil) in restructuring costs.
Development costs relating to the risk platform moved to normalised
operational levels mid-year.
2016 will see continued restructuring of the business and
investment across the Company's brands with the full benefits
expected to come through towards the end of the current financial
year and into 2017.
Loss per share
The basic loss per share from continuing operations was 1.55p
(2014: loss 0.68p). Basic earnings per share from discontinued
operations was 0.27p (2014: 0.22p).
Cash
Cash at the year-end stood at GBP1,523,000 (2014: GBP1,144,000)
whilst net debt increased to GBP2,593,000 (2014: GBP157,000) during
the year, primarily as a result of new loan notes issued to finance
the strategic acquisition.
Dividend
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As a result of the significant investment the Company has made
in the strategic product innovation and sales development, the
directors do not propose to pay a dividend for 2015.
OPERATIONS
Software as a Service
PR, Public Affairs and Reputation Management
The landscape for Vuelio radically changed in 2015 when we
acquired the UK assets of communications software company Cision,
prompting a rebrand and refocus. The deal also immediately
increased our customer base in this space from 300 to more than
2,000. Where we previously served primarily the public sector and
FTSE 100 companies, we now have customers of all sizes in numerous
sectors, in particular, marketing, PR and digital agencies.
We have reorganised our sales and marketing operations to
support a dual focus on growth and strategic services. The addition
of trade and assets of Cision UK Ltd and Vocus UK Ltd brings
immediate scale and bolsters our growth opportunity. To underpin
this, we have built a talented team to continue delivering
solutions relevant to this evolving market. This team will target
high-value accounts, particularly through up selling and cross
selling, in key public sector and high-regulation sectors.
Access Intelligence has rapidly developed Vuelio's
communications management software platform to address the needs of
this expanded market. These changes are also aimed at supporting a
swift migration of clients from Cision and Vocus software, which is
currently underway, providing a platform for profitable growth
through further development.
Incident & Crisis Management
AIControlPoint saw a 100% client retention in 2015 but limited
revenue growth due to the downturn in the oil and gas market. We
have also helped ensure future growth by diversifying our target
markets and focusing on several new industries. Among our wins were
new clients in the transport sector, including the Manchester
Airport Group, as well as building a pipeline in the aviation,
travel and local government space.
Training, Competence and Employee Performance Management
Tightening FCA regulation has brought a focus on senior managers
and individual accountability in the financial services sector.
This provided us with an opportunity to augment AITrackRecord in
2015, empowering customers in the face of these changes. Our
improved Training and Competence system unifies competence,
performance, accountability and compliance tracking and, crucially,
provides evidence of adherence to the new regime. The updated
platform centralises all pertinent information, even digitising
legacy paper-based processes. This simplifies compliance and
significantly reduces cost.
Leading FTSE 100 wealth management firm St. James's Place was an
early adopter of the new platform. Additional customers are
targeted for switchover throughout 2016.
Strategy and Market
The M&A activity that the Group has undergone over the past
12 months has created a seismic shift in focus towards Reputation
Management. We now have an exceptional portfolio of products and
services for stakeholder engagement and reputation management
throughout the UK and Europe. As customers seek to drive a unified,
consistent engagement strategy across multiple stakeholders, they
require a comprehensive software portfolio integrated across their
communications teams. Highly regulated industries continue to
champion the embedding of best practices in good corporate
governance, risk management and effective compliance ensuring that
our product suite is well positioned to gain continued traction in
both reputation and risk management.
SaaS based solutions continue to provide companies with a
scalable, resilient and value-driven alternative to the costly
maintenance of in-house on premise solutions. Access Intelligence
continues to capitalise on the wider adoption of SaaS solutions and
services to provide tangible alternatives to customers, as well as
long term revenue visibility and stability for investors.
2016 represents a challenging year of customer migrations and
further operational restructuring to ensure the optimal platform
for growth. Our focus over the coming year will be maximising the
opportunities secured from our recent acquisition and embedding our
market share in an ever-shifting competitive landscape. As the sole
provider of a multi- faceted stakeholder engagement platform we are
well positioned to offer a truly diversified offering.
Disposal of Willow Starcom
Following the Group's decision to focus on reputation and risk
management SaaS based solutions, Access Intelligence divested
Willow Starcom Limited on 21 April 2015. Willow Starcom delivered
infrastructure support and cloud based IT services but was
considered non-core to the Group as it looked to scale its SaaS
offering. The net cash inflow received for the company amounted to
GBP1,141,000 and resulted in a profit on disposal of the company of
GBP900,000.
Disposal of Due North Limited
In line with Access Intelligence's strategy to focus on SaaS
solutions in reputation and risk management, on 3 February 2016,
the Group disposed of Due North Limited for a cash consideration of
GBP4,500,000. The decision to divest Due North was a result of the
management team's commitment to dispose of non-core businesses and
provide the Group with greater financial flexibility and value for
our shareholders
Directors and Staff
2015 has demonstrated that our core belief of building a Group
based on the expertise, experience and integrity of our
industry-leading team is delivering significant value. I would like
to thank all our staff for their hard work and commitment, which
has enabled us to recognise considerable progress during 2015 and
we expect to benefit from this in the coming years. As a Group we
have delivered growth, and I look forward to our continued
operational successes in 2016.
