07:00 Wed 27 Nov 2019
Grafenia plc - Half-year Report
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a
("
Unaudited Interim Results for the period ended
Financial highlights
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Six months to 30 September 2019 |
Six months to 30 September 2018 |
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Turnover |
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EBITDA* |
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Operating Loss |
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Loss before Tax |
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Tax |
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Total Comprehensive Loss |
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EPS |
(1.17)p |
(1.75)p |
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Capital Expenditure (excluding acquisitions and IFRS 16 adjustments) |
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Net Debt** |
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*Earnings before interest, tax, depreciation and amortisation
**Net debt is the net of cash and cash equivalents less other interest-bearing loans and borrowings, excluding the impact of IFRS 16 on finance lease liabilities of
Operational highlights
● Nettl network reaches 235 locations around the world
● Nettl Company Stores revenue grows by 20%
● Successful consolidation of two factories into one
● New printing press generating operational savings
● Placing of
For further information:
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+44 7973 191 632 |
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+49 175 734 2740 |
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+44 7850 934 204 |
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+44 203 328 5656 |
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Interim Statement
It's been three brief months since we published our annual report. In that time, we've continued to execute the strategy we said we would. To build, buy and licence.
We're rolling-up sign businesses and building performance in our company-owned Nettl stores. We're launching new services, developing new products and licencing our brands and systems to others. During the interim period, revenues have grown in all of those parts of our business and our confidence increases that we have the right strategy. It's far from an easy time to be in business. We sell B2B and it's difficult to think of a more uncertain time for our clients, particularly how the current political environment is messing with their day-to-day decision-making.
Nevertheless, we've continued to invest in the future. During the first half we've completed significant heavy-lifting in our main production hub. That's an investment in future cost-savings and available capacity. Whilst it's had some positive impact in the first half, we expect to see the bulk of the benefit in the second half and in future years.
Trading Results and Cash
Turnover during the six-month period increased to
EBITDA, which is profit before interest, tax, depreciation and amortisation, increased. It was just above breakeven at
Our overheads decreased to
Non-recurring income was
At
Capital expenditure was
It's worth repeating that some of our investments might show as costs in our profit and loss statement. Others show as capital expenditure or M&A consideration in our cash-flow statement. To the Board, they are all compared on the same basis. It doesn't matter if we invest in opening a new country operation for Nettl, buying a machine or increasing our sales teams. We focus on what we hope will get us an attractive cash-payback. This may distort our earnings figures temporarily. For example, the launch of a new Nettl country (as discussed in "Nettl of America" below) creates substantial start-up costs. However, we clearly view this as an investment for the future - but one that has to be booked in our profit and loss statement as a cost.
We previously announced in
Trading Review
We manufacture signs, printing and displays in our own factories. We sell services like website design, search engine optimisation and graphics installation. The kind of things that businesses need to help them grow. We also print banners, business cards, fabric stands, window and vehicle graphics, and other types of marketing, those same businesses use every day.
Our clients come in all sizes, from cafes to castles (yes, that big one). Stadiums to solicitors. Fitness instructors to financial consultants. We love them all equally. We have different sales channels and ways of reaching clients. Through our company-owned Nettl stores and key account managers. Indirectly via resellers, who buy online. And via third party Nettl and
Shareholders recently asked what's included in each of our revenue segments, so we thought it useful to explain each in a little more detail than usual.
Building our Nettl Company Stores
We own and operate Nettl stores in
Our Superstores in
In our Company Stores segment, we include sales of printing, signs, displays, design, branding, websites, hosting, domain names and search engine optimisation subscriptions. In fact, everything a Nettl store invoices to end clients.
Sales in our Company Stores grew by 20% to
Licencing Nettl and our brands
As well as our own company stores, we licence Nettl to other graphic professionals. People like print shops, graphic designers, sign businesses, marketing agencies and web designers. They 'bolt-on' a Nettl licence to their existing business. We only partner with established businesses, famous in their neighbourhood. We call them "
Partners pay an initial licence fee of typically
After classroom training and graduation, they become "Nettl of Their-town". They're listed on nettl.com and use our back-office software system, called 'w3p', to manage efficiently their studio. The Nettl Method makes it easy to handle multiple print, sign and display orders at once. And juggle the demands of building websites, ecommerce shops and online booking systems. To begin with, they co-brand Nettl with their existing name. Over time, as they are slowly seduced by the breadth, depth and frequency of Nettl marketing, many fully adopt Nettl as their sole brand. How much Nettl marketing a partner uses is a critical success factor. The more they use centralised mailing and digital marketing we organise on their behalf, the more likely they are to win new business. And the more value they get from their Nettl partnership. And the less likely they are to leave. Marketing engagement makes up part of a partner's Metascore, which we automatically track. Our performance team uses that to focus and prioritise support.
