TIDMECK
RNS Number : 2754H
Eckoh PLC
23 November 2022
23 November 2022
Eckoh plc
("Eckoh" or the "Group")
Unaudited interim results for the six months ended 30 September
2022
- Trading in line with market expectations; on track to deliver
material growth in FY23
- Group and North America ARR and total orders growing
strongly
- Syntec integration progressing to plan - new security
solutions portfolio and
expanded addressable market enhancing future growth
opportunity
Eckoh plc (AIM: ECK) the global provider of Customer Engagement
Security Solutions, is pleased to announce unaudited results for
the six months to 30 September 2022.
GBPm (unless otherwise stated) H1 FY23 H1 FY22 Change
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Revenue 19.6 14.7 +33%
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Gross profit 15.5 11.9 +31%
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Group ARR(1) 27.8 18.3 +52%
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North America Security Solutions
ARR(1) ($m) 13.8 8.1 +71%
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Adjusted EBITDA(3) 5.0 3.5 +44%
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Adjusted operating profit(4) 4.2 2.8 +52%
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Profit before taxation 2.9 2.4 +23%
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Adjusted diluted earnings
(pence per share)(5) 1.06 0.80 +32%
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Total contracted business(6) 17.6 11.5 +54%
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Strategic highlights
-- Results on track to deliver material growth in FY23, in-line with market expectations(7)
-- Continued strong ARR(1) growth, driven predominantly by the North American market
-- Integration of transformational Syntec acquisition and new
product development progressing well and on plan
-- Encouraging initial levels of cross selling from the new
portfolio, which is extending the total addressable market
-- Security Solutions sales activity continues to be driven by
cloud deals and international mandates
o Two large cloud deals signed in the half with a leading global
hotel group and a large US retailer, both taking multiple products
including voice security, digital payments and advanced speech
-- Fundamental industry shift to remote working and ongoing
migration to cloud supporting growth opportunity
Financial highlights
-- Strong performance, as previously announced in Trading Update on 1 November 2022
-- Group revenue grew by 33% to GBP19.6m from the addition of
Syntec, and underlying, organic growth
-- Group ARR(1) up 52%, reflecting the market opportunity,
ongoing shift to cloud and successful renewals
-- Recurring revenue(2) increased by 43% to GBP15.5m,
representing 79% of total revenues (H1 FY22: GBP10.9m; 74%),
reflecting the successful renewals in the North America territory
in the period
-- Adjusted operating profit(4) up 52% to GBP4.2m (H1 FY22:
GBP2.8m) driven by continued revenue growth, the ongoing impact of
prior year cost savings and benefit from FX movements
-- Total contracted business(6) was GBP17.6m (H1 FY22 GBP11.5m),
a strong recovery, increasing by 54%, with new business growing by
67% to GBP8.2m
-- North America territory performed strongly:
o ARR(1) of $13.8m, up 71% (H1 FY22: $8.1m) and 16% growth since
end of March 2022 (which reflects like-for-like growth following
the completion of Syntec)
o Revenue of $10.6m, up 33%, (H1 FY22: $7.9m)
o Recurring revenue up 9% to 73%, driven by successful renewals
and continuing cloud adoptions
-- UK, Ireland and ROW revenues returned to growth with single
digit growth expected going forward
o Revenue up 22%, to GBP10.9 m (H1 FY22: GBP9.0 m)
o ARR(1) of GBP16.4m, up 32% from last year (H1 FY22: GBP12.4
m)
o Excellent levels of successful renewals including the two
largest this financial year
-- Balance sheet remains strong following the GBP31m acquisition
of Syntec in December 2021, with net cash of GBP4.4m at 30
September 2022 (H1 FY22: GBP12.7m)
Outlook
-- Eckoh is trading in-line with market expectations(7) ; on
track to deliver material growth in FY23, without yet benefiting
markedly from the new security solutions product set
-- With an increasingly relevant product portfolio, resilient
business model, high recurring revenues, and a robust balance
sheet, Eckoh is well placed to continue the strong progress in the
coming years
1. ARR is the annual recurring revenue of all contracts billing
at the end of the period. Included within Group ARR is all revenue
that is contractually committed and an element of UK revenue that
has proven to be repeatable, but not contractually committed.
2. Recurring revenue is defined as on-going revenue on a
transactional basis, rather than revenue derived from the set-up
and delivery of a new service or hardware.
3. Adjusted earnings before interest, tax, depreciation and
amortisation (EBITDA) is the profit before tax adjusted for
depreciation of owned and leased assets, amortisation of intangible
assets, expenses relating to share option schemes, restructuring
costs and transactional costs.
4. Adjusted operating profit is the profit before tax adjusted
for amortisation of acquired intangible assets, expenses relating
to share option schemes, restructuring and transactional costs
5. Adjusted earnings pence per share - the Group issued 36.2m
new ordinary shares during FY22 in connection with the acquisition
of Syntec which results in an increase in the weighted average
shares in issue across the period.
6. Total contracted business includes new business from new
clients and from existing clients as well as renewals with existing
clients.
7. Eckoh believes that consensus market expectations for the
year ending 31 March 2023 is revenue of GBP40.25 million and
adjusted operating profit of GBP7.45 million.
Nik Philpot, Chief Executive Officer, said: "These are a great
set of results, showing the anticipated strong progress in key
areas. I am particularly pleased with the increasing organic and
overall levels of ARR and contracted orders. They reflect our
organic growth, the successful integration of Syntec, strong growth
in the key North American market, and the ongoing momentum from
cloud deployments.
The customer engagement industry is already facing new security
challenges from the permanent shift towards greater remote working,
and a deteriorating global economic environment is likely to only
exacerbate the number of security threats. Organisations who ignore
these risks do so at their potential reputational and financial
peril. We believe our enhanced set of security solutions will not
only help companies to address these issues but also drive
significantly better performance from their customer engagement and
increase customer satisfaction.
Our addressable market, which was already significant, has been
expanded further by our new solution set, and the global
opportunity supported by our enhanced cloud platforms will help
drive our ongoing growth and the future exciting prospects for
Eckoh."
