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RNS Number : 7267L
Team17 Group PLC
10 September 2019
 

10 September 2019

Team17 Group plc

("Team17", the "Group" or the "Company")

 

Half year results

 

New content momentum delivering record breaking performance

 

Team17, a global games label, creative partner and developer of independent ("indie") premium video games, is pleased to announce its unaudited interim results for the six months ended 30 June 2019 ("H1 2019").

 

Financial highlights:

·    Revenues increased 97% to £30.4m (H1 2018: £15.4m)

Revenue profile across FY19 more H1 weighted than previous years due to release schedule

·    Gross profit up 119% to £15.1m (H1 2018: £6.9m)

·    Gross profit margin of 49.8% (H1 2018: 44.4%)

·    Adjusted EBITDA* up 145% to £12.0m (H1 2018: £4.9m)

·    Adjusted Earnings per share ("EPS")** up 356% to 7.31 pence (H1 2018: 1.63 pence)

·    Operating cash conversion of 109% (H1 2018: 200%)***

·    Net cash and cash equivalents of £35.8m (H1 2018: £16.7m)

 

Operational highlights:

·    Launched several new releases in the first half, including:

Genesis Alpha One and My Time at Portia, both early launch titles on the new Epic Game Store

My Time at Portia successfully exited Early Access on Steam, achieving global #1 in January; a successful launch on console followed in April 2019

Hell Let Loose, the WW2 military simulation and our Games Label's first 100-person multiplayer game, successfully released via Steam Early Access in June, reaching #1 globally

·    Continued strong performance from our back-catalogue portfolio of over 100 games

·    Ongoing investment in our facilities, alongside increased recruitment of new commercial and creative talent:

Development studio relocation planned for H2 2019; a larger site with increased capacity to accommodate Team17's growth ambitions

Headcount increased to 164 (H1 2018: 154)

·    Industry recognition at key global awards

Yoku's Island Express won the BAFTA for Best Debut Game in April 2019

Overcooked! 2 won Game of the Year at the Develop: Star Awards in July 2019

•     Board strengthened with the appointment of Jennifer Lawrence as Non-Executive Director and Chair of the Remuneration committee and the appointment of Martin Hellawell as Non-executive Director, announced in September 2019

 

Outlook:

·    Solid selection of third-party releases planned for H2 2019 from across our global developer network

·    The Board looks ahead with confidence and is comfortable with full year expectations

 

 

Debbie Bestwick MBE, Chief Executive Officer of Team17, commented:

 

"Our results during the first six months really underline the dedication and hard work of our people and external Games Label partners, and I want to thank every one of them.

 

I'm delighted with the excellent start to FY2019, delivering record revenues and operating profit in the period as well as successfully launching several high-profile games.

 

We have a solid line up of new games to release in H2 2019 and look forward to updating our shareholders on our continued progress in due course".

 

 

*Adjusted EBITDA is defined as operating profit adjusted to add back depreciation of property, plant and equipment, amortisation of brands and impairment of intangible assets (excluding capitalised development costs), share based payments and any exceptional items. Exceptional items are those items believed to be exceptional in nature by virtue of their size and or incidence. Exceptional items are detailed in note 4.

** Adjusted EPS is defined as profit after tax adjusted to add back any exceptional items divided by the Weighted Average Number of Shares. Exceptional items are those items believed to be exceptional in nature by virtue of their size and or incidence. Exceptional items are detailed in note 4.

*** Operating cash conversion is defined as cash generated from operating activities as per the statement of cash flows, divided by EBITDA including the add back of amortisation of development costs (not normally included in EBITDA) 

 

Enquiries:

 

Team17 Group plc

Debbie Bestwick MBE, Chief Executive Officer

Jo Jones, Chief Financial Officer

 

 

via Vigo Communications

 

GCA Altium (Nominated Adviser)

Adrian Reed / Paul Lines

 

 

+44 (0)845 505 4343

Berenberg (Broker)

Chris Bowman / Toby Flaux / Marie-Agnes Stolberg

 

+44 (0)20 3207 7800

Vigo Communications (Financial Public Relations)

Jeremy Garcia / Fiona Henson / Charlie Neish

[email protected]  

+44 (0)20 7390 0238

 

 

About Team17

 

Founded in 1990, Team17 Group plc is a leading international premium video games label and creative partner for independent developers.