In the early days of Nettl, partners would commit for a minimum 12-month term. Now, the minimum term is five years with an option to break on the 24th month. As partners reach their minimum term, we've been encouraging them to lock-in their rate and territory for longer contracts. We're pleased many do and some have committed for as long as ten years. Retaining partners is clearly important.
There are 235 Nettl locations in the world (2018: 210). 177 in the
We also licence our printing.com brand in the
Income from Subscriptions and licence fees increased to
Nettl and
Sales of print and products to
Nettl of America
Just before the start of the half year we launched Nettl of America. Federal law required us to licence Nettl as a franchise. In other countries, partners sign a simple licence agreement. In the US, prospective franchisees have to agree to read a 200+ page franchise disclosure document and sign to say they received it. And then there are strict waiting times before they can sign a franchise agreement. We expected this would slow down the gestation period, which it has. However, we think the opportunity is worth the effort.
Our original franchise acquisition approach didn't behave quite like it has in other countries. Although we've added 10 franchisees so far, we've been testing alternative marketing methods. We've also reset our 'boots on the ground' and trained new acquisition executives. With recent marketing activity completed, we're pleased with our pipeline of potential franchisees and expect to add more founding franchisees in the second half.
Other channels
As smaller sign businesses are converted into Nettl Business Superstores, they move to our Company Stores segment. Businesses yet to be rebranded, or those which retain their identity, appear in our Signs revenue segment. In the half year, that segment features just
Finally, we sell to graphic professionals via online websites. This is a very competitive sector, serviced by much larger players. We redeployed people to other areas last year and sales in our Online and Trade segment have held steady at
Our factory move and press investment
In
We talked about our reasons for investing in a new press in the annual report. Six months in, it's worth explaining one of the important metrics in our decision. With each batch of jobs, our team needs to perform a press changeover. This involves the press running with paper to measure and adjust ink settings, to reach the right colour. Our legacy presses took around 400 sheets to 'make-ready', to produce as few as 500 'good' sellable sheets. That paper would be recycled, but truly was a waste of money. When making our press investment decision, we expected to substantially reduce the amount of paper wasted. That's turned out to be the case and now we use less than 100 sheets per change. The team is working on reducing that further. Tweak by tweak, week by week.
With those old presses gone, they freed up quite a bit of space in our
Acquiring other businesses
As we said in our Annual Report, we continue to look for businesses to roll into
In the first half we've met lots of potential acquisition candidates. Some we have quickly discounted as poor cultural fits (the ones who don't like dragon taps). Some have price expectations well beyond our investment criteria (the cheeky, greedy ones). We've started due diligence on some and discovered things that made us walk away (the mysterious, enigmatic ones). And, finally, there are others whom we're getting to know better (the ones we like).
Outlook
After the interim period ended, trading has been mostly positive. Some parts of our business have set new sales records. Other legacy parts are performing behind last year. The efforts our team have made to reduce overheads and increase profitability are expected to be weighted to the second half and beyond. And this isn't a finished project. We're relentlessly automating things done manually, or stupidly. And looking for new ways to help clients to get more for their budget.
We're still looking for M&A opportunities in our sector. They'd change the size and structure of the Group materially, if they were to progress. But we're not rushing to do deals, so we can say we've done a deal. No deal is… well, you've heard that before.
Which is a suitable note to end on. Given the political and economic situation, we still remain cautious on quantifying the outlook. But our goal for the second half is EBITDA breakeven on a monthly run-rate basis and our mid-term goal remains to reach an EBITDA margin of 10-15%.
