TIDMNAH
RNS Number : 7169A
NAHL Group PLC
27 September 2022
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information for the purposes of Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. With the publication of
this announcement, this information is now considered to be in the
public domain.
27 September 2022
NAHL Group plc
("NAHL", the "Company" or the "Group")
Interim Results
Continued progress on strategic objectives; trading in line with
expectations
NAHL, the leading UK marketing and services business focused on
the UK consumer legal market, announces its interim results for the
six months ended 30 June 2022 (the "Period").
Financial Highlights
-- Revenue increased 6% to GBP20.7m (H1 2021: GBP19.5m)
-- Cash received from settled claims in the Group's fully
integrated law firm, National Accident Law ("NAL"), increased by
50% to GBP1.5m
-- Operating profit decreased by 8% to GBP2.3m reflecting planned investment in scaling NAL
-- Profit before tax decreased to GBP0.1m, in line with expectations (H1 2021: GBP0.6m)
-- Basic earnings per share were 0.0p (H1 2021: 1.0p).
-- Net debt further reduced by GBP1.0m to GBP14.5m from GBP15.5m at 31 December 2021
Operational Highlights
-- Continued to progress strategy of creating a higher margin,
integrated law firm underpinned by a flexible business model which
will drive higher returns in the medium and long-term
-- 4,531 new enquiries placed into NAL, a 61% increase on H1 2021
-- NAL had a book of 9,884 ongoing claims at 30 June 2022, 25%
more than at 31 December 2021 and 132% ahead of 30 June 2021
-- Ongoing claims in NAL expected to convert over the next few
years into GBP9.8m of future cash, GBP7.5m of future revenue and
future gross profit of GBP6.5m
-- The Group's market-leading brand, National Accident Helpline,
generated nearly 18,000 new enquiries in the Period, an increase of
27% on H1 2021
-- Increase in enquiry numbers was achieved through market share
gains, and we estimate that at Period-end National Accident
Helpline held a 19% share of the non-road traffic accident
("non-RTA") market, comprising employers', public and occupier
liability claims
-- This performance gave management confidence to return to TV
advertising in June 2022, when a new campaign was launched to
strengthen National Accident Helpline's brand position and
contribute to future volume growth
-- Critical Care increased the number of expert witness reports
it issued by 11% and Initial Needs Assessment ("INA") reports by
12%, whilst maintaining a strong book of ongoing case management
clients
-- Critical Care increased its pipeline of new work, generating
11% growth in instructions for expert witness reports and 19%
growth in instructions for INA reports
-- Critical Care recruited 41 new associates in key specialisms
and now works with 96 case managers and 115 expert witnesses across
the UK
Outlook
-- Despite the current macroeconomic uncertainty, the Group
continues to trade in line with market expectations and is on track
to meet full year forecasts
-- We continue to maintain a tight control over costs and
discretionary spend whilst progressing our investments in both
divisions
-- The Consumer Legal Services division delivered an encouraging
4% growth in personal injury enquiry numbers in July and August
compared to last year
-- In Critical Care, in July and August:
o The number of INA reports issued was 26% ahead of last
year
o The number of expert witness reports issued was 24% lower than
last year, however, this shortfall was largely down to the timing
of issuing reports over the summer holiday period and we anticipate
a return to growth for the remainder of the year
-- The Group remains committed to managing net debt and
anticipate it reducing further this year
James Saralis, CEO of NAHL, commented:
"The performance of the Group in the first half of the year was
in line with our expectations and we are pleased with the progress
we have made in both of our divisions. In Consumer Legal Services,
NAL increased both the number of new enquiries by 61% and cash from
settlements by 50% during the Period. These metrics clearly
illustrate the growing maturity of our law firm and give us
confidence that we are on track to build a more sustainable and
profitable business in the medium-term. Our market leading brand,
National Accident Helpline, generated 27% more enquiries than H1
last year and this was achieved through market share gains which
have grown consistently over the last 18 months and gave us
confidence to return to TV advertising in June.
"Our Critical Care division had a strong start to the year and
continued to make good progress on its strategic priorities. We
continue to see good results from our business development
initiatives as we look to grow Bush & Co.'s market share by
appealing to a broader customer base and leveraging the use of
technology. The business recruited 41 new associates in key
specialisms in the Period and at 30 June 2022 was working with 96
case managers and 115 expert witnesses across the UK.
"Based on our performance in H1, and early indications in H2,
the Board believes that it can navigate this period of
macroeconomic uncertainty and deliver a full year outturn in line
with market expectations. "
Enquiries:
NAHL Group plc via FTI Consulting
James Saralis (CEO) Tel: +44 (0) 20 3727 1000
Chris Higham (CFO)
Allenby Capital (Nominated Adviser & Broker) Tel: +44 (0) 20 3328 5656
Jeremy Porter / Vivek Bhardwaj (Corporate Finance)
Amrit Nahal (Sales & Corporate Broking)
FTI Consulting (Financial PR) Tel: +44 (0) 20 3727 1000
Alex Beagley NAHL@fticonsulting.com
Sam Macpherson
Amy Goldup
Notes to Editors
NAHL Group plc (AIM: NAH) is a leader in the Consumer Legal
Services ("CLS") market. The Group provides services and products
to individuals and businesses in the CLS market through its two
divisions:
-- Consumer Legal Services provides outsourced marketing
services to law firms through National Accident Helpline and
Homeward Legal; and claims processing to individuals through Your
Law, Law Together and National Accident Law. In addition, it also
provides property searches through Searches UK.
-- Critical Care provides a range of specialist services in the
catastrophic and serious injury market to both claimants and
defendants through Bush & Co.
More information is available at www.nahlgroupplc.co.uk ,
www.national-accident-helpline.co.uk ,
www.national-accident-law.co.uk and www.bushco.co.uk
Use of alternative performance measures
The commentary in the Interim Management Statement includes
alternative performance measures, which are not defined by
International Financial Reporting Standards. Definitions of these
measures can be found in note 1 of the half year results. The
measures provide additional information for users on underlying
business trends and performance.
Interim Management Statement
I am pleased to report NAHL's Interim Results for the six months
ended 30 June 2022.
