TIDMRDT
RNS Number : 4096I
Rosslyn Data Technologies PLC
26 November 2018
Rosslyn Data Technologies plc
("Rosslyn" or the "Company" or the "Group")
Trading Update and Unaudited Group Interim Financial Statements
for the six months ended 31 October 2018 (H1 2019)
Rosslyn Data Technologies plc (AIM:RDT), a leading provider of a
Cloud-based enterprise data analytics platform, is pleased to
announce its interim results for the half year ended 31 October
2018.
Financial Highlights
-- Group revenues up 11% to GBP3,532,015 (H1 2018 restated: GBP3,172,255)
-- Gross profit margin up 3.5% on H1 2018 (78.4% H1 2019 vs 74.9% H1 2018)
-- Operating EBITDA (excluding acquisition costs and share based
remuneration) loss reduced by more than GBP0.9M to GBP213,477 (2018
restated: loss of GBP1,118,845)
-- Cash burn reduced by over GBP2.0m vs H1 2018 (GBP160k H1 2019
vs GBP2.2m H1 2018, including GBP800k acquisition payables)
-- Annual Recurring Revenue carried forward increased by 12% vs H1 2018 (GBP5.05M vs GBP4.51m)
-- Average contract values increased by 7% to GBP85.4k per annum
Operational and Strategic Highlights
-- Our sales team continues to win contracts and recent contract
wins have led to an increase in average contract value of more than
7%
-- Customer wins during the period include a high profile global
defence organisation, a major European logistics company, a leading
UK based financial services company and a leading speciality metals
organisation
-- We have expanded our strategic partnerships in the US and
Europe, including with a global data firm, which has resulted in
growing our pipeline of opportunities considerably
-- A number of significant deals are currently under negotiation
through both direct and partner channels
-- We are on track to achieve a cash flow break-even position this fiscal year
Roger Bullen, Chief Executive, said:
"We continue to make significant progress, with the Company
being increasingly well positioned to take advantage of the growing
number of opportunities coming to us by organisations seeking to
significantly reduce the complexity, cost and time of leveraging
data to deliver savings, manage compliance and improve business
efficiencies.
Our RAPid platform is a recognised and sought-after brand,
having received numerous accolades from industry experts for its
innovative technologies that automatically aggregate, organise and
make sense of data and documents in a single user experience.
Development and design has started on the launch of new
applications residing on the RAPid platform focused on the adjacent
and high growth supply chain market Including Supplier Information
Management solutions that integrate supplier onboarding,
event-driven analytics and robotic process automation. These new
capabilities, powered by AI and machine learning techniques, will
allow clients to more effectively access all the value held within
their data stored in diverse ERP systems and unstructured data
lakes unified on the RAPid platform.
These product launches planned for 2019 calendar year will
continue to demonstrate our ability to innovate for the benefit of
our customers, and will provide our sales teams opportunities to
expand revenue with prospective clients and our loyal client
base.
We have continued to focus on reducing our cost run rate, and
our expectation remains that by the end of this financial year the
run rate will be below that of our average monthly revenues. This
combination of progress, innovation and opportunity does, we
believe, put the Company in an exciting position for the rest of
this year and beyond."
This announcement contains price sensitive information.
Enquiries:
Rosslyn Data Technologies Roger Bullen,
plc Chief Executive Officer
Lance Mercereau
Chief Marketing Officer
Cenkos Securities
-
Nominated Adviser, Stephen Keys +44(0)20 7397
Broker Max Gould 8924
Chief Executive Review
This first half of the year saw us continue to acquire new
customers, expand relationships with existing customers and
partners, grow internationally and to continue to innovate. Through
the acquisition of Integritie we have been able to develop and
integrate new technologies and robotic process automation solutions
that have been able to significantly reduce our cost base and
achieve a position very close to break-even. These technologies
have also enabled us to innovate and develop new tools for our
RAPid platform, including our Supplier Information Management
platform tools and our automated refresh hub.
I am pleased to report that our focus on integrating the
acquisition into the business has been successful, and on the
results from H1 this year, demonstrate the cost synergies
anticipated, whilst also providing us with the visibility and
confidence to expect a cash break-even position during this fiscal
year.
Customer retention rate is greater than 95% and in most clients
we are expanding our sales opportunities both through partners and
through direct channels.
