TIDMDSG
RNS Number : 3633K
Dillistone Group PLC
21 September 2016
Dillistone Group Plc
("Dillistone", the "Company" or the "Group")
Interim Results
Dillistone Group Plc, the AIM quoted supplier of software and
services for the recruitment sector, is pleased to announce its
interim results for the six months ended 30 June 2016.
Operational:
Dillistone Systems Division
-- Encouraging success with FileFinder Anywhere
o New business orders in January - August already significantly
ahead of the equivalent value for the whole of 2015
o May 2016 saw record month for implementations of FileFinder
licences
o Launch of a standalone browser based app in March - a first
for the mainstream executive search software sector
-- Recurring revenues recovered from poor performance in 2015
and account for 71% of divisional revenue
Voyager Software Division
-- Incoming new business order values already ahead of equivalent figure for the whole of 2015
-- Infinity SaaS delivering increased recurring revenues which
were up 6% and account for 70% of divisional revenue
-- New product announcements expected in September 2016
Financial:
-- Revenue up 2% to GBP4.811m
-- Recurring revenues represent 70% of total revenue and cover
100% of administrative expenses excluding acquisition related
items
-- Profit for the period up 3% to GBP0.489m (2015: GBP0.476m)
-- Adjusted EBITDA(1) up 2% to GBP1.204m
-- Basic EPS up 1% to 2.48p
-- First half performance exceeded second half of 2015 as previously foreseen
-- Cash balances of GBP1.611m at 30 June 2016 (2015: GBP1.335m)
and debt of GBP0.242m (2015: GBP0.406m)
-- 2% increase in interim dividend to 1.375p (2015: 1.35p)
-- Expectation of revenue and profits growth for full year in line with expectations
(1) Adjusted EBITDA is adjusted operating profit with
depreciation and amortisation added back.
Commenting on the results and prospects, Mike Love,
Non-Executive Chairman, said:
"After a challenging 2015, we are very happy to deliver an
encouraging set of results for the first half of the year, with the
recently announced record implementations and orders expected to
underpin future periods.
"Despite the uncertain economic horizons, we have delivered both
revenue and profit after tax growth. Very significant increases in
new business orders across the Group suggests that we are taking
market share from our competitors and demonstrates the success of
our ongoing product development strategy. The recent slide in the
value of sterling is having a positive impact on revenues,
partially offset by a negative effect on costs.
"We will continue to invest in our products, services and
infrastructure across the Group as this is essential to delivering
long term shareholder value and to strengthening Dillistone's
position in its chosen markets.
"Our confidence in the future has allowed us to declare a 2%
increase in our interim dividend."
Investor Access Event:
The Directors will be holding an Investor Access event for
Private Investors, Private Client Investment Managers and
Institutional Investors to introduce the Dillistone Group, review
the Interim Results and expand on opportunities at 3.15pm on Monday
26 September 2016 at the Tower of London. Presentations will be
given by the Directors of Dillistone and the Research Analyst from
WH Ireland.
Investors will have access to the Directors and customers of
Dillistone at a drinks reception to be held later that day at 4pm
at the Tower of London in conjunction with the 2016 World Executive
Search Congress, an annual event for the Executive Search industry
hosted by Dillistone Systems, a division of Dillistone Group. In
addition, guests will be offered the opportunity to visit the Crown
Jewels as part of the visit to the historic site.
Those wishing to attend should contact Tom Cooper on
tom.cooper@walbrookpr.com or 020 7933 8780 or 0797 122 1972 for
further details.
Enquiries:
Dillistone Group
Plc
Mike Love Chairman 020 7749 6100
Jason Starr Chief Executive 020 7749 6100
Julie Pomeroy Finance Director 020 7749 6100
WH Ireland Limited (Nominated
adviser)
Head of Corporate
Chris Fielding Finance 020 7220 1650
Walbrook PR
Tom Cooper /
Paul Vann 020 7933 8780
0797 122 1972
tom.cooper@walbrookpr.com
Notes to Editors:
Dillistone Group Plc (www.dillistonegroup.com) is a leader in
the supply and support of software and services to the recruitment
industry. It has four trading businesses operating through two
divisions: Dillistone Systems, which targets the executive search
industry (www.dillistone.com); and Voyager Software, which targets
other recruitment markets (www.voyagersoftware.com).
