TIDMPHD
RNS Number : 4353W
PROACTIS Holdings PLC
27 April 2016
Date: 27 April 2016
On behalf PROACTIS Holdings PLC ('PROACTIS',
of: the 'Company' or the 'Group')
Embargoed 0700hrs
until:
PROACTIS Holdings PLC
Interim results for the six months ended 31 January 2016
PROACTIS Holdings PLC, a global Spend Control and eProcurement
solution provider, today announces its interim results for the six
month period ended 31 January 2016.
Trading performance
w Deal activity is buoyant with 23 new name deals (31 January
2015: 20)
w Total Initial Contract Value signed on new deals was GBP3.7m
(31 January 2015: GBP2.6m) with GBP0.4m recognised in the period
(31 January 2015: GBP0.5m)
w Favourable revenue shift toward multi-year SaaS deals - 14 new
customers (31 January 2015: 11)
w Continued strong customer commitment with 45 upsell and cross
sell deals in the period (31 January 2015: 43)
w Significant investment on Supplier Network and Accelerated
Payment Facility opportunities and enlarged account management
functions
Financial performance
w Reported revenue increased to GBP8.7m (31 January 2015:
GBP8.4m)
w Adjusted EBITDA(1) increased to GBP2.4m (31 January 2015:
GBP2.3m)
w Reported statutory PBT increased to GBP1.0m (31 January 2015:
GBP0.9m)
w Strong balance sheet with gross cash balances increasing to
GBP4.6m (31 July 2015: GBP3.4m)
Revenue visibility
w Order book(2) significantly increased to GBP23.7m (31 July
2015: GBP19.7m)
w Annualised(3) contracted revenue increased to GBP14.5m (31
July 2015: GBP14.3m)
Post period highlights
w Successful completion of the Due North Limited acquisition,
adding more than 300 UK public sector customers with substantial
cross-sell and operational synergy opportunities
w Agreement with Flintshire County Council for the provision of
Supplier Network ("SN") and Accelerated Payment Facility ("APF")
over an extended five year term
1 - Adjusted EBITDA is stated before non-recurring
administrative expenses, amortisation of customer related
intangible assets and share based payment charges
2 - Order Book is the Group's current contracted revenue that is
required o be recognised in future accounting periods
3 - Annualised contracted revenue is the Group's estimate of the
annualised value of revenue of customers currently contracted with
the Group
Rod Jones, Chief Executive Officer, commented:
"I am delighted with the Group's trading performance with
significant increases in year on year deal numbers and order
intake. Most of these deals were SaaS based contracts which deliver
revenue visibility, a more predictable cash flow and enhanced
customer value for the long term.
"We continue to invest ahead of the curve in several areas,
especially Supplier Network, Accelerated Payment Facility and an
enlarged account management effort whilst retaining good levels of
profitability.
"The acquisitions of EGS Group Limited, Intesource Inc and
Intelligent Capture Limited are trading at expected levels and are
well integrated into the Group. We are starting to see the benefits
of the enhanced solution portfolio with cross selling adding to our
continued high rate of up selling. The longer term aspects of the
integration, product alignment and development, are now
underway.
"Post-period we completed the acquisition of Due North Limited,
which brings over 300 new contracted customers and will be
immediately earnings enhancing. In addition, we have a substantial
opportunity to build account value through an enhanced customer
experience. M&A activity remains a core element of the Group's
growth strategy and there are a number of potentially attractive
opportunities in the pipeline.
"The Group's commercialisation of the Supplier Network and
Accelerated Payment Facility opportunities has already shown
traction with Screwfix and Flintshire County Council both
committing to the programmes. The scale of the opportunity has the
potential to be transformational for the Group. We look forward to
announcing further early adopter commitments in the coming months
along with a substantial contribution to revenues anticipated for
the next financial year.
"I have many reasons to be confident in the growth opportunities
that the Group has available to it and I am confident that the
Group will deliver against its ambitious plans."
