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RNS Number : 6719M
Cello Health PLC
18 September 2019
 

 

18 September 2019

 

Cello Health plc

('Cello' or the 'Group')

 

Interim Results for the six months to 30 June 2019

 

Cello Health continues to deliver strong growth

 

Cello Health plc (AIM: CLL), the healthcare-focused advisory group, today announces its interim results for the six month period to 30 June 2019.

 

Group Financial Highlights

 

·      Net revenue up 6.8% to £54.5m (H1 2018: £51.0m)

·      Like-for-like1 constant currency net revenue growth of 4.5%

·      Cello Health divisional net revenue growth of 11.6% (like for like constant currency growth of 8.2%)

·      Cello Signal divisional net revenue decline of 0.1% (like for like constant currency decline of 1.0%)

·      Headline profit before tax2 up 12.7% to £5.7m (H1 2018: £5.1m)

·      Headline operating margin3 improves to 10.9% (H1 2018: 10.4%)

·      Headline basic earnings per share up 12.7% to 4.08p (H1 2018: 3.62p)

·      Statutory profit before tax up 39.7% to £4.7m (H1 2018: £3.3m)

·      Statutory basic earnings per share up 40.3% to 3.31p (H1 2018: 2.36p)

·      Strong cash flow for the period

·      Net funds4 at 30 June 2019 of £2.2m (30 June 2018: net debt of £5.4m)

·      Interim dividend up 4.5% to 1.15p (H1 2018: 1.10p)

 

Like-for-like comparisons remove the impact of acquisitions and results from start-ups in 2017 (see note 3)

2 Headline measures are stated before non-headline charges (see note 3)

3 Headline operating margin is defined as headline operating profit as a percentage of segmental net revenue

4 Net funds excludes lease liabilities that arise as a result of the adoption of IFRS 16

 

Divisional Financial Highlights

 

H1

Cello Health

Cello Signal

£'000

2019

2018

% Growth

2019

2018

% Growth

Segmental net revenue

35,006

31,378

11.6%

19,446

19,459

(0.1%)

Headline operating profit

6,521

5,659

15.2%

1,219

1,244

(2.0%)

Headline operating margin

18.6%

18.0%

 

6.3%

6.4%

 

 

·      New segmental presentation for Cello Signal from 1 January 2020 separating out Pulsar, the Group's software business

 

Operating Highlights

 

·      Strong growth across Cello Health, particularly in the US

·      New Berlin office now fully servicing European clients

·      Acquisition of ISS in August 2019 further strengthens Cello Health's US advisory capability

 

 

Mark Scott, Chief Executive, commented:

 

"The first half of 2019 has continued to see strong growth from Cello Health, notably in the US market. Cello Health Communications and Cello Health Consulting have made particularly pleasing progress. The addition of ISS in August will help contribute to this momentum and has added critical regulatory expertise. Good revenue visibility for the remainder of the year gives us confidence for a strong full year outcome."

 

Enquiries:

 

Cello Health plc

 

Mark Scott, Chief Executive

020 7812 8460

Mark Bentley, Group Finance Director

 

www.cellohealthplc.com

 

 

 

Cenkos Securities

 

Giles Balleny, Harry Hargreaves

020 7397 8900

 

 

Buchanan

 

Mark Court, Jamie Hooper, Sophie Wills

020 7466 5000

[email protected]

 

 

 

Notes to Editors

Cello Health plc is a global healthcare-focused advisory Group comprised of a set of leading clinical, commercial advisory and digital delivery capabilities. Cello Health plc currently services 24 of the top 25 pharmaceutical clients globally, as well as a wide range of biotech, diagnostics, devices and other key non-healthcare clients.

Cello Health plc enables clients to commercialise, differentiate their assets, and drive brand success in ever more complex global markets. The business delivers its services through nearly 1,000 highly skilled professionals, utilising latest thinking, technology and digital solutions.

Cello Health plc delivers its services from an office network in the UK, USA, and Asia, with hub offices in New York City, Philadelphia PA, London, Edinburgh, Farnham and Cheltenham.

For further information, please visit: https://cellohealthplc.com

 

 

Chairman's Statement

 

Overview

 

The Group has had an excellent first half of the year as it continues to execute its strategy of building and growing a global healthcare-focused advisory group. Constant currency like-for-like net revenue growth was very good at 4.5%, and the Cello Health division grew constant currency like-for-like net revenue by 8.2%. The client base of the Group remains robust: 24 of the top 25 global pharmaceutical businesses are clients, complemented by a wide range of biotech and other clients.

 

The Group now earns 34.1% of its net revenue from US domiciled businesses (2018: 29.8%) and the Cello Health division derives 49.5% (2018: 45.2%) of its net revenue from its US based businesses. The relative strength of the US dollar has helped reported operating profit in the first half by around £0.2m, and this effect is expected to continue for the rest of 2019. The Group was pleased to complete the acquisition of ISS, a scientific consulting firm specialising in strategic counsel and regulatory support for the healthcare industry in the US, in August 2019. This acquisition will further strengthen the US presence of the Group as well as adding key complementary regulatory expertise.

 

Cello Signal had a satisfactory first half, with good performances in a number of underlying core activities where margins have continued to rise. This improvement is somewhat masked by the ongoing investment profile of Pulsar, the Group's social media software sales business, which is more capex intensive. We intend to enhance our disclosure of the performance of Signal and Pulsar by disclosing Pulsar separately as a separate segment from 1 January 2020.

 

The Group has continued to trade well over the summer months, and the Board is confident about meeting its upgraded expectations for the full year. The Group's cash flow remains strong, which means the business is in a strong position to accelerate its growth rate with ongoing acquisition opportunities.

 

Financial Review

 

Net revenue for the six months to 30 June 2019 increased 6.8% to £54.5m (2018: £51.0m) on revenue which increased 3.0% to £79.5m (2018: £77.2m). Reported like-for-like net revenue growth was 6.7% and the constant currency growth rate was 4.5%. Headline operating profit was up 12.3% to £5.9m (2018: £5.3m). The headline operating margin increased to 10.9% (2018: 10.4%). Headline profit before tax was up 12.7% to £5.7m (2018: £5.1m). Further detail on these numbers is provided in the operating review.

 

Reported operating profit was up 37.4% to £4.9m (2018: £3.5m). The reported operating margin increased to 9.0% (2018: 7.0%).

