TIDMPTRO
RNS Number : 3593A
Pelatro PLC
29 September 2020
29 September 2020
Pelatro Plc
("Pelatro" or the "Group")
Interim results
New contract win
Pelatro Plc (AIM: PTRO), the precision marketing software
specialist, is pleased to announce today its interim results for
the 6 months ended 30 June 2020.
Financial highlights
-- Revenue $2.29m (H1 2019: $2.71m)
-- Recurring revenue $1.53m (H1 2019: $0.84m), 67% of revenue (H1 2019: 31%)
-- Adjusted EBITDA(*) $0.66m (H1 2019: $0.81m)
-- EBITDA margin 29%
-- Adjusted earnings per share (0.6)c (H1 2019: 0.5c)
-- Gross cash as at 30 June 2020 $0.75m (at 31 December 2019:
$1.12m); approximately $2.7m received from debtors since FY19
end
Operational highlights
-- New contract win with an OpCo of an existing customer group -
expansion within the group thereby strengthening our position
further
-- mViva successfully installed at our largest customer site
(350m subscribers) - a major milestone with respect to the maturity
of our software
Post period end highlights
-- Completed placing of 4.5m shares to raise GBP2.1m (pre expenses)
-- Gross cash at 31 August $3.16m
-- Current revenue visibility of $5m for full year
-- Plus a near-term pipeline of $15m, of which $4m is from existing customers
New contract win
Pelatro also announces that it has expended its relationship
with a large telco group, which is a customer of Pelatro, by
winning a new contract from another opco within that group. This
contract is expected to contribute about US$1.5m of revenue over a
5 year period and will add to our recurring revenue base.
Outlook
Management expectations for the year underpinned by:
-- revenue visibility of $5m for full year (including $2.3m reported for first half)
-- 2020 pipeline of $8m, of which of which $4m is from existing
customers for various new modules and/or products, i.e.
cross-selling opportunities where Pelatro is the only contender in
most cases
Richard Day, Non-executive Chairman of Pelatro commented:
"Our interim results follow the equity fundraising we announced
in August, in which we successfully raised GBP2.1m from new and
existing shareholders to invest in sales and marketing and help
fund our continuing organic growth.
These remain challenging times in world markets generally with
the continuing Covid-19 pandemic; however, consumers are still
using and relying on their mobile phones and we are working closely
with our clients, the telcos, to ensure that the best service can
be offered to their millions of users. We were able to announce
today a new contract with the operating company of one of our
existing companies. We continue to develop new and innovative
products and our strategy remains focussed on increasing our Annual
Recurring Revenue.
As with last year, we anticipate significant weighting of
revenue towards our second half. We have had a good start to the
second half and we have a strong pipeline from which we expect to
be able to deliver revenue in line with expectations on the basis
of license sales. However, we will continue to prefer gain share
and managed service contracts where possible which give
significantly higher returns to Pelatro over the contract length.
With the pace of customer engagement picking up there remains a lot
of work to be done but we are looking forward to the future with
every confidence."
Analyst presentation
A copy of the results presentation provided to analysts will be
available on Pelatro's website later today ( www.pelatro.com ).
For further information contact:
Pelatro Plc
Subash Menon, Managing Director c/o Cenkos
Nic Hellyer, Finance Director
Cenkos Securities plc (Nominated Adviser
and Broker) +44 (0)20 7397 8900
Stephen Keys / Cameron MacRitchie (corporate
finance)
Michael Johnson (sales)
* earnings before interest, tax, depreciation, amortisation,
exceptional items and share-based payments
Notes to editors
The Pelatro Group was founded in March 2013 by Subash Menon and
Sudeesh Yezhuvath with the objective of offering specialised,
enterprise class software solutions for customer engagement
principally to telcos who face a series of challenges including
market maturity, saturation and customer churn.
Pelatro provides its "mViva" platform for use by customers in
B2C and B2B applications, and is well positioned in the Customer
Engagement space. Our technology orchestrates the digital journey
of the customers of the telcos through contextual, relevant and
real time offers and loyalty programs across multiple channels
including websites, social media, apps and others.