Consolidated Statement of Comprehensive Income
Year ended 30 November 2015
Note Continuing Discontinued Continuing Discontinued
Operations Operations Operations Operations
2015 2015 2014 2014
GBP'000 GBP'000 GBP'000 GBP'000
===================================================================================== ========================== ======================== =========================
Revenue 3 8,119 2,737 4,291 4,255
Cost of sales (3,277) (881) (949) (1,419)
========================== =========== ============================================ ========================== ======================== =========================
Gross profit 4,842 1,856 3,342 2,836
Administrative expenses (7,339) (2,046) (3,871) (2,292)
Share-based payment (26) - (36) -
Operating (loss)/profit
before impairment (2,523) (190) (565) 544 544
Profit on disposal of
subsidiary undertaking 6 - 900 - -
Impairment of intangibles 11 (1,899) - (798) -
========================== =========== ============================================ ========================== ======================== =========================
Operating (loss)/profit 5 (4,422) 710 (1,363) 544
Financial income 1 - 1 -
Financial expense (266) - (115) -
(Loss)/profit before
taxation (4,687) 710 (1,477) 544
Taxation credit/(charge) 9 763 (29) (121) (28)
========================== =========== ============================================ ========================== ======================== =========================
(Loss)/profit for the
year (3,924) 681 (1,598) 516
Profit for the year
from discontinued
operations 6 681 - 516 -
Loss for the year (3,243) (1,082)
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======================================= ============================================ ==================================================== =========================
Other comprehensive income - -
======================================= ============================================ ==================================================== =========================
Total comprehensive income
for the period attributable
to the owners of the parent
company (3,243) (1,082)
======================================= ============================================ ==================================================== =========================
Earnings per share
Basic (loss)/earnings
per share 10 (1.55)p 0.27p (0.68)p 0.22p
Diluted (loss)/earnings
per share 10 (1.55)p 0.25p (0.68)p 0.22p
========================== =========== ============================================ ========================== ======================== =========================
Consolidated Statement of Financial Position
At 30 November 2015
Note 2015 2014
GBP'000 GBP'000
------------------------------ ----- --------- ---------
Non-current assets
Property, plant and
equipment 273 523
Intangible assets 7,423 8,406
Deferred tax assets 865 419
Total non-current
assets 8,561 9,348
Current assets
Inventories - 142
Trade and other receivables 3,628 2,613
Current tax receivables 101 237
Cash and cash equivalents 1,523 1,144
Assets classified
as held for sale 7 3,869 -
============================= ===== ========= =========
Total current assets 9,121 4,136
==================================== ========= =========
Total assets 17,682 13,484
==================================== ========= =========
Current liabilities
Trade and other payables 1,225 1,526
Accruals and deferred
income 6,398 4,050
Interest bearing loans
and borrowings 12 1,277 -
Liabilities classified
as held for sale 7 1,455 -
============================= ===== ========= =========
Total current liabilities 10,355 5,576
==================================== ========= =========
Non-current liabilities
Trade and other payables 391 60
Interest bearing loans
and borrowings 12 2,839 1,301
Deferred tax liabilities 336 956
============================= ===== ========= =========
Total non-current liabilities 3,566 2,317
==================================== ========= =========
Total liabilities 13,921 7,893
==================================== ========= =========
Net assets 3,761 5,591
==================================== ========= =========
Equity
Share capital 1,535 1,324
Treasury shares (148) (148)
Share premium account 1,271 224
Capital redemption
reserve 191 191
Share option reserve 364 338
Equity reserve 255 126
Retained earnings 293 3,536
============================= ===== ========= =========
Total equity attributable
to the equity holders
of the parent company 3,761 5,591
==================================== ========= =========
Consolidated Statement of Changes in Equity
Year ended 30 November 2015
Treasury Share Capital Share
Share shares premium redemption option Equity Retained
capital GBP'000 account reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
=============== ============ =============== =============== ===================== ============ ============= ================ ===========
Group
At 1 December
2013 1,324 (148) 224 191 331 126 4,618 6,666
Total
comprehensive
loss for the
year - - - - - - (1,082) (1,082)
Transactions
with owners
Share-based
payments -
current year - - - - 36 - - 36
Tax reversal
relating to
share-based
payment - - - - (29) - - (29)
--------------- ------------ --------------- --------------- --------------------- ------------ ------------- ---------------- -----------
At 30 November
2014 1,324 (148) 224 191 338 126 3,536 5,591
--------------- ------------ --------------- --------------- --------------------- ------------ ------------- ---------------- -----------
At 1 December
2014 1,324 (148) 224 191 338 126 3,536 5,591
--------------- ------------ --------------- --------------- --------------------- ------------ ------------- ---------------- -----------