 

The Group earned 34.1% (2018: 29.8%) of its total net revenue from US domiciled businesses, which is therefore denominated in dollars. As such the Group carries a certain amount of foreign exchange risk. The average dollar conversion rate into sterling in the period was $1.29 (2018: $1.38). If exchange rates had been constant in the period, net revenue from the Group US domiciled entities would have been approximately £1.1m lower, and operating profits would also have been approximately £0.2m lower. For the full year, with the dollar continuing its recent strength, the Group expects this impact to continue. Our current forecast average rate for the full year of 2019 is $1.26 (2018 full year $1.34).

 

The reported tax charge for the period is £1.1m (2018: £0.8m), which incorporates a headline effective tax rate of 23.7% (2018: 24.7%).

 

Headline basic earnings per share were up 12.7% to 4.08p (2018: 3.62p). Statutory earnings per share were up 40.3% to 3.31p (2018: 2.36p).

 

The Group's net funds at 30 June 2018 were £2.2m (31 December 2018: net funds of £6.3m; 30 June 2018: net debt of £5.4m). This decrease in net funds in the period is consistent with management expectations and relates to normal seasonality. The Group expects to experience strong positive cash flow in the second half as it has done in the past. Total debt facilities are £24.0m and expire in March 2022.

 

The Group has deferred consideration obligations in respect of the acquisitions in 2017 of Defined Health Research Inc and Cancer Progress LLC ("Defined Health") and Advantage Health Inc ("Advantage Healthcare"). During the period $2.25m of these obligations were settled by the payment of $1.71m in cash and the issue of $0.54m in new ordinary shares. Remaining obligations are contingent on future performance and are forecast to reach a further $3.4m, of which $2.0m has been provided for by 30 June 2019. Post this period, in August 2019, the Group acquired the assets of ISS for initial consideration of $6.4m, and a deferred contingent consideration of up to $4.1m.

 

The Group has adopted IFRS 16 Leases for the first time on 1 January 2019. The impact of this adoption on the balance sheet is that the Group recognised total right of use assets of £11.9m, and associated lease liabilities of £11.3m. The right of use assets are depreciated over the length of the leases, and rent payable is treated as a capital payment against the lease liability. After these movements in the period, the lease liability at 30 June 2019 is £10.5m, and the related value of the right of use assets is £11.0m. The net impact of all these adjustments compared with the results before adoption of IFRS 16 is a negligible impact on operating profit and a £0.1m reduction in profit before tax. The detailed impact of this change in accounting standards is disclosed in note 13.

 

The following table is a reconciliation between headline operating profit and statutory profit before tax.. Restructuring costs of £0.2m in Cello Signal (2018: £nil) relate to redundancy costs in Signal. As anticipated, losses of £0.2m were incurred from continued investment in start-up activity. This activity is disclosed below headline operating profit. The start-up losses in 2019 relate solely to the recent launch of the Berlin office within the Cello Health division. The Group expects start-up losses of this type to continue to be minimal in 2019. Results from start-up operations are not allocated to a segment.. The acquisition related costs of £0.3m (2018: £1.0m) relate to necessary accounting charges for the deferred consideration arising from the acquisition of Defined Health and Advantage Healthcare in 2017

 

 

2019

£m

2018

£m

Headline operating profit

5.9

  5.3

Restructuring costs

(0.2)

-

Start-up losses

(0.1)

(0.5)

Share option charges

(0.2)

(0.2)

Acquisition related costs

(0.3)

(1.0)

Amortisation of acquired intangible assets

 

(0.2)

(0.1)

Statutory operating profit

4.9

3.5

Net finance costs

(0.2)

(0.2)

Statutory profit before tax

4.7

3.3

 

 

Interim Dividend

 

The interim dividend rises 4.5% to 1.15p (2018: 1.10p). The interim dividend is payable on 1 November 2019 to all shareholders on the register on 4 October 2019. The Group has a progressive dividend policy and an unbroken record of annual dividend growth since it began paying dividends in 2006.

 

 

Operating Review

 

Cello Health

 

 

H1 2019

H1 2018

Full year 2018

 

£'000

£'000

£'000

Segmental net revenue

35,006

31,378

64,308

Headline operating profit

6,521

5,659

11,890

Headline operating margin

18.6%

18.0%

18.5%

 

The Cello Health division had an excellent first half, in particular in the US. Overall net revenue increased by 11.6% to £35.0m (2018: £31.4m). On a constant currency basis like-for-like net revenue grew by 8.2%. Headline operating profit also grew by 15.2% to £6.5m (2018: £5.7m). On a constant currency basis this growth rate was 10.9%. The core positioning of the business with large pharmaceutical and biotech clients has continued to develop strongly.

 

The Consulting and Communication capabilities both had very strong periods. This was driven by existing clients spending more in the UK and the US, and also by a number of large biotech projects being won. The new Philadelphia office is now running fully utilised and the early stage Boston office will shortly be expanded. The business has also significantly enlarged its space commitment in Yardley PA.

 

The Insight capability has had a slower first half in 2019 against a tough comparative. However, this area is traditionally second half weighted and this trend looks set to continue in 2019. During the period the Berlin office was opened and incremental project work is now being won successfully from it under the new team.

 

On 15 August 2019 the Group completed the acquisition of the trade and assets of Innovative Science Solutions LLP ("ISS"), a scientific consulting firm specialising in strategic counsel and regulatory support for the healthcare industry in the US. Initial consideration was $6.4m paid in cash, with a further deferred consideration of up to $5.4m payable over the period of 1 August 2019 to 31 July 2024. The acquisition reflects the Group's strategy of expanding further into the US and adds a key incremental component to the offering of strategic counsel and regulatory support to the healthcare industry.

 

Overall, visibility and momentum remains strong across Cello Health, supporting a strong outlook for 2019 and beyond.

 

 

Cello Signal

 

 

H1 2019

H1 2018

Full year 2018

 

£'000

£'000

£'000

Segmental net revenue

19,446

19,459

39,971

Headline operating profit

1,219

1,244

3,739

Headline operating margin

6.3%

6.4%

9.4%

 

Overall Cello Signal had a flat first six months. Overall segmental revenue was almost identical to 2018 at £19.4m (2018: £19.5m). Headline operating profit was also flat at £1.2m (2018: £1.2m).

 

However, strong results have been achieved across a large proportion of Signal's core business, with notable improvements in core operating profit margins. Signal's Edinburgh based communications business and London based research business are now at improved and competitive margin levels. Client spend from the long standing blue-chip client list has been robust during the period.

 

This positive result has been masked by Pulsar which as a software business has very different performance characteristics from the core Signal business. Pulsar is impacted by higher levels of amortisation than occur in the rest of the Group. Post the exit of Facebook in 2017 as a data provider, general growth in this social media analytics market has been slower.

