TIDMGLAN
RNS Number : 2150N
Glantus Holdings PLC
29 September 2021
Glantus Holdings Plc
Maiden Interim Report and accounts
For the six months ended 30 June 2021
Glantus Holdings Plc ("Glantus" or "Company" or "Group") is
pleased to announce its maiden interim results for the six months
to 30 June 2021.
Glantus is a growing player in the global Accounts Payable
Automation (APA) market providing automation and recovery solutions
through its inhouse developed software products. Its main markets
are EMEA and US.
Highlights
Performance in line with Board expectations for the period
-- Financial Highlights
o Adjusted EBITDA of EUR1.2m up by 100% (H1 2020: EUR0.6m)
o Revenue of EUR4.3m up by 5% (H1 2020 EUR4.1m)
o Gross Profit of EUR3.4m up by 10% (H1 2020 EUR3.1m)
-- Operational Highlights
o Successful IPO on AIM in May 2021 raising GBP10m for the
Company.
o Continued enhancement of product offerings.
o COVID - business continues to operate remotely with no adverse
effect on operational or service delivery to customers.
-- Post period end highlights
o Acquisition of Technology Insight Corporation, a Boston based
software solution provider for accounts payable (AP) within large,
often global, enterprises. With annual recurring subscription
revenue of $2.5m and recurring transactional revenues of $1.4m in
the US market, the acquisition enhances Glantus' capabilities in
this important market.
-- Outlook
o Glantus expects continued growth through 2021 from both
existing clients and addition of new clients.
o Strong go to market strategy based on enhanced product
offering.
o Partnership strategy will deliver results in 2022.
o Continue to grow our acquisition pipeline.
Maurice Healy, CEO, commented:
"2021 has been a very exciting period for Glantus with admission
to AIM in May followed by the acquisition of Technology Insight
Corporation in July.
Glantus operates in an expanding AP market. Having developed a
unique range of products and services, with a proven need, we are
uniquely positioned to become the dominant player. The combination
of our organic growth strategies and strategic acquisitions heralds
a strong future for our Company"
Company Contact Information
Glantus Holdings Plc +353 1 8895300
Maurice Healy, Chief Executive Officer
ir@glantus.com
Grainne McKeown, Chief Financial Officer
Arden Partners Plc
+44 20 7614 5900
Ruairi McGirr / Richard Johnson (Corporate)
Simon Johnson (Broking)
Flagstaff Strategic and Investor Communications
Tim Thompson
+ 44 7710 718 649
Mark Edwards
Fergus Mellon
glantus@flagstaffcomms.com
Share listing
Listed on AIM
TIDM GLAN
ISIN IE00BNG2V304
A copy of these interim financial statements is available on the
investor section of the Company's website at www.glantus.com
Interim results presentation
Maurice Healy CEO and Grainne McKeown CFO will provide a live
presentation relating to Glantus 2021 Interim Results via the
Investor Meet Company platform on 5 October 2021 at 4pm BST.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your
Investor Meet Company dashboard up until 9am the day before the
meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet Glantus via:
https://www.investormeetcompany.com/glantus-holdings-plc/register-investor
Chief Executive Officers Review
Overview
We are delighted to report our first set of interim results
since our admission to AIM in May 2021.
Glantus has delivered a strong performance in line with
expectations over the six months to 30 June 2021 ("H1-21") and the
results reflect the continued focus by management and strategic
decisions made to ensure revenue growth and importantly EBITDA
growth. These results are particularly impressive given that during
the same period we had a successful admission to AIM on May 11(th)
which raised GBP10m for the Company providing funds to invest in
organic and acquisitive growth.
In addition, Glantus appointed to the Board 3 Non-Executive
directors, Barry Townsley (Chairman), Tom Price and Diane
Gray-Smith, who bring a wealth of knowledge and experience and they
will assist in the strategic direction of Glantus over the coming
years.
Glantus has continued to hit major milestones in its ambitious
growth plan throughout the first half of the year, delivering on
the expectations set during its successful IPO process.
Glantus is a growing player in the global Accounts Payable
Automation (APA) market. APA is estimated to be worth $2.5 Billion
in 2021 and is expected to reach $4.47 Billion by 2026, growing at
a CAGR of 12.3%[1].