Overview
The financial results are in line with the Board's expectations.
During the Period we continued to make progress on our strategic
objectives, growing the number of personal injury enquiries that we
generated, increasing the number of claims being processed in NAL,
collecting more cash from settlements in NAL and developing our
capability and pipeline of work in Bush & Co.
Summary of results
Revenue was GBP20.7m, which was 6% higher than the first half of
last year (H1 2021: GBP19.5m), and 7% higher than the second half
(H2 2021: GBP19.4m). Both of our divisions delivered revenue
growth, with Consumer Legal Services growing by 4% and Critical
Care by 12% in the Period.
Operating profit was GBP2.3m, which was 8% lower than last year
due to the planned investment in scaling the Group's fully
integrated law firm, NAL. At 10.9%, the operating profit margin was
lower than the first half of last year (12.6%) but has recovered by
2.2 ppts compared to the 8.7% achieved in the second half of last
year.
At a divisional level, operating profit in Consumer Legal
Services was 14% lower than last year at GBP2.1m (H1 2021:
GBP2.4m). This was net of a GBP1.4m investment in the cost of
generating new enquiries into NAL (H1 2021: GBP1.0m). Many of these
enquiries will not translate into winning claims this year but go
towards building the embedded value of NAL's book of claims, which
will lead to future profits and cash. At 30 June 2022, NAL had
increased the number of ongoing claims by 25% since 31 December
2021. We estimate that NAL's book of claims is worth GBP7.5m of
future revenue and GBP6.5m of future gross profits, neither of
which have yet been recognised in the profit and loss account.
Operating profit in Critical Care was 2% lower than last year at
GBP1.6m, reflecting the Group's continued investment in business
development, people and systems.
The profit attributable to members' non-controlling interests in
our joint venture LLPs was GBP1.9m (H1 2021: GBP1.7m). This
reflects increased settlements of historical claims in the Group's
two joint venture partnerships, Law Together LLP and Your Law
LLP.
Profit before tax decreased to GBP0.1m (H1 2021: GBP0.6m) and
basic earnings per share (EPS) were 0.0p (H1 2021: 1.0p).
The Group generated GBP1.0m of free cash flow ("FCF") in the
Period, which was GBP0.4m less than the equivalent period last year
because of our investment in new claims in NAL. Operating cash
conversion was strong at 150% (H1 2021: 136%). NAL collected
GBP1.5m of cash from settlements in the Period, which was 50% more
than last year. We estimate that the ongoing claims in NAL will
convert over the next few years into GBP9.8m of future cash, on
settlement.
The Board remains committed to managing net debt and at 30 June
2022 net debt was GBP14.5m, down 6% from GBP15.5m at 31 December
2021.
Consumer Legal Services
In our Consumer Legal Services division, revenue increased by 4%
from GBP13.6m to GBP14.1m, and operating profit fell by 14% to
GBP2.1m (H1 2021: GBP2.4m).
Our strategy to succeed in the personal injury market is to
create a higher margin, integrated law firm underpinned by our
flexible business model. We will achieve this by growing enquiry
volumes, using our National Accident Helpline brand, and by
processing an increasing number of those enquiries through our own
consumer-focused law firm, National Accident Law. Our agile and
scalable placement model is designed to balance the work we place
with our panel, and joint venture partners, for in-year profit and
cash with the work we process ourselves for greater, but deferred
profit and cash.
In the first half of 2022, we continued to build momentum in
delivering this strategy.
External data from the Claims Portal and Official Injury Claim
Portal shows that the number of new claims in the UK personal
injury market remained subdued in the Period. This is due to the
combined impact of COVID-19 related changes in consumer behaviour
and the implementation of the Civil Liability Act 2018 ("CLA"),
which have fundamentally reset the size of the market in the past
24 months. This picture is consistent with Google mobility data,
which appears to have plateaued since the start of the year.
Unfortunately, these changes have also resulted in a lack of
stimulation of the market as the largest law firms and claims
management companies reduce their marketing spend to manage their
profits. We estimate this market to now be worth GBP1.1bn annually.
We continue to believe that consumer behaviour will change,
investment levels will increase, and consequentially the number of
new claims will increase from current levels.
National Accident Helpline generated 17,933 enquiries in the
Period, which was an increase of 27% on last year. This number
would have been higher had we not taken the decision to stop
processing tariff-only road traffic accident ("RTA") claims, which
we announced in February, to focus our resources on processing
higher value enquiries.
Our increase in enquiry numbers was achieved through market
share gains, and we estimate that at Period-end National Accident
Helpline held a 19% share of the non-RTA market, comprising
employers', public and occupier liability claims. This has grown
consistently over the last 18 months, which gave us confidence to
return to TV advertising in June 2022, when we launched a new
campaign to strengthen our brand position and contribute to future
volume growth.
The brand and our website performed well during the Period,
contributing to an improvement in the number of leads, including
more organic (unpaid) leads and a lower cost of acquisition, after
adjusting for tariff-only claims. Since Period- end, the early
indications are that the TV campaign is also having a positive
effect.
25% of our total enquiries were placed into NAL during the
Period, with 68% going to the panel and 7% to our joint ventures.
Demand from the panel has remained strong throughout the Period and
this distribution channel continues to provide us with good options
for short-term profit and cash generation.
The 4,531 new enquiries placed into NAL represents an increase
of 61% on H1 2021. We estimate that these enquiries are worth
GBP2.9m in future revenues. NAL won 626 claims in the Period, which
generated GBP1.5m of cash from settlements for NAL. This was 50%
more than the same period last year, further proving the model.
At 30 June 2022, NAL had a book of 9,884 ongoing claims, 25%
more than at 31 December 2021 (31 December 2021: 7,918 claims; 30
June 2021: 4,268 claims). This book of existing, ongoing claims has
an embedded value, being the future profits and cash anticipated to
be generated by processing those claims through to settlement. At
30 June 2022, after already expensing marketing costs relating to
these claims and costs incurred on processing up to that date, we
anticipate that these ongoing claims will generate future revenue
of GBP7.5m and future gross profit of GBP6.5m.
