07:00 Tue 08 Sep 2020
Surgical Innovations - Half-year Report
("SI", the "Group" or "the Company")
Half-year Report
Interim results for the six-months ended
Operational highlights:
· Early and decisive actions taken to mitigate against the challenges of Covid-19 pandemic
· Protected core skills and capabilities whilst preserving financial resources
· Took advantage of production hiatus to streamline operational and regulatory processes
· Broad international market exposure remains intact
· Environmentally sustainable product ranges gaining market traction in
· Market recovery ahead of management expectations set at time of bank refinancing in March
Financial highlights:
· Revenues reduced by 49% to
· Direct gross margin (before net manufacturing cost) unchanged at 44.5% (2019:44.5%)
· Adjusted EBITDA* loss of
· Adjusted operating loss* of
· Adjusted loss per share of (0.11p) (2019: earnings of 0.02p)
· Managed reduction in net working capital to release cash resources
· Cash generated from Operations
· Net cash** at end of period of
· Increased financial headroom*** to
* Adjusted EBITDA and Adjusted operating (loss)/ profit are stated before deducting non-recurring exceptional costs of £nil (2019H1:
** Net cash equals cash less bank debt and IFRS16 lease obligations
*** Cash plus available headroom under revolving credit facility
Post period highlights:
· Net cash continuing to increase to
· Current quarter revenues to date improved to more than 70% of prior year comparative
· Markets continuing to recover ahead of management expectations set in
· Sustainability agenda driving product evaluations at five major
· Successful evaluations completed using Cellis Breast Pocket range - full launch in Q4 2020
· Company well positioned to benefit from increased backlog in elective surgery cases across all markets
· Additional new product development growth opportunities identified
Chairman of SI,
"The Company has shown great resilience, proactively navigating a very challenging period resulting from the Covid-19 pandemic. Following early signs of recovery first seen during
"Since the period end, revenues have continued to improve. In the current quarter to date, sales have recovered to a level exceeding 70% of that achieved in the prior year comparative, and there are good indications that this can be built upon going into the final quarter. This encouraging picture underpins our planned return to normal working practices for sales and marketing teams imminently, and for operational activities to resume by the end of
"The demand for elective surgery in all of our key markets continues to build; indeed, there is a growing backlog of urgent cases and an increasing recognition that safe working practices to segregate Covid-19 treatment from regular caseloads is essential. This pent-up demand, coupled with the sustainable credentials of our resposable product offering, lead us to be confident of the prospects for continuing recovery and a return to profitable growth in coming months."
For further information please contact:
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Tel: +44 (0)113 230 7597 |
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Walbrook PR (Financial PR & Investor Relations) |
Tel: +44 (0)20 7933 8780 or si@walbrookpr.com |
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Mob: +44 (0)7980 541 893 / +44 (0)7584 391 303 |
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N+1 Singer (NOMAD &Broker) |
+44 (0)20 7496 3000 |
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About
Strategy
The Group specialises in the design, manufacture, sale and distribution of innovative, high quality medical products, primarily for use in minimally invasive surgery. Our product and business development is guided and supported by a key group of nationally and internationally renowned surgeons across the spectrum of minimally invasive surgical activity.
We design and manufacture and source our branded port access systems, surgical instruments and retraction devices which are sold directly in the
Elemental also has exclusive
In addition, we design and develop medical devices for carefully selected OEM partners, and have also collaborated with a major
We aim for our brands to be recognised and respected by healthcare professionals in all major geographical markets in which we operate and provide by development, partnership or acquisition a broad portfolio of cost effective, procedure specific surgical instruments and implantable devices that offer reliable solutions to genuine clinical needs in the operating theatre environment.