Demand continues to grow for APA products and services such as
Purchase-to-Payment automation, statement reconciliation,
credit-recovery automation, data optimisation, improved security
and fraud detection and real time supplier analysis. Glantus has
developed technologies to meet the growing demand for digitisation,
fraud/risk management and real-time, error-free AP processes. This
combination of software innovation and rising global demand will
drive increasing opportunities for Glantus in this lucrative
market.
Events since the IPO and outlook
Since the IPO, Glantus has completed the acquisition of
Technology Insights Corporation (TIC). This is an
earnings-accretive acquisition, delivering immediate earnings
growth and offering a variety of synergistic opportunities.
TIC is a software solution provider for accounts payable within
large global enterprises. It has been trading for over 20 years and
has its own IP. TIC has recurring revenues of $2.5m and
transactional revenues of $1.4m. It is headquartered in Boston MA
and provides its solutions across the US. TIC's know-how around AP
duplicate payments and analytics is of considerable benefit to
Glantus. The expansion of a US technical resource team enhances the
Glantus Technical Support, pre-sales capabilities, and
implementation processes in the important US market.
TIC Customer Base
-- 90+ Consolidated enterprise customer base
-- 35 Global customers with the same profile as Glantus
-- $500m average spend
TIC Revenue Type
-- $3.9m ARR
o $2.5m Subscription
o $1.4m Transactional
-- Glantus, whose revenues are in inverse proportion to TIC's,
bringing a balance to the combined group's subscription and
transactional revenues
TWO-WAY UPSELLING OPPORTUNITIES
TIC Acquisition brings exciting opportunities to accelerate our
organic growth within both existing customer bases.
Technology Insights
-- Clients have long-required more capability and a more
integrated solution including statement reconciliation and contract
compliance
Glantus
-- Recognised need for more advanced AP analytics based on customer feedback
Within the Glantus customer base, we have long recognised the
need for more advanced AP analytics based on customer feedback. The
TIC experience and know-how over 20 years enhances our offering in
this space and management expects strong demand from the existing
customer base in deploying the advanced analytics and duplicate
payment capture capabilities of the TIC product.
TIC clients have long required more capability and a more
integrated solution, including products available from the Glantus
product offering such as statement reconciliation, data
optimisation and AP automation.
The opportunity and the challenge for management over the next
18 months is to maximise sales into the combined customer base.
New Business
Attracting new customers post the acquisition begins with
deploying a new go-to-market strategy for the combined offering.
Glantus is changing the approach from leading with transactional
revenues to leading with subscription revenues. This will involve a
re-branding of our combined IP into a new product portfolio
consisting of :
Ø Dupli Shark
Ø Duplicate payment detection and recovery. A.I. fuelled payment
error discovery is limitless, continuous, and spans across all your
systems. Add control to spend, vendor and expense analysis
Ø Statement Shark
Ø Reconciling vendor statements to AP transactional data to
uncover overpayments, open credits, missing invoices and
discrepancies. Spend your time solving, not matching
Ø Docu Shark
Ø Automated workflows to optimize P2P matching, approval and
posting processes driving efficiency and unlocking insights. Start
with data, instead of data entry, to amplify process automation
Ø Recovery Shark
Ø Identify and expediate the recovery of unclaimed credits from
vendor statements. Powers the detection and collection of credits
with AI to put cash, not keying, into the hands of the AP team
The first three products are software, subscription and/or
licence sales. Recovery Shark is the current transactional service
which we will continue to offer. The fulfilment of this offering is
automated through our own software products and continues the trend
of reducing the cost of delivering this service.
Management believes that while leading with the subscription
sale products will in the short term reduce the recognised
quarterly revenues, it will increase long-term recurring revenues
as well as the valuation of the business.
Integration update
Since the acquisition in July, and to facilitate the integration
of TIC, many changes have been made to the structure of the
organisation.
Andrea Wilkinson has been appointed SVP Americas and Selman
Gonzalez has been appointed SVP Sales Americas. Together, Andrea
and Selman have restructured all departments in the US.
The sales structure has now been redrafted and is geographically
focused with sales, account management and lead generation being
done in three US regions; East, Central and West.
Operations have been fully integrated with the implementation of
software solutions and the delivery of transactional revenues being
completed by one team, which is now headed up by the newly
appointed head of operations US, Herpreet Kaloti.
There have been one-off costs to this integration predominantly
from redundancies which will be incurred in H2-21.
In EMEA, the TIC team has integrated well and enhanced our sales
capabilities in the region. Operationally we have successfully
re-trained some staff on the implementation of the new
products.
