TIDMNPT
RNS Number : 6243J
Netplay TV PLC
13 September 2016
Date: 13 September 2016
On behalf NetPlay TV plc ('the Company') along
of: with its subsidiaries (the 'Group' or
'NetPlay' or 'NetPlay TV')
Embargoed 0700hrs
until:
Not for release, publication or distribution, in whole or in
part, in, into or from any jurisdiction where to do so would
constitute a violation of the relevant laws of such
jurisdiction
NetPlay TV plc
Interim Results for the six months ended 30 June 2016
NetPlay TV plc (AIM: NPT), the interactive gaming company,
announces its interim results for the six months ending 30 June
2016:
Key Performance Indicators
-- 15% increase in net revenue to GBP14.7m (H1 2015:
GBP12.7m)
-- 3% increase in new depositing players to 43,723 (H1 2015:
42,305)
-- 3% increase in active depositing players to 65,200 (H1 2015:
63,411)
Financial Highlights
-- Adjusted EBITDA([*]) increased 31% to GBP1.7m (H1 2015:
GBP1.3m)
-- Adjusted profit before tax[ ] increased 30% to GBP1.4m (H1
2015: GBP1.1m)
-- Adjusted earnings per share increased 30% to 0.52 pence per
share (H1 2015[++]: 0.40 pence per share)
-- Reported profit before tax and total comprehensive income of
GBP1.0m (H1 2015: GBP0.2m)
-- Cash and cash equivalents of GBP9.0m (H1 2015: GBP15.8m)
after one-off payments in relation to the special dividend declared
at the time of the FY2015 results (GBP2.2m).
-- Strong contribution from the B2B operating segment with
GBP2.1m of revenue and GBP0.4m to adjusted EBITDA
Operational Highlights
-- Key broadcast relationship with ITV extended for a further
three years
-- Significant roll out of new content and titles across mobile
and desktop platforms which widens the product offering for our B2C
customers
-- B2B operating segment performing ahead of expectations
Post Period Highlights
-- Launch of the UK's first Apple TV application which streams
the full suite of the Group's live roulette products to
television
Interim dividend
-- Interim dividend maintained at 0.22 pence per share (H1 2015:
0.22 pence per share)
Commenting on the results and the trading update, Bjarke Larsen,
CEO of NetPlay TV said:
"These results show that the momentum delivered in the last year
has continued into 2016 and we are very pleased to be reporting
growth in overall Group revenue and profit.
"The Group's operational performance in the period has also been
significant with not only the renewal of the ITV relationship, but
also product enhancements, new site roll-outs and, post period, the
launch of the AppleTV application.
"We set out our growth strategy at the beginning of the year and
are focused on continuing to deliver against this. There has been
significant M&A activity in the industry, and the Group, with
its solid balance sheet, is well placed to pursue those
opportunities that the board believes will be earnings
enhancing."
Enquiries:
NetPlay TV plc www.netplaytv.com
Bjarke Larsen, Chief Executive Via Redleaf Communications
Officer
Akshay Kumar, Group Finance
Director
Redleaf Communications Tel: 020 7382
4730
Rebecca Sanders-Hewett netplay@redleafpr.com
Sarah Fabietti-Dallison
Susie Hudson
Shore Capital (Nominated Adviser Tel: 020 7408
and Broker) 4090
Stephane Auton
Edward Mansfield
Notes to Editors:
About NetPlay TV plc
NetPlay TV plc operates a number of online interactive gaming
services under a UK remote operating license and Alderney gaming
licence, these include SuperCasino.com, Jackpot247.com and
Vernons.com. The Group is focused on the delivery of a converged
interactive gaming experience allowing its players to interact with
its games on a variety of platforms, TV, internet, mobile and
tablet. Its TV services can be viewed every evening on ITV and
Channel 5.
The Group also operates a B2B operating segment which is a
specialist online digital marketing, product development and
technology business. This provides a complementary and profitable
revenue stream whilst adding to the Group's capability in driving
traffic to NetPlay TV's brands.
The Company is admitted to trading on the AIM market of the
London Stock Exchange (NPT).
Operational and Financial Review
The Group's momentum delivered in 2015 has continued into the
first half of 2016 resulting in a 31% increase in adjusted EBITDA
to GBP1.7m (H1 2015: GBP1.3m) and 30% increase in adjusted earnings
per share. Significant operational progress has been made in the
first half of the year across all aspects of the business in order
to support the momentum achieved and ultimately continue to add
shareholder value.