 

In order to reflect the revised management operating and reporting structure, the results of Pulsar will be presented separately from 1 January 2020. If this presentation was adopted for these interim results, the segmental split of Signal Group would have been as follows:

 

 

 

 

 

Current Cello Signal divisional segmental result

 

Proposed segmental disclosure
from 1 January 2020

 

 

 

Cello Signal

Pulsar

 

H1 2019

H1 2018

H1 2019

H1 2018

H1 2019

H1 2018*

 

£'000

£'000

£'000

£'000

£'000

£'000

Segmental net revenue

19,446

19,459

17,549

17,589

1,897

2,043

Headline operating profit

1,219

1,244

1,625

1,386

(406)

(607)

Headline operating margin

6.3%

6.4%

9.3%

7.9%

(21.4%)

(29.7%)

 

*This data includes the financial performance of Pulsar US in 2018 which was treated as a start-up in that period.

 

The above analysis shows the underlying headline operating margin improvement in core Cello Signal (exc. Pulsar) from 7.9% to 9.3%. Due to historic client spending patterns, this business structurally has higher levels of activity in the second half of the year and this trend is expected to continue.

 

The Pulsar results for 2019 include the results from the US operation, which is loss making. In the prior years this loss was disclosed as a start-up and not within headline operating profit. The operating losses in Pulsar US have dropped from £0.6m in 2018 to £0.4m in 2019.

 

Central and unallocated Costs

 

Central and unallocated costs include PLC central costs and the impact of the adoption IFRS 16, which is negligible. These costs have risen from £1.6m to £1.8m in the first half of 2019 reflecting the increased costs of running the necessary central functions of the Group, particularly in the US which is now a significant component of the Group.

 

Outlook

 

The Group has continued to trade well over the summer period and overall net revenue visibility remains good. The Group is already beginning to see some of the earnings enhancing benefits from acquiring ISS, and further acquisitions are being appraised. Accordingly, the Board remains confident of delivering a full year result at least in line with market expectations.

 

Chris Jones

Chairman

18 September 2019

 

Condensed Consolidated Income Statement

For the six months ended 30 June 2019

 

 

 

 

 

Notes

 

Unaudited

Six months ended

30 June 2019

£'000

Restated (note 14)

Unaudited

Six months ended

30 June 2018

£'000

 

Audited

Year ended

 31 December 2018

£'000

 

 

 

 

 

Continuing operations

 

 

 

 

Revenue

4

79,523

77,188

 165,573

Third-party project costs

 

(25,061)

(26,177)

(60,757)

 

 

              

              

              

Net revenue

3

54,462

51,011

104,816

 

 

 

 

 

Administrative expenses

 

(49,585)

(47,462)

(96,058)

 

 

              

              

              

Operating profit

 

4,877

3,549

8,758

 

 

 

 

 

Finance income

5

2

-

1

Finance costs

5

(224)

(218)

(340)

 

 

              

              

              

Profit before taxation

 

4,655

3,331

8,419

 

 

 

 

 

Taxation

6

(1,119)

(840)

(1,801)

 

 

              

              

              

Profit attributable to owners of the parent

 

3,536

2,491

6,618

 

 

              

              

              

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

8

3.31p

2.36p

6.27p

 

 

 

 

 

Diluted earnings per share

8

3.25p

2.32p

6.14p

 

 

 

 

 

 

 

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2019

 

 

Unaudited

Six months ended

30 June 2019

£'000

Unaudited

Six months ended

30 June 2018

£'000

Audited

Year ended

31 December 2018

£'000

 

 

 

 

Profit for the period

3,536

2,491

6,618

 

 

 

 

Other comprehensive income:

 

 

 

Exchange differences on translation of foreign operations

127

104

590

 

              

              

              

Total comprehensive income for the period

3,663

2,595

7,208

 

              

              

              

 

 

 

 

 

 

Condensed Consolidated Balance Sheet

As at 30 June 2019

 

 

 

 

 

Notes

 

Unaudited

30 June 2019

£'000

 

Restated (note 14)

Unaudited

30 June 2018

£'000

 

Audited

31 December 2018

£'000

Goodwill

9

73,703

73,172

73,623 

Intangible assets

 

1,256

1,155

1,388

Property, plant and equipment

 

2,671

2,946

2,931 

Right-of-use assets

13

11,017

-

-

Deferred tax assets

 

1,670

1,352

 1,513

 

 

               

               

               

Non-current assets

 

90,317

78,625

79,455

 

 

               

               

               

 

 

 

 

 

Trade receivables

 

24,477

26,933

35,260

Contract assets

 

11,868

7,895

6,798

Other receivables

 

6,747

8,951

5,800

Cash and cash equivalents

 

3,745

1,868

10,424

 

 

               

               

               

Current assets

 

46,837

45,647

58,282

 

 

               

               

               

 

 

 

 

 

Trade and other payables

 

(22,026)

(23,199)

(30,949)

Contract liabilities

 

(11,876)

(8,977)

(14,004)

Current tax liabilities

 

(884)

(412)

(389)

Borrowings

 

(19)

(112)

(42)

Lease liabilities

13

(2,692)

(11)

(11)

 

 

               

               

               

Current liabilities

 

(37,497)

(33,711)

(45,395)

 

 

              

              

               

Net current assets

 

9,340

12,936

12,887

 

 

               

               

               

Total assets less current liabilities

 

99,657

91,561

92,342

 

 

               

               

               

 

 

 

 

 

Trade and other payables

 

(945)

(1,125)

(1,246)

Borrowings

 

(1,551)

(7,136)

(4,000)

Lease liabilities

13

(7,763)

(29)

(30)

Provisions

 

(557)

-

-

Deferred tax liabilities

 

(240)

(127)

(233)

 

 

               

               

               

Non-current liabilities

 

(11,056)

(8,417)

(5,509)

 

 

               

               

               

Net assets

 

88,601

83,144

86,833

 

 

               

               

               

 

 

 

 

 

Equity

 

 

 

 

Share capital

10

10,654

10,516

10,516

Share premium

 

33,186

32,758

32,759

Merger reserve

 

25,446

25,446

25,446

Capital redemption reserve

 

50

50

50

Retained earnings

 

17,747

13,294

16,237

Share-based payment reserve

 

822

997

1,256

Foreign currency reserve

 

696

83

569

 

 

              

              

              

Total equity

 

88,601

83,144

86,833

 

 

               

               

               

 

 

 

 

 

 

 

 

 

Condensed Consolidated Cash Flow Statement

For the six months ended 30 June 2019

 

 

 

 

