TIDMECSC
RNS Number : 6792F
ECSC Group PLC
23 March 2022
23 March 2022
ECSC Group plc
('ECSC' or the 'Company' or the 'Group')
Final Results for the Year Ended 31 December 2021
Strong revenue growth delivering positive Adjusted EBITDA
ECSC Group plc (AIM: ECSC) a leading provider of cyber security
services, announces its audited final results for the year ended 31
December 2021.
Financial Highlights
-- Organic revenue up 8% to GBP6.14m (2020: GBP5.66m)
-- Managed Detection and Response ("MDR") division recurring
revenue growth of 7% to GBP2.59m (2020: GBP2.42m)
-- Assurance division repeat revenue increased to 81% (2020: 73%)
-- Adjusted EBITDA* profit GBP0.17m (2020: GBP0.38m)
-- Agreed a new GBP1.0m loan to support Group's organic growth plans
-- Cash at the period end was GBP1.17m, including new GBP1.0m
loan and GBP0.02m of Covid-19 related government support (31
December 2020: GBP1.12m, including GBP0.42m of Covid-19 related
government support).
* Adjusted EBITDA excludes one-off charges and share based
charges (see note 13)
Operational Highlights
-- Continued development of partner programme, partner revenue
proportion increased to 11% (2020: 4%)
-- Continued development of proprietary Artificial Intelligence
(AI) software, 15% of revenue (2020: 14%)
Ian Mann, Chief Executive Officer of ECSC, commented:
"The Group made good progress during the 2021 financial year,
and we are pleased to report a return to growth in both divisions,
and continued to be Adjusted EBITDA positive.
"Responding to the Covid-19 pandemic, the Group re-engineered
its sales and delivery processes to reflect and cater for the new
working patterns of our clients, with a renewed focus on our core
strengths and expertise. As a result, we have been able to deliver
increased value to our clients in preventing, detecting, and
responding to cyber security breaches, with a marked increase in
sales across both divisions.
"Market demand remains strong as businesses continue to
recognise the value of sound cyber security solutions to avoid
costly breaches and disruptive down time, especially with the
return to office working.
"Momentum has continued into Q1 2022, and we look forward to
keeping the market updated on our progress."
Enquiries:
ECSC Group plc +44 (0) 1274 736 223
David Mathewson (Non-Executive Chairman)
Ian Mann (Chief Executive Officer)
Allenby Capital (Nominated Adviser and Broker) +44 (0) 203 3285 656
David Hart / Piers Shimwell (Corporate Finance)
Tony Quirke (Equity Sales and Corporate Broking)
Yellow Jersey (PR and IR) +44 (0) 203 0049 512
Sarah Hollins
Annabel Atkins
For more information please visit the following:
https://investor.ecsc.co.uk/
Notes to Editors:
Founded in 2000, ECSC Group plc (AIM: ECSC) is the UK's longest
running full-service cyber security service provider. With an
extensive range of in-house developed proprietary technologies,
including advanced Artificial Intelligence (AI) systems, ECSC
provides expert security breach prevention and advisory support to
organisations across all sectors.
ECSC operates from two Security Operations Centres (SOCs): one
in Yorkshire, UK, and the other in Brisbane, Australia. ECSC offers
flexible 24/7/365 cyber security monitoring, detection, and
response support to its clients, either as a fully managed service
or to enhance an organisation's existing cyber security systems. In
addition, ECSC's Assurance division provides guidance,
certification to industry standards, and extensive testing services
to allow organisations to assess their cyber security
protection.
The Company's broad client base ranges from e-commerce start-ups
to global blue-chip organisations, including 10% of the FTSE
100.
For more information please visit the following:
https://investor.ecsc.co.uk/
Chairman's Statement
These results show a clear return to growth across the Group,
both within Managed Detection and Response ("MDR") and Assurance
divisions. It is also pleasing to see that the percentage of Group
revenue from MDR recurring revenue has now grown to nearly half
from being about a quarter at the IPO. This confirms the ongoing
requirements for all organisations to maintain their cyber security
defences and breach detection capability. We continue to emerge
from the challenges of the Covid-19 pandemic in a stronger
position.
Despite some ongoing impact caused by the pandemic and the
economic risks associated with Brexit, the Group has continued to
demonstrate resilience and financial progress based on quality of
delivery and unrivalled client reputation and retention. I am proud
of the way the team has adapted and innovated as business practices
continue to change, affecting both sales and delivery
processes.
The ongoing risk of ransomware and its potentially catastrophic
impact, combined with the multi-million-pound fines related to the
UK General Data Protection Regulation (UK-GDPR), substantiate that
all organisations must build resilience into their cyber security
protection, detection and response capabilities. ECSC remains a
trusted partner to help organisations of all sizes achieve
this.
The continued growth in 24/7/365 detection services, delivered
through the Security Operations Centres (SOCs) in the UK and
Australia, supported by the ECSC Kepler Artificial Intelligence
(AI), shows the importance of early breach detection to contain an
incident and limit damaging consequences such as ransomware. For
all but the largest global organisations, the outsourcing of this
critical function continues to be the logical choice, and ECSC has
the technology, people, and certified processes to deliver.
The Group's successful agreement of a GBP1.0m new growth loan
demonstrates additional confidence in our operations and
results.
On behalf of the board, I would like to thank all of our
clients, partners, team, advisors, and investors for their
continued support throughout a challenging year for us all.
ECSC continues to be well-positioned in the growing cyber
security marketplace, and we are now firmly back on our organic
growth strategy and related recruitment activities.
David Mathewson
Non-Executive Chairman
22 March 2022
Chief Executive Officer's Review
T he Group made good progress during the 2021 financial year,
and we are pleased to report a return to growth in both divisions,
and continued to be Adjusted EBITDA positive.
The Assurance division has also seen a significant increase in
repeat revenue from existing clients, confirming the exceptional
service quality and value perceived by clients in their breach
prevention and certification activities.
Post Covid-19 Challenges and Opportunities
The Covid-19 pandemic has demanded changes to both our sales and
delivery processes, presented the opportunity to challenge existing
beliefs and, in the process, re-engineer operations to reflect new
realities.