The Group's television broadcast USP remains at the core of
NetPlay TV's strategy. The Group successfully secured an additional
three-year partnership agreement with ITV, ensuring its long-term
television arrangements remain in place on the UK's largest
commercial terrestrial TV channel until April 2019. This is
testament to the value the long term relationship brings to both
parties and in particular the Jackpot247 brand.
As a result of securing agreements with both ITV and Channel 5
(in the prior year), NetPlay TV is able to ensure that the
combination of engagement through TV and our mobile platforms
drives customer acquisition and player value both now and into the
future.
The Group has delivered improved returns for the bingo product,
having delivered a fully mobile and web responsive site for our
Vernons Bingo brand, supported by a TV advertising campaign. In
addition to rolling out the new site the team delivered a
significant number of new game titles across mbile (55) and desktop
(65), including Playtech's eagerly anticipated "Age of the Gods"
slot titles.
The Group's casino-only brands experienced slightly lower
deposits per customer which led B2C average revenue per depositing
player to decrease by 2% to GBP267 (H1 2015: GBP273). This was
following a slightly weaker Q2 on its casino-only brands. The Group
had already commenced a programme to improve its core KPIs, the
benefits of which we expect to see in H2 and beyond. This programme
includes the phased roll out of our Business Intelligence (BI)
dataroom, NetPlay TV's "one-stop-shop" for all player data and
analysis. This is a significant project which will continue to be
developed over time and supports our data led approach to marketing
following the roll-out of an automated predictive customer
retention platform across the SuperCasino and Jackpot247
brands.
Additionally during the period the Group is proactively building
on an already robust social responsibility programme by launching a
number of new features to ensure that all of our customers have the
necessary tools available to help them gamble responsibly.
The Group is pleased to report that performance of its B2B
operating segment (its digital marketing business), which was
acquired in August 2015, has performed ahead of management
expectations. Its operational performance has been strong and the
Board believes there are still significant opportunities for this
business in the coming year and beyond.
Marketing expenditure & performance
In addition to the successful extension with our two commercial
broadcast partners, our marketing strategy continues to be
effective; B2C marketing costs increased by 4% to GBP4.7m (H1 2015:
GBP4.5m) and total new depositing players have increased by 3% to
43,723 (H1 2015: 42,305) showing only a 2% increase in the Group's
cost per acquisition (CPA) to GBP173 (H1 2015: GBP169), on its
casino-only brands, despite increased competitive activity in the
UK.
The Group has successfully shown that there is a firm handle on
marketing costs and that the relationships with TV broadcast
partners continue to deliver significant value for the Group.
Income statement presentation
Statutory Adjusted Adjusted
H1 Adj. Adj. Adj. H1 H1 Adjusted
2016 1 2 3 2016 2015 2015
GBP GBP GBP GBP GBP GBP GBP
000s 000s 000s 000s 000s 000s 000s
---------------------------- --------- ----- ------ ----- -------- -------- --------
Net revenue 14,675 -- -- -- 14,675 12,748 26,253
Betting and gaming
duties (1,710) -- -- -- (1,710) (1,924) (3,761)
Marketing expenses (6,112) -- -- -- (6,112) (4,495) (9,394)
Operating expenses (2,828) -- -- -- (2,828) (3,026) (6,016)
Administrative expenses (3,009) 574 86 41 (2,308) (1,997) (4,396)
---------------------------- --------- ----- ------ ----- -------- -------- --------
Adjusted EBITDA 1,717 1,306 2,686
---------------------------- --------- ----- ------ ----- -------- -------- --------
Depreciation of property,
plant and equipment -- (166) -- -- (166) (151) (301)
Amortisation of intangible
assets acquired externally
of generated internally -- (123) -- -- (123) (72) (191)
Finance Income 12 -- -- -- 12 24 45
---------------------------- --------- ----- ------ ----- -------- -------- --------
Adjusted profit before
tax 1,440 1,107 2,239
---------------------------- --------- ----- ------ ----- -------- -------- --------
Acquisition related
and other expenses -- -- -- (41) (41) - (167)
Share based payments -- -- (86) - (86) (108) (167)
Amortisation of intangible
assets acquired through
a business combination -- (285) -- -- (285) (760) (1,281)
---------------------------- --------- ----- ------ ----- -------- -------- --------
Reported profit before
tax 1,028 -- -- -- 1,028 239 624
Income tax 19 -- -- -- 19 (2) 21
---------------------------- --------- ----- ------ ----- -------- -------- --------
Profit after tax 1,047 -- -- -- 1,047 237 645
---------------------------- --------- ----- ------ ----- -------- -------- --------
Adj 1: Reclassification of depreciation and amortisation
Adj 2: Reclassification of share based payment charge
Adj 3: Reclassification of acquisition related and other
expenses
The table above reconciles the statutory format of the income
statement to adjusted EBITDA and profit before tax which is used by
management internally to evaluate the underlying performance of the
business. In the opinion of the Board this format better reflects
the operational performance of the Group. The discussion in the
section below will focus on the adjusted information.