Total
comprehensive
loss for the
year - - - - - - (3,243) (3,243)
Equity
component
of
convertible
loan notes
net of
deferred
tax - - - - - 129 - 129
Transactions
with owners
Issue of share
capital 211 - 1,047 - - - - 1,258
Share-based
payments -
current year - - - - 26 - - 26
Tax reversal - - - - - - - -
relating to
share-based
payment
--------------- ------------ --------------- --------------- --------------------- ------------ ------------- ---------------- -----------
At 30 November
2015 1,535 (148) 1,271 191 364 255 293 3,761
--------------- ------------ --------------- --------------- --------------------- ------------ ------------- ---------------- -----------
Consolidated Statement of Cash Flow
Year ended 30 November 2015
Note 2015 2014
GBP'000 GBP'000
Loss for the year (3,243) (1,082)
Adjusted for:
Taxation 9 (734) 149
Depreciation and amortisation 11 948 409
Impairment of intangible assets 11 1,899 798
Share option charge 26 36
Financial income (1) (1)
Financial expense 266 115
Loss on disposal of property, plant
and equipment 70 2
Profit on sale of Willow Starcom
Ltd 6 (900) -
========================================== ==== ======== ========
Operating cash (outflow)/inflow before
changes in working capital (1,669) 426
(Increase) in trade and other receivables (496) (590)
Decrease in inventories 8 26
Increase in trade and other payables 344 1,192
================================================ ======== ========
Net cash (outflow)/inflow from operations
before taxation (1,813) 1,054
Taxation received 237 356
================================================ ======== ========
Net cash (outflow)/inflow from operations (1,576) 1,410
================================================ ======== ========
Cash flows from investing
Interest received 1 1
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Acquisition of property, plant and
equipment and software licences 11 (66) (140)
Cost of software development 11 (1,541) (1,573)
Acquisition of trade and assets 8 (1,340) -
Disposal of Willow Starcom 6 1,487 -
less: cash and cash equivalents disposed
of 6 (346) -
Move to held for sale of Due North 7 (207) -
========================================== ==== ======== ========
Net cash outflow from investing (2,012) (1,712)
================================================ ======== ========
Cash flows from financing activities
Interest paid (192) (75)
Issue of shares and share option
exercise proceeds 1,200 -
Exercise of share options 59 -
Issue of loan notes 12 2,900 -
========================================== ==== ======== ========
Net cash inflow/(outflow) from financing 3,967 (75)
================================================ ======== ========
Net increase/(decrease) in cash and
cash equivalents 379 (377)
Opening cash and cash equivalents 1,144 1,521
========================================== ==== ======== ========
Closing cash and cash equivalents 1,523 1,144
========================================== ==== ======== ========
Notes to the financial statements
1. Basis of preparation
This announcement has been prepared in accordance with the
Company's accounting policies, which in turn are in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union ("EU") applied in accordance with the provisions
of the Companies Act 2006. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board
("IASB") and the IFRS Interpretations Committee and there is an
on-going process of review and endorsement by the European
Commission. The accounting policies comply with each IFRS that is
mandatory for accounting periods ended 30 November 2015.
The results are unaudited, however we do not expect there to be
any difference between the results presented and those within the
annual report.
The financial information set out above does not constitute the
Group's statutory accounts, but is derived from those accounts. The
statutory accounts for the year ended 30 November 2014 have been
delivered to the Registrar of Companies and those for 2015 will be
delivered following the Group's annual general meeting.
2. Basis of consolidation
The Group results comprise the financial statements of Access
Intelligence plc and its subsidiaries as at 30th November 2015.
They are presented in Sterling and all values are rounded to the
nearest thousand pounds (GBP'000).
3. Revenue
The Group's revenue is primarily derived from the rendering of
services with the value of sales of goods being not significant in
relation to total Group revenue.
The Group's revenue was split into the following
territories:
Continuing Discontinued Continuing Discontinued
Operations Operations Operations Operations
2015 2015 2014 2014
GBP'000 GBP'000 GBP'000 GBP'000
United Kingdom 7,269 2,737 3,790 4,255
European
Union 464 - 202 -
Rest of the
world 386 - 299 -
---------------- ------------ ------------- ------------ -------------
Total 8,119 2,737 4,291 4,255
---------------- ------------ ------------- ------------ -------------
All non-current assets are held in the United Kingdom as they
were in 2014. No customer represents 10% or more of revenue as was
the case in 2014.
4. Segment reporting
Segment information is presented in respect of the Group's
operating segments which are based upon the Group's management and
internal business reporting.
Inter-segment pricing is determined on an arm's length
basis.
Segment results, assets and liabilities include items directly
attributable to a segment as well as those that can be allocated on
a reasonable basis. Unallocated items comprise mainly head office
expenses.
Segment non-current asset additions show the amounts relating to
property, plant and equipment and intangible assets including
goodwill. All non-current assets are located in the UK.
