TIDMCRDL
RNS Number : 2324A
Cordel Group PLC
01 February 2022
1 February 2022
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Interim Results
Cordel Group PLC (AIM: CRDL), the Artificial Intelligence
platform for transport corridor analytics, announces unaudited
results for the six months ending 31 December 2021, and the
appointment of Mr Michael Turner to the (non-Board) role of Chief
Revenue Officer (CRO).
Six months to Six months % change % change
31 December to (constant currency*)
2020 31 December
GBP'000 2021
GBP'000
-------------- ------------- --------- ----------------------
Total revenue 728 629 -13% -11%
Cost of sales 247 329 +33% +38%
Total expenses 1,274 1,564 +23% +27%
Other income 112 -
EBITDA (681) (1,264) -85% -93%
*Constant currency reflects the results had the underlying
transactional currencies, (i.e. USD, AUD and GBP) remained constant
across the full financial year
Highlights:
-- Total revenue down 13% in reported currency and 11% at constant currency.
-- Total expenses increased by 23% (27% at constant currency) as
the Company invested in additional engineers and sales staff, in
response to the large-scale contracts won in the UK and USA.
-- As at 31 December 2021, cash balance was GBP935,049 and net assets were GBP2,488,337.
-- Appointment of Mike Turner in a new leadership role, Chief
Revenue Officer to strengthen the alignment between marketing,
sales and customer support.
-- UK achievements during the period include a
six-and-a-half-year contract with Network Rail to replace the UK's
National Gauging Database (NGD), a contract with Network Rail High
Speed and Network Rail has approved Cordel technology for use in
clearance gauging across the UK rail network.
-- USA achievements include expansion of relationship with Class
1 Railroad customer and a partnership with leading US rail
inspection company Holland, L.P to expand US market presence.
-- Large backlog of work being carried into second half, Group
targeting to be cash flow positive in fourth quarter.
Ian Buddery, Chairman, Cordel, said: " We have delivered
positive progress with contract wins and exciting partnerships
during the period, however, the interim results are currently
running behind our plan. As stated in our December trading update,
our business was impacted by Covid in the second half, with border
closures in Australia and staff at our key customers in
self-quarantine that delayed projects in the USA. However, the
board has also recognised that we can benefit from adding
significant customer facing expertise to better manage the large
and complex customer accounts we are now dealing with which, in the
period under review would have helped plan for and mitigate revenue
slippage.
"Therefore, we have appointed a Chief Revenue Officer. The CRO
will have direct involvement with customers to map their internal
procurement processes, ensure disciplined sales management and
deliver comprehensive account planning. We are delighted to have
secured an experienced and capable individual to fill this new
role, Mike Turner. Mike has been a highly successful senior sales
manager in the software industry since 1994, working for major
multi-nationals and early-stage businesses. Based in London, Mike
will be responsible for all revenue across the Group and is tasked
with securing more revenue and growth in line with shareholder
expectations.
"Despite today's results, we look forward with confidence. In
the last six months, among other positive steps, we have been
awarded a six-and-a-half-year contract with Network Rail to replace
the UK's National Gauging Database, expanded our relationship with
a major US customer, and formed a partnership with Holland LP in
the US. The Group is carrying a large backlog of work into the
second half, which we expect to produce growth for the full year.
We are targeting to be cashflow positive in the fourth
quarter."
Enquiries:
Cordel Group PLC c/o SEC Newgate
Ian Buddery, Chairman
Nick Smith, CEO
Arden Partners (Broker and Nominated Adviser) +44 (0)20 7614 5900
Ruari McGirr / Richard Johnson
SEC Newgate (Financial PR) +44(0) 7540 106366
Robin Tozer / Bob Huxford
About Cordel
Cordel offers a patented cloud-based platform for master data
management and business analytics, together with specialist
hardware and software for capturing, analysing and reporting on
large datasets within the transport sector, employing sophisticated
artificial intelligence algorithms.
Further information on the Company is available at:
www.cordel.ai
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Cordel Group plc
Review of operations by the Chief Executive Officer
31 December 2021
Cordel Group Plc ("the Group") offers a patented cloud-based
platform for master data management and business analytics ,
together with specialist hardware and software for capturing,
analysing and reporting on large datasets within the transport and
infrastructure sectors, employing sophisticated artificial
intelligence algorithms.