The B2B operating segment was created following the acquisition
of the trade and assets of the digital marketing business in August
2015. The full results of the new B2B operating segment as well as
the core B2C segment (along with prior period comparatives) are
shown in note 2 to the financial information. The Directors are
pleased with the performance of the B2B operating segment which
contributed GBP2.1m to net revenue and GBP0.4m to adjusted EBITDA
which is tracking ahead of their expectations.
Cash flow and cash generation
The table below separates player balances, working capital,
share capital issued, net finance income, acquisition related and
other expenses paid, dividends paid and cash payments in respect of
business combinations to show how adjusted EBITDA reconciles to the
net underlying cashflow:
H1 2016 H1 2015 2015
GBP'000 GBP'000 GBP'000
----------------------------- -------- -------- --------
Adjusted EBITDA 1,717 1,306 2,686
Capital expenditure paid (198) (284) (576)
Net underlying cashflow 1,519 1,022 2,110
----------------------------- -------- -------- --------
Cash conversion: adjusted
EBITDA to net underlying
cashflow 88% 78% 79%
----------------------------- -------- -------- --------
Movement in player balances (655) (242) 24
Working capital movements
and other movements (1,417) 1,902 1,213
Share capital issued 161 - -
Net finance income 30 24 45
Acquisition related and
other expenses paid (97) (119) (302)
Dividend paid (3,214) (979) (1,631)
Acquisition of digital
marketing business - - (2,645)
Deferred consideration
for digitial marketing
business (320) - -
Opening cash balance 13,000 14,186 14,186
Closing cash balance 9,007 15,794 13,000
----------------------------- -------- -------- --------
The Group continues to be cash generative, with net cash
generated from online gaming operations being GBP1.5m (H1 2015:
GBP1.0m) and an 88% conversion rate from adjusted EBITDA. The Group
now has cash and cash equivalents of GBP9.0m (H1 2015: GBP15.8m),
which net of player balances means there is corporate cash
available of GBP7.5m (H1 2015: GBP13.9m). This is equivalent to 2.7
pence per ordinary share in issue at the 30 June 2016 (4.7 pence
per ordinary share in issue at 30 June 2015).
In August 2015, the Group acquired the trade and assets of a
digital marketing business, Otherside Inc, for GBP3.2m. GBP2.6m
consideration was paid in FY 2015 with GBP0.3m deferred
considertation paid in H1 2016 and a further GBP0.2m paid in H2
2016.
During the period the Company paid a total of GBP3.2m (2015:
GBP1.0m) in respect of the final dividend and one-off special
dividend (GBP2.2m) which were both declared at the time of its
FY2015 final results and approved at the Company's AGM in May 2016.
The working capital movement in the period is due to the timing of
committed cash flow incurred in H1 2016 evidenced by total trade
and other payables reducing to GBP6.3m (2015: GBP7.8m). The level
of capex incurred has reduced to GBP0.2m (H1 2015: GBP0.3m),
however within H2 2016, the Group plans to further upgrade some its
studio broadcast equipment to enhance the television viewers'
experience.
Earnings per share
The directors have chosen to report an adjusted profit before
taxation and adjusted earnings per share as they believe these
measures better reflect the underlying performance of the Group.