Operating segments
The Group operating segments have been decided upon according to
their revenue model and product or service offering being the
information provided to the chief operating decision maker, the
non-executive Chairman. The Reputation and Governance, Risk &
Compliance segments derive their revenues from software licence
sales and support and training revenues. As a result of the Group's
divestments and acquisitions during the year the segments reported
have changed to reflect the Board's focus. The segments are:
-- Reputation
-- Governance, Risk & Compliance
-- Discontinued - Disposals & Held for Sale
-- Head Office
The segment information for the year ended 30 November 2015 is
as follows:
.2914................... Reputation Governance, Head Consolidation Continuing Discontinued Discontinued Consolidation Discontinued Total
Risk & office adjustment Operations - Disposals - Held for adjustment Operations
Compliance Sale
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================================================ ========== =========== ======= ============= =========== ============ ============ ============= ============= =======
External
revenue 6,119 2,000 - - 8,119 944 1,793 - 2,737 10,856
================================================ ========== =========== ======= ============= =========== ============ ============ ============= ============= =======
Internal - - - - - - - - - -
revenue
Operating
(loss)/profit (1,716) (1,157) (2,470) 2,820 (2,523) (366) 176 - (190) (2,712)
Profit
on sale
of subsidiary - - - - - - - 900 900 900
Impairment - (1,899) - - (1,899) - - - - (1,899)
Financial
income - - 1 - 1 - - - - 1
Financial
expense - - (266) - (266) - - - - (266)
Taxation 341 319 82 21 763 - (29) - (29) 734
================================================ ========== =========== ======= ============= =========== ============ ============ ============= ============= =======
(Loss)/profit
after
taxation (1,375) (2,737) (2,653) 2,841 (3,924) (366) 147 900 681 (3,245)
================================================ ========== =========== ======= ============= =========== ============ ============ ============= ============= =======
Reportable
segment
assets 13,393 870 10,853 (10,158) 14,958 - 4,121 - 4,121 19,080
================================================ ========== =========== ======= ============= =========== ============ ============ ============= ============= =======
Reportable
segment
liabilities 10,518 5,233 7,801 (12,105) 11,447 - 1,652 - 1,652 13,100
================================================ ========== =========== ======= ============= =========== ============ ============ ============= ============= =======
Other
information:
Additions
to property,
plant
and equipment 12 1 10 - 23 24 20 - 44 67
================================================ ========== =========== ======= ============= =========== ============ ============ ============= ============= =======
Depreciation
and amortisation 577 147 102 (110) 716 52 182 - 234 950
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================================================ ========== =========== ======= ============= =========== ============ ============ ============= =======
The segment information for the year ended 30 November 2014
(restated), is as follows:
.2914................... Reputation Governance, Head Consolidation Continuing Discontinued Discontinued Consolidation Discontinued Total
Risk & office adjustment Operations - Disposals - Held for adjustment Operations
Compliance Sale
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External
revenue 2,325 1,966 - - 4,291 2,288 1,967 - 4,255 8,546
Internal
revenue - - - - - 368 - (368) - -
Operating
(loss)/profit 953 (237) (1,272) (10) (566) 103 442 - 545 (21)
Impairment - (798) - - (798) - - - - (798)
Financial
income 1 - - - 1 - - - - 1
Financial
expense - - (115) - (115) - - - - (115)
Taxation (12) 106 (147) (68) (121) (6) (22) - (28) (149)
(Loss)/profit
after
taxation 942 (929) (1,534) (78) (1,599) 97 420 - 517 (1,082)
Reportable
segment
assets 5,677 2,457 9,996 (10,654) 7,476 2,101 3,907 - 6,008 13,484
Reportable
segment
liabilities 1,878 4,024 7,534 (8,481) 4,955 1,353 1,585 - 2,938 7,893
Other
information:
Additions
to property,
plant
and equipment 5 2 18 - 25 101 14 - 115 140
Depreciation
and amortisation 79 32 270 (115) 266 93 50 - 143 409
5. Operating loss
Operating loss is stated after charging:
2015 2014
GBP'000 GBP'000
Depreciation of property, plant and
equipment 257 233
Amortisation of development costs 378 80
Amortisation of brand values 60 60
Amortisation of software licences 44 36
Amortisation of database 138 -
Amortisation of customer list 70 -
Loss on disposal of property, plant
and equipment 70 2
Impairment of intangible assets 1,899 798
Loss on foreign currency translation - 12
Exceptional costs (see below) 278 -
Operating lease charges - land and
buildings 574 420
Auditor's remuneration (see below) 85 54
Share based payments 26 36
Research and development and other
technical expenditure (income statement)
(a further GBP1,526k (2014: GBP1,577k)
was capitalised) 1,922 2,363
Inventories recognised as expense - 514
Increase in provision for receivables 46 19
=========================================== ======== ========
Exceptional costs in the year ended 30 November 2015 were
incurred as a result of restructuring and non-recurring one off
termination of employment costs for staff and directors, along with
associated legal fees. The exceptional costs are made up of the
following:
2015 2014
GBP'000 GBP'000
------------------------------------- --------- ---------
Compensation for loss of office 88 -
- directors
Compensation and notice payments 152 -
- all staff
Legal costs incurred on compensation 38 -
of loss of office for directors
278 -
------------------------------------- --------- ---------
6. Discontinued operations
In April 2015 the Group sold its entire IT support segment (see
note 4: Discontinued - Disposals); the segment was not a
discontinued operation or classified as held for sale at 30
November 2014 and the comparative consolidated statement of
comprehensive income has been re-presented to show the discontinued
operation separately from continuing operations. Management
committed to a plan to sell this segment early in 2015 following a
strategic decision to focus on Software as a Service lines and move
away from non-core activities.
Due North Limited is also presented as a disposal group held for
sale following the commitment of the Group's management, in June
2015, to a plan to sell the entity.
2015 2014
GBP'000 GBP'000
======================================== ======== ========
Results of discontinued operation
======================================== ======== ========
Revenue 2,737 4,255
Expenses (2,927) (3,711)
======================================== ======== ========
Results from operating activities (190) 544
======================================== ======== ========
Tax (29) (28)
Results from operating activities,
net of tax (219) 516
Gain on sale of discontinued operation 900 -
Tax on gain on sale of discontinued - -
operation
======================================== ======== ========
Profit for the year 681 516
======================================== ======== ========
Basic earnings per share 0.27p 0.22p
======================================== ======== ========
Diluted earnings per share 0.25p 0.22p
======================================== ======== ========
The profit from discontinued operations of GBP681,000 is
entirely attributable to the owners of the Company.
