TIDMGHT
RNS Number : 5195F
Gresham Technologies PLC
10 March 2020
RNS
10 March 2020
Gresham Technologies plc
Annual Financial Report Announcement
Gresham Technologies plc (LSE: "GHT", "Gresham", "Company" or
the "Group"), the leading software and services company that
specialises in providing solutions for data integrity and control,
banking integration, payments and cash management, is pleased to
announce its results for the year ended 31 December 2019.
Financial
-- Group revenues up 30% to GBP25.0m (2018: GBP19.3m)
-- Clareti revenues up 31% to GBP15.5m (2018: GBP11.8m)
-- Clareti software revenues up 40% to GBP11.1m (2018: GBP7.9m)
-- Clareti annualised recurring revenues ("ARR") as at 31
December 2019 up 30% to GBP9.5m (2018: GBP7.4m)
-- Other (non-Clareti) revenues up 27% to GBP9.5m (2018: GBP7.4m)
-- Adjusted EBITDA(1) up GBP3.2m to GBP4.1m (2018: GBP0.9m)
-- Cash adjusted EBITDA(2) up GBP2.4m to GBP0.3m (2018: GBP(2.1)m)
-- Statutory profit/(loss) before tax(3) as reported at GBP1.9m (2018: GBP(1.4)m)
-- Adjusted diluted earnings per share(4) up 3.5 pence to 2.0 pence (2018: (1.5) pence)
-- Cash (including deposits and restricted cash) at 31 December
2019 of GBP9.6m and no debt (2018: GBP5.6m and no debt)
-- Final dividend proposed at 0.75 pence per share (2018: 0.5 pence)
Operational
-- 15 new Clareti clients added in 2019
-- Three strategic wins to replace legacy vendors in core cash & securities processing
-- Strong growth within global key accounts and in the US market
-- Progress in regulatory solutions with multiple OEM wins and go lives
-- Cash management partnership with Australia and New Zealand Banking Group delivering to plan
-- Continued investment to strengthen global sales and marketing organisation
-- Management confident about the prospects for the Group
(1) Adjusted EBITDA refers to earnings before interest, tax,
depreciation, impairment and amortisation, adjusted for one-off
exceptional charges and share-based payments. Both years are stated
after the application of IFRS 16 (leases) which reclassified rental
expenses as amortisation and interest. Discontinued operations are
not included in either year. (see note 4 of Group financial
statements).
(2) Adjusted EBITDA less capitalised development spend and any
IFRS16 lease related cash payments.
(3) Statutory profit/(loss) before tax includes discontinued
operations and exceptional items.
(4) Diluted earnings per share, adjusted to add back share-based
payment charges, exceptional items, amortisation from acquired
intangible assets and impairment of development costs.
(5) Percentage increases stated above are based on rounding to
the nearest GBP'000 as disclosed at detailed level within this
report.
Ian Manocha, CEO, commented:
"2019 was an excellent year for Gresham, with strong recurring
revenue growth driven by 15 new customer wins. During the year,
some of the world's largest banks and investment firms put their
trust in Clareti as the way forward for the replacement of the
industry's legacy cash and stock reconciliation systems. We also
made good progress in regulatory and in cash management solutions
with further flagship wins. The successes of 2019 illustrate the
exceptional opportunity for Clareti technology and our outstanding
global team."
As announced on 4 March 2020, a presentation for analysts will
be held at 11.30 a.m. today by conference call, and a separate
presentation for private and retail investors will be held at 4.30
p.m. today at the offices of N+1 Singer, One Bartholomew Lane,
London EC2N 2AX and also by conference call. Admittance for these
events is strictly limited to those who register their
participation in advance. For conference call details and to
register attendance, please contact Gresham at
investorrelations@greshamtech.com. A copy of the presentation to be
tabled at both sessions will be made available on Gresham's website
at 7.00 a.m. today.
A copy of this announcement has been submitted to the National
Storage Mechanism and will shortly be available for inspection at
http://www.hemscott.com/nsm.do and greshamtech.com/investors.
The Annual Financial Report 2019 will be sent to shareholders in
due course.
Enquiries
+44 (0) 207 653
Gresham Technologies plc 0200
Ian Manocha
Tom Mullan
+44 (0) 207 496
N+1 Singer (Financial Adviser and Broker) 3000
Shaun Dobson / Lauren Kettle (Corporate Finance)
Tom Salvesen (Corporate Broking)
Inside information
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
Note to editors
Gresham Technologies plc is a leading software and services
company that specialises in providing real-time solutions for data
integrity and control, banking integration, payments and cash
management. Listed on the main market of the London Stock Exchange
(GHT.L) and headquartered in the City of London, its customers
include some of the world's largest financial institutions and
corporates, all of whom are served locally from offices located in
Europe, North America and Asia Pacific.
Gresham's award-winning Clareti software platform is a highly
flexible and scalable platform, available on-site or in the cloud,
designed to address today's most challenging financial control,
risk management, data governance and regulatory compliance
problems. Learn more at www.greshamtech.com.
ANNUAL FINANCIAL REPORT ANNOUNCEMENT
In accordance with the Disclosure and Transparency Rules, the
extracts below are from the Annual Financial Report 2019 in
un-edited full text. In order to comply with the regulatory
requirement to include un-edited text in this Annual Financial
Report Announcement, page and note references refer to page and
note numbers in the Annual Financial Report 2019.
CHAIRMAN'S STATEMENT
I am pleased to present this Annual Financial Report 2019.
Overview
The first quarter of 2019 laid an excellent foundation for a
successful financial year, in signing two strategic high-value
contract awards, previously delayed from 2018, in January and
February 2019. Group financial performance in the year was
marginally ahead of the Board's expectations, with substantial
growth reported across all of our financial KPIs (see KPIs, page 18
and Financial Review, page 21).
We successfully grew both our market share and profitable
revenue streams commensurate with our strategy to build a
high-margin, recurring revenue base through the sale and deployment
of enterprise data integrity solutions utilising our proprietary
Clareti platform (see Strategy, page 17). In addition, new contract
awards were, and will continue to be, focused on building the base
of recurring revenue, thereby increasing forward revenue
visibility.
Market conditions continue to be challenged by geopolitical
factors, although these headwinds have eased recently, due mainly
to the prospect of less uncertainty in relation to the UK's
relationship with the EU and improved political stability in the
medium term. The Covid-19 situation is a global concern and we are
monitoring developments very closely.
The market's appetite for better data integrity and control,
particularly as this relates to regulatory reporting demands,
continues to increase. The volume and complexity of data flows and
the demand for accurate control and reporting over these flows is a
matter of priority for company boards and regulators alike. Clareti
Transaction Control ("CTC"), our flagship product built on the
Clareti platform, is directly focused on addressing this demand and
is being increasingly selected as a strategic solution for data
integrity and control. As a result of the Company's ongoing
investment in product functionality, CTC has displaced several
incumbent competitor products in 2019. We would expect to further
increase our market share as our competitive position is enhanced
as a result of the ongoing investments cited below.
Ongoing investments
The Board continues to believe there is a very significant
market opportunity for data integrity and control and cash
management solutions and that ongoing investment in key strategic
areas, commensurate with customer demand and acceptable ROI,
remains a priority. We continue to invest in sales and marketing
resources to accelerate revenue growth and in the Clareti platform
to maintain our competitive advantages, as well as engaging in new
initiatives with a small number of strategic clients. In
particular, the previously announced strategic partnership with ANZ
Bank is ongoing and performing well, with both parties keen to
extend this co-operative effort.
Specifically, we are developing our cash management solutions to
meet the growing demand in this area. The acquisition of B2 Group
in July 2018 enriched the Clareti platform for cash management by
providing multi-bank connectivity and cash management services such
as sweeping and funding, payment aggregation and other wholesale
banking services. Our wider vision for our cash management
solutions is twofold: firstly, to extend the capabilities of our
partner transaction banks to enable them to compete against modern
fintechs (and to offer banking services to those same fintechs);
and secondly, for Gresham to directly offer such services through a
platform hosted by Gresham. We believe we are well positioned to
create a leadership position in this emerging market.
The Board has focused on delivering substantial organic growth
in 2019 but will continue to consider appropriate acquisition
opportunities as they arise.
Shareholder value
The Board is committed to delivering value for all stakeholders
within the business. Whilst we recognise that the lumpy revenue
profile and timing of historic contracts impacted our financial
results, we have transitioned our model to reduce this volatility
and drive a higher proportion of predictable annual recurring
revenue. In conjunction with a strong product suite and a focus on
innovative development, we believe that this is the most
appropriate strategy to drive growth and value over the long
term.
In light of the Company's strong financial performance, I am
pleased to confirm that the Company will maintain the payment of a
progressive dividend. In respect of financial year 2019, the Board
is proposing a final dividend of 0.75 pence per share for
shareholder approval at the forthcoming Annual General Meeting.
The Gresham organisation and its employees are fully aligned to
growing profitable revenue from Clareti sales globally. I remain
confident that our investments over the years in sales, marketing
and client success provide the platform to deliver further
shareholder value.