 

Beyond developing and publishing its own IP in-house, Team17 is also a premium video games label and creative partner for developers across the world. Team17 leverages its unique go-to-market expertise to support its partners in the development and publishing of games across multiple platforms, typically for a fixed revenue share post game launch. All investments are undertaken in a low risk manner, typically using milestone payments during the development process.

 

The portfolio comprises over 100 games, including The Escapists, Genesis Alpha One, My Time at Portia, Overcooked, Yoku's Island Express, Yooka-Laylee, the Worms franchise and many more from developers around the world. Visit www.team17.com for more info.

 

 

OPERATIONAL REVIEW

 

Summary

 

Last year's momentum has continued into 2019, with strong growth in the first half of the year; revenues are up 97.4% to £30.4m (H1 2018: £15.4m) and gross profit up 118.8% to £15.1m (H1 2018: £6.9m). We expect the 2019 revenue profile to be more weighted towards H1 due to the profile of scheduled releases.

 

Since our inception, we have launched over 100 games, all focused on the premium rather than free-to-play-market. This extensive back catalogue, including iconic titles such as Worms, Overcooked, The Escapists and Yooka-Laylee, continues to generate significant revenues.

 

Our first half has been driven by a mix of new launches and a strong performance from back catalogue titles. In H1 2019, 73.7% of revenues came from our back catalogue (H1 2018: 79.5%), with the remainder of revenue from new game launches.

 

We are well positioned to capitalise on the continuing growth of digital distribution channels, enabling us to open our extensive library of games to the widest possible audience, and maximise both the life cycle and revenue generation of each individual game.

 

Our ongoing commitment to growth is based around the following strategic pillars, namely:

 

·    New games & content - to maintain a steady flow of high-quality new releases alongside additional digital content launches;

·    Technology - to remain at the forefront of innovation, leveraging digital distribution and new emerging digital platforms;

·   IP back catalogue - to continue to capitalise on back catalogue opportunities and to optimise life cycle management revenue streams;

·    M&A - to consider selective acquisition opportunities that complement our strategy and align with our values; and

·    People & skills - to continue to strengthen our team to support all our growth aspirations.

 

We have actively released several new games and post-launch content across multiple platforms during the first half of 2019, including:

 

My Time at Portia

First Chinese label partner launched out of Early Access in January 2019 on Steam and the Epic Games store

My Time at Portia

Full console launch in April 2019

Genesis Alpha One

Launched January 2019 simultaneously on Epic Games store, PlayStation 4 and Xbox One

Escapists 2

Launched January 2019 on mobile

Hell Let Loose

Launched June 2019 into Early Access on Steam

 

Overcooked! 2

Additional DLC launched across multiple platforms

 

In June, we launched Hell Let Loose into Early Access on Steam, a 100 player, military simulation, first person, WW2 shooter. This is our first game launch in this genre and our first on this scale and relies on strong communication and strategy between players.  Since its Early Access debut we've seen positive and encouraging player feedback from the game's growing community, improving Hell Let Loose as it gets closer to leaving Early Access in 2020.

 

As part of our life cycle management, we have also developed and launched new downloadable content ("DLC") to extend player engagement and grow our fanbases. In February 2019, we celebrated Chinese New Year with a free update for Overcooked! 2, which led to an ongoing demand for the game.