Chairman Chief Executive Officer
Unaudited Interim Results for the period ended
Consolidated Statement of Comprehensive Income
for the six months ended
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Unaudited |
Unaudited |
Audited |
Continuing Operations
|
Note |
Six months to |
Six months to |
Year ended 31 March 2019 |
|
|
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|
£000 |
|
|
|
|
|
Revenue |
3 |
8,410 |
8,309 |
15,962 |
Raw materials and consumables used |
|
(4,056) |
(3,957) |
(7,417) |
Gross profit |
|
4,354 |
4,352 |
8,545 |
|
|
|
|
|
Staff costs |
|
(2,922) |
(2,709) |
(6,077) |
Other operating charges |
|
(1,395) |
(2,054) |
(3,533) |
Share based payments |
|
(14) |
(26) |
(47) |
Earnings before interest, tax depreciation and amortisation |
|
23 |
(437) |
(1,112) |
|
|
|
|
|
Depreciation and amortisation |
|
(1,031) |
(918) |
(1,875) |
Operating loss |
|
(1,008) |
(1,355) |
(2,987) |
|
|
|
|
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Financial income |
|
7 |
- |
7 |
Financial expenses |
|
(195) |
(82) |
(186) |
Net financing (expense) |
|
(188) |
(82) |
(179) |
|
|
|
|
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Loss before tax |
|
(1,196) |
(1,437) |
(3,166) |
Taxation |
|
119 |
181 |
343 |
Loss for the period |
|
(1,077) |
(1,256) |
(2,823) |
|
|
|
|
|
|
|
|
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Total comprehensive expense for the period |
|
(1,077) |
(1,256) |
(2,823) |
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Loss per share |
8 |
(1.17)p |
(1.75)p |
(3.79)p |
Consolidated Statement of Financial Position
at
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Unaudited |
Unaudited |
Audited |
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Note |
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31 March 2019 |
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Non-current assets |
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Property, plant and equipment |
|
5,978 |
1,949 |
4,060 |
Intangible assets |
|
4,104 |
4,614 |
4,371 |
Deferred tax assets |
|
11 |
- |
10 |
Total non-current assets |
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10,093 |
6,563 |
8,441 |
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|
|
|
|
Current assets |
|
|
|
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Inventories |
|
395 |
466 |
455 |
Trade receivables |
4 |
2,969 |
2,958 |
2,573 |
Other receivables |
|
85 |
107 |
154 |
Prepayments |
|
257 |
240 |
548 |
Current tax receivable |
|
269 |
159 |
281 |
Cash and cash equivalents |
|
2,536 |
1,616 |
1,354 |
Total current assets |
|
6,511 |
5,546 |
5,365 |
|
|
|
|
|
Total assets |
|
16,604 |
12,109 |
13,806 |
|
|
|
|
|
Current liabilities |
|
|
|
|
Other interest-bearing loans and borrowings |
6 |
734 |
1,395 |
1,695 |
Deferred consideration |
|
315 |
37 |
366 |
Trade payables |
5 |
1,200 |
1,201 |
1,488 |
Other payables and accruals |
5 |
1,217 |
1,200 |
1,344 |
Deferred income |
5 |
64 |
205 |
256 |
Total current liabilities |
|
3,530 |
4,038 |
5,149 |
|
|
|
|
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Non-current liabilities |
|
|
|
|
Other interest-bearing loans and borrowings |
6 |
3,919 |
692 |
2,180 |
Deferred consideration |
|
- |
550 |
229 |
Deferred income |
5 |
88 |
- |
36 |
Deferred tax liabilities |
|
530 |
584 |
576 |
Total non-current liabilities |
|
4,537 |
1,826 |
3,021 |
|
|
|
|
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Total liabilities |
|
8,067 |
5,864 |
8,170 |
|
|
|
|
|
Net assets |
|
8,537 |
6,245 |
5,636 |
|
|
|
|
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Equity |
|
|
|
|
Share capital |
7 |
1,135 |
768 |
847 |
Share premium account |
|
7,801 |
3,151 |
4,125 |
Merger reserve |
|
838 |
838 |
838 |
Retained earnings |
|
(1,298) |
1,462 |
(221) |
Share Option reserve |
|
61 |
26 |
47 |
Total equity |
|
8,537 |
6,245 |
5,636 |
|
|
|
|
|
Consolidated Statement of Changes in Shareholders Equity
for the six months ended
|
Share Capital |
Share Premium |
Merger Reserve |
Retained earnings |
Share based payment reserve |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening shareholders' funds at |
475 |
- |
838 |
2,672 |
- |
3,985 |
|
|
|
|
|
|
|
Shares issued in the period |
