TIDMDSG
RNS Number : 5858N
Dillistone Group PLC
26 September 2023
26 September 2023
Dillistone Group Plc
("Dillistone", the "Company" or the "Group")
Interim Results & Investor Presentations
Dillistone Group Plc, the AIM quoted supplier of software and
services to recruiters, is pleased to announce interim results for
the six months ended 30 June 2023.
Financial Highlights
-- Group eliminates losses, makes first H1 adjusted operating
profit since 2018 of GBP0.036m (H1 2022: loss (GBP0.129m)).
-- Rolling 12 month adjusted operating profit also turns
positive at GBP0.009m for the first time since H2 2018 (12 months
to June 2022: loss (GBP0.342m)).
-- First H1 recurring revenue growth since 2017 up 4% to GBP2.564m (2022: GBP2.477m).
-- Recurring revenues represented 91% (H1 2022: 88%) of Group
revenue. Total revenue flat at GBP2.826m (2022: GBP2.823m).
-- Net cash from operating activities broadly the same at GBP0.565m (2022: GBP0.560m).
-- Cash at period end of GBP0.249m (2022: GBP0.608m) reflecting
ongoing repayment of Government support loans (GBP0.300m annually).
The Board does not expect the Group to require additional
funding.
-- Board expects to deliver full year profit results in line with market expectations.
Operational Highlights
-- Strong start to year for all products, followed by
deterioration in Q2 due to widely reported drop in UK advertised
vacancies during this period leading to a downturn in demand for
many of our clients.
-- Improved operational gearing ensures that business is able to
react rapidly to changes in demand.
-- Post period end, major enhancements delivered for Talentis,
Infinity and Mid-Office, including integrations with OpenAI (the
technology behind ChatGPT) for both Talentis and Infinity.
-- Implementation of previously announced major contract win progressing well.
Commenting on the results and prospects, Giles Fearnley,
Non-Executive Chairman, said:
"In my statement in the annual report, I said that the
underlying business had improved. These results confirm that
statement with the Group returning an adjusted operating profit for
the first time since 2018, despite the challenging economic
environment.
"Even with the current economic turbulence, we fully expect to
make further progress during the remainder of the year. The Board
is confident of delivering full year profit results in line with
market expectations."
* Note: "Adjusted" refers to activities before acquisition,
reorganisation, Government support, and one-off costs
Investor Presentation: 3pm on Tuesday 26 September 2023
Jason Starr, Chief Executive, and Ian Mackin, Finance Director,
will hold an investor presentation to review the results and
prospects at 3pm on Tuesday 26 September 2023.
The presentation will be hosted through the digital platform
Investor Meet Company. Investors can sign up to Investor Meet
Company and add to meet Dillistone Group Plc via the following link
https://www.investormeetcompany.com/dillistone-group-plc/register-investor
. For those investors who have already registered and added to meet
the Company, they will automatically be invited.
Questions can be submitted pre-event to
dillistone@walbrookpr.com or in real time during the presentation
via the "Ask a Question" function.
Mello Results Special webinar: Wednesday 27 September 2023 -
event starting at 12pm
Dillistone will be presenting at the Mello Results Special
webinar, on Wednesday 27 September 2023 taking place via Zoom
Webinar. The event starts at 12.00pm.
Jason Starr, Chief Executive, and Ian Mackin, Finance Director,
will be presenting to webinar participants during the event and
taking questions. Investor wishing to attend can register here for
a free ticket for the event using code SHR100. The recording will
be sent out to all registrants within 48 hours of the event.
Contacts:
Dillistone Group Plc Via Walbrook PR
Jason Starr Chief Executive
Ian Mackin Finance Director
WH Ireland Limited (Nominated adviser)
Chris Fielding Head of Corporate Finance 020 7220 1650
Walbrook PR
Tom Cooper / Nick Rome 020 7933 8780
dillistone@walbrookpr.com
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
The person responsible for arranging the release of this
announcement on behalf of the Company is Ian Mackin, Finance
Director of the Company.