A good example of this is our sales process that, pre-pandemic,
relied extensively on multiple face-to-face meetings. The
necessities of our Covid-19 response meant that we had to rapidly
change this approach and embrace remote, video-based, sales and
scoping processes. As a result, we have completely re-engineered
the sales operation and supporting functions, reflecting the new
working patterns of our clients and reducing the direct sales
headcount, whilst increasing sales in the process.
We have then extended a wider strategic review of our core
strengths and associated target clients to facilitate a better fit
with more profitable services lines and client relationships.
Inflationary Pressures
2021 saw significant inflationary pressures and wage
expectations of skilled and experienced cyber security
professionals. As a result, we have instigated a formal annual
pricing review. This resulted in increases in daily consulting
rates averaging 10% in August 2021. We anticipate this price
pressure to continue with the current global uncertainties and
resulting UK and global inflation. ECSC's committed staff policy is
to pay in the top 20% of market rates for each role, combined with
industry leading career development.
Current Ukraine Conflict
Many clients are concerned about the potential for an increase
in cyber attacks originating from Russia. These concerns may be
well-placed, and confirm the importance of achieving and
maintaining an appropriate level of cyber security protection and
breach detection for all organisations.
Growth Strategy
We are confident that the organic growth strategy of ECSC
remains appropriate. Despite the continued challenges of 2021, we
are seeing the results of process re-engineering and a focus on our
core expertise and delivering value to our clients in preventing,
detecting, and responding to, cyber security breaches.
Key Performance Indicators
The Key Performance Indicators below were established in 2018 to
enable meaningful measurement of the Group's performance.
Performance Rationale 2021 2020 2019 Management Comment
Indicator
The Group saw an increase
in Assurance and MDR
Measurement of revenue due to further
the success of investment in the organic
the organic growth growth strategy and
Revenue Growth strategy 8% (4%) 10% recovery from Covid
---------------------- -------------------------- ----------- ----------- -----------
Visibility of
the success of
increasing the
percentage of Continued growth due
MDR Recurring revenue from long-term to new contract wins
Revenue Growth recurring revenues 7% 22% 27% and contract expansions
---------------------- -------------------------- ----------- ----------- -----------
Visibility of
the success of
increasing the
percentage In line with the
of revenue from strategy
MDR Recurring long-term to increase this
Revenue Proportion recurring revenues 42% 43% 34% proportion
---------------------- -------------------------- ----------- ----------- -----------
Combined measurement
MDR Order of GBP2.2m GBP2.6m GBP2.6m The management team's
Book new client contracts favoured overall measure
together with of progress in managed
renewals of existing services
client contracts
---------------------- -------------------------- ----------- ----------- -----------
MDR Gross Delivery efficiency Increased investment
Margin measurement 61% 73% 68% in this division
---------------------- -------------------------- ----------- ----------- -----------
Indicative of strong
Quasi-recurring client retention and
Assurance from longer- term continued trust in
Repeat Revenue consulting clients 81% 73% 73% ECSC quality
---------------------- -------------------------- ----------- ----------- -----------
A reflection on capacity
required for growth
and management of
Assurance Delivery efficiency consultant
Gross Margin measurement 63% 58% 54% workload
---------------------- -------------------------- ----------- ----------- -----------
Continued investment
Research in technology Increased investment
and Development and intellectual in technologies for
(% of revenue) property development 15% 14% 13% the future
---------------------- -------------------------- ----------- ----------- -----------
Ian Mann
Chief Executive Officer
22 March 2022
Financial Review
Principal Activities
The principal activity of the Group during the year continued to
be the provision of professional cyber security services, including
Assurance, MDR and the sale of Vendor Products.
Comparative Financial Information
Year ended Year ended
31 December 31 December
2021 2020
GBP'000 GBP'000
Revenue
Assurance 3,123 2,724
MDR 2,886 2,732
Vendor Products 93 125
Other 42 82
6,144 5,663
------------------------------ ----------- -----------
Gross Profit
Assurance 1,965 1,576
MDR 1,757 1,994
Vendor Products 15 25
Other (63) (47)
3,674 3,548
------------------------------ ----------- -----------
Adjusted EBITDA*
Other Income 282 297
Sales & Marketing Costs (2,018) (1,713)
Administration Expenses (1,773) (1,757)
165 375
------------------------------ ----------- -----------
EBITDA**
Share Based Payments (100) (101)
Exceptional Items (145) (65)
(80) 209
------------------------------ ----------- -----------
Depreciation and Amortisation (400) (480)
Adjusted Operating Loss* (235) (105)
------------------------------ ----------- -----------
Operating Loss (480) (271)
------------------------------ ----------- -----------
* Adjusted Operating Loss and Adjusted EBITDA excludes
exceptional charges and share based charges.
* * EBITDA is defined as Earnings before Interest, Tax,
Depreciation and Amortisation
(As defined in note 13 in the Financial Statement).
Revenue & Organic Growth
In the year ended 31 December 2021, total revenue increased by
8% to GBP6.14m (2020: GBP5.66m). Within this, our Assurance
division saw strong sales with revenue growing by 15% to GBP3.12m
(2020: GBP2.72m).
The MDR division also saw a growth in revenue of 6% in the year
to GBP2.89m (2020: GBP2.73m). This includes recurring revenue which
rose to GBP2.59m (2020: GBP2.42m), workshop and event revenue of
GBP0.02m (2020: nil) and Incident Response revenue which fell to
GBP0.28m (2020: GBP0.31m).
Vendor Products revenue in the year fell by 26% to GBP0.09m
(2020: GBP0.13m).
Margin Generation
Gross Profit for the year was GBP3.67m, yielding a 60% margin
(2020: GBP3.55m, yielding a 63% margin). This small margin decrease
was a consequence of a fall in the margin in the MDR division to
61% (2020: 73%) due to significant investment and significant wage
inflation in that area of the business. The Board expects the MDR
margin to increase in the future.
The Assurance margin rose to 63% in the year (2020: 58%). This
was due to cost controls over the period. The Board expects the
Assurance margin to continue at a similar level in the future.
EBITDA & Operating Loss
Adjusted EBITDA for the year, which excludes one-off charges and
share based charges, was GBP0.17m (2020: GBP0.38m). EBITDA for the
year was a loss of GBP0.08m (2020: profit of GBP0.21m). During 2020
the Group benefited from Government grants of GBP0.3m (2021:
GBPnil).
