TIDMFBT
RNS Number : 7681H
Forbidden Technologies PLC
15 March 2018
15 March 2018
Forbidden Technologies plc
("Forbidden" or the "Company")
Full year Results for the year ended 31 December 2017
Forbidden Technologies plc (AIM: FBT), the developer and seller
of cloud video platform technology using its patented Blackbird
technology, announces its audited full year results for the year
ended 31 December 2017.
Financial Summary
-- Invoiced sales of GBP714,903 (2016: GBP1,007,074)
-- Revenue of GBP758,835 (2016: GBP774,825)
-- Deferred revenue of GBP146,389 (2016: GBP270,321)
-- Year-on-year operational spend, including capital
expenditure, of GBP2,705,663 (2016: GBP2,746,452)
-- EBITDA loss of GBP1,844,436 (2016: GBP1,787,406)
-- Net loss of GBP2,336,000 (2016: GBP2,340,464)
-- The Company remains debt free with cash and cash equivalents
of GBP1,752,349 (2016: GBP3,711,033)
Operational Highlights
-- Recurring infrastructure sales increased from 28% in 2016 to
48% in 2017, in line with new strategy
-- Restructuring of sales team to be a more specialist and experienced sales team
-- Appointment of Ian McDonough as CEO, the first externally
appointed CEO in Forbidden's history
-- Appointment of a Head of Sales, with significant experience
in selling cloud-based infrastructure solutions
-- Rebranding and simplification of market offering to Blackbird(R)
Post period Highlights
-- Q1 2018 has evidenced return to growth
-- Financial opportunity per client now much higher, through
shift to focussing on recurring revenue (subscription) sales
Ian McDonough, CEO of Forbidden Technologies plc commented:-
"The Company is having a good first quarter with significant
double-digit growth to date in invoiced sales over the same period
last year. We are in dialogue with a number of interesting
opportunities in the live sports, eSports, news and post production
sectors. In addition, we are in discussions with multi-channel
networks and social media publishers who are often building their
media supply chain from scratch, and who see Blackbird as an end to
end SaaS solution instead of investing in numerous pieces of
specific hardware. A key area of interest is also in integrating
Blackbird with OEM solution providers in the US where our
technology can be deployed quickly and at scale."
"We have changed our sales stragegy to focus on getting
Blackbird adopted as an integral component of our client's
technology infrastructure and this approach is paying
dividends."
Enquiries:
Forbidden Technologies plc
Ian McDonough, CEO
Jonathan Lees, Finance Director
Tel: +44 (0)20 8879 7245
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Naylor
John Depasquale
Katrina Perez
Tel: +44 (0)20 3328 5656
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk)
floated in February 2000.
Forbidden develops, markets and licenses a powerful cloud video
platform using our patented Blackbird technology. The technology
underpins multiple applications which are used by rights holders,
broadcasters, sports and news video specialists, post-production
houses, other mass market digital video channels and
corporations.
The Blackbird technology allows full visibility on
multi-location digital content, improves time to market for live
content such as video clips and highlights for social media
distribution, and results in much more effective monetisation.
Blackbird(R) is a registered trademark of Forbidden Technologies
plc.
Websites:
www.forbidden.co.uk
www.forscene.com
Social media:
https://twitter.com/forbiddentech
https://www.linkedin.com/company/116180/
https://www.facebook.com/ForbiddenTechnologies
https://twitter.com/forscenepro
www.linkedin.com/company/forscene
www.facebook.com/FORscene
www.youtube.com/user/ForsceneTraining
Chairman's statement
Executive summary
We began 2017 with the ambition to accelerate our growth having
started to build sales traction in 2016. This ambition was
interrupted in February 2017 with the resignation of our CEO and
the Board's decision to run a formal process to find a new CEO -
the first time in the Company's history that it has looked to
appoint an external candidate for this position. As a result, the
business was without a full time CEO for six crucial months. At the
time of his departure, our CEO was fulfilling the roles of both CEO
and sales director and the impact on our growth prospects in the
short term was significant.
Ian McDonough, our new CEO, joined the Company in September
2017, leaving little time to make a significant difference to the
sales performance of the business prior to the end of the year.