Notes to Editors:
Dillistone Group Plc is a leader in the supply and support of
software and services to the recruitment industry. Dillistone
operates through the Ikiru People ( www.IkiruPeople.com ) brand
.
The Group develops, markets and supports the Talentis,
FileFinder, Infinity, Mid-Office, ISV and GatedTalent products.
Dillistone was admitted to AIM, a market operated by the London
Stock Exchange plc, in June 2006.
Learn about our products:
Talentis Software: https://www.talentis.global/recruitment-software/
Voyager Software: https://www.voyagersoftware.com
GatedTalent Executive Jobs: https://talentis.global/all-jobs
Chairman's Statement
In my statement in the annual report, I said that the underlying
business had improved. These results confirm that view with the
Group achieving its first half year adjusted operating profit since
H2 FY2018 and its first half year profit from operating activity
since H1 FY2016.
It is perhaps though, the rolling 12-month measure of adjusted
operating profit which truly shows the progress made. The table
below shows the scale of recovery the company has achieved, with a
small profit of GBP0.009m being achieved in the 12 months to 30
June 2023, a turnaround in operating performance of more than
GBP350k, when accounting for government support.
12 months to 30 June 30 June 30 June 30 June 30 June 30 June
2018 2019 2020 2021 2022 2023
Adjusted Operating
Profit (GBP'000) 140 (6) (228) (568) (342) 9
-------- -------- -------- -------- -------- --------
In the annual report I also pointed to challenging economic
conditions. These worsened during Q2, with the widely reported
reduction in hiring leading to a number of recruitment agencies
downsizing, subsequently reducing demand for our products.
However, as a result of the restructuring undertaken over recent
years, the Group now has the ability to rapidly adjust cost in line
with market fluctuations and steps have been taken in H2 to reflect
the harsher sales environment we face. As a result, the Board
remains confident of continuing its financial recovery in 2023.
Operational Review
We split our products into two groups - products primarily
targeting contingency recruiters (largely, but not exclusively, in
the United Kingdom) and products used by executive search firms and
in-house executive search teams across the globe.
Contingency review:
In March, we announced that the Group had won a significant
contract for our Infinity product. We stated that " The contract
includes a significant amount of tailored development work which
will determine the final value of the contract. The sum total of
this development work and the ongoing licence revenue is expected
by the Board to result in the contract being the largest won since
the restructuring of the Group in January 2020."
We are pleased to report that this project is progressing well
and we anticipate that the non-recurring revenue part of the
project will largely be realised in H2 2023. While the final value
of this work remains unconfirmed, at this stage, we are now
anticipating that this will be marginally higher than originally
anticipated.
While some of our development focus has been driven by the
requirements of this contract, we continue to enhance our
contingency products to deliver more value for all our clients.
During Q2, we completed the integration of Infinity with the
"Talentis TalentGraph", allowing our contingency users to search
across the huge datapool which was previously available exclusively
to our Talentis clients. We believe this enhancement will create a
competitive advantage for Infinity, and the primary aim is to
support client retention. In addition, we are charging users a
small additional fee to take advantage of this functionality and we
have already started to generate new revenue as a result.
As noted above, the UK recruitment market saw a marked decline
in Q2, and we saw a number of our clients reduce licence numbers or
take steps to cancel contracts. We also saw a steep decline in new
business orders during this period.
The recruitment software industry tends to be relatively slow in
Q3 and this has proven to be the case this year. However, there are
no obvious signs of further deterioration, and we anticipate the
previously mentioned large contract win will ensure a positive
result for this part of the business in H2, regardless of the
economic environment.
Executive search review:
Our executive search platforms enjoy a far greater global client
base than our contingency products, with users accessing our
systems from virtually every continent. While we've seen a steep
decline in the recruitment sector in the UK, other countries have
been less consistent with some territories and sectors doing better
than others. Nevertheless, we have more clients in the UK than in
other territories and as a result our executive search products
were not immune to the fluctuations referenced above and as a
result, recurring revenue associated with our headhunting products
dropped in Q2.
In late Q2 following an extensive review by the organisation in
question, we signed a "preferred provider agreement" for Talentis
with a major global recruitment business. This has already created
opportunities that have generated new revenue for the Group.
