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i-nexus Global PLC
21 December 2021
21 December 2021
i-nexus Global plc
("i-nexus", the "Company" or the "Group")
Final Results
i-nexus Global plc (AIM: INX), a leading provider of cloud-based
Strategy Execution software solutions designed for the Global 5000,
today provides its audited results for the year ended 30 September
2021 ("FY21").
Financial Highlights
-- Group revenue GBP3.6m (FY20: GBP4.1m)
o Recurring revenue GBP3.3m (FY20: GBP3.7m)
o Services revenue GBP0.3m (FY20: GBP0.4m)
-- Administrative expenses reduced by 27% to GBP4.1m (FY20: GBP5.6m)
-- Group loss before taxation reduced to GBP1.1m (FY20: GBP2.4m)
-- Cash & cash equivalents at the period end of GBP0.6m (FY20: GBP0.1m)
-- Exit Monthly Recurring Revenue ("MRR") GBP235k (FY20: GBP305k)
-- Financial position of the Company secured for the near term
by the Convertible Loan notes subscribed for during the year by
shareholders
-- Currently trading on an EBITDA positive basis
Operational Highlights
-- Despite the ongoing impact on enterprise software Budgets,
successful in closing four new deals across the year with three
being in the last quarter
-- Higher level of non-renewing customers than anticipated, but
levels of non-renewing customers reduced in the last three months
of the year
-- Marketing initiatives started to bear fruit as our
investments saw the highest historical results in terms of
engagement, reach and therefore leads; confirming our ability to
rebuild our prospect pipeline
Post Period End Highlights & Outlook
-- Sales momentum emerged in Q4 and is continuing in FY22
-- At the time of writing this report we have closed six deals
in six months; validating our ability to win new business, the
longest period on record of regular deal delivery
-- Our average deal size is increasing and we now have clear
predictable conversion rates of leads into deals
-- After another tough year we have emerged in a strong position
and primed to deliver double digit net Monthly Recurring Revenue
(MRR) growth in FY22
Simon Crowther, Chief Executive, of i-nexus Global plc,
commented: " The substantial challenges posed by the pandemic
continued in the year, but the ongoing investments made in our
products and the changes to our Go To Market strategy started to
deliver an increase in new customer win rate in Q4, increased
industry recognition and a growing confidence across the business
as we head into FY22. The efforts we have made in cash conservation
and the uplift in revenues meant we traded on an EBITDA positive
footing (adjusted for non-underlying items) for the last three
months of the year, with a visible cash runway.
"Our sales pipeline continues to develop with solid new
opportunities being created monthly and we have seen a general
shortening of sales cycles, reflecting in our improved conversion
metrics. We therefore enter the new financial year with a greater
level of optimism.
"The changes brought by the pandemic have highlighted the need
for scalable, robust, digital strategy execution tools and the
market for our software is growing. We are confident we are well
positioned, with a differentiated offering, to play a leadership
role in this maturing market and are focused on delivering a year
of growth."
For further information please contact:
i-nexus Global plc Via: Alma PR
Simon Crowther, CEO
Alyson Levett, CFO
Singer Capital Markets (Nominated Tel: +44 (0)207 496
Adviser and Broker) 3000
Sandy Fraser / Alaina Wong (Corporate
Finance)
Tom Salvesen (Corporate Broking)
Alma PR Tel: +44 (0) 203 405
Caroline Forde 0205
About i-nexus Global plc
i-nexus Global plc ("i-nexus") helps organisations achieve their
goals. Whether executing a strategy, driving operational excellence
and continuous performance improvement, or coordinating portfolios
and programs to transform results, i-nexus strategy execution
software underpins success.
Today, we support organisations in managing over 200,000
strategic programmes around the world.
i-nexus transforms how organisations plan, execute, and track
goals. We inspire the confidence to leave behind the spreadsheets,
presentations and reports those organisations rely on, replacing it
with a cloud-based, collaborative solution.
Chairman's Statement
For many businesses 2020/21 remained challenging due to economic
and commercial uncertainty coupled with all the ongoing disruption
caused by the global pandemic. Of course, certain businesses were
in the right markets to benefit from the unprecedented demands
created by this environment, whilst others were on the wrong side
of the "must have / like to have" decision process. However, while
in FY20 we saw many large businesses retract from longer term
decision making on procuring discretionary enterprise software
purchases, during FY21 we saw a distinct change in behaviour from
our existing and potential customers as they returned to addressing
the fundamental challenge of increasing longer term
productivity.
Critical to addressing this challenge is how enterprises deploy
their strategy. Having agreed strategic goals, how they set the
goals across large and complex businesses, how they measure whether
or not they are on track to achieve those goals and finally what to
do to course correct if they are not on target. As a Board we are
confident that the challenge which i-nexus addresses, the
automation of Business Improvement and Strategy Deployment, is one
which all businesses face and more and more will seek to address
over the coming years. We remain confident that we have an
extremely capable solution as demonstrated by the quality of the
customers which we currently serve and those with which we are
currently negotiating.
i-nexus Global plc went into the FY20 downturn in a particularly
weak position, both from a cash and from a sales perspective, but
crucially we were supported at this critical time by our major
shareholders. We demonstrated to those shareholders the inherent
value in this business in terms of the technology we have
developed, the customers who have deployed it and the new customers
who have signed contracts or are currently in our pipeline. We all
acknowledge that there was and continues to be considerable
uncertainty about the speed at which the market for strategy
deployment software develops but are confident that there is a
significant market to address and that such deployments go the
heart of how businesses operate. We remained 'hunkered down' during
FY21, keeping costs to a minimum, successfully rebuilding our sales
pipeline, continuing to service our existing customers, signing new
ones and continuing on a more limited basis to develop our
technology. Preservation of cash until such time as we can see a
clear, sustainable improvement in sales and revenues, was our
number one priority and remains so.
Although we successfully signed a number of new customers during
FY21 we were hit by higher levels of churn amongst some of our
existing customers than we were anticipating. The principal drivers
for this churn were M&A activity and customers who found
themselves in particularly hard-hit industries. In retrospect,
given the considerable M&A activity amongst our customers, such
events are not entirely unexpected. We have continued to support
such customers in a totally professional manner and one in
particular, having been acquired, has already started a new pilot
to deploy i-nexus across the new merged entity. The result of this
higher than anticipated churn was a tighter than anticipated cash
position which was once again supported by our shareholders.