Overview of results
During the half year the Company secured new contracts in the
UK, USA and Australia, the majority of revenue from which will
occur in 2022. Ongoing sales activity resulted in a large
opportunity pipeline with further contracts expected to be secured
in the June half.
Resources were invested in continuing development of the Cordel
Artificial Intelligence analytics platform and in the development
of a new Nextcore "Lumos" LiDAR product, released in December
2021.
Revenue for the half year is summarised as follows:
Six Months
to
31 December Six Months to
2021 31 December 2020
GBP '000 GBP '000 Change
------------- ------------------ -------
Airsight 229 147 +56%
NextCore 194 266 -27%
Cordel 206 315 -35%
Total Revenue 629 728 -14%
Underlying EBITDA for the period was a loss of GBP1.264
million.
Ongoing operations
The Company operates from offices in London, UK and Newcastle,
Australia with staff in these locations and in the USA. The Company
has customers in Australia, New Zealand, UK, Japan and the USA. As
of 31 December 2021, the Company had cash and receivables totalling
GBP1.08m.
Outlook
The Company continues to be awarded new contracts following
competitive bid processes. This results in steady growth of the
total mileage of railway track under long-term data management and,
combined with new analytic services released in 2021 and planned
for 2022, will produce growth in recurring revenue.
Nicholas Smith
Chief Executive Officer
1 February 2022
Cordel Group PLC
Review of operations by the Chief Financial Officer
31 December 2021
A summary of the Group's results are as follows:
Six Months Six Months
to to
31 December 31 December
2021 2020 Change
GBP '000 GBP '000
Revenue from contracts with customers 629 728 -13%
Total Revenue 629 728 -13%
Direct Cost of sale 329 247 +33%
Gross Margin 300 481 -38%
Employee expenses 981 823 +19%
Occupancy expenses 12 10 +20%
Professional Fees 292 277 +5%
Other operational expenses 279 164 +70%
Total expenses 1,564 1,274 +23%
Other income - 110 -100%
Interest income - 2 -100%
EBITDA (earnings before interest
expenses, taxation, depreciation
and amortisation adjusted for
other one-off items (1,264) (681) -85%
Depreciation 74 41 +80%
Finance Costs 6 6 -
Other non-operating costs 5 6 -16%
Loss before income tax expenses (1,349) (734) -84%
Income tax - - -
Loss after income tax expense (1,349) (734) -84%
The above consolidated statements of profit or loss and other
comprehensive income should be read in conjunction with the
accompanying notes
Revenue
Total revenue for the period decreased by 13% to GBP0.63
million.
Operating expenses
Overall operating increased by GBP0.29 million compared to the
previous corresponding period primarily as a result of increases in
staff and external parties engaged in the development of the Cordel
and Nextcore products. Staff expenses increased GBP0.16 million to
GBP0.98 million. Insurance costs increased by 110% due to COVID-19
impacts on the global insurance market.
As at 31 December 2021, Cordel employed 33 staff across
Australia, the UK and USA.
Underlying EBITDA for the period was a loss of GBP1.26 million,
prior period was GBP0.68 million.
Finance and other non-operating expenditure were GBP0.011
million for the period relating to the amortisation of right to use
assets, primarily property leases.
The loss after tax for the period was GBP1.35 million, an
increase of 84% compared to GBP0.73 million in the previous
corresponding period.
Balance sheet, cash and working capital
The Group balance sheet shows cash resources of GBP0.93 million
and receivables of GBP0.14 million as at 31 December 2021. Cash
outflow from operating activities was GBP0.54 million.
Underlying basis of EBITDA
The Group manages its operations by looking at the underlying
EBITDA which excludes the impact of a number of one-off and
non-cash items as this, in the Board's opinion, provides a more
representative measure of the Group's performance. A reconciliation
between the reported loss before tax and underlying EBITDA is
included at note 6 to the financial statements.