The Group's Residential Property businesses, comprising Homeward
Legal and Searches UK, generated revenues of GBP2.4m (H1 2021:
GBP3.3m) and operating profit before shared costs of GBP0.3m (H1
2021: GBP0.5m). These businesses experienced a slowdown in Q2, in
line with the wider market, although Searches UK proved more
resilient and attracted several new customers. The market slowdown
follows two years of increased activity fuelled by the stamp duty
land tax holiday and sustained low interest rates.
Critical Care
In our Critical Care division, revenue increased by 12% from
GBP6.0m to GBP6.7m, and operating profit was 2% lower at GBP1.6m
(H1 2021: GBP1.7m). This reflects our continued investment in
business development, people and systems.
Our strategy in Bush & Co remains to grow our market share
by appealing to a broader customer base, extending our competencies
and specialisms and to be more efficient at what we do through the
use of technology.
The business operates in the catastrophic injury market, with
most of the work arising from serious RTA injuries and medical
negligence. Both of these types of claims suffered a temporary
reduction in volume during the COVID-19 pandemic, but data from the
Department for Transport suggests that serious RTA injuries have
returned to their long-term trend of a slow decline; and data from
IRN Research shows that the number of medical negligence claims
reported to NHS Resolution grew by 8% in 2020/21. The growth in
revenue in Bush & Co. gives us confidence that the business has
grown market share in the Period.
In the first half of 2022, we continued to make progress in our
recovery from the effects of the pandemic.
Our expert witness business performed strongly, with revenue 20%
higher than H1 2021. The number of expert witness reports completed
and issued to customers increased by 11%. The number of new
instructions for expert witness reports was also up by 11%,
reflecting our focus on business development and creating a strong
pipeline of work for the future.
Our case management business has adapted to new ways of working
since the pandemic, with a mix of face-to-face and online work
required by clients. Our teams delivered 12% growth in the number
of initial needs assessments ("INAs") completed in the Period and
maintained a strong book of ongoing case management clients
generating recurring monthly revenue, but revenues were 3% lower
because online work is charged at a lower rate. We continue to
benefit from a strong pipeline of new work and instructions numbers
for INAs grew by 19% in the Period.
The division also made good progress on many of its strategic
priorities in the first half of the year. Bush Care Solutions,
which provides nurse-led care management services, was launched in
August 2021 and has been growing the number of ongoing clients
resulting in monthly recurring revenue. This initiative complements
our case management proposition and whilst it is currently a
modest, albeit profitable, contributor to the divisional results,
the early progress made gives us confidence that it can be a driver
of more significant growth in the future.
The business has also recruited 41 new associates in key
specialisms in the Period and at 30 June 2022 was working with 96
case managers and 115 expert witnesses across the UK. This
recruitment included adding to our competencies in the specialised
care of Children and Young People, which we identified last year as
a growth opportunity. I've been particularly pleased with the level
of associate recruitment that the business has achieved so far this
year, which demonstrates the high regard in which Bush & Co. is
held in the industry.
Our people
On 15 September 2022, the Board announced that Chris Higham had
been appointed as a director of the Company, in the role of Group
CFO, having been appointed acting CFO on 17 August 2021. Chris has
held a variety of roles at NAHL since 2006 and has proven himself
to be a real asset to the Group.
At the same time, the Board announced that Gillian Kent had
decided to step down as non-executive director after eight years on
the Board in order to pursue other business interests. This follows
Gillian's recent appointment to the Board of THG plc as a
Non-Executive Director. I'd like to thank Gillian for her
contribution and support during this period and wish her well for
the future.
With three independent non-executive directors and two executive
directors, the Board believes that its current composition provides
the skills and experience necessary to meet the Group's needs,
given its size and nature.
On behalf of the Board, I want to thank all our people for their
diligence and dedication to our customers during the Period. Their
continually high levels of engagement, skill and empathy allow us
to deliver our strategy and support more victims of accidents and
medical negligence.
We employed 278 people at 30 June 2022, an increase of 8% from
the end of 2021, with this growth reflecting our commitment to
investing in the continued success of NAL and Bush & Co.
Despite the challenging labour market, our People Team have done a
great job in supporting our recruitment and retention needs across
the Group, which has been aided by the increased prevalence of
remote working, allowing us to access highly skilled candidates
across the country.
To support our proposition, I am proud to say that we have built
a Group with a strong purpose, an inclusive and supportive culture
and clear leadership. Our focus on employee engagement was rewarded
in June with another set of excellent results in our annual
engagement survey, in which we improved on last year with overall
engagement score of 78% (2021: 75%). This remains significantly
higher than the UK average of 14%, and our results buck the trend
which has seen UK average engagement scores fall over each of the
last three years.
Throughout the Period, our people have participated in numerous
initiatives in support of our local communities, charities, and the
environment. This has included donating to food banks, community
garden projects, a local RSPCA rescue centre and the Rockinghorse
children's charity, in Sussex. We also proudly supported national
and international causes, including Stoke Mandeville Spinal
Research, the DEC's Ukraine Humanitarian Appeal and the Child Brain
Injury Trust.
Summary and outlook
The results for the first half of 2022 were in line with the
Board's expectations and saw the Group deliver an operating profit,
generate cash and reduce net debt.
We continued the momentum we have generated in our Personal
Injury business, increasing the number of enquiries while growing
the value of NAL's book of claims. In Critical Care, we have offset
the erosion in case management average revenue caused by COVID-19,
by growing our expert witness services and developing Bush Care
Solutions, as well as recruiting 41 new associates in key
specialisms.
As we anticipated, our profits are reduced in the short-term, as
we continue our investment in NAL, but the results we are achieving
gives me confidence that we are on track to build a more
sustainable and profitable business in the medium and
long-term.
In July and August, our Consumer Legal Services division
delivered 4% growth in personal injury enquiry numbers compared to
last year. Whilst we are yet to see any sustained growth in claim
numbers in the market, we expect to be in a better position to
judge the market's medium-term prospects early next year. Cash from
settlements in NAL has continued to grow, and GBP0.6m was collected
across July and August (H1 2021: GBP0.3m).