We remain confident that the market we address is emerging and
that i-nexus is a leading automation product enabling businesses to
deploy strategy more efficiently. We are also confident that we are
running as lean a cost base as manageable in challenging times,
that we have the appropriate and committed management team and that
our core market is undoubtedly growing.
Although we believe that the stock market currently undervalues
the business on any comparable metric, we recognise that the
management of the business must demonstrate to investors that
i-nexus has the exciting potential we can see and that we as a team
can realise the results we envisage. Whilst we do so, we will
manage our cash resources as effectively as possible, continue to
develop one of the best platforms available to enable the
automation of business improvement and strategy deployment and
continue to drive our exciting sales pipeline as hard as our
resources permit.
Finally, I would like once again to thank our management team
and employees for their dedication and commitment during these
challenging times. I would also like to take this opportunity to
thank all shareholders who have continued to support the business
and in particular those who subscribed for additional Loan Notes
during the most challenging of times. They have given the business
the opportunity to continue to pursue the growth in new and
existing customers and ultimately the financial results the
management team work unstintingly to achieve.
Richard Cunningham
Chairman
CEO's Statement
Overview
We have emerged as a stronger business as a result of the
commercial and operational challenges of FY21. After the major
milestone in FY20 of deploying an upgraded version of i-nexus with
a new modern interface across all our customers, which has deepened
our understanding of our customers' needs, we are generating the
highest number of new sales leads per month, on average one new
demo request is arriving per working day and the start of a stable
cadence of new contract wins is now visible. We are now moving into
what I expect to be an exciting phase in i-nexus' history.
Our shareholders were an invaluable support during the
challenges of FY21 and have provided the means for us to get back
on a growth trajectory. I would like to add my thanks for that to
those expressed by our Chairman.
Trading
The substantial challenges posed by the pandemic continued in
the year, but the ongoing investments made in our products and the
changes to our Go To Market ("GTM") strategy started to deliver an
increase in new customer win rate in Q4, increased industry
recognition and a growing confidence across the business as we head
into FY22. The efforts we have made in cash conservation and the
uplift in revenues meant we traded on an EBITDA positive footing
(adjusted for non-underlying items) for the last three months of
the year, with a visible cash runway.
The fundraising gave us much needed working capital. We remain
conscious of the challenges that still lie ahead, but we are
passionate about continuing to deliver on our growth strategy in
the coming year while carefully managing our cash resources to
ensure the long-term future of the business.
Market opportunity
All businesses set goals, plan how to deliver them and track
performance. The challenge is if they can do this at pace, with
insight and high levels of visibility across their complex
operating environment. In most cases the answer to this is no and
this is where i-nexus' software delivers considerable value. While
the last 18 months has been painful for many, it brought into focus
the importance of strategy being up to date, all in one place and
at the fingertips of those driving a business forward and most
importantly, remotely and digitally accessible. This, we believe,
will see the momentum we have seen in recent months continue and
grow in the coming year.
Sales & Marketing activity
Since the launch of our next generation platform, i-nexus
Workbench, last year we are encouraged by the exceptionally
positive response from existing customers and the high level of
interest from new prospects. The flexibility and usability of the
platform has enabled us to implement live trials and "test drives"
for prospects for the first time, enabling high levels of
engagement where prospects can see their own data in the system,
providing a powerful proof of the ROI which can be delivered.
The success of these trials and test drives can be seen in the
uplift in customer win rate in Q4 and into the new financial year,
with five trials converted into annual contracts since July 2021 -
an encouraging run rate of new business not experienced for some
time.
The four new customers signed in the year were a major domestic
appliance manufacturer, the first of six portfolio companies of a
US-based Private Equity business, with further companies in their
portfolio now evaluating the platform, a European pharmaceutical
organisation and a European automotive technology company.
Subsequent to the year end, we have signed one further contract
with the second of the portfolio companies mentioned above with
further deals progressing through contracting.
We currently have several further live trial implementations at
multiple enterprises across the US, UK and Europe and a paid Pilot
with a major technology company. We continue to see an uplift in
new business enquiries as a result of our targeted marketing
activities but are mindful that the economic backdrop remains
uncertain.
Existing account activity
Typically, our software is initially utilised within one
division of our customers, or one geography, with considerable
scope for further expansion. However, within the year, we saw lower
levels of customer expansion deals than previously with only two
notable additions, a cross sell at an existing account to a new
geography, Singapore and the conclusion of an enterprise deal with
a major technology company whereby their MRR will ramp across the
next 3-5 years. Despite these two increases success elsewhere was
limited with COVID-19 continuing to impact enterprise software
budgets. We have seen some improvement post year end and anticipate
a higher level of customer expansion deals in FY22.
Marketing
We have seen a considerably higher level of new business
enquiries as we progressed through the year, reflecting both the
improving business landscape and our inclusion on G2, the world's
largest online technology marketplace within the 'best strategic
planning' software category. Having not appeared in this list
previously, we now consistently rank highly, having received forty
two reviews and three awards. Year on year the result is
encouraging with new contacts nearly twice last year's average,
content download 1.5 times those on average a year ago and both
returning contacts and returning web visits at least five times
those a year ago. All of this activity has seen our rate of leads
and, importantly, demo requests increase.
Our focus for the year ahead will be to convert this increase in
marketing reach, maintain this consistency in the rate of new
customer acquisition, expanding with our existing customers and
delivering net customer growth.
Business structure
The business comprises four core teams: GTM (Sales &
Marketing), Product (Development, Product & Cloud Ops),
Success, (all the customer facing & delivery teams) and
Business Support (Finance, HR & Admin). Each team has clearly
laid out performance metrics and KPIs, to be delivered against
quarterly. A key feature of the change in the GTM approach has been
to utilise domain experts, with an in depth knowledge of i-nexus,
throughout the sales cycle. This has enabled a far greater level of
interaction with the prospect's team on a peer-to-peer basis. In
addition, we have also adopted a similar approach in customer
success, whereby our Solution Consultants are acting as success
managers for our accounts. Both these changes are delivering
positive results.
As with many software companies, we are an agile business and
well-equipped to facilitate remote working. Our staff continue to
work successfully from home, with no disruption to the Group's
continuity of service and indeed some benefits of the greater ease
of collaboration. We took the decision in the year not to renew the
lease on our Coventry HQ. We require a more flexible workspace for
the future as lockdown restrictions lift and resource planning can
become more definitive.
Innovation
Evolving market
Our software category - Strategy Execution Management (SEM) -
continues to evolve and gain momentum as companies accelerate
digitising mission-critical processes in this post pandemic world.
