TIDMILX
RNS Number : 4040S
ILX Group PLC
21 November 2011
ILX Group PLC
Interim Results for the Six Months ended 30 September 2011
ILX Group plc ("ILX" or "the Company"), the AIM quoted provider
of e-learning software and business training, announces its Interim
Results for the six months ended 30 September 2011.
Corporate Highlights
-- International revenues more than doubled
-- Particularly strong growth in Australasia
-- UK marketplace challenging but pipeline remains solid
-- Continued trend towards rising software sales
-- Reclassification under 'Software' by London Stock Exchange
Financial Highlights
-- Revenue up 7% to GBP5.906 million (6 months to 30 September 2010: GBP5.532 million)
-- Gross margins increased to 56% (6 months to 30 September 2010: 52%)
-- Gross profit increased 16% to GBP3.324 million (6 months to
30 September 2010: GBP2.871 million)
-- Profit before tax GBP0.115 million (6 months to 30 September 2010: GBP0.070 million)
-- Diluted earnings per share 0.41p (6 months to 30 September 2010: 0.29p)
-- Improved and extended bank facilities agreed post period end
All comparative figures are from continuing operations.
Ken Scott, Chief Executive, ILX Group plc commented:
"The results are excellent given the prevailing economic climate
worldwide. We have continued to grow internationally with 44% of
Group revenue now generated outside the UK. The domestic market is
challenging but the business remains strong and profitable.
"The changes made over the past year have produced a more
focused, scalable business that has the potential to show
accelerated growth in the coming period."
21(st) November 2011
For further information please contact:
ILX Group plc 020 7751 7100
Ken Scott, Chief Executive
FinnCap 020 7600 1658
Marc Young
Lothbury Financial Services 020 7868 2010
Michael Padley / Chris Roberts
Chairman's Statement
For the Six Months ended 30 September 2011
I am pleased to present the unaudited interim results for the
six months ended 30 September 2011.
The period has been one of contrasting opportunities and
challenges for the domestic and international marketplace. Within
the UK, business conditions remain uncertain; whilst software sales
have remained steady, classroom sales have slowed significantly. On
the other hand, outside the UK, we are seeing some exciting growth,
particularly within Australasia where revenues have increased more
than threefold.
Together the business has shown steady growth and we are
confident in delivering a strong result for the full year.
International Division
Turnover rose 105% to GBP2.429 million (six months to 30
September 2010: GBP1.183 million), with divisional contribution to
profits increasing to GBP0.771 million (2010: GBP0.232
million).
The growth in business came mainly from Australasia where
revenues have increased more than three times over the comparative
period. Growth was also strong in Europe at 30%, with a Danish
subsidiary starting trading at the beginning of the year. The third
most significant area for the division, the Middle East, saw 8%
growth with a number of significant contracts won in Oman.
The largest contract won by the International Division in the
period was for NZ$0.5 million (GBP0.25 million) for the delivery of
PRINCE2 Project Management and related e-learning, together with
in-house and public classroom courses to the New Zealand Defence
Force (NZDF). Less than 20% of this contract was included in the
interim results with the remainder expected to be delivered in
future months. The principles of this contract have been extended
by the New Zealand government to support an "All of Government"
approach for contract management. NZDF plans to syndicate the ILX
contract to other government agencies which are adopting
PRINCE2.
Although the type of business varies substantially from region
to region - for example sales in Australia are almost entirely
software, whereas Middle East revenues are largely classroom and
consultancy - the International division as a whole is more
software focused than the UK, with software making up 67% of
International revenues. This software element has increased over
the figure for the comparative period (2010: 59%) and the resultant
trend is increasing gross margins within the International
division.
There remain substantial opportunities for this division in the
second half of the year and beyond, both by investing in these
existing established geographic territories and in opening up new
markets. The addition to the management team of Neil Sentance, as
Head of International, will enable us to take our international
presence to the next level. Neil was previously Director of
Business Development for Nokia and subsequently VP, Wireless
Business Development for Monitise plc.
UK Division
Despite the prevailing economic conditions, this division has
won some significant contracts. The Board is confident that the
division will meet its revenue targets for the full year.
During the period, the division won the largest contract in its
history; a cross-UK Government framework contract to provide a
mentoring service to 'Senior Responsible Owners' who have the role
of leading major change initiatives across the Public Sector. The
programme will mean that specific training is given to ensure
efficient implementation of multi-million pound expenditure
programmes across the various departments. The major portion of
this contract is expected to be delivered in the second half of
this financial year.
Turnover fell by 20% to GBP3.376 million (six months to 30
September 2010: GBP4.246 million), with divisional contribution to
profits falling to GBP0.632 million (2010: GBP0.941 million).