In Critical Care, the number of INA reports issued in July and
August was 26% ahead of last year, but the number of expert witness
reports issued was 24% lower than last year. This shortfall was
largely down to the timing of issuing reports during the summer
holiday period and we anticipate a return to growth for the
remainder of the year. The business has continued to enjoy robust
instruction levels.
We continue to maintain a tight control over costs and
discretionary spend whilst progressing our investments in both
divisions. And whilst we expect that interest rates will remain
above the historical lows that we have seen over recent years,
leading to an increase in the cost of our borrowings, we are
carefully managing the Group's net debt and anticipate it reducing
further this year.
In summary, we have made good progress and I am pleased with the
results the Group achieved in the first half of the year. Based on
our performance in H1, and early indications in H2, the Board
believes that it can navigate this period of macroeconomic
uncertainty and deliver a full year outturn in line with market
expectations.
James Saralis
Chief Executive Officer
27 September 2022
Consolidated statement of comprehensive income
for the 6 months ended 30 June 2022
Audited
Unaudited Unaudited 12 months
Note 6 months 6 months ended 31
ended 30 ended 30 December 2021
June 2022 June 2021 GBP000
GBP000 GBP000
Revenue 2 20,732 19,509 38,947
Cost of sales (11,984) (10,251) (21,352)
Gross profit 8,748 9,258 17,595
Administrative expenses (6,493) (6,799) (13,439)
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Operating profit 2 2,255 2,459 4,156
Profit attributable to members' non-controlling interests in
LLPs (1,935) (1,654) (3,451)
Financial income 37 47 85
Financial expense (307) (271) (555)
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Profit before tax 50 581 235
Taxation 3 (48) (130) (79)
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Profit and total comprehensive income for the period 2 451 156
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Profit from discontinued operations for the period 9 - 76 -
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Profit from continuing operations for the period 2 375 156
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Unaudited Unaudited 6 months Audited 12 months
6 months ended ended
ended 30 June 31 December 2021
30 June 2021
Earnings per share (p) Continuing operations 2022
----------------------------------------------- ---------- ------------------- ------------------
Basic earnings per share 6 0.0 0.8 0.3
----------------------------------------------- ---------- ------------------- ------------------
Diluted earnings per share 6 0.0 0.8 0.3
----------------------------------------------- ---------- ------------------- ------------------
Unaudited Unaudited 6 months Audited 12 months
6 months ended ended
ended 30 June 31 December 2021
30 June 2021
Earnings per share (p) Discontinued operations 2022
------------------------------------------------- ---------- ------------------- ------------------
Basic earnings per share 6 - 0.2 -
------------------------------------------------- ---------- ------------------- ------------------
Diluted earnings per share 6 - 0.2 -
------------------------------------------------- ---------- ------------------- ------------------
Consolidated statement of financial position
At 30 June 2022
Unaudited as at
Unaudited as at 30 June 30 June Audited
2022 2021 as at 31 December 2021
Note GBP000 GBP000 GBP000
----------------------------------------- ----- ------------------------ ---------------- ------------------------
Non-current assets
Goodwill 55,489 55,489 55,489
Other intangible assets 3,156 4,120 3,701
Property, plant and equipment 440 489 477
Right of use assets 2,171 2,608 2,315
Deferred tax asset 23 14 23
----------------------------------------- ----- ------------------------ ---------------- ------------------------
61,279 62,720 62,005
----------------------------------------- ----- ------------------------ ---------------- ------------------------
Current assets
Trade and other receivables (including
GBP4,692,000 (June 2021: GBP7,811,00;
December 2021:
GBP3,718,00) due in more than one year) 4 33,058 35,051 33,404
Cash and cash equivalents 1,974 3,037 2,458
35,032 38,088 35,862
----------------------------------------- ----- ------------------------ ---------------- ------------------------
Total assets 96,311 100,808 97,867
----------------------------------------- ----- ------------------------ ---------------- ------------------------
Current liabilities
Trade and other payables 5 (16,096) (17,999) (16,211)
Lease liabilities (258) (253) (242)
Member capital and current accounts (4,232) (4,587) (4,210)
Current tax liability (74) (376) (97)
(20,660) (23,215) (20,760)
----------------------------------------- ----- ------------------------ ---------------- ------------------------
Non-current liabilities
Lease liabilities (1,885) (2,125) (1,953)
Other interest-bearing loans and
borrowings (16,424) (17,950) (17,910)
Deferred tax liability (546) (705) (625)
----------------------------------------- ----- ------------------------ ---------------- ------------------------
(18,855) (20,780) (20,488)
----------------------------------------- ----- ------------------------ ---------------- ------------------------
Total liabilities (39,515) (43,995) (41,248)
----------------------------------------- ----- ------------------------ ---------------- ------------------------
Net assets 56,796 56,813 56,619
----------------------------------------- ----- ------------------------ ---------------- ------------------------
Equity
Share capital 116 115 116
Share option reserve 4,487 4,212 4,312
Share premium 14,595 14,595 14,595
Merger reserve (66,928) (66,928) (66,928)
Retained earnings 104,526 104,819 104,524
----------------------------------------- ----- ------------------------ ---------------- ------------------------
Capital and reserves attributable to the
owners of NAHL Group plc 56,796 56,813 56,619
----------------------------------------- ----- ------------------------ ---------------- ------------------------
Consolidated statement of changes in equity
for the 6 months ended 30 June 2022
Share
Share option Share Merger Retained Total
capital reserve premium reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Balance at 1 January 2022 116 4,312 14,595 (66,928) 104,524 56,619
Total comprehensive income for the period
Profit for the period - - - - 2 2
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Total comprehensive income - - - - 2 2
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Transactions with owners, recorded directly in equity
Share-based payments - 175 - - - 175
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Total transactions with owners recorded directly in
equity - 175 - - - 175
--------- --------- --------- --------- ---------- --------
Balance at 30 June 2022 116 4,487 14,595 (66,928) 104,526 56,796
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Balance at 1 January 2021 115 3,912 14,595 (66,928) 104,368 56,062
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Total comprehensive income for the period
Profit for the period - - - - 451 451
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Total comprehensive income - - - - 451 451
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Transactions with owners, recorded directly in
equity
Share-based payments - 300 - - - 300
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Total transactions with owners recorded directly in
equity - 300 - - - 300
--------- --------- --------- --------- ---------- --------
Balance at 30 June 2021 115 4,212 14,595 (66,928) 104,819 56,813