Faced with market uncertainty, this "new normal" future requires
companies to increase responsiveness by dynamically managing their
strategic plan; something that we believe simply cannot be achieved
in spreadsheets and other conventional productivity tools.
The growing importance of the SEM market has been acknowledged
by leading analysts including Gartner Research, with SEM now
considered an integral part of the new Strategy Portfolio
Management (SPM) software category.
Competition
Our competitive landscape has shifted accordingly. Falling under
Strategic Portfolio Management from an analyst perspective, has had
two effects. It has both distanced us from many previous SEM
competitors but also introduced new SPM competitors.
Against remaining SEM vendors, i-nexus is differentiated in both
its depth of capabilities and its ability to support larger
deployments where stringent IT requirements - including data
security - must be met and flexibility in configuration is needed.
Those capabilities include the X-Matrix interactive planning used
by multiple strategy execution methodologies including Hoshin
Kanri.
i-nexus has two clear advantages in strategy execution against
SPM vendors: powerful strategic planning and performance management
capabilities that complement portfolio management features. Plus,
i-nexus' customers benefit from experience gained from over fifteen
years of market experience in strategy execution.
Customer priorities
The past twelve months have seen the emergence of two clear
trends in customer priorities. The first is around the governance
of strategic data. Responding to changing market conditions
requires real-time strategic insight that depends ultimately on
quality data. Customers increasingly rely on i-nexus to centralise
and manage this data, and furthermore present executives with
visualisation and reporting on strategic health
The second noticeable trend is growing interest in rethinking
the traditional annual strategic planning process, applying agile
principles to strategic planning and delivery. Approaching
strategic execution in a more incremental way enables customers to
regularly assess not just progress toward the strategic plan but
also any internal and external factors that might warrant strategic
course correction.
In the year ahead we will continue to evaluate our product
market fit and deliver those enhancements that respond to the
market needs, especially those resulting from a greater extent of
virtual operations.
Partners
While we secured one new customer at the start of the year via a
partner, our consulting partners largely continued to be impacted
by COVID-19, seeing their own pipelines slow down and facing
substantial uncertainty, we therefore have reduced our focus on
this area for the time-being.
People
Once again, I would like to thank our amazing team personally
and on behalf of the Board. We are incredibly lucky with the talent
and commitment of the team that we have at i-nexus. This has not
been an easy year, but everyone has worked incredibly hard to make
it a success and I am delighted for all of us that we are now
starting to see the fruits of those labours.
Current Trading and Outlook
We exited the year with a Monthly Recurring Revenue rate of
GBP235k and we continue to trade on a monthly EBITDA positive
basis. Importantly, we have seen levels of non-renewing customers
reduce considerably over the last five months and we do not expect
to see a repeat of the rates seen last year.
Our sales pipeline continues to develop with solid new
opportunities being created monthly and we have seen a general
shortening of sales cycles, reflecting in our improved conversion
metrics. We therefore enter the new financial year with a greater
level of optimism.
The changes brought by the pandemic have highlighted the need
for scalable, robust, digital strategy execution tools and the
market for our software is growing. We are confident we are well
positioned, with a differentiated offering, to play a leadership
role in this maturing market and are focused on delivering a year
of growth.
Simon Crowther
Chief Executive Officer
Chief Financial Officer's Report
Reported revenue
Revenue reduced to GBP3.6m (FY20: GBP4.1m) as the COVID-19
pandemic continued to affect our rate of new deal conversion and
professional services billing until the last quarter of the year.
The Group signed four new customers, three in the last quarter
(FY20: two), all under recurring contracts of more than one year in
length, paid in advance annually. Upsells and cross sells in our
existing accounts were lower than previous years, adding GBP10k
Monthly Recurring Revenue in the year (FY20: GBP40k). At the same
time, we experienced exceptional levels of non-renewing contracts,
some of which were a direct result of COVID-19, and we exited FY20
with closing MRR of GBP235k (FY20 exit MRR: GBP305k).
Revenue from recurring contracted software subscriptions was
GBP3.3m (FY20: GBP3.7m), this reduction reflecting the low levels
of new MRR generated from sales and the high level of non-renewing
contracts. Revenue from associated professional services was
GBP0.3m (FY20: GBP0.3m). We had expected some resurgence in our
services billing closer to levels seen historically, but this did
not materialise during the earlier part of the year. This also
showed signs of improvement in the last 3 months of the year with
billing in this area reaching an average of GBP29k per month from
an average of just GBP5k per month from December 2020 to May
2021.
Gross Margin
Gross margin in the year was GBP3.0m, or 83% (FY20: GBP3.0m, or
73%) after accounting for commission payable to the Group's
business partners. This improvement is a demonstration of how well
the team have responded to the pressures on the business in the
past twelve months.
Reported gross margin is the combined gross margin over both
recurring software subscriptions and professional services.
Overheads
Overheads (defined as the aggregate of staff costs and other
operating expenses, but excluding those costs included in cost of
sales, depreciation of tangible assets and amortisation of
intangible assets, and share based payment charges) reduced by 27%
in the year to GBP3.9m (FY20: GBP5.31m). This cost saving was a
combination of a full year of reduced headcount, continuing to
utilise the Government Furlough scheme, albeit at a much lower
rate, not renewing the Lease on the Coventry office and other
savings related to software use and other general overheads
savings. Included in overheads was GBP0.04m (FY20: GBP0.2m) of
non-recurring administrative expenses as a result of the
redundancies. As reported elsewhere our monthly run rate of total
costs, both cost of sales and overheads dropped by approximately
GBP100k in the year to close at approximately GBP270k. Interest
expense at GBP156k is up on the previous year by GBP102k as the
recognition of rolled-up interest expense on the first tranche of
convertible loan notes commenced. Cash interest paid dropped from
GBP40k to GBP22k as the historical venture debt continues to be
paid down.
Adjusted EBITDA and net loss for the year
Our focus for the year was to remain as close to EBITDA
breakeven as we could to conserve cash. These efforts were rewarded
by the final quarter as we traded profitably at EBITDA level
(adjusted for non-underlying items) for the last three months and
are continuing to do so in the new financial year. Adjusted EBITDA
(EBITDA before depreciation, amortisation, impairment and loss on
disposal of assets, share based payments and non-underlying items)
was a loss of just GBP0.3m as a result (FY20: loss GBP1.8m)
Group loss before taxation reduced to GBP1.1m (FY20: GBP2.4m), a
result that reflects the cost reductions made. There are minimal
plans to increase the cost base in the coming year, restricted to
well targeted investments in lead generation, projects designed to
improve conversion rates and in marketing initiatives with our
partners. These investments will only be made as net new MRR
increases thus releasing cash to enable them.