We believe that the strength of the RDT RAPid platform is being
increasingly recognised in the industry, which is giving us the
opportunity to take major steps forward on a number of important
fronts, most notably our improved win loss ratio in competitive
bids. Underpinning the progress is our talented and skilled team
who are fuelling the continued development of innovative solutions
and widening the sphere of sales opportunities. This is being
played out through our growing list of clients, including the new
additions in this half year. These include many leading global
businesses and the increasing number of partnerships we are
establishing. Partnerships that bring us closer to where high
volumes of business and commerce meet, giving us the opportunity to
play a significant supplier information management role.
Our sales teams continue to gain momentum and have delivered a
strong performance. This strength and performance is demonstrated
through our increasing pipeline. Furthermore, revenue growth from
our installed customer base remains healthy as we continue to
expand our annual recurring revenues with our current customer
base. This, we believe, is evidence of success in our "land and
expand" strategy as well as of the emerging value of the Rosslyn
business model. Our customer churn remains extremely low, at less
than 5% per annum.
We remain confident that, supported by strong contracted revenue
visibility and new business momentum, we will continue to build on
the solid progress and foundations laid during the first half of
the year.
Business Review
The six months to 31 October 2018 saw revenues grow in line with
the expectations we set at the beginning of the year. At the same
time, we have been able to maintain the cost efficiencies that we
worked hard last year to deliver. The revenue growth and the cost
savings enable us to see a clear path to profitability in the
second half of the year.
Our revenue growth was achieved through our approach of being
able to assist enterprises to significantly reduce the complexities
associated with capturing and managing their data whilst improving
their analytics capabilities, reducing the costs of deploying
analytics, increasing the speed of deployment whilst also being
able to demonstrate a positive return on our clients' investments.
As enterprises modernise, we are benefiting from the migration from
traditional on-premise applications to cloud based services. The
technology value gap between a traditional on-premise solution and
our cloud-based approach is increasing as we continue to develop
faster, better and more intuitive solutions. We believe this will
assist us in improving our sales cycle metrics, accelerate our
expansion plans and maintain a low churn rate.
We are continuing to invest in our sales and marketing teams,
particularly focusing on large enterprises in key industry segments
sold predominantly through our partner channel. We have deployed
dedicated partner managers whose focus is on establishing deep and
trusted relationships with these strategic accounts. Supporting
each of these areas is a customer success team who support not just
the implementation but also the expansion of the footprint of the
platform in each account.
The Company's sales pipeline continues to grow and I am pleased
to report that we are in negotiations with a number of large
enterprises and look forward to updating shareholders in due
course. On the partner front, our focus is on making our existing
partners ever more effective in selling the benefits of the
platform through which we extend and scale our sales
capability.
We are continuing to build on our world-class and well-regarded
development team. Their depth of expertise and agile approach
enables us to respond quickly to customer needs and market
opportunities and give us an advantage over the traditional
on-premise approach.
The Group's strategy remains to build a strong and dynamic
company focused on growth and building shareholder value.
Financial Review
Group revenues increased by 11% to GBP3,532,015 (H1 2018
restated: GBP3,172,255). Operating EBITDA loss was GBP213,477 (H1
2018 restated: GBP1,118,845) with a loss after tax of GBP659,591,
of which GBP505,726 relates to amortisation of the Integritie
intangible assets (H1 2018 restated GBP1,823,835). The basic and
diluted loss per share for the period was 0.36p (H1 2018 restated
1.07p).
Cash at the end of the six month period was GBP0.4m (H1 2018:
GBP1.0m). Cash consumed in the first half equated to GBP0.15m (H1
2018: GBP2.2m). Consistent with the Group's working capital cycle,
we will be cash generating in the second half of the year.
Average headcount in the period decreased to 62 (H1 2018: 77),
which represents the synergies achieved following the acquisition
last year.
Prospects
The second half of the year has begun well. There have been a
number of new contract wins as well as expansion of our current
customer portfolio. The firm has been short listed as the preferred
vendor in the US, UK and Europe for potential new contracts which
cover a number of new exciting verticals and applications for RDT
and we look forward to updating shareholders in due course. The
contracts incorporate the combined Integritie and RAPid product
suite.
The research and development team are executing on an exciting
schedule of improvements and new technologies, which we expect to
be released into full production during the second half of this
financial year. Of note, we expect to deliver: simple self-service
tools that will enable clients to improve data management
capabilities; predictive analytical capabilities; supplier
information management capabilities and full contract to cash
management capabilities. We expect these tools to improve our
customers' risk analytics and compliance reporting capabilities
along with information and insights to support their strategic
decision making.