Operations
The Group currently employs approximately 100 people across two sites in the
Further information
Further details of the Group's businesses are available on websites:
www.surginno.com, and
Investors and others can register to receive regular updates by email at si@walbrookpr.com
Chairman's Statement
For the six-month period ended
The Company has shown great resilience, proactively navigating a very challenging period resulting from the Covid-19 pandemic. Following early signs of recovery first seen during
Financial Overview
Revenues for the first half of the year were significantly below the corresponding period last year at
The most recent
First half revenues in
Revenues from the US in the first half decreased to
The APAC region generated strong revenue growth, with revenues doubling from
OEM revenues for the half decreased to
Commercial margins achieved on sales continued to be within target range of 40-45% overall, although the reported gross margin was adversely affected by the absence of manufacturing activity throughout the second quarter. Accordingly, reported gross margins for the first half declined to 26.5% of revenues (2019: 43.1%). The majority of the manufacturing team was placed on furlough, but we maintained a small team to support key product lines and customers, and the benefit of this scheme are reported as Other Income amounting to
Other operating expenses were reported to show an increase of
Adjusted operating loss (before exceptional and acquisition related costs and share based payment charges) for the period was
The Group reported a tax credit in the period of
Adjusted net earnings per share amounted to a loss of 0.11p (2019: earnings of 0.02p). The net total comprehensive income for the period amounted to a loss of
The Company has taken sensible precautions to protect the availability of cash resources and generated
At
Operational and Regulatory activity
Whilst the pandemic has been disruptive to revenues, the hiatus has been put to useful purpose by carrying out a detailed internal review of products, processes and regulatory compliance procedures. This review will enable the Company to simplify and streamline in a number of key areas, promote more efficient working practices when normal activity is resumed and accelerate the introduction of new products in the future.
In particular the additional resource in Quality Assurance and Regulatory Affairs (QA/RA) proved invaluable as an exhaustive programme of audits during lockdown have been effectively managed, resulting in the renewal of CE and MDSAP certification. In addition the team has supported
Furthermore, a small but significant number of products are currently under consideration for bringing to end of life, as they are no longer likely to be economic to support in the aftermath of Covid-19. Most of the products under review have already been replaced by newer equivalents, and can be supported by substitution. Certain others are not and will only be made available to customers on a restricted "last time buy" basis. This review is ongoing, and will be completed before the end of the year. The aggregate revenue in 2019 of the products under review was
A return to growth and the sustainability agenda
Our "sustainability in surgery" messaging continues to resonate in key markets post Covid-19, none more so than the
Since the end of the period, in the
In
Internationally our key partners are reporting a similar picture to the
In addition to the resumption of growth driven by the sustainability credentials of our products and third party products such as the Cellis Breast Pocket described above, we have also identified a number of new product development opportunities for internal work-up. Each of these represents a response to customer needs which have been shared with us, or to distributor or OEM feedback. In each case, plans have been developed to enable
Brexit
Detailed preparations have been made in advance of the expiry of the transitional period on
Current trading and outlook
Since the period end, revenues have continued to improve. In the current quarter to date, sales have recovered to a level exceeding 70% of that achieved in the corresponding period in the prior year, and there are good indications that this can be built upon going into the final quarter. We estimate that fourth quarter sales activity will range from 65% to 85% of prior year levels in our core markets. This encouraging picture underpins our planned return to normal working practices for sales and marketing teams imminently, and for operational activities to resume by the end of
The demand for elective surgery in all of our key markets continues to build; indeed, there is a growing backlog of urgent cases and an increasing recognition that safe working practices to segregate Covid-19 treatment from regular caseloads is essential. This pent-up demand, coupled with the sustainable and economic credentials of our resposable product offering, lead us to be confident of the prospects for continuing recovery and a return to profitable growth in coming months.
Chairman
Unaudited consolidated income statement
for the six months ended
|
|
Unaudited |
Unaudited |
Audited |
|
|
six months |
six months |
Year |
|
|
ended |
ended |
Ended |
|
|
30 June |
30 June |
31 December |
|
|
2020 |
2019 |
2019 |
|
Notes |
£'000 |
£'000 |
£'000 |
Revenue |
3 |
2,593 |
5,103 |
10,733 |
Cost of sales |
|
(1,906) |
(2,904) |
(6,400) |
Gross profit |
2 |
687 |
2,199 |
4,333 |
Other operating expenses |
|
(3,536) |
(2,434) |
(6,772) |
Other income |
|
329 |
- |
- |
Adjusted EBITDA * |
|
(460) |
649 |
1,446 |
Amortisation of intangible assets |
|
(266) |
(306) |
(642) |
Impairment of intangible assets |
7 |
(1,444) |
- |
(2,253) |
Depreciation of tangible assets |
|
(288) |
(301) |
(618) |
Exceptional items |
|
- |
(184) |
(184) |
Share based payments |
|
(62) |
(93) |
(188) |
Operating loss |
|
(2,520) |
(235) |
(2,439) |
Finance costs |
5 |
(64) |
(91) |
(162) |
Finance income |
|
1 |
- |
5 |
Loss on profit before taxation |
|
(2,583) |
(326) |
(2,596) |
Taxation credit/(charge) |
3 |
28 |
31 |
(23) |
Loss and total comprehensive income |
|
(2,555) |
(295) |
(2,619) |
Earnings per share |
|
|
|
|
Basic |
4 |
(0.32p) |
(0.04p) |
(0.33p) |
Diluted |
4 |
(0.32p) |
(0.04p) |
(0.33p) |
* EBITDA is earnings before interest, depreciation, amortisation and exceptional items.