Robert Lojszczyk
Chief Financial Officer
1 February 2022
Cordel Group plc
Consolidated statements of profit and loss and other
comprehensive income
For the period ended 31 December 2021
Unaudited six months Audited year
ended 31 December ended 30 June
Note 2021 2020 2021
GBP GBP GBP
Revenue from contracts with
customers 4 628,793 728,392 1,689,998
Total Revenue 628,793 728,392 1,689,998
Direct Cost of sale (328,613) (247,163) (649,274)
Gross Margin 300,181 481,229 1,040,724
Employee expenses (981,624) (822,665) (1,711,384)
Occupancy expenses (12,181) (10,397) (21,898)
Professional Fees (291,784) (276,834) (541,990)
Other operational expenses (278,864) (164,434) (487,461)
Total expenses (1,564,453) (1,274,329) (1,722,009)
Other income 5 - 109,522 616,760
Interest income - 1,723 7,057
EBITDA (earnings before interest
expenses, taxation, depreciation
and amortisation adjusted for
other one-off items (1,264,272) (681,855) (1,098,192)
Depreciation (74,231) (40,523) (113,068)
Finance Costs (5,469) (5,837) (11,112)
Other non-operating costs (5,031) (5,972) -
Loss before income tax expenses (1,349,003) (734,187) (1,222,372)
Income tax - - 200,551
Loss after income tax expense
for the period (1,349,003) (734,187) (1,021,821)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Foreign currency translation (4,560) 124,425 (20,699)
Share option reserve - - 72,148
Total comprehensive income
for the period (1,344,443) (609,762) (970,372)
============ ============ ==============
Loss for the period attributable
to:
Non-controlling interest - - -
Owners of Cordel Group plc (1,349,003) (734,187) (1,021,821)
(1,349,003) (734,187) (1,021,821)
============ ============ ==============
Total comprehensive income
for the period is attributable
to:
Non-controlling interest - - -
Owners of Cordel Group plc (1,344,443) (609,762) (970,372)
(1,344,443) (609,762) (970,372)
============ ============ ==============
Basic earnings per share (pence
per share) 15 (0.80) (0.50) (0.61)
Diluted earnings per share
(pence per share) 15 (0.80) (0.50) (0.61)
The above consolidated statements of profit or loss and other
comprehensive income should be read in conjunction with the
accompanying notes
Cordel Group plc
Consolidated balance sheet as at 31 December 2021
Unaudited Audited
December 31 June 30
Note 2021 2020 2021
Assets GBP GBP GBP
Non-current assets
Intangibles 1,223,403 1,223,403 1,223,403
Lease Assets 110,985 110,906 132,518
Property, plant & equipment 166,439 122,224 126,831
Total non-current assets 1,500,827 1,456,533 1,482,752
------------- ------------ ------------
Current assets
Trade and other receivables 7 142,380 223,518 522,212
Other 8 588,239 316,189 913,478
Cash and cash equivalents 935,049 849,898 1,538,150
Total current assets 1,665,668 1,389,605 2,973,840
------------- ------------ ------------
Total Assets 3,166,495 2,846,139 4,456,592
------------- ------------ ------------
Liabilities
Non-Current liabilities
Lease Liabilities 75,155 63,000 96,588
------------- ------------ ------------
Total non-current liabilities 75,155 63,000 96,588
------------- ------------ ------------
Current liabilities
Trade and other payables 9 375,482 374,804 340,185
Unearned Income 10,581 25,963 10,680
Lease Liabilities 40,303 52,706 40,680
Borrowings 39,261 15,200 -
Employee benefits 137,376 78,205 126,558
Total current liabilities 603,003 546,878 518,104
------------- ------------ ------------
Net assets/(liabilities) 2,488,337 2,236,261 3,841,900
------------- ------------ ------------
Equity
Share Capital 1,687,661 1,460,854 1,687,661
Share premium account 9,520,634 7,781,192 9,520,634
Other reserves 10 2,327,063 2,404,599 2,331,622
Accumulated losses (11,047,021) (9,410,384) (9,698,017)
Equity/(deficiency) attributable
to the owners of Cordel Group
plc 2,488,337 2,236,261 3,841,900
Non-controlling interest - - -
Total equity/(deficiency) 2,488,337 2,236,261 3,841,900
============= ============ ============
The above consolidated balance sheet should be read in
conjunction with the accompanying notes
The interim financial statements of Cordel Group plc (company
number 1109701 (England and Wales)) were approved by the Board of
Directors and authorised for issue on 1 February 2022. They were
signed on its behalf by:
Ian Buddery Jonathan Macleod
Chairman Director
1 February 2022 1 February 2022
Cordel Group plc
Consolidated statements of changes in equity
For the period ended 31 December 2021
Share Share Other Accumulated Total
Unaudited six months
ended Capital premium reserves Losses deficiency
31 December 2020 account* in equity
GBP GBP GBP GBP GBP
Balance at 1 July 2020 1,460,854 7,781,192 2,280,174 (8,676,197) 2,846,023
Loss after income tax
expense for the period - - - (734,187) (734,187)
Other comprehensive income
for the period, net of
tax - - 124,425 - 124,425
Total comprehensive income
for the period - - 124,425 (734,187) 609,762
Transactions with owners
in their capacity as
owners:
Share-based payments
(note 16) - - - - -
Balance at 31 December
2020 1,460,854 7,781,192 2,404,599 (9,410,384) 2,236,261
========== ========== ========== ============= ============
Share Share Other Accumulated Total
Unaudited six months
ended Capital premium reserves Losses Deficiency
31 December 2021 account* in equity
GBP GBP GBP GBP GBP
Balance at 1 July 2021 1,687,661 9,520,634 2,331,622 (9,698,017) 3,841,900
Loss after income tax
expense for the period - - - (1,349,003) (1,349,003)
Other comprehensive income
for the period, net of
tax - - (4,559) - (4,559)
Total comprehensive income
for the period - - (4,559) (1,349,003) (1,353,562)
Transactions with owners
in their capacity as
owners:
Share-based payments
(note 16) - - - - -
Balance at 31 December
2021 1,687,661 9,520,634 2,327,063 (11,047,021) 2,488,337
========== ========== ========== ============= ============
v The share premium account is used to recognise the difference
between the issued share capital at nominal value and the share
capital received, net of transaction costs.
Cordel Group plc
Consolidated statements of changes in equity (cont'd)
For the period ended 31 December 2021
Share Share Other Accumulated Total
Audited year ended Capital premium reserves Losses deficiency
30 June 2021 account* in equity
GBP GBP GBP GBP GBP
Balance at 1 July
2020 1,460,854 7,781,192 2,280,174 (8,676,197) 2,846,023
Loss after income
tax expense for the
period - - - (1,021,821) (1,021,821)
Other comprehensive
income for the period,
net of tax - - 51,449 - 51,449
Total comprehensive
income for the period - - 51,449 (1,021,821) (970,372)
Transactions with
owners in their capacity
as owners:
Share Issue 226,807 1,739,442 - - 1,966,248
Balance at 30 June
2021 1,687,661 9,520,634 2,331,622 (9,698,017) 3,841,900
========== ========== ========== ============ ============
The above consolidated statement of changes in equity should be
read in conjunction with the accompanying notes
Cordel Group plc
Consolidated statements of cash flows
For the period ended 31 December 2021
Unaudited six months Audited year
ended June
ended December 31 30
2021 2020 2021
GBP GBP GBP
Cash flows from operating activities
Loss before income tax expense
for the period (1,349,003) (734,187) (1,021,821)
Adjustments for:
Depreciation and amortisation 74,231 40,523 113,068
Loss/(Gain) on disposal of equipment - - 1,272
Share option reserve - - 72,148
Foreign exchange differences 5,031 - (14,791)
Interest received - (1,723) (7,057)
Interest and other finance costs 5,469 5,837 11,112
(1,264,272) (689,550) (846,069)
Change in operating assets and
liabilities:
Increase in inventories (72,520) (126,236) (54,982)
Decrease/(increase) in trade
and other receivables 482,456 218,142 (340,369)
Increase/(decrease) in lease
assets (21,878) (14,822) -
Decrease/(increase) in other
operating assets 397,217 (2,594) (411,435)
(Decrease)/Increase in trade
and other payables (107,959) (41,651) 86,771
Decrease in other liabilities 39,162 - (243,373)
Increase/(decrease) in lease
liabilities (21,811) (13,809) -
Increase (decrease) in employee
benefits 36,296 (11,098) -
------------ ---------- -------------
(533,309) (681,618) (1,809,457)
Interest Received - 1,723 7,057
Interest and other finance costs
paid (5,469) (5,837) (3,366)
Net cash used in operating activities (538,778) (685,732) (1,805,765)
------------ ---------- -------------
Cash flows from investing activities
Payments for property, plant
and equipment (90,508) (72,438) (158,496)
Net cash used in investing activities (90,508) (72,438) (155,784)