Notes

Unaudited

Six months ended

30 June 2019

£'000

Unaudited

Six months ended

30 June 2018

£'000

Audited

Year ended

31 December 2018

£'000

Net cash generated from/(used in) operating activities before taxation

11

1,312

(2,071)

13,418

 

 

 

 

 

Tax paid

 

(554)

(1,166)

(2,239)

 

 

              

              

              

Net cash generated from/(used in) operating activities after taxation

 

758

(3,237)

11,179

 

 

              

              

              

 

 

 

 

 

Investing activities

 

 

 

 

Interest received

 

2

-

1

Purchase of property, plant and equipment

 

(450)

(649)

(1,312)

Sale of property, plant and equipment

 

1

32

38

Purchase of intangible assets

 

(298)

(302)

(672)

Purchase of subsidiary undertakings

 

-

-

(256)

 

 

              

              

              

Net cash used in investing activities

 

(745)

(919)

(2,201)

 

 

              

              

              

 

 

 

 

 

Financing activities

 

 

 

 

Proceeds from issuance of shares

 

142

68

69

Dividends paid to equity holders

 

(2,881)

(2,563)

(3,714)

Net repayment of borrowings

 

(2,444)

(4,497)

(7,686)

Repayment of loan notes

 

(23)

(17)

(17)

Increase in overdrafts

 

-

70

-

Principal element of lease payments (2018: Capital element of finance lease payments)

 

 

(1,345)

 

(36)

 

(35)

Interest paid

 

(211)

(237)

(348)

 

 

              

              

              

Net cash used in financing activities

 

(6,762)

(7,212)

 

(11,731)

 

 

              

              

              

Movements in cash and cash equivalents

 

 

 

 

Net decrease in cash and cash equivalents

 

(6,749)

(11,368)

(2,753)

 

 

 

 

 

Effect of foreign exchange fluctuations

 

70

215

156

Cash and cash equivalents at the beginning of the period

 

10,424

13,021

13,021

 

 

              

              

              

Cash and cash equivalents at end of the period

 

3,745

1,868

10,424

 

 

               

               

               

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 June 2019

 

Statement of changes in equity for the six months ended 30 June 2019 (unaudited):

 

 

Share

Capital

£'000

 

Share Premium

£'000

Merger Reserve

£'000

Capital Redemption Reserve

£'000

Retained Earnings

£'000

Share-based Payment Reserve

£'000

Foreign Currency

Exchange Reserve

£'000

Total Attributable to Equity Shareholders

£'000

 

 

 

 

 

 

 

 

 

At 1 January 2019

10,516

32,759

25,446

50

16,237

1,256

569

86,833

 

            

            

            

            

            

            

            

            

 

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

     3,536

-

-

3,536

 

 

 

 

 

 

 

 

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

Currency translation

-

-

-

-

-

-

127

-

 

            

            

            

            

            

            

            

            

Total comprehensive income in the period

 

-

 

-

 

-

 

-

 

     3,536

 

-

 

127

 

3,663

 

            

            

            

            

            

            

            

            

Transactions with owners:

 

 

 

 

 

 

 

 

Shares issued (note 10)

138

427

-

-

-

-

-

565

Credit for share-based incentives

 

 

 

 

 

195

 

195

Tax on share-based payments recognised directly in equity

 

-

 

-

 

-

 

-

 

       226

 

-

 

-

 

                226

Transfer between reserves in respect of share options

 

-

 

-

 

-

 

-

 

        629

 

(629)

 

-

 

-

Dividends paid (note 7)

-

-

-

-

(2,881)

-

-

(2,881)

 

            

            

            

            

            

            

            

            

Total transactions with owners

 

138

 

427

 

-

 

-

 

(2,026)

 

(434)

 

-

 

(1,895)

 

            

            

            

            

            

            

            

            

 

 

 

 

 

 

 

 

 

At 30 June 2019

10,654

33,186

25,446

50

  17,747

       822

696

88,601

 

           

            

            

            

            

            

            

              

                   

 

Statement of changes in equity for the six months ended 30 June 2018 (unaudited):

 

Share

Capital

£'000

 

Share Premium

£'000

Merger Reserve

£'000

Capital Redemption Reserve

£'000

Retained Earnings

£'000

Share-based Payment Reserve

£'000

Foreign Currency

Exchange Reserve

£'000

Total Attributable to Equity Shareholders

£'000

 

 

 

 

 

 

 

 

 

At 1 January 2018

10,501

32,705

25,446

50

13,368

824

(21)

82,873

 

            

            

            

            

            

            

            

            

 

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

2,491

-

-

2,491

 

 

 

 

 

 

 

 

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

Currency translation

-

-

-

-

-

-

104

104

 

            

            

            

            

            

            

            

            

Total comprehensive income in the period

 

-

 

-

 

-

 

-

 

2,491

 

-

 

104

 

2,595

 

            

            

            

            

            

            

            

            

Transactions with owners:

 

 

 

 

 

 

 

 

Shares issued (note 10)

15

53

-

-

-

-

-

68

Credit for share-based incentives

-

-

-

             -

-

203

-

203

Tax on share-based payments recognised directly in equity

 

-

 

-

 

-

 

             -

 

(32)

 

-

 

-

 

(32)

Transfer between reserves in respect of share options

 

-

 

-

 

-

 

-

 

30

 

(30)

 

-

 

-

Dividends paid (note 7)

-

-

-

-

(2,563)

-

-

(2,563)

 

            

            

            

            

            

            

            

            

Total transactions with owners

 

15

 

53

 

-

 

-

 

(2,565)

 

173

 

-

 

(2,324)

 

            

            

            

            

            

            

            

            

 

 

 

 

 

 

 

 

 

At 30 June 2018

10,516

32,758

25,446

              50

13,294

997

83

83,144

 

           

            

            

            

            

            

            

              

                   

 

 

 

 

 

 

 

Statement of changes in equity for the year ended 31 December 2018 (audited):

 

 

Share capital £'000

Share premium £'000

Merger reserve £'000

Capital redemption reserve £'000

Retained earnings £'000

Share-based payment reserve £'000

Foreign currency exchange reserve £'000

Total equity £'000

 

At 1 January 2018

10,501

32,705

25,446

50

13,368

824

(21)

82,873

 

 

           

           

           

           

           

           

           

Comprehensive income:

Profit for the financial year

-

-

-

-

6,618

-

-

6,618

Other comprehensive expense:

Currency translation

-

-

-

-

-

-

590

       590

 

               

Total comprehensive income for the year

 

-

 

-

 

-

 

-

6,618

-

590

7,208

 

             

           

Transactions with owners:

 

 

 

 

 

 

 

 

Credit for share-based incentives

-

-

-

-

-

464

-

464

Tax on share-based payments recognised directly in equity

-

-

-

-

(67)

-

-

(67)

Transfer between reserves in respect of share options

-

-

-

-

32

(32)

-

-

 

             

           

Total transactions with owners

15

54

-

-

(3,749)

432

-

(3,248)

 

             

           

 

 

 

At 31 December 2018

10,516

32,759

25,446

50

16,237

1,256

        569

86,833

 

               

 

 

Notes to the Financial Information

For the six months ended 30 June 2019

 

1.   ACCOUNTING POLICIES AND BASIS OF PREPARATION

 

The condensed consolidated financial information for the six months ended 30 June 2019 has been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the European Union. The condensed consolidated financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2018, which have been prepared in accordance with IFRSs as adopted by the European Union.