For more information, please contact:
Eckoh plc Tel: 01442 458 300
Nik Philpot, Chief Executive Officer
Chrissie Herbert, Chief Financial Officer
www.eckoh.com
FTI Consulting LLP Tel: 020 3727 1017
Ed Bridges / Jamie Ricketts / Tom Blundell
eckoh@fticonsulting.com
Singer Capital Markets (Nomad & Joint Tel: 020 7496 3000
Broker)
Shaun Dobson / Tom Salvesen / Alex Bond
/ Kailey Aliyar
www.singercm.com
Canaccord Genuity Limited (Joint Broker) Tel: 020 7523 8000
Simon Bridges / Emma Gabriel
www.canaccordgenuity.com
About Eckoh plc
Eckoh is a global provider of Customer Engagement Security
Solutions, supporting an international client base from its offices
in the UK and US.
Our Customer Engagement Security Solutions enable enquiries and
transactions to be performed on whatever device the customer
chooses, allowing organisations to increase efficiency, lower
operational costs and provide a true omnichannel experience.
We help our clients to take payments and transact securely with
their customers through all customer engagement channels. The
solutions, which are protected by multiple patents, remove
sensitive personal and payment data from contact centres and IT
environments and are delivered globally through our multiple Cloud
platforms or can be deployed on the client's site. They offer
merchants a simple and effective way to reduce the risk of fraud,
secure sensitive data and become compliant with the Payment Card
Industry Data Security Standards ("PCI DSS") and wider data
security regulations.
Eckoh has been a PCI DSS Level One Accredited Service Provider
since 2010, and our extensive portfolio of typically large
enterprise clients come from a broad range of vertical markets and
includes government departments, telecoms providers, retailers,
utility providers and financial services organisations.
For more information go to www.eckoh.com or email
MediaResponseUK@eckoh.com .
Introduction and Financial Highlights
The Group performed strongly in the first half of the year, in
line with expectations and on track to deliver material growth in
the financial year.
Following the acquisition of Syntec in December 2021, the
integration process is progressing well, and we are on track to
complete integration by the end of the financial year. As
previously highlighted, the two businesses were highly
complementary and, due to the level of joint team activity,
development and cross-selling already achieved, financial results
have been presented on a combined basis.
Group ARR(1) showed strong progress and demonstrates the high
level of visibility we have in our business model. As of 30
September 2022, Group ARR(1) was GBP27.8 million, an increase of
52% year on year, or 45% at constant exchange rates. This uplift
included the addition of the ARR(1) from the Syntec acquisition.
ARR(1) for the six-month period to 30 September 2022 increased by
11% (31 March 2022: GBP25.2 million), which demonstrates how the
Group has continued to grow this metric on a like-for-like basis
post completion of the acquisition of Syntec.
Historically we have focused solely on the UK and US markets,
but with an increasingly cloud-based security proposition enabling
increased activity to come from an expanding international market,
we have shifted to segmenting our activity into North America (NA),
UK and Ireland (UK & I) and Rest of World (ROW) revenue
streams.
Total revenue for the period grew strongly to GBP19.6 million, a
year-on year-increase of 33% (H1 FY22: GBP14.7 million) or 26% on a
constant currency basis. Recurring revenue for the period was
GBP15.5 million, (H1 FY22: GBP10.9 million). Recurring revenue
increased significantly from 74% to 79% of Group revenues, a
reflection of the increased number of North America renewals. The
North America revenue continued to grow strongly, increasing by 33%
to $10.6 million in the first half (H1 FY22: $7.9 million). The
territory now accounts for 44% of total revenue and we expect that
in FY24 the North America revenues will be of equal size to our
UK&I market.
Gross profit was GBP15.5 million, an increase year on year of
31% (H1 FY22: GBP11.9 million), with a gross profit margin of 79%
(H1 FY22: 81%). Group gross profit margin has decreased slightly
year on year due to the increasing contribution from North
America.
Adjusted operating profi t(4) for the first half grew
significantly by 52% to GBP4.2 million (H1 FY22: GBP2.8 million).
The growth was driven by a continued focus on larger international
clients, our Cloud-based offering and focus on innovation and the
acquisition of Syntec, the cost benefits from the prior year, the
synergy benefits of the integration of Syntec ("Syntegration") and
a GBP0.7m EBITDA benefit of foreign currency gain (H1 FY22: GBP44k
loss) arising from the strength of our North American activity. We
have achieved this performance whilst ensuring that we continue to
reflect the effects of inflation in the remuneration of our
employees.
We have seen renewed activity for new business in the first
half, following a challenging period last year. Order levels have
recovered strongly and for the period new contracted business was
GBP8.2 million, an increase of 67% (H1 FY22: GBP4.9 million). Total
business contracted, which accounts for new business and client
renewals, has grown similarly strongly to GBP17.6 million (H1 FY22:
GBP11.5 million), an increase of 54%, or at constant currency an
increase of 47%. This improvement in contracted business will
underpin the increasing levels of ARR(1) and continue to improve
revenue visibility.
Our balance sheet remains robust with a strong net cash position
of GBP4.4 million, an increase of GBP1.6 million from the year end.
The reduction in cash from last year (H1 FY22: GBP12.7 million)
reflects the completed acquisition of Syntec in December 2021,
which was part funded from our cash reserves. The business has a
Revolving Credit Facility of GBP5 million, secured against the
Group's UK head office, which is an asset we own outright. As at 30
September 2022, our revolving credit facility remains undrawn.
A clear growth strategy
Our mission is t o set the standard for secure interactions
between consumers and the world's leading brands. Our innovative
products build trust and deliver value through exceptional
experiences.
Our strategic objectives reflect our goal to become the global
leader in our area of expertise: Customer Engagement Security
Solutions.
Our key strategic goals are:
-- Capturing further market leadership in Customer Engagement Security Solutions
-- Capitalising on the fast-growing global market for technology
solutions that help protect customer data
-- Maximising client value and retention through cross-selling
to generate higher levels of recurring income
-- Making cloud our primary platform and using cloud
technologies to develop and enhance our proprietary solutions
-- Evaluating acquisition opportunities that can support our
growth strategy in Customer Engagement security
Highly relevant suite of security solutions, designed to protect
without compromising experience
Following the acquisition of Syntec we updated and unified our
proposition into a new go-to-market vision of Customer Engagement
Security Solutions. Our patented products already help
organisations to reduce the risk of fraud; secure sensitive data;
comply with the Payment Card Industry Data Security Standard ("PCI
DSS") and wider security regulations such as the General Data
Protection Regulation ("GDPR") or the US Consumer Privacy Acts.