Our pipeline is healthy and, through the impact of our new
solutions and services, we are negotiating contracts with
significantly larger values than we have done in the past. Given
their size, these contracts are taking longer to negotiate but we
have been able to automate many internal processes, reducing the
lead-time for delivery and shortening the time to value for our
clients, although the Board is working to deliver these contract
wins during the current financial year. The ability to sign these
contracts before the year end will have a significant impact on the
outcome of our revenues, EBITDA and cash for this year.
The directors are pleased with the progress made to date and
believe that the Company is increasingly well positioned to take
advantage of opportunities. The RDT RAPid platform is emerging as a
recognised and well-regarded technology in this large and growing
market place, and through our continued and disciplined execution,
we expect progress to continue. As a result, we believe the Company
is in an exciting position for the rest of this year and
beyond.
Unaudited Consolidated Income Statement
for the Period Ended 31 October 2018
Unaudited Unaudited Audited
6 Months 6 Months
ended 31 ended 31 Year ended
October October 30 April
2018 2017 restated 2018
GBP GBP GBP
--------------------------- ------------ --------------- ------------
Annual licence fees 2,731,182 2,657,952 4,979,090
Professional services 800,833 514,303 1,453,643
---------------------------- ------------ --------------- ------------
Total revenue 3,532,015 3,172,255 6,432,733
Cost of sales (764,055) (795,423) (1,537,402)
---------------------------- ------------ --------------- ------------
GROSS PROFIT 2,767,960 2,376,832 4,895,331
Operating costs (2,981,437) (3,495,677) (6,711,058)
---------------------------- ------------ --------------- ------------
Operating EBITDA (213,477) (1,118,845) (1,815,727)
Share based costs (76,630) (106,303) (194,501)
Acquisition costs - (150,849) (150,849)
Depreciation (11,926) (20,096) (39,511)
Amortisation / impairment (505,726) (512,068) (1,387,766)
Finance costs (34,674) (65,674) (101,372)
Finance income 1,479 - 223
---------------------------- ------------ --------------- ------------
LOSS BEFORE INCOME
TAX (840,954) (1,973,835) (3,689,503)
Income tax 181,363 150,000 478,480
---------------------------- ------------ --------------- ------------
LOSS FOR THE YEAR (659,591) (1,823,835) (3,211,023)
---------------------------- ------------ --------------- ------------
Other comprehensive
income (19,767) (22,520) (22,520)
TOTAL COMPREHENIVE
INCOME (679,358) (1,846,355) (3,233,543)
============================ ============ =============== ============
Pence Pence Pence
Basic and diluted
loss per share 0.36 1.07 1.76
The notes are an integral part of these Unaudited
Group Interim Financial Statements.
Unaudited Consolidated Statement of Financial Position
Unaudited Unaudited Audited
As at 31 October As at 31 October As at 30
2018 2017 restated April
2018
GBP GBP GBP
---------------------------- ----------------- ----------------- -------------
ASSETS
NON-CURRENT ASSETS
Intangible assets 3,463,463 4,019,238 3,969,189
Property, plant
and equipment 13,918 39,789 22,844
---------------------------- ----------------- ----------------- -------------
3,477,381 4,059,027 3,992,033
CURRENT ASSETS
Trade and other
receivables 1,594,275 1,838,070 2,149,993
Corporation tax
receivable 345,000 774,875 556,673
Cash and cash equivalents 412,307 1,015,207 317,466
---------------------------- ----------------- ----------------- -------------
2,351,582 3,628,152 3,024,132
---------------------------- ----------------- ----------------- -------------
TOTAL ASSETS 5,828,963 7,687,179 7,016,165
---------------------------- ----------------- ----------------- -------------
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax (254,541) - (290,904)
Deferred Income (58,829) (87,390) (91,420)
Financial liabilities
- borrowings (91,629) (786,632) (743,809)
(404,999) (874,022) (1,126,133)
---------------------------- ----------------- ----------------- -------------
CURRENT LIABILITIES
Trade and other
payables (3,221,849) (3,068,150) (3,771,229)
Financial liabilities
- borrowings (771,333) (159,217) (330,243)
----------------------------
(3,993,182) (3,227,367) (4,101,472)
---------------------------- ----------------- ----------------- -------------
TOTAL LIABILITIES (4,398,181) (4,101,389) (5,227,605)
---------------------------- ----------------- ----------------- -------------
NET (LIABILITIES)/ASSETS 1,430,782 3,585,790 1,788,560
---------------------------- ----------------- ----------------- -------------
EQUITY
Called up share
capital 963,377 940,650 940,650
Share premium 12,777,117 12,554,894 12,554,894
Shares based payment
reserve 466,639 301,811 390,009
Forex Reserve (109,462) (89,695) (89,695)
Merger Reserve 5,133,062 5,133,062 5,133,062
Accumulated loss (17,799,951) (15,254,932) (17,140,360)
----------------------------
TOTAL EQUITY 1,430,782 3,585,790 1,788,560
---------------------------- ----------------- ----------------- -------------
The notes are an integral part of these Unaudited Group
Interim Financial Statements.