For further information, please contact:
PROACTIS Holdings PLC
Rod Jones, Chief Executive Via Redleaf Communications
Officer
Tim Sykes, Chief Financial
Officer
Redleaf Communications
Rebecca Sanders-Hewett 0207 382 4730
Sarah Fabietti proactis@redleafpr.com
Harriet Lynch
finnCap Limited
Stuart Andrews
Carl Holmes 0207 220 0500
Notes to editors:
PROACTIS creates, sells and maintains specialist software which
enables organisations to streamline, control and monitor all
internal and external expenditure, other than payroll. PROACTIS is
already used in approximately 800 organisations around the world
from the commercial, public and not-for-profit sectors. It is the
largest independent eProcurement solution provider to the UK Public
Sector.
PROACTIS is head quartered in Wetherby, West Yorkshire. It
develops its own software using an in-house team of developers and
sells through both direct and indirect channels via a number of
Accredited Channel Partners.
PROACTIS floated on the AIM market of the London Stock Exchange
in June 2006.
CHAIRMAN'S AND CHIEF EXECUTIVE OFFICER'S REPORT
I am delighted to report that the Group has maintained its
momentum and delivered further substantial progress toward its
ambitious plans.
Strategy
The Board continues to execute on its well established growth
strategy, leveraged from a solid commercial, operational and
financial platform.
The initial steps were taken several years ago with a shift from
a perpetual software license only model to a blended model also
offering multi-year subscription based software as service ("SaaS")
licenses. This shift was designed to meet the commercial need at
the time, whilst also providing investors with a business capable
of delivering:
- High revenue growth rates;
- Security through absolute scale and high levels of recurring
and contracted income;
- Profitability; and
- Yield through a dividend policy.
The Group's growth strategy is as follows:
- Delivery of new logos through best in class procurement
solutions;
- Retention and a broadening of relationships with existing
customers through high levels of support and service offerings and
an energetic approach to the upselling and cross selling of the
Group's widening range of solutions;
- Undertake M&A based activity with a focus on complementary
customer bases, solutions and technology allied with similar
business model characteristics to the Group's own; and
- Access a vast new opportunity through the provision of
benefits and value added services to a new customer grouping, our
customers' supplier networks.
Performance overview
The core business is growing strongly and the Group's
acquisitions are all contributing in line with expected levels.
Trading is like for like in that all the Group's businesses have
contributed for the whole of this and the comparative reporting
periods. The Group is progressing toward ever tighter integration
through the convergence of products and technologies.
The Group secured 23 new logos (31 January 2015: 20) in the
period of which 14 (31 January 2015: 11) were multi-year
subscription or managed service deals and 9 (31 January 2015: 9)
were perpetual deals. Total Initial Contract Value sold was GBP3.7m
(31 January 2015: GBP2.6m) of which GBP3.3m (31 January 2015:
GBP2.1m) was required to be deferred to be recognised in future
periods.
In addition, the Group sold 43 upsell deals (31 January 2015:
43) to existing clients and 2 cross sell deals (31 January 2015:
Nil). The cross sell deals are particularly encouraging as the
Group starts to make headway with the wider solutions now available
to it through the acquisitions of EGS Group Limited, Intesource Inc
and Intelligent Capture Limited.
This revenue shift toward multi-year subscription or managed
service deals has the impact of deferring revenue to be recognised
in future periods rather than in the period in which the deal is
signed. Accordingly, reported revenues for the period increased to
GBP8.7m (31 January 2015: GBP8.4m) and there was a compensating
very strong increase in order book of contracted revenue to
GBP23.7m at 31 January 2015 (31 July 2015: GBP19.7m) which will be
recognised in future periods of up to five years.
Whilst the volume and value of new business are good indicators
of market traction and performance, the renewal of subscription
deals sold in prior years is of critical importance to the Group's
strategy. It is very encouraging that the majority of customers
continue to renew, albeit slightly below our normal levels of
performance due to the single US customer having been acquired.
Annualised contracted revenue increased to GBP14.5m (31 July 2015:
GBP14.3m).
The Group's rate of profitability was maintained, despite
significant investment in account management and in the SN and APF
opportunities, with a reported EBITDA (before share based payment
charges and non-recurring administrative expenses) of GBP2.4m (31
January 2015: GBP2.3m). The statutory operating profit increased to
GBP1.0m (31 January 2015: GBP0.9m).
The Group remains in a strong financial position with gross cash
balances of GBP4.6m (31 July 2015: GBP3.4m). Net cash increased to
GBP3.0m (31 July 2015: GBP1.5m).