Adjusted Operating Loss for the year, which excludes one-off
charges and share based charges, was GBP0.23m (2020: loss of
GBP0.11m). The Operating Loss in the year was GBP0.48m (2020: loss
of GBP0.27m).
Cash Flow
Cash and cash equivalents increased by GBP0.05m (2020: GBP0.77m)
to GBP1.17m (2020: GBP1.12m) as at 31 December 2021 primarily due
to increase margin across the Assurance division and the proceeds
from the GBP1.0m loan taken on during the year. During the year
GBP0.40m was repaid of Covid-19 related government support received
in 2020, GBP0.02m of government support remains outstanding as at
31 December 2021. The Group continued to invest in Research and
Development during the year, receiving a refund of GBP0.21m (2020:
GBP0.29m) from HMRC in respect of a surrender of R&D Tax
Credits from earlier periods.
Intangible Asset
Intangible asset costs have increased to GBP1.47m (2020:
GBP1.28m). This is offset by accumulated amortisation of GBP0.99m
(2020: GBP0.82m). The Group's development cost for the year was
GBP0.19m. The Net Book Value of Intangible Assets as at 31 December
2021 was therefore GBP0.48m (2020: GBP0.46m).
Tangible Asset
Property, plant and equipment (PPE) cost have increased to
GBP0.98m (2020: GBP0.95m). This is offset by accumulated
depreciation of GBP0.89m (2020: GBP0.81m). The Group's capital
expenditure for the year was GBP0.03m. The Net Book Value of
Tangible Assets as at 31 December 2021 was GBP0.09m (2020:
GBP0.15m). The Group plans to increase investment in tangible
assets in the future.
Trade and other receivables
Trade and other receivables decreased to GBP0.68m (2020:
GBP0.81m) as at 31 December 2021. This includes GBP0.46m of Trade
receivables (2020: GBP0.61m).
Trade and other payables
Trade and other payables decreased to GBP1.49m (2020: GBP2.09m)
as at 31 December 2021. This includes GBP0.68m of deferred income
(2020: GBP0.88m).
Borrowings
In December 2021, the Group entered into a new five-year Growth
loan facility with Growth Lending Limited. The net proceeds of this
facility will be used for working capital purposes and to support
the Group's overall organic growth strategy.
The new borrowing facility compromises an initial advance upon
completion of a GBP1.0m, with the option to draw down a further
advance of GBP0.5m after six months, subject to an agreed level of
adjusted EBITDA being achieved.
The facility term is 60 months with straight-line amortisation
of the loan commencing after six months. The interest rate on each
advance is at the higher of 9.0% per annum or the monthly average
SONIA plus 7%. There is an arrangement fee of 1.5% of the facility
amount paid on completion, with a 5% early prepayment charge.
The loan was arranged by Funding Friends Limited which received
a fee of 1% of the loan on completion in respect of advisory fees.
The Loan facility is secured by a fixed charge over the assets of
the Company.
As at the year end the carrying value of the loan was GBP963k
(2020: GBPnil) which is the principal amount of GBP1.0m stated
after direct fees incurred and interest accrued to the year
end.
Key Performance Indicators
The Key Performance Indicators are set out above.
Capital reduction
On 26 August 2021, the Company completed a reduction of its
share capital, whereby the entire amount of GBP6.1 million standing
to the credit of the Company's share premium account was cancelled
thereby creating distributable reserves, which will allow the
Company to pay dividends or make distributions to its shareholders
and/or undertake a buyback of its ordinary shares in due course,
should it be appropriate or desirable to do so.
The Capital Reduction has no effect on the overall net asset
position of the Company.
Balance Sheet
The Group's Balance Sheet as at 31 December 2021 had Net Assets
of GBP0.22m (2020: GBP0.65m). Retained Earnings and Distributable
Reserves as at 31 December 2021 were a cumulative loss of GBP0.37m
after the capital reduction (2020: cumulative loss of
GBP5.94m).
Going Concern
The Directors have assessed the going concern status of the
Group by reference to a number of factors. In particular, the
Directors have considered the strong rate of growth in the cyber
security market; the fact that business continues to attract new
clients and is not overly dependent on any single client; the fact
that the business continues to retain key staff, and that the Group
has a secured new loan facility with Growth Lending Limited, the
net proceeds of which will be used for working capital purposes and
to support the Group's overall organic growth strategy. The new
borrowing facility compromises an initial GBP1.0m term loan
received on 24 December 2021 and a further GBP0.5m loan to be drawn
down after six months, subject an agreed level of adjusted EBITDA
being achieved. The facility term is 60 months with an interest
rate at the higher of 9% per annum or the monthly average SONIA
plus 7% . T he Board is positive about the future EBITDA trajectory
of the Company and continues to manage the cash position of the
Company carefully. These factors give the Directors confidence in
relation to going concern.
The Board have included the above factors in determining its
financial forecasts for the period through to December 2023. In
those forecasts they have considered the available headroom against
the facilities available to them and considered scenarios under
which the level of revenue expected may not be achieved but taking
in to account mitigating actions. The directors are satisfied that
under reasonable downside scenarios they still have financial
resources to met liabilities as they fall due.
Dividend
The Board has not declared a dividend for the year ended 31
December 2021 (2020: GBPnil).