Cash Flow
The Group had cash & cash equivalents at the period end of
GBP0.58m (FY20: GBP0.12m). The Group's cash position was enhanced
during the year with successful fund raises to secure GBP1.975m as
a result of the issue of Fixed Rate Unsecured Convertible
Redeemable Loan Notes.
Gross debt at 30 September 2021 was GBP1.90m (FY20: GBP0.24m),
of which GBP0.07m (FY20: GBP0.18m) was payable within one year.
The Group experienced a reduced outflow of funds from operating
activities of GBP0.5m (FY20: GBP2.0m) and a net outflow from
operating activities of GBP1.0m (FY20: GBP0.5m). This net outflow
was largely the result of the repayment of HMRC deferrals and other
accumulated creditor balances resulting from our pressured cash
position towards the end of last year. The Group had a cash inflow
of GBP1.8m (FY20: outflow of GBP0.2m) from financing
activities.
The funds raised during the year provide additional working
capital to facilitate the continued implementation of the Group's
plans and will be applied entirely towards meeting the Group's
ongoing working capital requirements. With the pattern of deal flow
we are experiencing we expect to be self-sufficient in working
capital terms in FY22 and can therefore start a prudent series of
investments in resources to help us accelerate our growth.
Careful cash management will continue to be a priority focus for
the Board. The Group continues to apply treasury and foreign
currency exposure management policies to minimise both the cost of
finance and our exposure to foreign currency exchange rate
fluctuations.
The Group prepares budgets and cashflow forecasts and undertakes
scenario planning to ensure that the Group can meet its liabilities
as they fall due. As was the case last year the uncertainty as to
the ongoing impact on the Group of COVID-19 has been considered as
part of the Group's adoption of the going concern basis. In
particular, the ongoing impact of COVID-19 may continue to cause
sales cycles to extend and make it difficult to forecast future
sales.
The Board's assessment in relation to going concern is included
in Note 2 of the financial information. The Group's principal risks
and uncertainties are set out in Note 9 of the financial
information.
Capital expenditure
The Group operates an asset light strategy and has low capital
expenditure requirements, therefore expenditure on tangible fixed
assets is very low at less than 1% of revenue (FY20: 3%). The main
area of capitalisation is the development of the Group's product
software which amounted to GBP0.3m in the year (FY20: GBP0.6m).
The Group reviews the carrying amounts of its intangible assets
to determine whether there is any indication that those assets have
suffered an impairment loss. This is reflective of the continual
evolution of the market in which the Group operates and the needs
of its customers, both present and prospective, and the Group's
agile approach to continually developing and improving its
offering. By necessity, this may mean that expenditure on
intangible assets meeting the recognition criteria may later become
impaired. As a result of this review we determined an impairment of
GBP0.29m was necessary in the year (FY20: GBP0.11m). Our
development capacity is contributing to the marketability of the
Group's products, the product launch last August is proving to be
strategically important to us as the success of trials and pilots
is becoming evident.
Alyson Levett
Chief Financial Officer
Primary statements
Consolidated Statement of Comprehensive income
For the year ended 30 September 2021
Year ended Year ended
Notes 30 September 30 September
2021 2020
GBP GBP
Revenue 3 3,639,111 4,080,582
Cost of sales (635,532) (1,094,342)
Gross profit 3,003,579 2,986,240
Other operating income 3 88,316 244,656
Administrative expenses (4,062,295) (5,555,327)
------------- -------------
Operating loss (970,400) (2,324,431)
Adjusted EBITDA 4 (256,873) (1,816,412)
------------- -------------
Depreciation, amortisation, impairment
and profit / loss on disposal (551,862) (331,924)
Share based payment expense (17,181) -
Non-underlying items (144,484) (176,095)
---------------------------------------- ------ ------------- -------------
Finance income 65 1,007
Finance costs (162,855) (54,299)
------------- -------------
Loss before taxation (1,133,190) (2,377,723)
Income tax credit 398,258 361,490
------------- -------------
Loss for the year (734,932) (2,016,233)
============= =============
Other comprehensive income:
Exchange differences on translation
of foreign operations 17,346 8,068
Loss on net investment hedge - (26,307)
Total comprehensive loss for the year (717,586) (2,034,472)
------------- -------------
Attributable to equity holders of
company (717,586) (2,034,472)
------------- -------------
Basic and diluted earnings per share 5 (0.02) (0.07)
------------- -------------
Consolidated Statement of Financial Position
As at 30 September 2021
Notes 30 September 30 September
2021 2020
GBP GBP
Non-current assets
Intangible assets 1,099,313 1,136,808
Property, plant and equipment 67,111 245,963
--------------- ---------------
Total non-current assets 1,166,424 1,382,771
--------------- ---------------
Current assets
Trade and other receivables 791,948 832,507
Current tax receivable 275,000 300,000
Cash and cash equivalents 575,203 120,011
--------------- ---------------
Total current assets 1,642,151 1,252,518
--------------- ---------------
Total assets 2,808,575 2,635,289
--------------- ---------------
LIABILITIES
Current liabilities
Trade and other payables 952,157 1,239,609
Borrowings 6 71,425 179,098
Lease liabilities - 37,467
Deferred revenue 1,030,315 1,723,661
--------------- ---------------
Total current liabilities 2,053,897 3,179,835
--------------- ---------------
Net current liabilities (411,746) (1,927,317)
---------------
Non-current liabilities
Trade and other payables 88,330 -
Borrowings 6 42,094 64,402
Provisions - 80,702
Convertible loan notes 7 1,782,458 -
--------------- ---------------
Total non-current liabilities 1,912,882 145,104
--------------- ---------------
Total liabilities 3,966,779 3,324,939
--------------- ---------------
Net liabilities (1,158,204) (689,650)
=============== ===============
Equity
Share capital 8 2,957,161 2,957,161
Share premium option 7,256,188 7,256,188
Share option reserve 12,989 -
Foreign exchange reserve 1,876 (15,470)
Equity reserve 7 231,851 -
Merger reserve 10,653,881 10,653,881
Retained earnings (22,272,150) (21,541,410)
--------------- ---------------
Total equity (1,158,204) (689,650)
=============== ===============
Consolidated Share Share Equity Merger Foreign Share Retained Total
Statement of capital premium reserve reserve exchange option earnings
changes in reserve reserve
equity
As at 30
September 2021
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1
October 2019 2,957,161 7,256,188 - 10,653,881 (23,538) - (19,498,870) 1,344,822
Year ended 30
September
2020:
Loss for the
year - - - - - - (2,016,233) (2,016,233)
Other
comprehensive
income:
Exchange
differences on
foreign
operations - - - - 8,068 - - 8,068
Loss on net
investment
hedge - - - - - - (26,307) (26,307)
Total
comprehensive
income for
the year - - - - 8,068 - (2,042,540) (2,034,472)
Balance at 30
September 2020 2,957,161 7,256,188 - 10,653,881 (15,470) - (21,541,410) (689,650)
Year ended 30