M&A activity
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On 2 February 2016, post period end, the Group acquired Due
North Limited. Due North is a provider of eProcurement systems with
more than 300 clients, principally in the UK Public sector. Due
North's customers use its hosted software to control an estimated
GBP100 billion of spend through approximately 200,000 active
suppliers by approximately 20,000 procurement professionals.
The gross cash consideration payable at completion was GBP4.5
million, which the Group funded through a combination of bank debt
and its own cash resources. The bank debt was provided by HSBC Bank
plc, by way of a term loan of GBP3.0 million repayable over four
years at an interest rate of 1.85% per annum over LIBOR.
The acquisition of Due North complements the three acquisitions
made during 2014; EGS Group Limited, Intesource Inc and Intelligent
Capture Limited. Each of these businesses is performing as expected
and, having established solid and efficient ways of working
together without disruption to business performance in the
immediate post acquisition period, the Group is moving into a new
phase of integration with the convergence of products and
technologies.
The Group remains committed to further M&A activity and is
in an excellent position to form a platform for further
complementary bolt-on acquisitions.
Supplier Network and Accelerated Payment Facility
opportunity
The Group has a strategic objective, with the support of its
customers, to access and provide benefits and value added services
to a new customer grouping, the suppliers of its 800 customers.
Screwfix and Flintshire County Council have now committed and are
"in project" and there is a further small pipeline to progress over
the coming months as part of an early adopter programme. The
opportunity is substantial and could accelerate the Group's rate of
growth well beyond that available through its current business
model.
The Group has historically only charged customers on the buy
side of the buyer/supplier relationship. There are, however, many
mutual benefits that both the buyer and supplier can realise
through the Group's innovative technology, including:
- e-Procurement;
- Near paperless trading;
- Improvement of efficiencies in the administration of supplier
records;
- Transparency of the status of a purchase invoice in the
approval and payment cycle; and
- Accelerated payments.
The Group's focus is to facilitate all of the above benefits
between its customer base and their suppliers. This will encourage
electronic trading, which is currently poorly adopted, and create
efficiencies within the buy/sell transaction process. These
efficiencies will be realised by the suppliers through a greater
level of convenience in the trading relationship with their
customers and significantly reduced costs whilst also creating new
commercial opportunities. These benefits and efficiencies will be
charged through a non-tariff based, de minimis software support fee
of GBP50 per supplier per annum.
The Group's technology also delivers increased transparency of
the buyer's invoice processing cycle by providing visibility of
invoice status to suppliers as the invoices flow through the
approval and payment cycle. This creates an opportunity for a
supplier to access an accelerated payment to support its own growth
or to cover short-term working capital requirements without
disruption of, or detriment to, the buyer's operations.
The Directors estimate that these opportunities could increase
the revenue per customer by a factor of up to ten times that level
which is currently being achieved. Screwfix and Flintshire County
Council together spend more than GBP0.6 billion with approximately
7,000 suppliers. The current pipeline of additional early adopters
spend more than GBP0.7 billion with approximately 19,000 suppliers.
The Group has more than 800 customers with an estimated spend of
more than GBP100 billion with over 1 million suppliers.
Financial overview
The Group has signed 23 new deals (31 January 2015: 20) of which
14 were subscription based (31 January 2015: 11). Further, the
Group made 43 upsell deals (31 January 2015: 43) and 2 cross sell
deals (31 January 2015: Nil) in the period.
This revenue shift toward multi-year subscription revenues in
the period means that reported revenue growth slowed to 4% against
the comparative period (18% growth) and revenues increased to
GBP8.7m (31 January 2015: GBP8.4m). This growth is like for like
and Due North did not contribute to the result.
A beneficial consequence of the transition toward a multi-year
subscription based revenue model is the security of an increased
level of contracted revenue to be recognised in future periods.
This gives the Group greater visibility of forward revenue and a
more predictable cash flow profile. Of the GBP3.7m (31 January
2015: GBP2.6m) of Initial Contract Value signed during the period,
GBP3.3m (31 January 2015: GBP2.1m) has been deferred to future
financial periods and the order book (the total value of contracted
forward revenue) increased to GBP23.7m (31 July 2015: GBP19.7m).
Annualised contracted revenue increased to GBP14.5m (31 July 2015:
GBP14.3m).