Eckoh prevents sensitive personal and payment data from entering IT
and contact centre environments when customers make payments for
goods and services.
Going forward all our new customer engagement offerings will be
underpinned with security features and capabilities to assist our
clients to address security concerns and increasing regulation, but
to do so in a way that doesn't compromise the quality of their
customer's experience. An example of this is our live chat offering
which incorporates our patented and unique ChatGuard capability,
that enables payment or personal information to be entered by a
customer into a live chat session without any of that information
traversing our client's environment or being shared with an
advisor.
Our new suite of solutions is designed for and delivered through
our multi-vendor and global cloud platforms, allowing us to better
service international contracts (but can also be deployed on-site).
The procurement of security solutions to be deployed across
multiple territories is certainly increasing, and we will continue
to invest in and extend our cloud platforms to support this growth.
We have already won a number of these types of contracts; an
example would be the 2-year agreement we won in the first half with
a leading global hotel brand that will ultimately see our solution
deployed across 20 territories. This trend is one of the reasons
why we have introduced the new revenue segmentation, with Rest of
World ('ROW') becoming a more important component of our future
revenue streams.
The growing proportion of cloud deployments we have already seen
occur in the North American market will enhance our ability to sell
and deliver additional services to some of our largest clients.
With our product roadmap extending our security remit beyond
payments and into a broader data security proposition, we expect to
be able to increase the lifetime value of our clients and continue
to have very low levels of churn.
Syntegration progress and output
As part of the integration of Syntec into Eckoh, we formed a
cross-company group to work on the unification of people, process,
product and technology, a project that we named "Syntegration".
Syntegration is a 3-phase project:
In Phase 1 we concentrated on bringing the core technical teams
together and delivering components of our existing voice security
solutions (CallGuard and CardEasy) together to gain the most
benefit in the least time - thus code base, call density, UI design
and overall coordination across branding and core product
capabilities.
Phase 2, which we are currently working on, is focused on
delivering a combined delivery infrastructure thus allowing for
further cost / run-rate reductions whilst gaining operational and
deployment efficiencies.
Phase 3, from a people and process perspective will be focused
on the operational teams' integration including a combined &
cross-trained global support capability from Eckoh's Global Network
Operations Centre (NOC). From a technology perspective, Phase 3
will be looking to deliver the first new products derived from the
unified technical development team, namely the call recording and
transcription.
The cornerstone of the new unified platform is what we are
calling the Secure Voice Appliance ("SVA"). This redesigned
appliance will handle four times the density of calls than the
current appliance, allow sub-1 second mid-call failover, seamless
upgrades without service interruption, a single code base for both
cloud and physical on-site deployment, and highly sophisticated
real-time observability and monitoring. This new appliance is now
complete and will be used on all new deployments as well as being
retrospectively implemented where appropriate.
The overall suite of solutions arising from Syntegration, which
we display using a honeycomb visual, currently includes the
following segments:
-- Voice security - our core product to protect payments over
the phone under the CallGuard or CardEasy brand
-- Secure Chat - live web chat incorporating our patented
ChatGuard solution to take payments securely
-- Digital Payments - allowing customers to pay through a secure
mobile link whilst connected live to an advisor
-- DataGuard - securing other forms of personal data as well as payment information
-- Advanced Speech - using speech recognition to take payment
information securely where key entry is unviable
-- Call Recording and Data Redaction - recording calls and
redacting sensitive information live or post-call
-- Transcription and AI - using real time transcription to
enable agents to deliver more effective and fast assistance
-- Verification and Fraud - improving the verification process
to help identify fraudulent activity
The first five are all now available, and in the period, we
cross sold all of these into customers who were already taking the
Voice Security solution, a key strategic goal for the Group. The
first release of the call recording and transcription solution will
be completed and launched by the end of the financial year,
delivered through the new SVA. Our first solution in the
Verification and Fraud area is on the roadmap for FY24 and will
include commercialising patents that we already have granted,
notably our reverse authentication patent. This enables a consumer
to conveniently and easily verify the identity of an adviser
contacting them regarding potentially fraudulent activity on their
account. This will streamline the process thereby improving
efficiency for our client and increasing satisfaction for the end
customer.
Our total addressable market, which is already significant, will
be enhanced by the expansion and enhancement of our security suite
and the global nature of our cloud platform. Given our
long-standing cross selling experience in the UK market we believe
it is entirely credible that potential customer value could double
compared to what was achievable from just the sale of the core
voice security product. What is uncertain at this point is how many
additional organisations will be targets for the call recording,
transcription and verification products, which arguably have an
even wider applicability.
Industry trends create new growth drivers in a broadening global
market
The target market for our security proposition has historically
been any sizeable enterprise or organisation in the UK or US that
either transacts or engages with its customers at scale and at
volume. This activity will usually be supported either by an
in-house or outsourced contact centre provider. However, with the
launch of our unified go-to-market proposition of Customer
Engagement Security Solutions, enhanced by the new products and
delivered through our expanding cloud platforms, not only will this
naturally extend our reach geographically, but it will also
increase the opportunity within every client account. With
regulation tightening and the financial impact of data breaches and
fraud growing, organisations are increasingly looking for ways to
move beyond the requirement of merely being compliant to secure
themselves more comprehensively, leading to broadening information
security budgets and remits.
The contact centre industry in both the UK and US is extremely
large, representing around 4% of the entire workforce in both
markets. However, the impact of the pandemic and the current
economic climate has fundamentally changed the way that it operates
and the pressures it has to deal with. The most notable change in
the industry is the shift to significant levels of remote or home
working agents or advisors. Looking at the largest market, the US,
the figures shown below, that were outlined in Contact Babel's 'US
Contact Center's 2022-2026' research document, are particularly
striking:
Percentage of US contact 2019 2020 2021 2022 (estimate)
centres with more than 50%
of agents working remotely
10% 87% 89% 77%
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Before the pandemic only 10% of US contact centres had more than
50% of their agents working remotely. When the pandemic struck
traditional contact centre facilities were either temporarily
closed or had significant restrictions in terms of how their space
could be used, which massively reduced agent capacity. This led to
a huge shift to using remote agents, which peaked in 2021 with 89%
of US contact centres having more than half their agents working
from home. In 2022 the estimate is that this figure is still at
77%, and it is now expected to remain at these levels for the
foreseeable future. Even those organisations who were very
reluctant to use remote working have been forced to adapt.