September
2021:
Loss for the
year - - - - - - (734,932) (734,932)
Other
comprehensive
income:
Exchange
differences on
foreign
operations - - - - 17,346 - - 17,346
Total
comprehensive
income for
the year - - - - 17,346 - (734,932) (734,932)
Issue of
convertible
loan - - 231,851 - - - - 231,851
Share option
expense in the
year - - - - - 17,181 - 17,181
Share options
cancelled - - - - - (4,192) 4,192 -
Balance at 30
September 2021 2,957,161 7,256,188 231,851 10,653,881 1,876 12,989 (22,272,150) (1,158,204)
Consolidated Statement of Cash Flows
For the year ended 30 September 2021
Year ended Year ended
30 September 30 September
2021 2020
GBP GBP
Cash flows from operating activities
Loss after tax (734,932) (2,016,233)
Adjustments for non-cash/non-operating
items:
Taxation credit (398,258) (361,490)
Depreciation and profit on disposals 551,862 331,924
Share based payments 17,181 -
Finance income (65) (1,007)
Finance charges 162,855 54,299
Decrease in provisions (80,702)
------------- --------------
(482,059) (1,992,507)
------------- --------------
Changes in working capital:
Decrease in trade and other receivables 78,059 690,536
(Decrease)/Increase in trade and other payables (980,799) 489,077
Cash from operating activities (1,384,799) (812,894)
Income tax refunded 423,258 361,490
------------- --------------
Net cash from operating activities (961,541) (451,404)
------------- --------------
Cash flows from investing activities
Purchase of property, plant and equipment (1,171) (39,744)
Proceeds from sale of property, plant 1,180 -
and equipment
Purchase of intangible assets - internally
generated (335,446) (628,210)
Interest received 65 1,007
Net cash flow from investing activities (335,372) (666,947)
------------- --------------
Cash flows from financing activities
Payment of lease liabilities (37,467) (89,000)
Issue of convertible loans 1,937,500 -
Proceeds from bank loans 50,000 -
Repayment of borrowings (179,981) (159,730)
Interest paid (35,216) (54,299)
Net cash flow from financing activities 1,734,836 (303,029)
------------- --------------
Net increase/(decrease) in cash and cash
equivalents 437,923 (1,421,380)
Cash and cash equivalents beginning of period 120,011 1,533,323
Effect of foreign exchange rate changes 17,269 8,068
------------- --------------
Cash and cash equivalents at the end of the
period 575,203 120,011
============= ==============
Notes to accounts
1. General information
i-nexus Global plc is a public company limited by shares
incorporated in England and Wales (registration number 11321642).
The registered office and principal place of business is i-nexus,
27-28 Eastcastle Street, London, W1W 8DH.
The principal activity of i-nexus Global plc is to help
organisations achieve their goals. Whether executing a strategy,
driving operational excellence and continuous performance
improvement, or coordinating portfolios and programs to transform
results, i-nexus strategy execution software underpins success.
2. Significant accounting policies
The following principal accounting policies have been used
consistently in the preparation of consolidated financial
information for i-nexus Global plc and its subsidiaries (the
'Group').
Basis of preparation
The financial information has been prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union, in accordance with the IFRS Interpretations
Committee ("IFRIC") interpretations, and with those parts of the
Companies Act 2006 as applicable to companies reporting under
IFRS.
The financial information is prepared in sterling, which is the
functional currency of the Group. Monetary amounts in this
financial information are rounded to the nearest GBP1.
This financial information has been prepared applying the
accounting policies applied in the Group's most recent publicly
available financial statements.
The financial information incorporates the results of i-nexus
Global plc and all of its subsidiary undertakings as at 30
September 2021.
Going concern
The Group prepares regular business forecasts and monitors its
projected cash flows, which are reviewed by the Board. Forecasts
are adjusted for reasonable sensitives that address the principal
risks and uncertainties to which the Group is exposed, thus
creating a number of different scenarios for the Board to challenge
including a "stress" case scenario of a worsening of total billing
across recurring and services revenue of GBP900,000 (2020:
GBP700,000) compared to the base case budgeted for the current
financial year. This stress case was based upon new billing
remaining at the same substantially suppressed rate as FY20. In
those cases, where scenarios deplete the Group's cash resources too
rapidly, consideration is given to the potential actions available
to management to mitigate the impact of one or more of these
sensitivities, in particular the discretionary nature of costs
incurred by the Group, in order to ensure the continued
availability of funds.
On the basis of this analysis, the Board has concluded that
there is a reasonable expectation that the Group will have adequate
resources to continue in operational existence for the foreseeable
future being a period of at least twelve months from the balance
sheet date.
Thus the directors continue to adopt the going concern basis of
accounting in preparing the financial information.
Abridged financial information
This preliminary announcement has been prepared in accordance
with the basis of preparation set out above.
Whilst the financial information included in this preliminary
announcement has been prepared in accordance with IFRS, this
announcement does not itself contain sufficient information to
comply with IFRS. This preliminary announcement constitutes a
dissemination announcement in accordance with Section 6.3 of the
Disclosures and Transparency Rules (DTR).
3. Revenue and segmental reporting
The Group has one single business segment and therefore all
revenue is derived from the rendering of services as stated in the
principal activity. The Group operates four geographical segments,
as set out below. This is consistent with the internal reporting
provided to the chief operating decision maker. The chief operating
decision maker, who is responsible for allocating resources and
assessing performance, has been identified as the management team
comprising the executive directors who make strategic
decisions.
Revenue analysed by class of business
Year ended Year ended
30 September 30 September
2021 2020
GBP GBP
License 3,333,407 3,737,932
Services 305,704 342,650
3,639,111 4,080,582
=============== ===============
Revenue analysed by geographical market
Year ended Year ended
30 September 30 September
2021 2020
GBP GBP
United Kingdom 853,663 808,412
Rest of Europe 806,472 1,823,246
United States 1,211,192 1,259,360
Rest of the World 767,784 189,564
--------------- ---------------
3,639,111 4,080,582
=============== ===============
Other significant revenue
Year ended Year ended
30 September 30 September
2021 2020
GBP GBP
Grant income 88,316 244,656
=============== ===============
Grants of GBP88,316 (2020: GBP244,656) were received as part of
the Government's initiatives to provide immediate financial support
as a result of the COVID-19 pandemic. There are no future related
costs associated with these grants which were received solely as
compensation for costs incurred in the year.