In the period, the mix of revenue from new and upsell deals
shifted toward higher margin direct deals. With a significant
investment to support the development of the Group's SN and APF
opportunities and cross selling capability, overhead increased by
an equivalent amount. The Group maintained strong levels of
profitability with an increased adjusted EBITDA of GBP2.4m (31
January 2015: GBP2.3m), adjusted operating profit of GBP1.4m (31
January 2015: GBP1.4m) and statutory operating profit of GBP1.0m
(31 January 2015: GBP0.9m).
Net operating cash inflow in the period since 31 July 2015 was
GBP3.0m before a cash outflow from investing activities of GBP1.2m
and a dividend payment of GBP0.5m.
The Group's financial position is strong with GBP4.6m cash on
the balance sheet. The Group's gross debt was GBP1.6m as at 31
January 2015.
Post period end, the Group's acquisition of Due North created a
new funding requirement of approximately GBP4.5m which was
satisfied by a further termed loant facility of GBP3.0m and cash
from the Group's own balance sheet.
Outlook
PROACTIS continues to deliver against its ambitious growth
strategy. The rate of organic growth is strong with a greater
number of new logos with higher average Initial Contract Values
signed in the period. Reported revenue continues to grow and the
contracted forward order book has increased substantially. In
addition, retention rates are good and the Group has increased its
product footprint with continued high levels of upsell and initial
cross selling activity. Profitability has been maintained at a high
level.
Post period end, the Group has completed the acquisition of Due
North Limited. This acquisition offers the Group an excellent
opportunity to improve the experience of more than 300 new
customers and to realise operational synergies. Further, it has
completed the initial phase of integration of its previous
acquisitions without disruption to financial performance. In
addition, the Group's M&A pipeline remains strong as it seeks
further complementary acquisition opportunities.
The commitments from Screwfix and Flintshire County Council to
the Group's Supplier Network and Accelerated Payment Facility
technology opens up a very exciting new opportunity that could
deliver growth rates that are substantially beyond the capability
of its core business.
The Group has further strengthened its position and will
continue to exploit the growing Spend and Procurement marketplace
and the evolving strategic growth opportunities.
Alan Aubrey Rod Jones
Chairman Chief Executive Officer
27 April 2016
Condensed consolidated income statement
for the six months ended 31 January 2016
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 July
31 January 31 January 2015
2016 2015
GBP000 GBP000 GBP000
Revenue
Continuing 8,655 8,371 17,219
Cost of sales (1,531) (1,762) (3,378)
------------- ------------- -------------
Gross profit 7,124 6,609 13,841
Administrative costs (6,150) (5,676) (12,259)
------------- ------------- -------------
------------------------------------ -------------- -------------- --------------
Operating profit before
non-recurring items, amortisation
of customer related intangibles
and share based payment
charges 1,435 1,393 2,866
Non-recurring administrative
expenses (158) (118) (520)
Amortisation of customer
related intangibles (292) (281) (618)
Share based payment charges (11) (61) (146)
------------- ------------- -------------
Operating profit 974 933 1,582
Finance income 4 6 11
Finance expenses (28) (41) (72)
------------- ------------- -------------
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Profit before taxation 950 898 1,521
Income tax credit 30 194 495
------------- ------------- -------------
Profit 980 1,092 2,016
------------- ------------- -------------
Other comprehensive income
Items that will never be
reclassified to profit
or loss
Share base payment charges 11 61 146
Items that are or may be
reclassified to profit
or loss
Foreign operations - foreign
currency translation differences (444) (278) (258)
------------- ------------- -------------
Other comprehensive income,
net of tax (433) (217) (112)
------------- ------------- -------------
Total comprehensive income 547 875 1,904
------------- ------------- -------------
Earnings per ordinary share
:
- Basic 2.5p 2.8p 5.2p
------------- ------------- -------------
- Diluted 2.3p 2.7p 4.9p
------------- ------------- -------------
The profit for the period is wholly attributable to equity
holders of the parent Company.
All results arise from
continuing operations.
