TIDMWAND
RNS Number : 9352L
WANdisco Plc
11 September 2023
11 September 2023
WANdisco plc
("WANdisco", the "Company" or the "Group")
Interim unaudited results for the six months ended 30 June
2023
WANdisco (LSE: WAND), the data activation platform, announces
its Interim unaudited results for the six months ended 30 June
2023.
Financial headlines
-- Transitional year establishing a sustainable growth platform
-- Revenue for the period of $3.0m (H1 2022: $5.8m)
-- Bookings(4) of $2.8m (H1 2022: $7.3m)
-- Cash overheads(1) of $17.6m (H1 2022: $19.5m)
-- Adjusted EBITDA(2) loss of $14.8m (H1 2022: $14.1m, loss)
-- Statutory loss from operations of $18.8m (H1 2022: $17.2m, loss)
-- Cash at 30 June 2023 of $3.2m (31 December 2022: $19.1m)
Outlook
Management expects to deliver a second half 2023 (H2 2023) and
full year (FY 2023) performance within the following ranges:
-- H2 2023 Bookings are expected to be in the range of $4.3m to $6.0m.
-- Relative to prior periods this would represent;
o Sequential progression on H1 2023, with 54% bookings growth at
the low end and 114% at the high end
o 5% bookings growth relative to H2 2022 at the low end and 46%
growth at the high end
o FY 2023 bookings performance in the range of $7.1m to
$8.8m.
-- Forecast closing cash position as of 31(st) December 2023 of $16.0m to $16.5m
As communicated with shareholders during the recent equity
fundraise, the discovery of the Irregularities(3) had a significant
impact on prospective customers, strategic partners, the pipeline
and the overall business. Not only did the Company suffer
interruption to normal commercial activities, but a review of
pipeline qualification was also a necessary step in the instigation
of the Turnaround Plan to set a realistic baseline.
The pipeline was appropriately cleansed and qualified, and
Management are confident that what remains is robust and of high
quality. However, overall, the pipeline continues to be in the
early stages of a rebuild and we are highly focused on creating a
strong basis for growth in 2024 as set out in the Company's
Turnaround Plan.
Company Rebranding
As previously announced, a key part of Management's Turnaround
Plan was to rebrand the Company, aligned to the transformation
required across the whole business. At the Annual General Meeting
on 30 August 2023, shareholders voted in favor of the name change
to Cirata PLC.
Cirata reflects the updated vision for the Company, its values
and future growth plans. Over the coming weeks there will be a
rolling program of brand introduction and delivery across all the
Company's areas of operation and touchpoints. Whilst the financial
results included in this document relate to the operations of the
trading Company, WANdisco plc, all other operational and
business-related matters will adopt the new entity name Cirata
PLC.
As part of the rebranding to Cirata PLC, Management is targeting
transition of the Company name and ticker by early October 2023,
with the Company's shares to trade under the ticker "CRTA", and all
rebranding workstreams complete by 31 December 2023. Its ISIN will
remain unchanged. Further updates will be made relating to this
transition in due course.
Stephen Kelly, Chief Executive Officer, commented:
"Since our appointment, the new and existing Management team has
worked tirelessly to steady the ship, deal with and resolve the
significant difficulties the Company faced, and stay focused on the
significant growth opportunity that we know lies ahead. Our
colleagues and our shareholders have been through tremendous
turmoil throughout all of this. The entire Board and Management
team extend their thanks to our colleagues for their commitment and
to our shareholders for the support they have shown with our recent
and crucial $30m equity fundraise.
Together, we have conducted a" root and branch" review of
everything we need to do to create a world-class growth company
worthy of its investors, customers and colleagues. Our first
fundamental building block is governance, placing the highest
standards of integrity at the heart of our business.
Sadly, very little from the past deserves preservation, except
for the excellence of the technology, strong engineering, marquee
customers and loyal committed colleagues. Nearly every other aspect
of our business, especially Go-To-Market, is now in the process of
necessary radical change as outlined in the previously announced
Turnaround Plan. We are building from the ground up.
We are pleased with the progress as evidenced by recent contract
announcements and have set out a realistic H2 2023 outlook.
Our new name, Cirata, captures the opportunity of moving massive
datasets to power analytic and AI strategies for customers, but
also must embed our values and vision for a growth company centered
on trust and integrity. Our partners and customers are re-engaging.
We have important validation of the continuous use case
opportunity, and we have a senior Management team who understand
that execution must improve on every measure. The vote of
confidence from our shareholder base can only be repaid by flawless
execution from here on. Our focus now necessarily turns to
delivering on our growth plans and our commitments to customers,
colleagues and shareholders."
Footnotes:
1 Operating expenses adjusted for: advisor costs relating
to the investigation into the Irregularities and fund raising,
depreciation, amortisation, capitalisation of development
expenditure and equity-settled share-based payment. See Note
4 to the condensed consolidated interim financial statements
for a reconciliation.
2 Operating loss adjusted for: : advisor costs relating to
the investigation into the Irregularities and fund raising,
impairment loss, depreciation, amortisation and equity-settled
share-based payment. See Note 4 to the condensed consolidated
interim financial statements for a reconciliation.
3 On 9 March 2023, the Company released two RNS announcements
collectively stating that: The Board had become aware of
significant, sophisticated and potentially fraudulent irregularities
which related to received purchase orders and related revenue
and bookings, as represented by one senior sales employee
(the "Irregularities").
4 Total contract value of contracts signed during the period.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
This announcement contains information that qualifies or may
qualify as inside information. The person responsible for arranging
the release of this announcement on behalf of WANdisco plc is Larry
Webster, Company Secretary.
For further information, please contact:
WANdisco plc via FTI Consulting
Stephen Kelly, Chief Executive Officer
Ijoma Maluza, Chief Financial Officer +44 (0)20 7039 1901
Daniel Hayes, Investor Relations
FTI Consulting +44 (0)20 3727 1137
Matt Dixon / Kwaku Aning / Tom Blundell
Stifel (Nomad and Joint Broker) +44 (0)20 7710 7600
Fred Walsh / Richard Short / Tom Marsh
Liberum (Joint Broker)
Max Jones / Ben Cryer +44 (0)20 3100 2000
About WANdisco
WANdisco is the data activation platform for accelerating
digital transformation at scale. WANdisco makes infinite data
actionable across clouds and enterprises in real time. WANdisco
customers unleash the business value of the cloud with zero
downtime, data loss, or disruption to fuel AI and machine learning,
create new services, and transform businesses. For more information
about WANdisco, visit www.wandisco .com
Chief Executive Business Review
H1 2023 was a traumatic time for shareholders and employees. The
9 March 2023 announcement led in short order to the suspension of
the stock on AIM, with major changes to the Board and to the
Executive, the instigation and completion of the internal
investigations and a cost base realignment taking the cost run rate
down from $41m to an expected c.$22-23m per annum run-rate as we
exit the 2023 fiscal year. The headcount was reduced from 193 in
March 2023 and as of 31 August stands at 112. This has been a
difficult but necessary part of the review of the business to
ensure a more rapid path to cash-flow breakeven and profitable
growth. In addition, the new Board and Management has instigated a
"root and branch" transformation program to rescue, recover, and
rebuild the Company. The first foundation stone of the recovery is
Governance, with the implementation of new policies, procedures,
training and certification. This places the highest standards of
integrity at the heart of our business.