For more information about Pelatro, visit www.pelatro.com
Managing Director's statement
Engagements with existing customers like implementation and
support are progressing well despite Covid-19. With respect to new
contracts, while there have been Covid-19 related delays, we expect
our overall win rate to remain the same. The additional level of
scrutiny that businesses had introduced with respect to investments
had lengthened the sales cycle over the past 6 months; however, we
are now starting to experience positive movement with customers
starting to release contracts and purchase orders. The contract win
announcement from us today is a result of this positive movement.
Consequently, given the level of the current pipeline, we are
confident of achieving our order booking target for 2020.
Given that all our customers are telcos, we are delighted to
note that their businesses, while impacted to some extent due to
Covid-19, are quite resilient due to the higher level of usage of
data by their consumers. Most businesses have moved online as have
educational institutions and a variety of other activities. This
move has resulted in considerable increase in data consumption by
both individuals and enterprises leading to higher revenue from
data products offered by telcos.
The new contract win announced today within a telco group, who
is already our customer, considerably improves the value of that
customer as a reference. As well as bringing valuable additional
revenue, it acts as proof of further acceptance of mViva within
that telco group. This success further solidifies Pelatro's
position within the Customer Engagement space.
As noted in the announcement of the placing on 4 August, the
Group intends to strengthen the sales team in both existing
emerging and new developed markets. Interviews are already in
progress to identify and appoint sales persons to cover both Europe
and the Middle East/Africa.
Financial review
Revenue and profitability
In the six months to 30 June 2020 revenue decreased by 15% over
the comparable period to $2.29m (H1 2019: $2.71m). Like many
companies, we have experienced some delays as a result of Covid-19
but the Group remains confident that this is business will be
picked up in the second half, which is the strongest period for us
historically.
Of the $2.29m, approximately $1.53m (H1 2019: $0.84m) was
recurring revenue, comprising managed services, post contract
support and gain share income. Taking change requests of $0.34m
into account, over 80% of revenue is now repeating in nature.
Underlying operating loss (excluding the impact of non-cash
share-based payments, amortisation of customer-related intangible
assets and exceptional items) was $0.43m (H1 2019: $0.20m profit).
32 extra staff have been employed to service our large managed
services contract, although the majority of these were taken on
after the period end.
Net cash and trade receivables
Cash generated from operating activities was approximately
$1.18m after working capital movements (H1 2019: $0.34m). After net
financing receipts of $0.81m (excluding approximately $93,000
relating to lease payments under IFRS 16) and capital expenditure
of around $2.00m, gross cash at 30 June 2020 was approximately
$0.75m. Financial debt (excluding IFRS 16 liabilities) was
approximately $1.29m, giving net debt of approximately $0.54m (FY
2019: $0.69m net cash). Post period end, the Group completed a
fundraising, raising GBP2.1m before expenses.
Short-term trade receivables (including unbilled revenue but
excluding contract assets) as at 30 June 2020 were $4.80m (31
December 2019 $5.28m) .
Expenditure on non-current assets
Capitalised development expenditure was $1.21m (H1 2019: $1.11m)
and the Group spent $0.79m on fixed assets, the vast majority of
which was computer server equipment required to fulfil the
significant managed service contract and which is already producing
revenue. This was financed by way of a matching term loan.
Current trading and outlook
As with previous years we anticipate significant weighting of
revenue towards the second half. The near term pipeline remains
strong and the Group will continue to focus on transitioning this
from "one time" revenue like license fees to "recurring revenue"
which is more sustainable and predictable. In view of the changing
economic scenario, telcos are increasingly exploring opex rather
than capex solutions. This is naturally more conducive to our
strategy and consequently our transition to recurring revenue is
progressing unabated. We expect this trend to be in line with our
expectations resulting in significant increase in recurring
revenue. We are confident of recurring revenue, as a proportion of
our total revenue, moving to more than 80% in the next couple of
years.