Dillistone has made three acquisitions: Voyager Software in
September 2011, FCP Internet in July 2013 and ISV Software in
September 2014. The Group operates under the FileFinder, Infinity,
Evolve and ISV brands.
Dillistone was admitted to AIM, a market operated by the London
Stock Exchange plc, in June 2006. The Group employs over 100 people
globally with offices in London (head office) Basingstoke and
Southampton, Frankfurt, New Jersey and Sydney.
Chairman's Statement
Our financial results show that the Group has made good progress
in the first half. As expected, we have returned to revenue growth
as our continued investment in product development is progressively
delivering positive results. Investment in our products remains key
to the future success of the business. We are increasingly selling
SaaS based products which have less short term revenue impact but
favour longer term recurring revenue. The advantage to this style
of contract is recurring revenue visibility, albeit that it often
appears that there is a delay in these new contracts reflecting in
the Group's results.
We also continue to pursue growth through targeting
complementary acquisitions. This is a strategy that has served us
well in the past and which remains part of our core strategy at
this time.
Revenues increased by 2% over the 6 months to June 2015 with
recurring revenues up 4% and now representing 70% of total
revenues. The growth in new business orders across both divisions
in H1 has been very pleasing to see.
Profit after tax was up 3% to GBP0.489m (2015: GBP0.476m).
Divisional review
We are pleased to report a turnaround in the performance of our
Dillistone Systems division. After a challenging 2015, we had
stated that we faced a more competitive market than in previous
years and, as a result, we felt it necessary to increase investment
in the Division. It was our expectation that we would return to
both revenue and profit growth in 2016. The performance in 2015
meant that we began the period with recurring revenues at a lower
level that those seen at the same stage in the previous year, but
over the reporting period we have wiped out this deficit. Despite
economic turbulence, it remains our expectation that the Division
will deliver growth in the full year.
Dillistone Systems (www.dillistone.com) reported revenues of
GBP2.265m (2015: GBP2.306m) with recurring revenues up 2% to
GBP1.614m and non recurring revenues down GBP0.072m in part due to
the move in timing of the World Executive Search Congress which is
being held in H2 2016 (in H1 2015).
The latest release of the FileFinder Anywhere platform has been
extremely well received by both existing and new clients. Evidence
of this can be seen in our record month of licence implementations
in May and the contract that we announced post the period end with
the global search firm Alexander Hughes International headquartered
out of Paris for circa 200 new licences. By the end of August, we
had won new business contracts worth significantly more than our
total new business order book for the whole of 2015. Our challenge
now is to implement the increased demand for our services while
maintaining our performance standards.
As anticipated, Divisional profits are down by GBP0.063m in the
period.
Voyager Software (www.voyagersoftware.com) has also enjoyed a
good trading period with revenue 6% ahead of 2015 at GBP2.546m
(2015: GBP2.400m). We are particularly pleased with the performance
of our Infinity SaaS platform, launched a year ago, and the
continued growth in our FCP Evolve Platform. The performance of
both of these products gives us improved visibility over future
revenues.
The Division continues to invest in product development and a
series of product enhancements will be announced later this month.
Divisional profits increased 5% to GBP0.412m in the period.
Financial Performance
Revenue in the six months ended 30 June 2016 increased by 2% to
GBP4.811m (2015: GBP4.706m). Recurring revenues increased by 4% to
GBP3.384m over the comparable period last year (2015: GBP3.257m)
and represented 70% of total revenues (2015: 69%). Non recurring
revenues were down at GBP1.129m (2015: GBP1.202m).
Cost of sales increased by 5% in H1 2016 mainly due to the
continued roll out of third party data centres for hosting our
cloud products. Administration expenses rose 3% in H1 2016, in part
due to increased depreciation and amortisation charges, relating
primarily to investment in product development. Excluding
depreciation and amortisation, administrative expenses rose 2% over
H1 2015. Administrative costs also include GBP0.189m (2015:
GBP0.189m) relating to the amortisation of acquisition
intangibles.
EBITDA grew 2% to GBP1.204m (2015: GBP1.185m). Total
depreciation and amortisation, including amortisation of
acquisition intangibles, increased to GBP0.656m (2015: GBP0.599m)
resulting in profit before tax being down 5% to GBP0.538m (2015:
GBP0.566m).