2015 2014
GBP'000 GBP'000
======================================== ======== ================
Cash flows from (used in) discontinued
operation
======================================== ======== ================
Net cash used in operating activities 398 760
======================================== ======== ================
Net cash from investing activities (444) (876)
======================================== ======== ================
Net cash from financing activities - -
======================================== ======== ================
Net cash flows for the year (46) (116)
======================================== ======== ================
The following is a breakdown of the effects of the disposal of
the IT support segment on the financial position of the
Group:
2015
GBP'000
Goodwill 800
Property, plant and equipment 166
Inventories 134
Trade and other receivables 776
Cash and cash equivalents 346
Deferred tax liabilities (20)
Trade and other payables (1,740)
Net assets and liabilities 462
Consideration received, satisfied in cash 1,487
Cash and cash equivalents disposed of 346
7. Disposal group held for sale
Due North Limited is presented as a disposal group held for sale
following the commitment of the Group's management, in June 2015,
to a plan to sell the entity. Efforts to sell the disposal group
had therefore commenced before the year end with the sale being
completed on 3 February 2016 (see note 30).
At 30 November 2015 the disposal group comprised the following
assets and liabilities:
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Assets classified as held for sale
2015
GBP'000
Goodwill 412
Development costs 2,661
Property, plant and equipment 73
Trade and other receivables 516
Cash and cash equivalents 207
=============================== ========
3,869
=============================== ========
Liabilities classified as held for sale
2015
GBP'000
Trade and other payables 1,022
Deferred tax liabilities 433
========================== ========
1,455
========================== ========
8. Acquisition of business combinations
On 23 June 2015, the group entered into an asset purchase
agreement to acquire certain trade and assets of Cision UK Limited
and Vocus UK Limited for an aggregate cash consideration of
GBP1,340,000. The trade and assets were acquired through a newly
incorporated subsidiary company, AIMediaData Limited, as a single
economic unit which will continue to be operated on this basis
The Board believe the acquisition will provide the Group with a
developed media contacts database which will strengthen the long
term ability of Group subsidiary Access Intelligence Media &
Communications Limited to compete within the IMS market in the
UK.
In the six months to 30 November 2015, AIMediaData Limited
contributed revenue of GBP3,351,000 and a loss of GBP929,000. The
Directors do not consider it practicable to report either the
revenue or the loss of AIMediaData as though the acquisition date
had been as of the beginning of the reporting period. The reason
that this is considered impracticable is that only certain trade
and assets of Cision UK Limited and Vocus UK Limited were acquired
and the Group has made significant changes to the operations of the
acquired business during its period of ownership. As a result, both
the revenue profile and the cost base of the business are
fundamentally different to pre-acquisition results of the Cision UK
and Vocus UK businesses.
Consideration transferred
The following table summarises the acquisition date fair value
of each major class of consideration transferred.
GBP'000
Cash 1,340
Total consideration transferred 1,340
================================= =======
Acquisition related costs
The Group incurred acquisition related costs of GBP153,000 on
legal fees and due diligence costs. These costs have been included
in 'administrative expenses'.
Identifiable assets acquired and liabilities assumed
The following table summarises the recognised amounts of assets
acquired and liabilities assumed at the date of acquisition.
GBP'000
Property, plant and equipment 254
Intangible assets 1,835
Trade and other receivables 1,452
Cash and cash equivalents -
Trade and other payables (877)
Accruals and deferred income (3,367)
============================================= =======
Total identifiable net liabilities acquired (703)
============================================= =======
The intangible assets identified above primarily comprise the
fair values estimated for the media contacts database and customer
list acquired.
A cost based approach was used to value the media contacts
database, determining the likely cost of building an equivalent
media contacts database from new. The useful life of the database
has been estimated at 3 years.
The customer list was valued by assessing a discounted cash flow
for the acquired customer list, based on customer attrition rates
and using a discount factor of 12%. This discount factor is in line
with value-in-use calculations performed for intangibles testing
(see Note 15). The useful life of the customer list has been
estimated at 5 years.
Trade and other receivables comprise gross contractual amounts
due of GBP1,536,000, of which GBP84,000 was expected to be
uncollectable at the date of acquisition.
Trade and other payables include an amount of GBP3,074,000 which
relates to the fair value of deferred revenue acquired. The fair
value has been estimated based on the value of deferred revenue
relating to contracts transferred, discounted in accordance with
IFRS.
Goodwill
Goodwill recognised on this acquisition represents the
difference between the consideration paid and the fair value of the
net liabilities acquired. It includes the value inherent in the
assembled workforce acquired. The goodwill arising has been
recognised as follows:
GBP'000
Consideration transferred 1,340
Fair value of identifiable net liabilities 703
============================================= =======
Total identifiable net liabilities acquired 2,043
============================================= =======
9. Taxation
2015 2014
GBP'000 GBP'000
=================================================== ======== ==================
Current income taxes credit:
UK corporation tax credit for the year (101) (237)
Adjustment in respect of prior year - (19)
=================================================== ======== ==================
Total current income tax credit (101) (256)
=================================================== ======== ==================
Deferred tax (note 23)
Impact of change in tax rate 27 -
De-recognition of deferred tax assets 80 363
Origination and reversal of temporary differences (740) 42
=================================================== ======== ==================
Total deferred tax (633) 405
=================================================== ======== ==================
Total tax (credit)/expense (734) 149
=================================================== ======== ==================
Attributable to:
=================================================== ======== ==================
Continuing operations (763) 121
Discontinued operations 29 28
=================================================== ======== ==================
Total (734) 149
=================================================== ======== ==================
As shown above the tax assessed on the loss on ordinary
activities for the year is higher than (2014: higher than) the
standard rate of corporation tax in the UK of 20.3% (2014:
21.7%).