These results are summarised in the table below:
H1 2016 H1 2015 2015
---------------------------------
GBP'000 GBP'000 GBP'000
--------------------------------- ----------- ----------- -----------
Adjusted profit attributable
to shareholders
Profit before taxation 1,028 239 624
Amortisation of intangible
assets acquired through
a business combination 285 760 1,281
Share based payments 86 108 167
Acquisition related & other
expenses 41 - 167
--------------------------------- ----------- ----------- -----------
Adjusted profit before
taxation 1,440 1,107 2,239
--------------------------------- ----------- ----------- -----------
Pence Pence Pence
per share per share per share
--------------------------------- ----------- ----------- -----------
Adjusted earnings per share[--] 0.52 0.40 0.81
--------------------------------- ----------- ----------- -----------
Pence Pence Pence
per share per share per share
Adjusted diluted earnings
per share(--) 0.51 0.40 0.80
--------------------------------- ----------- ----------- -----------
Dividend
Due to the continued strong cash position and generating ability
of the Group, the Board is maintaining the interim dividend payable
at 0.22 pence per share (2015 interim dividend: 0.22 pence per
share). The interim dividend will be paid on 27 October 2016 to
shareholders on the register on Friday 7 October 2016.
Post period highlights
As part of the product investment program the Group committed
in-house resource to develop its Apple TV application. This was
launched in August and allows new and existing players to stream
any of our Live Roulette wheels direct to their TV and place bets
using their mobile, tablet or desktop device.
H2 Outlook
The NetPlay TV team remains focused on delivering against the
growth strategy it set out at the start of the year, underpinned by
the Group's television broadcast USP and low customer acquisition
costs. The coming period has a clear roadmap of deliverables
including the new roulette betting game interface, the investment
into the new show's aesthetics, HD cameras for the Group's live
gaming roulette wheels, additional game variants to complement the
existing live offering and the addition of new product
verticals.
The B2B business continues to deliver in the second half of the
year and the Directors believe there is further opportunities for
future growth. The digital marketing team is focused on a number of
areas to support its growth strategy including: expanding the
affiliates pool through the launch of the Group's own affiliate
programme, improve campaign optimisation including customer
retargeting and a number of other product and operational
initiatives.
As seen in the recent weeks, the market continues to consolidate
and the Board remains open to potential M&A opportunities to
build scale particularly given the regulatory environment in which
the Group operates. NetPlay TV's ability to acquire and integrate
has been illustrated by the success of the B2B digital marketing
business acquired in the prior year, and with its continued cash
generation and strong balance sheet, the Group is well positioned
to bolster its organic growth with either bolt-on or
transformational M&A opportunities.
NetPlay TV plc
Consolidated statement of comprehensive income
for the six months ended 30 June 2016
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2015 2015 2015
GBP 000's GBP 000's GBP 000's
Note Unaudited Unaudited Audited
Net revenue 14,675 12,748 26,253
Betting and gaming duties (1,710) (1,924) (3,761)
Marketing expenses (6,112) (4,495) (9,355)
Operating expenses (2,828) (3,026) (6,016)
Administrative expenses (3,009) (3,088) (6,542)
Adjusted EBITDA[**] 1,717 1,306 2,686
Depreciation of property,
plant and equipment 4 (166) (151) (301)
Amortisation of intangible
assets 6 (408) (832) (1,472)
Acquisition related and
other expenses (41) - (167)
Share based payments (86) (108) (167)
----------------------------- ----- ---------- ---------- -------------
Profit from operations 1,016 215 579
Finance income 12 24 45
Profit before taxation 1,028 239 624
---------- ---------- -------------
Income tax credit/ (charge) 19 (2) 21
---------- ---------- -------------
Profit after taxation 1,047 237 645
========== ========== =============
Other comprehensive income
Exchange gains arising
on translation of foreign
subsidiary 6 - -
Basic earnings per share[
] 0.38 0.09 0.23
---------- ---------- -------------
Diluted earnings per
share 0.37 0.08 0.23
---------- ---------- -------------