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Balance at 1 January 2021 115 3,912 14,595 (66,928) 104,368 56,062
Total comprehensive income for the year
Profit for the year - - - - 156 156
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Total comprehensive income - - - - 156 156
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Transactions with owners, recorded directly in
equity
Issue of share capital 1 - - - - 1
Share-based payments - 400 - - - 400
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Total transactions with owners recorded directly in
equity 1 400 - - - 401
--------- --------- --------- --------- ---------- --------
Balance at 31 December 2021 116 4,312 14,595 (66,928) 104,524 56,619
---------------------------------------------------- --------- --------- --------- --------- ---------- --------
Consolidated cash flow statement
for the 6 months ended 30 June 2022
Audited
Unaudited 6 months ended Unaudited 12 months ended 31
30 June 2022 6 months ended 30 June December 2021
Note GBP000 2021 GBP000 GBP000
-------------------------- ------ -------------------------- -------------------------- --------------------------
Cash flows from operating
activities
Profit for the period 2 451 156
Adjustments for:
Profit attributable to members'
non-controlling interests in
LLPs 1,935 1,654 3,451
Property, plant and equipment
depreciation 91 86 171
Right of use asset depreciation 145 153 306
Amortisation of intangible assets 624 621 1,195
Financial income (36) (47) (85)
Financial expense 307 271 555
Share-based payments 175 300 400
Taxation 48 130 79
---------------------------------- -------------------------- -------------------------- --------------------------
3,291 3,619 6,228
Decrease/(Increase) in trade and
other receivables 240 (720) 1,012
(Decrease)/Increase in trade and
other payables (115) 452 (1,337)
Cash generation from operations 3,416 3,351 5,903
Interest paid (267) (193) (398)
Tax paid (14) - (365)
---------------------------------- -------------------------- -------------------------- --------------------------
Net cash generated from operating
activities 3,135 3,158 5,140
---------------------------------- -------------------------- -------------------------- --------------------------
Cash flows from
investing activities
Acquisition of property, plant
and equipment (54) (208) (281)
Acquisition of intangible assets (79) (184) (339)
Interest received 6 1 2
Net cash used in investing
activities (127) (391) (618)
---------------------------------- -------------------------- -------------------------- --------------------------
Cash flows from
financing activities
Repayment of borrowings (1,500) (2,000) (2,000)
Issue of share capital - - 1
Facility arrangement fees - - (90)
Principal element of lease
payments (80) (95) (166)
Drawings paid to LLP members (1,912) (1,244) (3,418)
---------------------------------- -------------------------- -------------------------- --------------------------
Net cash used in financing
activities (3,492) (3,339) (5,673)
---------------------------------- -------------------------- -------------------------- --------------------------
Net decrease in cash and cash
equivalents (484) (572) (1,151)
Cash and cash equivalents at
beginning of period 2,458 3,609 3,609
Cash and cash equivalents at end
of period 1,974 3,037 2,458
---------------------------------- -------------------------- -------------------------- --------------------------
Notes to the financial statements
1. Accounting policies
General Information
The half year results for the current and comparative period to
30 June have not been audited or reviewed by auditors pursuant to
the Auditing Practices Board guidance of Review of Interim
Financial Information.
These half year results do not comprise statutory accounts
within the meaning of Section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2021 were
approved by the Board of Directors on 28 March 2022 and delivered
to the Registrar of Companies. The report of the auditors on those
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under Section 498 of
the Companies Act 2006.
In preparing the half year results, the Board has considered the
Group's ability to continue as a going concern. This assessment
included a review of management's financial forecasts, covering a
range of potential scenarios. The going concern assessment focuses
on two key areas being the ability of the Group to meet its debts
as they fall due and being able to operate within its banking
facility. The Group has access to a GBP20.0m revolving credit
facility ('RCF') with its bankers. In all of the scenarios the
Group has modelled it would have sufficient liquidity within its
current RCF to meet its liabilities as they fall due and would not
need to access additional funding.
The condensed set of financial statements was approved by the
Board of Directors on 26 September 2022.
Basis of preparation
Statement of compliance
The half year results for the current and comparative period to
30 June have been prepared in accordance with IAS 34 Interim
Financial Reporting applied in conformity with the requirements of
the Companies Act 2006 and the AIM Rules of UK companies. They do
not include all of the information required for full annual
financial statements and should be read in conjunction with the
financial statements of the Group for the year ended 31 December
2021, which have been prepared in accordance with International
Financial Reporting Standards ("IFRS") in conformity with the
requirements of the Companies Act 2006.
New and amended standards adopted by the Group
There are no new or amended standards applicable for the current
reporting period.
Use of judgements and estimates
The preparation of financial statements in conformity with IFRS
requires management to make judgements and estimates that affect
the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ
from these estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the year in which the estimates are revised and in
any future years affected.
In preparing the condensed set of financial statements, the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were of the same type as those that applied to the financial
statements for the year ended 31 December 2021.
Significant accounting policies
The accounting policies used in the preparation of these interim
financial statements for the 6 months ended 30 June 2022 are the
accounting policies as applied to the Group's financial statements
for the year ended 31 December 2021.
Statutory and non-statutory measures
The Directors have presented these alternative performance
measures (APMs) in the Interim Results because they believe they
provide additional useful information for shareholders on
underlying business trends and performance. As these APMs are not
defined by IFRS, they may not be directly comparable to other
companies' APMs. They are not intended to be a substitute for, or
superior to, IFRS measurements and the Directors recommend that the
IFRS measures should also be used when users of this document
assess the performance of the Group.
The APMs used in the Interim Results are as defined in the 2021
Annual Report and the principles to identify adjusting items have
been applied on a basis consistent with previous years.
The APMs presented in the Interim Results are defined as
follows:
Nature Related Related
of IFRS IFRS
measure measure source Definition Use/relevance
Operating Not defined n/a Calculated as cash generated Provides management with
cash by IFRS from operations divided an indication of the amount
conversion by operating profit. of cash available for
discretionary
investing or financing
after removing material
non-recurring expenditure
that does not reflect the
underlying trading operations
and allows management to
monitor the conversion
of underlying profit into
cash.