4. Adjusted EBITDA
The calculation of Adjusted Earnings is consistent with the
presentation of Adjusted Earnings before Interest, Tax,
Depreciation, and Amortisation, as presented on the face of the
Statement of Comprehensive Income. This adjusted element also
removes non-underlying items which comprise COVID-19 related
redundancy costs and professional and consultancy fees relating to
the raising of finance during the year ended 30 September 2021.
Non-underlying items in the year ended 30 September 2020 comprise
COVID-19 related redundancy costs.
The Directors have presented this Alternative Performance
Measure ("APM") because they feel it most suitably represents the
underlying performance and cash generation of the business, and
allows comparability between the current and comparative period in
light of the rapid changes in the business, and will allow an
ongoing trend analysis of this performance based on current plans
for the business.
5. Earnings per share
The earnings per share has been calculated using the loss for
the year and the weighted average number of ordinary shares
outstanding during the year, as follows:
Year ended Year ended
30 September 30 September
2021 2020
GBP GBP
Loss for the period attributable to equity
holders of the company (734,932) (2,016,233)
-------------- --------------
Weighted average number of ordinary shares
(for basic and diluted earnings per share 29,571,605 29,571,605
-------------- --------------
Earnings per share (basic and diluted) (0.02) (0.07)
============== ==============
The Diluted EPS is the same as the basic EPS in the current and
comparative year as the Group has incurred losses in each of the
periods concerned. The Group has a number of potentially dilutive
share options and convertible redeemable loan stock that could
dilute the earnings per share should the Group become profitable.
As at 30 September 2021 both the share options and the convertible
loan stock are out of the money.
6. Borrowings
At 30 September At 30 September
2021 2020
GBP GBP
Current
Bank loans 7,906 -
Other loans 63,519 179,098
71,425 179,098
---------------- ----------------
Non-current
Bank loans 42,094 -
Other loans - 64,402
42,094 64,402
---------------- ----------------
Total borrowings 113,519 243,500
================ ================
The Group has the following borrowings at 30 September 2021:
-- A Bounce Back Loan Scheme loan within bank loans which has an
interest rate of 2.5% payable from November 2021 when the
government grant incentive period expires. The loan is carried at
GBP50,000 in the financial statements. This loan is unsecured.
-- Venture debt within other loans which has a fixed interest
rate of the higher of 11.5% per annum or LIBOR plus 8% per annum
and is measured at amortised cost. The venture debt is secured by
way of fixed and floating charges over the title of all assets held
by i-solutions Global Limited.
The directors consider the value of all financial liabilities to
be equivalent to their fair value.
7. Convertible Loan note
Two tranches of convertible loan notes were issued during the
year. The first tranche was issued on 4 November 2020 and total
proceeds of GBP1,325,000 were recognised. The second tranche was
issued on 29 September 2021 and total proceeds of GBP650,000 were
recognised (of which GBP37,500 is accrued and included with other
debtors).
Both tranches have a redemption date 3 years following their
date of issue. The loan note holders are entitled, before the
redemption date, to require the Company to convert all or part of
their holding of loan notes into fully paid Ordinary Shares on the
basis of 1 Ordinary Share for every 10p of principal nominal amount
of loan notes held, or, convert all or part of their holding of
loan notes into fully paid Ordinary Shares at the conversion rate;
and/or redeem all or part of their holding of loan notes.
The net proceeds from the issue of the convertible loan notes
have been split between the financial liability element and an
equity component, representing the fair value of the embedded
option to convert the financial liability into equity as
follows:
2021
GBP
Proceeds of issue of convertible
loan note 1,975,000
Equity component 231,851
Liability component at date
of issue 1,743,149
==========
8. Share capital
At At
30 September 30 September
2021 2020
GBP GBP
Authorised, allotted, called
up and fully paid
29,571,605 (2020: 29,571,605)
Ordinary shares of GBP0.10
each 2,957,161 2,957,161
============== ==============
Fully paid shares carry one vote per share and carry rights to a
dividend.
9. Principal risks and uncertainties
Risk Description Mitigation
Working capital Whilst the Directors believe The Group prepares regular
Vulnerability that the recent injection business forecasts and monitors
of the Group's of funds, as a result of its projected cash flows,
long term the Convertible Bond issues which are reviewed by the
working capital. in November 2020 and more Board.
recently in September 2021, The scenarios and sensitivities
will provide the necessary demonstrate that there are
flexibility to satisfy actions management can implement
the Group's near-term funding should the plans not deliver
requirements, there can the growth hoped.
be no guarantee as to the
Group's medium to longer
term working capital requirements
and, therefore, the Group
may need to seek additional
capital over and above
that raised from the issue
of the Convertible Loan
Notes. No assurance can
be given as to the availability
of such additional capital
at any future time or,
the terms upon which such
additional capital would
be available.
The proceeds of the Convertible
Bond issue will provide
the necessary flexibility
in the event that the expected
growth in revenues does
not materialise in the
near term, the Group's
continuing viability in
the longer term remains
critically dependent on
its ability to secure new
sales to existing and potential
customers. Given the nature
of the COVID-19 Pandemic,
it is not possible to know
the potential impact of
the ongoing crisis on the
activities of the Group
for the current financial
year and beyond and, in
particular, it is possible
that as a direct or indirect
result the Group will continue
to experience a slower
and/or lower sales conversion
rate than the Directors
have modelled within their
central case financial
projections. This could
in turn have a material
adverse effect on the Group's
business, results of operations,
financial condition and
prospects.
======================================= ======================================
COVID-19 Pandemic The COVID-19 Pandemic has In addressing the impact
The ongoing affected the performance of the COVID-19 Pandemic
impact of of the business of the on its markets and its customers,
the Pandemic Group. As at the date of the Group has continued
cannot be this document, given the taking action to reduce
predicted. nature of the crisis, where its operating cost base
new variants are emerging in cash terms. Staffing
and infection rates are expense reductions have
increasing, the Group is been implemented and this
not aware of the full extent has been combined with reduced
of the effects of the COVID-19 discretionary spending.