As with our contingency products, the market for executive
search technology is typically slow over the summer months.
However, after a tough second quarter, we are pleased to report
that our Talentis product has outperformed expectations over the
summer.
We continue to develop Talentis aggressively and, post period
end, announced our first integrations with OpenAI - the technology
that underpins ChatGPT. These integrations allow users to search
for candidates more efficiently, and helps users to find "similar
candidates" based on a "template candidate". These enhancements
have been well received by our clients.
While the market remains challenging for all our executive
search products, we are pleased to see that Talentis is
increasingly being considered as a viable option for medium sized
firms and we are pleased to note increasing levels of engagement
with search firms who are considering Talentis as a CRM alternative
to an existing platform - rather than a secondary resourcing
tool.
KPIs and financial performance
The Group's operational performance has improved significantly
in recent years, with H1 FY2023 marking our return to operating
profit. The success measure for each of the KPIs used by management
is year on year improvement.
FY23 H1 FY22 H1 % Move
GBP'000 GBP'000
Total revenue 2,826 2,823 0%
--------- --------- -------
Recurring revenue 2,564 2,477 4%
--------- --------- -------
Adjusted EBITDA * 581 435 34%
--------- --------- -------
Adjusted Operating Cash ** 519 560 (8%)
--------- --------- -------
Adjusted (loss) before tax
*** (105) (274) 62%
--------- --------- -------
* EBITDA adjusted for Government support
** Operating cash adjusted for Government support received
*** (Loss) before tax adjusted for Government support associated
with Covid and exceptional costs
Revenue
Group revenue stayed broadly flat at GBP2.826m from GBP2.823m in
H1 FY2022
Recurring revenues increased by 4%, the first H1 increase since
2017, to GBP2.564m over the comparable period last year (2022: 2%
decline to GBP2.477m). Recurring revenues represented 91% of total
revenues (2022: 88%). Non-recurring revenues were down 23% at
GBP0.200m (2022: GBP0.260m).
Adjusted EBITDA*
The adjusted EBITDA* increased by 34% to GBP0.581m from
GBP0.435m in H1 FY2022. This resulted in a higher EBITDA margin of
20.6%, compared to 16.7% in H1 FY2022, reflecting the Group's focus
on efficiency, whilst maintaining our customer service.
Operating profit/(loss) and profit/(loss) before tax
The Group moved back into an operating profit in H1 FY2023. The
operating profit, before acquisition related, reorganisation and
other items, increased by 128% to stand at GBP0.036m from
(GBP0.129m) in H1 FY2022.
Inclusive of acquisition related and other items, the operating
profit was GBP0.027m compared to a loss of (GBP0.105m) in H1
FY2022.
The loss before tax decreased to (GBP0.046m) from (GBP0.274m) in
H1 FY2022. Using a like for like measure, excluding Government
support of GBP0.059m for H1 FY2023, the comparative figure for H1
FY2023 is (0.105m), a decrease in loss of 62%.
Taxation
The net tax credit for H1 is GBP0.054m (FY 2022: GBP0.091m).
Balance sheet
The Group's net assets increased slightly to GBP3.236m (H1
FY2022: GBP3.213m)
Trade and other receivables decreased to GBP0.635m (H1 FY2022:
GBP0.739m).
Trade and other payables also decreased to GBP2.523m (H1 FY2022:
GBP2.847m).
R&D development
The Group capitalised GBP0.460m in development costs in the
period (H1 FY2022: GBP0.476m) as the business continued its
commitment to developing its products. Amortisation of development
costs was GBP0.496m (H1 FY2022: GBP0.490m)
Financing
The CBIL loan balance stands at GBP0.900m (31 December 2022:
GBP1.050m) and, on the current payment profile, will be repaid by
June 2026. The Group also has a convertible loan of GBP0.400m (31
December 2022: GBP0.400m), which is not expected to be repaid until
the CBIL loan has been repaid.
Cashflow
Net cash from normalised operating activities (before government
support) decreased 7% to GBP0.519m (H1 FY2022: GBP0.560m). Adjusted
net change in cash before government support deteriorated by 17% to
(GBP0.217m) (H1 FY2022: (GBP0.186m)).
