TIDMFDP
RNS Number : 2721F
First Derivatives PLC
11 November 2015
First Derivatives plc
("FD", the "Company" or the "Group")
Interim results for the six months ended 31 August 2015
FD (AIM:FDP.L, ESM:FDP.I), a leading provider of software and
consulting services, announces its results for the six months ended
31 August 2015.
Financial highlights
* Revenue GBP53.8m (H1 2015: GBP37.5m) +44%
* EBITDA GBP10.8m (H1 2015: GBP6.2m) +73%
* Profit before tax GBP4.6m (H1 2015: GBP3.7m) +27%
* Adjusted* profit before tax GBP7.6m (H1 2015:
GBP4.5m) +69%
* Reported diluted EPS 13.9p (H1 2015: 13.5p) +3%
* Adjusted* diluted EPS 23.9p (H1 2015: 16.5p) +44%
* Interim dividend 5.0p per share (H1 2015: 3.3p) +52%
* Net debt GBP10.5m (H1 2015: GBP9.1m)
*Adjusted for amortisation of acquired intangibles, share based
payments, profit on disposal of property, acquisition costs,
finance translation income/charges (and associated taxation impact
for EPS).
Business highlights
-- Multi-year investment in software continuing to pay off with
new clients within financial services markets driving software
revenue growth of 87%.
-- Further growth and strategic progress in consulting, with
increased scale and broader expertise resulting in revenue growth
of 28%.
-- Strategic acquisitions of Affinity Systems and
ActivateClients for a combined initial consideration of GBP7.1m
generating positive results in the digital marketing and utilities
sectors.
-- Pipeline of software opportunities outside financial services
growing, with increased sales and marketing effort.
-- Board further strengthened through the appointments of Virginia Gambale and Jon Robson.
Post period-end highlights
-- Formation of FD Labs to focus innovation and enable the
widespread adoption and deployment of kdb+.
Seamus Keating, Chairman of FD, commented: "This was another
period of strong progress across the Group. Our consulting division
delivered revenue growth of 28% and during the period a number of
initiatives laid the foundations for FD to continue our remarkable
track record of more than 20% per annum growth in consulting
revenue. Although we remain at an early stage of full
commercialisation of our software products we are pleased to report
an impressive 87% growth in software revenue as we continued to
penetrate our key target markets in the period.
"The positive performance in the first half of our financial
year has continued into the second half and the high visibility
within both consulting and software gives the Board confidence that
the Group expects to meet market expectations for the full year. We
will continue to invest to position ourselves to benefit from our
software's technology lead, to build upon this and look to convert
our pipeline of opportunities within capital markets and other
sectors. We continue to believe the work and investments we have
made, along with our market positioning in both consulting and
software, provide a strong platform to meet our exciting growth
ambitions."
For further information please contact:
First Derivatives plc +44(0)28 3025 2242
Brian Conlon, Chief Executive Officer www.firstderivatives.com
Graham Ferguson, Chief Financial Officer
Ian Mitchell, Head of Investor Relations
Investec Bank plc
(Nominated Adviser and Broker)
Dominic Emery
Carlton Nelson
Sebastian Lawrence +44 (0)20 7597 4000
Goodbody (ESM Adviser and Broker)
Linda Hickey
Finbarr Griffin +353 1 667 0420
Walbrook PR
Paul Cornelius
Nick Rome
Helen Cresswell
Sam Allen +44 (0)20 7933 8780
About FD
FD is a global technology provider with nearly 20 years of
experience of working with some of the world's largest finance,
technology and energy institutions. FD is the developer of the
world-leading database technology kdb+. FD employs over 1,500
people worldwide and has operations in London, New York, Stockholm,
Singapore, Hong Kong, Tokyo, Sydney, Palo Alto, Toronto,
Philadelphia, Dublin, Belfast and its headquarters in Newry.
For further information, please visit
www.firstderivatives.com
CHAIRMAN'S STATEMENT
I am pleased to report continued growth during the first half of
the Company's financial year. In the six months ended 31 August
2015 we increased our revenue by 44% to GBP53.8m, from GBP37.5m in
the corresponding period a year ago, while EBITDA was GBP10.8m
compared to GBP6.2m in the prior period, representing 73%
growth.
Software revenue increased by 87% to GBP18.3m (H1 2015: GBP9.8m)
with recurring software revenue, which is a key indicator for the
Company, increasing by 153%. This growth was mainly achieved within
the financial services segment, where our products are generating
momentum as we penetrate our client base further. We are seeing
continued growth in our software pipeline and are encouraged with
our progress during the period.