Unaudited consolidated statement of changes in equity
for the six months ended
|
|
Share |
Share |
Capital |
Merger |
Retained |
|
|
Notes |
capital |
premium |
reserve |
reserve |
earnings |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Balance as at |
|
7,953 |
5,904 |
329 |
1,250 |
(3,244) |
12,192 |
Employee share-based payment charge |
|
- |
- |
- |
- |
62 |
62 |
Total - Transaction with owners |
|
7,953 |
5,904 |
329 |
1,250 |
(3,182) |
12,254 |
Loss and total comprehensive income for the period |
|
- |
- |
- |
- |
(2,555) |
(2,555) |
Unaudited balance as at |
|
7,953 |
5,904 |
329 |
1,250 |
(5,737) |
9,699 |
Unaudited consolidated balance sheet
as at
|
|
Unaudited |
Unaudited |
Audited |
|
|
30 June |
30 June |
31 December |
|
|
2020 |
2019 |
2019 |
|
Notes |
£'000 |
£'000 |
£'000 |
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
|
565 |
814 |
718 |
Right of Use Assets |
|
1,135 |
1,263 |
1,241 |
Intangible assets |
|
6,145 |
10,045 |
7,613 |
Deferred tax asset |
|
- |
91 |
- |
|
|
7,845 |
12,213 |
9,572 |
Current assets |
|
|
|
|
Inventories |
|
2,948 |
2,661 |
2,925 |
Trade and other receivables |
|
1,039 |
2,454 |
2,359 |
Amount due from associate |
|
- |
146 |
173 |
Cash at bank and in hand |
|
2,942 |
2,301 |
1,282 |
|
|
6,929 |
7,562 |
6,739 |
Total assets |
|
14,774 |
19,775 |
16,311 |
Equity and liabilities |
|
|
|
|
Equity attributable to equity holders of the parent company |
|
|
|
|
Share capital |
|
7,953 |
7,906 |
7,953 |
Share premium account |
|
5,904 |
5,877 |
5,904 |
Capital reserve |
|
329 |
329 |
329 |
Merger reserve |
|
1,250 |
1,250 |
1,250 |
Retained earnings |
|
(5,737) |
(1,078) |
(3,244) |
Total equity |
|
9,699 |
14,284 |
12,192 |
Non-current liabilities |
|
|
|
|
Borrowings |
|
2,034 |
1,676 |
515 |
Deferred tax liabilities |
|
3 |
65 |
31 |
Dilapidation provision |
|
165 |
165 |
165 |
Right of Use lease liability |
|
996 |
1,183 |
1,086 |
|
|
3,198 |
3,089 |
1,797 |
Current liabilities |
|
|
|
|
|
|
|
|
|
Trade and other payables |
|
1,046 |
1,435 |
1,518 |
Accruals |
|
425 |
524 |
317 |
Right of Use lease liability |
|
190 |
155 |
190 |
Borrowings |
|
216 |
288 |
297 |
|
|
1,877 |
2,402 |
2,322 |
Total liabilities |
|
5,075 |
5,491 |
4,119 |
Total equity and liabilities |
|
14,774 |
19,775 |
16,311 |
Unaudited consolidated cash flow statement
for the six months ended
|
|
Unaudited |
Unaudited |
Audited |
|
|
six months |
six months |
year |
|
|
ended |
ended |
ended |
|
|
30 June |
30 June |
31 December |
|
Notes |
2020 |
2019 |
2019 |
|
|
£'000 |
£'000 |
£'000 |
Cash flows from operating activities |
|
|
|
|
Profit after tax for the year |
|
(2,555) |
(295) |
(2,619) |
Adjustments for: |
|
|
|
|
Taxation |
|
(28) |
(31) |
23 |
Finance Income |
|
- |
- |
(5) |
Finance Costs |
|
64 |
91 |
162 |
Depreciation of property, plant and equipment |
|
183 |
214 |
415 |
Amortisation and impairment of intangible assets |
|
1,710 |
305 |
2,895 |
Depreciation of right of use assets |
|
105 |
87 |
203 |
Share-based payment charge |
|
63 |
93 |
188 |
Other Income |
|
- |
- |
- |
Gain on disposal of fixed assets |
|
- |
- |
1 |
Foreign Exchange gain/(loss) |
|
65 |
24 |
(56) |