In summary
The demand for technology solutions to manage and report on
complex data flows and other data control issues continues to
increase. The Clareti platform is a market leader, capable of
accommodating this increasing demand. Importantly, the role that
Clareti solutions are playing in addressing the operational and
regulatory challenges within our client base is increasing in scope
and criticality. Our technology is strategically important to many
major global institutions. We are well positioned to expand our
presence within these accounts and for these successes to broaden
our capability to fuel future growth.
With our continued investment in sales and marketing to promote
our expanding Clareti portfolio, I anticipate further improvement
in our market share gains. In addition, we will continue to focus
on growing our recurring revenue base, thereby delivering a more
predictable financial performance - one which is less dependent on
the timing of individual transactions.
2019 has been a pleasing and successful year for the Group,
which of course is made up of a great many team and individual
successes. This is a testament to the hard work, expertise and
professionalism of the Gresham team. I would like to thank the
management and staff for their continued support and resolve to
achieve success in our pursuit of leadership and excellence in our
chosen markets.
As regards my own position, having served on the Board since
2010, I have now decided to step down from my role as Non-Executive
Chairman as soon as a suitable replacement has been appointed. It
has been an honour and a privilege to fulfil this role and be part
of the outstanding Clareti journey for all these years. It has been
a pleasure to work with such a talented team of dedicated people
and I am confident that the Group will continue to thrive under the
leadership of my successor and the executive team.
Ken Archer
Non-Executive Chairman
9 March 2020
CEO'S STATEMENT
Strategic overview
The Group's strategic plan is to create a valuable technology
company by establishing our Clareti platform as the leading
offering for financial markets participants who need to "be data
confident". Our solutions give organisations confidence in the
quality of their data and bring the benefits of intelligent
automation and digital transformation into their most challenging
and complex business processes and operations.
Clareti technology has now been adopted by over 100 firms around
the world and Gresham is already regarded as an innovative provider
of technology to many of the world's largest financial
institutions. We aim to deepen those existing relationships, build
further market share in financial services and, over time, extend
the technology into other relevant industries.
During 2019, we took the strategic decision to move from more
unpredictable upfront licence sales to a predominantly subscription
business. This will ensure that we have greater predictability and
a higher quality of earnings moving forward. The Clareti business
is on track to achieve standalone cash profitability in 2020. This
will end the Group's historic reliance on its portfolio of legacy
businesses, which have been in structural decline for over a
decade. Our ongoing investment in Clareti is building the
foundations for sustained, profitable, growth for the Group in-line
with our strategy to deliver long-term value for shareholders.
Clareti sales progress
2019 was a record year for new business wins, with 15 new
Clareti clients in the USA, the UK and continental Europe, and we
also expanded the relationship with a number of existing customers.
The growth in recurring revenue during 2019 was particularly
pleasing: Clareti forward-looking annualised recurring revenue has
grown from GBP1.6m at the beginning of 2015 to approximately
GBP9.5m today. Clareti software and related services are now
responsible for generating around two-thirds of the Group's
revenue.
Our technology platform
Our Clareti platform is inherently flexible and can be used to
solve a wide variety of data integration, data quality, automation
and control problems. The platform has matured and is extremely
secure and robust. Our use of scalable cloud architectures,
microservices and API's, coupled with modern development processes,
enable us to rapidly build out further business services at
relatively low incremental cost. To illustrate the depth of
functionality available and the richness of IP owned by Gresham,
there are now in excess of 6.5 million lines of code in the
platform.
These capabilities enable us to address a number of
complementary markets. We have chosen to focus our efforts in the
following areas:
-- data integrity and control solutions in banking, investment
management, insurance, energy and commodities sector;
-- regulatory reporting solutions in capital markets; and
-- cash management and payments solutions for complex
multi-nationals, banking service provider, insurers and wealth
managers.
We have set medium term objectives for market leadership goals
in each of these areas and made good progress in 2019.
Data integrity and control solutions
We were pleased to sign three strategically important agreements
in the area of post-trade reconciliation of 'core' cash and
securities processing. Two of these wins were with global
investment banks and one was with a large investment manager. All
three involved the displacement of established legacy vendors.
Successful implementation of these wins, and our product
investments, will enable us to build on our existing reputation for
solving problems based on matching non-standardised data formats.
Our goal over the next three to five years is to attack the legacy
vendor duopoly that has existed for two decades and secure
Gresham's place at the heart of global markets industry
infrastructure for the next generation. I believe we can achieve
number one in the global market for reconciliation software in
financial markets.
Regulatory reporting solutions
The ability to match multiple feeds of non-standardised data and
check for integrity against complex rules in order to identify and
then resolve exceptions, are also key requirements of market
participants struggling to meet ever more challenging regulatory
reporting requirements. Our technology delivers against this
requirement extremely well and has now been adopted by a number of
firms specifically for regulatory purposes. Early in 2019, we went
live with a large US bank for a regulatory data quality system. In
the second half of the year, we signed a further global bank to
support their implementation of CAT reporting in the USA. Our
technology is also being adopted by several market services
providers, including clearing houses and regulatory reporting
vendors on an OEM basis. Several deals were announced in 2019 and
we will look to expand our regulatory sales during 2020 with
further partnerships and new name wins.
Cash management and payments
Our experience working with clients in this area confirms the
growing demand for real-time cash management and payments services
accessible through API's. In mid-2018, we acquired the B2 Group
adding cloud-based bank integration technology, and we deepened our
relationship with ANZ to develop the next generation of cash
management solutions. B2 Group's growth during 2019 was
unfortunately curtailed by a licence cancellation from a large
client unexpectedly winding down their business. Despite this
disappointing start, there is robust demand for banking integration
services in the market and we expect a stronger performance in 2020
with a growing pipeline. The ANZ development work progressed well
and ANZ made their first licence payments against product delivery
milestones during 2019. The new software, named Clareti Cash
Management, is expected to go into testing in Q2 2020 in order to
be in production with ANZ's first clients towards the end of the
year. These milestones will drive incremental licence revenues for
the Group and give us confidence to commence marketing in Europe
and the Americas. Our vision is to deliver Clareti Cash Management
on top of Clareti Multi Bank (was B2) in the cloud and win several
new bank relationships of comparable scale to ANZ as well as drive
direct corporate relationships.
Customer success
Creating great customer references in the market is key to
sustainable growth and positive advocacy of our customers is
therefore of paramount importance to us. Our technology is used to
process many billions of transactions a year across the financial
markets and we are regarded as a mission critical part of our
clients' businesses.
Alongside the flagship software development and implementation
projects that I have described above, there are a great many other
that have been successfully executed. In 2019, our professional
services team were running an average of 90 projects at any one
time during the year, leading to 24% growth in consulting revenues
year on year. Clareti consulting revenues have doubled in under 4
years as new software customers have been on-boarded. In 2019, our
global customer support organisation received 5500 tickets into our
helpdesk function. I'm pleased to report that our team resolved 96%
of tickets within our demanding service level agreements.
This high volume of consulting and service activity is an
indicator of the pace of adoption of our technology in the market
and demand has undoubtedly stretched our team from time to time.
During 2019, we established a customer support team on the east
coast of the US. We will continue to invest in our customer success
capabilities during 2020 with a focus on project management and a
mix of experienced consultants and graduates.
Non-Clareti business
Our non-Clareti software businesses (including our own software
and partner products) remain in structural decline. As a whole,
these revenues were flat during the year although there has been a
change in the mix. We divested our VME business to Fujitsu at the
end of January 2019 for a consideration of GBP2m. These revenues
were replaced by growth in VBT usage-based fees driven by one major
customer. We expect the remaining software businesses to run off in
the medium term and we are planning for a reduction in 2020.
The Group's Australian IT services contracting business with ANZ
saw strong revenue growth after a slower year in 2018. Whilst we
intend to retain this business in order to continue to service this
important customer, the margins remain low and we have no plans to
proactively grow it in the near term.
Outlook
The UK withdrawal from the EU and recent election has provided a
much-needed period of stability in recent months. At the time of
writing, concerns are rising globally regarding the potential
impact of the Covid-19 virus on business and the community. Our
major incident team has been preparing the Company for a possible
escalation and we have taken actions to protect our staff and other
stakeholders as best we can, as we continue to monitor the
situation closely. Whilst the lack of clarity on post-Brexit
trading arrangements into 2021 remain a concern, our financial
markets customers have now made the necessary changes to their
operating models and are focussed on investing for growth and
reducing costs to fund innovation. We see continued investment in
key areas of interest such as: AI and intelligent automation in
operations; creating more robust and optimised regulatory data
infrastructures; managing liquidity and improving transparency;
learning to partner with innovative fintechs and other partners.
The addressable market for our offerings continues to expand and we
believe our technology has significant benefits over legacy vendors
and newer competitors alike.
The key to success in 2020 and subsequent years will be the
successful strengthening and scaling of our global sales and
marketing organisation. Our entrepreneurial CTC direct sales team
needs to evolve into an organisation that can not only continue to
win new name business, but also manage global and key accounts,
build out channels and alliances, open up new geographies, and sell
our broader range of product offerings. These are well understood
challenges for any successful growing enterprise software company
and I am confident in our team's ability to tackle them and
continue the remarkable Clareti success story. As a Board, we
continue to look forward with confidence.