NetPlay TV plc
Consolidated statement of financial position
as at 30 June 2016
Company registration As at As at As at
number: 03954744 30 June 30 June 31 Dec
2016 2015 2015
GBP 000's GBP 000's GBP 000's
Note Unaudited Unaudited Audited
ASSETS
Non-current assets
Property, plant and
equipment 4 346 451 445
Goodwill 5 5,237 4,171 5,232
Other intangible assets 6 3,008 1,444 3,285
Deferred tax asset 88 36 62
Total non-current
assets 8,679 6,102 9,024
---------- ---------- ----------
Current assets
Trade and other receivables 1,935 1,307 1,644
Cash and cash equivalents 9,007 15,794 13,000
Total current assets 10,942 17,101 14,644
---------- ---------- ----------
Total assets 19,621 23,203 23,668
========== ========== ==========
EQUITY AND LIABILITIES
Equity
Share capital 7 2,986 2,966 2,966
Share premium 7 809 668 668
Merger reserve 1,088 1,088 1,088
Foreign exchange reserve 6 - -
Retained earnings 8,461 10,701 10,547
Total equity 13,350 15,423 15,269
---------- ---------- ----------
Current liabilities
Trade and other payables 6,271 7,780 8,399
Total current liabilities 6,271 7,780 8,399
---------- ---------- ----------
Total equity and liabilities 19,621 23,203 23,668
========== ========== ==========
NetPlay TV plc
Consolidated statement of cash flows
for the six months ended 30 June 2016
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
GBP GBP
000's 000's GBP 000's
Unaudited Unaudited Audited
Cash flows from operating
activities
Profit for the period 1,047 237 645
Adjustments for:
Depreciation 166 151 301
Amortisation 408 832 1,472
Share based payments
charge 86 108 167
Foreign exchange gain (5) - -
Finance income (12) (24) (45)
Income tax charge/ (credit) (19) 2 (21)
(Increase)/ decrease
in trade and other receivables (308) 289 19
(Decrease)/ increase
in trade and other payables (1,815) 1,315 1,146
Decrease in provisions - (63) (63)
Net cash from operating
activities (452) 2,847 3,621
---------- ---------- -------------
Cash flows from investing
activities
Business combinations - - (2,645)
Purchase of property,
plant and equipment (67) (76) (220)
Purchase of intangible
assets (131) (208) (356)
Interest received 30 24 45
Net cash used in investing
activities (168) (260) (3,176)
---------- ---------- -------------
Cash flows from financing
activities
Net proceeds from issuance
of ordinary shares 161 - -
Dividend paid (3,214) (979) (1,631)
Deferred consideration
on business combination (320) - -
Net cash used in financing
activities (3,373) (979) (1,631)
---------- ---------- -------------
Net increase in cash (3,993) 1,608 (1,186)
========== ========== =============
Cash & cash equivalents
at beginning of period 13,000 14,186 14,186
Cash & cash equivalents
at end of period 9,007 15,794 13,000
========== ========== =============
NetPlay TV plc
Consolidated statement of changes in equity
for the six months ended 30 June 2016
Foreign
Share Share Merger Exchange Retained
capital premium reserve Reserve earnings Total
GBP GBP GBP GBP GBP GBP
000's 000's 000's 000's 000's 000's
As at 1 January
2015 2,966 668 1,088 - 11,366 16,088
Profit and total
comprehensive
income - - - - 237 237
Share based payment
charge - - - - 77 77
Dividend paid - - - - (979) (979)
As at 30 June
2015 2,966 668 1,088 - 10,701 15,423
--------- --------- --------- ---------- ---------- --------
Profit and total
comprehensive
income - - - - 408 408
Share based payment
charge - - - - 90 90
Dividend paid - - - - (652) (652)
As at 31 December
2015 2,966 668 1,088 - 10,547 15,269
--------- --------- --------- ---------- ---------- --------
Profit for the
period - - - - 1,047 1,047
Exchange gains
arising on translation
of foreign subsidiary - - - 6 - 6
Total comprehensive
income - - - 6 1,047 1,053
Shares issued
for employee
share options 20 141 - - - 161
Share based payment
charge - - - - 81 81
Dividend paid - - - - (3,214) (3,214)
As at 30 June
2016 2,986 809 1,088 6 8,461 13,350
========= ========= ========= ========== ========== ========
Notes to the interim results
1. Basis of preparation
The financial information for the year ended 31 December 2015
does not constitute the full statutory accounts for that year. The
Annual Report and Financial Statements for 2015 have been filed
with the Registrar of Companies. The Independent Auditors' Report
on the Annual Report and Financial Statement for 2015 was
unqualified, did not draw attention to any matters by way of
emphasis, and did not contain a statement under 498(2) or 498(3) of
the Companies Act 2006.