Pandemic for the near and This has reduced the Group's
medium term. monthly operating cost significantly
The global economic slowdown to approximately GBP270,000.
resulting from the COVID-19 The Group have identified
Pandemic requires a number further actions that can
of businesses worldwide be taken to reduce its cost
to make adjustments to base further should this
their operating models. prove necessary.
Whilst the Group continues
to monitor the situation
on a regular basis and
may be able to introduce
further cost saving measures
if needed, it is possible
that in the longer term
the COVID-19 Pandemic will
have a material adverse
effect on the Group's business,
results of operations,
financial condition and
prospects. Also, there
is no assurance that the
implementation of the Group's
strategic and operational
changes introduced to date
will be successful under
current or future market
conditions.
======================================= ======================================
Implementation The Board recognises that The Board monitors and manages
of Growth executing the Group's strategy these strategies against
Strategy may be difficult to implement/achieve market conditions, monthly
Failure to and may not be as successful performance against budget
successfully as planned. Pressure on and cash available.
implement management, limitations
its growth on operational and financial
strategies. resources, the potential
insufficiency of demand
for the Group's products
and a slower than anticipated
market acceptance of the
Group's products could
lead to failure to successfully
implement its strategies
and so adversely affect
the Group's reputation,
prospects, results of operations,
and its financial condition.
======================================= ======================================
Digitising A large proportion of the The Group has internal sales
Strategy Execution Group's target market continues and marketing functions,
Failure of to use traditional methods which are also supported
the market and in-house developed by an important network
to accept systems to assist in their of consulting partners,
the need/urgency SE. The Board believes that work with potential
to digitise the market needs further customers to educate on
their Strategy education in the benefits the benefits the product
Execution of digitising SE. Potential can offer an organisation.
(SE). customers may prefer to Furthermore the impact of
"do nothing" and be unnecessarily COVID-19 is making the need
cautious about investing to digitise strategy more
in the Group's software. widely accepted.
Failure by the Group to
adequately explain the
value proposition to increase
the market's readiness
to accept the technology
will lead to slower than
projected growth.
======================================= ======================================
Account Proliferation An important aspect of The Group has a number of
Failure of the Group's growth strategy Success managers. This team's
our existing is to proliferate sales efforts at growing our existing
accounts to of its i-nexus software accounts has been assisted
grow, resulting with existing customers by the recent product enhancements
from dissatisfaction as a result of the natural aimed at improving user
with the product evolution of the software experience. Feedback has
and/or deployment use over time. Although been excellent, highlighted
issues. the Group has a number in the number of positive
of examples where this reviews on the G2 platform
has occurred in the past, discussed elsewhere in this
this is no guarantee that report. The Board continue
it will continue to happen to monitor the efficacy
at the increasing rate and outcomes of the Group's
predicted. Any failure efforts in cross-selling
of this anticipated account and upselling.
proliferation to happen
will affect the Group's
future success and adversely
affect its business, prospects
and results of operations
and financial position.
======================================= ======================================
Dependence Part of the Group's strategy Renewed efforts in relation
on is to increasingly sell to the evolution of this
Channel Partners its software through channel strategic theme will take
Failure to partners. There are no place in 2022 as investment
develop this guarantees that sufficient in resource is unlocked
additional channel partners will be by growth. The Board will
route to market found to sell the Group's closely monitor progress.
effectively. software at the rates planned.
The Directors are confident
that engagements to date
by existing and prospective
channel partners provide
strong evidence of the
opportunity in this regard.
However, there is a risk
that the loss of any one
or more existing channel
partners and/or failure
to secure enough productive
channel partners in the
future could affect the
Group's future success
and adversely affect its
business, prospects and
results of operations and
financial position.
======================================= ======================================
Dependence A small group of key customers As previously reported The
on key Customers provide nearly half of Group has a dedicated team
Failure to the Group's MRR. One of of long standing experienced
retain our the Group's key customers professionals acting as
larger key represents approximately Success managers. They have
customers. 19 per cent of current well established processes
MRR. The Group's financial and reporting that allow
performance is therefore them to get early warning
partly dependent on the of any issues. In addition,
continued business relationship a substantial proportion
with these key customers. of our remaining customer
Failure to manage the ongoing base in value terms have
renewal of the contracts either renewed, are renewing
with these key customers or are on long term contracts,
on a commercially acceptable giving us comfort over the
basis could materially security of the bulk of
affect the Group's operations our base. Whilst this cannot
and/or its financial condition. guarantee renewal of all
other customers in the face
of disruptive external factors
we can't foresee or manage,
risk is expected to be lower
this year than last.
======================================= ======================================
Software Reliability If the software provided The Group targets significant
Undetected to our customers contains investment in product R&D.
defects in undetected defects when This includes performance
the software first introduced or when enhancements, bug fixes
provided by upgraded then the Group and integration of new technologies,
the Group. may fail to meet its customers all of which undergo substantial
performance requirements testing before releasing
or otherwise satisfy contract to customers. In addition
specifications. As a result the Group endeavours to
it may lose customers and/or negotiate limitations of
become liable to its customers liability clauses in its
for damages and this may customers' contracts.
among other things damage
the Group's reputation,
business, prospects, results
of operation and financial
condition.
======================================= ======================================
Software Applicability There is no guarantee that The Board feels that recent
The i-nexus the i-nexus software will enhancements along with
software may perform as intended or the Group's product strategy
not perform meet customer expectations and R&D focus has de-risked
as expected either in terms of functionality, this area. The Board monitors
or meet customers' performance or usability. user satisfaction and the
changing expectations Costs spent on developing extent to which the software
quickly enough. the i-nexus software may continues to meet customer
therefore not be recouped expectation through various
at the rate anticipated channels, including on the
or at all, and this may G2 platform.
result in reduced profitability
for the Group.
======================================= ======================================
Market Growth The Board believe that The Board do not consider
Failure of there is strong evidence this year's new deal performance
Strategy Execution supporting the growth in to be indicative of an underlying
market to the adoption of Strategy weakness in the market for
grow at the Execution software. However, the Group's product. The
rate expected. there can be no assurance impact of COVID-19 has been
that this growth will happen highlighted elsewhere in
at the rate envisaged by this report. However it
the Directors. If the market is clear from competitor
fails to adopt Strategy activity, activity on the
Execution software at the G2 platform we are part
rate envisaged then this of and Gartner and Forrester
will affect the Group's interactions that the Strategy
future success and adversely Execution Management market
affect its business, prospects is evolving. The Board continues
and results of operations to monitor market evolution
and financial position. and the Group's response
to this.