Contact Centres have found that if they wish to retain staff -
and they have been under acute pressure to do so - remote working
is one way that can help. The convenience of working from home is
popular with agents and it also enables extra flexibility by making
it feasible for agents to work short shifts to cope with unexpected
demand. However, what many organisations have either not fully
appreciated or reacted to, is the inherent new security risk that
comes from a remote working agent. In a managed facility it is far
easier to try and control security using traditional methods such
as clean desks, CCTV, desktop scanning, physical supervision, and
so on. In a remote location it is largely impossible to replicate
such an environment and this presents a significant challenge if
the agent is handling customer data and especially payment data.
This can only benefit Eckoh as our security proposition enables
companies to effectively further reduce or remove the risk of data
breaches arising from one of the most challenging parts of their
businesses.
Furthermore, with the retention and recruitment challenges
organisations are facing they will be looking even more acutely at
their agents' utilisation and turning increasingly to technology to
grow customer self-service, and to maximise first contact
resolution levels and reduce the average handling time for each
contact where customers need live assistance. Eckoh's new product
portfolio, notably the real time transcription solution
incorporating sentiment analysis and AI led agent assistance, will
ensure that customers can be dealt with swiftly and effectively,
without compromising their customer experience or the security of
their data.
The current economic challenges will also lead to greater
numbers of consumers becoming either unwilling or unable to pay off
charges for services. Managing those customers and trying to
collect their payments successfully and sensitively will require
more innovative and effective use of technology, and Eckoh's
security proposition has proven success and a demonstrable return
on investment in this area.
Operational Review
North America (NA) Territory (44% of group revenues)
The North American territory continues to deliver strong growth.
This is best demonstrated through the ARR(1) , which at the end of
the first half was $13.8 million, a year-on-year increase of 71%
(H1 FY22 $8.1 million) or from 31(st) March 2022, a 16% increase in
the first six months of the year.
Revenue for the period was $10.6 million, an increase of 33% (H1
FY22: $7.9 million) and North America now accounts for a 44% share
of Group revenue (H1 FY22: 42%). In FY24, we expect North American
revenue will be of equal size to revenue from the UK and Ireland
territory.
In the first half there has been, as anticipated, an increase in
sales momentum, with new contracted business wins of $7.1 million.
This is the highest half year level for three years and more than
double the previous year (H1 FY22: $3.3 million). The combination
of this new contracted business and the increasing number of
contract renewals with existing clients has grown the total
contracted business by 79% year on year to $9.8 million (H1 FY22
$5.5 million).
As we see more clients go through their first contract renewal,
we will see the overall percentage of recurring revenue continue to
increase, as at the point of renewal the hardware fees and
implementation fees from the first contract are fully recognised.
This is illustrated by the progress in recurring revenue, which has
risen to 73% (H1 FY22: 64%), a 9% improvement, demonstrating both
the successful renewals achieved in the year and the increased
number of clients who deploy on our global cloud platform.
During the first half, we have successfully renewed a further
six contracts, five of which were renewed for the first time and on
similar terms, including the same length of contract as the initial
contract term. One of the client renewals was renewed successfully
for a third term. In the second half we have a further six clients
expected to renew, two of which have already renewed in October.
There was one client which did not renew because of a sale of the
business. The successful renewals, the level of cloud deployments
and the cross selling of additional product, will continue to
increase our recurring revenue and gross profit.
The Company remains focused on winning new large enterprise
contracts together with cross-selling the additional product
introduced to the North America territory in the first half into
new and existing clients. This is illustrated through the two large
enterprise deals contracted in the period. The first was with a
Fortune 100 retailer who purchased two product lines, the 3-year
enterprise contract included a $1.4m fee for voice security to
secure their phone agents and a $0.6m fee for digital payments to
secure their live chat agents. Not only was this a multi-product
contract it was also the first client to go-live on our new Azure
cloud platform. The second new contract was the $1.3 million,
2-year contract with a leading, global hotel company, which will be
deployed in the cloud and incorporate voice payment security,
digital payments and advanced speech recognition. The
implementation will cover more than 20 territories and an
equivalent number of different speech recognition languages.
These two important contracts show the merit of Eckoh's
longstanding strategy to pursue larger opportunities and the
success of the plan to cross-sell from a broader product suite
following the acquisition of Syntec in December 2021. These two
contracts also show the continuing trend towards cloud adoption and
more international mandates. The first contract is already live,
showing the speed from contracting to deployment for cloud
solutions and the second contract is due to go-live in the second
half and in line with other cloud contracts will deliver higher
levels of recurring revenue and margin.
An example of Eckoh's market leadership lies in our ability to
offer our clients a choice of cloud platform, through which we will
be able to deliver multiple SaaS solutions without any additional
deployment effort. Alongside the development of our new product
range one of our key strategic goals remains the expansion globally
of our cloud platforms. There is no technical limitation now to
this expansion, it will simply happen organically in line with the
roll out of the many international contracts we have already won,
and those we will win in the coming years.
While cloud deployment remains a key goal and advantage, we
still expect that many of the largest enterprises, especially those
in North America, will take many years to achieve that objective.
Therefore, retaining the capability to deploy as required in a
client's own data centres and environment and then migrate those
accounts to a cloud solution, continues to give us a tactical
advantage over our competitors. During the first half, we have seen
two clients upgrade from on-site deployments to our cloud platform
and as part of the renewal process, we have seen a further three
clients who have contracted to also migrate.
In the period, Coral had revenue of $1.0 million (1H FY22: $0.9
million Coral & third-party Support). Coral is a browser-based
agent desktop that increases efficiency by bringing all the contact
centre agent's communication tools into a single screen. It also
enables organisations, particularly those who have grown by
acquisition, to standardise their contact centre facilities, as
Coral can be implemented in environments that operate on entirely
different underlying technology. Coral contracts remain small in
number but high in value when they occur, with a very long sales
cycle. This makes the timing of any new agreements hard to predict.