The tax charge fell to GBP0.049m in the period to 30 June 2016
(2015: GBP0.90m). This gave an effective global tax rate of 9.2%
(2015: 15.9%). Excluding acquisition related items the tax rate was
11.34%. The 2015 and 2016 rates have been reduced by claims in the
UK for research and development tax credits reflecting the
continuing development of our products. The falling UK tax rates
have also had a positive impact on the charge, which is offset by
the higher rates of corporation tax payable in the US and
Australia.
Basic EPS increased by 1% to 2.48p (2015: 2.45p).
Cash generated from operating activities remained strong at
GBP1.347m (2015: GBP1.111m). Total cash flow in the 6 months ended
30 June 2016 showed a net cash outflow of GBP0.070m (2015: outflow
GBP0.560m). The main elements of non-operating expenditure related
to dividends paid in the period of GBP0.541m (2015: GBP0.528m) and
investment in new product development of GBP0.539m (2015:
GBP0.464m) and deferred and contingent consideration payments in
respect of acquisitions GBP0.212m (2015: GBP0.666m). At 30 June
2016 we had cash reserves of GBP1.611m (2015: GBP1.335m) and
GBP0.242m in borrowings (2015: GBP0.406m).
We continue to follow a progressive dividend policy and,
reflecting this, the Board has declared an increase in the interim
dividend for 2016 of 2%. Accordingly, a dividend of 1.375p per
share (2015: 1.35p) will be paid on 17 November 2016 to holders on
the register on 14 October 2016. Shares will trade ex-dividend from
13 October 2016.
Strategy
The Group remains committed to the continued investment in our
core products as a means of delivering organic growth. It will also
continue to target appropriate acquisitions in its current or
related sectors.
Outlook
The Board is pleased to see that the Group's investment in the
FileFinder Anywhere platform is starting to show real signs of
success. Although economic turbulence has had some impact on the
number and size of the opportunities available to us, our improved
market position has seen an increase in both conversion rates and
in average order values. The Dillistone Systems division plans to
announce further improvements to the product suite in September
2016 and as a result expects to maintain its improved market
performance.
Our Voyager Software division has shown growth at both the
revenue and the pre-tax profit level, and we expect this to
continue. Our Infinity SaaS product, launched in 2015, has proved
increasingly popular, though this model does mean that revenue is
not recognised as quickly as in the traditional licence sale but
has longer term benefits. The Division also plans various product
launches and upgrades in the remainder of 2016.
The last few months have seen some volatility in the recruitment
market. This has led to a reduction in additional licence purchases
amongst some of our existing client firms. This has been more than
offset by growth in our new business sales and upgrades for
existing clients and we expect this trend to continue. However, we
would not be immune to a more significant economic slowdown.
Nevertheless, with our recurring revenues covering our
administrative expenses (excluding acquisition related items), the
Group remains in a very solid position. As a result, in H2 of 2016
the Board expects the Group to make further progress and results
are anticipated to be in line with market expectations with the
Group delivering both revenue and operational profit growth in the
full year.
The Board therefore remains confident in the future prospects of
the Group and has declared an increase in the interim dividend to
1.375p per share.