Partnerships
The Glantus Partner Recruitment campaign continues to be
developed on the intelligence gathered following key market sector
research and partner type evaluation undertaken during H1-21.
Over the past quarter Glantus has commenced targeted campaigns
and created an active pipeline of target partner companies.
Completed partner agreements during H1-21 include Iris Software
Group, Triangular World and DuCharme McMillen & Assoc (DMA).
Further partner agreements in H2-21 include Trintech (Adra) and VAT
IT Reclaim.
Glantus is currently creating a specific partnership framework
around our latest software products (following the acquisition of
TIC) to further benefit the partnership program. Positive interest
and feedback from both existing and new prospective partners in
this program are enabling Glantus to focus channel sales on our
latest AP recovery, automation and analytics data products.
Acquisitions
Glantus plans to continue an aggressive but thoughtful
acquisition strategy and is identifying specific target firms that
may be under-recognized in the industry but offer high value in
AP.
Management believes the most attractive assets for Glantus are
likely to have the following criteria in common:
-- Technology enabled AP services.
-- Visibility of revenue retention and net recurring revenue.
-- Niche solutions which are known in specific industries with
narrow and high value economic buyers. These solutions offer an
overall halo effect post integration
Following the successful acquisition and integration of TIC,
management continues to actively engage with potential targets
which fit our criteria above (both in EMEA and the US) in line with
this strategy.
COVID
The Company has demonstrated a clear ability to run the business
remotely from a technical and operational standpoint. In 2020 we
experienced some slowdown in closing new business sales due to
general global uncertainty. While there was some exposure to the
travel and hospitality sectors, the Board's view is that the
Groups' broad customer base is well capitalised to withstand the
medium term impacts of reduction in revenue from any one
sector.
The Company continues to monitor the government guidelines in
all countries it operates in and is taking all safety precautions
necessary to ensure the continued wellbeing of its customers and
employees. All employees continue to work remotely and a return to
workplace plan in line with country guidelines is being
implemented.
Glantus Risk Management
The Risk Committee reporting to the Board of Directors has, as
its sole and exclusive function, responsibility for the oversight
and practices of the Company's global operations and oversight of
the operation of the Company's global risk management
framework.
The Risk Committee continually reviews and evaluates risks
within the business and assesses our requirements to manage and
mitigate the risks that could impact the business. Very good
engagement in governance and risk management is applied throughout
the business. The approach to risk is based on the Glantus
standards and controls underpinned by ISO standards 9001, 27001,
27701. Glantus also complies with the QCA Code of Corporate
Governance. All these standards have controls, and the common
denominator is to identify, review and mitigate risk. As the
potential for data breaches is becoming more prominent on a global
scale, there is a strong focus on transfer of data, data privacy,
IT infrastructure and staff training.
External independent audit of the Glantus integrated management
system demonstrates the capability to meet intended quality,
security and privacy outcomes with very strong engagement.
Competence management for the Data Protection Officer
qualifications shows Glantus' commitment to privacy management in
satisfying the needs for providing internal expertise in privacy
management.
The security and privacy are well established into operational
processes, with the completion of multiple, Data Privacy Impact
Assessment's demonstrating prompt action in reviewing privacy
management for new or proposed changes of processing.
Audit of IT management shows very good progress in the planning
and execution of the IT strategy and the improvement of the work
environment and supporting infrastructure, including security and
resilience of systems and services provided to internal and
external users.
Financial Review
We are pleased to report strong growth in all key financial
metrics:
Revenues
Total revenue increased by 5% to EUR4.3m (H1-20: EUR4.1m) with
growth in both recurring and non-recurring revenue streams.
Six months Six months Year ended
to 30 to 30 June 31 December
June
2021 2020 2020
EUR '000 EUR '000 EUR '000
Recurring Revenue 3,776 3,668 7,532
Non-recurring revenue 486 385 639
Reported revenue 4,262 4,053 8,171
------------------------ ----------- ------------ -------------
Recurring revenue is the revenue that annually repeats either
under contractual subscription or predicable transactional billing.
Subscription revenue of EUR2.5m is continuing to grow demonstrating
a sustainable growth trend underpinning future revenue forecasts.
Total subscription contracted value is EUR4.9m with average
contract length of 22months. Subscription churn remains very low at
4%.