Software sales, which make up 48% of turnover (2010: 40%) for
the UK division, remained steady, with the fall in revenue coming
from the lower margin classroom revenues. As a result, gross
margins within the UK division have also increased slightly.
The Finance e-learning division, which is managed within the UK
division, saw steady revenues of GBP0.101 million (six months to 30
September 2010: GBP0.103 million), with divisional contribution to
profits increasing to GBP0.054 million (2010: GBP0.014
million).
Although the market remains difficult, the UK division secured
both new and repeat business from Government and Blue Chip
companies which augers well for the future.
Consolidated Financial Results
The Group has delivered a 7% increase in revenue to GBP5.906
million (six months to 30 September 2010: GBP5.532 million, from
continuing operations). Within this our software sales have
increased by 34%, and these now make up 56% of revenue (2010: 45%).
This change has driven an increase in gross margins from 52% to
56%, resulting in growth at the gross profit level of 16%.
The Group has invested in additional marketing in the period,
with the addition of Mel Scott-Taylor, who joined the executive
team in April as Chief Marketing Officer. Mel was previously at the
Disney Channel where she was responsible for marketing across
Central and Eastern Europe. Following Mel's appointment, a central
marketing team has been established to co-ordinate efforts across
the business. Principally as a result of this investment in
marketing, unallocated central costs increased by 22%.
Operating profit for the period increased to GBP0.262 million
(2010: GBP0.211 million, from continuing operations). Our interest
cost for the period was to GBP0.147 million (2010: GBP0.141
million), and profit before tax was GBP0.115 million (2010:
GBP0.070 million, from continuing operations).
The comparative figures for the period have been restated to
reflect the loss from discontinued items in the previous period
(GBP10.461 million). There were no further items relating to
discontinued items in the period ended 30 September 2011.
Basic earnings per share were 0.43p (2010: 0.30p, from
continuing operations) and diluted earnings per share 0.41p (2010:
0.29p, from continuing operations).
The Board expects the group to remain strongly second half
weighted, with software sales in particular having shown a
long-term consistent bias towards the second half driven by year
end customer purchasing.
The Group delivered positive cash flow from operating activities
of GBP0.603 million (2010: GBP0.622 million, from continuing
operations). Net debt continues to reduce, down to GBP1.722 million
at 30 September 2011 (at 30 September 2010: GBP3.688 million and at
31 March 2011: GBP1.886 million). The debt repayment of GBP1.05
million during the period comprises payments of GBP0.50 million
reducing term debt and the repayment of GBP0.55 million drawn down
on our revolving credit facility with Barclays which expired at the
end of September.
Post period, the Group refinanced its debt at far more
advantageous rates with HSBC and I will cover this and the
implications in the section below.
Refinancing
At the balance sheet date, the Group's outstanding loans with
Barclays Bank were as follows: a GBP1.8 million term loan,
amortising over a further 2 year period, at an interest rate of 6%
over LIBOR, and a GBP0.3 million bullet term loan, repayable
September 2013, at an interest rate of 12% over LIBOR.
These loans were refinanced during October with HSBC and were
replaced by a GBP2.0 million term loan, amortising over a 3 year
period, at an interest rate of 3.3% over base rate. In addition, a
2-year revolving credit facility of GBP2.0 million has been made
available to finance working capital and expansion.
The refinance will result in a one-off non-cash charge to
profits in relation to previously paid arrangement fees for the
Barclays loans, which were being spread over the period of those
loans. However the Group will see the benefit of substantially
reduced finance costs in the next financial year.
Although the facilities have been extended, the Group remains
committed in the short term to reducing its net debt position.
Dividend
The Group's dividend payment for the year ended 31 March 2011,
restored at 1.5p per share, was paid to shareholders post period
during October following shareholder approval at the AGM in
September. As in previous years the Group does not intend to
declare an interim dividend but remains committed to maintaining an
annual dividend.
Summary
Given the economic challenges worldwide, I believe these results
remain highly creditable. Our strategies of focusing on software
sales, and international expansion, are bearing fruit.
At the same time as growing the business we have in the last 6
months started to put in place building blocks, including
investment in marketing, new technology and senior management, to
provide a strong platform for sustained growth.
Whilst there remains much to do in the second half we remain
confident in meeting our full year expectations and in continuing
to deliver strong growth.