Outside financial services, we see our product suite providing
key advantages in the areas of Streaming Analytics, Operational
Intelligence and In Memory Computing coupled with our ability to
provide real time visualisation. We are identifying those markets
which offer the most compelling opportunities for these
characteristics and are progressing discussions with a number of
potential customers. Whilst we are currently working primarily on a
direct basis, we also are targeting selected partner organisations
to work with. As expected, we are making greatest progress in those
markets where we have made acquisitions to accelerate our route to
market, namely in digital marketing and utilities.
Consulting revenues continued to grow strongly, rising by 28% to
GBP35.5m (H1 2015: GBP27.7m). As our scale and range of
capabilities grow, we continue to see an increase in the size and
strategic importance of the engagements we undertake with clients.
We are increasingly viewed as a strategic partner in the delivery
of IT strategies for clients, further assisting our revenue
visibility and offering the potential to cross sell software
products. To support the growth plans of the Group we have worked
on enhancing recruitment and training programmes. Overall,
headcount now stands at more than 1,500 (H1 2015: 1,000). This
continued investment in our staff gives us a strong platform for
future growth.
The Group continues to generate positive operating cash flows
and the Board has again decided to increase the interim dividend,
by 52% to 5.00p per share (H1 2015: 3.30p per share). This will be
paid on 11 December 2015 to those shareholders on the register on
20 November 2015.
During the period we completed the acquisitions of Affinity
Systems and ActivateClients. Affinity Systems strengthens our
capabilities in utilities and sensor data management while
ActivateClients accelerated the development of our HTML5
capabilities. Both acquisitions continue to be integrated into the
Group and are performing in line with our expectations.
There were two new appointments to the Board during the period.
In addition to the appointment of Virginia Gambale as reported in
our full year results in June 2015, on 3 August 2015 we were
pleased to announce the appointment of Jon Robson as a
Non-Executive Director. Jon, based in the United States, is a
former CEO of NYSE Technologies and former President of the
Enterprise Division of Thomson Reuters and he brings a breadth of
global capital markets experience.
David Anderson will step down from the Board at the end of the
financial year. On behalf of the Company and my Board colleagues, I
thank David sincerely for the role he has played since joining as
chairman at the time of the Group's AIM listing in 2002. His
support and advice to Brian and the team have been invaluable as
the Company has grown from c. 20 to more than 1,500 people and
shareholders have enjoyed returns of more than 2,800% over that
period.
The positive performance in the first half of our financial year
has continued into the second half and the high visibility within
both consulting and software gives the Board confidence that the
Group expects to meet market expectations for the full year. The
Group will continue to invest to benefit from its software
technology lead position and to build and convert our pipeline of
opportunities within financial services and other sectors. The work
and investments we have made, along with our market positioning in
both consulting and software, provide a strong platform to meet our
exciting growth ambitions.
Seamus Keating
Chairman
CHIEF EXECUTIVE'S STATEMENT
I am pleased to report continued growth during the first half of
the Company's financial year. In the six months ended 31 August
2015 we increased our revenue by 44% to GBP53.8m, from GBP37.5m in
the corresponding period, while EBITDA was GBP10.8m compared to
GBP6.2m in the prior period, representing 73% growth.
Within the capital markets sector, market conditions for our
services remained healthy, driven by complex and widespread
regulatory change with pressure to introduce efficiencies and
reduce costs. As these require the use of new technology or changes
to the way that technology is delivered it has a positive impact on
both our consulting and software activities.
Outside capital markets, we are establishing a pipeline of
opportunities across a number of markets. Within digital marketing
and utilities, our activities have been bolstered by the
acquisitions of Prelytix and Affinity Systems. We have also been
pleased with the progress we have made in markets such as pharma as
we seek to assist leading companies in these markets address their
data analytics challenges.
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We are positioning the Group to benefit from the growing need
for organisations to deploy technology to deal with real time,
structured data. We believe kdb+, which has a proven track record
for in-memory analytics solutions, is ideally placed to meet this
requirement.
The global market opportunity for our software is significant
and we recognise that to fulfil our potential requires a commitment
to increasing awareness of the capabilities of our platform and an
understanding of our competitive advantages. During the period we
have introduced a range of initiatives to achieve these aims
including: increasing our investment in our direct sales team;
holding discussions with potential sales partners; working with
industry analysts such as Gartner to provide greater understanding
of our capabilities; and organising tutorials on our technology
with potential customers in 62 cities across 37 countries. In
addition we are relaunching our corporate web site to clearly
communicate the strengths and range of use cases for our
software.