Free Not defined n/a Calculated as net cash
cash by IFRS generated
flow from operating activities
less net cash
used in investing activities
less
payments made to partner
LLP members and less
principal element of
lease payments.
--------------- ------------- -------------- ---------------------------------
Net cash/(debt) Not defined Consolidated Net cash/(debt) is defined Allows management to monitor
by IFRS cash flow as cash and cash the overall level of debt
statement equivalents less interest-bearing in the business. As stated
borrowings net of loan in the 2021 strategic report,
arrangement loan funding is key to
fees. the Group's future strategy
as an increasing proportion
of profits and cash flows
are deferred until case
settlement.
A reconciliation of each measure is provided as follows:
Cash conversion and free cash flow:
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2022 June 2021 December 2021
GBP000 GBP000 GBP000
---------------------------- ---------------------------- ---------------------------- ----------------------------
IFRS measure - Cash
generation from operations 3,416 3,351 5,903
Operating profit 2,255 2,459 4,156
Operating cash conversion 151.5% 136.3% 142.0%
Cash generation from
operations 3,416 3,351 5,903
Interest paid (267) (193) (398)
Tax paid (14) - (365)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Net cash generated from
operating activities 3,135 3,158 5,140
Net cash used in investing
activities (127) (391) (618)
Principal element of lease
payments (80) (95) (166)
Issue of share capital - - 1
Facility arrangement fees - - (90)
Drawings paid to LLP
members (1,912) (1,244) (3,418)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Free cash flow 1,016 1,428 849
---------------------------- ---------------------------- ---------------------------- ----------------------------
Net debt is defined in Note 8 to the interim financial
statements.
Financial assets and liabilities
The Group's principal financial instruments comprise cash and
cash equivalents, trade and other receivables, trade and other
payables
and interest-bearing borrowings.
Trade and other receivables
Trade and other receivables are recognised initially at fair
value. Subsequent to initial recognition, trade and other
receivables are stated at amortised cost using the effective
interest method, less any impairment losses calculated in line with
IFRS 9.
Trade and other payables
Trade and other payables are recognised initially at fair value.
Subsequent to initial recognition, trade and other payables are
stated at
amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances. Cash and cash
equivalents are repayable on demand and are recognised at their
carrying amount.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair
value less attributable transaction costs. Subsequent to initial
recognition,
interest-bearing borrowings are stated at amortised cost using
the effective interest method, less any impairment losses.
Recoverable disbursements and disbursements payable
Disbursement payables represent the balance of disbursements
incurred in the processing of personal injury claims. These
disbursements will ultimately be billed on settlement of a case or
recovered from insurance if a case should fail and so the
recoverable disbursements represents the value of disbursements
still to be billed. Disbursement payables and receivables are
recognised initially at fair value and subsequent to initial
recognition, are stated at amortised cost using the effective
interest method.
Member capital and current accounts
Member capital and current accounts represent the balances owed
to non-controlling members' in the LLPs. These consist of any
capital advances and unpaid allocated profits as at the period end.
Members capital and current accounts are classified as financial
liabilities and are recognised initially at fair value. Subsequent
to initial recognition, members capital and current accounts are
stated at amortised cost using the effective interest method.
2. Operating segments
Consumer Critical Shared Other Underlying Eliminations(2) Total
Legal Care services items operations
Services GBP000 GBP000 GBP000 GBP000 GBP000
GBP000 GBP000
6 months ended 30 June
2022
Revenue 14,061 6,671 - - 20,732 - 20,732
Depreciation and
amortisation (129) (116) (179) (436) (860) - (860)
Operating profit/(loss) 2,108 1,634 (876) (611) 2,255 - 2,255
Profit attributable to
members'
non-controlling
interests in LLPs (1,935) - - - (1,935) - (1,935)
Financial income 35 - 2 - 37 - 37
Financial expenses - (3) (304) - (307) - (307)
Profit/(loss) before tax 208 1,631 (1,178) (611) 50 - 50
Trade receivables 2,726 5,567 - - 8,293 - 8,293
Total assets(1) 29,106 6,585 78,126 - 113,817 (17,506) 96,311
Segment liabilities(1) 15,824 1,438 5,208 - 22,470 - 22,470
Capital expenditure
(including intangibles) (59) (74) - - (133) - (133)
------------------------- ---------- ----------- ----------- ----------- ----------- ---------------- ---------
6 months ended 30 June
2021
Revenue 13,557 5,952 - 19,509 - 19,509
Depreciation and
amortisation (139) (83) (176) (462) (860) - (860)
Operating profit/(loss) 2,439 1,674 (892) (762) 2,459 - 2,459
Profit attributable to
members'
non-controlling
interests in LLPs (1,654) - - - (1,654) - (1,654)
Financial income 47 - - - 47 - 47
Financial expenses - (5) (266) - (271) - (271)
Profit/(loss) before tax 832 1,669 (1,158) (762) 581 - 581
Trade receivables 4,035 4,906 - - 8,941 - 8,941
Total Assets(1) 32,767 6,047 79,500 - 118,314 (17,506) 100,808
Segment liabilities(1) (15,170) (1,371) (3,836) - (20,377) - (20,377)
Capital expenditure
(including intangibles) (30) (169) (193) - (392) - (392)
------------------------- ---------- ----------- ----------- ----------- ----------- ---------------- ---------
12 months ended 31
December 2021
Revenue 26,583 12,364 - - 38,947 - 38,947
Depreciation and
amortisation (272) (166) (363) (871) (1,672) - (1,672)
Operating profit/(loss) 3,726 3,293 (1,592) (1,271) 4,156 - 4,156
Profit attributable to
non-controlling
interest members in
LLPs (3,451) - - - (3,451) - (3,451)
Financial income 85 - - - 85 - 85
Financial expenses - (10) (545) - (555) - (555)
Profit/(loss) before tax 360 3,283 (2,137) (1,271) 235 - 235
Trade receivables 2,999 4,896 - - 7,895 - 7,895
Total assets(1) 29,625 6,335 79,413 - 115,373 (17,506) 97,867
Segment liabilities(1) (17,754) (1,306) (3,556) - (22,616) - (22,616)
Capital expenditure
(including intangibles) 60 326 234 - 620 - 620
------------------------- ---------- ----------- ----------- ----------- ----------- ---------------- ---------
1. Total assets and segment liabilities exclude intercompany
loan balances as these are not included in the segment results
reviewed by the chief operating decision maker.