As a consequence of the disruption, normal commercial activities
with our partners and direct clients were severely impacted and
paused. This, together with the necessary steps taken to align
costs in the business and to requalify the existing pipeline, has
had the effect of reducing pipeline cover and extending sales
cycles. In short, H1 2023 was poor for both bookings and
revenue.
By the end of June 2023, the Company had depleted its cash
reserves to $3.2m. During the fundraise, Management had
approximately 100 meetings with our shareholders leading eventually
to a $30m fundraise and the lifting of the trading suspension on
AIM. It cannot be overstated how important the lifting of this
suspension has been to the rehabilitation of the Company.
As stated in our communications to date with shareholders, 2023
is a transition year which will lead us towards a sustainable
growth orientated future for our business. We are building from the
ground up.
As noted in our outlook statement, we anticipate growth in our
bookings off a weak H1 2023. We are regaining the trust and
confidence of our customers and we are setting a path to "business
as usual", with the re-engagement of customers, prospects and
partners having reached a level in line with the ambitions of our
Turnaround Plan.
The re-engagement with our customer and partner network is not
only evidence of the progress made since the dark days of March
2023, but should also be seen as validation of the fundamental,
compelling value proposition we represent to our customers.
Our partners value Cirata's technology and continue to seek ways
to partner with us. I understand that we win more and faster with
our partners, and I am encouraged to note that the majority of the
H2 FY23 new business potential in our pipeline is sourced with
partners.
I have personally met with our key customers and partners and
have been left in no doubt that despite the trauma of recent months
they want to engage with Cirata to help them solve their complex
business and technology data problems: Moving data at scale to
support their analytics and AI strategies.
Commercial discussions that were in flight pre-9 March 2023 have
re-commenced and the recent announcement of our contract with a
global automotive manufacturer, General Motors transacted through
the Microsoft Azure marketplace strongly supports our partnership
Go-To-Market model. This is an example of Cirata's product being
implemented in a highly complex environment, enabling the
continuous movement of data to the cloud. Engagements such as this
give us reason for optimism that the opportunities, we see in the
Automotive vertical for our product are real and have the potential
to scale to multi petabyte levels. Yet, while the continuous
movement of data opportunity is validated it is down to us to
execute more effectively.
We are working hard to align our core technologies more directly
to our customers' use cases, with new file sources and more
targeted conversations on how we go to market with our partners to
solve our customer needs. We see opportunities here as the first
step to grow our addressable market.
In addition to the outlook, we have provided for H2 2023, we are
pleased to share more details around the progress to-date of our
previously announced Turnaround Plan. As a part of the plan, we
have established eight workstreams that touch every aspect of the
business and combine to deliver an organization fit for the task of
growing sales in a competitive and growing market. Ultimately, the"
Go-To-Market" function needs to be built from the" ground-up" to
become" fit for purpose". The sales and marketing functions were
performing poorly with few of the essential basics in place from
sales commission plans to win/loss analysis. The fundamental
elements of the "Go-To-Market" function, from pipeline development,
Account-Based-Marketing & Growth ("ABMG"), through to territory
assignment, value-based sales training, and account planning are
undergoing a rigorous period of review, change and
implementation.
One very important aspect of the Turnaround Plan is the
rebranding of the Company. We were delighted that our shareholders
voted overwhelmingly in support of this initiative. Cirata PLC is
not just a name change, it is a new beginning for the Company, and
will positively impact every aspect of our business. The rebranding
program best reflects the updated vision for the Company, its
values and future growth plans and we are excited to have the
opportunity to build Cirata into a category leader. We will be
sharing more with our shareholders on this important initiative as
we move through Q3 2023.
Each of the workstreams within the Turnaround Plan is owned by
one of our Leadership Team and reviewed with me personally. I
anticipate the workstreams will complete by 31 December 2023 when
the process, people, and system changes will be adopted as
"business as usual" as we execute on the growth strategy in
2024.
We believe that our investors deserve the highest levels of
disclosure and transparency to give real insight to business
performance and outlook, therefore we lay out today for the first
time a series of Key Performance Indicators ("KPIs") that investors
should use to track the performance of the Company going forward.
We will be using these KPIs internally to measure the progress of
the Company transformation and value creation strategies. We plan
to share these KPIs quarterly with investors.
This is a Company going through a significant transition. Many
colleagues were" shell-shocked" by the discovery of the
Irregularities, and it may take time to change the culture to a
high growth enterprise software company. This will need careful
transitioning to keep the core of talented individuals motivated
whilst shifting gears to a faster paced customer obsessed
innovative culture. The transition we are making will be both a
challenge and an extraordinary opportunity, progression will not be
linear. Our medium-term goals are clear and non-negotiable, and we
continue to target cashflow break even as we exit 2024 and move
into 2025: a necessary requirement for a sustainable growth
business.
It is important to note however, that Cirata has the key
ingredients for success-namely excellent differentiated technology
and a world-class engineering team, product market fit, blue chip
multinational customers: a cadre of talented and committed
motivated people and a growing billion-dollar+ market
opportunity.
My primary focus going forward is to nurture a performance
culture throughout the organization and establish a leading market
presence for the Company, building on our competitive positioning
in this growing market. The top priority is to fix the Go-To-Market
organization. The vote of confidence from our shareholder base can
only be repaid by flawless execution from here on out. Our focus
now necessarily turns to delivering on our plans and our
commitments to shareholders.