The differences are explained as follows:
Factors affecting tax credit 2015 2014
GBP'000 GBP'000
========================================================== ======== ========
Loss on ordinary activities before tax (3,977) (933)
========================================================== ======== ========
Loss on ordinary activities by effective rate of tax of
20.3% (2014: 21.7%)
of 20.3% (2014: 21.7%) (809) (202)
Expenses not deductible for tax purposes 274 142
Adjustment in respect of prior year - (19)
De-recognition of deferred tax assets 80 363
Additional R&D claim CTA 2009 (279) (135)
========================================================== ======== ========
Total tax (credit)/expense (734) 149
========================================================== ======== ========
Factors that may affect future tax expenses
The main rate of corporation tax was reduced to 20% from 1 April
2015 and is due to be further reduced by a further 1% from April
2017 and by a further 1% from April 2020. All deferred tax assets
and liabilities are assumed to cease or be utilised at 19%.
10. Earnings per share
The calculation of earnings per share is based upon the total
Group loss after taxation of GBP3,243,000 (2014: loss of
GBP1,082,000) divided by the weighted average number of ordinary
shares in issue during the year which was 252,593,681 (2014:
235,110,347).
In 2015 and 2014 potential ordinary shares from the share option
schemes and convertible loan notes have an anti- dilutive effect
due to the Group being in a loss position. This includes the
convertible loan notes issued during the year. As a result,
dilutive loss per share is disclosed as the same value as basic
loss per share.
(MORE TO FOLLOW) Dow Jones Newswires
April 11, 2016 02:00 ET (06:00 GMT)
This has been computed as follows:
Continuing Discontinued Total Continuing Discontinued Total
Operations Operations Operations Operations
Numerator 2015 2015 2015 2014 2014 2014
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(Loss)/Profit
for the year
and earnings
used in basic
EPS (3,924) 681 (3,243) (1,598) 516 (1,082)
Earnings used
in diluted
EPS (3,924) 681 (3,243) (1,598) 516 (1,082)
========================= =========== ============ ========= =========== ============ =========
Denominator '000 '000 '000 '000 '000 '000
Weighted average
number of shares
used in basic
EPS 252,594 252,594 252,594 235,110 235,110 235,110
Effects of:
Dilutive effect
of options N /A 14,821 14,821 N/A 420 420
Dilutive effect N/A N/A N/A N/A N/A N/A
of loan note
conversion
Weighted average
number of shares
used in diluted
EPS 252,594 267,415 267,415 235,110 235,530 235,530
========================= =========== ============ ========= =========== ============ =========
Basic (Loss)/earnings
per share (pence) (1.55) 0.27 (1.28) (0.68) 0.22 (0.46)
Diluted loss
per share for
the year (pence) (1.55) 0.25 (1.30) (0.68) 0.22 (0.46)
========================= =========== ============ ========= =========== ============ =========
On 21 September 2011 29,666,667 shares were returned to the
Company and were held in Treasury at the year end. Once in treasury
they were removed from the earnings per share calculation.
The total number of options and warrants granted at 30 November
2015 of 33,958,676 (2014: 38,436,281) would generate GBP984,626
(2014: GBP1,176,190) in cash if exercised. At 30 November 2015,
545,000 (2014: 34,936.281) were priced above the mid-market closing
price of 5.13p per share (2014: 2.31p) per share and 33,413,676
(2014: 3,500,000) were below.
At the 30 November 2015 9,258,676 (2014: 6,947,387) staff
options were eligible for exercising at an average price of 3.2p
(2014: 4.2p). Also eligible for exercising are the 21,300,000
warrants priced at 2.75p per share held by M Jackson, D Lowe and
Elderstreet VCT plc consequent to their investment in October
2008.