Group statement of comprehensive income
6 months 6 months Year to
to to December
30 June 30 June 2019
2020 2019
Note $'000 $'000 $'000
(unaudited) (unaudited) (audited)
Revenue 2 2,291 2,714 6,667
Cost of sales and provision
of services (667) (634) (999)
_______ _______ _______
Gross profit 1,624 2,080 5,668
Adjusted administrative expenses (1,738) (1,879) (4,048)
_______ _______ _______
Adjusted operating profit/(loss) (114) 201 1,620
Exceptional items 3 149 - 236
Amortisation of acquisition-related
intangibles 3 (342) (349) (686)
Share-based payments 3 (27) (49) (52)
_______ _______ _______
Operating profit/(loss) (334) (197) 1,118
Finance income 4 37 20 54
Finance expense 5 (106) (85) (164)
_______ _______ _______
Profit/(loss) before taxation (403) (262) 1,008
Income tax credit/(expense) (36) 4 (194)
_______ _______ _______
PROFIT/(LOSS) FOR THE PERIOD (439) (258) 814
Other comprehensive income/(expense):
Items that may be reclassified
subsequently to profit or loss:
Exchange differences 21 1 (25)
_______ _______ _______
Other comprehensive income,
net of tax 21 1 (25)
TOTAL COMPREHENSIVE INCOME/(LOSS)
FOR THE PERIOD (418) (257) 789
Earnings/(loss) per share
Reported
Basic and diluted 6 (1.3)c (0.8)c 2.5c
Adjusted
Basic and diluted 6 (0.6)c 0.5c 4.2c
Group statement of financial position
As at As at As at 31
30 June 30 June December
2020 2019 2019
Note $'000 $'000 $'000
(unaudited) (unaudited) (audited)
Assets
Non-current assets
Intangible assets 7 11,132 10,648 10,891
Property, plant and equipment 8 1,220 408 515
Right-of-use assets 9 240 420 339
Deferred tax assets 92 - 63
Contract assets 446 117 519
Trade and other receivables 238 306 231
_______ _______ _______
13,368 11,899 12,558
Current assets
Contract assets 246 304 293
Trade receivables 4,800 4,272 5,283
Other assets 576 425 501
Cash and cash equivalents 749 1,118 1,101
_______ _______ _______
6,371 6,119 7,178
Total assets 19,739 18,018 19,736
Liabilities
Non-current liabilities
Borrowings 10 1,145 359 362
Lease liabilities 11 104 260 187
Contract liabilities 228 202 274
Long-term provisions 113 - 124
Other financial liabilities 13 - 1,187 -
_______ _______ _______
1,590 2,008 947
Current liabilities
Trade and other payables 12 892 356 523
Borrowings 10 148 73 246
Lease liabilities 11 171 224 205
Contract liabilities and deferred
revenue 337 257 665
Other financial liabilities 13 801 - 948
_______ _______ _______
2,349 910 2,587
Total liabilities 3,939 2,918 3,534
NET ASSETS 15,800 15,100 16,202
Issued share capital and reserves
Share capital 1,065 1,065 1,065
Share premium 11,603 11,603 11,603
Other reserves (606) (668) (643)
Retained earnings 3,738 3,100 4,177
_______ _______ _______
TOTAL EQUITY 15,800 15,100 16,202
Group statement of cash flows
6 months 6 months Year to
to to December
30 June 30 June 2019
2020 2019
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Cash flows from operating activities
Profit/(loss) for the period (439) (258) 814
Adjustments for:
Income tax expense/(credit) recognised
in profit or loss 45 (4) 194
Finance income (37) (20) (54)
Finance costs 87 85 160
Depreciation of tangible non-current
assets 135 132 188
Amortisation of intangible non-current
assets 993 809 1,726
Fair value adjustment on contingent
consideration (149) - (236)
Share-based payments 27 49 52
Foreign exchange (gains)/losses 6 (6) (8)
_______ _______ _______
Operating cash flows before movements
in working capital 668 787 2,836
(Increase)/decrease in trade and
other receivables 416 (402) (1,509)
(Increase)/decrease in contract
assets 122 (38) (428)
Increase/(decrease) in trade and
other payables 386 (230) 103
Increase in contract liabilities
and other deferred income (413) 220 701
_______ _______ _______
Cash generated from operating activities 1,179 337 1,703