The Turnaround Plan
As reported at the time of the Equity Fundraise round the
Company has initiated an internal program dedicated to the
turnaround of the business. This is a program to drive the required
changes to set the Company up for success in FY24 and beyond. As
part of the program, Management have established eight workstreams
that touch every aspect of the business and combine to deliver an
organization fit for the task of growing sales in a competitive
market. Each workstream is owned by individual members of the
Leadership team reporting directly to the Chief Executive. These
workstreams will drive towards our strategic goals.
The strategic goals of the Turnaround Plan can be summarized as
building a high quality, predictable, customer- focused and
sustainable growth company to;
-- Develop a sales, partner and business development
organization that better articulates the use case and proves value
to new and existing customers and partners effectively.
-- Drive sales growth and control cost base.
-- Grow direct sales alongside partner relationships.
-- Transition to higher quality revenue with the introduction of
some subscription sales away from perpetual license sales.
-- Sell professional services alongside software sales.
-- Build strong account management.
-- Ensure ease of implementation and deployment and world class 24/7 support.
The Turnaround Plan scorecard is presented below and will be
updated in further communications with investors through FY23. The
Turnaround Plan workstreams are to be completed by the year end
2023 and will transition to a business-as-usual framework for the
organization as we enter the 2024 period.
Turnaround Plan Scorecard
Workstreams Completed In progress In planning
Company Positioning Account updates. Rebrand. Customer campaign
Industry analyst Positioning statement. planning
refresh. Customer reference
accounts.
--------------------- --------------------------- --------------------------
Recurring Revenues Delegation of Pricing model Pricing structure
Authority (DoA). aligned with customer H2.
value. Updated pricing
tools.
--------------------- --------------------------- --------------------------
Partner strategy Compensation plans. Partner selection Revised partner
Account allocation. for business development. strategy.
Sales enablement. Recruitment of
key sales talent.
--------------------- --------------------------- --------------------------
Focused proposition First iteration Clarity on proposition Market segmentation.
value propositions & focus.
and use cases. Agreed roadmap.
Customer derived
roadmap process.
--------------------- --------------------------- --------------------------
Customer first Top 10 customer Professional services
outreach. framework.
Services charging Professional services
schedule set up. opportunity review.
--------------------- --------------------------- --------------------------
Application Lifecycle Re-engagement
Management ("ALM") campaign & cross-selling
leverage planning.
--------------------- --------------------------- --------------------------
Retention program Top talent retention Motivate past Updated values
plan. relist. & culture roll
Office upgrade. out.
--------------------- --------------------------- --------------------------
Cost realignment Target run rate
plan.
--------------------- --------------------------- --------------------------
As previously referenced, a significant achievement against
these aims is the rebranding of the Company to Cirata.
The cost realignment workstream has been a necessary process to
put the Company on a sustainable footing and set it on a path to
cash flow break even as we exit 2024. However, cost cutting cannot
be made without regard to the impact on our key talent within the
Company. The retention program is an important workstream that
identifies our key talent and ensures that key colleagues commit to
join us on the journey to rebuild the Company.
Other workstreams address the basics on what good execution
should look like especially in the 'Go-To-Market' functions,
Customers will be at the heart of everything Cirata does,
engineering road maps shall be commercially aligned, salespeople
will be correctly incentivized, and our partners will be aligned
and recognize Cirata as collaborators and drivers of revenue growth
for their business as well as our own.
Key Performance Indicators ("KPIs")
Management monitors the business against a series of KPIs.
Management is sharing a subset of the key indicators with investors
so that they may more easily assess our progress against these key
performance measures. On every measure we are underperforming
relative to reasonable expectations for a company with our stated
ambitions and technology positioning. The numbers speak for
themselves, but clearly a higher cadence of bookings particularly
from our Data Integration product offering new customer acquisition
and expanding our footprint with existing customers will be a
leading indicator of greater visibility. Management also needs to
see a greater contribution coming from our services engagement and
Proof of Concept ("POC") implementations. Importantly Management
needs to be a better custodian of shareholders' cash. The outline
of current Key Performance Indicators (KPIs) is set out below.
Management plan to evolve the KPI's to include operational metrics
when appropriate, for example, Petabytes of data moved.
Key Performance Indicators
KPI 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2
Bookings ($m) 2.6 4.8 1.9 2.2 2.1 0.7
------- ------- ------- ------- ------- -------
Total revenue ($m) 1.3 4.5 1.9 2.0 2.0 1.0
------- ------- ------- ------- ------- -------
-ALM Revenue ($m) 0.8 2.5 1.3 0.8 1.7 0.6
------- ------- ------- ------- ------- -------
-DI Revenue ($m) 0.5 2.0 0.6 1.2 0.3 0.4
------- ------- ------- ------- ------- -------
-Services Revenue 0.2 0.1 0 0 0.1 0.1
------- ------- ------- ------- ------- -------
#New DI contracts 4 1 2 2 2 1
------- ------- ------- ------- ------- -------
#New DI Logos 3 1 1 1 2 1
------- ------- ------- ------- ------- -------
#Contracts >$250K 3 4 3 1 2 0
------- ------- ------- ------- ------- -------
Cash Overheads ($m) 9.4 10.1 10.0 11.1 9.4 8.2
------- ------- ------- ------- ------- -------
Cash Balance ($m) 21.3 32.7 26.3 19.1 9.3 3.2
------- ------- ------- ------- ------- -------
Table abbreviations; DI is Data Integration and is a broad
category that includes Data Migration (DM); ALM is Application
Lifecycle Management.
In summary, the Company suffered months of trauma following the
announcement of 9 March 2023. Even prior to the announcement, the
underlying Company was performing poorly as evidenced with the H1
FY23 KPIs. Since the appointment of the interim Chair, Ken Lever in
April 2023, the company has changed the Board, Management Team,
company name and brand. The Turnaround Plan is in full-flight and
will establish the fundamentals of the platform for sustainable
growth in FY24 towards cash-flow break-even, profitability and
ultimately market leadership of this billion-dollar plus category.
Again, the Board and Management Team express gratitude to the
shareholders and employees for their support, commitment, and
patience.
Financial Review
Revenue for the period ended 30 June 2023 was $3.0m (H1 2022:
$5.8m).
Deferred revenue from sales booked during H1 2023 and in
previous years, and not yet recognised as revenue, is $1.9m at 30
June 2023 (H1 2022: $1.6m). Our deferred revenue represents future
revenue from new and renewed contracts, many of them spanning
multiple years.
Adjusted EBITDA loss(2) was $14.8m (H1 2022: $14.1m, loss), due
primarily to reduced revenues and a high 2023 opening operating
cost run-rate before cost reduction efforts undertaken following
the discovery of the Irregularities announced on 9 March 2023.