As a result of this disruption, the Company experienced a small
decline of 2% in recorded revenue from GBP774,825 in 2016 to
GBP758,835. This relatively flat level of recorded revenue was
despite a 29% reduction in invoiced sales from GBP1,007,074 in 2016
to GBP714,903. The resulting EBITDA loss for the year was
GBP1,844,436 versus a loss of GBP1,787,406 in 2016. Against this
performance, progress was made to increase the percentage of total
invoiced sales from recurring infrastructure sales from 28% in 2016
to 48% in 2017.
Over the year we expanded our presence in the North American
sports market with a minimum two-year deal through Deltatre for one
of their major North American clients, increased business at
Madison Square Garden and a paid for pilot with a major North
American broadcaster and sports franchise, which is still ongoing.
Also, during the year, we made progress with our live editing
solution by breaking into the eSports market with Gfinity plc, a
leading eSports content producer. In addition, we launched our
patent pending Blackbird 9 codec and have made the strategic move
to start adding JavaScript applications to our platform. With this
new JavaScript capability, we can execute on a strategy to focus on
opportunities where Forscene is part of an overall video production
solution, allowing the revenue base to be increasingly subscription
focused. This sales focus does have longer sales cycles, but the
financial opportunity per client is much higher. This strategy
plays to the unique benefits of our platform.
Ian McDonough, our new CEO, has quickly started to make key
adjustments to the team, including sales and marketing team
members, our US commercial presence and our product management
team. He is engaging directly with prospects and resellers across
North America and the UK. He has increased the focus on selling
against the benefits of our core patented technology, Blackbird. To
this end, he is also in the process of simplifying the branding of
our technology and solutions under the Blackbird brand.
The Board believes the Company now has strong commercial
leadership and combined with strengthening the sales and marketing
team are starting to build an order book once more. Evidence of our
return to growth is already being seen in this first quarter of
2018.
Introduction
Forbidden Technologies plc is the AIM quoted creator, owner and
developer of Forscene (which will soon be rebranded under the
Blackbird brand). Forscene is a cloud-based video post-production
and publishing platform, which has helped its users convert over 7
million hours of professionally shot video content into edited
videos for broadcast and digital distribution. The platform and its
applications are based around Forbidden's flexible and light-weight
Blackbird video codec.
The Company's platform applications help customers to increase
audience engagement and the value of time-sensitive content by
improving time-to-market, and to save time and money through the
efficiency and scalability benefits of the Forscene cloud-based
platform. Specific applications include:
-- Enabling sports broadcasters and rights holders to engage
more effectively digitally with their viewers by allowing them to
provide clips and highlights packages during the event, faster than
ever before.
-- Enabling production houses and post production houses to
remotely capture, log, edit and review their content, speeding up
the post production process and saving time and money.
-- Enabling sports franchises, or any brand with large numbers
of consumers, to improve their fan/consumer engagement with a
unique combination of tools.
Consolidated income statement and consolidated statement of
financial position
In the year ended 31 December 2017, the Group recorded revenue
of GBP758,835 (GBP774,825 in 2016), which represented a decline of
2% year on year. Revenue, for income statement purposes, is derived
from invoiced sales of GBP714,903 down 29% from GBP1,007,074 in
2016, Deferred revenues declined year on year by 46% to GBP146,389
from GBP270,321 in 2016; however, after adjusting for an GBP80,000
reduction in 2016 deferred revenues relating to the full provision
for an amount contracted in 2016, the comparable decline is 23%.
This GBP80,000 provision relates to a contract with Atos against
which we made a 50% provision in the interim results and have now
made a full provision due to continued uncertainty over the
realisability of the contract.
Operating costs during the year to 31 December 2017 were
GBP2,452,158 compared to GBP2,441,441 in the corresponding period
in 2016. Operating costs for income statement purposes are net of
capitalised development costs which reduced to GBP206,810 from
GBP281,466 in 2016. The loss before interest, taxation,
depreciation and amortisation was GBP1,844,436 (2016:
GBP1,787,406). The net loss for the year of GBP2,336,000 compares
to a loss of GBP2,340,464 in 2016.
The Group is debt free and had cash and cash equivalents at 31
December 2017 of GBP1,752,349 in comparison to a balance as at 31
December 2016 of GBP3,711,033.
Following the cash savings achieved in 2016 over prior years the
Company has continued to keep operating costs at this reduced
level. Net cash outflow from operating activities and investing
activities were GBP1,955,272 compared to GBP1,971,763 in 2016.