Gemma Basharan
Chief Financial Officer
22 March 2022
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2021
Year ended Year ended
31 December 31 December
2021 2020
Note GBP'000 GBP'000
Revenue 5 6,144 5,663
Cost of Sales (2,470) (2,115)
---------------------------------- ---- ----------- -----------
Gross Profit 5 3,674 3,548
Other Income 282 297
Sales & Marketing Costs (2,018) (1,713)
Administration Expenses (2,418) (2,403)
Operating Loss before Exceptional
Items and Share Based Payments (235) (105)
Share Based Payments 100 101
Exceptional Items 145 65
---------------------------------- ---- ----------- -----------
Operating Loss (480) (271)
---------------------------------- ---- ----------- -----------
Finance Cost (42) (48)
Loss before Taxation 13 (522) (319)
Taxation Charge/(Credit) 6 (5) 50
---------------------------------- ---- ----------- -----------
Loss for the year (527) (269)
---------------------------------- ---- ----------- -----------
Other Comprehensive Income - -
---------------------------------- ---- ----------- -----------
Total Comprehensive Loss for the
year (527) (269)
---------------------------------- ---- ----------- -----------
Attributed to Equity Holders of
the Company (527) (269)
Loss per Share pence pence
Basic Loss per Share 7 (5.3) (2.7)
Diluted Loss per Share 7 (5.3) (2.7)
Consolidated Statement of Financial Position
As at 31 December 2021
Year ended Year ended
31 December 31 December
2021 2020
Note GBP'000 GBP'000
ASSETS
Non-current Assets
Intangible Assets 8 483 455
Property, Plant and Equipment 9 88 148
Right-of-use Assets 11 613 746
Deferred Tax Asset 6 147 118
Total Non-current Assets 1,331 1,467
------------------------------ ---- ----------- -----------
Current Assets
Inventory 9 9
Trade and Other Receivables 675 811
Corporation Tax Recoverable 289 216
Cash and Cash Equivalents 10 1,168 1,122
Total Current Assets 2,141 2,158
------------------------------ ---- ----------- -----------
TOTAL ASSETS 3,472 3,625
------------------------------ ---- ----------- -----------
LIABILITIES
Current Liabilities
Trade and Other Payables (1,489) (2,085)
Borrowings 12 (105) -
Lease Liability 11 (107) (143)
Total Current Liabilities (1,701) (2,228)
------------------------------ ---- ----------- -----------
Non-current Liabilities
Deferred Tax Liability 6 (124) (90)
Borrowings 12 (858) -
Lease Liability 11 (568) (659)
Total Non-current Liabilities (1,550) (749)
------------------------------ ---- ----------- -----------
TOTAL LIABILITIES (3,251) (2,977)
------------------------------ ---- ----------- -----------
NET ASSETS 221 648
------------------------------ ---- ----------- -----------
EQUITY
Equity attributable to Owners
of the Parent:
Share Capital 100 100
Share Premium Account - 6,098
Share Option Reserve 492 392
Retained Earnings/(Losses) (371) (5,942)
TOTAL EQUITY 221 648
------------------------------ ---- ----------- -----------
Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
Share Share Retained
Share Premium Option Earnings/
Capital Account Reserve (Losses) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 31 December 2019 91 5,661 291 (5,673) 370
------------------------------------- ------- ------- ------- --------- -------
Loss and Total Comprehensive:
Total comprehensive loss for
the year - - - (269) (269)
------------------------------------- ------- ------- ------- --------- -------
Transactions with shareholders
Issue of Shares 9 437 - - 446
Share Based Payments - - 101 - 101
Total transactions with shareholders 9 437 101 - 547
------------------------------------- ------- ------- ------- --------- -------
Balance as at 31 December 2020 100 6,098 392 (5,942) 648
------------------------------------- ------- ------- ------- --------- -------
Loss and Total Comprehensive:
Total comprehensive loss for
the year - - - (527) (527)
------------------------------------- ------- ------- ------- --------- -------
Transactions with shareholders
Share Based Payments - - 100 - 100
Reduction of capital - (6,098) - 6,098 -
Total transactions with shareholders - (6,098) 100 - 100
------------------------------------- ------- ------- ------- --------- -------
Balance as at 31 December 2021 100 - 492 (371) 221
------------------------------------- ------- ------- ------- --------- -------
Consolidated Cash Flow Statement
For the year ended 31 December 2021
Year ended Year ended
31 December 31 December
2021 2020
Note GBP'000 GBP'000
Cash Flow from Operating Activities
Loss before Taxation (522) (319)
Adjustment for:
Amortisation of Intangibles 8 166 168
Depreciation of Right-of-use Assets 11 143 175
Depreciation of Property, Plant and
Equipment 9 91 137
Loss/(gain) on Disposal of Tangible
Asset 4 (4)
Finance costs 42 48
Share Based Payments 100 101
--------------------------------------------- ---- ----------- -----------
Cash used up in Operating Activities
before
changes in Working Capital 24 306
Change in Inventory - 17
Change in Trade and Other Receivables (146) (214)
Change in Trade and Other Payables (624) 268
Cash (used in)/ generated from Operating
Activities (746) 377
R&D tax credit received 209 343
Net Cash (used in)/ generated from
Operating Activities (537) 720
Acquisition of Property, Plant and
Equipment (34) (5)
Disposal Proceeds - 6
Development Costs capitalised (194) (194)
Net Cash Flow used in Investing Activities (228) (193)
Principal paid on lease liabilities (172) (195)
Interest paid on loans and borrowings (2) (7)
Net proceeds from issue of loan 985 -
Proceeds from issue of shares - 500
Costs of share issuance - (54)
Net Cash generated from Financing Activities 811 244
Net increase in Cash & Cash Equivalents 46 771
--------------------------------------------- ---- ----------- -----------
Cash & Cash Equivalents at beginning
of period 1,122 351
Cash & Cash Equivalents at end of period 1,168 1,122
--------------------------------------------- ---- ----------- -----------
Notes
1. Corporate Information
ECSC Group plc is incorporated in England and Wales and admitted
to trading on the AIM market of the London Stock Exchange (AIM:
ECSC).
2. General Information
This results announcement may contain certain statements about
the future outlook of ECSC Group plc. Although the Directors
believe their expectations are based on reasonable assumptions, any
statements about future outlook may be influenced by factors that
could cause actual outcomes and results to be materially
different.
3. Basis of Preparation
This financial information for the year ended 31 December 2021
has been prepared in accordance with UK adopted international
accounting standards (collectively 'UKIAS) and as applied in
accordance with the provisions of the Companies Act 2006.
The information in this preliminary statement has been extracted
from the financial statements for the year ended 31 December 2021
and, as such, does not contain all the information required to be
disclosed in the financial statements prepared in accordance with
IFRS. The Group's Annual Report for the year ended 31 December 2021
has yet to be delivered to the Registrar of Companies. The auditors
have reported on these accounts. The figures for the year ended 31
December 2021 and the ended 31 December 2020 do not constitute
statutory accounts within the meaning of section 434 of the
Companies Act 2006.
The financial statements have been presented in thousands of
Pounds Sterling (GBP'000, GBP) as this is the currency of the
primary economic environment that the Company operates in.