The prior period results to 30 June 2022 have been restated to
reflect the removal of trade receivables, deferred income and
commissions related to the Irregularities, along with the
reassessment of the amount of development costs capitalised.
Revenue
Revenue was $3.0m (H1 2022: $5.8m). Revenue performance in the
first half of 2023 was adversely affected by the discovery of the
alleged fraud which resulted in customers pausing their commercial
activities with the Company due to the uncertainty surrounding the
business. Consequently, bookings in the period, which are a key
driver of revenues, were $2.8m (H1 2022: $7.3m).
The Data Integration revenues were $0.7m (H1: 2022: $2.5m) with
Application Lifecycle Management (ALM) revenues making up $2.3m (H1
2022: $3.3m) during the period. The relative bigger decline in the
Data Integration revenues demonstrates the lumpy nature of the
contracts in this business which were affected more by the
significant uncertainty facing the Company in the first half of
this year.
Looking ahead to H2 2023 Management expect bookings to be in the
range of $4.3m to $6.0m. This leads us to a full year 2023
expectation of $7.1m-$8.8m. This would represent progression on H1
2023 with 54% booking growth at the low end and 114% at the high
end. The H2 outlook relative to H2 FY22 is 5% bookings growth
relative to H2 2022 at the low end of expectations and 46% bookings
growth at the high end of expectations.
As we re-build the business and our commercial model, we aim to
transition to greater recurring revenue over time, to reduce the
volatility of our revenue base and provide greater forward
visibility.
Operating costs
Cash overheads(1) decreased in the period partially reflecting
the impact of the restructuring undertaken by the business, falling
to $17.6m in H1 2023 (H1 2022: $19.5m). The Company began the year
with an elevated cost base as it anticipated significant new
business from commit-to-consume contracts which turned out to be
non-existent. The actions taken by Management between March and
June 2023 significantly reduced the cost base with the full impact
coming through in H2 2023. Management have continued these
cost-cutting actions in the second half of 2023 and now expect the
annualized run-rate going into 2024 to be c.$22-23m. Our headcount
was 127 as at 30 June 2023 (31 December 2022: 177, 30 June 2022:
164) following the restructuring undertaken in H1 2023. Following
the end of the first half of 2023, the headcount has reduced
further to 112 as at the end of August 2023.
Cash overheads exclude the costs associated with the
investigation into the alleged Irregularities, financial and legal
advice associated with the fund raise, enhanced audit, regulation
and governance matters, and advice on employee matters. The total
billed costs have been negotiated down to c.$6.9m. Of this amount,
$2.8m had been charged to the Profit and loss account in H1 2023
(see Note 4). $1.4m was paid during H1 2023 and $5.5m has
subsequently been paid or due for payment after the half year-end.
The table below provides a broad breakdown of the costs:
Category Cash ($m) Comment
Audit, regulation and governance 2.0 Audit fees, financial and
legal advice
---------- ----------------------------
Investigation into the 1.8 Legal fees and independent
Irregularities investigation
---------- ----------------------------
Fund raising 2.3 Broker commission and legal
fees
---------- ----------------------------
Employee matters 0.2 Legal advice
---------- ----------------------------
Other 0.6 Includes project management
and media relations
---------- ----------------------------
Total 6.9
---------- ----------------------------
Profit and loss
Adjusted EBITDA(2) loss for the period was $14.8m (H1 2022:
$14.1m, loss).
The loss after tax for the period increased to $22.5m (H1 2022:
$7.0m), principally because of reduced revenue, increased equity
share-based payment expense and net foreign exchange loss of $3.9m
(H1 2022: $10.2m gain), reported within finance costs/income. The
net foreign exchange loss arose from the retranslation of
intercompany balances at 30 June 2023, reflecting the appreciation
of the sterling against the US dollar. The impact of FX rates
changes on the financial statements should be restricted to the
retranslation of US dollar denominated intercompany loans, as
opposed to the operating activities of the business. A translation
gain/(loss) on the net assets of overseas subsidiaries reported in
reserves results in a minimal impact on the Group net assets.
Balance sheet and cash flow
Trade and other receivables at 30 June 2023 were $4.3m (31
December 2022: $4.9m). This includes $1.0m of trade receivables (31
December 2022: $1.0m) and $3.3m related to non-trade receivables
(31 December 2022: $3.9m).
Net consumption of cash was $16.1m before financing (H1 2022:
$13.8m), resulting in a closing cash balance of $3.2m as at 30 June
2023. The higher cash burn was driven by lower bookings compared to
the prior year period partly offset by a decrease in cash
overheads. For the full year, we expect a significantly stronger
cash position primarily driven by proceeds from the fund raise
completed in July 2023 net of cash payments for the costs
associated with the investigation into the alleged Irregularities,
financial and legal advice associated with the fund raise, enhanced
audit, regulation and governance matters, and advice on employee
matters. We also expect further cash burn albeit at lower levels
than in H1 2023 which will affect the year-end cash position.
Management continues to be focused on driving the business to a
cash flow break-even position as the Company exits 2024.
Subsequent events
On 4 July 2023 the Group announced the subscription and placing
of 47,528,517 new ordinary shares of 10 pence each in the Company
by existing shareholders at a price of 50 pence raising gross
proceeds of $30.0m. The proceeds are being used to provide growth
working capital. The settlement of the shares occurred on 25 July
2023 following a general meeting of the shareholders to approve the
resolution to increase the share capital on 24 July 2023.
On 25 July 2023 the Group announced that the AIM suspension had
been lifted.
On 26 July 2023 the Group announced that Stephen Kelly and Ijoma
Maluza had joined the Board as Chief Executive Officer and Chief
Financial Officer respectively having previously served in interim
roles. In addition, Xenia Walters joined the Board as a
Non-Executive Director and Chair of the Audit and Risk Committee,
and that Chris Baker had also joined the Board as a Non-Executive
Director and Chair of the Remuneration Committee. Karl Monaghan,
Non-Executive Director and Chair of the Audit and Risk Committee
and Yeturu Aahlad, Chief Scientist, have stepped down from the
Board. The Company also announced that it had started the process
for identifying a permanent Chair of the Board.
On 30 August 2023 the Annual General Meeting approved the change
in Company name to Cirata PLC.