 

Throughout the rest of 2019, we will continue to launch games and DLC content for existing titles:

 

Automachef

The challenging kitchen creating puzzler

Monster Sanctuary

The monster collecting metroidvania

Blasphemous

The punishing action platformer

Yooka-Laylee & The Impossible Lair

The second title from Playtonic

Worms WMD

Further downloadable content

Overcooked! 2

Further downloadable content

 

Digital distribution from established brands - such as Valve's Steam and new digital platforms like the Epic Games Store - has significantly reduced barriers to entry for developers looking to bring games to market. Through our Games Label, we can support independent developers of all sizes (wherever they are located in the world) to launch their titles and maximise their commercial value.

 

We continue to evaluate a large number of opportunities and potential partnerships through the label's greenlight process. Promising games are identified through our people's existing relationships within the games industry, desk research, crowdfunding platforms or direct submission to the Company itself. Our rigorous screening process ensures opportunities that do progress have the highest chance of success at launch and post launch, through DLC and updates.

 

In February 2019, we announced a new partnership with Blacklight Interactive on the successful mini-golf game, Golf With Your Friends!. We will continue to work as a full creative partner with Blacklight Interactive, developing updates and new content for the game, as well as publishing it via our Games Label. Initial feedback on Golf With Your Friends!, which is currently available on Steam Early Access, has been positive.

 

Wider market dynamics

 

According to a recent report from Newzoo1, the global games market is expected to grow to over $150 billion in 2019 and over $196 billion by 2022.

 

In H1 2019, Sony and Microsoft both announced they will be launching their next generation consoles in 2020, which will incorporate upgraded technology, architecture and graphics capabilities. We are also seeing technology giants entering the market. In March, Apple announced it would be launching Apple Arcade later in 2019, its video game subscription service. Google has announced Stadia, which is due for launch in November 2019. The level of impact caused by the services remains to be seen, but we are well-placed to benefit due to the increased number of distribution channels and IP we look after.

 

The proliferation of PC digital distribution continues apace, with Steam and the Epic Games store now boasting over 90 million active users and 85 million active users2 respectively. The evolution of digital distribution has lowered the barriers to entry for independent developers looking to launch games to a wider market. Furthermore, gaming development tools are also now more accessible, enabling independent developers to quickly and inexpensively convert concept to reality.

 

We will remain focused on the premium indie market. The increasing number of distribution channels only serves to increase the potential addressable market for our games. Our portfolio approach - which remains genre agnostic - means we are able to fully capitalise on this increasing audience.

[1] https://newzoo.com/insights/articles/the-global-games-market-will-generate-152-1-billion-in-2019-as-the-u-s-overtakes-china-as-the-biggest-market/

[2] https://www.businessinsider.com/epic-games-store-total-users-2019-3?r=US&IR=T

 

Current trading and outlook

 

We are delighted with the progress made in the first half of 2019, delivering a record H1 performance and successfully launching several new games. We have a solid line up of new releases in H2 from our partners and remain fully focused on our back-catalogue lifecycle as we continue to maximise revenue with existing and new distribution partners.   

 

As said at FY18 year end, our exciting industry continues to grow at a rapid pace. We believe there are more opportunities than ever before for controllers of IP; content creators and publishers. Our ever-growing portfolio, we believe, places us in a strong position to benefit from additional activity in areas such as subscription and the cloud. All channels will need content and looking ahead, these channels will need ongoing content to replenish their stores and offerings.

 

We equally continue to invest in both commercial and creative talent across both our Wakefield and Nottingham offices.

 

Therefore, I look forward to the second half of the year and I and the board are confident we can continue to deliver shareholders value in 2019 and well beyond.