 

The condensed consolidated financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2018 were approved by the Board of Directors on 21 March 2019 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.

 

The condensed consolidated financial information was approved for issue on 18 September 2019 and has not been audited.

 

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2018, as described in those annual financial statements, except for the adoption of IFRS 16 Leases. The impact of the adoption of IFRS 16 is included in note 13.

 

 

 

2.   SEASONALITY OF OPERATIONS

 

The Cello Health division is not materially influenced by seasonal factors. However, there are a number of clients in the Cello Signal division who traditionally commission activity in the second half of the year leading to increased revenues for that period with respect to those clients.

 

 

 

3.   NON-GAAP MEASURES

 

The Group believes that reporting non-GAAP measures provides a meaningful assessment of underlying business performance reflecting the way the business is managed and reported internally. The Group reports two types of non-GAAP measure, headline measures and like-for-like net revenue.

 

Headline measures of performance

Non-headline gains and losses are items that, in the opinion of the Directors, are required to be disclosed separately, by virtue of their size, nature or incidence, to enable a full understanding of the Group's underlying financial performance. Accordingly headline measures exclude, the effect of the following items:

 

i.      Restructuring costs - these costs principally relate to business relocation and redundancies.

ii.     Start-up losses - these are defined as the net operating result in the period of the trading activities that relate to new offices, new products or new organically started businesses. Activities so defined will cease being separately identified where, in the opinion of the Directors, the activities show evidence of becoming sustainably profitable or are closed, whichever is earlier. In any event start-up losses will cease being separately identified after two years from the commencement of the activity.

iii.    Acquisition costs - these are costs that are directly related to acquisitions completed in the year.

iv.    Amortisation of intangible assets - this is in respect of amortisation charged against separately identifiable intangible assets acquired as part of a business combination.

v.     Acquisition-related employee remuneration expense - costs with regards to deferred payments payable to vendors and certain employees of a company in accordance with the share purchase agreement of the acquired company. In accordance with IFRS 3 Business Combinations, these costs are recognised in the income statement by virtue of employment conditions in the relevant share purchase agreement.

vi.    Share option charges - these costs represent the fair value of share options charged to the income statement and are separately identified due to their nature.

 

Headline measures in this report are not defined terms under IFRS, and may not be comparable with similarly titled measures reported by other companies.

 

A reconciliation between statutory and headline profit before taxation is presented in below:

 

 

Unaudited

Six months ended

 30 June 2019

£'000

Unaudited

Six months ended

 30 June 2018

£'000

Audited

Year ended

 31 December 2018

£'000

 

 

 

 

Headline profit before tax is made up as follows:

 

 

 

Headline operating profit

5,944

5,294

12,494

Headline finance income

2

-

1

Headline finance costs

(224)

(218)

(340)

 

              

              

              

Headline profit before taxation

5,722

5,076

12,155

 

 

 

 

Restructuring costs

(194)

-

(204)

Start-up losses

(156)

(465)

(1,150)

Acquisition costs

-

-

(22)

Amortisation of intangible assets

(180)

(131)

(325)

Acquisition related employee remuneration expense

(342)

(946)

(1,571)

Share option charges

(195)

(203)

(464)

 

              

              

              

Total non-headline gains/losses

(1,067)

(1,745)

(3,736)

 

              

              

              

Reported profit before taxation

4,655

3,331

8,419

 

              

              

              

 

 

 

 

In addition, a reconciliation between statutory and headline earnings per share is presented in note 8.

 

 

 

 

 

 

 

 

 

 

Like-for-like net revenue measures:

 

 

 

 

Like-for-like net revenue measures adjusts reported net revenue for the following items:

 

i.    They exclude the results of companies or businesses acquired in the current period

ii.    They exclude the results of acquired companies or businesses in the current period to the extent that those companies or businesses were not in the Group in that prior period.

iii.   They exclude the results from start-ups in the current period.

iv.   They include the results from start-up operations in the prior period to the extent they are included within an operating segment in the current period.

 

Like-for-like measures are also calculated both with and without the impact of movements in currency. These measures are disclosed in the table below.

 

 

 

 

 

Growth %

Unaudited

Six months ended

30 June 2019

£'000

Unaudited

Six months ended

30 June 2018

£'000

 

 

 

 

Reported net revenue

6.8%

54,462

51,011

 

 

 

 

Acquisitions

 

-

-

Start-ups

 

(10)

-

 

 

              

              

Like-for-like net revenue

6.7%

54,452

51,011

 

 

 

 

Currency impact

 

(1,133)

-

 

 

              

              

Currency adjusted like-for-like net revenue

4.5%

53,319

51,011

 

 

              

              

 

 

 

 

These measures can be allowed to the Group's operating segments (note 4) as follows:

 

 

 

 

Reported net revenue

 

 

 

Cello Health

11.6%

35,006

31,378

Cello Signal

-0.1%

19,446

19,459

Other

 

10

174

 

 

              

              

Total

6.8%

54,462

51,011

 

 

              

              

 

 

 

 

Like-for-like net revenue:

 

 

 

Cello Health

11.6%

35,006

31,378

Cello Signal

-1.0%

19,446

19,633

 

 

              

              

 

6.7%

54,452

51,011

 

 

              

              

 

 

 

 

Currency adjusted like-for-like net revenue:

 

 

 

Cello Health

8.2%

33,948

31,378

Cello Signal

-1.3%

19,371

19,633

 

 

              

              

Total

4.5%

53,319

51,011

 

 

              

              

 

 

 

 

 

 

 

 

 

 

4.   SEGMENTAL INFORMATION

 

For management purposes, the Group is organised into two operating segments, Cello Health and Cello Signal. These segments are the basis on which the Group reports internally to the plc's Board of Directors, who have been identified as the chief operating decision makers. Revenue and costs not included in one of these operating segments, for example central overheads, the impact of IFRS 16 and results from start-up operations, have not been allocated to an operating segment in-line with the way they are reported to the chief operating decision makers.