Condensed consolidated statement of changes in equity
as at 31 January 2016
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Foreign
Share Share Merger Capital exchange Retained
capital premium reserve reserve reserve earnings
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 August
2014 3,825 5,477 556 449 (23) (766)
Shares issued
during the
period 77 300 - - - (1)
Arising during - - - - (278) -
the period
Result for
the period - - - - - 1,092
Dividend - - - - - (428)
Share based
payment charges - - - - - 61
------------- ------------- ------------- ------------- ------------- -------------
At 31 January
2015 3,902 5,777 556 449 (301) (42)
Shares issued
during the
period 39 63 - - - -
Arising during - - - - 20 -
the period
Result for
the period - - - - - 924
Share based
payment charges - - - - - 85
------------- ------------- ------------- ------------- ------------- -------------
At 1 August
2015 3,941 5,840 556 449 (281) 967
Shares issued
during the
period 23 58 - - - -
Arising during - - - - (444) -
the period
Result for
the period - - - - - 880
Dividend - - - - - (476)
Share based
payment charges - - - - - 11
------------- ------------- ------------- ------------- ------------- -------------
At 31 January
2016 3,964 5,898 556 449 (725) 1,382
------------- ------------- ------------- ------------- ------------- -------------
Condensed consolidated balance sheet
as at 31 January 2016
Unaudited Unaudited Audited
As at 31 As at 31 As at 31
January January July 2015
2016 2015
GBP000 GBP000 GBP000
Non-current assets
Property, plant
& equipment 353 286 364
Intangible assets 16,465 16,562 16,613
Deferred tax asset 170 160 154
------------- ------------- -------------
16,988 17,008 17,131
------------- ------------- -------------
Current assets
Trade and other
receivables 3,575 2,839 3,274
Cash and cash equivalents 4,573 3,082 3,424
------------- ------------- -------------
8,148 5,921 6,698
------------- ------------- -------------
Total assets 25,136 22,929 23,829
------------- ------------- -------------
Current liabilities
Trade and other
payables 1,844 1,090 2,087
Deferred income 7,031 6,151 5,533
Income taxes 295 51 295
Borrowings 650 650 650
------------- ------------- -------------
9,820 7,942 8,565
------------- ------------- -------------
Non-current liabilities
Deferred income 581 450 225
Deferred tax liabilities 2,273 2,608 2,304
Borrowings 938 1,588 1,263
------------- ------------- -------------
3,792 4,646 3,792
------------- ------------- -------------
Total liabilities 13,612 12,588 12,357
------------- ------------- -------------
Net assets 11,524 10,341 11,472
------------- ------------- -------------
Equity attributable
to equity holders
of the Company
Called up share
capital 3,964 3,902 3,941
Share premium account 5,898 5,777 5,840
Merger reserve 556 556 556
Capital reserve 449 449 449
Foreign exchange
reserve (725) (301) (281)
Retained earnings 1,382 (42) 967
------------- ------------- -------------
Total equity 11,524 10,341 11,472
------------- ------------- -------------
Total equity is wholly attributable to equity holders of the
parent Company.
Condensed consolidated cash flow statement
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for the six months ended 31 January 2016
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 July
31 January 31 January 2015
2016 2015
GBP000 GBP000 GBP000
Operating activities
Profit for the period 880 1,092 2,016
Amortisation of intangible
assets 1,222 1,115 2,288
Depreciation 105 75 153
Net finance expense 32 35 61
Income tax credit (31) (194) (495)
Share based payment charges 11 61 146
------------- ------------- -------------
Operating cash flow before
changes in working capital 2,219 2,184 4,169
Movement in trade and other
receivables (211) (250) (678)
Movement in trade and other
payables and deferred income 1,023 (376) (141)
------------- ------------- -------------
Operating cash flow from
operations 3,031 1,558 3,350
Finance income 4 6 11
Finance expense (36) (41) (72)
Income tax received - 92 120
------------- ------------- -------------
Net cash flow from operating
activities 2,999 1,615 3,409
------------- ------------- -------------
Investing activities
Purchase of plant and equipment (88) (70) (220)
Payments to acquire subsidiary
undertakings - (1,101) (1,101)
Development expenditure capitalised (1,076) (956) (1,985)
------------- ------------- -------------
Net cash flow from investing
activities (1,164) (2,127) (3,306)
------------- ------------- -------------
Financing activities
Proceeds from issue of new
shares 81 77 179
Receipts from bank borrowings - 1,000 1,000
Repayment of bank borrowings (325) (262) (588)
Finance lease payments (1) - (17)
Dividend payment (476) (428) (429)
------------- ------------- -------------
Net cash flow from financing
activities (721) 387 145
------------- ------------- -------------
Effects of currency translation
on cash and cash equivalents 35 83 52
Net increase/(decrease) in
cash and cash equivalents 1,149 (125) 300
Cash and cash equivalents
at the beginning of the period 3,424 3,124 3,124
------------- ------------- -------------
Cash and cash equivalents
at the end of the period 4,573 3,082 3,424
------------- ------------- -------------
Unaudited notes
Basis of preparation and accounting policies
PROACTIS Holdings PLC is a company incorporated in England and
Wales under the Companies Act 2006.