Income tax paid (110) (96) (334)
_______ _______ _______
Net cash generated from operating
activities 1,069 241 1,369
Cash flows from investing activities
Development of intangible assets (1,210) (1,111) (2,102)
Purchase of intangible assets (3) (12) (35)
Acquisition of property, plant
and equipment (791) (78) (256)
_______ _______ _______
Net cash used in investing activities (2,004) (1,201) (2,393)
Cash flows from financing activities
Proceeds from borrowings 1,117 276 317
Repayment of borrowings (301) (300) (313)
Repayments of principal on lease
liabilities (93) (88) (171)
Finance income 37 20 54
Finance costs (61) (40) (93)
Less interest accrued but not paid 16 1 -
Interest expense on lease liabilities (8) (22) (40)
_______ _______ _______
Net cash generated by/(used in)
financing activities 707 (153) (246)
Net increase/(decrease) in cash
and cash equivalents (228) (1,113) (1,270)
Net foreign exchange differences (43) 7 (20)
Cash and cash equivalents at beginning
of period 934 2,224 2,224
_______ _______ _______
Cash and cash equivalents at end
of period 663 1,118 934
Comprising:
Cash at bank and in hand 749 1,118 1,101
Overdraft (86) - (167)
_______ _______ _______
663 1,118 934
Group statement of changes in equity
Share Share Exchange Merger Share-based Retained Total
capital premium reserve reserve payments profits
reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 31 December
2018 as previously
reported 1,065 11,603 (193) (527) - 3,414 15,362
Effect of change of
accounting policy (IFRS
16) - - - - - (51) (51)
_____ _____ _____ _____ _____ _____ _____
Balance at 31 December
2018 as restated 1,065 11,603 (193) (527) - 3,363 15,311
(Loss) after taxation
for the period - - - - - (258) (258)
Share-based payments - - - - 49 - 49
Other comprehensive
income:
Exchange differences - - 4 - - - 4
_____ _____ _____ _____ _____ _____ _____
Balance at 30 June
2019 1,065 11,603 (189) (527) 49 3,105 15,106
Profit after taxation
for the period - - - - - 1,072 1,072
Share-based payments - - - - 51 - 51
Other comprehensive
income:
Exchange differences - - (27) - - - (27)
_____ _____ _____ _____ _____ _____ _____
Balance at 31 December
2019 1,065 11,603 (216) (527) 100 4,177 16,202
Profit after taxation
for the period - - - - - (439) (439)
Share-based payments - - - - 50 - 50
Other comprehensive
income:
Exchange differences - - (13) - - - (13)
_____ _____ _____ _____ _____ _____ _____
Balance at 30 June
2020 1,065 11,603 (229) (527) 150 3,738 15,800
Notes to the Group financial statements
1 Basis of preparation
The Group has prepared its interim financial statements for the
6 months ended 30 June 2020 (the "interim results") in accordance
with the recognition and measurement principles of International
Financial Reporting Standards ("IFRS") as adopted by the European
Union and also in accordance with the recognition and measurement
principles of IFRS issued by the International Accounting Standards
Board, but do not include all the disclosures that would otherwise
be required. They have been prepared under the historical cost
convention as modified to include the revaluation of certain
non-current assets. The accounting policies adopted in the interim
financial statements are consistent with those adopted in the
Group's Annual Report and Financial Statements for the year ended
31 December 2019 and those which will be adopted in the preparation
of the annual report for the year ending 31 December 2020.
As permitted, the interim results have been prepared in
accordance with the AIM Rules of the London Stock Exchange and not
in accordance with IAS34 Interim Financial Reporting . They do not
constitute full statutory accounts within the meaning of section
434 of the Companies Act 2006 and are unaudited.