 

The principal activities of the operating segments are as follows:

 

Cello Health

The Cello Health Division provides market research, consulting and communications services principally to the Group's pharmaceutical and healthcare clients.

 

Cello Signal

The Cello Signal Division provides market research and direct communications services principally to the Group's consumer-facing clients.

 

Revenues

Sales between segments are carried out at arms-length. The revenue from external parties reported to the chief operating decision maker is measured in a manner consistent with that in the income statement.

 

The Group derives revenue from the transfer of goods and services over time and at a point in time based on the location of the client and from the following geographical segments.

 

Revenue

 

 

 

 

 

for the period ended 30 June 2019:

 

 

 

 

 

 

 

Cello Health

 £'000

 

Cello Signal

£'000

Consolidated and Unallocated

£'000

 

Group

£'000

 

 

 

 

 

External sales

46,443

33,044

36

79,523

Intersegment revenue

3

291

(294)

-

 

                  

                  

                  

                  

Total revenue

46,446

33,335

(258)

79,523

 

                  

                  

                  

                  

 

 

 

 

 

Timing of revenue recognition

 

 

 

 

Revenue recognised over time

46,443

22,225

36

68,704

Revenue recognised at a point in time

-

10,819

-

10,819

 

                  

                  

                  

                  

Total revenue from external customers

46,443

33,044

36

79,523

 

                  

                  

                  

                  

 

 

 

 

 

 

for the period ended 30 June 2018 (restated - note 14):

 

 

 

 

 

 

Cello Health

 £'000

 

Cello Signal

£'000

Consolidated and Unallocated

£'000

 

Group

£'000

 

 

 

 

 

External sales

42,827

33,736

625

77,188

Intersegment revenue

16

55

(71)

-

 

                  

                  

                  

                  

Total revenue

42,843

33,791

554

77,188

 

                  

                  

                  

                  

 

 

 

 

 

Timing of revenue recognition

 

 

 

 

Revenue recognised over time

42,827

23,101

625

66,553

Revenue recognised at a point in time

-

10,635

-

10,635

 

                  

                  

                  

                  

Total revenue from external customers

42,827

33,736

625

77,188

 

                  

                  

                  

                  

 

 

 

 

 

 

 

 

for the year ended 31 December 2018:

 

 

 

 

 

 

 

Cello Health

 £'000

 

Cello Signal

£'000

Consolidated and Unallocated

£'000

 

Group

£'000

 

 

 

 

 

External sales

88,483

74,897

2,193

165,573

Intersegment revenue

62

482

(544)

-

 

                  

                  

                  

                  

Total revenue

88,545

75,379

1,649

165,573

 

                  

                  

                  

                  

 

 

 

 

 

Timing of revenue recognition

 

 

 

 

Revenue recognised over time

88,483

47,191

2,193

137,867

Revenue recognised at a point in time

-

27,706

-

27,706

 

                  

                  

                  

                  

Total revenue from external customers

88,545

74,897

2,193

165,573

 

                  

                  

                  

                  

 

 

 

 

 

 

Segmental net revenue and headline operating profit

 

 

 

 

 

 

 

for the period ended 30 June 2019:

 

 

 

 

 

 

 

Cello Health

 £'000

 

Cello Signal

£'000

Consolidated and Unallocated

£'000

 

Group

£'000

 

 

 

 

 

Net revenue

35,006

19,446

10

54,462

 

                  

                  

                  

                  

Headline operating profit

6,521

1,219

(1,796)

5,944

 

                  

                  

                  

                  

 

 

 

 

 

 

for the period ended 30 June 2018:

 

 

 

 

 

 

 

Cello Health

 £'000

 

Cello Signal

£'000

Consolidated and Unallocated

£'000

 

Group

£'000

 

 

 

 

 

Net revenue

31,378

19,459

174

51,011

 

                  

                  

                  

                  

Headline operating profit

5,659

1,244

(1,609)

5,294

 

                  

                  

                  

                  

 

 

 

 

 

 

for the year ended 31 December 2018:

 

 

 

 

 

 

 

Cello Health

 £'000

 

Cello Signal

£'000

Consolidated and Unallocated

£'000

 

Group

£'000

 

 

 

 

 

Net revenue

64,308

39,971

537

104,816

 

                  

                  

                  

                  

Headline operating profit

11,890

3,739

(3,135)

12,494

 

                  

                  

                  

                  

 

 

 

 

 

 

 

A reconciliation of Group headline operating profit to profit before taxation on the income statement is presented in note 3.

 

 

 

5.   FINANCE INCOME AND COSTS

 

 

Unaudited

Six months ended

30 June 2019

£'000

Unaudited

Six months ended

30 June 2018

£'000

Audited

Year ended

31 December 2018

£'000

Finance income:

 

 

 

Interest receivable on bank deposits

2

-

1

 

              

              

              

 

 

 

 

Finance costs:

 

 

 

Interest payable on bank loans and overdrafts

91

217

338

Interest payable in respect of lease liabilities

133

1

2

 

              

              

              

Total finance costs

224

218

340

 

              

              

              

 

 

6.   TAXATION ON PROFIT ON ORDINARY ACTIVITIES

 

The tax charge for the period ended 30 June 2019 is based on management's estimate of weighted average annual tax rate expected for the full financial year. The estimated average annual tax rate used is 24.0% (2018: 25.2%), which incorporates a headline effective tax rate of 23.7% (2018: 24.7%).

 

 

7.    DIVIDEND

 

 

 

 

 

Date Paid

Unaudited

Six months ended  30 June 2019

£'000

Unaudited

Six months ended  30 June 2018

£'000

Audited

Year ended

31 December 2018

£'000

 

 

 

 

 

 

 

 

 

 

Final dividend 2017 - 2.45p per share

25 May 2018

-

2,563

2,563

Interim dividend 2018 - 1.10p per share

2 November 2018

-

-

1,151

Final dividend 2018 - 2.75p per share

24 May 2019

2,881

-

-

 

 

                  

                  

                  

 

 

2,881

2,563

3,714

 

 

                  

                  

                  

 

An interim dividend of 1.15p (2018: 1.10p) per ordinary share is declared and will be paid on 1 November 2019 to all shareholders on the register on 4 October 2019. In accordance with IAS 10 Events after the Balance Sheet Date, this dividend has not been recognised in the accounts at 30 June 2019, but will be recognised in the accounting period ending 31 December 2019.