Unaudited Consolidated Statement of Changes in Equity
for the Period Ended 31 October 2018
CALLED SHARE ACCUMULATED FOREX SHARE MERGER TOTAL
UP SHARE BASED LOSS RESERVE PREMIUM RESERVE EQUITY
CAPITAL PAYMENT RESERVE
RESERVE
GBP GBP GBP GBP GBP GBP GBP
-------------------------- ---------- --------- ------------- ---------- ----------- ---------- ------------
Balance as at 30 April
2016 378,829 166,107 (11,719,947) (33,411) 8,517,060 5,133,062 2,441,700
Prior year adjustment
for IFRS 15 (415,969) (415,969)
Balance as at 30 April
2016 restated 378,829 166,107 (12,135,916) (33,411) 8,517,060 5,133,062 2,025,731
Issue of share capital -
Share based transaction 59,000 59,000
Share based payment reserve
release (6,831) 6,831 -
Income statement (1,823,020) (1,823,020)
Other comprehensive
income (33,764) (33,764)
Balance as at 30 April
2017 restated 378,829 218,276 (13,952,105) (67,175) 8,517,060 5,133,062 227,947
Issue of share capital
15.05 561,821 4,494,570 5,056,391
Offset of share issue
costs (456,736) (456,736)
Share based transaction 194,501 194,501
Share based payment reserve
release (22,768) 22,768 -
Income statement (3,211,023) (3,211,023)
Other comprehensive
income (22,520) (22,520)
-------------------------- ---------- --------- ------------- ---------- ----------- ---------- ------------
Balance as at 30 April
2018 940,650 390,009 (17,140,360) (89,695) 12,554,894 5,133,062 1,788,560
========================== ========== ========= ============= ========== =========== ========== ============
Issue of share capital
23.07 22,727 227,273 250,000
Share issue costs (5,050) (5,050)
Share based transaction 76,630 76,630
Share based payment reserve -
release
Income statement (659,591) (659,591)
Other comprehensive
income (19,767) (19,767)
-------------------------- ---------- --------- ------------- ---------- ----------- ---------- ------------
Balance as at 31 October
2018 963,377 466,639 (17,799,951) (109,462) 12,777,117 5,133,062 1,430,782
========================== ========== ========= ============= ========== =========== ========== ============
Unaudited Consolidated Statement of Cash Flows
for the Period Ended 31 October 2018
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31-Oct-18 31-Oct-17 30-Apr-18
GBP GBP GBP
--------------------------------------- ---------- ------------ ------------
Cash flows used in operating
activities
Cash used in operations (238,251) (2,165,245) (3,450,562)
Finance costs paid (34,568) (65,674) (94,875)
Corporation tax received 356,673 - 473,956
Other comprehensive Income (19,767) (22,520) (22,520)
---------- ------------ ------------
Net cash used in operating
activities 64,087 (2,253,439) (3,094,001)
--------------------------------------- ---------- ------------ ------------
Cash flows used in investing
activities
Acquisition of subsidiary - (1,187,923) (1,187,923)
Purchase of property, plant
and equipment (3,000) (19,231) (19,223)
Proceeds from sale of property,
plant and equipment - - 475
---------- ------------ ------------
Net cash used in investing
activities (3,000) (1,207,154) (1,206,671)
--------------------------------------- ---------- ------------ ------------
Cash flows generated from financing
activities
New loans in year - - 278,266
Repayment of Borrowings (211,196) (408,688) (544,616)
Proceeds from share issuance 250,000 5,056,391 5,056,391
Costs of share issuance (5,050) (456,736) (456,736)
Net cash generated from financing
activities 33,754 4,190,967 4,333,305
--------------------------------------- ---------- ------------ ------------
Increase in cash and cash equivalents 94,841 730,374 32,633
Cash and cash equivalents at
beginning of period 317,466 284,833 284,833
---------- ------------ ------------
Cash and cash equivalents at
end of period 412,307 1,015,207 317,466
======================================= ========== ============ ============
The reconciliation of loss before income tax to cash
generated from operations is shown overleaf.