Consolidated statement of profit or loss and other comprehensive
income
For the six months ended 30 June 2023
Six months
ended
Six months
ended 30 June
30 June 2022 Year ended
31 December
2023 As restated 2022
(Unaudited) (Unaudited) (Audited)
Note $'000 $'000 $'000
--------------------------- ----- ------------- ------------ -------------
Revenue 3 2,992 5,823 9,685
Cost of sales (277) (451) (695)
---------------------------------- ------------- ------------ -------------
Gross profit 2,715 5,372 8,990
Operating expenses 4 (21,477) (22,548) (47,926)
Impairment loss - - (2,151)
---------------------------------- ------------- ------------ -------------
Operating loss 4 (18,762) (17,176) (41,087)
--------------------------- ----- ------------- ------------ -------------
Finance income 5 122 10,267 11,423
Finance costs 5 (3,892) (62) (110)
--------------------------- ----- ------------- ------------ -------------
Net finance (costs)/income 5 (3,770) 10,205 11,313
--------------------------- ----- ------------- ------------ -------------
Loss before tax (22,532) (6,971) (29,774)
Income tax (3) 6 169
Loss for the period (22,535) (6,965) (29,605)
================================== ============= ============ =============
Other comprehensive income/(loss)
Items that are or may be reclassified subsequently to profit or
loss:
Foreign operations - foreign currency translation
differences 4,193 (10,363) (10,821)
------------------------------------------------------ -------- -------- --------
Other comprehensive income/(loss) for the
period, net of tax 4,193 (10,363) (10,821)
------------------------------------------------------ -------- -------- --------
Total comprehensive loss for the period attributable
to owners of the parent (18,342) (17,328) (40,426)
====================================================== ======== ======== ========
Loss per share
Basic and diluted loss per share 6 ($0.34) ($0.12) ($0.47)
================================= ======= ======= =======
The notes form an integral part of these condensed consolidated
interim financial statements.
Consolidated statement of financial position
At 30 June 2023
30 June
30 June 2022 31 December
2023 As restated 2022
(Unaudited) (Unaudited) (Audited)
Note $'000 $'000 $'000
------------------------------ ---- ------------- ------------ -----------
Assets
Property, plant and equipment 442 1,706 727
Intangible assets - 2,967 -
Other non-current assets 7 391 849 864
------------------------------ ---- ------------- ------------ -----------
Non-current assets 833 5,522 1,591
------------------------------ ---- ------------- ------------ -----------
Trade and other receivables 8 4,275 5,978 4,900
Cash and cash equivalents 3,176 32,745 19,108
------------------------------ ---- ------------- ------------ -----------
Current assets 7,451 38,723 24,008
------------------------------ ---- ------------- ------------ -----------
Total assets 8,284 44,245 25,599
============================== ==== ============= ============ ===========
Equity
Share capital 9,546 9,365 9,524
Share premium 233,881 232,572 232,861
Translation reserve (9,380) (13,115) (13,573)
Merger reserve 1,247 1,247 1,247
Retained earnings (235,264) (193,091) (213,496)
------------------------------ ---- ------------- ------------ -----------
Total equity 30 36,978 16,563
------------------------------ ---- ------------- ------------ -----------
Liabilities
Loans and borrowings 9 - 884 119
Deferred income 10 223 385 220
Deferred tax liabilities 3 3 3
------------------------------ ---- ------------- ------------ -----------
Non-current liabilities 226 1,272 342
------------------------------ ---- ------------- ------------ -----------
Current tax liabilities 9 11 11
Loans and borrowings 9 41 564 420
Trade and other payables 6,304 4,235 6,225
Deferred income 10 1,674 1,185 2,038
Current liabilities 8,028 5,995 8,694
------------------------------ ---- ------------- ------------ -----------
Total liabilities 8,254 7,267 9,036
------------------------------ ---- ------------- ------------ -----------
Total equity and liabilities 8,284 44,245 25,599
============================== ==== ============= ============ ===========
The notes form an integral part of these condensed consolidated
interim financial statements.
Consolidated statement of changes in equity
For the six months ended 30 June 2023
Attributable to owners of the Company
--------------------------------------------------------------
Share Share Translation Merger Retained Total
capital premium reserve reserve earnings equity
Six months ended 30 June 2023
(Unaudited) $'000 $'000 $'000 $'000 $'000 $'000
---------------------------------- -------- -------- ----------- -------- --------- --------
Balance at 1 January 2023 9,524 232,861 (13,573) 1,247 (213,496) 16,563
Total comprehensive (loss)/income
for the period
Loss for the period - - - - (22,535) (22,535)
Other comprehensive income
for the period - - 4,193 - - 4,193
---------------------------------- -------- -------- ----------- -------- --------- --------
Total comprehensive income/(loss)
for the period - - 4,193 - (22,535) (18,342)
---------------------------------- -------- -------- ----------- -------- --------- --------
Transactions with owners of
the Company
Contributions and distributions
Equity-settled share-based
payment - - - - 767 767
Share options exercised 22 1,020 - - - 1,042
Proceeds from share placing - - - - - -
Total transactions with owners
of the Company 22 1,020 - - 767 1,809
---------------------------------- -------- -------- ----------- -------- --------- --------
Balance at 30 June 2023 9,546 233,881 (9,380) 1,247 (235,264) 30
================================== ======== ======== =========== ======== ========= ========
Six months ended 30 June 2022 (Unaudited)
- As restated
-------------------------------------------- -------- ----------- -------- --------- --------
Balance at 1 January 2022 8,608 213,762 (2,752) 1,247 (186,442) 34,423
Total comprehensive (loss)/income
for the period
Loss for the period - - - - (6,965) (6,965)
Other comprehensive loss for
the period - - (10,363) - - (10,363)
---------------------------------- -------- -------- ----------- -------- --------- --------
Total comprehensive (loss)/income
for the period - - (10,363) - (6,965) (17,328)
---------------------------------- -------- -------- ----------- -------- --------- --------
Transactions with owners of
the Company
Contributions and distributions
Equity-settled share-based
payment - - - - 316 316
Share options exercised 29 3 32
Proceeds from share placing 728 18,807 - - - 19,535
Total transactions with owners
of the Company 757 18,810 - - 316 19,883
---------------------------------- -------- -------- ----------- -------- --------- --------
Balance at 30 June 2022 9,365 232,572 (13,115) 1,247 (193,091) 36,978
================================== ======== ======== =========== ======== ========= ========
The notes form an integral part of these condensed consolidated
interim financial statements.