In light of Ken Archer's personal statement, I would like to
close by expressing on behalf of all stakeholders our gratitude for
the outstanding contribution that our Chairman has made to
revitalising the Gresham business. The nomination committee will be
looking at the appropriate composition of the Board to lead the
Company forward and build on the successes of the last decade.
Further announcements will follow in due course.
Thank you for your ongoing support.
Ian Manocha
Chief Executive
9 March 2020
FINANCIAL REVIEW
Revenues
Our income is analysed between revenues from Clareti Solutions
and from Other Solutions, as shown in the table below. See note 4
of the financial statements for further segmentation details.
Clareti Solutions
The Clareti business recorded 31% revenue growth to GBP15.5m,
with the growth being largely driven by revenues generated from new
recurring software licences sold during the year, in particular the
two high-value contracts that were expected to be recognised in Q4
of 2018 but slipped into Q1 of 2019 which generated approximately
GBP1.9m of the GBP3.7m growth.
The Group is pleased that its increased focus on driving its
annuity-based model, in order to deliver growth with an increased
level of predictability, is proving impactful. Recognised Clareti
recurring revenues increased 55% to GBP10.4m including GBP1.2m from
Clareti Multi-Bank (from the 2018 acquired B2 Group). Our closing
Clareti annualised recurring revenues totalled GBP9.5m (up 30%) due
to the addition of annuity revenues all from either new software
licences or existing customers' increased usage.
As a result of the increased focus on recurring revenues,
non-recurring Clareti software revenues (initial licence fees)
reduced by 42% to GBP0.7m as we signed fewer deals under this
contracting structure. The portfolio of non-recurring Clareti
software licences consist of fixed-term licence grants (typically
three to five years) for customers for whom subscription licensing
is not appropriate. Consequently, periods of use for these
customers beyond the fixed licence term of the contract will
attract additional fees, with the first of these additional
chargeable periods falling in 2020. As of 31 December 2019, the
annualised equivalent of these non-annually recurring term licence
fees is GBP0.7m, the first of which is due for renewal during 2020
at an annualised rate of GBP0.1m, and the last of the GBP0.7m being
due for renewal for the first time during 2023. These licences are
not recorded within our stated forward looking annualised recurring
revenue, which incorporates annually recurring revenues only.
Clareti services revenues were up 13% to GBP4.4m, continuing the
high levels of realisation and utilisation seen in the prior year
as our services resources provided new and existing customers with
consulting services to enable and increase Clareti use within their
organisations.
Other Solutions
Revenues from Other Solutions increased 27% to GBP9.5m, which
significantly exceeded expectations.
Non-Clareti software revenues from partners are up 24% to
GBP2.6m as a result of one of our legacy partner relationships
increasing their usage of the already installed software and
another customer who had previously notified us of their intent to
cease their use of the software requiring a further six-month
extension. These arrangements have an approximate net margin of
50%.
Non-Clareti software revenues from our other legacy products
continued to decrease as planned as customers moved off from ageing
platforms to newer technologies. Attrition is expected to persist
as these technology shifts continue, although the longevity of
these very old legacy products continues to surpass our
expectations and still attracts a net margin exceeding 90%. Our VME
line of business, which was sold in January 2019, was included
within this revenue stream, but is shown separately as a
discontinued operation.
Non-Clareti services are predominantly in respect of tactical
contracting services provided to ANZ, a strategically important
Australian banking customer, which generate a direct net
contribution to the Group of approximately 12%. These low-margin
contracting services typically have a minimum committed term of
twelve months; therefore, we have strong visibility of the minimum
revenues likely to be generated in the near term. During 2019 our
expectations were significantly exceeded due to additional resource
requests being requested through the service during the year.
Revenue from our discontinued operation, which was sold
subsequent to the balance sheet date, was aligned with our
expectations.
2019 2018 Variance %
Clareti Solutions Recurring GBPm 10.4 6.7 3.7 55%
Non-recurring GBPm 0.7 1.2 (0.5) (42%)
------------- ------------- ------------- ------
Software GBPm 11.1 7.9 3.2 40%
Services GBPm 4.4 3.9 0.5 13%
------------- ------------- ------------- ------
Total KPI GBPm 15.5 11.8 3.7 31%
Other Solutions Software - Partners GBPm 2.6 2.1 0.5 24%
Software - Own solutions GBPm 0.8 0.9 (0.1) (11%)
Services GBPm 0.7 0.3 0.4 133%
Contracting services GBPm 5.4 4.2 1.2 29%
------------- ------------- ------------- ------
Total GBPm 9.5 7.5 2.0 27%
Total from Continuing Operations
- note 3 KPI GBPm 25.0 19.3 5.7 30%
--------------------------------------- ----- ------- ------------- ------------- ------------- ------
Software - Own
Discontinued solutions GBPm 0.1 0.7 (0.6) (86%)
Total revenue KPI GBPm 25.1 20.0 5.1 26%
--------------------------------------- ----- ------- ------------- ------------- ------------- ------
Annualised
recurring revenue Clareti KPI GBPm 9.5 7.4 2.1 30%
as at 31 December
2019 Other GBPm 2.8 2.8 - -
------------- ------------- ------------- ------
Total KPI GBPm 12.3 10.2 2.1 21%
Earnings (continuing operations only)
Operating performance is analysed excluding exceptional items,
share-based payment charges, amortisation from acquired intangible
assets and impairment of development costs, which is consistent
with the way in which the Board reviews the financial results of
the Group. This is also consistent with the manner in which similar
small-cap LSE (or AIM) listed present their results and how we
understand the investment community assess performance, with this
particularly being case the growth shares in which the recurring
cash performance is considered important.
The Group's gross margin remains fairly static and in line with
expectations, improving marginally by 1% to 84%.
The majority of our cost of sales is made up of: (i) the
customer specific third party costs incurred in providing our
hosted Clareti-as-a-Service ("CaaS") solution; and (ii) third party
contractor costs incurred by our contracting services business
(individuals we bring on our payroll as fixed-term employees to
provide this service are recorded in administration costs).
The Group experienced a significant increase in earnings, with
adjusted EBITDA, increasing by GBP3.2m to GBP4.1m, this is
predominantly as a result of the increased Clareti revenues and the
adoption of IFRS 16 (see below). The Group has introduced a new
KPI, cash adjusted EBITDA, which adjusts EBITDA for capitalised
development spend and any IFRS16 lease related cash expenses now
classified as depreciation and interest.
The vast majority (over 95%) of Group spend on staff, buildings
and overheads continues to be in respect of Clareti Solutions.
The combined impact of items discussed in the previous
paragraphs led to a statutory loss after tax of GBP0.1m (from
continuing operations only), an improvement of GBP2.0m on the prior
year.
2019 2018 Variance %
Gross margin GBPm 21.0 16.0 5.0 31%
Gross margin % 84% 83% 1% n/a
Adjusted EBITDA KPI GBPm 4.1 0.9 3.2 356%
Adjusted EBITDA KPI % 20% 6% 14% n/a
Cash Adjusted EBITDA KPI GBPm 0.3 (2.1) 2.4 n/a
Cash Adjusted EBITDA KPI % 1% (13%) 14% n/a
Statutory profit
after tax GBPm (0.1) (2.1) 2.0 95%
------------------------------ ----- ------ -------- --------- -----
Adjusted diluted
EPS KPI pence 1.99 (1.50) 3.49 n/a
Adjusted EBITDA is not an IFRS measure or not considered to be a
substitute for, or superior to any IFRS measures. It is not
directly comparable to other companies.
Exceptional items
During the year, the Group recognised exceptional income of
GBP2.0m; this was in relation to the sale of the VME software
business to Fujitsu in January 2019. There were no material
exceptional costs during 2019. In 2018, exceptional costs of
GBP0.3m were incurred which included: completing the acquisition
and integration of the B2 Group; exceptional legal and advisory
costs associated with the establishment of our all-staff incentive
share scheme; and exceptional recruitment costs associated with the
recruitment of a new CFO.
Taxation
For the year ended 31 December 2019, the Group has recorded a
net tax charge of GBP0.4m (2018: credit of GBP0.1m) which, as in
prior years, is primarily as a result of taxation being charged
both in the UK and overseas in respect of our reselling and
servicing operations, being offset by research and development
enhanced relief available for our UK development activities.
Cash flow
The Group's financial position further strengthened throughout
2019, ending the year with cash and financial assets of GBP9.6m and
no debt (2018: GBP5.6m and no debt).
Operating cash flow excluding working capital has increased by
GBP3.0m to GBP3.9m in the year. In addition to the reasons
identified behind the increase in adjusted EBITDA detailed above,
this is also increased due to the adoption of IFRS 16 in which
GBP0.5m of cash outflow (rental expense) that was previously
recorded as operating cashflow is now recorded as an other
investing and financial activity in the full consolidated statement
of cashflow and within 'other' in the summary below (refer to the
consolidation statement of financial position section below for
further details on IFRS 16).
The movement in working capital of GBP2.5m is largely explained
by the initial three-year prepayment of GBP3.0m from the GBP1.0m
per annum subscription licence that became non-contingent in March
2019.
