Depreciation (155,944) (176,614)
Amortisation (242) (3,147)
Profit before tax (local
GAAP) 3,263,937 508,132
=========== ==========
Enterprise Corporate
Year ended 31 July
2014 GBP GBP
Segment profit 7,094,711 2,146,573
Finance income 9,738 2,865
Finance expense (476,214) (179)
Depreciation (312,740) (402,516)
Amortisation (8,876) (6,300)
Profit before tax (local
GAAP) 6,306,619 1,740,443
=========== ==========
Six months Six months Year ended
ended ended 31 July
31 January 31 January 2014
2015 2014
Profit before tax GBP GBP GBP
Enterprise (local GAAP) 5,107,343 3,263,937 6,306,619
Corporate (local GAAP) 1,442,629 508,132 1,740,443
Accrued revenue (GAAP
adjustment) (6,802) 379,711 390,627
Grant release 18,000 18,000 36,000
Discounting of cash
flows net of unwinding
(GAAP adjustment) (832,421) (574,183) (69,117)
Amortisation 661,512 452,452 999,891
Investment costs - - (36,500)
Exceptional release
of contingent consideration - - 2,000,000
------------ ------------ -----------
Total Group profit
before tax 6,390,261 4,048,049 11,367,963
============ ============ ===========
Six months Six months
ended ended Year ended
31 January 31 January 31 July
2015 2014 2014
Net assets GBP GBP GBP
Enterprise (local GAAP) 31,919,552 25,653,224 29,808,399
Corporate (local GAAP) 3,929,657 1,668,305 2,469,364
Accrued revenue and
tax impact (GAAP adjustment) 307,060 (253,725) 312,502
Grant release and tax
impact (10,238) (48,790) (24,638)
Discounting of cash
flows and tax impact
(GAAP adjustment) (1,060,789) 100,654 (394,342)
Share options 173,080 1,251,969 617,249
Amortisation 2,880,590 1,469,243 2,113,728
Investments costs (555,998) (519,498) (555,998)
Exceptional release
of contingent consideration 2,000,000 - 2,000,000
Business combinations 18,367 - 12,244
Group net assets 39,601,281 29,321,382 36,358,508
============ ============ =============
Other information
Six months Six months
ended ended Year ended
31 January 31 January 31 July 2014
2015 2014
GBP GBP GBP
Analysis of concentration
of customers
(Energy suppliers)
comprising revenues
of 10% or more:
Customer 1 8,468,121 5,057,249 17,291,227
Customer 2 4,341,939 3,786,583 7,350,935
Customer 3 - 2,161,125 -
Other suppliers 17,076,193 9,974,684 23,999,693
29,886,253 20,979,641 48,641,855
=========== =========== =============
4. Exceptional items
Exceptional items in the year ended 31 July 2014 relate to the
costs incurred in the acquisition of Icon Communication Centres
s.r.o and other aborted acquisition costs. Also included are
restructuring and reorganisation costs such as settlement payments
of GBP469k, costs of GBP167k incurred in the set up of a new Head
Office was occupied in November 2014, as well as a dilapidations
provision and an onerous lease provision for the South Tyneside
premises of GBP422k and GBP772k respectively.
There is also a credit of GBP2m offsetting these costs which
arose from the release of deferred consideration where earn out
criteria were not met. Exceptional items are included in
administrative expenses and other operating income in the income
statement.
Exceptional items in the six months ending 31 January 2015
relate to the release of an unutilised provision from the year
ended 31 July 2014, originally made in relation to restructuring
costs.
5. Dividends
Six months Six months
ended ended Year ended
31 January 31 January 31 July
2015 2014 2014
GBP GBP GBP
Final dividend
of 2.9 pence per
ordinary share
proposed and paid
during the period
relating to the
previous year's
results 2,071,887 1,304,005 2,158,341
6. Earnings per share
Basic earnings per share is calculated by dividing the profit
attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares in issue to assume the
conversion of all potentially dilutive ordinary shares.
The Group has potentially dilutive ordinary shares: those share
options granted to employees where the exercise price is less than
the average market price of the Company's ordinary shares during
the period.
Six months Six months 12 months
ended ended ended
31 January 31 January 31 July 2014
2015 2014
GBP GBP GBP
Profit
Profit used in
calculating basic
and diluted profit 4,972,943 3,393,619 9,266,038
Number of shares
Weighted average
number of shares
for the purpose
of basic earnings
per share 74,572,247 71,998,063 72,464,331
Effects of:
Employee share
options and warrants 1,530,832 3,951,020 2,593,870
Contingent shares
to be issued 61,332 1,249,940 1,096,414
Weighted average
number of shares
for the purpose
of diluted earnings
per share 76,164,411 77,199,023 76,154,615
7. Property, plant and equipment
During the six months ended 31 January 2015 the group incurred
property, plant and equipment additions of GBP2,120,852 (HY 2014:
GBP292,204).
8. Share capital
GBP
Six months Six months
ended 31 ended 31 Year ended
January January 31 July
2015 2014 2014
Share capital
issued and
fully paid
74,734,035
Ordinary shares
of GBP0.001
each 74,734 72,444 74,514
----------- ----------- -----------
Ordinary shares carry the right to one vote per share at general
meetings of the Company and the rights to share in any distribution
of profits or returns of capital and to share in any residual
assets available for distribution in the event of a winding up.
During the period ending 31 January 2015 a further 219,884 were
issued pursuant to the exercise of options over such shares, which
resulted in additions to share capital of GBP220 and additions to
share premium of GBP260,401.
During the period ending 31 January 2015 the company set up a
further Save As You Earn scheme (SAYE), Long Term Incentive Plan
(LTIP) and Company Share Option Plan (CSOP). A total of 1,686,269
options were issued. These carry an average exercise price of
GBP2.21 per share.
9. Post balance sheet events
Since the period end the Company has acquired T-mac Technologies
Limited. Further details are contained in a separate announcement
released earlier today.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SELSSFFISESL
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