Increase in inventories |
|
(23) |
(578) |
(842) |
Decrease in current receivables |
|
1,320 |
444 |
508 |
Decrease in trade and other payables |
|
(364) |
(84) |
(203) |
Cash generated from operations |
|
540 |
270 |
670 |
Taxation received |
|
- |
1 |
1 |
Interest received |
|
- |
- |
5 |
Interest paid |
|
(15) |
(42) |
(82) |
Net cash generated from operating activities |
|
525 |
229 |
594 |
Payments to acquire property, plant and equipment |
|
(30) |
(94) |
(199) |
Acquisition of intangible assets |
|
(70) |
(160) |
(317) |
Net cash used in investment activities |
|
(100) |
(254) |
(516) |
Repayment of bank loan |
|
(75) |
(150) |
(1,300) |
CBILS |
|
1,500 |
- |
- |
Net proceeds from issue of share capital |
|
- |
126 |
201 |
Payments to Right of Use lease liabilities |
|
(125) |
(117) |
(244) |
Net cash generated/(used) in financing activities |
|
1,300 |
(141) |
(1,343) |
|
|
|
|
|
Net increase in cash and cash equivalents |
|
1,725 |
(166) |
(1,265) |
Cash and cash equivalents at beginning of period |
|
1,282 |
2,491 |
2,491 |
Effective exchange rate fluctuations on cash held |
|
(65) |
(24) |
56 |
Net cash and cash equivalents at end of period |
|
2,942 |
2,301 |
1,282 |
|
|
|
|
|
Analysis of net borrowings: |
|
|
|
|
Cash at bank and in hand |
|
2,942 |
2,301 |
1,282 |
Bank loan |
|
(750) |
(1,964) |
(812) |
CBILS |
|
(1,500) |
- |
- |
Obligations under right of use lease liabilities |
|
(1,186) |
(1,338) |
(1,276) |
Net debt at end of period |
|
(494) |
(1,001) |
(806) |
Notes to the Interim Financial Information
1. Basis of preparation of interim financial information
The interim financial information was approved by the Board of Directors on
The interim financial information has been prepared in accordance with the AIM Rules for Companies and on a basis consistent with the accounting policies and methods of computation as published by the Group in its annual report for the year ended
The Group has chosen not to adopt IAS 34 Interim Financial Statements in preparing these interim financial statements and therefore the interim financial information is not in full compliance with International Financial Reporting Standards as adopted for use in the
The financial information set out in this interim report does not constitute statutory financial statements as defined in section 434 of the Companies Act 2006. The figures for the year ended
Going concern and funding
The Directors have considered the available cash resources of the Group along with securing further funding through the CBILS arrangement, accessing the Government Coronavirus Job Retention Scheme and implementing strict spending controls and timely collection of receivables in order to preserve cash. With the current internal anticipated forecasts the Directors have a reasonable expectation that the Group have adequate resources and support to continue in operational existence for the foreseeable future, considered to be at least 12 months for the date of approval from the financial statements, whilst acknowledging that there are still material uncertainties at the time of preparing these financial statements noted in the chairman's statement.