Going concern
The Directors have considered trading and cash flow forecasts
prepared for the Group, and based on these, and confirmed banking
facilities, are satisfied that the Group will continue to be able
to meet its liabilities as they fall due for at least one year from
the date of these results. On this basis, they consider it
appropriate to have adopted the going concern basis in the
preparation of the interim results, which were approved by the
Board of Directors on 28 September 2020.
Comparative financial information
The comparative financial information presented herein for the
year ended 31 December 2019 does not constitute full statutory
accounts for that period. Statutory accounts for the year ended 31
December 2019 have been filed with the Registrar of Companies.
These statutory accounts carried an unqualified Auditor's Report,
did not draw attention to any matters by way of emphasis and did
not contain a statement under Section 498(2) or 498(3) of the
Companies Act 2006.
2 Segmental analysis
Revenue by type
6 months 6 months Year to
to to 31 December
30 June 30 June 2019
2020 2019
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Repeat software sales and services 1,148 1,316 3,114
Maintenance and support 719 645 1,399
_______ _______ _______
Total repeat revenues 1,867 1,961 4,513
Software - new licenses 424 498 1,887
Consulting - 250 258
Resale of hardware - 5 9
_______ _______ _______
2,291 2,714 6,667
Revenue by geography
The Group recognises revenue in seven geographical regions based
on the location of customers, as set out in the following
table:
6 months 6 months Year to
to to 31 December
30 June 30 June 2019
2020 2019
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Caribbean 60 243 133
Central Asia 32 206 256
Eastern Europe 74 56 91
North Africa 42 95 135
South Asia 923 1,088 1,791
South East Asia 1,160 561 4,181
Sub-Saharan Africa - 465 80
_______ _______ _______
2,291 2,714 6,667
3 Non-GAAP profit measures and exceptional items
Reconciliation of operating profit to earnings before interest,
taxation, depreciation and amortisation ("EBITDA"):
6 months 6 months Year to
to to 31 December
30 June 30 June 2019
2020 2019
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Operating profit/(loss) (334) (197) 1,118
Adjusted for:
- amortisation and depreciation 1,091 940 1,915
- revenue recognised as interest
under IFRS 15 22 14 43
Exceptional items:
- gain on adjustment of deferred
consideration liability (149) - (236)
Share-based payments 27 49 52
_______ _______ _______
Adjusted EBITDA 657 806 2,892
The criteria for adjusting operating income or expenses in the
calculation of adjusted EBITDA are that they are material and
either (i) arise from an irregular and significant event or (ii)
are such that the income/cost is recognised in a pattern that is
unrelated to the resulting operational performance. Materiality is
defined as an amount which, to a user, would influence
decision-making based on, and understandability of, the financial
statements.
Exceptional items are treated as exceptional by reason of their
nature and are excluded from the calculation of adjusted EBITDA
(and adjusted earnings per share below) to allow a better
understanding of comparable year-on-year trading and thereby an
assessment of the underlying trends in the Group's financial
performance. These measures also provide consistency with the
Group's internal management reporting.
Adjustment for share-based payment expense is made because, once
the cost has been calculated for a given grant of options, the
Directors cannot influence the share-based payment charge incurred
in subsequent years relating to that grant; also the value of the
share option to the employee differs considerably in value and
timing from the actual cash cost to the Group.
Elements of depreciation on right-to-use assets recognised under
IFRS 16 and share-based payment expense are deemed to be directly
attributable overheads for the purposes of capitalising relevant
expenditure on developing intangible assets (see Note 18). The
figures above are shown net of amounts so capitalised.