The Group received tax receipts of GBP1.4m during 2019 as a
result of research and development activities performed during 2016
and 2017 where enhanced relief is available.
The capitalised development expenditure of GBP3.3m has increased
by GBP0.7m from the prior year; this is due to an increased portion
of development effort being spent on new product or new product
features in comparison to the prior year when a number of
customer-specific features were developed and as a result not
considered capitalisable.
The Group received a net amount of GBP1.7m through the sale of
its legacy VME business, with the GBP0.3m balance to the sale price
being customer advance payments already received at the time of the
sale.
Following the announcement of its intention to do so in its FY18
results, the Group also purchased a total of GBP1.0m of its own
shares in the period, GBP0.1m being in respect of employee bonuses
for FY18 and GBP0.9m to pre-fund employee and executive bonus and
long-term incentive schemes in future years.
The shares issued as consideration are an inflow of GBP0.1m for
2019, resulting solely from the exercise of share options. The
prior year included the cash payment of GBP1.8m to acquire the
equity of the B2 Group and the final GBP0.4m instalment payable in
respect of the acquisition in October 2016 of C24 Technologies,
offset by inflows from share option exercises.
With increasing Clareti sales from the growing annuity base and
new customer wins, coupled with tight cost control on planned
investments, we expect the cash generation capacity of the business
to continue and are looking at opportunities to best utilise the
excess cash generated. In order to maximise our returns, we plan to
increase levels of investment in distribution and customer success,
whilst continuing to invest excess cash efficiently in bank
deposits and giving appropriate consideration to our M&A
ambitions.
2019 2018 Variance %
Operating cash flow excluding
working capital GBPm 3.9 0.9 3.0 322%
Movement in working capital GBPm 2.5 1.1 1.4 127%
Net tax receipts GBPm 1.3 - 1.3 n/a
Capital expenditure - development
costs GBPm (3.3) (2.6) (0.7) (27%)
Capital expenditure - other GBPm (0.2) (0.2) - -
Sale of discontinued operation GBPm 1.7 - 1.7 n/a
Purchase of own shares in
employee benefit trust GBPm (1.0) - (1.0) n/a
Shares issued as consideration
and acquisition GBPm 0.1 (2.0) 2.1 n/a
Dividend GBPm (0.3) (0.3) - -
Other GBPm (0.7) 0.2 (0.9) n/a
------ ------ --------- -------
Net increase/(decrease)
in cash and financial assets GBPm 4.0 (2.9) 6.9 n/a
------------------------------------------ ------ ------ ------ --------- -------
Cash KPI GBPm 9.6 5.6 4.0 71%
Cash and cash equivalents GBPm 9.6 5.3 4.3 81%
Financial assets GBPm - 0.3 (0.3) (100%)
Consolidated Statement of Financial Position
Right-of-use assets of GBP1.3m have now been recognised as a
result of the adoption of IFRS 16, which required our leases
greater than twelve months to be capitalised with a corresponding
lease liability recognised, which is split between non-current
GBP0.8m and current GBP0.5m. The adoption of IFRS 16 also had an
impact, albeit largely presentational, upon the income statement.
The adoption did not have any material impact to statutory
earnings, but it did result in GBP0.5m of expense that was
previously recorded as a rental expense within operating expenses
now being recorded as depreciation (GBP0.4m) and IFRS 16 interest
(GBP0.05m), resulting in an improvement to adjusted EBITDA of
GBP0.5m when compared to previous reporting methodologies (also
refer to note 27 for further detail on IFRS 16). The impact of IFRS
16 to adjusted EBITDA was known at the time of setting budgets and
performance related pay targets for FY2019, therefore this has not
impacted performance related pay in relation to FY2019.
An impairment charge of GBP0.6m was recording against
development costs within Intangible Assets during the year, this
was due to the discontinuation by mutual agreement of the Group's
Clareti Loan Control joint venture with Mount Street, as both
parties moved to focus their resources on other parts of their
respective businesses. Whilst Gresham still remains owner of this
technology, there are no plans in the mid-term to further market
this investment, hence the full remaining carrying value at the
point of this outcome was determined was impaired.
Trade payables increased by GBP0.9m which was largely as a
result of our contracting services business making significant
infrastructure purchases in close proximity to the year end.
Current contract liabilities increased since the prior year by
GBP0.7m and non current contract liabilities increased by GBP0.8m,
this is predominantly due to the initial three-year customer
prepayment of GBP3.0m from the GBP1.0m per annum subscription
licence that became non-contingent in March 2019.
Financial outlook
The Group is very pleased with the financial outcome of 2019 -
particularly the 31% Clareti growth rate and the 55% Clareti
recurring revenue growth rate. In my prior year report, I commented
on our strategy to deliver consistent Clareti growth, driving more
predictability into the business, through a focus on generating
higher levels of Clareti recurring revenues rather than initial
licence fees. We intend to continue on with this strategy going
forward.
The non-Clareti software portfolio continues to surpass
expectations, with customers requiring extensions to contracts as
they struggle to migrate to newer or alternative platforms. Whilst
such extensions can generate short-term revenue spikes, these
portfolios remain in long-term decline, which we continue to plan
for. Our contracting services business also grew over and above the
expected contracted baseline during 2019 but we expect this
business to reduce slightly during 2020.
Overall, we have increased levels of revenue predictability
throughout the Group. This predictability comes from the
significantly increased Clareti recurring revenue base, high levels
of contracted backlog of Clareti services for ongoing
implementations and innovation services, and a high portion of
non-Clareti portfolio already being under contract for 2020. With
this in mind, we intend to continue increasing our investment in
Clareti, namely in distribution, product and customer success in
order to take advantage of the market opportunity.
Tom Mullan
Chief Financial Officer
9 March 2020
CONSOLIDATED INCOME STATEMENT
Notes Year ended Year ended
31 December 31 December
2019 2018
GBP'000 GBP'000
--------------------------------------------- ------- ------------- -------------
Revenue 3,4 24,961 19,266
Cost of sales (3,933) (3,260)
--------------------------------------------- ------- ------------- -------------
Gross profit 21,028 16,006
Adjusted administrative expenses (19,302) (17,222)
--------------------------------------------- ------- ------------- -------------
Adjusted operating profit/(loss) 1,726 (1,216)
--------------------------------------------- ------- ------------- -------------
Adjusting administrative items:
Exceptional items 4 (10) (303)
Impairment of development costs 13 (647) -
Amortisation on acquired intangibles 13 (794) (605)
Share-based payments 23 (77) (161)
--------------------------------------------- ------- ------------- -------------
(1,528) (1,069)
--------------------------------------------- ------- ------------- -------------
Total administrative expenses (20,830) (18,291)
--------------------------------------------- ------- ------------- -------------
Statutory operating profit/(loss) from
continuing operations 4,5 198 (2,285)
Share of post tax profit from joint
venture 16 66 75
Finance revenue 3,8 104 19
Finance costs 8 (65) (6)
--------------------------------------------- ------- ------------- -------------
Profit/(loss) before taxation from
continuing operations 303 (2,197)
Taxation 9 (443) 114
--------------------------------------------- ------- ------------- -------------
Loss after taxation from continuing
operations (140) (2,083)
Net gain on sale of discontinued operations 28 1,985 -
Profit after taxation from discontinuing
operations 28 53 667
--------------------------------------------- ------- ------------- -------------
Profit/(loss) attributable to the Parent 1,898 (1,416)
--------------------------------------------- ------- ------------- -------------
Earnings per share
Statutory pence pence
Basic earnings per share 10 2.78 (2.09)
Diluted earnings per share 10 2.72 (2.09)
--------------------------------------------- ------- ------------- -------------
Adjusted
Basic earnings per share 10 2.11 (0.50)
Diluted earnings per share 10 2.07 (0.50)
--------------------------------------------- ------- ------------- -------------
Earnings per share - continuing operations
Statutory
Basic earnings per share 10 (0.21) (3.07)
Diluted earnings per share 10 (0.21) (3.07)
--------------------------------------------- ------- ------------- -------------
Adjusted
Basic earnings per share 10 2.04 (1.50)
Diluted earnings per share 10 1.99 (1.50)
--------------------------------------------- ------- ------------- -------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
31 December 31 December
2019 2018
GBP'000 GBP'000
--------------------------------------------------------- ------------------------ ------------------------
Profit/(loss) attributable to the Parent 1,898 (1,416)
--------------------------------------------------------- ------------------------ ------------------------
Other comprehensive expenses
Items that will or may be re-classified into
profit or loss:
Exchange differences on translating foreign
operations (3) (68)
--------------------------------------------------------- ------------------------ ------------------------
Total other comprehensive expenses (3) (68)
--------------------------------------------------------- ------------------------ ------------------------
Total comprehensive income/(expense) for the
year 1,895 (1,484)
--------------------------------------------------------- ------------------------ ------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Notes As restated
At 31 December At 31 December
2019 2018
GBP'000 GBP'000
-------------------------------- ------ ----------------- ----------------
Assets
Non-current assets
Property, plant and equipment 12 387 480
Right-of-use assets 15 1,292 -
Intangible assets 13 25,575 25,340
Interest in joint venture 16 - 57
Deferred tax assets 9 489 1,166
-------------------------------- ------ ----------------- ----------------
27,743 27,043
Current assets
Trade and other receivables 18 4,978 4,639
Income tax receivable 18 43 821
Other financial assets - bank
deposits/restricted cash 19 - 278
Asset held for sale 28 - 74
Cash and cash equivalents 19 9,605 5,323
-------------------------------- ------ ----------------- ----------------
14,626 11,135
Total assets 42,369 38,178
-------------------------------- ------ ----------------- ----------------
Equity and liabilities
Equity attributable to owners
of the Parent
Called up equity share capital 22 3,413 3,404
Share premium account 24 3,903 3,830
Own share reserve 22 (945) -
Other reserves 24 536 536
Foreign currency translation
reserve 24 (81) (78)
Retained earnings 24 18,478 16,801
Total equity attributable to
owners of the Parent 25,304 24,493
-------------------------------- ------ ----------------- ----------------
Non-current liabilities
Contract liabilities 20 1,329 486
Lease liabilities 15 788 -
Deferred tax liability 9 952 1,083
Provisions 20 144 59
Contingent consideration 20 - 67
3,213 1,695
-------------------------------- ------ ----------------- ----------------
Current liabilities
Trade and other payables 20 12,976 11,575
Lease liabilities 15 457 -
Income tax payable 20 419 5
Liabilities held for sale 28 - 384
Provisions 20 - 26
13,852 11,990
-------------------------------- ------ ----------------- ----------------
Total liabilities 17,065 13,685
-------------------------------- ------ ----------------- ----------------
Total equity and liabilities 42,369 38,178
-------------------------------- ------ ----------------- ----------------
The financial statements were approved by the Board of Directors
and authorised for issue on 9 March 2020.