Gross Profit
Gross profit increased by 10% to EUR3.4m (H1-20: EUR3.1m) which
reflects the full benefit of the significant actions taken in the
latter half of 2020 to implement operational efficiencies in the
acquired business of JPD Financial and resulting direct labour cost
reductions.
Adjusted EBITDA
Management has presented the performance measure 'adjusted
EBITDA' as it monitors this performance measure at a consolidated
level, and the Board considers that this metric provides the best
measure of assessing underlying trading performances.
Adjusted EBITDA is calculated by adjusting profit before
taxation to exclude impact of net finance costs, depreciation,
amortisation, share based payment charges and exceptional
items.
Six months Six months Year ended
to 30 to 30 31 December
June June
2021 2020 2020
EUR '000 EUR '000 EUR '000
------------------------- ----------------- ----------- -------------
Operating (Loss)/profit (1,111) (310) 473
Amortisation 318 213 482
Depreciation 100 85 237
Exceptional Items 1,883 570 794
Share Based payments - 62 91
Other Income - (7) (282)
Adjusted EBITDA 1,190 613 1,795
-------------------------- ----------------- ----------- -------------
Adjusted EBITDA % 27.9% 15.1% 22.0%
Adjusted EBITDA increased by 100% to EUR1.2m (H1-20: EUR0.6m)
reflecting growth in revenue and significant operational cost
efficiencies both in automation of processes and general overhead
efficiencies implemented in 2020.
The exceptional items include acquisition costs,
post-acquisition restructuring costs and IPO admission costs (see
Note 5).
Total costs for AIM admission totalled EUR1.8m - EUR0.9m at
P&L exceptional cost and EUR0.9m adjusted to Share premium in
line with IFRS.
Earnings per Share
In preparation for admission to AIM a capital restructuring was
implemented in April 2021 with a 25 million bonus share issue.
Weighted average of ordinary shares has been adjusted to reflect
the bonus share issue (see Note 7)
Six months Six months Year ended
to 30 to 30 31 December
June June
2021 2020 2020
------------------------------------- ------------------ ---------------- ------------------
Adjusted Earnings 1,190 613 1,795
Number Number Number
'000 '000 '000
------------------------------------- ------------------ ---------------- ------------------
Weighted average number of ordinary
shares 29,038 26,275 26,275
Cent Cent Cent
------------------------------------- ------------------ ---------------- ------------------
Adjusted EPS 0.04 0.02 0.07
Outlook
With an expanding customer base, a growing acquisition pipeline
and market-ready products, management views the outlook for Glantus
with increased optimism and excitement.
Maurice Healy
Chief Executive Officer
September 29 2021
Financial Report
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
Six months Six months Year ended
to 30 to 30 31 December
June June
2021 2020 2020
Unaudited Unaudited Audited
Note EUR '000 EUR '000 EUR '000
Revenue 3 4,262 4,053 8,171
Cost of sales (850) (962) (1,586)
------------------------------------- ----- ------------------ ----------- -------------
Gross profit 3,412 3,091 6,585
Administrative expenses (2,222) (2,478) (4,790)
Exceptional Items 5 (1,883) (570) (794)
Share Based Payments 6 - (62) (91)
Amortisation (318) (213) (482)
Depreciation (100) (85) (237)
Other income - 7 282
------------------------------------- ----- ------------------ ----------- -------------
Operating (loss)/profit (1,111) (310) 473
Finance costs (345) (359) (674)
------------------------------------- ----- ------------------ ----------- -------------
Loss on ordinary activities before
taxation (1,456) (669) (201)
Income tax 7 (47) (111)
------------------------------------- ----- ------------------ ----------- -------------
Loss for the financial period (1,449) (715) (312)
Other comprehensive loss for the
period - (5) (5)
------------------------------------- ----- ------------------ ----------- -------------
Total comprehensive loss for the
period attributable to the owners
of the group (1,449) (721) (317)
------------------------------------- ----- ------------------ ----------- -------------
Earnings/(loss) per share - basic
and diluted (cent) 7 (0.05) (0.03) (0.01)
------------------------------------- ----- ------------------ ----------- -------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June 31 December
2021 2020 2020
Unaudited Unaudited Audited
Note EUR '000 EUR '000 EUR '000
ASSETS
NON-CURRENT ASSETS
Intangible assets 7,354 6,975 7,251
Property, plant and equipment 251 449 355
7,605 7,424 7,606
---------- ---------- ------------
CURRENT ASSETS
Trade and other receivables 4,313 2,686 2,909
Cash and cash equivalents 8,764 1,056 1,891
13,077 3,742 4,800
---------- ------------
TOTAL ASSETS 20,682 11,166 12,406