 

 

Debbie Bestwick MBE

Chief Executive Officer

9 September 2019

 

 

Condensed Consolidated Statement of Comprehensive Income

 

 

 

 

Unaudited

Six months ended

30 June

2019

 

Unaudited

Six months ended

30 June

2018

 

Audited

Year ended

31 December

2018

 

Note

£'000

£'000

£'000

 

 

 

 

 

Revenue

3

30,396

15,439

43,201

 

 

 

 

 

Cost of sales

 

(15,263)

(8,579)

(23,399)

 

 

 

 

 

Gross profit

 

15,133

6,860

19,802

Gross profit %

 

49.8%

44.4%

45.8%

 

 

 

 

 

Administrative expenses

 

(4,859)

(2,984)

(7,264)

Exceptional items

4

-

(2,552)

(2,597)

Total administrative expenses

 

(4,859)

(5,536)

(9,861)

 

 

 

 

 

Operating profit

 

10,274

1,324

9,941

 

 

 

 

 

Finance income

 

86

30

79

Finance cost

 

(4)

(1,323)

(1,323)

 

 

 

 

 

Profit before tax

 

10,356

31

8,697

 

 

 

 

 

Taxation

 

(1,580)

(479)

(1,494)

 

 

 

 

 

Profit/(loss) and total comprehensive income/(expense) attributable to shareholders

 

8,776

(448)

7,203

 

 

 

 

 

Basic and diluted earnings/(loss) per share

6

6.79 Pence

 (0.42) Pence

6.09 Pence

Basic and diluted adjusted (loss)/earnings per share

6

7.31 Pence

 1.63 Pence

8.07 Pence

 

All results relate to continuing activities.


 

  

Condensed Consolidated Statement of Financial Position

 

 

 

Unaudited

30 June 2019

Unaudited

30 June 2018

Audited

31 December 2018

 

Note

£'000

ASSETS

 

 

 

 

Non-current assets

 

 

 

 

Goodwill

7

21,083

21,083

21,083

Brands

7

16,930

18,714

17,822

Development costs

7

2,366

3,302

2,693

Property, plant and equipment

 

512

682

640

Right of use assets

 

81

-

-

Deferred tax

 

172

-

-

 

 

41,144

43,781

42,238

Current assets

 

 

 

 

Trade and other receivables

 

8,480

4,679

8,145

Cash and cash equivalents

 

35,785

16,666

23,512

 

 

44,265

21,345

31,657

Total assets

 

85,409

65,126

73,895

EQUITY AND LIABILITIES

 

 

 

 

Equity

 

 

 

 

Share capital

 

1,313

1,313

1,313

Share premium

 

44,084

44,084

44,084

Merger reserve

 

(153,822)

(153,822)

(153,822)

Other reserves

 

158,864

158,864

158,864

Retained earnings

 

21,620

4,157

12,170

Total equity

 

72,059

54,596

62,609

Non-current liabilities

 

 

 

 

Provisions

 

205

57

140

Deferred tax liabilities

 

2,962

3,396

3,142

Total non-current liabilities

 

3,167

3,453

3,282

Current liabilities

 

 

 

 

Trade and other payables

 

7,709

6,346

6,874

Current tax liabilities

 

2,474

731

1,130

Total current liabilities

 

10,183

7,077

8,004

Total liabilities

 

13,350

10,530

11,286

Total equity and liabilities

 

85,409

65,126

73,895

 

 

 

Condensed Consolidated Statement of Changes in Equity

 

 

Share capital

Share premium

Merger reserve

 

Other

 Reserve

 

Retained earnings

Total

Six months to 30 June 2018

£'000

£'000

£'000

£'000

£'000

£'000

Balance at

1 January 2018 (unaudited)             

10

377

-

644

6,413

7,444

Capital re-organisation

1,030

(377)

(153,822)

153,169

-

-

New shares issued on the IPO

273

44,814

-

-

-

45,087

Transaction costs of new equity instrument

-

(730)

-

-

-

(730)

Treasury shares

-

-

-

3,616

(1,808)

1,808

Sales of shares by Employee Benefit Trust

-

-

-

1,435

-

1,435

Total Transactions with owners recognized directly within equity

1,303

43,707

(153,822)

158,220

(1,808)

47,600

Loss and total comprehensive expense for the period

-

-

-

-

(448)

(448)

Balance at

30 June 2018 (unaudited)

1,313

44,084

(153,822)

158,864

4,157

54,596

 