The below table shows the amount of outstanding convertible loan
notes at 30 November 2015 and the amount of shares they would
convert into if the holder chooses the conversion option:
Holder Loan Notes GBP'000 Convert into shares Date of conversion
'000
====================== ================== =================== ==================
Elderstreet VCT 500 12,500 31 December 2016
Unicorn AIM VCT 750 18,750 31 December 2016
Elderstreet VCT 200 6,667 4 December 2019
Hawk Investments 300 10,000 4 December 2019
Kestrel Partners LLP 400 13,333 4 December 2019
Octopus AIM VCT 200 6,667 4 December 2019
====================== ================== =================== ==================
Total 2,350 67,917
====================== ================== =================== ==================
11. Intangible fixed assets
Brand Goodwill Development Software Database Customer Total
value GBP'000 costs licences GBP'000 list GBP'000
GBP'000 GBP'000 GBP'000 GBP'000
Cost
============================== ======== ======== =========== ========= ======== ======== ========
At 1 December 2013 1,369 12,005 3,119 160 - - 16,653
Capitalised during the
year - - 1,573 - - - 1,573
============================== ======== ======== =========== ========= ======== ======== ========
At 30 November 2014 1,369 12,005 4,692 160 - - 8,226
============================== ======== ======== =========== ========= ======== ======== ========
At 1 December 2014 1,369 12,005 4,692 160 - - 18,226
Capitalised during the
year - - 1,533 68 - - 1,601
Additions through business
combination - 2,043 - 8 997 830 3,878
Disposals - (1,430) - - - - (1,430)
Held for sale - (1,481) (2,846) - - - (4,327)
============================== ======== ======== =========== ========= ======== ======== ========
At 30 November 2015 1,369 11,137 3,379 236 997 830 17,948
============================== ======== ======== =========== ========= ======== ======== ========
Amortisation and impairment
============================== ======== ======== =========== ========= ======== ======== ========
At 1 December 2013 349 7,978 472 47 - - 8,846
Charge for the year 60 - 80 36 - - 176
Impairment in year - 798 - - - - 798
============================== ======== ======== =========== ========= ======== ======== ========
At 30 November 2014 409 8,776 552 83 - - 9,820
============================== ======== ======== =========== ========= ======== ======== ========
At 1 December 2015 409 8,776 552 83 - - 9,820
Charge for the year 60 - 378 44 138 70 690
Disposals - (630) - - - - (630)
Held for sale - (1,069) (185) - - - (1,254)
Impairment in year - - 1,899 - - - 1,899
At 30 November 2015 469 7,077 2,644 127 138 70 10,525
============================== ======== ======== =========== ========= ======== ======== ========
Net Book Value
At 30 November 2015 900 4,060 735 109 859 760 7,423
============================== ======== ======== =========== ========= ======== ======== ========
At 30 November 2014 960 3,229 4,140 77 - - 8,406
============================== ======== ======== =========== ========= ======== ======== ========
For the purpose of impairment testing, goodwill is allocated by
entity, which represent the Group's CGUs and the lowest level
within the Group at which the goodwill is monitored.
The carrying value of capitalised development costs which are
not yet being amortised and goodwill, allocated to each CGU
are:
2015 Development Costs Goodwill
GBP'000 GBP'000
========================== ================= ========
Continuing operations:
Access Intelligence plc - 89
Access Intelligence Media
& Communications Ltd - 1,928
AI Media Data Ltd. 78 2,043
AITrackRecord Ltd - -
AI Talent Ltd - -
========================== ================= ========
78 4,060
========================== ================= ========
2014 Development Costs Goodwill
GBP'000 GBP'000
========================== ================= ========
Continuing operations:
Access Intelligence plc 30 89
Access Intelligence Media
& Communications Ltd 425 1,928
AITrackRecord Ltd 1,242 -
AI Talent Ltd 44 -
========================== ================= ========
1,741 2,017
========================== ================= ========
Discontinued operations:
Willow Starcom Ltd - 800
Due North Ltd 2,399 414
========================== ================= ========
4,140 3,231
========================== ================= ========
(MORE TO FOLLOW) Dow Jones Newswires
April 11, 2016 02:00 ET (06:00 GMT)
At the balance sheet date, impairment tests were undertaken by
comparing the carrying values of goodwill, capitalised development
costs and other assets with the recoverable amount of the CGU to
which the goodwill, capitalised development costs and other assets
have been allocated. The recoverable amount of the CGU is based on
value-in- use calculations. These calculations use pre-tax cash
flow projections covering a five-year period based on financial
budgets and forecasts as approved by the Board with a terminal
value for goodwill impairment assessment and covering a ten-year
period based on financial budgets and forecasts as approved by the
Board with no terminal value for other intangible assets. Ten years
were selected as this represents the estimated lifetime of the
software platforms.
The key assumptions used for value-in-use calculations are those
regarding revenue growth rates and discount rates over the forecast
period. Growth rates are based on past experience, the anticipated
impact of the CGUs significant investment in research and
development, and expectations of future changes in the market. The
value in use calculations use information from approved budgets in
the first three years, followed by applying specific growth rates
for which the key assumptions in respect of annual revenue growth
rates range between 0% and 7% from year 4 onwards.
The discount rate used for all companies was 12%, based on an
assessment of the Group's cost of capital and on comparison with
other listed technology companies. The terminal growth rate used
for the purposes of goodwill impairment assessments was 2.5%. The
Board considered that no impairment to goodwill is necessary based
on the value-in-use reviews of Access Intelligence Media &
Communications Limited and AIMediaData Limited.
After review of the value-in-use of AITrackRecord Limited, the
Board considers that the recent history of losses in that company
and net cash outflows forecast in the immediate future mean that a
provision should be recognised representing the full carrying value
of development costs capitalised by that company, being
GBP1,692,000. After review of the value-in-use of AITalent Limited,
the Board considers that the recent history of losses in that
company and net cash outflows forecast in the immediate future mean
that a provision should be recognised representing the full
carrying value of development costs capitalised by that company
being GBP30,000.
The value-in-use calculations for Access Intelligence Media
& Communications Limited and AIMediaData Limited significantly
exceeded the carrying values of goodwill and intangibles relating
to those companies.