Management changes
During the year, there were a few critical management changes.
The primary change was the replacement of our CEO, which as noted
before resulted in a six-month period without full time leadership.
Ian McDonough, CEO, has brought significant media experience to the
business through his time at Turner, BBC Worldwide, A&E Europe,
and Viacom Asia.
In addition to a new CEO, a new sales director, Rachel Darcy,
was hired to lead the sales team. Most recently with Redcentric
plc, Rachel brings over ten years' experience within the IT
services industry with particular knowledge in selling cloud-based
infrastructure solutions.
Forscene platform
In August 2017, Forbidden announced the launch of a JavaScript
video viewing application. This was the first application linked to
the core strategy of moving our video applications to JavaScript.
JavaScript runs on 'out of the box' devices and as such has no
requirement for installation or configuration, much like Java had a
number of years ago. JavaScript is increasingly requested as a
requirement by prospective customers. We have subsequently made
available a clipping tool. We will continue to convert existing
applications to JavaScript as well as develop new ones.
During the year, we also released our 'patent pending' Blackbird
9 video codec. Blackbird lies at the heart of all our applications.
We continuously develop our Blackbird codec to ensure that with all
our applications we can outperform our competitors in speed to
market of live video and the performance of our remote viewing and
editing capabilities.
Cash management
Cash management is a constant focus of the executive management
team. Our use of cash has been focused on increasing the balance of
spend towards sales and marketing to drive growth in sales and
reduce cash burn. We are vigilant in ensuring additional investment
in research and development is targeted on projects where there is
identifiable commercial benefit. We ended the year with a cash
balance of GBP1,752,349.
Going concern
The Company incurred a loss after tax for the year of
GBP2,336,000 (2016: loss of GBP2,340,464). The Company's sales
activities are now clearly focused on driving recurring
infrastructure sales versus the traditional project-based revenue
generated from a large number of production companies and post
houses in the UK broadcast post market. This change in sales
strategy should result in more predictable and recurring
longer-term subscription-based revenue streams with fewer customers
and larger contract values. The percentage of total invoiced sales
from recurring infrastructure sales in 2017 was 48% versus 28% in
2016.
With the arrival of a new CEO in September, and a refocus of our
strategy to infrastructure clients, the Directors are confident
that the leadership team is in place again to resume a growth path
for the business. The Directors have prepared a budget for
reasonable growth and have also prepared a contingent more cautious
and prudent profit and loss and cash-flow forecast and business
plan reflecting an adjusted cost base and reduced cash burn. Both
plans ensure managements' ability to progress the growth of the
business, but, with different rates of growth.
The internal sales forecasts are based on forecast of three
types of sales - recurring infrastructure sales from existing
customers, repeat and new projects from existing customers and new
sales from new customers. There are varying risks of achievement of
these forecasts by sales type, however the Directors believe that
the combination of these forecasts, potential cost management
actions, 1(st) quarter 2018 performance to date and sales pipeline
growth demonstrate the business is operationally capable of meeting
its obligations as they fall due and are confident they have plans
in place to ensure the continuity of the business for at least
twelve months.
Therefore, the Directors consider that the preparation of the
Group financial statements on the going concern basis is
appropriate.
Current trading and prospects
We start the year, with lower combined order book and deferred
revenue versus last year; however, a stronger focus and capability
to build new business and grow our existing client base.
This quarter, we are on track to beat our 1(st) quarter invoiced
sales figure recorded in 2017 and expect to build on this growth
momentum as the year develops.
Finally, the Board and management team are confident that we are
building the right team and have the platform and focus in place to
grow our business.
David Main
Chairman
CEO's review
Summary
Six months into the role of CEO at Forbidden, I have overseen a
myriad of changes, and what I believe is the start of sustainable
momentum evolving from our new strategic direction. The direction,
selling our solutions as a core part of a company's video
capabilities, focuses on where Forbidden has a competitive
advantage - the ingenious Blackbird codec - and through a
microservices philosophy, building production and publishing tools
around this. With our cloud-based solution this allows the Company
to build a renewable subscription-based business.
The recent N.Y. Emmy nomination for technical achievement for
our fast turnaround workflow co-designed with MSG (Madison Square
Garden) Networks is a huge endorsement of our technology's
abilities as a leading infrastructure platform. It serves to
highlight the speed and accuracy with which content can be edited,
and closed captions and other meta data added, where time is
critical.