Paul Lever
Chairman
21 November 2011
Independent Review Report
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 September 2011 which comprises specifically the
primary financial statements and the related explanatory notes that
have been reviewed. We have read the other information contained in
the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the AIM (the market of that name operated by the
London Stock Exchange) Rules for Companies. Our review has been
undertaken so that we might state to the company those matters we
are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the company for our
review work, for this report, or for the conclusions we have
reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rulebook for Companies.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting," as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
September 2011 is not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by
the European Union and the AIM Rulebook for Companies.
Saffery Champness
Chartered Accountants
Beaufort House
2 Beaufort Road
Clifton
Bristol
BS8 2AE
21 November 2011
Consolidated Statement of Comprehensive Income
For the Six Months ended 30 September 2011
Six months Six months Year
ended ended ended
30.9.2011 30.9.2010 31.3.2011
Unaudited Restated Audited
and Unaudited
Notes GBP'000 GBP'000 GBP'000
Revenue 5,906 5,532 12,886
Cost of sales (2,582) (2,661) (5,768)
----------- --------------- -----------
Gross profit 3,324 2,871 7,118
Administrative and distribution
expenses (3,025) (2,618) (5,303)
----------- --------------- -----------
Earnings before interest, tax
and depreciation 299 253 1,815
Depreciation (37) (42) (82)
Operating profit 262 211 1,733
Finance costs (147) (143) (311)
----------- --------------- -----------
Profit before tax 115 68 1,422
Tax expense - - (396)
----------- --------------- -----------
Profit for the year from continuing
operations 115 68 1,026
Loss from discontinued operations 4 - (10,459) (10,478)
----------- --------------- -----------
Profit / (loss) for the year
attributable to equity shareholders 115 (10,391) (9,452)
Other comprehensive income - - -
----------- --------------- -----------
Total comprehensive income 115 (10,391) (9,452)
=========== =============== ===========
Earnings / (loss) per share 5
From continuing operations:
Basic 0.43p 0.29p 4.14p
Diluted 0.41p 0.29p 4.06p
From discontinued operations:
Basic - (44.38p) (42.30p)
Diluted - (43.98p) (41.48p)
Consolidated Statement of Financial Position
As at 30 September 2011
As at As at As at
30.9.2011 30.9.2010 31.3.2011
Unaudited Unaudited Audited
Assets Notes GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 163 122 95
Intangible assets 9,799 9,385 9,618
Total non-current assets 9,962 9,507 9,713
----------- ----------- -----------
Current assets
Trade and other receivables 2,176 2,804 3,009
Cash and cash equivalents 379 466 1,265
----------- ----------- -----------
Total current assets 2,555 3,270 4,274
Total assets 12,517 12,777 13,987
=========== =========== ===========
Current liabilities
Trade and other payables (2,880) (2,754) (3,234)
Contingent consideration (35) (35) (35)
Tax liabilities (773) (988) (995)
Bank loans and overdrafts (800) (1,750) (1,350)
----------- ----------- -----------
Total current liabilities (4,488) (5,527) (5,614)
----------- ----------- -----------
Non-current liabilities
Derivative financial instruments (10) (77) (35)
Contingent consideration (280) (289) (287)
Bank loans (1,301) (2,404) (1,801)
----------- ----------- -----------
Total non-current liabilities (1,591) (2,770) (2,123)
----------- ----------- -----------
Total liabilities (6,079) (8,297) (7,737)
=========== =========== ===========
Net assets 6,438 4,480 6,250
=========== =========== ===========
Equity
Issued share capital 2,697 2,357 2,697
Share premium - 12,341 -
Own shares in trust 7 (1,852) (1,852) (1,852)
Share option reserve 375 260 317
Retained earnings 5,231 (8,626) 5,116
Exchange differences arising
on consolidation (13) - (28)
----------- ----------- -----------
Total equity 6,438 4,480 6,250
=========== =========== ===========
The financial statements were approved by the board of directors
and authorised for issue on 21 November 2011.