Mike Love
Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note 6 Months ended Year ended
30 June 31 Dec
2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 4 4,811 4,706 9,437
Cost of sales (694) (661) (1,313)
---------- ---------- -----------
Gross profit 4,117 4,045 8,124
Administrative expenses (3,569) (3,459) (7,016)
---------- ---------- -----------
Result from operating
activities 4 548 586 1,108
Analysed as:
Result from operating
activities before
acquisition related
items 737 775 1,424
Acquisition related
items 5 (189) (189) (316)
---------- ---------- -----------
Result after acquisition
related items 548 586 1,108
-------------------------------- ---------- ---------- -----------
Financial income 3 4 5
Financial cost (13) (24) (41)
---------- ---------- -----------
Profit before tax 538 566 1,072
Tax (expense)/income 6 (49) (90) 140
---------- ---------- -----------
Profit for the period 489 476 1,212
Other comprehensive income net
of tax:
Currency translation
differences (4) (14) (27)
---------- ---------- -----------
Total comprehensive
income for period
net of tax 485 462 1,185
---------- ---------- -----------
Earnings per share
(pence)
Basic 8 2.48 2.45 6.20
Diluted 2.46 2.34 6.00
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at
As at 30 June 31 Dec
2016 2015 2015
Unaudited Unaudited Audited
ASSETS GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 3,415 3,415 3,415
Intangible assets 6,084 6,245 6,163
Property plant &
equipment 259 295 257
---------- ---------- --------
9,758 9,955 9,835
Current assets
Inventories 9 27 16
Trade and other
receivables 1,961 1,839 1,736
Cash and cash equivalents 1,611 1,335 1,595
---------- ---------- --------
3,581 3,201 3,347
---------- ---------- --------
Total assets 13,339 13,156 13,182
---------- ---------- --------
EQUITY AND LIABILITIES
Equity
Share capital 983 978 983
Share premium 1,631 1,553 1,631
Merger reserve 365 365 365
Retained earnings 3,956 3,462 4,008
Share option reserve 70 130 71
Translation reserve 97 114 101
---------- ---------- --------
Total equity 7,102 6,602 7,159
Liabilities
Non current liabilities
Trade and other
payables 178 428 428
Borrowings 72 242 158
Deferred tax 980 1,139 1,006
Current liabilities
Trade and other
payables 4,599 4,281 4,193
Borrowings 170 164 167
Current tax payable 238 300 71
---------- ---------- --------
Total liabilities 6,237 6,554 6,023
Total liabilities
and equity 13,339 13,156 13,182
---------- ---------- --------
The interim report was approved by the Board of directors and
authorised for issue on 20 September 2016. They were signed on its
behalf by:
JS Starr J P Pomeroy
CONSOLIDATED STATEMENT OF CASH FLOWS
As at
As at 30 June 31 Dec
2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating Activities
Profit before tax 538 566 1,072
Add taxation repaid/(paid) 96 (92) (219)
Adjustment for
Financial income (3) (4) (5)
Financial cost 13 24 41
Depreciation and amortisation 656 600 1,240
Share option expense (1) 22 28
Other including foreign
exchange
adjustments arising from
operations (16) (10) (16)
----------- ----------- ---------
Operating cash flows before
movements in working capital 1,283 1,106 2,141
Increase in receivables (155) (83) 278
Decrease / (Increase) in
inventories 8 14 25
Increase in payables 211 74 (307)
----------- ----------- ---------
Net cash generated from
operating activities 1,347 1,111 2,137
----------- ----------- ---------
Investing Activities
Interest received 3 4 5
Finance cost (5) (7) (13)
Purchases of property plant
and equipment (40) (60) (84)
Investment in development
costs (539) (464) (961)
Contingent consideration
paid (212) (666) (666)
----------- ----------- ---------
Net cash used in investing
activities (793) (1,193) (1,719)
----------- ----------- ---------
Financing Activities
Proceeds from issue of
share capital - 130 213
Bank loan repayments made (83) (80) (162)
Dividends paid (541) (528) (793)
----------- ----------- ---------
Net cash used by financing
activities (624) (478) (742)
----------- ----------- ---------
Net change in cash and
cash equivalents (70) (560) (324)
Cash and cash equivalents
at beginning of the period 1,595 1,929 1,929
Effect of foreign exchange
rate changes 86 (34) (10)
Cash and cash equivalents
at end of period 1,611 1,335 1,595
----------- ----------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Merger Retained Share Foreign Total
capital premium Reserve earnings option exchange
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31
December 2014 969 1,432 365 3,514 118 128 6,526
Comprehensive
income
Profit for the
6 months ended
30 June 2015 - - - 476 - - 476
Other comprehensive
income
Exchange differences
on translation
of overseas operations - - - - - (14) (14)
Total comprehensive
income - - - 476 - (14) 462
--------- --------- --------- ---------- --------- --------- --------