4 Finance income
6 months 6 months Year to
to to 31 December
30 June 30 June 2019
2020 2019
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Interest receivable on interest-bearing
deposits 15 6 11
Notional interest accruing on
contracts with a significant
financing component 22 14 43
_______ _______ _______
Total finance income 37 20 54
5 Finance expense
6 months 6 months Year to
to to 31 December
30 June 30 June 2019
2020 2019
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Interest and finance charges
paid or payable on borrowings 79 40 96
Interest on lease liabilities
under IFRS 16 15 22 40
Less: amounts capitalised as
intangible assets (7) - (19)
Acquisition-related financing
expense - unwinding of discount
on financial liabilities 19 23 47
_______ _______ _______
Total finance expense 106 85 164
6 Earnings per share
Earnings per share - reported ("EPS")
The calculation of the basic and diluted EPS is based on the
following data:
6 months 6 months Year to
to to 31 December
30 June 30 June 2019
2020 2019
$'000 $'000 $'000
Earnings
Earnings for the purposes of
basic and diluted earnings per
share being net profit attributable
to equity holders of the parent (439) (258) 814
Number of shares
Weighted average number of ordinary
shares for the purposes of basic
and diluted earnings per share 32,532,431 32,532,431 32,532,431
The weighted average number of shares and the loss for the year
for the purposes of calculating the fully diluted earnings per
share are the same as for the basic loss per share calculation.
This is because the outstanding share options would have the effect
of reducing the loss per ordinary share and would therefore not be
dilutive under IAS33.
Adjusted earnings per share
Adjusted EPS is calculated as follows:
6 months 6 months Year to
to to 31 December
30 June 30 June 2019
2020 2019
$'000 $'000 $'000
Earnings attributable to owners
of the Parent (439) (258) 814
Adjusting items:
- amortisation of acquisition-related
intangibles 343 349 686
- finance charge on liabilities
relating to
contingent consideration 19 23 47
- exceptional items (149) - (236)
- share-based payments 27 49 52
- prior year adjustments to
tax charge - - (7)
_______ _______ _______
Adjusted earnings attributable
to owners of the Parent (199) 163 1,356
Adjusted earnings per share
attributable to shareholders
(basic) (0.6)c 0.5c 4.2c
Weighted number of ordinary
shares in issue 32,532,431 32,532,431 32,532,431
Effect of dilutive potential
ordinary shares:
- in-the-money share options - 6,702 -
________ ________ ________
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 32,532,431 32,539,133 32,532,431
Adjusted earnings per share
attributable to shareholders
(diluted) (0.6)c 0.5c 4.2c
The criteria for inclusion of adjusting items in the calculation
of adjusted EPS are the same as those relating to the calculation
of adjusted EBITDA as set out in Note 3. Additionally, finance
expense on liabilities relating to contingent consideration are
non-cash costs reflecting the time value of money in arriving at
the fair value of such liabilities and the effluxion of time over
the period for which they are outstanding; and amortisation of
acquisition-related intangibles relates to the amortisation of
intangible assets in respect of customer relationships and brands
which are recognised on a business combination and are non-cash in
nature.
The Group has one category of potentially dilutive ordinary
share, being those share options granted to employees where the
exercise price (plus the remaining expected charge to profit under
IFRS 2) is less than the average price of the Company's ordinary
shares during the period. The weighted average number of shares for
the calculation of diluted earnings per share is computed using the
treasury share method.
7 Intangible assets
Intangible assets comprise capitalised development costs,
acquired software, customer relationships and goodwill.