Consolidated statement of cash flows
For the six months ended 30 June 2023
Six months
ended
Six months
ended 30 June
30 June 2022 Year ended
31 December
2023 As restated 2022
(Unaudited) (Unaudited) (Audited)
Note $'000 $'000 $'000
------------------------------------------------------ ---- ------------- ------------ -------------
Cash flows from operating activities
Loss for the period (22,535) (6,965) (29,605)
Adjustments for:
* Depreciation of property, plant and equipment 375 456 870
* Amortisation of intangible assets - 2,285 3,903
* Impairment of right of use asset - - 69
* Impairment of intangible assets - - 1,349
* Net finance costs (excluding foreign exchange) (122) (8) (20)
* Income tax 3 (6) (169)
* Unrealised foreign exchange 4,182 (9,921) (10,383)
* Equity-settled share-based payment 11 767 316 2,551
------------------------------------------------------ ---- ------------- ------------ -------------
(17,330) (13,843) (31,435)
------------------------------------------------------ ---- ------------- ------------ -------------
Changes in:
* Trade and other receivables 798 (1,235) 43
* Trade and other payables 163 286 2,288
* Deferred income (361) (185) 503
Net working capital change 600 (1,134) 2,834
------------------------------------------------------ ---- ------------- ------------ -------------
Cash used in operating activities (16,730) (14,977) (28,601)
Interest paid (2) (62) (110)
Income tax received 680 1,354 1,216
------------------------------------------------------ ---- ------------- ------------ -------------
Net cash used in operating activities (16,052) (13,685) (27,495)
------------------------------------------------------ ---- ------------- ------------ -------------
Cash flows from investing activities
Interest received 2 1 48
Acquisition of property, plant and equipment (90) (72) (206)
Development expenditure - - -
Net cash used in investing activities (88) (71) (158)
------------------------------------------------------ ---- ------------- ------------ -------------
Cash flows from financing activities
Proceeds from issue of share capital 1,042 19,679 20,307
Share issue costs - (112) (292)
------------------------------------------------------ ---- ------------- ------------ -------------
Payment of lease liabilities (499) (364) (532)
------------------------------------------------------ ---- ------------- ------------ -------------
Net cash from financing activities 543 19,203 19,483
------------------------------------------------------ ---- ------------- ------------ -------------
Net (decrease)/increase in cash and cash
equivalents (15,597) 5,447 (8,170)
Cash and cash equivalents at 1 January 19,108 27,759 27,759
Effect of movements in exchange rates on
cash held (335) (461) (481)
------------------------------------------------------ ---- ------------- ------------ -------------
Cash and cash equivalents at the end of
the period 3,176 32,745 19,108
====================================================== ==== ============= ============ =============
The notes form an integral part of these condensed consolidated
interim financial statements.
Notes to the condensed consolidated interim financial
statements
For the six months ended 30 June 2023
1. Reporting entity
WANdisco plc (the "Company") is a public limited company
incorporated and domiciled in Jersey. The Company's ordinary shares
are traded on AIM. These condensed consolidated interim financial
statements ("Interim financial statements") as at and for the six
months ended 30 June 2023 comprise the Company and its subsidiaries
(together referred to as the "Group"). The Group is primarily
involved in the development and provision of global collaboration
software.
2. Basis of preparation
a Basis of accounting
These interim financial statements have been prepared in
accordance with IAS 34 "Interim Financial Reporting" and should be
read in conjunction with the Group's last annual consolidated
financial statements as at and for the year ended 31 December 2022
("last annual financial statements"). They do not include all the
information required for a complete set of IFRS financial
statements. However, selected explanatory notes are included to
explain events and transactions that are significant to an
understanding of the changes in the Group's financial position and
performance since the last annual financial statements.
These interim financial statements were authorised for issue by
the Company's board of directors on 10 September 2023.
b Going concern
These interim financial statements have been prepared on a going
concern basis.
As at 30 June 2023 the Group had net assets of $nil (31 December
2022: $16.6m), including cash of $3.2m (31 December 2022: $19.1m)
as set out in the interim consolidated statement of financial
position. In the six months ended 30 June 2023, the Group incurred
a loss before tax of $22.5m (H1 2022: $7.0m) and net cash outflows
before financing of $16.1m (H1 2022: $13.8m).
Revenue for H1 2023 was $3.0m (H1 2022: $5.8m), with an
operating loss of $18.8m (H1 2022: $17.2m), mainly due to reduced
revenue and increased operating expenses.
The Directors have prepared a detailed budget and forecast of
the Group's expected performance over a period covering at least
the next twelve months from the date of the approval of these
unaudited interim financial statements. Whilst the Directors are
confident in the Group's ability to grow revenue, the Board's
sensitivity modelling (which considered the impact of Brexit,
recession risks and the conflict in Ukraine) shows that the Group
can remain within its cash resources in the event that revenue
growth is delayed (i.e. bookings are reduced to a level of $5m per
annum) for a period in excess of twelve months. The Directors'
financial forecasts and operational planning and modelling also
include the actions, under the control of the Group, that they
could take to further significantly reduce the cost base during the
coming year in the event that longer-term revenues were set to
remain consistent with the level reported in 2022. On the basis of
this financial and operational modelling, the Directors believe
that the Group has the capability and the operational agility to
react quickly, cut further costs from the business and ensure that
the cost base of the business is aligned with its revenue and
funding scale. As well as modelling the realisation of the sales
pipeline a number of sensitivities have been applied to the
forecast in order for the Board to satisfy itself that the Group
remains within its current cash facilities. The cash flow model
includes the injection of $30.0m cash which was announced following
the half year end on 4 July 2023.
The Directors have a reasonable expectation that the Group can
continue to operate within its existing facilities and be able to
meet its commitments and discharge its liabilities in the normal
course of business for a period of not less than twelve months from
the date of approval of these interim financial statements.
Accordingly, they continue to adopt the going concern basis in
preparing the Group financial statements.
c Functional and presentational currency
The interim consolidated financial statements are presented in
US dollars, as the revenue for the Group is predominately derived
in this currency. Billings to the Group's customers during the
period by WANdisco, Inc. were all in US dollars with certain costs
being incurred by WANdisco International Limited in sterling and
WANdisco, Pty Ltd in Australian dollars. All financial information
has been rounded to the nearest thousand US dollars unless
otherwise stated.
d Alternative performance measures
The Group uses several alternative performance measures ("APMs")
which are non-IFRS measures to monitor the performance of its
operations. The Group believes these APMs provide useful historical
financial information to help investors and other stakeholders
evaluate the performance of the business and are measures commonly
used by certain investors for evaluating the performance of the
Group. In particular, the Group uses APMs which reflect the
underlying performance on the basis that this provides a more
relevant focus on the core business performance of the Group and
aligns with our KPIs. Adjusted results exclude certain items
because if included, these items could distort the understanding of
our performance for the period and the comparability between
periods. The Group has been using the following APMs on a
consistent basis and they are defined and reconciled as
follows:
2. Basis of preparation (continued)
d Alternative performance measures (continued)
- Cash overheads: Operating expenses adjusted for: advisor costs
relating to the investigation into the Irregularities and fund
raising, depreciation, amortisation, capitalisation of development
expenditure and equity -- settled share-based payment. See Note 4
for a reconciliation.