----------------------------------------- ----- ---------- ---------- ------------
EQUITY AND LIABILITIES
EQUITY
Called up share capital presented
as equity 8 36 1 1
Share premium 10,629 1,000 1,000
Reorganisation reserve 656 656 656
Foreign exchange reserve (103) (170) (170)
Share option reserve 91 62 91
Retained earnings (1,930) (1,885) (1,481)
TOTAL EQUITY 9,379 (336) 97
----------------------------------------- ----- ---------- ---------- ------------
CURRENT LIABILITIES
Trade and other payables 5,497 7,263 7,726
NON-CURRENT LIABILITIES
Long term liabilities 5,806 4,239 4,583
TOTAL LIABILITIES 11,303 11,502 12,309
----------------------------------------- ----- ---------- ---------- ------------
TOTAL LIABILITIES AND EQUITY 20,682 11,166 12,406
----------------------------------------- ----- ---------- ---------- ------------
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Called Share Reorganisation Foreign Share Retained Total
up share Premium Reserve exchange Option earnings
capital account reserves reserve
presented arising
as equity on translation
Note EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000
At 1 January 2020 1 1,000 656 (165) (1,169) 323
------------------ ----------- --------- --------------- ----------------------- --------- ---------- ---------
Share options
granted 6 62 62
Total
comprehensive
loss for the
period (5) (716) (721)
At 30 June 2020 1 1,000 656 (170) 62 (1,885) (336)
------------------ ----------- --------- --------------- ----------------------- --------- ---------- ---------
At 1 July 2020 1 1,000 656 (170) 62 (1,885) (336)
------------------ ----------- --------- --------------- ----------------------- --------- ---------- ---------
Share options
granted 6 29 29
Total
comprehensive
loss for the
period - 404 404
At 31 December
2020 1 1,000 656 (170) 91 (1,481) 97
------------------ ----------- --------- --------------- ----------------------- --------- ---------- ---------
At 1 January 2021 1 1,000 656 (170) 91 (1,481) 97
------------------ ----------- --------- --------------- ----------------------- --------- ---------- ---------
Share options
granted 0
Reorganisation
for AIM Listing
8 25 (1,000) 1,000 25
Issue of shares 10 10,629 10,639
Total
comprehensive
loss for the
period 67 (1,449) (1,382)
At 30 June 2021 36 10,629 656 (102) 91 (1,930) 9,380
------------------ ----------- --------- --------------- ----------------------- --------- ---------- ---------
CONSOLIDATED STATEMENT OF CASHFLOWS
Six months Six months Year ended
to 30 to 30 31 December
June June
2021 2020 2020
Unaudited Unaudited Audited
EUR '000 EUR '000 EUR '000
Cash flows from operating activities
Group loss after tax (1,449) (716) (311)
Adjusted for:
Interest payable 345 359 674
R&D tax credit income - - (82)
Income tax expense (7) 47 111
Depreciation 100 85 237
Amortisation 318 213 482
Movement in trade and other receivables (870) (678) 471
Movement in trade and other payables 1,545 1,643 310
Loss on disposal of tangible assets - - 1
Net tax received - - 60
R&D refund received - - 26
Share-based payment expense - 62 91
Effects of movement in exchange
rates 67 1 (6)
Net cash flows generated from /
(used in) operating activities 49 1,015 2,064
-------------------------------------------- ------------------ ------------------- ------------------
Cash flows from investing activities
Purchase of property, plant and
equipment (65) (308) (70)
Payment for acquisition of subsidiaries,
net of cash acquired - (1,907) (1,907)
Payment of deferred consideration (1,185) (49) (249)
Payment for software development
asset (422) (167) (732)
Net cash (used in) investing activities (1,672) (2,432) (2,959)
-------------------------------------------- ------------------ ------------------- ------------------
Cash flow from financing activities
Loans received 60 - 628
Interest payable (345) (359) (674)
IPO - Exceptional Costs (1,883) - -
Equity (Proceeds from issue of 11,601 - -
shares)
Equity (IPO costs against Share (937) - -
premium)
Net cash generated / (used in)
from financing activities 8,496 (359) (45)
-------------------------------------------- ------------------ ------------------- ------------------
Net increase/(decrease) in cash
and cash equivalents 6,873 (1,775) (941)
Cash and cash equivalents at the
beginning of the period 1,891 2,831 2,831
Cash and cash equivalents at the
end of the period 8,764 1,056 1,891
-------------------------------------------- ------------------ ------------------- ------------------
Notes to the unaudited interim statements
1. General Information
Glantus Holdings Plc ("the Company") is a public limited company
incorporated in the Republic of Ireland. The registered office is
Estuary House, Block P7, Eastpoint Business Park, Dublin 3. The
company was admitted to AIM on 11th May 2021.