Development Third Patents Customer Goodwill Total
costs party relationships
software
$'000 $'000 $'000 $'000 $'000 $'000
Cost
At 1 January
2020 6,391 108 23 6,862 470 13,854
Additions 1,232 3 - - - 1,235
Foreign exchange - (2) - - - (2)
_______ _______ _______ _______ _______ _______
At 30 June
2020 7,623 109 23 6,862 470 15,087
Amortisation
or impairment
At 1 January
2020 (1,957) (34) - (972) - (2,963)
Charge for
the period (640) (10) - (343) - (993)
Foreign exchange - 1 - - 1
_______ _______ _______ _______ _______ _______
At 30 June
2020 (2,597) (43) - (1,315) - (3,955)
Net carrying
amount
At 30 June
2020 5,026 66 23 5,547 470 11,132
At 1 January
2020 4,434 74 23 5,890 470 10,891
8 Tangible assets
Leasehold Computer Office Vehicles Total
improvements equipment equipment
$'000 $'000 $'000 $'000 $'000
Cost
At 1 January 2020 109 197 59 312 677
Additions 2 788 1 - 791
Foreign exchange differences (4) (14) (4) (17) (39)
_______ _______ _______ _______ _______
At 30 June 2020 107 971 56 295 1,429
Depreciation
At 1 January 2020 (7) (87) (9) (59) (162)
Charge for the year (6) (26) (6) (18) (56)
Foreign exchange differences - 4 1 4 9
_______ _______ _______ _______ _______
At 30 June 2020 (13) (109) (14) (73) (209)
Net carrying amount
At 30 June 2020 94 862 42 222 1,220
At 1 January 2020 102 110 50 253 515
9 Right-of-use assets
Right-of-use assets comprise leases over office buildings and
vehicles
Office Vehicles Total
buildings
$'000 $'000 $'000
Cost
At 1 January 2020 690 31 721
Additions in the period - - -
Effects of foreign exchange movements (44) (2) (46)
_______ _______ _______
At 30 June 2020 646 29 675
Depreciation
At 1 January 2020 (368) (14) (382)
Charge for the period (71) (7) (78)
Effects of foreign exchange movements 24 1 25
_______ _______ _______
At 30 June 2020 (415) (20) (435)
Net carrying amount
At 30 June 2020 231 9 240
At 1 January 2020 322 17 339
10 Loans and borrowings
As at As at As at 31
30 June 30 June December
2020 2019 2019
$'000 $'000 $'000
Non-current liabilities
Secured term loans 1,145 359 362
_______ _______ _______
1,145 359 362
Current liabilities
Current portion of term loans 62 73 79
Unsecured borrowings 86 - 167
_______ _______ _______
148 73 246
Total loans and borrowings 1,293 432 608
11 Lease liabilities
Lease liabilities comprise liabilities arising from the
committed and expected payments on leases over office buildings and
vehicles .
Amounts due in less than one year Office Vehicles Total
buildings
$'000 $'000 $'000
At 1 January 2020 193 12 205
Leases taken on in the period - - -
Repayments of principal (87) (6) (93)
Transfer from long-term to short-term 73 1 74
Effects of foreign exchange movements (14) (1) (15)
_______ _______ _______
At 30 June 2020 165 6 171
Amounts due in more than one year Office Vehicles Total
buildings
$'000 $'000 $'000
At 1 January 2020 186 1 187
Leases taken on in the period - - -
Transfer from long-term to short-term (73) (1) (74)
Effects of foreign exchange movements (9) - (9)
_______ _______ _______
At 30 June 2020 104 - 104
12 Trade and other payables
As at As at As at 31
30 June 30 June December
2020 2019 2019
$'000 $'000 $'000
Due within a year
Trade payables 40 12 82
Other payables and provisions 852 344 441
_______ _______ _______
Total trade and other payables 892 356 523
Other payables includes amounts due in respect of the capital
expenditure referenced in Note 8, which was paid in July as per the
agreed payment milestones. Provisions reflect payment holidays
granted (principally in the Group's Indian subsidiary) in respect
of certain duties and taxes.
13 Other financial liabilities
Other financial liabilities comprise the fair value of payments
due in respect of earnout payments resulting from the Danateq
acquisition.
As at As at As at 31
30 June 30 June December
2020 2019 2019
$'000 $'000 $'000
Contingent consideration on the
acquisition of Danateq assets
- potentially due within one
year 801 - 948
- potentially after one year - 1,187 -
_______ _______ _______
Total other financial liabilities 801 1,187 948
The amount owed to the vendors of Danateq had been agreed at $1m
gross under the terms of the SPA. The net figure (paid earlier this
month) was some $193,000 lower, being reduced by sums relating
either to amounts paid by customers in advance to the former
Danateq business but due to Pelatro, or amounts deductible under
the terms of the SPA due to differences in outturn in disclosure
items. The difference between the reporting date figure and the net
payout is the imputed discount due to the time value of money.
14 Post balance sheet events
There have been no events subsequent to the reporting date which
would have a material impact on these interim financial
results.
[END]
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END
IR MZGZLNRFGGZM
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