- Adjusted EBITDA: Operating loss adjusted for: advisor costs
relating to the investigation into the Irregularities and fund
raising, impairment loss, depreciation, amortisation and equity --
settled share-based payment. See Note 4 for a reconciliation.
e Use of judgements and estimates
In preparing these Interim financial statements, Management has
made judgements and estimates that affect the application of the
Group's accounting policies and the reported amounts of assets and
liabilities, income and expenses. Actual results may differ from
these estimates.
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 described in the last annual
financial statements.
3. Revenue and segmental analysis
a Operating segments
The Directors consider there to be one operating segment, being
that of development and sale of licences for software and related
maintenance and support.
b Geographical segments
The Group recognises revenue in three geographical regions based
on the location of customers, as set out in the following
table:
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
Revenue $'000 $'000 $'000
North America 1,658 2,909 5,504
Europe 985 1,201 2,088
Rest of the world - China 230 1,683 1,894
Rest of the world - Other 119 30 199
-------------------------- ------------- ------------ ------------
2,992 5,823 9,685
========================== ============= ============ ============
Management makes no allocation of costs, assets or liabilities
between these segments since all trading activities are operated as
a single business unit.
c Major products
The Group's core patented technology, DConE, enables the
replication of data. This core technology is contained in the vast
majority of the Group's products.
d Major customers
Six months Six months Six months Six months Year ended Year ended
ended ended 31 December 31 December
30 June 30 June 2022 (Audited) 2022 (Audited)
2023 2023
(Unaudited) (Unaudited) ended ended
30 June 30 June
2022 2022
(Unaudited) (Unaudited)
% of Revenue % of Revenue % of Revenue
revenue $'000 revenue $'000 revenue $'000
----------- ------------- ------------- ------------ ------------ --------------- ---------------
Customer 1 20% 603 - 16 5% 505
Customer 2 12% 358 - 5 - 11
Customer 3 3% 83 15% 881 10% 926
Customer 4 1% 39 14% 842 9% 871
Customer 5 4% 107 11% 667 8% 777
=========== ============= ============= ============ ============ =============== ===============
No other single customers contributed 10% or more to the Group's
revenue (2022: $nil).
3. Revenue and segmental analysis (continued)
e Split of revenue by timing of revenue recognition
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
Revenue $'000 $'000 $'000
Licences and services transferred at a point in
time 1,821 4,726 7,466
Maintenance and support services transferred over
time 1,171 1,097 2,219
-------------------------------------------------- ------------- ------------ ------------
2,992 5,823 9,685
================================================== ============= ============ ============
f Contract balances
The following table provides information about receivables,
contract assets and liabilities from contracts with customers.
Six months
ended
Six months
ended 30 June Year ended
30 June 2022 31 December
2023 As restated 2022
(Unaudited) (Unaudited) (Audited)
$'000 $'000 $'000
Receivables, which are included in "Other non-current
assets - accrued income" 381 818 843
Receivables, which are included in "Trade and other
receivables - accrued income" 774 762 843
Contract liabilities, which are included in "Deferred
income - non-current" (223) (385) (220)
Contract liabilities, which are included in "Deferred
income - current " (1,674) (1,185) (2,038)
====================================================== ============= ============ ============
4. Cash overheads and Adjusted EBITDA
Six months
ended
Six months
ended 30 June
30 June 2022 Year ended
31 December
2023 As restated 2022
(Unaudited) (Unaudited) (Audited)
a Reconciliation of operating expenses
to "Cash overheads": Note $'000 $'000 $'000
--------------------------------------- ---- ------------- ------------ -------------
Operating expenses (21,477) (22,548) (47,926)
Adjusted for:
Advisor costs 2,781 - -
Amortisation and depreciation 376 2,741 4,773
Equity-settled share-based payment 11 767 316 2,551
Development expenditure capitalised - - -
Cash overheads (17,553) (19,491) (40,602)
======================================= ==== ============= ============ =============
Six months
ended
Six months
ended 30 June
30 June 2022 Year ended
31 December
2023 As restated 2022
(Unaudited) (Unaudited) (Audited)
b Reconciliation of operating loss to "Adjusted
EBITDA": Note $'000 $'000 $'000
------------------------------------------------ ---- ------------- ------------ -------------
Operating loss (18,762) (17,176) (41,087)
Adjusted for:
Advisor costs 2,781 - -
Impairment loss - - 2,151
Amortisation and depreciation 376 2,741 4,773
Equity-settled share-based payment 11 767 316 2,551
------------------------------------------------ ---- ------------- ------------ -------------
Adjusted EBITDA (14,838) (14,119) (31,612)
================================================ ==== ============= ============ =============
5. Net finance (costs)/income
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
$'000 $'000 $'000
--------------------------------------------- ------------- ------------ ------------
Interest income on cash and cash equivalents 2 1 48
Interest income on non-current assets 120 69 82
Net foreign exchange gain - 10,197 11,293
------------------------------------------------- ------------- ------------ ------------
Finance income 122 10,267 11,423
------------------------------------------------- ------------- ------------ ------------
Net foreign exchange loss (3,892) - -
Interest payable on bank borrowings - - (5)
Finance charges - (2) -
Leases (interest portion) - (60) (105)
Loan amortisation costs - - -
--------------------------------------------- ------------- ------------ ------------
Finance costs (3,892) (62) (110)
------------------------------------------------- ------------- ------------ ------------
Net finance (costs)/income (3,770) 10,205 11,313
================================================= ============= ============ ============
The net foreign exchange loss (2022: gain, H1 2022: gain) arose
on sterling-denominated intercompany balances in a US dollar
denominated subsidiary . These balances were retranslated at the
closing exchange rate at 30 June 2023, which was 1.266, a 5%
increase compared to the rate of 1.21 at 31 December 2022. The loss
on intercompany balances in the Consolidated statement of profit or
loss is offset by an equivalent exchange gain (2022: loss, H1 2022:
loss) on the retranslation of the intercompany balances, which is
included in the retranslation of net assets of foreign operations,
included in the other comprehensive income.