The preliminary announcement was approved by the Board on 22
March 2022 and authorised for issue.
The statutory accounts for the year ended 31 December 2021 were
approved by the Board on 22 March 2022 and will be delivered to the
Registrar of Companies in due course. The statutory accounts for
the period ended 31 December 2021 will be made available on the
Company's website www.ecsc.co.uk at least 21 days before the Annual
General Meeting.
4. Accounting Policies
The principal accounting policies applied in the preparation of
the financial statements are set out below. These policies have
been consistently applied to all periods presented, unless
otherwise stated.
4.1 Basis of Accounting
The financial statements have been prepared on the historical
cost basis except as stated.
New IFRS standards, amendments to and interpretations not
applied to published standards
The following new standards, amendments to standards and
interpretations will be mandatory for the first time in future
financial years:
Issued date IASB mandatory UK Adoption status
effective date (EU pre 31 December
(UK mandatory effective 2020)
date)
New Standards
-------------------------- --------------- ------------------------
IFRS 17 Insurance 18-May-2017 and 01-Jan-2023 TBC
contracts including 25-June 2020
Amendments to IFRS
17 (issued on 25
June 2020)
-------------------------- --------------- ------------------------
Amendments to existing
standards
-------------------------- --------------- ------------------------
Amendments to IAS 23-Jan-2020 01-Jan-2023 TBC
1: Classification
of Liabilities
as Current or Non-current
-------------------------- --------------- ------------------------
Amendments to: 14-May-2020 01-Jan-2022 TBC
IFRS 3 Business
Combinations; IAS
16 Property, Plant
and Equipment;
IAS 37 Provisions,
Contingent Liabilities
and Contingent
Assets
-------------------------- --------------- ------------------------
Annual Improvements 14-May-2020 01-Jan-2022 TBC
to IFRSs (2018-2020
Cycle): IFRS 1,
IFRS 9, Illustrative
Examples accompanying
IDRS 16, IAS 41
-------------------------- --------------- ------------------------
Amendments to IFRS 28-May-2020 01-Jun-2020 Endorsed
16 Leases COVID
19-Related Rent
Concessions
-------------------------- --------------- ------------------------
Amendments to IFRS 25-June-2020 01-Jan-2021 Adopted by UKEB
4 Insurance Contracts
- deferral of IFRS
9
-------------------------- --------------- ------------------------
Amendments to IFRS 27-Aug-2020 01-Jan-2021 Adopted by UKEB
9, IAS 39, IFRS
7, IFRS 4 and IFRS
16 Interest Rate
Benchmark Reform
- Phase 2
-------------------------- --------------- ------------------------
Amendments to IAS 12-Feb-2021 01-Jan-2023 TBC
8 - Definition
of Accounting Estimates
-------------------------- --------------- ------------------------
Amendments to IAS 12-Feb-2021 01-Jan-2023 TBC
1 and IFRS Practice
Statement 2 - Disclosure
of Accounting policies
-------------------------- --------------- ------------------------
Amendments to IFRS 31-Mar-2021 01-Apr-2021 Adopted by UKEB
16 Leases COVID
19-Related Rent
Concessions beyond
30 June 2021
-------------------------- --------------- ------------------------
Amendments to IAS 07-Feb-2021 01-Jan-2023 TBC
12 - Deferred Tax
related to Assets
and Liabilities
arising from a
single Transaction
-------------------------- --------------- ------------------------
The application of these standards and interpretations is not
expected to have a material impact on the Group's reporting
financial performance or position.
4.2 Going Concern
The Directors have reviewed whether the Group has adequate
resources to continue in operational existence for the foreseeable
future, being no shorter than 12 months from the date of approving
the Annual Report. In conducting this review, the Directors have
considered a range of factors, including the market prospects for
cyber security services, client relationships and dependency,
supplier relationships and dependency, actual or potential
litigation, staff retention and reliance, relationships with HMRC
and regulators, financing arrangements, historic trading and cash
flow performance, current trading and cash flow performance, and
future trading and cash flow expectations. In undertaking their
review, the Directors have prepared financial projections for the
years ending 31 December 2022 and 2023, a review which assumes
continued revenue growth and cost efficiency.
The budget figures are closely monitored against actuals on a
monthly basis. Variances that may arise are discussed a Board level
on a monthly basis during a review of the monthly numbers. In the
event that this revenue and cost performance is not achieved, the
Directors have also considered a sensitivity analysis based on
lower revenue growth, increase in salaries inflation and have
formulated contingency plans for this scenario, which enable the
Group to preserve its financial resources.
In light of the continued COVID-19 pandemic, the Directors have
continued to carefully monitor the situation especially the Group's
going concern position to ensure the Group is in a robust place to
manage additional risks and uncertainties created by the pandemic.
During 2021, the Group demonstrated its ability to grow under these
challenging conditions achieving an 8% growth in revenue and
maintained a positive adjusted EBITDA profit. As at 31 December
2021, the Group had an adjusted EBITDA profit of GBP0.2m (2020:
GBP0.4m), and an operating loss of GBP0.5m (2020: GBP0.3m) due to
an increase in Sales and Marketing costs.
In December 2021, the Group entered into a borrowing facility
with Growth Lending Limited . The net proceeds of which will be
used for working capital purposes and to support the Group's
overall organic growth strategy. The new borrowing facility
compromises an initial GBP1.0m term loan received on 24 December
2021 and a further GBP0.5m loan to be drawn down after six months
subject to an agreed level of adjusted EBITDA being achieved. The
facility term is 60 months with an interest rate at the higher of
9% per annum or the monthly average SONIA plus 7% . The borrowings
will support the short to medium term needs of the business and
improve the ability to drive growth. The Loan facility is secured
by a fixed charge over the assets of the Company. As at 31 December
2021, the Group had cash and cash equivalents of GBP1.17m (2020:
GBP1.12m).
Based on this review, the Directors have concluded that the
Group has adequate resources to meet its liabilities as they fall
due and continue in operational existence for the foreseeable
future, which is considered to be at least the next 12 months from
the date of approval of the financial statements. Consequently, the
Directors have adopted the going concern basis in preparing the
financial statements.