Transactions
with owners
Issue of share
capital 9 121 - - - - 130
Share option
charge - - - - 12 - 12
Dividends paid - - - (528) - - (528)
Balance at 30
June 2015 978 1,553 365 3,462 130 114 6,602
--------- --------- --------- ---------- --------- --------- --------
Comprehensive
income
Profit for the
6 months ended
31 Dec 2015 - - - 736 - - 736
-
Other comprehensive -
income
Exchange differences
on translation
of overseas operations - - - - - (13) (13)
Total comprehensive
income - - - 736 - (13) 723
--------- --------- --------- ---------- --------- --------- --------
Transactions
with owners
Issue of share
capital 5 78 83
Share option
charge - - - 75 (59) - 16
Dividends paid - - - (265) - - (265)
Balance at 31
December 2015 983 1,631 365 4,008 71 101 7,159
--------- --------- --------- ---------- --------- --------- --------
Comprehensive
income
Profit for the
6 months ended
30 June 2016 - - - 489 - - 489
-
Other comprehensive -
income
Exchange differences
on translation
of overseas operations - - - - - (4) (4)
Total comprehensive
income - - - 489 - (4) 485
--------- --------- --------- ---------- --------- --------- --------
Transactions
with owners
Issue of share - - - - - - -
capital
Share option
charge - - - - (1) - (1)
Dividends paid - - - (541) - - (541)
Balance at 30
June 2016 983 1,631 365 3,956 70 97 7,102
--------- --------- --------- ---------- --------- --------- --------
NOTES TO THE INTERIM
NOTES TO THE UNAUDITED INTERIM REPORT
CONSOLIDATED STATEMENT OF
1. Basis of Preparation
The financial information for the six months ended 30 June 2016
included in this condensed interim report comprises the
consolidated statement of comprehensive income, the consolidated
statement of financial position, the consolidated statement of cash
flows, the consolidated statement of changes in equity and the
related notes on pages 12 - 18.
These interim financial statements have not been audited nor
have they been reviewed by the auditors under ISRE 2410 of the
Auditing Practices Board. The financial information set out in this
report does not constitute statutory accounts as defined by the
Companies Act 2006. The comparative figures for the year ended 31
December 2015 were derived from the statutory accounts for that
year which have been delivered to the Registrar of Companies. Those
accounts received an unqualified audit report which did not contain
statements under sections 498(2) or (3) (accounting records or
returns inadequate, accounts not agreeing with records and returns
or failure to obtain necessary information and explanations) of the
Companies Act 2006.
The interim financial statements have been prepared on the basis
of the accounting policies set out in the December 2015 financial
statements of Dillistone Group Plc and on a going concern basis.
They are presented in sterling which is also the functional
currency of the parent company. They do not include all of the
information required in annual financial statements in accordance
with IFRS and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 31 December
2015.
Dillistone Group Plc is the Group's ultimate parent company. It
is a public listed company and is domiciled in the United Kingdom.
The address of its registered office and principal place of
business is 50 Leman St, London, E1 8HQ. Dillistone Group Plc's
shares are listed on the Alternative Investment Market (AIM).
2. Share Based Payments
The Company operates two share option schemes. The fair value of
the options granted under these schemes is recognised as an
employee expense with a corresponding increase in equity. The fair
value is measured at grant date and spread over the period at the
end of which the option holder may exercise the option. The fair
value of the options granted is measured using the Black-Scholes
model.
3 Reconciliation of adjusted operating profits to consolidated
statement of comprehensive income
30 June 2016 and 30 June 2015
Adjusted Acquisition Adjusted Acquisition
operating related operating related
profits items profits items
30 30
30 June June 30 June June
2016 2016* 2016 2015 2015* 2015
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 4,811 - 4,811 4,706 - 4,706
Cost of sales (694) - (694) (661) - (661)
Gross profit 4,117 0 4,117 4,045 - 4,045
Administrative
expenses (3,380) (189) (3,569) (3,270) (189) (3,459)
Results from
operating activities 737 (189) 548 775 (189) 586
Financial income 3 - 3 4 - 4
Financial cost (5) (8) (13) (7) (17) (24)
Profit before
tax 735 (197) 538 772 (206) 566
Tax expense/(income) (83) 34 (49) (128) 38 (90)
Profit for the
year 652 (163) 489 644 (168) 476
Other comprehensive
income net of
tax:
Currency translation
differences (4) - (4) (14) - (14)
Total comprehensive
income for the
year net of tax 648 (163) 485 630 (168) 462
----------- ------------ --------- ----------- ------------ ---------