At 30 June 2023, we had net cash reserves of GBP0.249m (2022:
GBP0.608m).
Summarised cashflow H1 FY2023 H1 FY2022
GBP'000 GBP'000
Adjusted net cash from normalised operating
activities 519 560
Investing Activities - net (469) (482)
Financial Activities - net (267) (264)
---------- ----------
Adjusted Net change in cash and cash equivalents (217) (186)
Adjustment for Government Support 46 -
---------- ----------
Net change in cash and cash equivalents (171) (186)
Cash and cash equivalents at beginning of
year 433 764
Effect of foreign exchange rate changes (13) 30
---------- ----------
Cash and cash equivalents at 30 June 249 608
========== ==========
Strategy
Our long-term strategy is unchanged, concentrating on reducing
the size of our product range to concentrate on the best
opportunities while broadly maintaining consistent levels of
product development expenditure. While the economic climate is
challenging, we intend to maintain our current focus and deliver
significant improvements to users of both our product groups.
Outlook
After a challenging few years for the Group, the Board is
delighted to report a return to profitability in the first half of
2023.
The recruitment sector has had a turbulent time in recent
months, and this has unquestionably impacted upon demand for our
services. To be able to report improved performance despite these
market conditions is particularly pleasing and we are confident
that the Group has exciting times ahead of it, especially when we
see improvement in our recruitment and search customer bases.
Despite this current economic turbulence, we fully expect to
make further progress during the remainder of the year. The Board
is confident of delivering full year profit results in line with
market expectations.
Giles Fearnley
Non-Executive Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note 6 Months ended 30 Year ended
June 31 Dec
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 4 2,826 2,823 5,699
Cost of sales (312) (351) (816)
---------- ---------- -----------
Gross profit 2,514 2,472 4,883
Administrative expenses (2,487) (2,683) (5,202)
---------- ---------- -----------
Result from operating
activities 4 27 (211) (319)
Analysed as:
Result from operating
activities before acquisition
related, reorganisation
and other items 36 (129) (156)
Acquisition related,
reorganisation and other
items 5 (9) (82) (163)
---------- ---------- -----------
Result after acquisition
related items 27 (211) (319)
----------------------------------------- ---------- ---------- -----------
Financial cost (73) (63) (134)
---------- ---------- -----------
(Loss) before tax (46) (274) (453)
Tax income 6 54 91 270
---------- ---------- -----------
Profit / (Loss) for the
period 8 (183) (183)
Other comprehensive income
net of tax:
Currency translation differences (6) 6 7
---------- ---------- -----------
Total comprehensive income
/ (loss) for period net
of tax 2 (177) (176)
---------- ---------- -----------
Earnings per share (pence)
Basic 8 0.04 (0.93) (0.93)
Diluted 0.04 (0.93) (0.93)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June As at 30 June 2022 As at 31 Dec
2023 2022
Unaudited Unaudited Audited
ASSETS GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 3,415 3,415 3,415
Intangible assets 2,886 3,030 2,990
Right of use assets 455 541 498
Property plant & equipment 27 22 25
-------------- ------------------- -------------
6,783 7,008 6,928
Current assets
Trade and other receivables 635 739 608
Current tax receivable 134 119 72
Cash and cash equivalents 249 608 433
-------------- ------------------- -------------
1,018 1,466 1,113
-------------- ------------------- -------------
Total assets 7,801 8,474 8,041
-------------- ------------------- -------------
EQUITY AND LIABILITIES
Equity
Share capital 983 983 983
Share premium 1,631 1,631 1,631
Merger reserve 365 365 365
Convertible loan reserve 14 14 14
Retained earnings 103 79 93
Share option reserve 76 72 67
Translation reserve 64 69 70
-------------- ------------------- -------------
Total equity 3,236 3,213 3,223
Liabilities
Non current liabilities
Trade and other payables 206 252 241
Lease liabilities 448 516 483
Borrowings 1000 1300 1,150
Deferred tax 226 210 226
-------------- ------------------- -------------
Total non-current liabilities 1,880 2,278 2,100
-------------- ------------------- -------------