2. Disaggregation of gross margin
The Group has disaggregated margins in the following table: |
Six months ending |
Six months ending |
Six months ending 31 Dec 2019 |
12 months ending |
|
£'000 |
£'000 |
£'000 |
£'000 |
Revenue |
2,513 |
5,103 |
5,630 |
10,733 |
Cost of Sales |
(1,440) |
(2,830) |
(3,233) |
(6,033) |
Direct Gross Margin |
1,153 |
2,273 |
2,397 |
4,670 |
Direct Gross Margin % |
44.5% |
44.5% |
42.6% |
43.5% |
|
(466) |
(74) |
(263) |
(337) |
Contribution Margin |
687 |
2,199 |
2,134 |
4,333 |
Contribution Margin % |
26.5% |
43.1% |
37.9% |
40.4% |
3. Disaggregation of revenue
The Group has disaggregated revenues in the following table: |
SI Brand |
Distribution |
OEM |
Total |
Six months ended 30 June 2020 (unaudited) |
£'000 |
£'000 |
£'000 |
£'000 |
|
409 |
840 |
263 |
1,512 |
|
305 |
- |
- |
305 |
US |
291 |
- |
47 |
338 |
APAC |
320 |
- |
- |
320 |
Rest of World |
118 |
- |
- |
118 |
|
1,443 |
840 |
310 |
2,593 |
|
SI Brand |
Distribution |
OEM |
Total |
Six months ended 30 June 2019 (unaudited) |
£'000 |
£'000 |
£'000 |
£'000 |
|
754 |
1,489 |
923 |
3,166 |
|
648 |
- |
- |
648 |
US |
769 |
- |
82 |
851 |
APAC |
160 |
- |
- |
160 |
Rest of World |
278 |
- |
- |
278 |
|
2,609 |
1,489 |
1,005 |
5,103 |
|
SI Brand |
Distribution |
OEM |
Total |
Year ended 31 December 2019 (audited) |
£'000 |
£'000 |
£'000 |
£'000 |
|
1,613 |
3,101 |
1,497 |
6,211 |
|
1,283 |
- |
- |
1,283 |
US |
1,852 |
- |
295 |
2,147 |
APAC |
456 |
- |
- |
456 |
Rest of World |
636 |
- |
- |
636 |
|
5,840 |
3,101 |
1,792 |
10,733 |
Revenues are allocated geographically on the basis of where revenues were received from and not from the ultimate final destination of use.
4. Earnings per share
|
Unaudited |
Unaudited |
Audited |
|
six months |
six months |
year |
|
ended |
ended |
ended |
|
30 June |
30 June |
31 December |
|
2020 |
2019 |
2019 |
Earnings per share |
|
|
|
Basic |
(0.32p) |
(0.04p) |
(0.33p) |
Diluted |
(0.32p) |
(0.04p) |
(0.33p) |
Adjusted |
(0.11p) |
0.02p |
0.05p |
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares in issue. Diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the diluted weighted average number of shares in issue. Adjusted Earnings per share is calculated by dividing the adjusted earnings attributable to ordinary shareholders (profit before exceptional and amortisation and impairment costs relating to the acquisition of Elemental Healthcare and share based payments) by the weighted average number of shares in issue.
The anti-dilutive effect of unexercised shares options has not been taken into account and therefore the diluted earnings per share is equal to the basic earnings per share.
The Group has one category of dilutive potential ordinary shares being share options issued to Directors and employees. The impact of dilutive potential ordinary shares on the calculation of weighted average number of shares is set out below.
|
Unaudited |
Unaudited |
Audited |
|
six months |
six months |
year |
|
ended |
ended |
ended |
|
30 June |
30 June |
31 December |
|
2020 |
2019 |
2019 |
|
'000s |
'000s |
'000s |
Basic earnings per share |
795,316 |
782,566 |
789,846 |
Dilutive effect of unexercised share options |
1,610 |
42,004 |
101,467 |
Diluted earnings per share |
796,926 |
824,570 |
891,313 |
5. IFRS16
Impact on Income statement: |
Unaudited 6 Months to 30 June 2020 |
Unaudited 6 Months to 30 June 2020 |
Audited 12 months to 31 December 2019 |
|
£'000 |
£'000 |
£'000 |
Other operating expenses |
18 |
30 |
41 |
Impact on EBITDA |
125 |
117 |
245 |
Depreciation |
(105) |
(87) |
(203) |
Finance costs |
(35) |
(42) |
(77) |
Impact on profit before tax |
(15) |
(12) |
(35) |
6. Post balance sheet events
A non-adjusting post balance sheet event has been recognised with the anticipated financial effect of more widespread coronavirus infection having significant impact on the Group in relation to the following accounting treatments:
Inventory valuation
The Group's management are currently evaluating the product portfolio, the review would enable the Group to streamline the current product range which would allow both efficiency and regulatory cost savings. Subsequent events may result in a further impairment of inventory that would materially impact the financial statements estimated in the region of £0.35m.