Market positioning
FD is a world leader in Big Fast Data, the capture and analysis
of large data sets and/or streaming data. Our software products are
based on kdb+, a proven world-leading time series database, that
time stamps data to the nanosecond and has geolocation capability
built in. Our platform is complete and has been used extensively
within capital markets for more than a decade, ensuring it is a
robust technology. Furthermore, a key attraction of our technology
is that it is hardware efficient and thus total cost of ownership
of a solution is lower than competing solutions.
We see evidence that Big Fast Data is increasing in importance
to user organisations, both in the context of our conversations
with potential clients and also through industry analyst comment.
For example, Gartner recommends to its clients that they use
high-performance messaging infrastructure to transport data; adopt
event stream processing for real time pattern detection; leverage
in-memory database management systems for faster and deeper
analysis of data; and deploy in-memory analytics for data at rest.
These recommendations are all attributes and capabilities of our
technology and are already contained in a complete, integrated
solution deployed in many of the world's leading banks.
Our research and development efforts are aimed at maintaining
the performance lead kdb+ enjoys over competing solutions,
increasing the ease of deployment of the platform and building
applications applicable to our target markets. Our development
spend is heavily geared to the commercialisation of the technology,
but we also recognise that the technology landscape is evolving
rapidly and that we need to innovate constantly. To this end we
announced the formation of FD Labs in September, with the
additional remit to aid the deployment of kdb+ wherever it is
required, be that at device level within embedded systems, across
enterprise deployments or within Cloud/SaaS environments.
Software
Software sales during the period increased by 87% to GBP18.3m
(H1 2015: GBP9.8m). The technical capabilities of our software
continue to assist us develop a market share within capital
markets. Kdb+, our enterprise platform, can be sold on a standalone
basis or as a horizontal play. In addition we have developed a
suite of applications on top to address a number of areas within
capital markets, such as market surveillance, trading, regulatory
reporting, transaction cost analysis and algorithmic testing. Our
software products address market opportunities valued at hundreds
of millions of dollars per annum. They can be deployed or hosted in
multi-tenanted solutions so that the incremental cost of signing
new customers is low. Key wins over the year to date have
included:
- kdb+: In July the Group was awarded a contract by the U.S.
Security and Exchange Commission (SEC) for the use of kdb+ and the
Shenzhen Stock Exchange also signed a deal. It is now used by more
than 100 organisations and there were 12 new deals signed across
hedge funds, banks and technology suppliers during the period.
- Market Surveillance and Algo Testing: The Group implemented
Surveillance at IEX, a high-growth equity trading venue based in
New York and the National Stock Exchange of India (NSE). The latter
was for a platform that allows NSE clients to test their algorithms
before they go live on the Exchange. This is a strategically
important win as many market regulations, including MiFID II that
comes into effect in 2017, state that algorithms must be tested
prior to live use. We believe there is likely to be global market
demand, from Exchanges and Regulators as well as market
participants, for testing solutions, such as that developed by FD
for the NSE, which provides a measurable and objective test of the
efficacy of algorithms.
- Energy Markets: We secured our first customer within energy
trading surveillance - a leading European oil and gas company is
using our product to monitor trading activity in the futures market
as regulators tighten controls within the industry.
- Liquidity Management: Our kdb+ Flow platform signed a
significant global player, EBS, ICAP's market leading electronic FX
business, who are using our software for streaming analytics. ICAP
also purchased Molten Markets, one of FD's customers. The fact that
Molten Markets will continue to use our technology post the
transaction is further validation of the strength of our
solution.
- Operations: Our kdb+ SCOUT solution has been successfully
deployed at six banks in Europe and is offered as a managed
service. These tools cover areas such as application monitoring,
regulatory reporting, single customer views, reconciliations and
testing.
While our revenues to date have mostly been derived from within
capital markets, we are convinced that our competitive advantages
in dealing with Big Fast Data are applicable to additional markets.
During the period we continued discussions with a range of
organisations that face challenges due to their need to capture and
analyse very large data sets and we are encouraged by the reaction.
We will continue to work through the use cases with these potential
clients in the coming months.
In sectors where we have acquired companies we are significantly
more advanced with our development and our commercialisation is
significantly more advanced, namely digital marketing and
utilities.