 

Six months to 31 December 2018

 

Balance at

1 July 2018 (unaudited)           

1,313

44,084

(153,822)

158,864

4,157

54,596

Issue of share options

-

-

-

-

362

362

Total transactions with owners recognised directly within equity

-

-

-

-

362

362

Profit and total comprehensive income for the year

-

-

-

-

7,651

7,651

Balance at

31 December 2018 (audited)

1,313

44,084

(153,822)

158,864

12,170

62,609

 

Six months to 30 June 2019

 

 

 

 

 

 

Balance at

1 January 2019 (audited)

1,313

44,084

(153,822)

158,864

12,170

62,609

Issue of share options

-

-

-

-

674

674

Total Transactions with owners recognised directly within equity

-

-

-

-

674

674

Profit and total comprehensive income for the period

-

-

-

-

8,776

8,776

1,313

44,084

(153,822)

158,864

21,620

72,059

 

Condensed Consolidated Statement of Cash Flows

 

 

Unaudited

Six months ended

30 June

2019

Unaudited

Six months ended

30 June

2018

Audited

Year ended

31 December 2018

 

Note

£'000

£'000

 £'000

Operating activities

 

 

 

 

Profit before tax

 

10,356

31

8,697

Adjustments for:

 

 

 

 

Depreciation of property, plant and equipment

 

195

153

305

Amortisation of intangible fixed assets

7

2,686

1,981

6,103

Share-based compensation

 

674

-

362

Finance income

 

(86)

(30)

(79)

Financial expenses

 

4

1,323

1,323

Financing fees written off

 

-

258

258

(Increase)/decrease in trade and other receivables

 

(384)

2,138

(1,328)

Increase in trade and other payables

 

816

1,049

1,784

Increase in provisions

 

65

7

89

Cash generated from operating activities

 

14,326

6,910

17,514

      Tax paid

 

(600)

(415)

(1,316)

Net cash inflow from operating activities

 

13,726

6,495

16,198

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

Purchase of property, plant and equipment

 

(75)

(215)

(327)

Sale of property, plant and equipment

 

20

17

16

Lease payments (New IFRS 16 requirement)

 

(13)

-

-

Capitalisation of development costs

7

(1,467)

(1,287)

(3,908)

Net cash from investing activities

 

(1,535)

(1,485)

(4,219)

Cash flow from financing activities

 

 

 

 

Proceeds from new equity issued

 

-

45,087

45,087

Sale of shares by EBT

 

-

3,243

3,243

Capitalised transaction costs of new equity instruments

 

-

(730)

(730)

Interest received

 

86

30

79

Interest paid (including rolled up loan note interest)

 

(4)

(4,843)

(5,015)

Repayment of directors loans

 

-

(1,345)

(1,345)

Repayment of loan notes

 

-

(38,226)

(38,226)

Net cash from financing activities

 

82

3,216

3,093

 

 

 

 

 

Net increase in cash and cash equivalents

 

12,273

8,226

15,072

Cash and cash equivalents at beginning of period

 

23,512

8,440

8,440

Cash and cash equivalents at end of period

 

35,785

16,666

23,512

Notes to the Condensed Consolidated Interim Financial Statements

 

1. Nature of operations and general information

Team17 Group PLC and its subsidiaries (The Group) are a global games label, creative partner and developer of independent ("indie"), premium video games.

 

2. Basis of preparation

 

This interim report has been prepared in accordance with the AIM rules and IAS 34 "Interim Financial Reporting" as adopted by the European Union. The condensed consolidated financial statements for the 6 months ended 30 June 2019 should be read in conjunction with the financial statements of Team 17 Group Plc for the year ended 31 December 2018 (the "Prior year financial statements") which includes the financial results of the group prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The report of the auditors for the prior year financial statements for the year ended 31 December 2018 was unqualified, did not contain an emphasis of matter paragraph and did not include a statement under Section 498 of the Companies Act 2006. The Group's interim condensed consolidated financial information is not audited and does not constitute statutory financial statements as defined in Section 434 of the Companies Act 2006. These condensed interim financial statements were approved for issue on xx xxx 2019.