This interim report, which has neither been audited nor reviewed
by independent auditors, was approved by the board of directors on
12 September 2016. The financial information in this interim report
has been prepared in accordance with the recognition and
measurement requirements of International Financial Reporting
Standards as adopted for use in the EU (IFRSs). The accounting
policies applied by the Group in this financial information are the
same as those applied by the Group in its financial statements for
the year ended 31 December 2015 and which will form the basis of
the 2016 financial statements. A number of new and amended
standards have become effective for periods beginning on 1 January
2016, however none of these are expected to materially affect the
Group.
2. Segmental Information
The Group has two reportable segments, being the
Business-to-Customer ("B2C") and Business-to-Business ("B2B").
B2C consists of all online products and ancillary income. This
segment was known as the Online Gaming segment in prior period. The
brands operated in this division are Supercasino.com,
Jackpot247.com and Vernons.com. These brands operate online gaming
and betting products which management deem to have similar economic
characteristics and customers, and therefore are aggregated into
one reportable segment.
B2B relates to the online marketing, product development and
technology business which was acquired in August 2015.
The Board evaluates performance on the basis of segment
contribution. This measurement basis excludes head office costs not
derived from operations of any segment and are only disclosed in
total.
Income statement presentation for the 6 months ended 30 June
2016
B2C B2B Total
GBP GBP GBP
000's 000's 000's
Net revenue 12,526 2,149 14,675
Betting and gaming duties (1,710) - (1,710)
Marketing expenses (4,728) (1,384) (6,112)
Operating expenses (2,790) (38) (2,828)
Administrative expenses (1,326) (368) (1,694)
--------
Segment contribution 1,972 359 2,331
Administrative expenses - Head
Office Costs (614)
--------
Adjusted EBITDA 1,717
Depreciation of property, plant
and equipment (166)
Amortisation of intangible
assets acquired externally
or internally generated (123)
Finance income 12
Adjusted Profit before tax 1,440
Acquisition related and other
expenses (41)
Amortisation of intangible
assets acquired through business
combination (285)
Share based payments (86)
Profit before tax 1,028
========
Income statement presentation for the 6 months ended 30 June
2015
B2C B2B Total
GBP GBP GBP
000's 000's 000's
Net revenue 12,748 - 12,748
Betting and gaming duties (1,924) - (1,924)
Marketing expenses (4,495) - (4,495)
Operating expenses (3,026) - (3,026)
Administrative expenses (1,207) - (1,207)
--------
Segment contribution 2,096 - 2,096
Administrative expenses - Head
Office Costs (790)
--------
Adjusted EBITDA 1,306
Depreciation of property, plant
and equipment (151)
Amortisation of intangible
assets acquired externally
or internally generated (72)
Finance income 24
Adjusted Profit before tax 1,107
Acquisition related and other
expenses -
Amortisation of intangible
assets acquired through business
combination (760)
Share based payments (108)
Profit before tax 239
========
Income statement presentation for the year ended 31 December
2015
B2C B2B Total
GBP GBP GBP
000's 000's 000's
Net revenue 25,177 1,076 26,253
Betting and gaming duties (3,761) - (3,761)
Marketing expenses (8,770) (624) (9,394)
Operating expenses (6,003) (13) (6,016)
Administrative expenses (2,677) (278) (2,955)
--------
Segment contribution 3,966 161 4,127
Administrative expenses - Head
Office Costs (1,441)
--------
Adjusted EBITDA 2,686
Depreciation of property, plant
and equipment (301)
Amortisation of intangible
assets acquired externally
or internally generated (191)
Finance income 45
Adjusted Profit before tax 2,239
Acquisition related and other
expenses (167)
Amortisation of intangible
assets acquired through business
combination (1,281)
Share based payments (167)
Profit before tax 624
========
B2C gross income of GBP15,893,000 (H1 2015: GBP17,407,000, FY
2015: GBP33,871,000) comprises of gross gaming income of
GBP14,963,000 (H1 2015: GBP17,165,000, FY 2015: GBP33,102,000) and
ancillary income of GBP930,000 (H1 2015: GBP242,000, FY 2015:
GBP769,000). B2C net revenue of GBP12,526,000 (H1 2015:
GBP12,748,000, FY 2015: GBP25,177,000) is the B2C gross income
offset by customer incentives of GBP3,367,000 (H1 2015:
GBP4,659,000, FY 2015: GBP8,694,000).