On behalf of the Board
Ian Manocha Tom Mullan
9 March 2020 9 March 2020
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Notes Share Share Own Other Foreign Retained Total
capital premium share reserves currency earnings
account reserve translation
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- ------ --------- --------- --------- ---------- ------------- ---------- --------
At 1 January 2018 3,375 3,562 - 313 (10) 18,253 25,493
Attributable loss
for the period - - - - - (1,416) (1,416)
Other comprehensive
expenses - - - - (68) - (68)
----------------------- ------ --------- --------- --------- ---------- ------------- ---------- --------
Total comprehensive
expense - - - - (68) (1,416) (1,484)
Exercise of share
options 22 23 278 - - - - 301
Share issue proceeds 22 6 - - 223 - - 229
Share transaction
costs 22 - (10) - - - - (10)
Share-based payments 23 - - - - - 161 161
Dividend paid - - - - - (338) (338)
At 31 December 2018
as reported 3,404 3,830 - 536 (78) 16,660 24,352
----------------------- ------ --------- --------- --------- ---------- ------------- ---------- --------
Prior year adjustment 2 - - - - - 141 141
----------------------- ------ --------- --------- --------- ---------- ------------- ---------- --------
At 31 December 2018
as restated 3,404 3,830 - 536 (78) 16,801 24,493
----------------------- ------ --------- --------- --------- ---------- ------------- ---------- --------
Effect of adoption
of:
IFRS 16 27 - - - - - 41 41
----------------------- ------ --------- --------- --------- ---------- ------------- ---------- --------
At 1 January 2019
as restated 3,404 3,830 - 536 (78) 16,842 24,534
----------------------- ------ --------- --------- --------- ---------- ------------- ---------- --------
Attributable profit
for the period - - - - - 1,898 1,898
Other comprehensive
expense - - - - (3) - (3)
----------------------- ------ --------- --------- --------- ---------- ------------- ---------- --------
Total comprehensive
income - - - - (3) 1,898 1,895
Exercise of share
options 22 9 73 - - - - 82
Purchase of own
shares 22 - - (995) - - - (995)
Issue of shares
held by Employee
Share Ownership
Trust 22 - - 50 - - - 50
Share-based payments 23 - - - - - 77 77
Dividend paid 11 - - - - - (339) (339)
At 31 December 2019 3,413 3,903 (945) 536 (81) 18,478 25,304
----------------------- ------ --------- --------- --------- ---------- ------------- ---------- --------
CONSOLIDATED STATEMENT OF CASH FLOW
Notes Year ended Year ended
31 December 31 December
2019 2018
GBP'000 GBP'000
------------------------------------------------ ------ ------------- -------------
Cash flows from operating activities
Profit/(loss) after taxation 1,898 (1,416)
Depreciation of property, plant and
equipment 12 266 297
Amortisation of intangible assets 13 2,364 1,940
Impairment of intangible assets 13 647 -
Amortisation of right-of-use assets 15 461 -
Share-based payments 23 77 161
Net gain on sale of discontinued operations 28 (1,985) -
Share of post tax profit from joint
venture 16 (66) (75)
Increase in trade and other receivables (243) (1,529)
Increase in trade and other payables 2,239 2,045
Movement in deferred tax provisions 9 546 610
Movement in provisions 59 2
Fair value adjustment on deferred contingent
consideration - (30)
Net finance revenue/(costs) 8 39 (14)
------------------------------------------------ ------ ------------- -------------
Cash inflow from operations 6,302 1,991
Income taxes received 1,356 96
Income taxes paid (75) (118)
------------------------------------------------ ------ ------------- -------------
Net cash inflow from operating activities 7,583 1,969
Cash flows from investing activities
Interest received 8 37 19
Decrease/(increase) in other financial
assets - bank deposits/restricted cash 278 (78)
Purchase of property, plant and equipment 12 (178) (188)
Proceeds from sale of property, plant 3 -
and equipment
Net payments to acquire subsidiary undertaking - (1,947)
Proceeds from sale of discontinued operations 28 1,675 -
Payments to acquire intangible fixed
assets 13 (3,266) (2,603)
------------------------------------------------ ------ ------------- -------------
Net cash used in investing activities (1,451) (4,797)
Cash flows from financing activities
Interest paid 8 (17) (6)
Principal paid on lease liabilities 15 (511) -
Dividends paid 11 (339) (338)
Purchase of own shares 22 (995) -
Issue of shares held by Employee Share
Ownership Trust 22 50 -
Share issue proceeds 22 82 292
------------------------------------------------ ------ ------------- -------------
Net cash used in financing activities (1,730) (52)
Net increase/(decrease) in cash and
cash equivalents 4,402 (2,880)
Cash and cash equivalents at beginning
of year 5,323 8,280
Exchange adjustments (120) (77)
Cash and cash equivalents at end of
year 19 9,605 5,323
------------------------------------------------ ------ ------------- -------------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. Basis of preparation
The financial information contained in these condensed financial
statements does not constitute the Company's statutory accounts
within the meaning of the Companies Act 2006. Statutory accounts
for the years ended 31 December 2019 and 31 December 2018 have been
reported on, without qualification or drawing attention to any
matters by way of emphasis, by the Company's auditor and do not
contain a statement under s.498 (2) or s.498 (3) of the Companies
Act 2006. Whilst the financial information included in this Annual
Financial Report Announcement has been computed in accordance with
International Financial Reporting Standards ("IFRS"), this
announcement, due to its condensed nature, does not itself contain
sufficient information to comply with IFRS.
In order to comply with the regulatory requirement to include
un-edited text in this Annual Financial Report Announcement, page
and note references refer to page and note numbers in the Annual
Financial Report 2019.
Statutory accounts for the year ended 31 December 2018 have been
delivered to the Registrar of Companies. The statutory accounts for
the year ended 31 December 2019, prepared under IFRS, will be
delivered to the Registrar in due course. The Group's principal
accounting policies as set out in the 2018 statutory accounts have
been applied consistently in all material respects.
This Annual Financial Report Announcement was approved by the
Board of Directors on 9 March 2020 and signed on its behalf by Mr.
I Manocha and Mr. T Mullan.
2. Responsibility statements under the disclosure and
transparency rules
The Annual Financial Report for the year ended 31 December 2019
contains the following statements:
The directors confirm that to the best of their knowledge:
-- The Group financial statements have been prepared in
accordance with International Financial Reporting Standards
("IFRSs") as adopted by the European Union and Article 4 of the IAS
Regulation and give a true and fair view of the assets,
liabilities, financial position and profit and loss of the Group;
and
-- The Annual Financial Report 2018 includes a fair review of
the development and performance of the business and the financial
position of the Group and the Parent Company, together with a
description of the principal risks and uncertainties that they
face.
The name and function of each of the directors for the year
ended 31 December 2019 are set out in the Annual Financial Report
2019.
3. Segment information
The segmental disclosures reflect the analysis presented on a
monthly basis to the chief operating decision maker of the
business, the Chief Executive Officer and the Board of
Directors.
In addition, the split of revenues and non-current assets by the
UK and overseas have been included as they are specifically
required by IFRS 8 "Operating Segments".