 

 

8.   EARNINGS PER SHARE

 

 

Unaudited

Six months ended

30 June 2019

£'000

Unaudited

Six months ended

30 June 2018

£'000

Audited

Year ended

31 December 2018

£'000

 

 

 

 

Profit attributable to owners of the parent

3,536

2,491

6,618

 

 

 

 

Adjustments to profits:

 

 

 

Non-headline charges

1,067

1,745

3,736

Tax on non-headline charges

(239)

(416)

(830)

 

                   

                   

                   

Headline earnings for the period

4,364

3,820

9,524

 

                   

                   

                   

 

 

 

 

 

30 June 2019

number of shares

30 June 2018

number of shares

31 December 2018

number of shares

Weighted average number of ordinary shares used in basic earnings per share

 

106,975,582

 

105,618,591

 

105,592,302

 

 

 

 

Dilutive effect of securities:

 

 

 

Share options

1,296,758

1,474,249

1,459,481

Deferred consideration shares

364,933

476,706

663,308

 

                   

                   

                   

Weighted average number of ordinary shares used in diluted earnings per share

 

108,637,273

 

107,569,546

 

107,715,091

 

                   

                   

                   

 

 

 

 

Basic earnings per share

3.31p

2.36p

6.27p

 

 

 

 

Diluted earnings per share

3.25p

2.32p

6.14p

 

In addition to basic and diluted earnings per share, headline earnings per share, which is a non-GAAP measure, has also been presented.

 

Headline earnings per share

 

 

 

 

Headline basic earnings per share

4.08p

3.62p

9.02p

Headline diluted earnings per share

4.02p

3.55p

8.84p

           

 

Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year, excluding treasury shares, determined in accordance with the provisions of IAS 33 Earnings per Share.

 

Diluted earnings per share is calculated by dividing profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year adjusted for the potentially dilutive ordinary shares for which the conditions of issue have substantially been met but not issued at the end of the year.

 

The Group's potentially dilutive shares are shares expected to be issued as deferred consideration on acquisitions and share options issued.

 

Headline earnings per share is calculated using headline earnings for the period, which excludes the effect of non-headline gains/losses (see note 3).

 

 

9.   GOODWILL

 

 

Unaudited

Six months ended

30 June 2019

£'000

Unaudited

Six months ended

30 June 2018

£'000

Audited

Year ended

31 December 2018

£'000

Cost

 

 

 

At the beginning of period

90,939

90,270

90,270

Additions

-

-

146

Exchange differences

80

218

523

 

                  

                  

                  

At the end of the period

91,019

90,488

90,939

 

                  

                  

                  

Amortisation

 

 

 

At the beginning and the end of the period

17,316

17,316

17,316

 

                  

                  

                  

Net book value

 

 

 

At the beginning of the period

73,623

72,954

72,954

 

                  

                  

                  

At the end of the period

73,703

73,172

73,623

 

                  

                  

                  

 

 

 

10.   SHARE CAPITAL

 

 

Unaudited

At 30 June 2019

£'000

Unaudited

At 30 June 2018

£'000

Audited

At 31 December 2018

£'000

 

 

 

 

Allotted, issued and fully paid

10,654

10,516

10,516

 

                  

                  

                  

 

 

 

 

 

30 June 2019

number of shares

At 30 June 2018

number of shares

At 31 December 2018

number of shares

 

 

 

 

Ordinary shares 10p each

106,541,917

105,163,342

105,164,241

 

                  

                  

                  

 

 

 

 

 

The Company has one class of ordinary shares which carry no right to fixed income.

 

During the six months ended 30 June 2019 1,057,433 (six months ended 30 June 2018: 151,185 and year ended 31 December 2018: 152,084) were issued to certain employees of the Group in relation to the share option schemes at exercise prices of between 10.0p and 85.5p per share.

 

The Group owns 453,000 (2018: 453,000) of its own shares and these shares are held as treasury shares. The Company has the right to re-issue these shares at a later date. The purchase of treasury shares is recorded in equity as a deduction in retained earnings.

 

On 20 May 2019, 320,243 new ordinary shares of 10p each were issued at 132.2p to the vendors of Defined Health Research Inc. and Cancer Progress LLC and certain employees of the Group, pursuant to the terms of the share purchase agreement of those companies.

 

 

 

11.   CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES BEFORE TAXATION

 

 

Unaudited

Six months ended

30 June 2019

£'000

Unaudited

Six months ended

30 June 2018

£'000

Audited

Year ended

31 December 2018

£'000

 

 

 

 

Profit on continuing operations before taxation

4,655

3,331

8,419

 

 

 

 

Finance income

(2)

-

(1)

Finance costs

224

  218

340

Depreciation of property plant and equipment

647

615

1,305

Depreciation of right-of-use assets

1,447

-

-

Amortisation of intangible assets

430

346

769

Share-based payment expense

195

203

464

Profit on disposal of property, plant and equipment

(1)

(28)

(17)

(Increase)/decrease in acquisition related employee remuneration payable

 (1,041)

946

 1,543

 

 

 

 

 

__________

                 

__________

Operating cash flow before movements in working capital

6,554

5,631

12,822

 

 

 

 

Decrease in trade and other receivables

4,229

8,194

4,592

Decrease in trade and other payables

(9,471)

(15,896)

(3,996)

 

__________

                 

__________

Net cash generated from/(used in) operating activities before taxation

1,312

(2,071)

13,418

 

                 

                 

                 

           

 

 

12.   NET FUNDS/(DEBT)

 

 

 

 

Net funds/(debt) is a non-statutory measure, which does not include lease liabilities that arise on the adoption of IFRS 16 Leases, however the Group considers it helpful to the users of accounts for it to be disclosed.