As a result of this direction, Blackbird is being elevated to be
the master brand at Forbidden, subsuming Forscene. All products
will be sub-branded within the overall Blackbird brand. We will be
officially launching Blackbird branding and its clear, easy to
understand, market-focused product set at the NAB show (National
Association of Broadcasters) in Las Vegas next month.
Early adopter customers have already understood the power, speed
and quality of Blackbird and we invariably now see it being adopted
as an integral component of their technology infrastructure. Both
Deltatre and IMG are great examples of our capability to be part of
a large, international media supply chain. Both of these customers
have recently renewed their contracts with us and we continue to
increase the volume and variety of work we are undertaking with
them. Another example of this is in the burgeoning genre of eSports
where we are a key partner to Gfinity plc. Blackbird is a
fundamental part of Gfinity's live arena infrastructure and allows
live logging, instant replays and tournament wrap up videos.
More recently, we have grown the number of infrastructure
targeted trials that we are working on and hope to convert a
portion of these into growing clients.
The first of these this year is the Practising Law Institute
based in New York who will use Blackbird as a vital part of their
infrastructure on an ongoing basis, to live clip seminar content
for a wide variety of purposes including education.
This approach to the market is a marked change for the business.
The combined use of the Blackbird 9 codec and our JavaScript
applications enables our technology to be a fundamental component
to our clients' infrastructure and makes Forbidden a valued and key
partner to their business.
We are also focusing on our traditional core business in
post-production and have some impressive new wins including Two
Four productions who use Blackbird as the live logging tool on a
fixed camera rig production, and the platform allows the production
team to access footage immediately in the cloud whether on
location, at head office or elsewhere. This is our first production
win on fixed camera rigs for some years and, with the benefits of
our product advances, could potentially transform how fixed camera
rig shows are produced.
Geographically we have also looked more to North America as our
biggest opportunity for growth. Traditionally, North American
media-based companies have been faster to adopt new technologies
than their counterparts in Europe. In addition, the legal
requirement for all US broadcast or digital output to carry closed
captions makes the market very attractive. As a result, we are
growing our sales capacity in North America. This includes taking
on one new salesperson on the West Coast and we are also looking to
add additional reseller sales capacity in the same region.
2017 results
Whilst the 2017 results were disappointing, as noted in the
Chairman's statement, this can be attributed almost entirely to the
disruption in leadership. With the appointment of Rachel Darcy as
Sales Director and myself as CEO this leadership issue has been
addressed. In addition, along with our JavaScript and Blackbird 9
development, 2017 did provide the business with the opportunity to
correctly reset its strategy and focus on its points of
differentiation and specific market segments that should help us
drive growth going forward.
Strategy and market focus
- In late 2017, we locked in our strategy to:-
o Focus on business where we would be an integral part of the
infrastructure of a video solution. As a cloud-based platform, this
means a core part of our business being renewable
subscription-based business
o Emphasise 'live' solutions where we can outperform on both
speed to market and remote use; although, not neglecting our base
business in remote post production-based solutions
o Shift our platform to include JavaScript based
applications
o Maintain our superior performance-based codec Blackbird
o Elevate Blackbird to be the Master Brand
- 3 core segments of business
o Live digital solutions for production companies including but
not restricted to editing, closed captions, logging, metadata
exchange and graphics. Customers include, IMG, Deltatre and the
Practising Law Institute.
o Sports stadium and arena-based solutions, where live digital
media solutions are also key, such as Madison Square Garden
Networks, Gfinity in eSports, and the Buffalo Sabres, an NHL hockey
franchise.
o Post production non-live companies such as ENVY, Two Four, and
Studio Lambert.
- Geographical Market
o An increased emphasis on the North American market with a
senior commercial appointment in Barry Nulman.
o The engagement of F2 as a reseller in Canada, and the
retention of Bridge Digital in the US.
Products and solutions
The Blackbird codec and our edge computing technology are the
key drivers of differentiation. Together with our comprehensive
suite of tools we can provide frame accurate visibility, editing,
addition of closed captions, graphics and metadata fast, remotely
and under very low bandwidth conditions. We are committed to ensure
that we continually improve the Blackbird codec even further.