The notes are an integral part of these Unaudited Group
Interim Financial Statements.
RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED
FROM OPERATIONS
Unaudited Unaudited Audited
Period Period Year
ended ended ended
31-Oct-18 31-Oct-17 30-Apr-18
Notes GBP GBP GBP
----------------------------------------- ------ ---------- ------------ ------------
Loss before income tax (840,954) (1,973,835) (3,689,503)
Share based payments 76,630 106,303 194,501
Depreciation charges 4 11,926 20,096 39,511
Profit on disposal of fixed assets - - (232)
Amortisation / impairment charges 4 505,726 512,068 1,387,766
Costs to acquire subsidiary - 150,849 150,849
Finance costs 34,674 65,674 101,372
(211,998) (1,118,845) (1,815,736)
Decrease in trade and other receivables 555,718 1,282,100 970,177
(Decrease) in trade and other
payables (581,971) (2,328,500) (2,605,003)
Cash used in operations (238,251) (2,165,245) (3,450,562)
========================================= ====== ========== ============ ============
The notes are an integral part of these Unaudited Group Interim
Financial Statements.
Notes to the Unaudited Group Interim Financial Statements for
the six months ended 31 October 2018
1. Nature of operations and general information
The principal activity of the Company and its subsidiaries
(together the Group) is the provision of data analytics using a
proprietary platform, data capture, data mining and workflow
management.
Rosslyn Data Technologies plc is the group's ultimate parent
company. It is incorporated and domiciled in the UK. The registered
office of the Company is 60 St Martin's Lane, Covent Garden, London
WC2N 4JS, which is also the principal place of business for its UK
based operating subsidiary, Rosslyn Analytics Limited.
Rosslyn Data Technologies plc's shares are listed on AIM, a
market operated by the London Stock exchange. This consolidated
unaudited half-yearly report was approved by the Board of Directors
on 22 October 2018.
The financial information set out in this half-yearly financial
report does not constitute statutory accounts as defined in
Sections 434(3) and 435(3) of the Companies Act 2006. The Group's
statutory financial statements for the year to 30 April 2017 have
been filed with the Registrar of Companies and are available at
www.rosslyndatatechnologies.com. The auditors' report on those
financial statements was unqualified and did not contain any
statement under Section 498(2) or Section 498(3) of the Companies
Act 2006.
2. Basis of preparation
The financial information presented in this document has been
prepared in accordance with the recognition and measurement
principles of International Financial Reporting Standards (IFRS)
and International Financial Reporting Interpretations Committee
(IFRIC) interpretations that are expected to be applicable for the
year ending 30 April 2019. The principal accounting policies used
in preparing these Interim Results are unchanged from those adopted
and disclosed in the audited financial statements for the year
ended 30 April 2018.
The financial information in this statement relating to the six
months ended 31 October 2018 has neither been audited nor reviewed
pursuant to guidance issued by the Auditing Practices Board. The
financial information for the period ended 31 October 2018 does not
constitute the full statutory accounts for that period. The
financial information in this statement relating to the six months
ended 31 October 2017 has not been audited and does not constitute
full statutory accounts for that period. The Annual Report and
Financial Statements for 2018 have been filed with the Registrar of
Companies. The Independent Auditor's Report on the Annual Report
and Financial Statements for 2018 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.
3. Accounting policies
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 30 April 2018.
4. Segmental Reporting
All segment revenue, loss before taxation, assets and
liabilities are attributable to the principal activity of the Group
being the provision of data analytics using a proprietary form and
other related services.