The condensed financial statements are unaudited and were
approved by the Board of Directors on 26 April 2016.
The interim financial information for the six months ended 31
January 2016, including comparative financial information, has been
prepared on the basis of the accounting policies set out in the
last annual report and accounts, with the exception of the
amendment to IAS 1 (Presentation of Financial Statements) referred
to below, and in accordance with International Financial Reporting
Standards ("IFRS"), including IAS 34 (Interim Financial Reporting),
as issued by the International Accounting Standards Board and
adopted by the European Union.
The preparation of the interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expense. Actual results
may subsequently differ from those estimates.
In preparing the interim financial statements, the significant
judgements made by management in applying the Group's accounting
policies and key sources of estimation uncertainty were the same,
in all material respects, as those applied to the consolidated
financial statements for the year ended 31 July 2015.
There is a choice between presenting comprehensive income in one
statement or in two statements comprising an income statement and a
separate statement of comprehensive income. The Group has elected
to present comprehensive income in two statements.
Going concern assumption
The Group manages its cash requirements through a combination of
operating cash flows and long term borrowings.
The Group's forecasts and projections, taking account of
reasonably possible changes in trading performance, show that the
Group should be able to operate within the level of its current
lending facilities.
Consequently, after making enquires, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis of
accounting in preparing the interim financial statements.
Information extracted from 2015 Annual Report
The financial figures for the year ended 31 July 2015, as set
out in this report, do not constitute statutory accounts but are
derived from the statutory accounts for that financial year.
The statutory accounts for the year ended 31 July 2015 were
prepared under IFRS and have been delivered to the Registrar of
Companies. The auditors reported on those accounts. Their report
was unqualified, did not draw attention to any matters by way of
emphasis and did not include a statement under Section 498(2) or
498(3) of the Companies Act 2006.
The Board confirms that to the best of its knowledge:
w The condensed set of financial statements has been prepared in
accordance with IAS34 'Interim Financial Reporting' as adopted by
the EU;
w The interim management report includes a fair review of the
information required by :
- DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of financial statements, and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
- DTR4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
Adoption of FRS 101 for the year ended 31 July 2016
In 2012, the FRC, being the standard setting body in the UK,
published FRS 101 'Reduced Disclosure Framework'. This outlines a
reduced disclosure framework available to qualifying entities and
all UK companies will be required to adopt this or an alternative
standard for accounting periods commencing on or after 1 January
2015. PROACTIS Holdings PLC intends to prepare its accounts under
FRS 101 for the year ending 31 July 2016 and to take advantage of
the permitted disclosure exemptions allowed. Following adoption of
FRS 101, the financial position of the parent company, and the
related disclosures after taking the possible exemptions permitted
under FRS 101, are expected to be the same as, or follow closely,
those reported under previous UK GAAP. The consolidated accounts
for the Group will continue to be prepared under full IFRS and are
unaffected by this new accounting framework.
The Board considers that it is in the best interests of the
Group for PROACTIS Holdings PLC to adopt FRS 101 'Reduced
Disclosure Framework' and the Company's decision to adopt FRS 101
for its parent company's financial statements does not require
shareholder approval. However, a shareholder or shareholders
holding in aggregate five per cent or more of the total allotted
shares in PROACTIS Holdings PLC may serve objections to the use of
the disclosure exemptions on PROACTIS Holdings PLC, in writing, to
its registered office (Riverview Court, Castle Gate, Wetherby LS22
6LE) not later than 25 May 2016 and, if so received, PROACTIS
Holdings PLC may not use these disclosure exemptions.
By Order of the Board
Rod Jones Tim Sykes
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Chief Executive Officer Chief Financial Officer
27 April 2016
This information is provided by RNS
The company news service from the London Stock Exchange
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IR AKADQKBKBAQB
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