Geographical information
External revenue Non-current assets
by location of by location of
customers assets
30 June 30 June 30 June 30 June
2016 2015 31 December 2016 2015 31 December
2015 2015
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
United Kingdom,
including
Channel Islands 12,511 12,631 24,775 5,634 5,901 5,717
British Virgin
Islands - - - 3,010 201 3,272
Rest of world:
- B2C 15 117 402 - - -
- B2B 2,149 - 1,076 35 - 35
---------- ---------- ------------ ---------- ---------- ------------
14,675 12,748 26,253 8,679 6,102 9,024
========== ========== ============ ========== ========== ============
3. Earnings per share
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
GBP 000's GBP 000's GBP 000's
Profit attributable to
shareholders
Profit after taxation 1,047 237 645
Number Number Number
of Shares of Shares of shares
Weighted average numbers
of ordinary shares in
issue (adjusted for share
consolidation described
in note 7) 277,661,905 276,743,254 276,743,254
Dilutive effect of shares
under option 4,022,984 2,993,331 4,712,789
------------ ------------ -------------
Weighted average numbers
of dilutive ordinary
shares 281,684,889 279,736,585 281,456,043
------------ ------------ -------------
Pence Pence Pence
per share per share per share
Earnings per share (EPS)[++++] 0.38 0.09 0.23
------------ ------------ -------------
Diluted earnings per
share(++++) 0.37 0.08 0.23
------------ ------------ -------------
Adjusted earnings per share
An adjusted earnings per share, based on the profit before
taxation from continuing operations and before the amortisation of
intangible assets arising on acquisitions, share based payments and
reorganisation costs, has been presented below in order to
highlight the underlying trading performance of the Group.
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
Adjusted profit attributable
to shareholders
Profit before taxation 1,028 239 624
Amortisation of intangible
assets acquired through
a business combination 285 760 1,281
Share based payments 86 108 167
Acquisition related and
other expenses 41 - 167
Adjusted profit before
taxation 1,440 1,107 2,239
----------- ----------- -------------
Pence Pence Pence
per share per share per share
Adjusted earnings per
share(++++) 0.52 0.40 0.81
----------- ----------- -------------
Pence Pence Pence
per share per share per share
Adjusted diluted earnings
per share(++++) 0.51 0.40 0.80
----------- ----------- -------------
4. Property, plant and equipment
Leasehold Computer Fixtures
improvements equipment & fittings Total
GBP 000's GBP 000's GBP 000's GBP 000's
Cost
As at 1 January
2015 465 3,391 237 4,093
Additions - 76 - 76
-------------- ----------- ------------ ----------
As at 30 June
2015 465 3,467 237 4,169
-------------- ----------- ------------ ----------
Additions - 144 - 144
-------------- ----------- ------------ ----------
As at 31 December
2015 465 3,611 237 4,313
-------------- ----------- ------------ ----------
Additions - 64 3 67
-------------- ----------- ------------ ----------
As at 30 June
2016 465 3,675 240 4,380
============== =========== ============ ==========
Depreciation
As at 1 January
2015 465 2,907 195 3,567
Charge in the
period - 140 11 151
-------------- ----------- ------------ ----------
As at 30 June
2015 465 3,047 206 3,718
-------------- ----------- ------------ ----------
Charge in the
period - 139 11 150
As at 31 December
2015 465 3,186 217 3,868
-------------- ----------- ------------ ----------
Charge in the
period - 156 10 166
-------------- ----------- ------------ ----------
As at 30 June
2016 465 3,342 227 4,034
============== =========== ============ ==========
Net book value
-------------- ----------- ------------ ----------
As at 30 June
2016 - 333 13 346
============== =========== ============ ==========
As at 31 December
2015 - 425 20 445
============== =========== ============ ==========
As at 30 June
2015 - 420 31 451
============== =========== ============ ==========
5. Goodwill
GBP
000's
Cost & net book value
As at 30 June 2015 4,171
Additions acquired through business
combination 1,061
-------
As at 31 December 2015 5,232
Exchange differences 5
-------
As at 30 June 2016 5,237
=======
6. Intangible assets
Website
Customer Domain & other Partner
data-bases Brand names develop-ment relation-ships Total
GBP GBP GBP GBP GBP GBP
000's 000's 000's 000's 000's 000's
Cost
As at 1 January
2015 6,075 460 5,401 518 997 13,451
Additions - - - 208 - 208
As at 30 June
2015 6,075 460 5,401 726 997 13,659
------------ ------- ------- -------------- ---------------- -------
Additions
-intangible assets
acquired through