Consolidated Cash Flow Statement
For the Six Months ended 30 September 2011
Six months Six months Year
ended ended ended
30.9.2011 30.9.2010 31.3.2011
Unaudited Restated Audited
and Unaudited
GBP'000 GBP'000 GBP'000
Profit from continuing operations 262 211 1,733
Adjustments for:
Depreciation 37 42 82
Share option charge 57 56 118
Movement in trade and other receivables 749 808 (188)
Movement in trade and other payables (502) (495) 71
Cash generated from continuing operating
activities 603 622 1,816
Tax paid (3) - (183)
----------- --------------- -----------
Net cash generated from continuing
operating activities 600 622 1,633
----------- --------------- -----------
Net cash used by discontinued operating
activities (24) (565) (146)
----------- --------------- -----------
Net cash generated from operating
activities 576 57 1,487
----------- --------------- -----------
Investing activities
Proceeds on disposal of property
and equipment - - 1
Purchases of property and equipment (106) (48) (53)
Expenditure on product development (189) (240) (477)
Acquisition of subsidiaries (net
of cash acquired) - - (9)
----------- --------------- -----------
Net cash used by investing activities (295) (288) (538)
----------- --------------- -----------
Financing activities
(Decrease) / increase in borrowings (1,050) 629 (373)
Net proceeds of share issue - - 842
Outflow relating to capital restructure - - (34)
Interest and refinancing costs paid (132) (306) (454)
--------------- -----------
Net cash from financing activities (1,182) 323 (19)
----------- --------------- -----------
Net change in cash and cash equivalents (901) 92 930
Exchange differences on consolidation 15 11 (28)
----------- --------------- -----------
Cash and cash equivalents at start
of period 1,265 363 363
---------------
Cash and cash equivalents at end
of period 379 466 1,265
=========== =============== ===========
Consolidated Statement of Changes in Equity
For the Six Months ended 30 September 2011
Six months Six months Year
ended ended ended
30.9.2011 30.9.2010 31.3.2011
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Balance at start of period 6,250 14,804 14,804
Comprehensive income 115 (10,391) (9,452)
Transactions with owners
Exchange differences on consolidation 15 11 (28)
Options granted 58 56 118
Share Issue - - 900
Costs relating to share issue - - (58)
Costs relating to capital restructure - - (34)
----------- ----------- -----------
Balance at end of period 6,438 4,480 6,250
=========== =========== ===========
Notes to the Interim Report
For the Six Months ended 30 September 2011
1. The financial information contained in the Interim Report
does not constitute statutory accounts as defined by the Companies
Act 2006. The Interim Report is in compliance with International
Accounting Standard 34 (Interim Financial Reporting).The
comparative figures for the year ended 31 March 2011 were derived
from the statutory accounts for that year which have been delivered
to the Registrar of Companies. Those accounts received an
unqualified audit report which did not contain statements under
sections 498(2) or (3) (accounting record or returns inadequate,
accounts not agreeing with records and returns or failure to obtain
necessary information and explanations) of the Companies Act
2006.
It should be noted that accounting estimates and assumptions are
used in preparation of the interim financial information. Although
these estimates are based on management's best knowledge and
judgement of current events and actions, actual results may
ultimately differ from those estimates. The areas involving a
higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the interim financial
information, are set out in note 2 to the interim financial
information.
2. The key estimates and judgements made by management are detailed below:
Goodwill
Goodwill is determined by comparing the amount paid, including
the full undiscounted value of any deferred and contingent
consideration, on the acquisition of a subsidiary or associated
undertaking and the group's share of the aggregate fair value of
its separable net assets. It is considered to have an indefinite
useful economic life as there are no legal, regulatory,
contractual, or other limitations on its life. Goodwill is
therefore capitalised and is subject to annual impairment reviews
in accordance with applicable accounting standards.
Research and development
Research expenditure is written off to the statement of
comprehensive income in the year in which it is incurred. Costs
incurred on product development relating to the design and
development of new or enhanced products are capitalised as
intangible assets when it is probable that the development will
provide economic benefits, considering its commercial and
technological feasibility and the resources available for the
completion and marketing of the development, and where the costs
can be measured reliably. The expenditures capitalised are the
direct labour costs, which are managed and controlled centrally.
Other development costs are recognised as an expense as incurred.
Product development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
Capitalised product development expenditure is considered to
have an indefinite economic life and is subject to regular
impairment reviews, based on the continued sales and profitability
of the products developed. It is stated at cost less any
accumulated impairment losses. Any permanent impairment taken
during the year is shown under amortisation on the statement of
comprehensive income. These assets have been reviewed for
indications of impairment at the balance sheet date.
3. The interim financial statements have been prepared on the
basis of the accounting policies set out in the March 2011
financial statements of ILX Group Plc.
4. The results of the Corporate Training Group (CTG), which was
closed during the last financial year, were included in the
consolidated statement of comprehensive income for that year as
loss from discontinued items in accordance with IFRS 5. A breakdown
of these results is as follows:
Six months Six months Year ended
ended ended 31.3.2011
31.3.2011 31.3.2010
Total Total Total
GBP'000 GBP'000 GBP'000
Revenue - 1,103 1,431
Cost of sales and administrative
expenses - (1,206) (1,653)
------------ ----------- -----------
Loss before interest, tax and depreciation - (103) (222)
Depreciation - (5) (11)
Impairment - (10,351) (10,351)
------------ ----------- -----------
Loss before tax - (10,459) (10,584)
Tax - - 106
------------ ----------- -----------
Loss for the year from discontinued
operations - (10,459) (10,478)
============ =========== ===========
5. Earnings per share is calculated by dividing profit
attributable to shareholders by the weighted average number of
shares in issue during the year.