2. Eliminations represents the difference between the cost of
subsidiary investments included in the total assets figure for each
segment and the value of goodwill arising on consolidation.
Geographic information
All revenue and assets of the Group are based in the UK.
Operating segments
The activities of the Group are managed by the Board, which is
deemed to be the chief operating decision maker (CODM). The CODM
has identified the following segments for the purpose of
performance assessment and resource allocation decisions. These
segments are split along product lines and are consistent with the
prior year.
Consumer Legal Services - Revenue is split along 3 separate
streams being: a) Panel - revenue from the provision of personal
injury and conveyancing enquiries to the Panel Law Firms, based on
a cost plus margin model b) Products - consisting of commissions
received from providers for the sale of additional products by them
to the Panel Law Firms, surveys and the provision of conveyancing
searches and c) Processing - in the case of our ABSs and
self-processing operations, revenue receivable from clients for the
provision of legal services.
Critical Care - Revenue from the provision of expert witness
reports and case management support within the medico-legal
framework for multi-track cases.
Shared Services - Costs that are incurred in managing Group
activities or not specifically related to a product.
Other items - Other items represent share-based payment charges
and amortisation charges on intangible assets recognised as part of
business combinations.
3. Taxation
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2022 June 2021 December 2021
GBP000 GBP000 GBP000
Current tax expense
Current tax on income for
the year 127 250 276
Adjustments in respect of
prior years - - 13
Total current tax 127 250 289
Deferred tax credit
Origination and reversal of
timing differences (79) (120) (210)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total deferred tax (79) (120) (210)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total expense in statement
of comprehensive income 48 130 79
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total tax charge 48 130 79
---------------------------- ---------------------------- ---------------------------- ----------------------------
Reconciliation of effective tax rate:
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2022 June 2021 December 2021
GBP000 GBP000 GBP000
Profit for the period 2 451 156
Total tax expense 48 130 79
Profit before taxation 50 581 235
Tax using the UK
corporation tax rate of
19.0% (June 2021: 19.0%,
December 2021:19.0%) 10 110 45
Non-deductible expenses 38 57 97
Adjustments in respect of
prior years - - 13
Share scheme deductions - - (8)
Short term timing
differences for which no
deferred tax is recognised (37) (68)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total tax charge 48 130 79
---------------------------- ---------------------------- ---------------------------- ----------------------------
The Group's tax charge of GBP48,000 (June 2021: GBP130,000,
December 2021: GBP79,000) represents an effective tax rate of 96.5%
(June 2021: 22.4%, December 2021:33.6%). The effective tax rate is
higher than the standard corporation tax rate of 19.0% for the
reasons as set out above.
Changes in tax rates and factors affecting the future tax
charge
The UK Government announced in the 2021 budget that from 1 April
2023, the rate of corporation tax in the United Kingdom will
increase from 19% to 25%. The effects are included within these
interim financial statements.
4. Trade and other receivables
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2022 June 2021 December 2021
GBP000 GBP000 GBP000
Trade receivables:
receivable in less than
one year 7,711 8,181 7,056
Trade receivables:
receivable in more than
one year 820 760 839
Accrued income: receivable
in less than one year 11,356 10,692 12,414
Accrued income: receivable
in more than one year 3,872 7,051 3,718
Other receivables 14 22 21
Prepayments 934 965 913
Corporation tax - 88 136
Recoverable disbursements 8,351 7,292 8,307
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total 33,058 35,051 33,404
---------------------------- ---------------------------- ---------------------------- ----------------------------
A provision against trade receivables of GBP467,000 (June 2021:
GBP739,000, December 2021: GBP740,000) is included in the figures
above.
Trade receivables and accrued income receivable in greater than
one year are classified as current assets as the Group's working
capital cycle is considered to be up to 36 months as extended
credit terms are offered as part of commercial agreements.
5. Trade and other payables
Unaudited 6 months ended 30 June Unaudited Audited 12 months ended 31
2022 6 months December 2021
GBP000 ended 30 GBP000
June 2021
GBP000
Trade payables 1,434 2,706 1,452
Disbursements payable 7,388 6,686 7,222
Other taxation and social
security 1,299 1,659 1,216
Other payables, accruals and
deferred revenue 5,518 6,311 5,864
Customer deposits 457 637 457
---------------------------------- ---------------------------------- ----------- ---------------------------------
Total 16,096 17,999 16,211
---------------------------------- ---------------------------------- ----------- ---------------------------------
6. Earnings per share
The calculation of basic earnings per share at 30 June 2022 is
based on profit attributable to ordinary shareholders of the parent
company of GBP2,000 (June 2021: GBP451,000, December 2021:
GBP156,000) and a weighted average number of Ordinary Shares
outstanding of 46,325,222 (June 2021: 46,240,222, December 2021:
46,245,345).