Sensitivity analysis has been performed on reasonably possible
changes in assumptions upon which recoverable amounts have been
estimated. Based on the sensitivity analysis, a reduction of 77% in
the EBITDA delivered by Access Intelligence Media &
Communications Limited would result in the carrying value of its
goodwill being to equal its recoverable amount. For AIMediaData
Limited, a 31% reduction in the revenue growth rate would result in
the carrying value of its goodwill being equal to its recoverable
amount. For both companies, an increase in the discount rate by 25
percentage points would still not result in the carrying value of
goodwill exceeding the recoverable amount.
Other impairments
Other intangible assets are tested for impairment if indicators
of an impairment exist. Such indicators include performance falling
short of expectation.
In 2015, development costs of GBP177,000 were impaired as a
result of projects that did not perform as expected.
The directors considered that there were no further indicators
of impairment relating to the remaining intangible fixed assets at
30 November 2015.
12. Interest bearing loans and borrowings
2015 2014
GBP'000 GBP'000
======================== ======== ========
Current
======================== ======== ========
Convertible loan notes 1,277 -
======================== ======== ========
1,277 -
======================== ======== ========
Non-current
Convertible loan notes 1,009 1,301
Non-convertible loan
notes 1,830 -
======================== ======== ========
2,839 1,301
======================== ======== ========
On 30th June 2009 GBP1,750,000 convertible loan notes were
issued. At 30 November 2014 and 30 November 2015, GBP1,250,000 of
these loan notes were in issue.
The original terms were that these loan notes were redeemable at
par or convertible to ordinary shares at 4p per ordinary share on
or before maturing on 30th June 2015 and carried a coupon rate of
6% per annum payable semi-annually until such time as they were
repaid or were converted in accordance with their terms. The holder
of the notes may convert all or part of the notes held by them into
new ordinary shares in the Company on delivery to the Company of a
conversion notice at 4p per share.
In 2014, the Company agreed terms with Elderstreet VCT (a
company related to Chairman Michael Jackson) and Unicorn AIM VCT
plc to extend the loans such that they mature on 31 December 2015,
with enhanced interest at 8% during this extended period with
conversion rights unchanged at 4p per share.
In January 2016 the Company agreed the same terms as those
agreed in the prior year with both note holders such that the notes
are redeemable at par or convertible to ordinary shares at 4p per
ordinary share on or before maturing on 31 December 2016 and carry
a coupon rate of 8% per annum, payable semi-annually until such a
time as they are repaid or converted in accordance with their
terms. These notes are classified as current at the year end.
In December 2014 the company issued a further GBP1,100,000 of
convertible loan notes. These loan notes are redeemable at par or
convertible to ordinary shares at 3p per ordinary share on or
before maturing on 3 December 2019 and carry a coupon rate of 8%
per annum payable semi-annually until such time as they are repaid
or converted.
No redemptions or conversions of the convertible loan stock
arose in the year ended 30 November 2015.
The net proceeds received from the issues of the convertible
loan notes have been split between the liability element and an
equity component, representing the fair value of the embedded
option to convert the liability into equity of the Company, as
follows:
2015 2014
GBP'000 GBP'000
Proceeds of issue of convertible
loan notes 1,100 -
Existing loan notes rolled over 1,250 1,250
Equity component (255) (126)
Deferred taxation (79) (49)
===================================== ======== ========
Initial fair value of liability
component 2,016 1,075
Cumulative interest charged 792 601
Cumulative interest paid (522) (375)
===================================== ======== ========
Liability component at 30 November 2,286 1,301
===================================== ======== ========
The equity component of GBP255,000 (2014: GBP126,000) has been
credited to equity reserve (see note 10 of the parent company). The
interest charged for the year is calculated by applying an
effective rate of interest of 9.8% (2014: 9.8%) to the liability
component for the 12-month period. The liability component is
measured at amortised cost. The difference between the carrying
amount of the liability component at the date of issue and the
amount reported in the balance sheet at 30 November 2015 represents
the effective interest rate less interest paid to that date.
The movement on the convertible loan note liability is
summarised below:
2015 2014
GBP'000 GBP'000
Opening loan liability 1,301 1,261
Issue of convertible loan notes 941 -
Interest charged for the year 191 115
Interest paid in the year (147) (75)
==================================== ======== ========
Liability component at 30 November 2,286 1,301
==================================== ======== ========
On 22 June 2015 the company issued GBP1,818,000 non-convertible
loan notes which carry an interest rate of 10% for one year rising
to 12% thereafter. Interest is payable quarterly in arrears. The
loans notes are fully repayable in 5 years.
2015 2014
GBP'000 GBP'000
Opening loan liability - -
Issue of non-convertible loan
notes 1,818 -
Costs associated with the issue
of loans (18)
Interest charged for the year 75 -
Interest paid in the year (45) -
==================================== ======== ========
Liability component at 30 November 1,830 -
==================================== ======== ========
13. Availability of Annual Report and AGM date
Copies of the Report and Accounts has been posted to
shareholders where requested and is available from the Company's
website (www.accessintelligence.com). It is intended that the
annual general meeting will take place at the Company's registered
office, Longbow House, 14-20 Chiswell Street, London, EC1Y 4TW, at
14.00pm on Thursday, 5 May 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR KMGGDKRRGVZM
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April 11, 2016 02:00 ET (06:00 GMT)
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