------------ ---------- -------------
Cash flows from financing activities
Proceeds from issue of shares - - 1,966,248
Interest on lease payments - - (7,747)
Repayment lease arrangements - (11,069) (18,394)
Net cash from financing activities - (11,069) (1,940,107)
------------ ---------- -------------
Net increase/(decrease) in cash
and cash equivalents (629,286) (769,239) (21,442)
Cash and cash equivalents at
the beginning of the financial
period 1,538,150 1,564,267 1,564,267
Effects of exchange rate changes
on cash and cash equivalents 26,185 54,870 (4,675)
Cash and cash equivalents at
the end of the financial period 935,049 849,898 1,538,150
============ ========== =============
The above consolidated statements of cash flows should be read
in conjunction with the accompanying notes
Cordel Group plc
Notes to the consolidated financial statements
For the period ended 31 December 2021
Note 1. General information
The financial statements cover Cordel Group plc ('Company') as a
consolidated entity consisting of Cordel Group plc and the entities
it controlled at the end of, or during, the period (referred to as
the 'Group'). The financial statements are presented in Pounds
Sterling, which is Cordel Group plc's functional and presentation
currency.
The Company was incorporated on 6 December 2017 as a private
company, Maestrano Group Limited. On 11 May 2018, the Company
converted to a public company, Maestrano Group plc and on 30 May
2018 was admitted onto the Alternative Investment Market ('AIM').
On 19 April 2018, as part of a group reorganisation, the Company
acquired 100% of the ordinary shares of Maestrano Pty Ltd from the
existing shareholders and became the immediate and ultimate parent
of the Group. On 31 October 2019, Maestrano Group plc acquired 100%
of the shares in Airsight Holdings Pty Limited, an Australian based
company.
On the 18 November 2021, Maestrano Group plc changed its name to
Cordel Group plc.
Cordel Group plc is a listed public company limited by shares,
incorporated and domiciled in England and Wales. Its registered
office and principal place of business are:
Registered office Principal place of business
10 John Street 2/2 Frost Drive
London WC1N 2EB Mayfield West NSW 2304
United Kingdom Australia
A description of the nature of the Group's operations and its
principal activities are included in the directors' report, which
is not part of the financial statements. The financial statements
were authorised for issue, in accordance with a resolution of
directors, on 1 February 2022. The directors have the power to
amend and reissue the financial statements.
Note 2. Significant accounting policies
These financial statements for the interim half-year reporting
period ended 31 December 2021 have been prepared in accordance with
International Accounting Standards IAS 34 'Interim Financial
Reporting'.
These interim financial statements do not include all the notes
of the type normally included in annual financial statements.
Accordingly, these financial statements are to be read in
conjunction with the annual report for the year ended 30 June 2021
and any public announcements made by the Company during the interim
reporting period.
New or amended Accounting Standards and Interpretations
adopted
The Group has adopted all of the new or amended Accounting
Standards and Interpretations issued by the International
Accounting Standards Board that are mandatory for the current
reporting period. Any new or amended Accounting Standards or
Interpretations that are not yet mandatory have not been early
adopted.
Going concern
The financial statements have been prepared assuming the Group
will continue as a going concern. Under the going concern
assumption, an entity is ordinarily viewed as continuing in
business for the foreseeable future. In assessing whether the going
concern assumption is appropriate, the directors have considered
the Group's existing working capital and are of the opinion that
the Group has adequate resources to undertake its planned program
of activities for the 12 months from the date of approval of these
financial statements. Further details of the directors'
considerations in relation to going concern are included in the
directors' report.