Digital Marketing
Our Marketing Cloud product was successfully launched earlier
this year and is now being used by many of the world's leading
technology companies such as Cisco, Commvault and Citrix. Using the
Marketing Cloud platform, powered by kdb+, we analyse 93% of the
B2B web to determine the buying intent of organisations. We are
able to marry that intent data to our clients' data and our own
proprietary databases of corporate technology environments and
decision makers. This enables us to provide fully qualified leads
to our clients and to execute those leads on their behalf.
The business model for the Marketing Cloud is subscription
based, which will add to the Group's recurring revenues. New client
wins during the period included several global technology firms and
we are pleased with the level of growth and the pipeline of
opportunities.
Unlike many of the heavily funded start-ups that have emerged in
this area, we believe that the unique combination of our global
presence, our hosting capability, our data science credentials, the
maturity of our platform, the domain knowledge of our marketing
team and our ability to deal with vast amounts of data leaves us
strongly placed to win significant market share in this fast
growing market. We believe that our investment in this area can
generate significant returns for the Group.
Other vertical markets
Within the utilities space, our relationship with a major
American Independent System Operator (ISO) continues to deepen as
it evaluates the use of FD's Sensor Data Management (SDM) platform.
Our platform is applicable to smart meters and other connected
devices. We are engaged in discussions with a number of utilities
and other organisations regarding the potential for our software to
solve their analytics challenges for streaming data from devices
and these discussions reinforce our view of the market leading
performance of our platform.
As reported in June, we continue to advance discussions with
prospects in areas such as:
- Telecoms: customer profile monitoring/analysis; customer
marketing; sensor data monitoring; network optimisation.
- Pharma: drug trial data capture, analysis and simulation; gene
sequencing and analysis; regulatory reporting.
- Others: automotive plant monitoring; proximity marketing;
preventative maintenance in manufacturing, web analytics.
Our product roadmap includes a number of exciting new
initiatives to accelerate our penetration in these markets such as
the creation of a sensors analytics product. We have identified a
number of partnership opportunities and we hope to cement some of
these relationships in the near future. The establishment of FD
Labs is a clear statement of our intent to continue to push the
boundaries of what our technology can achieve and to keep kdb+ at
the forefront of innovation.
Consulting
Our consulting business continues to grow strongly with revenue
increasing by 28% to GBP35.5m (H1 2015: GBP27.7m). Demand for our
consulting services has been high during the first six months of
the year as the market continues to value the skills and
capabilities of our staff. In addition our growing scale allows us
to deliver more complex and comprehensive assignments.
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FD is one of the leading niche capital marketing consulting
companies in the world, with ongoing contracts with the majority of
the largest global investment banks. We provide implementation,
support and development services across a range of asset classes
including credit, interest rate, foreign exchange, equity, cash and
derivatives markets. Our breadth of expertise and delivery
capability provides a broad base for growth and our focus on
mission critical applications protects us from over reliance on any
particular trend within our clients' workload. Currently, many of
our clients are involved in meeting complex regulatory requirements
such as MiFID II and the European Market Infrastructure Regulation
(EMIR).
As well as growing our presence in established clients we
continue to win new customers, with a number of major, multi-year
assignments initiated during the period. These assignments
typically involve a combination of on site and near shore resources
and also increasingly comprise our own software tools. Our
increasing range of capabilities has elevated our standing within
many clients to partner with internal IT as a trusted advisor on
their mission critical systems. We continue to see significant
growth opportunities within our consulting business.
We were pleased to be recognised recently for the quality of the
training and opportunities we provide to staff through our
inclusion, for the first time, in the Times Top 100 Graduate
Employers. This is an influential publication that will assist our
ongoing mission to recruit leading talent from around the world.
The strength of our training programmes and the range and quality
of opportunities we provide to graduates is a key differentiator
for FD.
Acquisitions
We announced two acquisitions during the period:
- Affinity Systems: Affinity Systems, an Ontario, Canada based
software company specialising in utility, retail and healthcare
data management, was acquired in March 2015 for an initial
consideration of GBP3.8m. This acquisition boosts our non-financial
software solution delivery capabilities and provides us with an
accelerated path to market in the utilities sector as well as
domain expertise in sensor analytics.
- ActivateClients: ActivateClients, a software business with a
deep pedigree in producing sophisticated visualisation software and
based in Dublin, was acquired in March 2015 for an initial GBP3.3m.
The visualisation of large streaming data sets in real-time is the
unique selling point of the recent beta version of our new
dashboards, which has been well received by the market.