4.3 Revenue Recognition
The core principle is that revenue should only be recognised as
the client receives the benefit of the goods or services provided
under a commercial contract, in an amount that reflects the
consideration to which the provider expects to be entitled for the
transfer of the goods or services.
Performance obligations and timing of revenue recognition
Revenue comprises the sales value of goods and services supplied
during the year, exclusive of Value Added Tax and trade discounts.
Revenue from the provision of Consulting services is recognised as
services are rendered, based on the contracted daily billing rate
and the number of days delivered during the period.
Revenue from pre-paid contracts are deferred in the balance
sheet and recognised on utilisation of service by the client.
Pre-paid revenue is included within Assurance in note 5. Revenue
from Managed Services & response (MDR) contracts include
multiple performance obligation as set out below:
-- Hardware - hardware revenue is recognised on delivery and is
included within other revenue as set out in note 5. This is when
control of hardware passes to the customer.
-- Device build - Device build revenue is deferred and
recognised on a straight line basis over the term of the
contract.
-- Licensing - deferred and recognised on a straight line basis
over the invoice period, due to the performance obligation not
being considered distinct from management and monitoring
performance obligation
-- Management and monitoring - deferred and recognised on a
straight line basis over the invoice period.
-- Revenue from the sale of products (vendor) is recognised when
control passes to the customer, which is considered to occur when
the software or hardware product has been delivered to the
client.
Determining the transaction price
The Group's revenue is derived from fixed price contracts and
therefore the amount of revenues to be earned from each contract is
determined by reference to those fixed prices.
Costs of obtaining long-term contracts and costs of fulfilling
contracts
Commissions paid to sales staff for work in obtaining Managed
Service contracts are prepaid and amortised over the terms of the
contract on a straight line basis.
Commissions paid to sales staff for work in obtaining the
Prepaid Consultancy contracts are recognised in the month of
invoice.
5. Revenue and Segment Information
The Group's principal revenue is derived from the provision of
cyber security professional services.
During this period, the Directors received information on
financial performance on a divisional basis. The Directors consider
that there are three reportable operating segments: Assurance
(including Remote Support services), MDR, and Vendor Products.
There were a small number of other transactions recorded during
each period which are not considered to be part of either of the
three reportable operating segments. These are presented below
within the 'Other' caption and are not significant.
The Directors do not receive any information on the financial
position of each segment, including information on assets and
liabilities. Accordingly, no such information has not been
presented.
The Group is not reliant on any single client, with no single
client accounting for 10% or more of revenue. All revenue
recognised is derived from external clients.
The Group has PPE located in the UK (cost of GBP919k; NBV of
GBP88k) and Australia (cost of GBP57k; NBV nil). The Group's
revenue and gross profit by operating segment for the year ended 31
December 2021 were as follows:
Year ended Year ended
31 December 31 December
2021 2020
GBP'000 GBP'000
Revenue
Assurance 3,123 2,724
MDR 2,886 2,732
Vendor Products 93 125
Other 42 82
Total Revenue 6,144 5,663
--------------------- ----------- -----------
Gross Profit
Assurance 1,965 1,576
MDR 1,757 1,994
Vendor Products 15 25
Other (63) (47)
Gross Profit 3,674 3,548
--------------------- ----------- -----------
Operating Loss (480) (271)
--------------------- ----------- -----------
Finance Cost (42) (48)
---------------------
Loss before Taxation (522) (319)
--------------------- ----------- -----------
Revenue by country for the year ended 31 December 2021 was as
follows:
Year ended Year ended
31 December 31 December
2021 2020
GBP'000 GBP'000
United Kingdom 5,911 5,294
Europe 107 278
United States 36 -
Channel Islands 87 89
Other Countries 3 2
Total 6,144 5,663
---------------- ----------- -----------
The Group's United Kingdom revenue by operating segment for the
year ended 31 December 2021 was as follows:
Year ended Year ended
31 December 31 December
2021 2020
GBP'000 GBP'000
Revenue United Kingdom
Assurance 3,025 2,367
MDR 2,759 2,724
Vendor Products 88 124
Other 39 79
Total 5,911 5,294
----------------------- ----------- -----------
Contract Balances
Contract Contract Contract Contract
Assets Assets Liabilities Liabilities
2021 2020 2021 2020
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 34 43 (878) (866)
Commission expensed during
the
period (91) (62) -
Commissions paid in advanced
of
contract completion 77 53 -
Recognised as revenue during
the
period - 3,286 3,390
Cash received in advanced
of
performance during period - (3,091) (3,402)
At 31 December 2021 20 34 (683) (878)
----------------------------- -------- -------- ----------- -----------
6. Taxation
Recognised in the Statement of Comprehensive Income
Year ended Year ended
31 December 31 December
2021 2020
GBP'000 GBP'000
Corporation Tax Charge/(Credit) - -
Deferred Tax Charge/(Credit) 5 (50)
Total Tax Charge/(Credit) 5 (50)
--------------------------------- ----------- -----------
Reconciliation of Total Tax Charge/(Credit)
Year ended Year ended
31 December 31 December
2021 2020
GBP'000 GBP'000
Loss before Tax (522) (319)
------------------------------------------ ----------- -----------
UK Corporation at rate of 19% (2020:
19%) (99) (61)
Expenses not deductible for tax purposes 2 2
Over/under provision in prior period
- Deferred Tax 5 (50)
Tax losses on which Deferred Tax
not recognised 97 59
Total Tax Charge/(Credit) 5 (50)
------------------------------------------ ----------- -----------
Deferred Tax Asset
2021 2020
GBP'000 GBP'000
At 1 Jan 118 77
Disallowable provisions 2 3
Profit and loss debit in respect
of losses realised 87 13
Share based payments (60) 25
At 31 Dec 147 118
---------------------------------- ------- -------
Deferred Tax Liability
2021 2020
GBP'000 GBP'000
At 1 Jan (90) (99)
Profit and loss credit in request
of timing differences (34) 9
At 31 Dec (124) (90)
----------------------------------- ------- -------
Deferred Tax Assets of GBP147k is recognised in respect of
unutilised trading losses, Share options of GBP19k (2020: GBP78k)
and short-term timing differences of GBP7k (2020: GBP5k). Deferred
Tax Liabilities of GBP124k arise on timing differences in the
carrying value of certain of the Company's assets for financial
reporting purposes and for corporation tax purposes. These will
reverse as the fair value of the related assets are depreciated
over time. Deferred Tax balances have been calculated at the rate
of 25% (2020: 19%), being the rate of Corporation Tax expected to
be in force when the timing differences reverse.