Blackbird 9 is already of high enough quality to publish directly
to social media in its proxy version. Blackbird 10, due for release
next year, is expected to extend the flexibility of Blackbird 9,
and provide a further doubling of resolution. Our overall Blackbird
solution also provides media companies with the critical
cloud-based capabilities (speed, remote use, collaboration, control
and scalability) without having to rebuild their core media supply
chain capabilities. Within the suite of tools will be an entry
level visibility and clipping tool as well as the full Blackbird
suite of tools allowing professional editing and addition of closed
captions.
Sales and marketing
Our shift towards a recurring revenue infrastructure sales model
has led to a reappraisal of the frontline sales team. We have moved
away from transactional sales to consultative long-term partnership
selling. This has resulted in fewer sales people, but at a more
senior level. In North America, as well as the additional sales and
reseller capacity we added in 2017, post year-end we have made
further increases in our North American sales capacity by
appointing Barry Nulman, a highly respected executive with a proven
track record. Barry has held senior management positions with
several leading post production facilities and technology companies
including Picture Head LLC and Avid Technologies.
Current trading and prospects
The Company is having a good first quarter with significant
double-digit growth to date in invoiced sales over the same period
last year. We are in dialogue with a number of interesting
opportunities in the live sports, esports, news and post production
sectors. In addition, we are in discussions with multi-channel
networks and social media publishers who are often building their
media supply chain from scratch, and who see Blackbird as an end to
end SaaS solution instead of investing in numerous pieces of
specific hardware. A key area of interest is also in integrating
Blackbird with OEM solution providers in the US where our
technology can be deployed quickly and at scale.
Ian McDonough
Chief Executive Officer
Consolidated income statement and statements of comprehensive
income for the year ended 31 December 2017
2017 2016
GBP GBP
CONTINUING OPERATIONS
Revenue 758,835 774,825
Cost of Sales (151,113) (120,790)
================================ ============ ==============
GROSS PROFIT 607,722 654,035
Operating costs (2,452,158) (2,441,441)
================================ ============ ==============
EARNINGS BEFORE INTEREST,
TAXATION, DEPRECIATION,
AMORTISATION AND EMPLOYEE
SHARE OPTION COSTS (1,844,436) (1,787,406)
Depreciation (47,091) (50,053)
Amortisation
(512,549) (456,298)
Employee share option costs
42,137 (73,250)
(517,503) (579,601)
OPERATING LOSS (2,361,939) (2,367,007)
Finance income 671 3,014
==================== ============ ==============
LOSS BEFORE INCOME TAX (2,361,268) (2,363,993)
Income tax 25,268 23,529
LOSS FOR THE YEAR (2,336,000) (2,340,464)
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR (2,336,000) (2,340,464)
Earnings per share expressed in pence per share
Basic - continuing and total operations
(1.29p) (1.63p)
Consolidated and company statements of financial position for
the year ended 31 December 2017
Group Company
2017 2016 2017 2016
GBP GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Other intangible
assets 1,038,095 1,343,834 1,038,095 1,343,834
Property, plant
and equipment 59,750 48,448 59,750 48,448
Investments - - 641 641
------------------------------ ------------- ------------- ------------- -------------
1,097,845 1,392,282 1,098,486 1,392,923
---- ------------- ------------- ------------- -------------
CURRENT ASSETS
Trade and other
receivables 221,095 418,774 226,748 417,272
Current tax assets 25,268 23,529 25,268 23,529
Cash and bank balances 1,752,349 3,711,033 1,746,113 3,710,927
------------------------------ ------------- ------------- ------------- -------------
1,998,712 4,153,336 1,998,129 4,151,728
---- ------------- ------------- ------------- -------------
TOTAL ASSETS 3,096,557 5,545,618 3,096,615 5,544,651
============================== ============= ============= ============= =============
EQUITY AND LIABILITES
CAPITAL AND RESERVES
Issued share capital 1,443,890 1,443,890 1,443,890 1,443,890
Share premium 16,935,301 16,935,301 16,935,301 16,935,301
Capital contribution
reserve 125,000 125,000 125,000 125,000
Retained earnings (15,833,053) (13,454,916) (15,832,255) (13,455,073)
------------------------------ ------------- ------------- ------------- -------------
TOTAL EQUITY 2,671,138 5,049,275 2,671,936 5,049,118
------------------------------ ------------- ------------- ------------- -------------