Current liabilities
Trade and other payables 2,317 2,595 2,341
Lease liabilities 68 88 77
Borrowings 300 300 300
Current tax payable - - -
-------------- ------------------- -------------
Total non-current liabilities 2,685 2,983 2,718
-------------- ------------------- -------------
Total liabilities 4,565 5,261 4,818
-------------- ------------------- -------------
Total liabilities and
equity 7,801 8,474 8,041
-------------- ------------------- -------------
The interim report was approved by the Board of directors and
authorised for issue on 25 September 2023. They were signed on its
behalf by:
JS Starr IJ Mackin
CONSOLIDATED STATEMENT OF CASH FLOWS
As at 30 June As at
31 December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating Activities
(Loss) before tax (46) (274) (453)
Adjustment for
Financial cost 73 63 134
Depreciation and amortisation 614 648 1,268
Share option expense 11 8 17
Other including foreign exchange adjustments
arising from operations 7 (24) (24)
Operating cash flows before movements
in working capital 659 421 942
(Increase) / Decrease in receivables (27) (124) 20
Increase / (Decrease) in payables (59) 263 (16)
Net taxation (Paid) / repaid (8) - 243
Net cash generated from operating
activities 565 560 1,189
---------- ----------- -------------
Investing Activities
Purchases of property plant and equipment (9) (5) (15)
Investment in development costs (460) (477) (1,007)
Net cash used in investing activities (469) (482) (1,022)
---------- ----------- -------------
Financing Activities
Finance cost (73) (63) (134)
Lease payments made (44) (51) (95)
Bank loan repayments (150) (150) (300)
Net cash generated from financing
activities (267) (264) (529)
---------- ----------- -------------
Net change in cash and cash equivalents (171) (186) (362)
Cash and cash equivalents at beginning
of the period 433 764 764
Effect of foreign exchange rate changes (13) 30 31
Cash and cash equivalents at end of
period 249 608 433
---------- ----------- -------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Merger Retained Convertible Share Foreign Total
capital premium Reserve earnings loan option exchange
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31
December 2022 983 1,631 365 93 14 67 70 3,223
Comprehensive
income
Loss for the 6
months ended 30
June 2023 - - - 8 - - - 8
Other comprehensive -
income
Exchange differences
on translation
of overseas operations - - - - - - (6) (6)
Total comprehensive
profit - - - 8 - - (6) 2
--------- --------- --------- --------- ------------ --------- --------- --------
Transactions with
owners
Share option charge - - - 2 - 9 - 11
Balance at 30
June 2023 983 1,631 365 103 14 76 64 3,236
--------- --------- --------- --------- ------------ --------- --------- --------
Balance at 31
December 2021 983 1,631 365 262 14 64 63 3,382
Comprehensive
income
Loss for the 6
months ended 30
June 2022 - - - (183) - - - (183)
Other comprehensive -
income
Exchange differences
on translation
of overseas operations - - - - - - 6 6
Total comprehensive
(loss) - - - (183) - - 6 (177)
--------- --------- --------- --------- ------------ --------- --------- --------
Transactions with
owners
Share option charge - - - - - 8 - 8
Balance at 30
June 2022 983 1,631 365 79 14 72 69 3,213
--------- --------- --------- --------- ------------ --------- --------- --------
NOTES TO THE INTERIM
NOTES TO THE UNAUDITED INTERIM REPORT
CONSOLIDATED STATEMENT OF
1. Basis of Preparation
The financial information for the six months ended 30 June 2023
included in this condensed interim report comprises the
consolidated statement of comprehensive income, the consolidated
statement of financial position, the consolidated statement of cash
flows, the consolidated statement of changes in equity and the
related notes.
The financial information in these interim results is that of
the holding company and all of its subsidiaries (the Group). It has
been prepared in accordance with UK adopted international
accounting standards but does not include all of the disclosures
that would be required under International Financial Reporting
Standards (IFRSs). The accounting policies applied by the Group in
this financial information are the same as those applied by the
Group in its financial statements for the year ended 31 December
2022 and are those which will form the basis of the 2023 financial
statements.