Unutilised Trading Losses
The Company continues to carry forward unutilised trading losses
of GBP5,448k (2020: GBP5,111k). A Deferred Tax Asset of GBP122k
(2019: GBP35k) has been recognised as at 31 December 2021 in
respect of the unutilised trading losses. No further Deferred Tax
Asset has been recognised because the Board envisages that a
significant period of time will be required to generate sufficient
profits to utilise the trading losses carried forward.
7. Earnings per Share
Basic Earnings per Share is calculated by dividing the loss for
the period attributable to Equity Holders of the Company by the
weighted average number of Ordinary Shares outstanding during the
period ('Basic Number of Ordinary Shares').
Diluted Earnings per Share is calculated by dividing the loss
for the period attributable to Equity Holders of the Company by the
weighted average number of Ordinary Shares outstanding during the
period plus the weighted average number of Ordinary Shares that
would be issued on conversion of all the potential dilutive
Ordinary Shares ('Diluted Number of Ordinary Shares'), subject to
the effect of anti-dilutive potential shares being ignored in
accordance with IAS 33.
Adjusted Earnings per Share is calculated by dividing Adjusted
loss (after adding-back exceptional costs incurred in the period;
see note 13) by Diluted Number of Ordinary Shares.
The calculation of Basic, Diluted and Adjusted Earnings per
Share is as follows:
Year ended Year ended
31 December 31 December
2021 2020
GBP'000 GBP'000
Net Loss attributable to Equity Holders
of the Company (527) (269)
Add back: Exceptional Costs 145 65
Add back: Share Based Payments 100 101
Adjusted Loss (282) (103)
---------------------------------------- ----------- -----------
Number of Ordinary Shares ('000)
Initial Weighted Average 10,007 9,098
Shares issued in April 2020 - 909
----------------------------------------
Basic Number of Ordinary Shares 10,007 10,007
Weighted Average Dilutive Shares in
Period 1,160 906
Diluted Number of Ordinary Shares 11,167 10,913
---------------------------------------- ----------- -----------
Earnings per Share (pence):
Basic Losses per Share (5.3) (2.7)
Diluted Losses per Share** (5.3) (2.7)
Adjusted Losses per Share (2.8) (1.0)
** In accordance with IAS 33, the effect of anti-dilutive
potential shares has been ignored.
During the prior year ended 31 December 2020, the following
dilutive events have occurred:
-- On 17 April 2020, 909,091 ordinary shares were issued for
GBP0.45m (net of expenses of GBP0.05m).
-- On 21 August 2020, the Company granted options over 588,037
Ordinary Shares to selected employees, including 144,758 to
Director Lucy Sharp, 103,602 to Director Ian Castle and 64,651 to
Director Gemma Basharan, of which 587,107 remain outstanding as at
31 December 2020.
-- On 28 August 2020, the Company granted options over 450,000
Ordinary Shares to selected employees, including 100,000 to
Director Ian Mann, 100,000 to Director Lucy Sharp, 80,000 to
Director Ian Castle and 80,000 to Director Gemma Basharan, of which
450,000 remain outstanding as at 31 December 2020.
These dilutive events were taken into account in calculating
Diluted Number of Ordinary Shares.
8. Intangible Assets
Development Costs
Costs GBP'000
As at 1 January 2020 1,085
Additions 194
As at 31 December 2020 1,279
----------------------- -------
As at 1 January 2021 1,279
Additions 194
As at 31 December 2021 1,473
----------------------- -------
Amortisation
As at 1 January 2020 656
Charges for the year 168
As at 31 December 2020 824
----------------------- -------
As at 1 January 2021 824
Charges for the year 166
As at 31 December 2021 990
----------------------- -------
Net Book Value
As at 31 December 2020 455
----------------------- -------
As at 31 December 2021 483
----------------------- -------
9. Property, Plant and Equipment
Leasehold Office Computer Motor
Property Equipment Equipment Vehicles Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January 2020 115 136 679 23 953
Additions - - 5 - 5
Disposals - - (5) - (5)
At 31 December 2020 115 136 679 23 953
-------------------- --------- --------- --------- -------- -------
Additions - - 34 - 34
Disposals (7) (4) - - (11)
At 31 December 2021 108 132 713 23 976
-------------------- --------- --------- --------- -------- -------
Depreciation
At 1 January 2020 63 75 518 14 670
Charge for Period 16 21 95 5 137
Disposals - - (2) - (2)
At 31 December 2020 79 96 611 19 805
-------------------- --------- --------- --------- -------- -------
Charge for Period 16 18 55 2 91
Disposals (5) (3) - - (8)
At 31 December 2021 90 111 55 2 888
-------------------- --------- --------- --------- -------- -------
Net Book Value
At 31 December 2020 36 40 68 4 148
-------------------- --------- --------- --------- -------- -------
At 31 December 2021 18 21 658 21 88
-------------------- --------- --------- --------- -------- -------
10. Cash & Cash Equivalents
GROUP GROUP COMPANY COMPANY
As at As at As at As at
31 December 31 December 31 December 31 December
2021 2020 2021 2020
GBP'000 GBP'000 GBP'000 GBP'000
Cash & Cash Equivalents 1,168 1,122 1,165 1,119
------------------------ ----------- ----------- ----------- -----------
11. Leases of low-value assets
On commencement of a contract (or part of a contract) which
gives the group the right to use an asset for a period of time in
exchange for consideration, the group recognises a right-of-use
asset and a lease liability unless the lease qualifies as a
'short-term' lease or a 'low-value' lease.
All leases are accounted for by recognising a right-of-use and a
lease liability except for:
-- Leases of low-value assets
Leases where the underlying asset is 'low-value', GBP5k lease
payments are recognised as an expense on a straight-line basis over
the lease term. The group has elected to apply the 'low-value'
lease exemption to all qualifying leases, but the election can be
made on a lease-by-lease basis.
-- Short term lease
Where the lease term is twelve months or less and the lease does
not contain an option to purchase the leased asset, lease payments
are recognised as an expense on a straight-line basis over the
lease term.