Note 3. Operating segments
Identification of reportable operating segments
The Group operates in one segment being provision of data
integration and analytic services. This operating segment is based
on the internal reports that are reviewed and used by the Board of
Directors (who are identified as the Chief Operating Decision
Makers ('CODM')) in assessing performance and in determining the
allocation of resources.
The operating segment information is the same information as
provided throughout the consolidated financial statements and are
therefore not duplicated.
Note 4. Revenue from contracts with customers
Unaudited six months Audited year
ended December 31 ended June 30
2021 2020 2021
GBP GBP GBP
Airsight 229,034 146,868 345,663
Nextcore 193,554 266,425 462,849
Cordel 206,206 315,099 881,486
Revenue from contracts with
customers 628,793 728,392 1,689,998
=========== ========== ==============
Disaggregation of revenue
The disaggregation of revenue from contracts
with customers is as follows:
Unaudited six months Audited year
ended December 31 ended June 30
Geographical regions 2021 2020 2021
GBP GBP GBP
United Kingdom 117,507 129,964 421,895
Australia/New Zealand 401,871 506,299 1,035,136
United States of America 38,905 (16,614) (9,828)
Asia 70,510 86,078 220,368
Europe - 22,664 22,427
628,793 728,392 1,689,998
======== ========================== ==============
Enterprise implementation and enterprise subscriber income are
recognised as revenue over time as
opposed to a point in time. Airsight revenue is recognised when
work has been completed
and invoiced.
Note 5. Other income Unaudited six months Audited year
ended June
ended December 31 30
2021 2020 2021
GBP GBP GBP
Government grants and rebates - 109,522 600,819
Other Income - - 15,941
- 109,522 616,760
========================================== ============ =============
In FY2021 Government grants and rebates predominantly related to
Australian and NSW Government support for the COVID-19 pandemic
Note 6. EBITDA reconciliation (earnings before interest expense,
taxation, depreciation and amortisation)
Unaudited six months Audited year
ended June
ended December 31 30
2021 2020 2021
EBITDA reconciliation GBP GBP GBP
Loss before income tax (1,349,003) (734,187) (1,222,372)
Less: Interest revenue - - (7,057)
Add: Interest expense 5,469 5,837 11,112
Add: Depreciation and amortisation 74,231 40,523 113,067
Add: Other non-operating costs 5,031 - -
EBITDA (1,264,272) (687,827) (1,105,248)
============ ========== =============
Unaudited six months Audited year
ended June
ended December 31 30
2021 2020 2021
Underlying EBITDA reconciliation GBP GBP GBP
EBITDA (1,264,272) (687,827) (1,105,248)
IPO - - -
Restructuring costs and Enterprise
Investment Scheme set-up costs;
acquisition costs - 5,972 -
Underlying EBITDA (1,264,272) (681,855) (1,105,248)
============= ========== =============
The financial statements include both the statutory financial statements
and additional performance measures of EBITDA and Underlying EBITDA.
The directors believe these additional measures
provide useful information on the underlying trend in operational
performance going forward without
these unusual and other one-off items.
Note 7. Current assets - trade
and other receivables Unaudited six months Audited year
ended June
ended December 31 30
2021 2020 2021
GBP GBP GBP
Trade receivables 94,113 223,518 456,929
Other receivables 48,267 - 65,283
142,380 223,518 522,212
=========== ========== =============
Note 8. Current assets - other Unaudited six months Audited year
ended June
ended December 31 30
2021 2020 2021
GBP GBP GBP
Prepayments 113,744 54,677 95,420
Inventory 262,674 261,512 190,154
R&D tax offset refundable - - 414,102
Deferred tax asset 211,821 - 213,802
588,239 316,189 913,478
=========== ========== =============
Note 9. Current liabilities -
trade and other payables Unaudited six months Audited year
ended June
ended December 31 30
2021 2020 2021
GBP GBP GBP
Trade payables 221,351 342,539 139,616
Accrued expenses 60,098 32,480 166,546
Other payables 94,033 (214) 34,023
375,482 374,804 340,185
=========== ========== =============
Note 10. Equity - other reserves Unaudited six months Audited year
ended June
ended December 31 30
2021 2020 2021
GBP GBP GBP
Foreign currency reserve 365,075 514,759 369,635
Share-based payments reserve 72,148 - 72,148
Capital reorganisation reserve 1,889,840 1,889,840 1,889,840
2,327,063 2,404,599 2,331,623
=========== ========== =============
Movements in reserves
Movements in each class of reserve during the
current financial period are set out below:
Unaudited six months ended
31 December Foreign Share-based Capital Total
Currency payments reorganisation
GBP GBP GBP GBP
Balance as at 1 July 2021 369,635 72,148 1,889,840 2,331,623
Foreign currency translation (4,560) - - (4,560)
Share-based payment - - - -
Balance at 31 December 2021 365,075 72,148 1,889,840 2,327,063
========= ============ =============== ==========
Note 11. Equity - dividends
There were no dividends paid, recommended or declared during the
current or previous financial period.