Diluted earnings per share is adjusted for outstanding share
options and the average option price, using an average interest
saving of 4.0% (6 months ended 30 September 2010: 8.0%).
Six months Six months Year ended
ended ended 31.3.2011
30.9.2011 30.9.2010
GBP'000 GBP'000 GBP'000
Profit / (Loss) for the year attributable
to equity shareholders 115 (10,391) (9,452)
=========== =========== ===========
Weighted average shares 26,972,580 23,567,352 24,768,797
Outstanding share options 884,049 211,500 492,250
----------- ----------- -----------
Weighted average shares for diluted
earnings per share 28,231,129 23,778,852 25,261,047
=========== =========== ===========
Basic earnings / (loss) per share 0.43p (44.09p) (38.16p)
Diluted earnings / (loss) per share 0.41p (43.69p) (37.42p)
Six months Six months Year ended
ended ended 31.3.2011
30.9.2011 30.9.2010
From continuing operations GBP'000 GBP'000 GBP'000
Profit for the year from continuing
operations 115 68 1,026
Basic earnings per share 0.43p 0.29p 4.14p
Diluted earnings per share 0.41p 0.29p 4.06p
Six months Six months
ended ended Year ended
30.9.2011 30.9.2010 31.3.2011
From discontinued operations GBP'000 GBP'000 GBP'000
Loss from discontinued operations - (10,459) (10,478)
Basic loss per share - (44.38p) (42.30p)
Diluted loss per share - (43.98p) (41.48p)
6. In accordance with IFRS 8, the Group presents its segmental
analysis in terms of its three operating divisions, UK Best
Practice, International Best Practice and Finance e-Learning. The
analysis of revenue and profit by division for the period, and
restated for prior periods, is as follows:
Six months ended Six months ended Year ended
30.9.2011 30.9.2010 31.3.2010
Revenue Profit Revenue Profit Revenue Profit
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
UK Best Practice division 3,376 632 4,246 941 9,309 2,634
International division 2,429 771 1,183 232 3,235 876
Finance e-Learning division 101 54 103 14 342 113
Unallocated central costs - (1,195) - (976) - (1,890)
--------- -------- --------- -------- -------- --------
Continuing operations 5,906 262 5,532 211 12,886 1,733
========= ========= ========
Interest (147) (143) (311)
-------- -------- --------
Profit before tax from continuing operations 115 68 1,422
======== ======== ========
Unallocated central costs include the costs of central functions
where these are not allocated or apportioned directly to the
divisions, together with Board and AIM related costs.
In addition, revenues by geographic region were as follows:
Six months ended Six months ended Year ended
30.9.2011 30.9.2010 31.3.2011
Continuing Discontinued Total Continuing Discontinued Total Continuing Discontinued Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
UK & Ireland 3,281 - 3,281 3,996 659 4,655 9,005 816 9,821
Australasia 1,213 - 1,213 369 - 369 1,191 - 1,191
Europe &
Scandinavia 593 - 593 455 315 770 1,144 376 1,520
Middle East 411 - 411 379 41 420 808 96 904
Americas 142 - 142 159 88 247 352 143 495
Africa 230 - 230 122 - 122 309 - 309
Asia 36 - 36 52 - 52 77 - 77
----------- ------------- -------- ----------- ------------- -------- ----------- ------------- --------
5,906 - 5,906 5,532 1,103 6,635 12,886 1,431 14,317
=========== ============= ======== =========== ============= ======== =========== ============= ========
UK Best Practice Division revenues are slightly higher than UK
& Ireland revenues as they contain some revenues relating to
multinational customers with bases both in and outside of the UK
and Ireland.
7. At the balance sheet date the company held 1,930,891 of its
own ordinary shares in a trust, administered by Investec Trust
Jersey Ltd. The shares are held in trust and represented 7.2% of
the total called up share capital. They will be utilised as
required to satisfy share options granted to directors and other
senior management on vesting and exercise.
8. The group has a related party relationship with its
subsidiaries, its directors, and other employees of the group with
management responsibility. There were no transactions with these
parties during the period outside the usual course of business.
There were no transactions with any other related parties.
Copies of these interim results will be sent to shareholders
shortly and will also be available at the company's registered
office at 1 London Wall, London EC2Y 5AB and from the group's
website, www.ilxgroup.com, where this announcement is also
reproduced.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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