There is a proof of concept about to commence with a large global
financial services company, however, there is no certainty at this
stage if this will lead to a contract.
UK & Ireland (UK & I) Territory, and Rest of World (ROW)
Territory (56% of group revenues)
The UK & Ireland territory, along with the ROW territory
accounts for 56% of revenues. The ROW whilst small is expected to
grow quickly as the international contracts begin to be deployed,
but for FY23 will be reported together with the UK & Ireland.
The majority of the global deals, which drive the revenue and
growth in Ireland and the ROW have been contracted through the UK
Sales team.
Revenue increased significantly in the period to GBP10.9 million
(H1 FY22 GBP9.0 million), up 22%.
UK clients are contracted through a range of commercial models
that have evolved over time, unlike the newer North American
business (including the acquired CardEasy activity), which operates
entirely on fixed fee contracts. Where the commercial model is
transactional, which is common, it is usual for a client to commit
to a high percentage of its expected volumes and in so doing
achieve the most competitive buying rate. The portion of a client's
revenue that is not committed is generally repeatable, even as we
saw in the pandemic, where the UK activity levels were very
significantly impacted but the revenue impact was only around 10%.
Within the UK ARR(1) metric, we have had to make an assumption on
the revenue that is not contractually committed but is, and has
been, repeatable. UK, Ireland and ROW ARR(1) at the end of the
period was GBP16.4m an increase on last year of 32% and level with
March 22. This is due to the timing of when new business has been
contracted in the half.
Gross profit in the period was GBP8.9 million, an increase of
17% (H1 FY22: GBP7.6 million) and gross margin in the UK decreased
in the period by 3% to 81% (H1 FY22: 84%), due principally to the
integration of the Syntec UK & Ireland and ROW business.
Total contracted business was GBP9.7 million compared to GBP7.5
million in the prior year and new contracted business GBP2.5
million, level year on year. During the first half we successfully
renewed our largest contract scheduled for this financial year, a
5-year contract through Capita for a large public service
organisation, which was GBP2.1 million over the term. The next
largest renewal scheduled for this year was the security service we
provide through BT to Ministry of Justice for taking payments for
fixed penalty notices and magistrates fines. This contract has also
been renewed after the end of the period. Other important renewals
that have already been completed during the period include
Kingfisher, Target, PowerNI, Transport for London and Allied Irish
Bank.
We continue to see global deals or international deals being won
from the UK Sales team. In the period, following a competitive
tender, we won a contract for voice security with the Irish
division of one of the world's largest insurance companies. The
deal is worth GBP0.6 million and it is expected that this will be
one of the first clients to utilise the new enhanced cloud platform
that has been developed through the "Syntegration" project. At the
end of the period a further new UK contract also worth
GBP0.6million was won with a financial services company to provide
voice security for their debt collection service.
Looking at the segmentation of UK, Ireland and ROW revenue, 79%
came from clients who take at least one of our security solutions.
The remainder of the revenue is from clients who are taking other
customer engagement services from us that do not involve security,
such as IVR services. These are typically long-standing clients who
we have serviced over many years.
Current Trading and Outlook
The first half performance reflects the continued progress of
Eckoh's strategy to pursue major opportunities for large blue-chip
organisations, cross-sell from a broader product suite and continue
the trend towards cloud adoption and more international mandates.
With this approach, coupled with an encouraging pipeline, a
resilient business model of high recurring revenues, operational
efficiencies, on-going cloud adoption and a robust balance sheet,
the Board remains confident in delivering its expectations (7) and
achieving material growth in FY23.
Financial Review
Following the acquisition of Syntec in December 2021, the
integration of the business is progressing well and we are on track
to meet full integration by the end of the financial year. The
combined product together with increased activity coming from a
global market means we will now be reporting on North America (NA),
UK & Ireland (UK & I) and Rest of World (ROW) revenues.
Revenue
Revenue for the period increased by 33.0% to GBP19.6 million (H1
FY22: GBP14.7 million) and at constant exchange rates by 26%.
Revenue in the UK & Ireland and ROW, which represent 56% (H1
FY22: 58%) of total group revenues, increased by 21.8% to GBP10.9
million (H1 FY22: GBP9.0 million).
North America revenue represented 44% (H1 FY22: 42%) of total
group revenues and revenues increased in the period by 50.5% to
GBP8.7 million (H1 FY22: GBP5.8 million), revenues in local
currency increased by 33.0% year on year to $10.6 million (H1 FY22:
$7.9 million).
Further explanations of movements in revenue between the North
America, UK & Ireland and ROW territories have been addressed
in the Operational Review above.
H1 FY23 H1 FY23 H1 FY23 H1 FY22 H1 FY22 H1 FY22
(UK, I (NA) Total (UK, I (NA) Total
& ROW) & ROW)
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------- --------- --------- --------- --------- -------- --------
Revenue 10,925 8,665 19,590 8,972 5,758 14,730
Gross Profit 8,857 6,674 15,531 7,571 4,280 11,851
Gross margin 81% 77% 79% 84% 74% 81%
-------------- --------- --------- --------- --------- -------- --------
The Group's gross profit increased to GBP15.5 million (H1 FY22:
GBP14.7 million). Gross profit margin was 79% for the period, a
decrease of 120 basis points year on year (H1 FY22: 81%). The UK
& Ireland and ROW gross profit margin decreased by 3% to 81%
due to the inclusion of the acquired Syntec business. In the North
America territory, the margin in the period increased from 74% to
77%, increasing faster than previously indicated, due to the
continued increase in Security Solutions being deployed in the
cloud environment, the successful renewals in North America and the
inclusion of the acquired Syntec business, which has a slightly
higher gross profit margin than the underlying Eckoh business.
In the UK & Ireland and ROW territories, following the
integration of the Syntec business and as the service is hosted on
an Eckoh platform, there is typically no hardware provided to
clients and the gross profit margin is expected to remain at
approx. 81%. In the North America territory, we would expect the
gross profit margin to continue to increase marginally from 77% to
approx. 78% - 80% over the next two years. This is driven by the
continued growth of the Security Solutions being deployed as cloud
solutions coupled with clients renewing their contracts without
additional significant hardware.