Note 12. Fair value measurement
The carrying amounts of trade and other receivables and trade
and other payables are assumed to approximate their fair values due
to their short-term nature.
The fair value of financial liabilities is estimated by
discounting the remaining contractual maturities at the current
market interest rate that is available for similar financial
liabilities.
Note 13. Related party transactions
Parent entity
The parent entity and ultimate parent entity is Cordel Group
plc. There is no ultimate controlling party.
Transactions with related parties
There were no transactions with related parties during the
current and previous financial period.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to
related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current
and previous reporting date.
Note 15. Earnings per share Unaudited six months Audited year
ended June
ended December 31 30
2021 2020 2021
GBP GBP GBP
Loss after income tax (1,349,003) (734,187) (1,021,821)
Non-controlling interest - - -
Loss after income tax attributable
to the owners of Cordel Group plc (1,349,003) (734,187) (1,021,821)
============ ============ =============
Number Number Number
Weighted average number of ordinary
shares used in calculating basic
earnings per share 168,766,075 149,754,537 168,766,075
Weighted average number of ordinary
shares used in calculating diluted
earnings per share 168,766,075 149,754,537 168,766,075
Pence Pence Pence
Basic earnings per share (0.80) (0.49) (0.61)
Diluted earnings per share (0.80) (0.49) (0.61)
Options and convertible notes have not been included in the diluted
earnings per share as they are anti-dilutive
Note 16. Share-based payments
A share option plan has been established by the Group, whereby the
Group may, at the discretion of the Board of Directors, grant options
over the ordinary shares in the Company to certain key management
personnel and
and staff of the Group. The options are issued for nil consideration
and are granted in accordance with performance
guidelines established by the Board of Directors.
Set out below are summaries of options
granted currently under the plan in 2021:
Expiry Balance Balance
Grant date date Exercise at Granted Exercised Expired/ at
the start the end
price of forfeited/ of
the period other the period
1/07/2019 30/06/2029 GBP 0.0130 0 5,082,222 1,411,111 - 3,671,111
13/03/2020 13/03/2030 GBP 0.0200 0 800,000 - - 800,000
17/04/2020 17/09/2030 GBP 0.0180 0 2,082,500 - - 2,082,500
04/05/2020 4/05/2030 GBP 0.0190 0 2,000,000 - - 2,000,000
24/09/2020 24/09/2030 GBP 0.1000 0 2,000,000 - - 2,000,000
24/11/2020 24/11/2030 GBP 0.1000 0 1,000,000 - - 1,000,000
10/08/2021 10/08/2031 GBP 0.1250 0 250,000 - - 250,000
30/11/2021 30/11/2031 GBP 0.1280 0 100,000 - - 100,000
10/08/2021 10/08/2031 GBP 0.1250 0 50,000 - - 50,000
12/08/2021 12/08/2031 GBP 0.1250 0 100,000 - - 100,000
Note 17. Events after the reporting period
No matter or circumstance has arisen since 31 December 2021 that
has significantly affected, or may significantly affect the Group's
operations, the results of those operations, or the Group's state
of affairs in future financial years.
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END
IR BKDBBBBKBPDN
(END) Dow Jones Newswires
February 01, 2022 01:59 ET (06:59 GMT)
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