We will continue to evaluate acquisition opportunities where
they meet our strict acquisition criteria which is focused on
growth acceleration in target markets. Our ability to fund any such
deals we may identify is assisted by the strength of our cash
generation and EBITDA growth.
Management and personnel
The Group now employs more than 1,500 people, up from more than
1,000 people at the same time last year. We continue to attract
highly-qualified talent and achieve high retention rates. I would
like to pay tribute to all FD employees for their hard work,
talent, flexibility and dedication in what has been another period
of strong growth for the Group.
Summary
The first half of our financial year has seen important
operational progress as we build the capability to win and deliver
larger contracts across our business in both software and
consulting. At the same time, our financial performance has been
strong, delivering growth for our shareholders. Our high levels of
revenue visibility across the Group and the continued strengthening
of our pipeline gives us confidence in our ability to achieve full
year expectations and we remain excited about the potential of the
business.
Brian Conlon
Chief Executive Officer
Financial Review
The Company performed strongly in the first six months of the
year with revenue increasing by 44% to GBP53.8m, of which 27% was
organic and the remainder attributable to the strategic
acquisitions made during the past year. Software revenue increased
by 87% to GBP18.3m, with consulting revenue growing by 28% to
GBP35.5m. The Group's EBITDA margin increased to 20.0% for the
period (H1 2015: 16.6%) the principal driver being the greater
proportion of higher margin software sales achieved in the period
against consulting sales.
The Group continued to invest in R&D to maintain its
technology lead and to enable the deployment of its software on
devices, across the enterprise and in Cloud/SaaS environments.
R&D capitalisation was GBP3.7m (H1 2015: GBP3.0m) with
amortisation of our capitalised software GBP1.8m, up from GBP1.3m a
year ago.
Reported profit before tax for the period was GBP4.6 million (H1
2015: GBP3.7 million) representing growth of 27%. Adjusting for
non-operational costs and income results in an adjusted profit
before tax of GBP7.6m (H1 2015: GBP4.5m), an increase of 69% over
the prior year.
The Group's effective tax rate has increased to 25% from 20% in
H1 2015. The main driver for this has been increased revenue in
higher rate tax jurisdictions such as the U.S. Adjusted after tax
profits for the period were GBP6.0m (H1 2015: GBP3.6m), a 67%
increase over the prior year. A reconciliation to reported profit
is provided below.
Six months ended 31 August 2015 2014 Increase
GBP'000 GBP'000 %
Reported profit for the
period 3,479 2,936 18.5%
Adjustments for:
Amortisation of acquired
intangibles 2,015 776
Share based payment charges 504 607
Profit on disposal of
property - (554)
Acquisition costs 442 -
Finance translation income (28) (12)
Tax effect of the above (434) (173)
Adjusted profit for the
period 5,978 3,580 67.0%
Reported tax 1,151 723
Tax effect of the above 434 173
Adjusted profit before
tax 7,563 4,476 69.0%
EPS (fully diluted) 23.87 16.52 44.5%
Net debt was GBP10.5m at the period end (H1 2015: GBP9.1m)
reflecting the continuing good conversion of operating profit into
cash. Net assets at the period end were GBP106.6m, up from GBP54.3m
a year ago.
Consolidated Statement of Comprehensive Income (unaudited)
6 months ended 6 months ended
31 August 31 August
2015 2014
Notes GBP'000 GBP'000
Revenue 2 53,834 37,506
Cost of sales (37,976) (28,213)
Gross profit 15,858 9,293
Other income 544 938
Administrative expenses (11,144) (6,575)
Results from operating activities 5,258 3,656
Acquisition costs 442 -
Share based payments 504 607
Gain on disposal of property, plant
and equipment - (554)
Depreciation and amortisation 2,542 1,729
Amortisation of acquired intangible
assets (IFRS3) 2,015 776
Adjusted EBITDA 10,761 6,214
---------------------------------------- ------ --------------- ---------------
Financial income 5 1
Financial expense (661) (249)
Gain on foreign currency translation 28 12
Net financing expense (628) (236)
Profit before tax and associate income 4,630 3,420
Income from associates - 239
Profit before tax 4,630 3,659
Income tax expense (1,151) (723)
Profit for the period 3,479 2,936
=============== ===============
Pence Pence
Earnings per Share
Basic 4 15.0 14.6
Diluted 4 13.9 13.5
=============== ===============
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Consolidated Statement of changes in equity