Administrative expenses
Total administrative expenses for the period were GBP12.6
million (H1 FY22: GBP9.4 million). Adjusted administrative expenses
for the period were GBP11.3 million, an increase year on year of
25% (H1 FY22: GBP9.1 million). In the period we have continued to
see the cost benefits from the prior year, the synergy benefits of
the integration of Syntec ("Syntegration") offset by the effects of
inflation in the remuneration of our employees. Restructuring costs
in the period were nil (H1 FY22 GBP233k). Included in
administrative expenses is a trading foreign currency gain of
GBP0.7 million (H1 FY22: GBP44k loss).
Profitability Measures
Adjusted Operating profit(4) for the period was GBP4.2 million
an increase of 52% on a total basis (H1 FY22: GBP2.8 million).
Included in the first half profit for the current period was a
foreign currency gain of GBP0.7 million (H1 FY22: GBP44k loss).
Adjusted EBITDA(3) for the period was GBP5.0 million, an increase
of 44% year on year (H1 FY22: GBP3.5 million).
Six months Year
ended Six months ended
30 Sept ended 31 March
2022 30 Sept 2021 2022
GBP'000 GBP'000 GBP'000
----------------------------------------- ----------- -------------- ----------
Profit from operating activities 2,958 2,405 2,386
Amortisation of acquired intangible
assets 1,237 73 751
Expenses relating to share option
schemes (6) 42 241
Restructuring costs - 233 866
Costs relating to business combinations - - 985
Adjusted operating profit(4) 4,189 2,753 4,749
----------- -------------- ----------
Amortisation of intangible assets 195 184 392
Depreciation of owned assets 354 329 675
Depreciation of leased assets 289 230 498
----------------------------------------- ----------- -------------- ----------
Adjusted EBITDA(3) 5,027 3,496 6,794
----------------------------------------- ----------- -------------- ----------
Finance charges
For the financial period ended 30 September 2022, the net
interest charge was GBP18k (H1 FY22: GBP22k). The interest charge
is made up of bank interest receivable of GBP11k (H1 FY22: GBP3k)
and interest on leased assets of GBP29k (H1 FY22: GBP25k).
Taxation
For the financial period ended 30 September 2022, there was a
tax charge of GBP0.7 million (H1 FY22: GBP0.5 million), an
effective tax rate of 23% (H1 FY22: 19%).
Earnings per share
Basic earnings per share was 0.77 pence per share (H1 FY22: 0.75
pence per share). Diluted earnings per share was 0.74 pence per
share (H1 FY22: 0.73 pence per share). Adjusted diluted earnings
per share was 1.06 pence per share (H1 FY22: 0.80 pence per
share).
Client contracts
Client contracts are typically multi-year in length and have a
high proportion of recurring revenues, usually underpinned by
minimum commitments. With a greater proportion of contracts being
delivered through the cloud, the initial set up fees and hardware
costs associated with larger customer premise deployments will
reduce. This will lead over time to an increase in operating
margin. In the short-term this results in a reduction in the
contract liabilities and a net cash outflow for working
capital.
Contract liabilities and contract assets
Contract liabilities and contract assets relating to IFRS 15
Revenue from Contracts with Customers continue to decrease,
principally as new contracted business in North America has been
predominantly for cloud-based solutions. Where clients contract for
their services to be provided in the cloud or on our internal cloud
platforms, the level of hardware is significantly reduced and
implementation fees are typically lower. This reduces the level of
upfront cash received but drives a greater level of revenue
visibility and earnings quality. Total contract liabilities were
GBP11.9 million (H1 FY22: GBP10.8 million) included in this balance
are GBP8.6 million of contract liabilities relating to the Secure
Payments product, hosted platform product or Syntec's CardEasy
Secure Payments product, a decrease of GBP0.9 million from March
2022. Contract assets as at 30 September were GBP3.3 million
compared to GBP3.8 million at March 2022 (H1 FY22: GBP3.9
million).
Cashflow and liquidity
Net cash at 30 September 2022 was GBP4.4 million, an increase of
GBP1.6 million from the year end at 31 March 2022 and a decrease of
GBP7.3 million to the previous year. The reduction in cash from
last year reflects the completed acquisition of Syntec in December
2021, which was part funded from our cash reserves. The GBP1.6
million cash inflow from 31 March 2022 includes a net cash outflow
for trade debtors, trade creditors, inventory and tax of GBP1.9
million (H1 FY22: cash outflow GBP1.8 million), in principle due to
the unwinding of deferred revenue on the large enterprise
on-premise solutions.