The comparative financial information presented herein for the
year ended 31 December 2022 does not constitute full statutory
accounts for that period. The Group's annual report and accounts
for the year ended 31 December 2022 have been delivered to the
Registrar of Companies. The Group's independent auditor's report on
those statutory accounts was unqualified, did not draw attention to
any matters by way of emphasis, and did not contain a statement
under 498(2) or 498(3) of the Companies Act 2006.
Going concern
The directors have continued to perform detailed forecasting on
a regular basis taking into account current trading and
expectations and cash balances and, having reflected upon these
forecasts, the directors of the Company continue to adopt the going
concern basis of accounting in preparing the financial
statements.
Dillistone Group Plc is the Group's ultimate parent company. It
is a public listed company and is domiciled in the United Kingdom.
The address of its registered office and principal place of
business is 12 Cedarwood, Crockford Lane, Chineham Business Park,
Basingstoke, RG24 8WD. Dillistone Group Plc's shares are listed on
the Alternative Investment Market (AIM).
2. Share Based Payments
The Company operates two share option schemes. The fair value of
the options granted under these schemes is recognised as an
employee expense with a corresponding increase in equity. The fair
value is measured at grant date and spread over the period at the
end of which the option holder may exercise the option. The fair
value of the options granted is measured using the Black-Scholes
model.
3. Reconciliation of adjusted operating profits to consolidated
statement of comprehensive income
6 months ended 30 June 2023 and 30 June 2022
Adjusted Acquisition Adjusted Acquisition
operating related operating and reorganisation
profits items profits related
items
30-Jun-2023 2023* 30-Jun-2023 30-Jun-2022 2022* 30-Jun-2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 2,826 - 2,826 2,823 - 2,823
Cost of sales (312) - (312) (351) - (351)
Gross profit 2,514 - 2,514 2,472 - 2,472
Administrative
expenses (2,478) (9) (2,487) (2,601) (82) (2,683)
Results from
operating
activities 36 (9) 27 (129) (82) (211)
Financial cost (73) - (73) (63) - (63)
(Loss) before tax (37) (9) (46) (192) (82) (274)
Tax income 41 13 54 76 15 91
Profit / (loss)
for the period 4 4 8 (116) (67) (183)
Other comprehensive
income net of tax:
Currency translation
differences (6) - (6) 6 - 6
Total comprehensive
(loss) / profit for
the year net of tax (2) 4 2 (110) (67) (177)
------------ ------------ ------------ ------------ -------------------- ------------
* see accounts note 5
Earnings per share - from continuing activities
Basic 0.02p 0.04p (0.59)p (0.93)p
Diluted 0.02p 0.04p (0.59)p (0.93)p
Year Ended 31 December 2022
Adjusted Acquisition
operating and reorganisation
profits related
items
31 December 2022* 31 December
2022 2022
GBP'000 GBP'000 GBP'000
Revenue 5,699 - 5,699
Cost of sales (816) - (816)
------------ -------------------- ------------
Gross profit 4,883 - 4,883
Administrative expenses (5,039) (163) (5,202)
Results from operating activities
(inc furlough) (156) (163) (319)
Financial cost (134) - (134)
(Loss) before tax (290) (163) (453)
Tax income 239 31 270
(Loss) for the year (51) (132) (183)
Other comprehensive income
net of tax:
Currency translation differences 7 - 7
Total comprehensive (Loss)
for the year net of tax (44) (132) (176)
============ ==================== ============
* see accounts note 5
Earnings per share - from continuing activities
Basic (0.26p) (0.93p)
Diluted (0.26p) (0.93p)
4. Segment reporting
Results
Year ended
6 months ended 30 June 31 Dec
2023 2022 2022
GBP'000 GBP'000 GBP'000
Results from operating activities
Ikiru People 15 (128) (200)
Central 21 (1) 44
Reorganisation and other
costs - - -
Amortisation of acquisition
intangibles and other
one off costs or income (9) (82) (163)
Result from operating
activities 27 (211) (319)
========== ============ =================
Geographical segments
The following table provides an analysis of the Group's revenues
by geographical market.