Share Currency
Share Share option Revaluation translation Retained Total
capital premium reserve reserve adjustment earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 March 2014 98 22,251 6,627 167 (3,040) 25,959 52,062
-------- -------- -------- ----------- ------------ --------- -------
Total comprehensive income for the period
Profit for the period - - - - - 2,936 2,936
Other comprehensive income
Net loss on net investment in foreign
subsidiary and associate - - - - (443) - (443)
Net profit on hedge of movement in
foreign
subsidiary and associate - - - - 4 - 4
-------- -------- -------- ----------- ------------ --------- -------
Total other comprehensive income - - - - (439) - (439)
Total comprehensive income for the period - - - - (439) 2,936 2,497
Transactions with owners, recorded
directly
in equity
Income tax on share options - - (1,146) - - - (1,146)
Exercise or issue of shares 3 3,139 (715) - - - 2,427
Share based payment charge - - 308 - - - 308
Transfer or forfeiture - - (20) - - 20 -
Dividends to equity holders - - - - - (1,813) (1,813)
-------- -------- -------- ----------- ------------ --------- -------
Total contributions by and distributions
to owners 3 3,139 (1,573) - - (1,793) (224)
-------- -------- -------- ----------- ------------ --------- -------
Balance at 31 August 2014 101 25,390 5,054 167 (3,479) 27,102 54,335
======== ======== ======== =========== ============ ========= =======
Consolidated Statement of changes in equity (continued)
Share Currency
Share Share option Revaluation translation Retained Total
capital premium reserve reserve adjustment earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 March 2015 114 55,286 6,262 - (1,690) 38,352 98,324
-------- -------- -------- ----------- ------------ --------- -------
Total comprehensive income for the period
Profit for the period - - - - - 3,479 3,479
Other comprehensive income
Net loss on net investment in foreign
subsidiary and associate - - - - (410) - (410)
Net profit on hedge of movement in
foreign
subsidiary and associate - - - - 76 - 76
-------- -------- -------- ----------- ------------ --------- -------
Total other comprehensive income - - - - (334) - (334)
Total comprehensive income for the period - - - - (334) 3,479 3,145
Transactions with owners, recorded
directly
in equity
Income tax on share options - - 246 - - - 246
Exercise or issue of shares 2 4,198 - - - - 4,200
Issue of shares as purchase consideration 1 2,599 - - - - 2,600
Share based payment charge - - 420 - - - 420
Dividends to equity holders - - - - - (2,371) (2,371)
-------- -------- -------- ----------- ------------ --------- -------
Total contributions by and distributions
to owners 3 6,797 666 - - (2,371) 5,095
-------- -------- -------- ----------- ------------ --------- -------
Balance at 31 August 2015 117 62,083 6,928 - (2,024) 39,460 106,564
======== ======== ======== =========== ============ ========= =======
Consolidated statement of financial position (unaudited)
As at As at As at
31 August 31 August 28 February
2015 2014 2015
GBP'000 GBP'000 GBP'000
Assets
Property, plant and equipment 6,010 5,335 5,948
Intangible assets 136,399 39,415 134,293
Investment in associate - 5,488 -
Trade and other receivables 2,648 2,721 2,634
Deferred tax asset 7,289 4,344 6,450
----------- ----------- -------------
Non-current assets 152,346 57,303 149,325
Trade and other receivables 29,015 22,022 29,952
Cash and cash equivalents 19,965 2,569 14,705
Assets held for sale - 1,840 -
----------- ----------- -------------
Current assets 48,980 26,431 44,657
Total assets 201,326 83,734 193,982
----------- ----------- -------------
Equity
Share capital 117 101 114
Share premium 62,083 25,390 55,286
Share option reserve 6,928 5,054 6,262
Revaluation reserve - 167 -
Currency translation adjustment
reserve (2,024) (3,479) (1,690)
Retained earnings 39,460 27,102 38,352
Equity attributable to shareholders 106,564 54,335 98,324
=========== =========== =============
Liabilities
Interest bearing borrowings 25,534 7,101 27,025
Trade and other payables 29,489 2,042 29,490
Deferred tax liability 11,641 4,328 11,284
Contingent deferred consideration 1,134 - 1,132
Non-current liabilities 67,798 13,471 68,931
Interest bearing borrowings 4,899 4,531 3,429
Trade and other payables 16,135 7,774 18,936
Current tax payable 2,117 755 490
Employee benefits 3,813 2,868 3,872
Current liabilities 26,964 15,928 26,727
Total liabilities 94,762 29,399 95,658
----------- ----------- -------------
Total equity and liabilities 201,326 83,734 193,982
=========== =========== =============
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