Consolidated statement of comprehensive income
for the six months ended 30 September 2022
Six months
ended Six months
30 ended 30 Year ended
September September 31 March
2022 2021 2022
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 19,590 14,730 31,780
Cost of sales (4,059) (2,879) (6,357)
----------------------------------------------- ----------- ----------- -----------
Gross profit 15,531 11,851 25,423
Administrative expenses (12,573) (9,446) (23,037)
----------------------------------------------- ----------- ----------- -----------
Operating profit 2,958 2,405 2,386
----------------------------------------------- ----------- ----------- -----------
Adjusted operating profit 4,189 2,752 5,229
Amortisation of acquired intangible
assets (1,237) (72) (752)
Expenses relating to share option schemes 6 (42) (241)
Exceptional restructuring costs - (233) (866)
Costs relating to acquisition - - (985)
----------------------------------------------- ----------- ----------- -----------
Profit from operating activities 2,958 2,405 2,386
----------------------------------------------- ----------- ----------- -----------
Finance charges (29) (25) (74)
Finance income 11 3 6
----------------------------------------------- ----------- ----------- -----------
Profit before taxation 2,940 2,383 2,311
Taxation (682) (461) (743)
-----------
Profit for the period 2,258 1,922 1,575
=============================================== =========== =========== ===========
Other comprehensive income/(expense)
---------------------------------------------- ----------- ----------- -----------
Items that will be reclassified subsequently
to profit or loss:
Foreign currency translation differences
- foreign operations (32) 56 139
----------------------------------------------- ----------- ----------- -----------
Other comprehensive (expense)/ income
for the period, net of income tax (32) 56 139
----------------------------------------------- ----------- ----------- -----------
Total comprehensive income for the
period attributable to the equity holders
of the Company 2,226 1,977 1,714
=============================================== =========== =========== ===========
Profit per share expressed in pence
---------------------------------------------- ----------- ----------- -----------
Basic earnings per 0.25p share 0.77 0.75 0.59
Diluted earnings per 0.25p share 0.74 0.73 0.51
----------------------------------------------- ----------- ----------- -----------
Consolidated statement of financial position
as at 30 September 2022
30 September 30 September 31 March
2022 2021 2022
GBP'000 GBP'000 GBP'000
------------------------------- ------------- ------------- ---------
Assets
Non-current assets
Intangible assets 38,860 6,508 39,664
Property, plant and equipment 4,433 4,074 4,189
Right -of-use leased assets 1,282 1,086 1,516
Deferred tax asset 1,535 2,761 1,789
-------------------------------- ------------- ------------- ---------
46,110 14,429 47,158
------------------------------- ------------- ------------- ---------
Current assets
Inventories 295 218 268
Trade and other receivables 13,556 11,909 12,283
Cash and cash equivalents 4,358 12,672 2,840
-------------------------------- ------------- ------------- ---------
18,209 24,799 15,391
------------------------------- ------------- ------------- ---------
Total assets 64,319 39,228 62,549
-------------------------------- ------------- ------------- ---------
Liabilities
Current liabilities
Trade and other payables (18,036) (15,382) (18,286)
Lease liabilities (609) (516) (609)
-------------------------------- ------------- ------------- ---------
(18,645) (15,898) (18,895)
------------------------------- ------------- ------------- ---------
Non-current liabilities
Lease liabilities (740) (618) (928)
Deferred tax liabilities (3,014) (302) (2,983)
-------------------------------- ------------- ------------- ---------
(3,754) (920) (3,911)
------------------------------- ------------- ------------- ---------
Net assets 41,920 22,410 39,743
-------------------------------- ------------- ------------- ---------
Shareholders' equity
Called up share capital 732 654 732
Share premium account 22,180 2,663 22,180
Capital redemption reserve 198 198 198
Merger reserve 2,697 2,697 2,697
Currency reserve 1,089 1,038 1,121
Retained earnings 15,024 15,160 12,815
-------------------------------- ------------- ------------- ---------
Total equity 41,920 22,410 39,743
-------------------------------- ------------- ------------- ---------
Consolidated interim statement of changes in equity
as at 30 September 2022
Called Capital
up share Share redemption Merger Currency Retained Total Shareholders'
capital premium reserve reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April 2022 732 22,180 198 2,697 1,121 12,815 39,743
Total comprehensive
income
for the period
Profit for the period - - - - - 2,258 2,258
Other comprehensive
expense
for the period - - - - (32) - (32)
------------------------- ---------- --------- ------------ --------- --------- ---------- --------------------
Contributions by and
distributions to owners (32) 2,258 2,226
Shares transacted
through
Employee Benefit Trust - - - - - - -
Shares issued under the
share option scheme - - - - - - -
Shares purchased for
share
ownership plan - - - - - (72) (72)
Share based payment
charge - - - - - 23 23
Transactions with owners
recorded directly in
equity - - - - - (49) (49)
------------------------- ---------- --------- ------------ --------- --------- ---------- --------------------
Balance as at 30
September
2022 732 22,180 198 2,697 1,089 15,024 41,920
------------------------- ---------- --------- ------------ --------- --------- ---------- --------------------
Called Capital
up share Share redemption Merger Currency Retained Total Shareholders'
capital premium reserve reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ---------- --------- ------------ --------- --------- ---------- --------------------
Balance at 1 April 2021 638 2,663 198 2,697 982 13,239 20,417
------------------------- ---------- --------- ------------ --------- --------- ---------- --------------------
Total comprehensive
income
for the period
Profit for the period - - - - - 1,922 1,922
Other comprehensive
expense
for the period - - - - 56 - 56
------------------------- ---------- --------- ------------ --------- --------- ---------- --------------------
Contributions by and
distributions to owners - - - - - 1,922 1,970
Shares transacted
through
Employee Benefit Trust - - - - - (126) (126)
Shares issued under the
share option schemes 16 - - - - - 16
Shares purchased for
share
ownership plan - - - - - (72) (72)
Share based payment
charge - - - - - 197 197
------------------------- ---------- --------- ------------ --------- --------- ---------- --------------------
Transactions with owners
recorded directly in
equity - - - - 56 (37) (37)
------------------------- ---------- --------- ------------ --------- --------- ---------- --------------------
Balance at 30 September
2021 654 2,663 198 2,697 1,038 15,610 22,410
------------------------- ---------- --------- ------------ --------- --------- ---------- --------------------
Consolidated statement of cash flows
for the six months ended 30 September 2022
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2022 2021 2022
GBP'000 GBP'000 GBP'000
------------------------------------------- -------------- -------------- -----------
Profit after taxation 2,258 1,921 1,575
Interest income (11) (3) (6)
Interest payable 29 25 74
Taxation 682 461 743
Depreciation of property, plant and
equipment 354 329 680
Depreciation of leased assets 289 230 495
Amortisation of intangible assets 1,432 256 1,143
Share based payments 26 197 241
Exchange differences (719) 9 (95)
------------------------------------------- -------------- -------------- -----------
Operating profit before changes
in working capital and provisions 4,340 3,425 4,850
------------------------------------------- -------------- -------------- -----------
(Increase)/ Decrease in inventories (27) (44) (5)
(Increase)/ Decrease in trade and
other receivables (1,273) 568 2,423
(Decrease) in trade and other payables (252) (2,300) (3,906)
------------------------------------------- -------------- -------------- -----------
Net cash generated from operating
activities 2,788 1,649 3,362
------------------------------------------- -------------- -------------- -----------
Taxation (paid)/ received (335) - 88
Interest paid - (1) (23)
Interest paid on lease liability (29) (24) (51)
------------------------------------------- -------------- -------------- -----------
Net cash from continuing operating
activities 2,424 1,624 4,288
------------------------------------------- -------------- -------------- -----------
Cash flows from investing activities
Purchase of property, plant and equipment (501) (89) (308)
Purchase of intangible fixed assets (164) (187) (375)
Business acquisition - - (22,500)
Interest received 11 3 -
Net cash utilised in continuing investing
activities (654) (273) (23,177)
------------------------------------------- -------------- -------------- -----------
Cash flows from financing activities
Dividends paid - - (1,559)
Repayment of borrowings - (975) (975)
Principal elements of lease payments (188) (209) (500)
Purchase of own shares - - (126)
Shares purchased for share ownership
plan (72) (72) (110)
Issue of shares net of issue costs - - 13,311
Shares acquired by Employee Benefit
Trust - (126) (75)
------------------------------------------- -------------- -------------- -----------
Net cash utilised in continuing investing
activities (260) (1,366) 9,966
Increase / (decrease) in cash and
cash equivalents 1,510 (14) (9,835)
Cash and cash equivalents at the
start of the period 2,840 12,706 12,706
Effect of exchange rate fluctuations
on cash held 8 (21) (31)
------------------------------------------- -------------- -------------- -----------
Cash and cash equivalents at the
end of the period 4,358 12,671 2,840
------------------------------------------- -------------- -------------- -----------
Notes to the condensed consolidated interim financial
statements
For the six months ended 30 September 2022
GENERAL INFORMATION
Eckoh plc is a public limited company and is incorporated and
domiciled in the UK under the Companies Act 2006 (Company
Registration number 03435822). The address of the Company's
registered office is Telford House, Corner Hall, Hemel Hempstead,
HP3 9NH.