The principal activity of the Group is the specialist provision
of next generation and world class software platforms focused on
manufacturing, distribution and related industries.
2. Accounting policies
Basis of preparation
These interim financial statements are non-statutory
general-purpose financial statements for the six-month period ended
30 June 2021. These financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting, as adopted by
the European Union, and the Companies Act 2014. They do not include
all of the information required in annual financial statements in
accordance with IFRS as adopted by the European Union. However,
selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the
changes in the Group's financial position and performance since the
last annual consolidated financial information for the year ended
31 December 2020 included in the Admission Document.
The interim financial statements for the six-month period ended
30 June 2021 should be read in conjunction with the consolidated
results for the year ended 31 December 2020 included in the
Admission Document, and any public announcements made by the
company during the interim reporting period.
The interim financial statements have been prepared on the
historical cost basis. The interim financial statements of the
Group are presented in Euro ("EUR") which is also the functional
currency of the Company.
The Group's accounting policies are set out in the Company's
Admission Document.
The preparation of the interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expense. Actual results
may subsequently differ from those estimates. In preparing the
interim financial statements, the significant judgements made by
management in applying the Group's accounting policies and key
sources of estimation uncertainty were the same, in all material
respects, as those applied to the consolidated results for the year
ended 31 December 2020 included in the Admission Document.
Going concern
At the time of approving these interim accounts, the directors
have a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, the directors continue to adopt the going concern
basis of accounting in preparing the interim financial
statements.
The interim financial statements are unaudited and were approved
by the Board of Directors on 21/09/21.
3. Segmental Reporting
Segmental information is presented in respect of the group's
geographical regions and operating segments in accordance with IFRS
8 'Operating Segments'. The Board considers that there is one
identifiable business segment being the provision of enterprise
software solutions.
Recurring revenue is the revenue that annually repeats either
under contractual subscription or predicable transactional
billing.
Six months Six months Year ended
to 30 to 30 31 December
June June
2021 2020 2020
EUR EUR EUR
Amount of revenue by class of
activity:
Recurring annual subscriptions 1,402 1,149 2,149
Recurring recovery services 2,374 2,519 5,383
Professional services & licences 486 385 639
Reported revenue 4,262 4,053 8,171
----------------------------------- ----------- ------------------ -------------
The group operates in three principal geographical regions being
Republic of Ireland, the United Kingdom and the United States of
America. The group also has customers in other countries such as
Singapore, Australia, Spain, Switzerland, Canada, Mexico and the
Netherlands, which are not material for separate
identification.
Six months Six months Year ended
to 30 to 30 31 December
June June
2021 2020 2020
EUR '000 EUR '000 EUR '000
Amount of revenue by region:
Republic of Ireland 1,510 1,105 2,047
United Kingdom 1,630 1,357 2,611
United States of America 1,122 1,591 3,513
Reported Revenue 4,262 4,053 8,171
------------------------------- ----------- ----------- -------------
4. Adjusted EBITDA
Management has presented adjusted EBITDA as it monitors this
performance measure at a consolidated level, and the Board
considers that this metric provides the best measure of assessing
underlying trading performance.
Adjusted EBITDA is calculated by adjusting profit or loss before
taxation to exclude the impact of net finance costs, depreciation,
amortisation, share based payment charges and exceptional
items.
The exceptional items include acquisition costs,
post-acquisition restructuring and AIM admission costs.
Six months Six months Year ended
to 30 to 30 31 December
June June
2021 2020 2020
EUR '000 EUR '000 EUR '000
------------------------- --------------------- ----------- -------------
Operating (Loss)/profit (1,111) (310) 473
Amortisation 318 213 482
Depreciation 100 85 237
Exceptional Items 1,883 570 794
Share Based payments - 62 91
Other Income - (7) (282)
Adjusted EBITDA 1,190 613 1,795
-------------------------- --------------------- ----------- -------------
5. Exceptional Items
The exceptional items include IPO costs, acquisition costs and
costs incurred in post-acquisition restructuring.