293 |
3,218 |
- |
- |
- |
3,511 |
Costs associated with share issue |
- |
(67) |
- |
- |
- |
(67) |
Loss and total comprehensive income for the period |
- |
- |
- |
(1,256) |
- |
(1,256) |
Share option reserve |
- |
- |
- |
- |
26 |
26 |
Exchange difference |
- |
- |
- |
46 |
- |
46 |
|
|
|
|
|
|
|
Closing shareholders' funds at |
768 |
3,151 |
838 |
1,462 |
26 |
6,245 |
|
|
|
|
|
|
|
Opening shareholders' funds at |
768 |
3,151 |
838 |
1,462 |
26 |
6,245 |
|
|
|
|
|
|
|
Shares issued in the period |
79 |
984 |
- |
- |
- |
1,063 |
Costs associated with share issue |
- |
(10) |
- |
- |
- |
(10) |
Loss and total comprehensive income for the period |
- |
- |
- |
(1,567) |
- |
(1,567) |
Share option reserve |
- |
- |
- |
- |
21 |
21 |
Exchange difference |
- |
- |
- |
(116) |
- |
(116) |
|
|
|
|
|
|
|
Closing shareholders' funds at |
847 |
4,125 |
838 |
(221) |
47 |
5,636 |
|
|
|
|
|
|
|
Opening shareholders' funds at |
847 |
4,125 |
838 |
(221) |
47 |
5,636 |
|
|
|
|
|
|
|
Shares issued in the period |
288 |
3,738 |
- |
- |
- |
4,026 |
Costs associated with share issue |
- |
(62) |
- |
- |
- |
(62) |
Loss and total comprehensive income for the period |
- |
- |
- |
(1,077) |
- |
(1,077) |
Share option reserve |
- |
- |
- |
- |
14 |
14 |
|
|
|
|
|
|
|
Closing shareholders' funds at |
1,135 |
7,801 |
838 |
(1,298) |
61 |
8,537 |
|
|
|
|
|
|
|
Consolidated Statement of Cash Flows
for the six months ended
|
Unaudited |
Unaudited |
Audited |
|
Six months to 30 September 2019 |
Six months to 30 September 2018 |
Year ended 31 March 2019 |
|
|
|
|
Cash flows from operating activities |
|
|
|
Loss for the period |
(1,077) |
(1,256) |
(2,823) |
Adjustments for: |
|
|
|
Depreciation, amortisation and impairment |
1,031 |
918 |
1,876 |
Profit on sale of plant and equipment |
(101) |
(105) |
(105) |
Release of deferred profit on sale of plant and equipment |
(29) |
- |
(218) |
Release of Deferred consideration |
(220) |
- |
- |
Share based payments |
14 |
26 |
47 |
Net finance expense |
188 |
82 |
179 |
Foreign exchange loss |
- |
46 |
(70) |
Tax income |
(119) |
(181) |
(343) |
Operating cash flow before changes in working capital and provisions |
(313) |
(470) |
(1,457) |
|
|
|
|
Change in trade and other receivables |
(36) |
32 |
(154) |
Change in inventories |
60 |
6 |
439 |
Change in trade and other payables |
(399) |
(314) |
214 |
Cash utilised by operations |
(688) |
(746) |
(958) |
|
|
|
|
Interest paid |
(188) |
(82) |
(179) |
Tax received |
84 |
123 |
97 |
Net cash outflow from operating activities |
(792) |
(705) |
(1,040) |
|
|
|
|
Cash flows from investing activities |
|
|
|
Proceeds from sale of plant and equipment |
265 |
- |
265 |
Acquisition of plant and equipment |
(317) |
(42) |
(480) |
Capitalised development expenditure |
(174) |
(164) |
(375) |
Acquisition of other intangible assets |
(158) |
(186) |
(325) |
Acquisition of subsidiary net of cash |
- |
(100) |
(134) |
Net cash used in investing activities |
(384) |
(492) |
(1,049) |
|
|
|
|
Cash flows from financing activities |
|
|
|
Proceeds from share issue |
3,964 |
3,444 |
4,497 |
Repayment of invoice finance |
(987) |
(423) |
(1) |
Net change on vendor loan notes |
- |
184 |
- |
Payment of loan notes |
(211) |
(297) |
(634) |
Payment of deferred consideration |
(60) |
37 |
(29) |
Payment of finance leases |
(348) |
(316) |
(561) |
Net cash inflow from financing activities |
2,358 |
2,629 |
3,272 |
|
|
|
|
Net increase in cash and cash equivalents |
1,182 |
1,432 |
1,183 |
Cash acquired on acquisition |
- |
13 |
- |
Cash and cash equivalents at start of period |
1,354 |
171 |
171 |
|
|
|
|
Cash and cash equivalents at end of period |
2,536 |
1,616 |
1,354 |
Notes
(forming part of the interim financial statements)
1 Basis of preparation
These financial statements do not include all information required for full annual financial statements and should be read in conjunction with the financial statements of the Company as at and for the year ended
The comparative figures for the year ended
The Directors review a two-year forecast when approving the interim financial statements to ensure that adequate cash resources are in operational existence to support trading for the foreseeable future.