7.
The Group tests goodwill at each reporting date for impairment and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The recoverable amount of a cash generating unit (CGU) is determined based on value in use calculations. These calculations use cash flow projections based on five year financial budgets approved by management. Cash flows beyond the five year period are extrapolated using estimated long term growth rates.
An impairment review is carried out usually on a annual basis for goodwill, however given the current economic climate goodwill has been tested at the 30 June 2020.
Subsequent to the year end, the potential effects of the Covid-19 outbreak and consequential impact on the availability of
In the longer term, the directors remain confident that: (1) Elemental Healthcare has a robust role as a key vendor to the
8. Net borrowings
At amortised cost |
Six month ended 30 June 2020 |
Six month ended 30 June 2019 |
12 months ended 31 Dec 2019 |
|
£'000 |
£'000 |
£'000 |
Cash & cash equivalents |
2,942 |
2,301 |
1,282 |
Bank borrowings-Current |
(216) |
(288) |
(297) |
Bank borrowings-Non-current |
(2,034) |
(1,676) |
(515) |
Adjusted net cash |
692 |
337 |
470 |
Lease liabilities-Current |
(190) |
(155) |
(190) |
Lease liabilities Non-current |
(996) |
(1,183) |
(1,086) |
Net borrowings |
(494) |
(1,001) |
(806) |
The sterling bank loan provided by Yorkshire Bank on 1 August 2017 for a five year term was split into two loan agreements A and
Loan A of £1.5m is subject to quarterly payments of £0.075m which commenced on 31 October 2017, totalling repayments £0.3m per annum at an interest rate of LIBOR plus 3% per annum. On 31 December 2019 the remaining balance of the term loans was £0.812m. The bank has made available a Revolving Credit Facility (RCF) of up to £0.5m for working capital and other purposes.
In May 2020 the Company agreed with its bankers to suspend normal capital repayments of £0.075m per quarter under the existing loan facility of £0.75m until 31 October 2020, and to maintain the flexibility of the existing £0.50m revolving credit facility. In addition, the Company has agreed a new facility of £1.50m under the Coronavirus Business Interruption Loan Scheme. In aggregate, these facilities offer available financial headroom of approximately £3.65m and are repayable in May 2022. Financial covenants will continue to be tested on a quarterly basis with ample headroom at drawdown.
9. Financial Instruments
The financial assets of the Group are categorised as follows:
At amortised cost |
Six month ended 30 June 2020 |
Six month ended 30 June 2019 |
12 months ended 31 Dec 2019 |
|
£'000 |
£'000 |
£'000 |
Trade receivables |
598 |
1,951 |
1,945 |
CJRS receivable |
111 |
- |
- |
Amount due from associate |
- |
146 |
173 |
Cash and cash equivalents |
2,942 |
2,301 |
1,282 |
|
3,651 |
4,398 |
3,400 |
The financial liabilities of the Group are categorised as follows:
At amortised cost |
Six month ended 30 June 2020 |
Six month ended 30 June 2019 |
12 months ended 31 Dec 2019 |
|
£'000 |
£'000 |
£'000 |
Trade payables |
298 |
865 |
1,026 |
Other payables |
303 |
261 |
319 |
Deferred creditors |
298 |
- |
- |
Lease liabilities-Current |
190 |
155 |
190 |
Lease liabilities Non-current |
996 |
1,183 |
1,086 |
Bank borrowings-Current |
216 |
288 |
297 |
Bank borrowings-Non-current |
2,034 |
1,676 |
515 |
|
4,335 |
4,428 |
3,433 |
Trade and other payables |
Six month ended 30 June 2020 |
Six month ended 30 June 2019 |
12 months ended 31 Dec 2019 |
|
£'000 |
£'000 |
£'000 |
Trade payables |
298 |
865 |
1,026 |
Other tax and social security |
147 |
261 |
173 |
Corporation tax |
- |
4 |
- |
Other payables |
303 |
305 |
319 |
Deferred creditors |
298 |
- |
- |
|
1,046 |
1,435 |
1,518 |
10. Interim Report
This interim report is available at www.sigroupplc.com.
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