For management purposes, the Group is organised into the
following reportable segments:
-- Clareti Solutions - supply of solutions predominantly to the
finance and banking markets across Asia Pacific, EMEA and North
America. Includes both software and services. These solutions
include:
o Clareti Transaction Control: a high-performance enterprise
data control solution for data validation and real-time transaction
matching and reconciliation.
o Clareti Accounts Receivable Management: a receivables
management application with automated matching, reconciliation and
allocation to reduce the order-to-cash cycle.
o Clareti Integration Studio (formerly Clareti 24 Integration
Objects): integration software to enable rapid adoption of
financial message standards and transform complex data types.
o Clareti Multi-Bank: real-time visibility of cash and stock
portfolios across multiple institutions giving treasurers absolute
confidence of their exact positions at all times.
-- Other Solutions - supply of a range of well-established
solutions to enterprise-level customers in a variety of end
markets
-- Contracting Services - Supply of IT contracting services to one banking customer
Transfer prices between segments are set on an arm's length
basis in a manner similar to transactions with third parties.
Segment revenue, segment expense and segment result include
transfers between business segments. Those transfers are eliminated
on consolidation.
Other
Notes Clareti Solutions Contracting Adjustments, Consolidated
Solutions Services central
overheads
and elimination
2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Revenue
External customer 15,489 4,078 5,394 - 24,961
Total revenue 3 15,489 4,078 5,394 - 24,961
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
- -
Cost of sales (1,089) (1,185) (1,669) - (3,943)
Cost of sales capitalised
as intangible asset 10 - - - 10
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Gross profit 14,410 2,893 3,725 - 21,028
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
93% 71% 69% - 84%
Contracted administrative
expenses - - (3,062) - (3,062)
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Gross profit after contracting
fully costed 14,410 2,893 663 - 17,966
93% 71% 12% - 72%
Adjusted administrative
expenses (16,097) (143) - - (16,240)
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Adjusted operating (loss)/profit (1,687) 2,750 663 - 1,726
Adjusting items:
Exceptional costs 4 - - - (10) (10)
Impairment of development
costs 13 - - - (647) (647)
Amortisation of acquired
intangibles 13 - - - (794) (794)
Share-based payments 23 - - - (77) (77)
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Adjusting administrative
expenses - - - (1,528) (1,528)
Statutory operating
(loss)/profit from continuing
operations (1,687) 2,750 663 (1,528) 198
Share of post tax profit
from joint venture 16 66
Finance revenue 8 104
Finance costs 8 (65)
Profit before taxation
from continuing operations 303
Taxation 9 (443)
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Loss after taxation
from continuing operations (140)
Net gain on sale of
discontinued operations 1,985
Profit after taxation
from discontinued operations 53
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Profit after taxation 1,898
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Segment assets 42,369
Segment liabilities (17,065)
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Other
Notes Clareti Solutions Contracting Adjustments, Consolidated
Solutions Services central
and eliminations
2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Revenue
External customer 11,810 3,285 4,171 - 19,266
Total revenue 3 11,810 3,285 4,171 - 19,266
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
- -
Cost of sales (860) (844) (1,589) - (3,293)
Cost of sales capitalised
as intangible asset 33 - - - 33
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Gross profit 10,983 2,441 2,582 - 16,006
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
93% 74% 62% - 83%
Contracted administrative
expenses - - (2,039) - (2,039)
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Gross profit after contracting
fully costed 10,983 2,441 543 - 13,967
93% 74% 13% - 72%
Adjusted administrative
expenses (14,969) (214) - - (15,183)
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Adjusted operating (loss)/profit (3,986) 2,227 543 - (1,216)
Adjusting items:
Exceptional costs 4 - - - (303) (303)
Amortisation of acquired
intangibles 13 - - - (605) (605)
Share-based payments 23 - - - (161) (161)
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Adjusting administrative
expenses - - - (1,069) (1,069)
Statutory operating
(loss)/profit (3,986) 2,227 543 (1,069) (2,285)
Share of post tax loss
from joint venture 16 75
Finance revenue 8 19
Finance costs 8 (6)
Loss before taxation
from continuing operations (2,197)
Taxation 9 114
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Loss after taxation
from continuing operations (2,083)
Profit after taxation
from discontinuing operations 667
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Loss after taxation (1,416)
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
Segment assets 38,178
Segment liabilities (13,826)
---------------------------------- ------ ----------- ----------- ------------ ------------------ -------------
The Group has a customer relationship with one banking customer
which is considered by the Directors to be individually
significant; revenue from this relationship exceeded 10% of the
Group's revenue, totalling GBP10,892,000 (2018: GBP8,574,000).
which includes low-margin contracting revenue of GBP5,394,000
(2018: GBP4,171,000) which falls predominantly within the Other
Contracting Services segment.
Adjusting administrative items
Operating performance is analysed excluding exceptional items,
share-based payment charges, amortisation from intangibles and
impairments of development costs which is consistent in with the
way in which the Board reviews the financial results of the Group.
This is also consistent with the manner in which similar small-cap
LSE (or AIM) listed present their results and how we understand the
investment community to assess performance, with this particularly
being the case the growth shares in which the recurring cash
performance is considered important.
The adjusting administrative items are:
2019 2018
GBP'000 GBP'000
-------------------------------------------------- -------- --------
Acquisition and associated integration costs - 213
Negative goodwill arising on acquisition (21) -
Fair value adjustment to acquisition contingent
consideration and tax cost - 14
Advisory fees for establishment of joint venture
and all-staff incentive scheme 31 61
Staff costs (recruitment and termination costs) - 15
-------------------------------------------------- -------- --------
Exceptional items 10 303
-------------------------------------------------- -------- --------
Impairment of development costs 647 -
Amortisation on acquired intangibles 794 605
Share-based payments 77 161
-------------------------------------------------- -------- --------
Total adjusting administrative items 1,528 1,069
-------------------------------------------------- -------- --------
The negative goodwill incurred in the year was due to the
acquisition of the remaining 50% of the share capital in GMS Loan
Technologies. As the purchase price was lower than the net assets
acquired the negative goodwill created is disclosed within
exceptional items as a non-recurring item.
During the year the Group incurred exceptional legal and tax
advisory costs associated with implementing a new all-staff
incentive scheme of GBP31,000 (2018: GBP61,000). These costs are
not expected to occur in the future.
Development costs of GBP647,000 (2018: GBPnil) were impaired
during the year relating to the termination of a joint venture
arrangement, these costs are considered to be significant and
non-recurring.
Due to the amount and nature of amortisation of acquired
intangibles and share-based payments both costs were treated as an
adjusting administrative item.
Adjusted EBITDA - continuing operations
Adjusted EBITDA - continuing operations is disclosed within the
financial statements to show the underlying performance of the
group on a consistent basis and to aid understanding of the
financial performance during the year.
Notes 2019 2018
GBP'000 GBP'000
---------------------------------------------------- -------------- ------------------- -------------------
Profit/(loss) before tax 303 (2,197)
---------------------------------------------------- -------------- ------------------- -------------------
Adjusting items:
Amortisation of intangibles 13 2,364 1,941
Impairment of development costs 13 647 -
Depreciation of property, plant and
equipment 12 266 297
Profit on disposal of property, plant
and equipment - (3)
Amortisation of right-to-use assets 15 461 -
IFRS 16 interest charge 8 48 -
Finance revenue 8 (104) (19)
Interest payable 8 4 -
EBITDA 3,989 19
Exceptional items 4 10 303
Share-based payments 23 77 161
Adjusted EBITDA - continuing operations 4,076 483
-------------- ------------------- -------------------
Property expenses equivalent to IFRS
16 - 420
Adjusted EBITDA - continuing operations
after IFRS 16 application 4,076 903
-------------- ------------------- -------------------
Adjusted EBITDA is not an IFRS measure or not considered to be a
substitute for or superior to any IFRS measures. It is not directly
comparable to other companies.
Geographic information 2019 2018
GBP'000 GBP'000
--------------------------------------------------- -------- --------
Revenues from external customers (by destination)
UK 6,485 4,286
EMEA 3,698 2,733
United States 2,005 2,097
North America 207 265
Australia 11,117 8,664
Asia Pacific 1,449 1,221
--------------------------------------------------- -------- --------
24,961 19,266
--------------------------------------------------- -------- --------
GBP'000 GBP'000
--------------------------------------------------- -------- --------
Non-current assets
UK 25,877 21,103
EMEA 632 4,041
North America 17 17
Asia Pacific 728 716
--------------------------------------------------- -------- --------
27,254 25,877
--------------------------------------------------- -------- --------
Non-current assets consist of property, plant and equipment,
right-of-use assets and intangible assets.
EMEA includes revenue from external customers located primarily
in Germany, France, Luxembourg and Switzerland.
Asia Pacific includes revenue from external customers located
primarily in Malaysia and Singapore.
4. Taxation
The following disclosures in respect of the consolidated income
statement items are presented in respect of continuing operations
only, with comparatives restated where appropriate to exclude
discontinuing operations from these disclosures.
There is a nil tax charge in respect of discontinuing operations
for the year ended 31 December 2019 (2018: GBPnil).