 

Under the Group's definition, net funds/(debt) comprises of:

 

Unaudited

Six months ended

30 June 2019

£'000

Unaudited

Six months ended

30 June 2018

£'000

Audited

Year ended

31 December 2018

£'000

 

 

 

 

Cash and cash equivalents

3,745

1,868

10,424

Bank loans

(1,551)

(7,136)

(4,000)

Bank overdraft

-

(70)

-

Loan notes

(19)

(42)

(42)

 

                 

                 

                 

Net debt

2,175

(5,380)

6,382

 

                 

                 

                 

 

 

 

 

Movements in net funds/(debt) can be analysed as follows:

 

 

 

 

Unaudited

Six months ended

30 June 2019

£'000

Unaudited

Six months ended

30 June 2018

£'000

Audited

Year ended

31 December 2018

£'000

 

 

 

 

Net decrease in cash and cash equivalents

(6,749)

(11,368)

(2,753)

Net repayment bank loans

2,444

4,497

7,686

Repayment loan notes

23

17

17

Increase/(decrease) in overdraft

-

(70)

-

 

 

 

 

Other movements:

 

 

 

Foreign exchange

75

(85)

(197)

 

                 

                 

                 

Movements in net funds/(debt) in the year

(4,207)

(7,009)

4,753

 

 

 

 

Net funds at the beginning of the period

6,382

1,629

1,629

 

                 

                 

                 

Net funds/(debt) at the end of the period

2,175

(5,380)

6,382

 

                 

                 

                 

 

 

 

 

13.   Adoption of IFRS 16 Leases

 

On 1 January 2019 the Group adopted IFRS 16 Leases ("IFRS 16") using the simplified transition approach and accordingly has not restated comparative figures. IFRS 16 supersedes the current lease guidance under IAS 17 Leases and related interpretations.  IFRS 16 removes the distinction between operating leases and finance leases, replacing with a model where a right-of-use asset and corresponding lease liability is recognised for all leases except for short-term or low value leases.

 

Leases previously classified as operating leases with less than 12 months remaining or with low value have continued to be expensed in the income statement on a straight line basis. For remaining leases previously classified as operating leases the Group has recognised right-of-use assets and lease liabilities at 1 January 2019, the transition date. There was no material effect on the financial statements with regards to leases previously classified as finance leases under IAS 17.

 

Lease liabilities were measured at the present value of the remaining lease payments, discounted using the Group's incremental borrowing rate. The weighted average borrowing rate applied to the lease liabilities on 1 January 2019 was 2.5%

 

A reconciliation of operating commitments under operating leases disclosed in the financial statements as at 31 December 2018 to the lease liability recognised at the transition date is presented below:

 

 

Properties

£'000

Equipment

£'000

Total

£'000

 

 

 

 

Operating lease commitments at 31 December 2018

12,328

86

12,414

 

 

 

 

Less low-value leases

-

(86)

(86)

Less short-term leases

(424)

-

(424)

Finance leases at 31 December 2018

-

41

41

Adjustment in respect to variable lease payments

127

-

127

Discount using Group's incremental borrowing rate

(791)

-

(791)

 

                 

                 

                 

Lease liability at 1 January 2019

11,240

41

11,281

 

                 

                 

                 

 

 

 

 

 

 

 

 

Current lease liabilities

2,595

11

2,606

Non-current lease liabilities

8,645

30

8,675

 

                 

                 

                 

 

11,240

41

11,281

 

                 

                 

                 

 

 

 

 

 

Movements in the lease liabilities in the period to 30 June 2019 are as follows:

 

 

 

 

Properties

£'000

Equipment

£'000

Total

£'000

 

 

 

 

Recognition of lease liabilities at 1 January 2019

11,240

41

11,281

 

 

 

 

Interest on lease liabilities

132

1

133

Lease payments during the period

(1,476)

(2)

(1,478)

New leases commenced in the period

506

-

506

Exchange differences

13

-

13

 

                 

                 

                 

Lease liability at the end of the period

10,415

40

10,455

 

                 

                 

                 

 

 

 

 

Current lease liabilities

2,681

11

2,692

Non-current lease liabilities

7,734

29

7,763

 

                 

                 

                 

 

10,415

40

10,455

 

                 

                 

                 

 

 

 

 

 

Right-of-use assets were measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments recognised at 31 December 2018. In addition the right-of-use asset includes a provision of £557,000 for restoration costs in relation to some of these leases. This provision has been recognised as a result of a reassessment of these provisions as a result of the adoption of IFRS 16.

 

 

Right-of-use assets recognised relate and movements in the period to 30 June 2019 are as follows:

 

 

 

Properties

£'000

Equipment

£'000

Total

£'000

 

 

 

 

Recognition of right-of-use assets at 1 January 2019

11,877

-

11,877

 

 

 

 

Right-of-use assets previously included in property, plant and equipment

 

-

 

57

 

57

Additions

524

-

524

Depreciation

(1,447)

(6)

(1,453)

Exchange differences

12

-

12

 

                 

                 

                 

Net book amount at 30 June 2019

10,966

51

11,017

 

                 

                 

                 

 

 

 

14.   PRIOR PERIOD ADJUSTMENT

 

The adoption of IFRS 15 Revenue from contracts with customers ("IFRS 15"), resulted in changes in the timing of recognition of certain third-party project costs where the Group acted as principle with respect to services provided.  This change was identified after the preparation of the interim statement for 2018 and has resulted in equal and opposite adjustments to revenue and third-party project costs.  There was no change to net revenue, operating profit, profit before tax, profit attributable to owners of the parent or equity as a result of this restatement.

 

The impact on the consolidated income statement for the period ended 30 June 2018 and the consolidated balance sheet at 30 June 2018 are presented below:

 

Consolidated income statement for the period ended 30 June 2018:

 

 

 

Previously  reported

£'000

 

Restatement

£'000

 

Restated

£'000

 

 

 

 

Revenue

78,514

(1,326)

77,188

Third-party project costs

(27,503)

1,326

(26,177)

 

                 

                 

                 

Net revenue

51,011

-

51,011

 

                 

                 

                 

 

Consolidated balance sheet at 30 June 2018:

 

 

Previously  reported

£'000

 

Restatement

£'000

 

Restated

£'000

 

 

 

 

Non-current assets

78,625

-

78,625

 

                 

                 

                 

 

 

 

 

Trade and other receivables excluding accrued income

33,265

2,619

35,884

Accrued income/contract asset

11,044

(3,149)

7,895

Cash and cash equivalents

1,868

-

1,868

 

                 

                 

                 

Total current assets

46,177

(530)

45,647

 

                 

                 

                 

 

 

 

 

Trade and other payables excluding deferred income

(24,050)

851

(23,199)

Deferred Income/contract Liabilities

(8,656)

(321)

(8,977)

Other current liabilities

(535)

-

(535)

 

                 

                 

                 

Total current liabilities

(33,241)

530

(33,711)

 

                 

                 

                 

 

 

 

 

Net current assets/(liabilities)

12,936

-

12,936

 

                 

                 

                 

 

 

 

 

Total assets less current liabilities

91,561

-

96,561

 

                 

                 

                 

 

 

 

 

Non-current liabilities

(8,417)

-

(8,417)

 

                 

                 

                 

Net assets

83,144

-

83,144

 

                 

                 

                 

 


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 [email protected] or visit www.rns.com.
 
END
 
 
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