business combination - - - 258 - 258
-intangible assets
acquired externally
or generated
internally 645 198 - 1,379 - 2,222
As at 31 December
2015 6,720 658 5,401 2,363 997 16,139
------------ ------- ------- -------------- ---------------- -------
Additions - - - 131 - 131
As at 30 June
2016 6,720 658 5,401 2,494 997 16,270
============ ======= ======= ============== ================ =======
Amortisation
As at 1 January
2015 5,096 58 4,991 241 997 11,383
Charge in the
period
-intangible assets
acquired through
business combination 639 23 98 - - 760
-intangible assets
acquired externally
or generated
internally 5 - 4 63 - 72
As at 30 June
2015 5,740 81 5,093 304 997 12,215
------------ ------- ------- -------------- ---------------- -------
Charge in the
period
-intangible assets
acquired through
business combination 373 31 2 115 - 521
-intangible assets
acquired externally
or generated
internally 6 - 3 109 - 118
------------ ------- ------- -------------- ---------------- -------
As at 31 December
2015 6,119 112 5,098 528 997 12,854
------------ ------- ------- -------------- ---------------- -------
Charge in the
period
-intangible assets
acquired through
business combination 64 33 50 138 - 285
-intangible assets
acquired externally
or generated
internally 3 - 3 117 - 123
As at 30 June
2016 6,186 145 5,151 783 997 13,262
============ ======= ======= ============== ================ =======
Net book value
------------ ------- ------- -------------- ---------------- -------
As at 30 June
2016 534 513 250 1,711 - 3,008
============ ======= ======= ============== ================ =======
As at 31 December
2015 601 546 303 1,835 - 3,285
============ ======= ======= ============== ================ =======
As at 30 June
2015 334 379 308 422 - 1,444
============ ======= ======= ============== ================ =======
7. Share capital
Ordinary Share
Ordinary shares Number shares premium Total
GBP
GBP 000's 000's GBP 000's
At 1 January
2015, 30 June
2015 and 31
December 2015:
ordinary shares
of 1 pence each 296,610,562 2,966 668 3,634
Employee share
option scheme:
- proceeds from
shares issued 2,026,775 20 141 161
Effect of share
consolidation (19,909,153) - - -
At 30 June 2016:
ordinary shares
of pence each 278,728,184 2,986 809 3,795
============= ========== ========= ==========
As approved at the Company's AGM which was held on 12 May 2016,
the Company undertook a share consolidation on 31 May 2016. The
purpose of the share consolidation was to seek, as far as possible,
to ensure that the market price of each ordinary share is
maintained at a broadly similar level following the approval of the
special dividend.
This effect of the share consolidation was to replace every
existing 15 ordinary shares of 1 pence each with 14 ordinary shares
of pence each. This was achieved by the Company initially issuing a
Minimis number (3) of ordinary shares of 1 pence each to ensure the
Company's ordinary share capital is divisible by 15. Following
this, each ordinary share of 1 pence each in the capital of the
Company was first sub-divided into 14 ordinary shares of pence each
(the "Intermediate Ordinary Shares"). This was immediately followed
by a consolidation of every 15 Intermediate Ordinary Shares into
one New Ordinary Share of pence.
[*] Adjusted EBITDA is reconciled on the Consolidated Statement
of Comprehensive Income. Adjusted EBITDA is non-GAAP, company
specific measure, and excludes acquisition related and other
expenses and share based payment charges
[ ] Adjusted profit before tax excludes amortisation of
intangibles arising on business combination, share based payment
charges and acquisition related and other expenses. Adjusted
earnings per share is calculated based on adjusted profit before
tax. A full reconciliation is provided in note 3
[++] Pursuant to IAS 33, the prior period adjusted earnings per
share has been adjusted for share consolidation described in note
7
[--] Pursuant to IAS 33, the prior period adjusted earnings per
share has been adjusted for share consolidation described in note
7
[**] Adjusted EBITDA is a non-GAAP, company specific measure and
excludes acquisition related other expenses and share based payment
charges
[ ] Pursuant to IAS 33, the prior period adjusted earnings per
share has been adjusted for share consolidation described in note
7
[++++] Pursuant to IAS 33, the prior period adjusted earnings
per share has been adjusted for share consolidation described in
note 7
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EANNAFSPKEFF
(END) Dow Jones Newswires
September 13, 2016 02:00 ET (06:00 GMT)
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