Tax on profit/(loss) on ordinary activities
Tax charge/(credit) in the income statement
2019 2018
GBP'000 GBP'000
---------------------------------------------------- -------- --------
Current income tax
Overseas tax charge - adjustment to previous
years 186 22
Overseas tax charge - current year 279 43
UK corporation tax credit - adjustment to previous
years (568) (789)
UK corporation tax credit - current year - -
---------------------------------------------------- -------- --------
Total current income tax (103) (724)
Deferred income tax
Release of deferred tax asset 546 601
Tax rate change adjustments - 9
---------------------------------------------------- -------- --------
Total deferred income tax 546 610
Total charge/(credit) in the income statement 443 (114)
---------------------------------------------------- -------- --------
Reconciliation of the total tax charge
The tax charge/(credit) in the income statement for the year is
lower than the standard rate of corporation tax in the UK of 19.0%
(2018: 19.0%). The differences are reconciled below:
2019 2018
GBP'000 GBP'000
------------------------------------------------------------ -------- --------
Profit/(loss) before taxation 2,341 (1,530)
Accounting profit/(loss) multiplied by the UK standard
rate of corporation tax of 19.0% (2018: 19.0%) 445 (291)
Expenses not deductible for tax purposes 101 63
Differences in tax rates 160 3
Overseas tax credit - adjustment to previous years 121 22
Research and development credit - previous year (568) (789)
Research and development enhanced relief (1,262) (1,007)
Movement in unrecognised losses carried forward 1,339 893
Movement in unrecognised temporary differences 227 219
Movement in unrecognised fixed asset temporary differences 242 162
Temporary difference on share-based payments (231) 720
Temporary movement on acquired intangibles (131) (118)
Tax rate change adjustments - 9
------------------------------------------------------------ -------- --------
Total tax charge/(credit) reported in the income
statement 443 (114)
------------------------------------------------------------ -------- --------
Unrecognised tax losses
The Group has tax losses that are available indefinitely for
offset against future taxable profits of the companies in which the
losses arose as analysed below. Deferred tax assets have not been
recognised in respect of these losses as they may not be used to
offset taxable profits elsewhere in the Group and they have arisen
in subsidiaries that have been loss making for some time.
The tax effect of exchange differences recorded within the
consolidated statement of comprehensive income is a credit of
GBP1,000 (2018: credit of GBP13,000).
Temporary differences associated with Group investments
At 31 December 2019, there was no recognised deferred tax
liability (2018: GBPnil) for taxes that would be payable on the
unremitted earnings of certain of the Group's subsidiaries as the
Group has determined that undistributed profits of its subsidiaries
will not be distributed in the foreseeable future.
Deferred tax
Recognised deferred tax asset
2019 2018
GBP'000 GBP'000
--------------------------------------------------------------------------------------- -------- --------
1 January 1,166 1,894
Movement in the period: Tax losses (886) 232
Employee share award schemes 228 (788)
Qualifying research and development expenditure (157) (206)
Fixed asset timing differences 138 48
Impact of change in tax rate - (14)
--------------------------------------------------------------------------------------- -------- --------
31 December 489 1,166
--------------------------------------------------------------------------------------- -------- --------
Comprising:
Tax losses 2,353 3,239
Employee share award schemes 364 136
Qualifying research and development expenditure (2,566) (2,409)
Fixed asset timing differences 338 200
31 December 489 1,166
--------------------------------------------------------------------------------------- -------- --------
A deferred tax asset of GBP546,000 (2018: GBP610,000) has been
recognised in the year in respect of tax losses and capital
allowances in excess of depreciation and other temporary
differences.
Deferred tax liability
2019 2018
GBP'000 GBP'000
-------------------------------------------- -------- --------
Intangible asset acquired on acquisition 952 1,083
-------------------------------------------- -------- --------
Comprising:
1 January 1,083 596
Recognised in the income statement (131) (118)
Acquisition of intangibles in subsidiaries - 605
31 December 952 1,083
-------------------------------------------- -------- --------
Unrecognised potential deferred tax assets
The deferred tax not recognised in the consolidated statement of
financial position is as follows:
2019 2018
GBP'000 GBP'000
------------------------------------------------- -------- --------
Temporary differences 5 (8)
Tax losses 603 501
------------------------------------------------- -------- --------
Unrecognised deferred tax asset 608 493
------------------------------------------------- -------- --------
Gross temporary differences unrecognised 31 (47)
Gross tax losses unrecognised 2,811 2,342
------------------------------------------------- -------- --------
Gross temporary timing differences unrecognised 2,842 2,295
------------------------------------------------- -------- --------
Future tax rates
The Finance Act 2016 which was approved on 15 September 2016
reduces the main rate of corporation tax to 17% from 1 April
2020.
The Group's recognised and unrecognised deferred tax assets in
the UK, Australian and US subsidiaries have been shown at the rates
in the following table, being the substantively enacted rates in
these countries.
2019 2018
% %
----------- ------ ------
UK 17/19 17/19
Australia 30 30
US 27 40
----------- ------ ------
5. Earnings
Earnings per share
Basic earnings per share amounts are calculated by dividing net
profit or loss for the year attributable to owners of the Parent by
the weighted average number of ordinary shares outstanding during
the year.
Diluted earnings per share amounts are calculated by dividing
the net profit or loss attributable to owners of the Parent by the
weighted average number of ordinary shares outstanding during the
year plus the weighted average number of ordinary shares that would
be issued on the conversion of all the dilutive potential ordinary
shares into ordinary shares except when such dilutive instruments
would reduce the loss per share.
The following reflects the earnings and share data used in the
basic and diluted earnings per share computations:
2019 2018
----------------------------------- ----------- -----------
Basic weighted average number of
shares 68,168,602 67,772,715
Employee share options - weighted
(note 23) 1,499,805 2,649,668
Diluted weighted average number
of shares 69,668,407 70,422,383
------------------------------------ ----------- -----------
Notes 2019 2018
Including discontinued operations GBP'000 GBP'000
------------------------------------------------ ------ -------- ---------------
Adjusted earnings attributable to owners
of the Parent - including discontinuing
operations 1,441 (347)
Adjusting items:
Exceptional items 4 (10) (303)
Amortisation of acquired intangibles 13 (794) (605)
Impairment of development costs 13 (647) -
Net gain on sale of discontinued operations 28 1,985 -
Share-based payments 23 (77) (161)
Statutory earnings attributable to owners
of the Parent 1,898 (1,416)
------------------------------------------------ ------ -------- ---------------
Earnings per share - including discontinued
operations
Statutory pence pence
Basic earnings per share 2.78 (2.09)
Diluted earnings per share 2.72 (2.09)
------------------------------------------------ ------ -------- ---------------
Adjusted
Basic earnings per share 2.11 (0.50)
Diluted earnings per share 2.07 (0.50)
------------------------------------------------ ------ -------- ---------------
Continuing operations Notes 2019 2018
GBP'000 GBP'000
------------------------------------------- ------ -------- --------------
Adjusted earnings attributable to owners
of the Parent 1,388 (1,014)
Adjusting items:
Exceptional items 4 (10) (303)
Amortisation of acquired intangibles 13 (794) (605)
Impairment of development costs 13 (647) -
Share-based payments 23 (77) (161)
Statutory earnings attributable to owners
of the Parent (140) (2,083)
-------------------------------------------- ------ -------- --------------
pence pence
Earnings per share - continuing operations
Statutory
Basic earnings per share (0.21) (3.07)
Diluted earnings per share (0.21) (3.07)
----------------------------------------------- ------- ---------------
Adjusted
Basic earnings per share 2.04 (1.50)
Diluted earnings per share 1.99 (1.50)
----------------------------------------------- ------- ---------------
During the year ended 31 December 2019, share options granted
under the 2010 Share Option Plans were exercised and the Group
issued 167,024 (2018: 462,500) ordinary shares accordingly (ranking
pari passu with existing shares in issue). See note 22 for further
details
There have been no other transactions involving ordinary shares
or potential ordinary shares between the reporting date and the
date of completion of this Annual Financial Report 2019.
6. Dividends paid and proposed
The final dividend for the year ended 31 December 2018 was
approved at the Company Annual General Meeting on 2 May 2019 and
paid on 16 May 2019 of 0.5 pence per share, equating to a total of
GBP339,000. The Company will be proposing a final dividend for
approval at the AGM for the year ended 31 December 2019 of 0.75
pence per share.