Eckoh plc is a global provider of Secure Payment products and
Customer Contact solutions.
These condensed consolidated interim financial statements for
the six months ended 30 September 2022 comprise the Company and its
subsidiaries (together the "Group").
1. Basis of preparation
These condensed consolidated interim financial statements for
the six months ended 30 September 2022 have been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted for
use in the UK. This report does not include all of the information
required for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group
as at and for the year ended 31 March 2022, which have been
prepared in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards,
comprising FRS 101 "Reduced Disclosure Framework" and applicable
law).
The unaudited condensed consolidated interim financial
information for the period ended 30 September 2022 does not
constitute statutory accounts as defined in Section 435 of the
Companies Act 2006. The comparative figures for the year ended 31
March 2022 are extracted from the statutory financial statements
which have been filed with the Registrar of Companies, on which the
auditor gave an unqualified report, which made no statement under
section 498(2) or (3) respectively of the Companies Act 2006 and
did not draw attention to any matters of emphasis.
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements as at and for the year ended 31
March 2022.
In reporting financial information, the Group presents
alternative performance measures ("APMs"). The Directors consider
that disclosing alternative performance measures enhances
Shareholders' ability to evaluate and analyse the underlying
financial performance of the Group. They have identified adjusted
operating profit and adjusted EBITDA as measures that enable the
assessment of the performance of the Group and assists in
financial, operational and commercial decision-making. In adjusting
for these measures, the Directors have sought to eliminate those
items of income and expenditure that do not specifically relate to
the underlying operational performance of the Group in a specific
year.
These condensed consolidated interim financial statements were
approved by the Board of Directors on 22 November 2022.
The accounting policies adopted in these interim financial
statements are consistent with those of the previous financial year
and the corresponding interims period.
Going concern
The Directors have, at the time of approving the condensed
consolidated interim financial statements, a reasonable expectation
that the Company and the Group have adequate resources to continue
in operational existence for the foreseeable future. Thus, they
continue to adopt the going concern basis of accounting in
preparing the financial statements.
New standards and interpretations not yet adopted
Amended standards and interpretations not yet effective are not
expected to have a significant impact on the Group's consolidated
financial statements.
2. Dividends
The proposed dividend of GBP2.0m for the year ended 31 March
2022 of 0.67p per share was paid on 21 October 2022.
3. Earnings per share
The basic and diluted earnings per share are calculated on the
following profit and number of shares. Earnings for the calculation
of earnings per share is the net profit attributable to equity
holders of the parent.
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ----------
Earnings for the purposes of basic and
diluted earnings per share 2,258 1,922 1,575
---------------------------------------- -------------- -------------- ----------
Earnings for the purposes of adjusted
basic and diluted earnings per share 3,212 2,103 3,974
---------------------------------------- -------------- -------------- ----------
Reconciliation of earnings for the purposes of adjusted basic
and diluted earnings per share
H1 FY23 H1 FY22 FY 22
GBP'000 GBP'000 GBP'000
-------------------------------------------- -------- -------- --------
Earnings for the purposes of basic and
diluted earnings per share 2,258 1,922 1,575
Taxation 682 461 743
Amortisation of acquired intangible assets 1,237 72 751
Expenses relating to share option schemes (6) 42 241
Exceptional restructuring costs - 233 866
Costs relating to acquisition - - 985
-------------------------------------------- -------- -------- --------
Adjusted profit before tax 4,171 2,730 5,161
Tax charge based on standard corporation
tax rate of 23% (2022: 23%) (959) (627) (1,187)
-------------------------------------------- -------- -------- --------
Earnings for the purposes of adjusted
basic and diluted earnings per share 3,212 2,103 3,974
-------------------------------------------- -------- -------- --------
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
Denominator '000 '000 '000
---------------------------------------------- -------------- -------------- ----------
Weighted average number of shares in issue
in the period 292,893 255,500 265,968
Shares held by employee ownership plan (2,062) (1,908) (2,028)
---------------------------------------------- -------------- -------------- ----------
Number of shares used in calculating basic
earnings per share 290,831 253,592 263,940
Dilutive effect of share options 12,428 9,121 20,558
Dilutive effect of shares for acquisition
Dec 21 - - 7,889
Dilutive effect of placing Dec 21 - - 18,494
---------------------------------------------- -------------- -------------- ----------
Number of shares used in calculating diluted
earnings per share 303,259 262,713 262,915
---------------------------------------------- -------------- -------------- ----------
H1 FY23 H1 FY22 FY22
Profit per share pence Pence Pence
Basic earnings per 0.25p share 0.77 0.75 1.09
Diluted earnings per 0.25p share 0.74 0.73 1.06
Adjusted earnings per 0.25p share 1.10 0.82 1.49
Adjusted diluted earnings per 0.25p share 1.06 0.80 1.28
4. Subsequent events to 30 September 2022
As at the date of these statements there were no such events to
report.
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END
IR VLLFLLFLEFBD
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November 23, 2022 02:00 ET (07:00 GMT)
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