Year ended
6 months ended 30
June 31 Dec
2023 2022 2022
GBP'000 GBP'000 GBP'000
UK 2,068 1,942 4,148
Europe 293 350 663
Americas 242 309 518
Australia 127 117 147
ROW 96 105 223
2,826 2,823 5,699
================ =========== =================
4. Segment reporting (continued)
Business Segment
The following table provides an analysis of the Group's revenues
by products and services.
Year ended
6 months ended 30
June 31 Dec
2023 2022 2022
GBP'000 GBP'000 GBP'000
Recurring 2,564 2,477 5,051
Non recurring 200 261 488
Third party revenues 62 85 160
2,826 2,823 5,699
============ ============ =============
'Recurring income' represents all income recognised over time,
whereas 'Non-recurring income' represents all income recognised
at a point in time. Recurring income includes all support services,
software as a service income (SaaS) and hosting income. Non-recurring
income includes sales of new licenses, and income derived from
installing those licenses including training, installation, and
data translation. Third party revenues arise from the sale of
third party software.
Business Sector
The following table provides an analysis of the Group's revenues
by market sector.
Year ended
6 months ended 30
June 31 Dec
2023 2022 2022
GBP'000 GBP'000 GBP'000
Contingent 1,703 1,712 3,441
Executive Search 1,123 1,111 2,258
2,826 2,823 5,699
============ ============ =============
5. Acquisition related items and other one off costs
Year ended
6 months ended 30
June 31 Dec
2023 2022 2022
GBP'000 GBP'000 GBP'000
Grants received from overseas
jurisdictions (59) - -
Amortisation of acquisition
intangibles 68 82 163
Total 9 82 163
========= ========= ===========
6. Tax
Year ended
6 months ended 30
June 31 Dec
2023 2022 2022
GBP'000 GBP'000 GBP'000
Current tax (13) (56) (139)
Prior year adjustment - current
tax - - (146)
Deferred tax release (28) (20) (23)
Prior year adjustment - deferred
tax - - 69
Deferred tax re acquisition
intangibles (13) (15) (31)
Tax credit for the period (54) (91) (270)
========= ========= ===========
The tax charge is calculated for each jurisdiction based on the
estimated position for the year. Deferred tax has been provided at
a rate of 25% (2022: 25%).
7. Dividends
The Board has decided not to pay an interim dividend (2022: nil
per share).
8. Earnings per Share
Year ended
6 months ended 30
June 31 Dec
2023 2022 2022
Basic earnings per share
Profit / (Loss) attributable
to ordinary shareholders GBP4,000 GBP(183,000) GBP(183,000)
Weighted average number of
shares 19,668,021 19,668,021 19,668,021
Basic earnings / (loss) per
share (pence) 0.02 (0.93) (0.93)
=========== ============= =============
9. Related party transactions
The Company has related party relationships with its
subsidiaries, its directors, and other employees of the Company
with management responsibility. There were no transactions with
these parties during the period outside the usual course of
business.
The Directors participated in the issue of convertible loan
notes in 2017 which carry interest at 8.15% per annum payable
quarterly in arrears.
There were no transactions with any other related parties.
10. Cautionary statement
This Interim Report has been prepared solely to provide
additional information to shareholders to assess the Company's
strategies and the potential for these strategies to succeed. The
Interim Report should not be relied on by any other party or for
any other purpose. The Interim Report contains certain
forward-looking statements with respect to the financial condition,
results of operations and businesses of the Company. These
statements are made in good faith based on the information
available to them up to the time of their approval of this report.
However, such statements should be treated with caution as they
involve risk and uncertainty because they relate to events and
depend upon circumstances that will occur in the future. There are
a number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements. The continuing uncertainty in global
economic outlook inevitably increases the economic and business
risks to which the Company is exposed. Nothing in this announcement
should be construed as a profit forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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END
IR LAMFTMTITBMJ
(END) Dow Jones Newswires
September 26, 2023 02:00 ET (06:00 GMT)
Dillistone (LSE:DSG)
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