6 month period ended 31 October
2018
-------------------------------------
UK USA Total
------------------------------- ------------ --------- ------------
GBP GBP GBP
Income
Annual licence fees 2,414,176 317,006 2,731,182
Professional services 687,075 113,758 800,833
------------------------------- ---------
Total revenue 3,101,251 430,764 3,532,015
Operating EBITDA (149,496) (63,981) (213,477)
Share based costs (76,630) - (76,630)
Acquisition costs - - -
Depreciation (11,926) - (11,926)
Amortisation / impairment (505,726) - (505,726)
Finance costs /income (34,674) - (34,674)
-------------------------------
Loss before income tax (778,452) (63,981) (842,433)
=============================== ============ ========= ============
Total assets 5,634,127 194,836 5,828,963
=============================== ============ ========= ============
Total liabilities (4,643,982) 245,801 (4,398,181)
=============================== ============ ========= ============
Capital expenditure during
the year
Intangible assets - - -
Property, plant and equipment 3,000 - 3,000
=============================== ============ ========= ============
6 month period ended 31 October
2017 - restated
--------------------------------------
UK USA Total
---------------------------------- ------------ ---------- ------------
GBP GBP GBP
Income
Annual licence fees 2,434,029 223,923 2,657,952
Professional services 428,852 85,451 514,303
----------------------------------
Total revenue 2,862,881 309,374 3,172,255
Operating EBITDA (944,193) (174,652) (1,118,845)
Share based costs (106,303) (106,303)
Acquisition costs (150,849) (150,849)
Depreciation (19,960) (136) (20,096)
Amortisation / impairment (512,068) - (512,068)
Finance costs /income (65,674) - (65,674)
----------------------------------
Loss before income tax (1,799,047) (174,788) (1,973,835)
================================== ============ ========== ============
Total assets 7,340,691 346,488 7,687,179
================================== ============ ========== ============
Total liabilities (4,017,985) (83,404) (4,101,389)
================================== ============ ========== ============
Capital expenditure during
the year
Intangible assets on acquisition
of subsidiary 4,993,325 - 4,993,325
Property, plant and equipment 19,231 - 19,231
================================== ============ ========== ============
Year ended 30 April 2018
--------------------------------------
UK USA Total
---------------------------------- ------------ ---------- ------------
GBP GBP GBP
Income
Annual licence fees 4,482,522 496,568 4,979,090
Professional services 1,217,650 235,993 1,453,643
---------------------------------- ------------ ---------- ------------
Total revenue 5,700,172 732,561 6,432,733
Operating EBITDA (1,553,395) (262,332) (1,815,727)
Share based costs (194,501) (194,501)
Acquisition costs (150,849) (150,849)
Depreciation (39,375) (136) (39,511)
Amortisation / impairment (1,387,766) - (1,387,766)
Finance costs /income (101,149) - (101,149)
----------------------------------
Loss before income tax (3,427,035) (262,468) (3,689,503)
================================== ============ ========== ============
Total assets 6,543,398 472,767 7,016,165
================================== ============ ========== ============
Total liabilities (5,051,343) (176,262) (5,227,605)
================================== ============ ========== ============
Capital expenditure during
the year
Intangible assets on acquisition
of subsidiary 4,993,325 - 4,993,325
Property, plant and equipment 19,233 - 19,233
================================== ============ ========== ============
5. Basic and diluted loss per share
Basic earnings per share is calculated by diving the net loss
for the period attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the
period.
Diluted earnings per share is calculated by dividing net profit
for the period attributable to ordinary shareholders outstanding
during the period plus the weighted average number of ordinary
shares that would be issued on the conversion of all dilutive
potential ordinary shares into ordinary shares.
Unaudited Unaudited Audited
6 Months 6 Months
ended ended 31 Year ended
31 October October 30 April
2018 2017 restated 2018
GBP GBP GBP
------------------------------------- ------------ --------------- ------------
Loss for the period attributable
to the owners of the parent (679,358) (1,846,355) (3,233,543)
Weighted average number of ordinary
shares 190,625,126 179,580,613 183,820,205
------------------------------------- ------------ --------------- ------------
Pence Pence Pence
Basic and diluted loss per share:
ordinary shareholders 0.36 1.07 1.76
===================================== ============ =============== ============
Earnings per share has been calculated in accordance with IAS
33.
6. Principal risks and uncertainties
The principal risks and uncertainties for this 6 month period
remain broadly consistent with those set out in the Financial
Review section of the financial statements of the Group for the
year ended 30 April 2018.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR LFFVILELEFIT
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