These condensed consolidated interim financial statements were approved by the Board of Directors on 26 November 2019.
2 Significant accounting policies
The accounting policies applied by the Company in these condensed consolidated interim financial statements are the same as those applied by the Company in its consolidated financial statements for the year ended 31 March 2019 with the addition of IFRS 16, Leases.
IFRS 16, Leases, has been implemented under the Cumulative Catch Up Approach, and therefore the comparative figures continue to be reported under IAS 17.
The impact on the financial statements on 1 April 2019 has been to recognise a right of use asset within property, plant and equipment and equivalent finance lease liability of £2,325,907. These leases were previously reported as operating leases within administrative expenses. Interest charged on the finance leases for the period ended 30 September 2019 amounted to £74,429 and is included within finance expenditure. Depreciation charged on the right of use assets amounted to £186,828 for the period.
3 Segmental information
The Company's primary operating segments are geographic being UK & Ireland, Europe and others. The secondary segmental analysis is by nature of sales channel and service.
This disclosure correlates with the information which is presented to the Chief Operating Decision Maker, the Chief Executive (CEO), who reviews revenue (which is considered to be the primary growth indicator) by segment. The Company's costs, finance income, tax charges, non-current liabilities, net assets and capital expenditure are only reviewed by the CEO at a consolidated level and therefore have not been allocated between segments.
Analysis by location of sales
|
UK & Ireland |
Europe |
Other |
Total |
||||
|
£000 |
£000 |
£000 |
£000 |
||||
Six months ended 30 September 2019 |
8,033 |
205 |
172 |
8,410 |
||||
Six months ended 30 September 2018 |
7,897 |
244 |
168 |
8,309 |
|
|||
Year ended 31 March 2019 |
15,163 |
447 |
352 |
15,962 |
|
|||
Revenue generated outside the UK is attributable to partners in Australia, Belgium, France, New Zealand, The Netherlands and the USA. No single customer provided the Group with over 6% of its revenue.