Earnings per share - from continuing activities
Basic 3.31p 2.48p 3.31p 2.45p
Diluted 3.28p 2.46p 3.16p 2.34p
* see accounts note 5
31 December 2015
Adjusted Acquisition
operating related
profits items
31 December 2015* 31 December
2015 2015
GBP'000 GBP'000 GBP'000
Revenue 9,437 - 9,437
Cost of sales (1,313) - (1,313)
Gross profit 8,124 - 8,124
Administrative expenses (6,700) (316) (7,016)
Results from operating
activities 1,424 (316) 1,108
Financial income 5 - 5
Financial cost (13) (28) (41)
Profit before tax 1,416 (344) 1,072
Tax income 3 137 140
Profit for the year 1,419 (207) 1,212
Other comprehensive
income net of tax:
Currency translation
differences (27) - (27)
Total comprehensive
income for the year
net of tax 1,392 (207) 1,185
------------ ------------ ------------
Earnings per share - from continuing activities
Basic 7.26p 6.20p
Diluted 7.02p 6.00p
* see accounts note 5
4. Segment reporting
Year ended
6 months ended 30
June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Revenue
Dillistone Systems 2,265 2,306 4,620
Voyager Software 2,546 2,400 4,831
Inter-divisional - - (14)
Total revenue 4,811 4,706 9,437
----------- -------- -----------
Results by division
Year ended
6 months ended 30
June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Results from operating
activities
Dillistone Systems 417 480 891
Voyager Software 412 392 629
------ -------- -----------
829 872 1,520
Central (92) (97) (96)
Amortisation of
acquisition intangibles
and other items (189) (189) (316)
Result from operating
activities 548 586 1,108
====== ======== ===========
Geographical segments
The following table provides an analysis of
the Group's revenues by geographical market.
Year ended
6 months ended
30 June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
UK 3,938 3,805 7,642
US 679 676 1,381
Australia 194 225 414
4,811 4,706 9,437
=============== ======== ===============
4. Segment reporting (continued)
Business Segment
The following table provides an analysis of the
Group's revenues by products and services.
Year ended
6 months ended
30 June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Recurring 3,384 3,257 6,606
Non recurring 1,129 1,202 2,333
Third party revenues 298 247 498
4,811 4,706 9,437
=============== ======== ===========
Recurring income includes all support services,
software as a service income (SaaS) and hosting
income. Non-recurring income includes sales of
new licenses, and income derived from installing
those licenses including training, installation,
and data translation. Third party revenues arise
from the sale of third party software.
5 Acquisition related items
Year ended
6 months ended
30 June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Estimated change in
fair value of contingent
consideration - - (63)
Amortisation of acquisition
intangibles 189 189 379
189 189 316
Unwinding of discount
on contingent consideration 8 17 28
Total 197 206 344
======== ======== ===========
6 Tax
Year ended
6 months ended
30 June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Current tax charge 73 103 191
Prior year adjustment
- current tax - - (185)
Deferred tax charge 10 25 (25)
Prior year adjustment
- deferred tax - - 16
Deferred tax re acquisition
intangibles (34) (38) (137)
-------- -------- -----------
Total 49 90 (140)
======== ======== ===========
The tax charge is impacted by the higher rates of corporation
tax payable in the US and Australia offset by the R&D tax
credits available to both Dillistone Systems and Voyager Software.
Deferred tax has been provided at 18%.
7. Dividends
The Board has decided to pay an interim dividend of 1.375p per
share (2015: 1.35p) on 17 November 2016 to holders on the register
on 14 October 2016. Shares will trade ex-dividend from 13 October
2016.
8. Earnings per Share
Year ended
6 months ended
30 June 31 Dec
2016 2015 2015
Basic earnings per
share
Profit attributable
to ordinary shareholders GBP489,000 GBP476,000 GBP1,212,000
Weighted average number
of shares 19,668,021 19,434,115 19,547,754
Basic earnings per
share (pence) 2.48 2.45 6.20
=========== =========== =============
Diluted earnings per
share
Profit attributable
to ordinary shareholders GBP489,000 GBP476,000 GBP1,212,000
Diluted weighted average
number of shares 19,857,686 20,337,715 20,209,339
Diluted earnings per
share (pence) 2.46 2.34 6.00
=========== =========== =============
9. Related party transactions
The Company has a related party relationship with its
subsidiaries, its directors, and other employees of the Company
with management responsibility. There were no transactions with
these parties during the period outside the usual course of
business.
There were no transactions with any other related parties.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
September 21, 2016 02:00 ET (06:00 GMT)