 

Going concern

The Directors are satisfied that the Group has adequate resources to continue in business for the foreseeable future, and accordingly continue to adopt the going concern basis in preparing the accounts.

 

Accounting policies

The Group's principal accounting policies used in preparing this information are as stated on pages 24 to 29 of the prior year financial statements with the exception of the Group reorganisation as described below. There has been no change to any accounting policy from the date of the prior year financial statements. In connection with the admission to AIM on 23 May 2018, the Group undertook a reorganisation of its corporate structure which resulted in the Company becoming the ultimate holding company of the Group. Prior to the reorganisation the ultimate holding company was Team 17 Holdings Limited.

 

The group has adopted IFRS 16 - Leases retrospectively from 1 January 2019, but has not restated comparatives for the 2018 reporting period, as permitted under the specific transitional provisions in the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognised in the opening balance sheet on 1 January 2019. The total value of Right of use assets recognised at 1 January 2019 was £92,000.

 

3. Segmental information

 

The Board considers this business as a single operating segment, however this information is voluntarily disclosed.

Revenue by Third Party/Own IP:

 

Unaudited

Six months ended

30 June 2019

Unaudited

Six months ended

30 June

2018

Audited

Year ended

31 December 2018

 

£'000

£'000

 £'000

Own IP

5,037

5,763

11,101

Third Party IP

25,359

9,676

32,100

 

30,396

15,439

43,201

  

 

 

4. Exceptional items

 

Unaudited

Six months ended

30 June 2019

Unaudited

Six months ended

30 June

2018

Audited

Year ended

31 December 2018

 

£'000

£'000

 £'000

IPO related costs

-

2,552

2,597

 

-

2,552

2,597

 

There were no exceptional items in the 6 months ending 30 June 2019.

Exceptional items in the 6 months ending 30 June 2018 relate to significant one-off costs, which have not been deducted from equity, associated with the Group's admission onto AIM in May 2018. The costs comprise advisors fees (£1,323,000), the write off of unamortised loan note fees (£240,000), stock exchange listing fees (£43,000), other IPO costs (£29,000) and bonuses payable to Directors which were contingent on admission to AIM (£917,000). Costs totalling £730,000 incurred in association with the IPO which met IAS 32 definition of transaction costs (being incremental and directly related to the issuance of new equity instruments and which would have been avoided had the instruments not been issued) have been deducted from share premium.

 

 

5. Adjusted EBITDA Calculation

 

 

 

Unaudited

Six months ended

30 June 2019

Unaudited

Six months ended

30 June 2018

Audited

Year ended

31 December 2018

Profit attributable to shareholders

 

8,776

(448)

7,203 

Exceptional costs

 

-

2,552

2,597

Share based compensation

 

674

-

362

Revision of accounting estimate

 

-

-

263

Adjusted earnings

 

9,450

2,104

10,425

Taxation

 

1,580

479

1,494

Finance income

 

(86)

(30)

(79)

Finance cost

 

4

1,323

1,323

Amortisation

 

892

892

1,784

Depreciation

 

195

153

305

Adjusted EBITDA

 

12,035

4,921

15,252

 

Revision of accounting estimate

During 2018 the group revised its approach to the recognition of recoupable costs within its Intellectual Property and its amortisation of development costs - adopting an 85% reducing balance approach over 2 years in the case of the latter (previously straight line over 2 years) and retaining the former within capitalised development costs (previously derecognised when recovered from the third party) and amortising over the useful economic life of the game in line with all other costs.  The impact of this revision of accounting estimate was an increase to capitalised costs of £1,720,000 and a corresponding increase in amortisation of £1,983,000 giving an overall reduction in net book value of £263,000. This revision in accounting estimate was accounted for as at 31 December 2018 and then prospectively. 