7. Intangible assets
Separately identified
intangibles on
acquisition
Development Patents Software Customer Goodwill Total
costs and licences relationships
2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ------------ -------------- --------- --------------- ---------- -----------------
Cost
At 1 January 20,086 881 6,275 1,218 2,962 31,422
Additions 3,259 7 - - - 3,266
Disposals - (15) - - - (15)
Exchange adjustment - (1) - - (19) (20)
---------------------- ------------ -------------- --------- --------------- ---------- -----------------
At 31 December 23,345 872 6,275 1,218 2,943 34,653
---------------------- ------------ -------------- --------- --------------- ---------- -----------------
Amortisation and impairment
At 1 January (4,033) (676) (850) (273) (250) (6,082)
Charge for year (1,502) (68) (627) (167) - (2,364)
Impairment (647) - - - - (647)
Eliminated on
disposal - 15 - - - 15
At 31 December (6,182) (729) (1,477) (440) (250) (9,078)
---------------------- ------------ --------- ---------- -----------------
Net carrying
amount
At 31 December 17,163 143 4,798 778 2,693 25,575
At 1 January 16,053 205 5,425 945 2,712 25,340
---------------------- ------------ -------------- --------- --------------- ---------- -----------------
Separately identified
intangibles on
acquisition
Development Patents Software Customer Goodwill Total
costs and licences relationships
2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ------------ -------------- --------- --------------- ---------- -----------------
Cost
At 1 January 17,503 923 3,067 866 2,323 24,682
Additions 2,583 20 - - - 2,603
Additions acquired
as part of business
combination - - 3,208 352 656 4,216
Disposals - (63) - - - (63)
Exchange adjustment - 1 - - (17) (16)
---------------------- ------------ -------------- --------- --------------- ---------- -----------------
At 31 December 20,086 881 6,275 1,218 2,962 31,422
---------------------- ------------ -------------- --------- --------------- ---------- -----------------
Amortisation and impairment
At 1 January (2,774) (661) (383) (135) (250) (4,203)
Charge for year (1,259) (77) (467) (138) - (1,941)
Eliminated on
disposal - 63 - - - 63
Exchange adjustment - (1) - - - (1)
---------------------- ------------ -------------- --------- --------------- ---------- -----------------
At 31 December (4,033) (676) (850) (273) (250) (6,082)
---------------------- ------------ -------------- --------- --------------- ---------- -----------------
Net carrying
amount
At 31 December 16,053 205 5,425 945 2,712 25,340
At 1 January 14,729 262 2,684 731 2,073 20,479
---------------------- ------------ -------------- --------- --------------- ---------- -----------------
Development costs
Development costs are internally generated and are capitalised
at cost. These intangible assets have been assessed as having a
finite life and are amortised on a straight-line basis over their
useful lives of four to fourteen years. These assets are tested for
impairment where an indicator of impairment arises and annually
prior to them being made available for use.
For the years ended 31 December 2019 and 31 December 2018 the
Group has capitalised development costs in respect of individual
Clareti applications which have been individually assessed against
the required capitalisation criteria and been individually assigned
useful economic lives reflecting the maturity and availability of
comparable applications in our markets. These useful economic lives
are assessed to be between five and fifteen years.
No changes have been made to development costs capitalised in
prior years in respect of the Clareti platform, which continue to
be amortised on a systematic basis over the existing useful
economic life of 13 years.
A joint venture partnership was set up in 2016 with Mount Street
to develop a new software application, Clareti Loan Control This
partnership was terminated during the year, therefore the
development costs capitalised for this application was fully
impaired. As a result, an impairment charge of GBP647,000 was
charged to the income statement.
Patents and licences
Patents and licences are the third party costs incurred in
seeking and obtaining protection for certain of the Group's
products and services. These intangible assets have been assessed
as having a finite life and are being amortised evenly over their
useful economic life, to a maximum of ten years. Patents have a
remaining life of three years and licences have a remaining life of
one to ten years.
Separately identified acquired intangibles
Separately identified intangibles acquired through business
combinations represent software and customer relationships which
arose through the acquisition of C24 Technologies Limited in
October 2016 and B2 Group in July 2018.
Software is amortised over its useful economic life, which is
deemed to be ten years.
Customer relationships acquired in the year are amortised over
their useful economic life, which is deemed to be eight years for
C24 Technologies Limited acquisition and six years for B2
Group.
Goodwill
Goodwill arose on the acquisition of our Asia Pacific real-time
financial solutions business, C24 Technologies Limited and B2
Group. It is assessed as having an indefinite life and is assessed
for impairment at least annually.
8. Effects of changes in accounting policies
The Group adopted IFRS 16 with a transition date of 1 January
2019. The Group has chosen not to restate comparatives on adoption
and therefore the revised requirements are not reflected in the
prior year financial statements and have been processed at their
initial date of application at 1 January 2019 and recognised in the
opening equity balances.
Other new and amended standards and interpretations issued by
the IASB did not impact the Group as they are either not relevant
to the Group's activities or require accounting which is consistent
with the Group's current accounting policies.
IFRS 16 "Leases"
IFRS 16 has replaced IAS 17 "Leases" and IFRIC 4 "Determining
Whether an Arrangement Contains a Lease" and was effective 1
January 2019.
IFRS 16 provides a single lease accounting model, requiring the
recognition of assets and liabilities for all leases, excluding
leases with a term of less than twelve months or where the value of
the underlying asset is of low value. IFRS 16 substantially carries
forward the lessor accounting in IAS 17, with the distinction
between operating leases and finance leases being retained. The
Group does not have any leases acting as a lessor.
Transition method
The Group adopted IFRS 16 using the modified retrospective
approach, with the recognition of transitional adjustments on the
date of initial application (1 January 2019), without restatement
of comparative figures. The Group elected to apply the practical
expedient to not reassess whether a contract is, or contains, a
lease at the date of initial application. Contracts entered into
before the transition date that were not identified as leases under
IAS 17 and IFRIC 4 were not reassessed. The definition of a lease
under IFRS 16 was applied only to contracts entered into or changed
on or after 1 January 2019.
IFRS 16 provides for certain optional practical expedients,
including those related to the initial adoption of the standard.
The Group applied the following practical expedients when applying
IFRS 16 to leases previously classified as operating leases under
IAS 17:
(a) apply a single discount rate to a portfolio of leases with
reasonably similar characteristics;
(b) exclude initial direct costs from the measurement of
right-of-use assets at the date of initial application for leases
where the right-of-use asset was determined as if IFRS 16 had been
applied since the commencement date;
(c) reliance on previous assessments on whether leases are
onerous as opposed to preparing an impairment review under IAS 36
as at the date of initial application; and
(d) applied the exemption not to recognise right-of-use assets
and liabilities for leases with less than twelve months of lease
term remaining as of the date of initial application.
As a lessee, the Group previously classified leases as operating
or finance leases based on its assessment of whether the lease
transferred substantially all of the risks and rewards of
ownership. Under IFRS 16, the Group recognises right-of-use assets
and lease liabilities for most leases. However, the Group has
elected not to recognise right-of-use assets and lease liabilities
for some leases of low value assets based on the value of the
underlying asset when new or for short-term leases with a lease
term of twelve months or less.
On adoption of IFRS 16, the Group recognised right-of-use assets
and lease liabilities for property and motor vehicle leases
previously classified as operating leases under IAS 17.
Right-of-use assets were measured as an amount equal to the lease
liability, adjusted by the amount of any prepaid or accrued
payments. Lease liabilities were measured as the present value of
the remaining lease payments, discounted using the Group's
incremental borrowing rate of 3.1%.
The following table presents the impact of adopting IFRS 16 on
the statement of financial position as at 1 January 2019:
As originally IFRS 16 1 January
presented 2019
GBP'000 GBP'000 GBP'000
--------------------- -------------- -------- ----------
Right-of-use assets - 1,779 1,779
Lease liabilities - (1,738) (1,738)
Retained earnings 16,660 41 16,701
----------------------- -------------- -------- ----------
The following table reconciles the minimum lease commitments
disclosed in the Group's 31 December 2018 financial statements to
the amount of lease liabilities recognised on 1 January 2019:
GBP'000
---------------------------------------------- --------
Minimum operating lease commitments at
31 December 2018 1,987
Effect of rent review 27
Short-term leases not recognised under
IFRS 16 (166)
Effect of discounting using the incremental
borrowing as at date of initial application (110)
------------------------------------------------ --------
Lease liability as at 1 January 2019 1,738
------------------------------------------------ --------
9. Discontinued operations
In January 2019, the Group sold its VME mainframe software
business for a cash consideration of GBP1,675,000. The assets and
liabilities relating to this business have been disclosed in line
with IFRS 5 Assets Held For Sale; these included trade receivables
and deferred income.
The profits included within the income statement are as
follows:
2019 2018
GBP'000 GBP'000
--------------------------------------- -------- ---------------
Revenue 64 755
Staff costs (7) (42)
Other administration costs (4) (46)
---------------------------------------- -------- ---------------
Profit from discontinued operations 53 667
---------------------------------------- -------- ---------------
Net cash from discontinued operations 53 667
---------------------------------------- -------- ---------------
Basic earnings per share from
discontinued operations 0.1 1.0
---------------------------------------- -------- ---------------
Diluted earnings per share from
discontinued operations 0.1 1.0
---------------------------------------- -------- ---------------
The post tax gain on disposal of discontinued operations in the
year to 31 December 2019 is:
GBP'000
------------------------------------------------- --------
Cash consideration 1,675
Net liabilities disposed of:
Trade receivables (74)
Deferred income 384
--------------------------------------------------- --------
Net gain on disposal of discontinued operations 1,985
--------------------------------------------------- --------
There is no tax charge due to the utilisation of Group relief
.
10. Events after the reporting date
A dividend of 0.75 pence per share has been approved by the
Board to propose to shareholders at the Annual General Meeting.
11. Additional information
Related party transactions
No related party transactions have taken place during the year
that have materially affected the financial position or performance
of the Company.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group together
with actions being taken to mitigate them and future potential
items for consideration are set out in the Strategic Report section
of the Annual Financial Report 2019.
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 rns@lseg.com or visit www.rns.com.
END
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