CURRENT LIABILITIES
Trade and other
payables 425,419 496,343 424,679 495,533
------------------------------ ------------- ------------- ------------- -------------
TOTAL LIABILITIES 425,419 496,343 424,679 495,533
------------------------- --- ------------- ------------- ------------- -------------
TOTAL EQUITY AND
LIABILITIES 3,096,557 5,545,618 3,096,615 5,544,651
========================= === ============= ============= ============= =============
Consolidated statement of changes in equity for the year ended
31 December 2017
Capital
Issued Retained contribution
share capital earnings Share premium reserve Total equity
GBP GBP GBP GBP GBP
Balance at
1 January 2016 1,054,518 (11,187,702) 13,317,572 125,000 3,309,388
Changes in
equity
Issue of share
capital (net
of expenses) 389,372 - 3,617,729 - 4,007,101
Share based
payment - 73,250 - - 73,250
Total comprehensive
income for
the year - (2,340,464) - - (2,340,464)
====================== =============== ============= ============== ============== =============
Balance at
31 December
2016 1,443,890 (13,454,916) 16,935,301 125,000 5,049,275
====================== =============== ============= ============== ============== =============
Changes in
equity
Share based
payment - (42,137) - - (42,137)
Total comprehensive
income for
the year - (2,336,000) - - (2,336,000)
====================== =============== ============= ============== ============== =============
Balance at
31 December
2017 1,443,890 (15,833,053) 16,935,301 125,000 2,671,138
Consolidated and company statements of cash flows for the year
ended 31 December 2017
Group Company
2017 2016 2017 2016
Notes GBP GBP GBP GBP
Cash flows from
operating activities
Cash used in operations A (1,725,967) (1,748,825) (1,732,097) (1,747,873)
Tax received 23,529 79,059 23,529 79,059
---------------------------------- ------------ ------------ ------------ ---------------------------
Net cash from
operating activities (1,702,438) (1,669,766) (1,708,568) (1,668,814)
---------------------------------- ------------ ------------ ------------ ---------------------------
Cash flows from
investing activities
Payments for intangible
fixed assets (206,810) (281,466) (206,810) (281,466)
Payments for property,
plant and equipment (46,695) (23,545) (46,695) (23,545)
Interest received 671 3,014 671 3,014
---------------------------------- ------------ ------------ ------------ ---------------------------
Net cash from
investing activities (252,834) (301,997) (252,834) (301,997)
---------------------------------- ------------ ------------ ------------ ---------------------------
Cash flows from
financing activities
Share issue (net
of expenses) - 4,007,101 - 4,007,101
---------------------------------- ------------ ------------ ------------ ---------------------------
Repayment of finance
leases (3,412) - (3,412) -
Net cash from
financing activities (3,412) 4,007,101 (3,412) 4,007,101
---------------------------------- ------------ ------------ ------------ ---------------------------
(Decrease)/increase
in cash and cash
equivalents (1,958,684) 2,035,338 (1,964,814) 2,036,290
-
Cash and cash
equivalents at
beginning of year 3,711,033 1,675,695 3,710,927 1,674,637
---------------------------------- ------------ ------------ ------------ ---------------------------
Cash and cash
equivalents at
end of year 1,752,349 3,711,033 1,746,113 3,710,927
================================== ============ ============ ============ ===========================
A. Reconciliation of loss before income tax to cash (used in)/generated from operations
Group Company
2017 2016 2017 2016
GBP GBP GBP GBP
Loss before income
tax (2,361,268) (2,363,993) (2,360,313) (2,364,115)
Depreciation 47,091 50,053 47,091 50,053
Amortisation charges 512,549 456,298 512,549 456,298
Employee share option
costs (42,137) 73,250 (42,137) 73,250
Finance income (671) (3,014) (671) (3,014)
---------------------------- ------------ ------------ ------------ ------------
Earnings before interest,
taxation, depreciation
and amortisation (1,844,436) (1,787,406) (1,843,481) (1,787,528)
---------------------------- ------------ ------------ ------------ ------------
Movements in working
capital:
Decrease/(increase)
in trade and other
receivables 197,679 (184,929) 190,524 (184,061)
(Decrease)/increase
in trade and other
payables (79,210) 223,510 (79,140) 223,716
---------------------------- ------------ ------------ ------------ ------------
Cash (used in)/generated
from operations (1,725,967) (1,748,825) (1,732,097) (1,747,873)
============================ ============ ============ ============ ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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