DISAGGREGATION OF REVENUE
The disaggregation of revenue from contracts with customers is as follows:
|
Subscriptions & Licence Fees |
Company Studios |
Brand Partners |
Signs |
Online & Trade |
Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
Six months ended 30 September 2019 |
1,036 |
1,445 |
1,895 |
2,600 |
1,434 |
8,410 |
Six months ended 30 September 2018 |
901 |
1,202 |
2,080 |
2,676 |
1,450 |
8,309 |
Year ended 31 March 2019 |
1,975 |
2,629 |
3,577 |
4,910 |
2,871 |
15,962 |
4 Trade and other receivables
|
Unaudited |
Unaudited |
Audited |
|
Six months to 30 September 2019 |
Six months to 30 September 2018 |
Year ended 31 March 2019 |
|
£000 |
£000 |
£000 |
Trade receivables |
3,430 |
3,320 |
2,985 |
Less provision for trade receivables |
(461) |
(362) |
(412) |
Trade receivables net |
2,969 |
2,958 |
2,573 |
Total financial assets other than cash and cash equivalents classified at amortised cost |
2,969 |
2,958 |
2,573 |
|
|
|
|
Corporation tax |
269 |
159 |
281 |
Other taxes |
- |
- |
154 |
Other receivables |
85 |
347 |
- |
Total Other receivables |
354 |
506 |
435 |
Total trade and other receivables |
3,323 |
3,464 |
3,008 |
5 Trade and other payables
Current liabilities |
|
Unaudited Six months to 30 September 2019 |
Unaudited Six months to 30 September 2018 |
Audited Year ended 31 March 2019 |
|
|
£000 |
£000 |
£000 |
Trade payables |
|
1,200 |
1,201 |
1,488 |
Accruals |
|
816 |
817 |
925 |
Other liabilities |
|
401 |
383 |
419 |
Total financial liabilities, excluding 'non-current' loans and borrowings classified as financial liabilities measured at amortised cost |
|
2,417 |
2,401 |
2,832 |
Deferred Income |
|
64 |
205 |
256 |
Total trade and other payables |
|
2,481 |
2,606 |
3,088 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Deferred income |
|
88 |
- |
36 |
Total non-current liabilities |
|
88 |
- |
36 |
|
|
|
|
|
6 Borrowings
Current liabilities |
|
Unaudited Six months to 30 September 2019 |
Unaudited Six months to 30 September 2018 |
Audited Year ended 31 March 2019 |
|
|
£000 |
£000 |
£000 |
Bank overdraft |
|
- |
15 |
- |
Invoice financing |
|
81 |
654 |
1,075 |
Finance lease |
|
653 |
239 |
409 |
Vendor loan notes |
|
- |
487 |
211 |
|
|
734 |
1,395 |
1,695 |
|
|
|
|
|
Deferred consideration |
|
315 |
37 |
366 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Finance lease |
|
3,919 |
723 |
2,180 |
Vendor loan notes |
|
- |
519 |
- |
|
|
3,919 |
1,242 |
2,180 |
|
|
|
|
|
Deferred consideration |
|
- |
- |
229 |
|
|
|
|
|
7 Share Capital
On 3 May 2018 the company issued 29,258,331 ordinary shares of £0.01 each at an issue price of £0.12. The difference between the issue price and the nominal value being taken into the share premium account.
On 25 March 2019 the company issued 7,868,517 ordinary shares of £0.01 each at an issue price of £0.135. The difference between the issue price and the nominal value being taken into the share premium account.
On 12 August 2019 the company issued 28,653,569 ordinary shares of £0.01 each at an issue price of £0.14. The difference between the issue price and the nominal value being taken into the share premium account.
On 26 September 2019 an employee, who was a good leaver, exercised options over 187,094 ordinary shares of £0.01 each at an issue price of £0.0775. The difference between the issue price and the nominal value being taken to the share premium account.
|
|
Number of Ordinary Shares |
£000 |
At 31 March 2018 |
|
47,557,835 |
475 |
Shares Issued on 3 May 2018 |
|
29,258,331 |
293 |
At 30 September 2018 |
|
76,816,166 |
768 |
Shares Issued on 25 March 2019 |
|
7,868,517 |
79 |
At 31 March 2019 |
|
84,684,683 |
847 |
Shares Issued on 12 August 2019 |
|
28,653,569 |
286 |
SAYE shares Issued on 26 September 2019 |
|
187,094 |
2 |
At 30 September 2019 |
|
113,525,346 |
1,135 |
|
|
|
|
8 Earnings per share
The calculation of the basic earnings per share is based on the loss after taxation divided by the weighted average number of shares in issue, being 92,403,217 for the six months to 30 September 2019 (for the six months to 30 September 2018: 71,671,884; year ended 31 March 2019: 74,504,359).
|
Unaudited Six months to 30 September 2019 |
Unaudited Six months to 30 September 2018 |
Audited Year ended 31 March 2019 |
|
£000 |
£000 |
£000 |
Loss after taxation for the period |
(1,077) |
(1,256) |
(2,823) |
|
|
|
|
Weighted average number of shares in issue |
92,403,217 |
71,671,884
|
74,504,359 |
Basic earnings per share |
(1.17)p |
(1.75)p |
(3.79)p |
Share options had no dilutive effect on the weighted average number of shares and therefore no diluted earnings per share have been stated.
9. Dividend
The Directors are not declaring an Interim Dividend (2018: Nil).
The Company's half yearly report will shortly be sent to shareholders and will be made available on the Company's website www.grafenia.com.
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