Six months Six months Year ended
to 30 to 30 31 December
June June
2021 2020 2020
EUR '000 EUR '000 EUR '000
---------------------------------- ----------------- ----------------- -----------------
Acquisition costs - 546 546
Restructuring costs - - 745
AIM Admission costs 902 - -
Sale Fee to Beachpoint Capital 1,000 - -
on IPO admission
Other exceptional (income)/costs (19) 24 (496)
Total exceptional items 1,883 570 794
----------------------------------- ----------------- ----------------- -----------------
Total costs for AIM admission totalled EUR1.8m - EUR0.9m at
P&L exceptional cost and EUR0.9m adjusted to Share premium in
line with IFRS.
6. Share based payments
The share based payment charge has been calculated using the
Black-Scholes model.
7. Earnings per share
Basic earnings per share is calculated by dividing the net loss
for the period attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the
period.
The weighted average number of ordinary shares has been adjusted
to reflect bonus share issue in H1-21.
The basic earnings per share calculation is the same as for the
fully diluted earnings per share position.
Six months Six months Year ended
to 30 to 30 31 December
June June
2021 2020 2020
Earnings EUR '000 EUR '000 EUR '000
------------------------------------- ----------------- ----------- -------------
(Loss) for the period (1,449) (716) (312)
Taxation (7) 47 111
Amortisation 318 213 482
Depreciation 100 85 237
Exceptional Items 1,883 570 794
Share Based payments - 62 91
Other Income - (7) (282)
Finance costs 345 359 674
Adjusted Earnings 1,190 612 1,795
-------------------------------------- ----------------- ----------- -------------
Number Number Number
Weighted average number of ordinary '000 '000 '000
shares
------------------------------------- ----------------- ----------- -------------
Total shares in issue (weighted) 29,038 26,275 26,275
EPS Cent Cent Cent
------------------------------------- ----------------- ----------- -------------
Basic and diluted EPS (0.05) (0.03) (0.01)
Adjusted basic and diluted EPS 0.04 0.02 0.07
Adjusted EPS is not a defined performance measure in IFRS. The
Group's definition of adjusted EPS may not be comparable with
similarly titled performance measures disclosures by other
entities.
8. Share Capital
Ordinary Share Share
Shares Capital Premium
------------ --------- -----------
Number EUR EUR
@ EUR0.001
each
--------------------------------- ------------ --------- -----------
At 1 January 2020, 30 June 2020
and 31 December 2020 1,275,444 1,275 999,791
Bonus share issue pre admission
reorganisation 25,000,000 25,000 (25,000)
Reduction in Share Premium (974,791)
Share Options exercised 11 May
2021 196,078 196 7,574
Shares issued on Admission 11
May 2021 9,803,909 9,804 10,621,915
---------------------------------- ------------ --------- -----------
At 30 June 2021 36,275,431 36,275 10,629,489
---------------------------------- ------------ --------- -----------
In connection with the admission, the Company undertook a number
of steps to reorganise its share capital as follows:
1. On 9 April 2021, the Company had share premium of EUR999,791.
EUR25,000 of the share premium was capitalised and applied in
paying up in full unissued shares allotted as fully paid bonus
shares to the holders of the Ordinary Shares
2. On 9 April 2021, share premium account was reduced by EUR974,791 to nil
3. On 13 April 2021, 300,000 Preference Shares of EUR1 each held
by Enterprise Ireland were paid up and cancelled.
On Admission:
1. On 11 May 2021, 196,078 ordinary shares were issued on the
exercising of share options by Paula Nolan.
2. On 11 May 2021, 9,803,909 Ordinary shares were issued as part of admission.
3. Following admission the total ordinary share capital of the
Company was 36,275,431 shares of EUR0.001 each.
9. Events after the reporting period
The Company acquired the total share capital of Technology
Insight Corporation and the assets of Technology
Insight Europe on 15 July 2021 for a combined consideration of $9.3m. Payment terms as follows
On Completion : $6.9m cash
$1.0m ordinary shares
Dec 2021 : $0.4m cash
Jul 2022 : $1.0m cash
The acquisition was funded by way of EUR5m debt funding from
Beachpoint Capital and balance from cash reserves.
[1] Source: www.researchandmarkets.com Global Accounts Payable Automation Market report 2021
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