Competitors The Group may face an increasing The Group invests in R&D
The Group amount of competition in and product development
may face competition the future as the market to ensure that the product
in a rapidly expands, making entry to remains market leading.
evolving market. it more attractive. Whilst The GTM Market team is responsible
the Group has achieved for making substantial improvements
its market position through in our on line presence
a deep understanding of in particular our progress
the market, and the 10 on the G2 platform and this
years of development of gives the Board comfort
its i-nexus software which that the marketing strategy
places the Group in a strong will help maintain our competitive
position, there is no guarantee position in an evolving
that the Group's competitors market.
and potential competitors
(who may have significantly
greater financial, marketing,
service, support, technical
and other resources than
the Group) may be able
to develop competing products,
respond more quickly to
changes in customer requirements
and devote greater resources
to the enhancement, promotion
and sale of their products,
which could have a negative
impact and disadvantage
the Group's business. The
entry into the market of
strong, well funded competitors,
could have a negative impact
on sales volumes or profit
margins achieved by the
Group in the future.
===================================== ======================================
Security Breaches The Group is a Data Processor The group takes its Information
& Cyber Attacks for its customers' confidential Security very seriously
Vulnerability data. Although the Group as demonstrated by its ISO27001
of the Group's is ISO27001 accredited accreditation. Employees
systems to and therefore employs security are trained in this area
security breaches and testing measures for including the risks of phishing
or cyber attacks. the software it deploys and the best practice for
and the broader security Information Security. The
environment is well documented, Group has cyber security
these measures may not insurance in place and the
protect it from all possible Group endeavors to secure
security breaches that limitations of liability
could harm the Group's clauses in its customer
or its customers' business. contracts.
Given the reliance of the
Group on its information
technology systems then
its software is at risk
from cyber attacks. Either
of these security events
may result in significant
costs being incurred and
other negative consequences
including reputational
damage and a loss of investor
confidence.
===================================== ======================================
International A substantial proportion All geographies addressed
Operations of the Group's customers by the Group can be readily
Failure of and prospects operate overseas serviced from the UK. The
the Group and as a result the Group Group applies Treasury and
to adequately is exposed to various risks; foreign currency exposure
manage risks operational challenges management policies to minimise
of operating around distance, language both the cost of finance
internationally. and culture, human resource and our exposure to foreign
issues and different legal currency exchange rate fluctuations.
and taxation environments.
In addition a significant
proportion of the Group's
revenues are denominated
in foreign currency, principally
US dollars. Since the Group
reports its financial results
in sterling, fluctuations
in rates of exchange between
sterling and non-sterling
currencies, particularly
US dollars, may have a
material adverse impact
on the Group's financial
results.
===================================== ======================================
Reliance on There is a risk that parties The Group has very little
counterparties with whom the Group trades exposure in its customer
Risk that or has other business relationships base to those sectors most
trading partners may be unable to pay the adversely affected by COVID-19.
may be unable Group in a timely manner, Therefore, whilst the Group's
to pay in or at all. Some of the customers have naturally
a timely manner Group's customers may seek limited discretionary spend
or may seek to renegotiate their pricing during the pandemic, there
to renegotiate and/or payment terms with has not been a significant
terms with the Group. Furthermore, impact on their creditworthiness.
the Group. as a result of the COVID-19 In addition, the majority
Pandemic and global economic of the Groups customer base
slowdown some of the Group's are Global Enterprises with
customers may enter into secure working capital.
bankruptcy or insolvency
proceedings and be in a
position whereby they are
unable to pay the Group
all or some of the payments
to which the Group is owed.
If any of these risks arise,
this could have an adverse
impact on the Group's business,
revenue, financial condition,
profitability, prospects
and results of operations.
===================================== ======================================
Dependence The Group is managed by Executive and staff remuneration
on key executives a limited number of key plans, incorporating long-term
and Personnel personnel, including the incentives, have been implemented
Risk that Directors and senior management, to mitigate this risk.
key personnel who have significant experience
could leave within the Group and the
the Group. sectors it operates within.
If members of the Group's
key senior team depart,
the Group may not be able
to find effective replacements
in a timely manner, or
at all and its business
may be disrupted or damaged.
===================================== ======================================
Reliance on The Group contracts with The Group evaluates its
third parties third parties to perform business partners very carefully
The Group functions or operations and regularly undertakes
is at risk that are integral to the risk assessments of these
as to the Group's products and services, partners to evaluate surety
availability, including third party suppliers of supply.
price and for integration software,
quality offered and cloud hosting. Any
by such third significant changes in
party suppliers. the availability, price
and quality offered by
third party suppliers could
adversely affect profit
margins and have a material
adverse effect on the Group's
business, results of operations
and financial condition.
The Group's reliance on
third party suppliers increases
the risk of disruption
to its operations if such
third party service providers
are unable to provide business
services as anticipated.
The Group may not be able
to provide its services
and may need to seek alternative
service providers or resume
providing these business
processes internally, which
could be costly and time-consuming
and have a material adverse
effect on the Group's business,
results of operations and
financial condition.
===================================== ======================================
10. Forward-looking Statements
This document contains forward-looking statements that involve
risks and uncertainties. All statements, other than those of
historical fact, contained in this document are forward-looking
statements. The Group's actual results could differ materially from
those anticipated in the forward-looking statements as a result of
many factors. Investors are urged to read this entire document
carefully before making an investment decision. The forward-looking
statements in this document are based on the relevant Directors'
beliefs and assumptions and information only as of the date of this
document, and the forward-looking events discussed in this document
might not occur. Therefore, Investors should not place any reliance
on any forward-looking statements. Except as required by law or
regulation, the Directors undertake no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future earnings or otherwise.
It should be noted that the risk factors listed above are not
intended to be exhaustive and do not necessarily comprise all of
the risks to which the Group is or may be exposed or all those
associated with an investment in the Group. In particular, the
Group's performance is likely to be affected by changes in market
and/or economic conditions, political, judicial, and administrative
factors and in legal, accounting, regulatory and tax requirements
in the areas in which it operates and holds its major assets. There
may be additional risks and uncertainties that the Directors do not
currently consider to be material or of which they are currently
unaware, which may also have an adverse effect upon the Group.
11. Availability of Report and Accounts
The audited report and accounts for the year ended 30 September
2021 will be published and posted to shareholders in due course.
Following this a soft copy of the report and accounts will also be
available to download from the Group's website, www.i-nexus.com
.
This information is provided by RNS, the news service of the
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END
FR UROBRASUUUAA
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