The group sometimes negotiates break clauses in its property
leases. On a case-by-case basis, the group will consider whether
the absence of a break clause would exposes the group to excessive
risk. Typically factors considered in deciding to negotiate a break
clause include:
-- the length of the lease term;
-- the economic stability of the environment in which the property is located; and
-- whether the location represents a new area of operations for the group.
-- Short-term lease expense GBP61k
-- Low value lease expense GBP3k
Right-of-use Assets
A right-of-use asset is recognised at commencement of the lease
and initially measured at the amount of the lease liability, plus
any incremental costs of obtaining the lease and any lease payments
made at or before the leased asset is available for use by the
group.
The right-of-use asset is subsequently measured at cost less
accumulated amortisation and any accumulated impairment losses. The
amortisation methods applied is on a straight-line basis over the
term of the lease.
Amortisation charge for the year included in 'administrative
expenses' for right-of-use assets.
Office Motor IT
buildings vehicles equipment Total
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2020 849 26 21 896
Additions - 22 - 22
Variable lease payment
adjustment 4 - (1) 3
Amortisation (133) (22) (20) (175)
NBV at 31 December 2020 720 26 - 746
------------------------ --------- -------- --------- -------
At 1 January 2021 720 26 - 746
Additions - 23 - 23
Disposal (13) - - (13)
Amortisation (123) (20) (143)
NBV at 31 December 2021 584 29 - 613
------------------------ --------- -------- --------- -------
Lease Liability
The lease liability is initially measured at the present value
of the lease payments during the lease term discounted using the
interest rate implicit in the lease, or the incremental borrowing
rate if the interest rate implicit in the lease cannot be readily
determined.
The lease term is the non-cancellable period of the lease plus
extension periods that the group is reasonably certain to exercise
and termination periods that the group is reasonably certain not to
exercise.
The lease liability is subsequently increased for a constant
periodic rate of interest on the remaining balance of the lease
liability and reduced for lease payments.
Interest expense for the year on lease liabilities is recognised
in 'finance costs'.
Office Motor IT
buildings vehicles equipment Total
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2020 889 23 19 931
Additions - 22 - 22
Variable lease payment
adjustment 4 - (1) 3
Interest expense 37 2 2 41
Lease payments (150) (24) (21) (195)
NBV at 31 December 2020 780 23 (1) 802
------------------------ --------- -------- --------- -------
At 1 January 2021 780 23 (1) 802
Additions - 23 - 23
Disposal (12) - - (12)
Interest expense 31 2 1 34
Lease payments (150) (22) - (172)
At 31 December 2021 649 26 - 675
------------------------ --------- -------- --------- -------
Group and Company
Up to 12 1 to 5 more than
At 31 December 2021 months years 5 years
GBP'000 GBP'000 GBP'000
Lease payments 135 433 213
Interest expense (28) (69) (9)
Lease Liabilities 107 364 204
--------------------- -------- ------- ---------
12. Borrowings
2021 2020
Current GBP'000 GBP'000
Loan 108 -
Interest 6 -
Direct fees (9) -
Net Borrowings 105 -
---------------- ------- -------
2021 2020
Non-current GBP'000 GBP'000
Loan 892 -
Direct fees (34) -
Net Borrowings 858 -
---------------- ------- -------
The Group has been provided with payments facilities by Barclays
Bank PLC, including a BACS payment facility and a credit card
facility.
New borrowing facility
In December 2021, the Group entered into a new borrowing
five-year Growth loan facility with Growth Lending Limited, the net
proceeds of which will be used for working capital purposes and to
support the Group's overall organic growth strategy.
The new borrowing facility compromises an initial advance upon
completion of GBP1.0m and a further advance of GBP0.5m to be drawn
down after six months subject to an agreed level of adjusted EBITDA
being achieved.
The facility term is 60 months with straight-line amortisation
of the loan commencing after 6 months. The interest rate on each
advance is set at the higher of 9.0% per annum or the monthly
average SONIA plus 7%. There is an arrangement fee of 1.5% of the
facility amount paid on completion with a 5% early prepayment.
The loan was arranged by Funding Friends Limited which received
a fee of 1% of the loan on completion in respect of advisory fees.
The Loan facility is secured by a fixed charge over the assets of
the Company.
The effective interest rates on the Group's borrowings were as
follows:
2021 2020
% %
Borrowings
- GBP1m 9.0 -
------------ ---- ----
The Maturity profile of the Group's non-current borrowing was as
follows:
2021 2020
GBP'000 GBP'000
Between one
and two years 214 -
Between two
and five years 644 -
858 -
------- -------
The Group's bank borrowing bear interest at floating rates,
which represent prevailing market rates.
13. Adjusted Loss before Taxation and Adjusted EBITDA
Adjusted Loss before Taxation
Year ended Year ended
31 December 31 December
2021 2020
GBP'000 GBP'000
Loss before Taxation (522) (319)
------------------------------ ----------- -----------
Share Based Payments 100 101
Exceptional Items 145 65
Adjusted Loss before Taxation (277) (153)
------------------------------ ----------- -----------
Adjusted EBITDA:
Year ended Year ended
31 December 31 December
2021 2020
GBP'000 GBP'000
Operating Loss (480) (271)
------------------------------ ----------- -----------
Depreciation and Amortisation 400 480
EBITDA** (80) 209
------------------------------ ----------- -----------
Share Based Payments 100 101
Exceptional Items 145 65
Adjusted EBITDA* 165 375
------------------------------ ----------- -----------
Year ended Year ended
31 December 31 December
2021 2020
GBP'000 GBP'000
Operating Loss (480) (271)
------------------------- ----------- -----------
Share Based Payments 100 101
Exceptional Items 145 65
Adjusted Operating Loss* (235) (105)
------------------------- ----------- -----------
* Adjusted Operating Loss and EBITDA excludes exceptional items
and share based payments.
* * EBITDA is defined as Earnings before Interest, Tax,
Depreciation and Amortisation.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR DZGZFFZFGZZZ
(END) Dow Jones Newswires
March 23, 2022 03:00 ET (07:00 GMT)
Ecsc (LSE:ECSC)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Ecsc (LSE:ECSC)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024