Profit attributable to ordinary shareholders
Unaudited Unaudited Audited
6 months ended 30 June 2022 6 months ended 30 June 2021 12 months ended
GBP000 GBP000 31 December 2021
GBP000
--------------------------------- ------------------------------ ------------------------------ -------------------
Profit for the period
attributable to the
shareholders 2 451 156
--------------------------------- ------------------------------ ------------------------------ -------------------
Profit for the period from
continuing operations 2 375 156
--------------------------------- ------------------------------ ------------------------------ -------------------
Profit for the period from - 76 -
discontinued operations
--------------------------------- ------------------------------ ------------------------------ -------------------
Weighted average number of Ordinary Shares
Unaudited 6 months ended Unaudited 6 months ended 30 Audited 12
30 June 2022 June 2021 months ended
Number 31 December 2021
-------------------------------- --------------------------- ------------------------------- -------------------
Issued Ordinary Shares at start
of period 46,325,222 46,240,222 46,240,222
--------------------------------- --------------------------- ------------------------------- -------------------
Weighted average number of
Ordinary Shares at end of
period 46,325,222 46,240,222 46,245,345
--------------------------------- --------------------------- ------------------------------- -------------------
Basic earnings per share (p)
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12
June 2022 June 2021 months ended
31 December 2021
-------------------------------- ------------------------------- ------------------------------- ------------------
Group (p) - continuing
operations 0.0 0.8 0.3
-------------------------------- ------------------------------- ------------------------------- ------------------
Group (p) - discontinued - 0.2 -
operations
-------------------------------- ------------------------------- ------------------------------- ------------------
Group (p) - total 0.0 1.0 0.3
-------------------------------- ------------------------------- ------------------------------- ------------------
The Company has in place share-based payment schemes to reward
employees. As at 30 June 2022, there were potentially dilutive
shares options under the Group's share option schemes. The total
number of options available for these schemes included in the
diluted earnings per share calculation is 2,329,951 (June 2021:
1,686,327, Dec 2021:1,315,881). There are no other diluting
items.
Diluted earnings per share (p)
Unaudited 6 months ended Unaudited 6 months Audited 12
30 June 2022 ended months
30 June 2021 ended
31 December 2021
------------------------------------- ------------------------- ------------------- ------------------
Group (p) - continuing operations 0.0 0.8 0.3
------------------------------------- ------------------------- ------------------- ------------------
Group (p) - discontinued operations - 0.2 -
------------------------------------- ------------------------- ------------------- ------------------
Group (p) - total 0.0 1.0 0.3
------------------------------------- ------------------------- ------------------- ------------------
7. Dividends
No dividends were paid in 2021 and the Directors have
recommended an interim dividend in respect of 2022 of nil p (2021:
interim dividend of nil p).
8. Net debt
Net debt comprises cash and cash equivalents and secured bank
loans.
Unaudited Unaudited Audited
as at 30 as at 30 as at 31 December 2021
June 2022 June 2021 GBP000
GBP000 GBP000
--------------------------------------------- ----------- ----------- ------------------------
Cash and cash equivalents 1,974 3,037 2,458
Other interest-bearing loans and loan notes (16,424) (17,950) (17,910)
Net debt (14,450) (14,913) (15,452)
--------------------------------------------- ----------- ----------- ------------------------
Lease liabilities (2,143) (2,378) (2,195)
--------------------------------------------- ----------- ----------- ------------------------
Set out below is a reconciliation of movements in net debt
during the period.
Unaudited Unaudited Audited
as at 30 as at 30 as at 31 December 2021
June 2022 June 2021 GBP000
GBP000 GBP000
------------------------------------------------------------------ ----------- ----------- ------------------------
Net decrease in cash and cash equivalents (484) (572) (1,151)
Net inflow from decrease in debt and debt financing 1,500 2,000 2,000
------------------------------------------------------------------ ----------- ----------- ------------------------
Movement in net borrowings resulting from cash flows 1,016 1,428 849
Non-cash movements - net release of prepaid loan arrangement fees (14) (49) (9)
Net debt at beginning of period (15,452) (16,292) (16,292)
------------------------------------------------------------------ ----------- ----------- ------------------------
Net debt at end of period (14,450) (14,913) (15,452)
------------------------------------------------------------------ ----------- ----------- ------------------------
Set out below is a reconciliation of movements in lease
liabilities during the period.
Unaudited Unaudited Audited
as at 30 as at 30 as at 31 December 2021
June 2022 June 2021 GBP000
GBP000 GBP000
------------------------------------------------------------ ----------- ----------- ------------------------
Net outflow from decrease in lease liabilities 80 95 166
Movement in net borrowings resulting from cash flows 80 95 166
Non-cash movements arising from initial recognition of new
lease liabilities, revisions and interest charges (28) (30) 82
Lease liabilities at beginning of the period (2,195) (2,443) (2,443)
------------------------------------------------------------ ----------- ----------- ------------------------
Lease liabilities at end of period (2,143) (2,378) (2,195)
------------------------------------------------------------ ----------- ----------- ------------------------
9. Discontinued Operations
In May 2021, the Group announced its intention to investigate a
potential sale of its Residential Property business, a sub-division
of its Consumer Legal Services operating segment. As at the 2021
interim balance sheet date, management had committed to a formal
plan for the sale of the business and were actively seeking a
buyer. As such, the results from Homeward Legal and National
Conveyancing Partners were classified as discontinued operations.
These business units had no non-current assets and no fair value
adjustments arose on this classification. Subsequently, the sale
did not proceed and whilst the Board are still investigating
options for Homeward Legal, the Group has not identified a suitable
acquirer at present and is not in any formal due diligence
discussions. Whilst possible, it is not considered to be highly
probable that a sale will take place within the next 12 months.
These entities were therefore de-classified as held for sale as at
31 December 2021 and the results are presented within the
continuing operations of the Group.
The results of these discontinued operations as presented in the
2021 interim results are as follows:
Consolidated statement of comprehensive income:
Unaudited Unaudited Audited
as at 30 as at 30 as at 31 December 2021
June 2022 June 2021 GBP000
GBP000 GBP000
------------------------------------------------------------------ ----------- ----------- ------------------------
Revenue - 1,296 -
Expenses - (1,197) -
Profit before taxation - 99 -
Taxation - (23) -
------------------------------------------------------------------ ----------- ----------- ------------------------
Profit after taxation attributable to owners of the parent - 76 -
company
------------------------------------------------------------------ ----------- ----------- ------------------------
Consolidated cash flow statement:
Unaudited Unaudited Audited
as at 30 as at 30 as at 31 December 2021
June 2022 June 2021 GBP000
GBP000 GBP000
------------------------------------- ----------- ----------- ------------------------
Cash flows from operating activities - (143) -
Cash flows from investing activities - - -
Cash flows from financing activities - - -
Net cash outflow - (143) -
------------------------------------- ----------- ----------- ------------------------
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END
IR EAFNKAENAEAA
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September 27, 2022 02:01 ET (06:01 GMT)
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