 

 

6. EPS

The calculation of the basic earnings per share is based on the profits attributable to the shareholders of Team17 Group plc divided by the weighted average number of shares in issue. The weighted average number of shares takes into account treasury shares held by the Team 17 Employee Benefit Trust.

 

 

 

Unaudited

Six months ended

30 June 2019

Unaudited

Six months ended

30 June 2018

Audited

Year ended

31 December 2018

Profit attributable to shareholders £'000

 

8,776

(448)

7,203

Weighted average number of shares

 

129,246,382

107,286,833

118,356,852

Basic earnings per share (pence)

 

6.79

(0.42)

6.09

 

The calculation of the diluted earnings per share is based on the profits attributable to the shareholders of Team17 Group plc divided by the weighted average number of shares in issue as adjusted for any dilutive effect of share options. At 31 December 2018 the performance criteria for issuing the share options had not been met and therefore there is no dilutive effect.

 

 

 

Unaudited

Six months ended

30 June 2019

Unaudited

Six months ended

30 June 2018

Audited

Year ended

31 December 2018

Profit attributable to shareholders £'000

 

8,776

(448)

7,203

Diluted weighted average number of shares

 

129,303,701

107,286,833

 

118,356,852

Diluted earnings per share (pence)

 

6.79

(0.42)

6.09

 

The calculation of adjusted earnings per share is based on the profit attributable to shareholders as shown above plus additional costs added back during the year (Note 5). The weighted average number of shares uses the number of shares in issue post listing on AIM on 23 May 2018. This has been applied retrospectively to the number of shares in issue at 1 January 2018 and the metric has been restated to ensure that the adjusted earnings per share figures are comparable over the two periods.

 

 

 

Unaudited

Six months ended

30 June 2019

Unaudited

Six months ended

30 June 2018

Audited

Year ended

31 December 2018

Adjusted earnings £'000 (Note 5)

 

9,450

2,104

10,425

Weighted average number of shares

 

129,246,382

129,246,382

129,246,382

Diluted weighted average number of shares

 

129,303,701

129,246,382

129,246,382

Adjusted basic earnings per share (pence)

 

7.31

1.63

8.07

Adjusted diluted earnings per share (pence)

 

7.31

1.63

8.07

 

 

7. Intangibles

 

 

Development

costs

 

Brands

 

Goodwill

 

Total

 

£'000

£'000

£'000

£'000

Cost

 

 

 

 

At 1 January 2018 (unaudited)

6,707

21,983

21,083

49,773

Additions

1,287

-

-

1,287

At 30 June 2018 (unaudited)

7,994

21,983

21,083

51,060

Additions

2,621

-

-

2,621

At 31 December 2018 (audited)

10,615

21,983

21,083

53,681

Additions

1,467

-

-

1,467

At 30 June 2019 (unaudited)

12,082

21,983

21,083

55,148

 

 

 

 

 

Amortisation

 

 

 

 

At 1 January 2018 (unaudited)

3,603

2,377

-

5,980

Charge for the period

1,089

892

-

1,981

At 30 June 2018 (unaudited)

4,692

3,269

-

7,961

Charge for the period

3,230

892

-

4,122

At 31 December 2018 (audited)

7,922

4,161

-

12,083

Charge for the period

1,794

892

-

2,686

At 30 June 2019 (unaudited)

9,716

5,053

-

14,769

 

 

 

 

 

Net carrying amount

 

 

 

 

At 30 June 2019 (unaudited)

2,366

16,930

21,083

40,379

 

 

 

 

 

At 31 December 2018 (audited)

2,693

17,822

21,083

41,598

 

 

 

 

 

At 30 June 2018 (unaudited)

3,302

18,714

21,083

43,099

 

 

 

 

 

At 1 January 2018 (unaudited)

3,104

19,606

21,083

43,793

 

Goodwill

The Group tests annually for impairment, or more frequently if there are indicators that goodwill might be impaired.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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