6. Loss per share
a Basic loss per share
The calculation of basic loss per share has been based on the
following loss attributable to ordinary shareholders and weighted
average number of ordinary shares outstanding:
Six months
ended
Six months
ended 30 June Year ended
30 June 2022 31 December
2023 As restated 2022
(Unaudited) (Unaudited) (Audited)
$'000 $'000 $'000
---------------------------------------------------------- ------------- ------------ ------------
Loss for the period attributable to ordinary shareholders 22,535 6,965 29,605
========================================================== ============= ============ ============
Number Number Number
of shares of shares of shares
Weighted average number of ordinary shares '000s '000s '000s
---------------------------------------------------------- ------------- ------------ ------------
Issued ordinary shares at 1 January 67,015 59,612 59,612
Effect of shares issued in the period 162 658 3,850
---------------------------------------------------------- ------------- ------------ ------------
Weighted average number of ordinary shares during
the period 67,177 60,270 63,462
========================================================== ============= ============ ============
Basic loss per share $0.34 $0.12 $0.47
===================== ===== ===== =====
6. Loss per share (continued)
b Adjusted loss per share
Adjusted loss per share is calculated based on the loss
attributable to ordinary shareholders before net foreign exchange
(loss)/gain, advisor costs relating to the investigation into the
Irregularities and fund raising, and the cost of equity-settled
share-based payment, and the weighted average number of ordinary
shares outstanding:
Six months
ended
Six months Year
ended 30 June ended
30 June 2022 31 December
2023 As restated 2022
(Unaudited) (Unaudited) (Audited)
Adjusted loss for the period: Note $'000 $'000 $'000
--------------------------------------------- ---- ------------- ------------ ------------
Loss for the period attributable to ordinary
shareholders 22,535 6,965 29,605
Adjusted for:
Advisor costs (2,781) - -
Impairment loss - - (2,151)
Net foreign exchange (loss)/gain (3,892) 10,197 11,293
Equity-settled share-based payment 11 (767) (316) (2,551)
--------------------------------------------- ---- ------------- ------------ ------------
Adjusted loss for the period 15.095 16,846 36,196
============================================= ==== ============= ============ ============
Adjusted loss per share $0.22 $0.28 $0.57
======================== ===== ===== =====
c Diluted loss per share
Due to the Group having losses in all years presented, the fully
diluted loss per share for disclosure purposes, as shown in the
Consolidated statement of profit or loss and other comprehensive
income, is the same as for the basic loss per share.
7. Other non-current assets
30 June
2022
30 June
2023 As restated
31 December
2022
(Unaudited) (Unaudited) (Audited)
Due in more than a year: $'000 $'000 $'000
------------------------------- --- ------------- ------------ -----------
Other receivables 10 31 21
Accrued income 381 818 843
------------------------------------ ------------- ------------ -----------
Total other non-current assets 391 849 864
==================================== ============= ============ ===========
8. Trade and other receivables
30 June
2022
30 June
2023 As restated
31 December
2022
(Unaudited) (Unaudited) (Audited)
Due within a year: $'000 $'000 $'000
------------------------------------------- ----- ------------- ------------ -----------
Trade receivables 1,046 2,947 1,038
Other receivables 650 159 689
Accrued income 774 762 843
Corporation tax 736 1,166 1,371
Prepayments 1,069 944 959
------------------------------------------- ----- ------------- ------------ -----------
Total trade and other receivables 4,275 5,978 4,900
=========================================== ===== ============= ============ ===========
9. Loans and borrowings
30 June 30 June
2023 2022
31 December
2022
(Unaudited) (Unaudited) (Audited)
$'000 $'000 $'000
------------------------------ --- ------------- ------------ -----------
Non-current lease liabilities - 884 119
Current lease liabilities 41 564 420
----------------------------------- ------------- ------------ -----------
Total loans and borrowings 41 1,448 539
=================================== ============= ============ ===========
10. Deferred income
Deferred income represents contracted sales for which services
to customers will be provided in future periods.
30 June
2022
30 June
2023 As restated
31 December
2022
(Unaudited) (Unaudited) (Audited)
Deferred income which falls due: $'000 $'000 $'000
--------------------------------- --- ------------- ------------ -----------
Within a year 1,674 1,185 2,038
In more than a year 223 385 220
Total deferred income 1,897 1,570 2,258
====================================== ============= ============ ===========
11. Share-based payment
The Group operates share option plans for employees of the
Group. Options in the plans are settled in equity in the Company
and are normally subject to a vesting schedule but not conditional
on any performance criteria being achieved.
The terms and conditions of the share option grants are detailed
in the Group annual financial statements for the year ended 31
December 2022.
a Expense recognised in profit or loss
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
$'000 $'000 $'000
----------------------------------------- ------------- ------------ ------------
Total equity-settled share-based payment
charge 767 316 2,551
============================================= ============= ============ ============
b Summary of share options outstanding
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
Number of share options outstanding: Number Number Number
--------------------------------------- ------------- ------------ ------------
Outstanding at the start of the period 5,449,095 3,834,400 3,834,400
Granted 343,347 - (344,852)
Forfeited (2,052,711) (100,711) (1,544,523)
Exercised (181,887) (365,058) 3,504,070
--------------------------------------- ------------- ------------ ------------
Outstanding at the end of the period 3,557,844 3,368,631 5,449,095
--------------------------------------- ------------- ------------ ------------
Exercisable at the end of the period 2,122,687 3,299,367 2,269,063
--------------------------------------- ------------- ------------ ------------
Vested at the end of the period 2,122,687 3,299,367 2,269,063
======================================= ============= ============ ============
12. Contingent liabilities
The Group has a contingent liability at 30 June 2023 whereby an
additional $241,794 was due to be paid under certain conditions
that were subject to post year end outcomes (30 June 2022: none, 31
December 2022: $362,691).
13. Subsequent events
On 4 July 2023 the Group announced the subscription and placing
of 47,528,517 new ordinary shares of 10 pence each in the Company
by existing shareholders at a price of 50 pence raising gross
proceeds of $30.0m. The proceeds are being used to provide growth
working capital. The settlement of the shares occurred on 25 July
2023 following a general meeting of the shareholders to approve the
resolution to increase the share capital on 24 July 2023.
On 25 July 2023 the Group announced that the AIM suspension had
been lifted.
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END
IR GPUMWBUPWGRU
(END) Dow Jones Newswires
September 11, 2023 02:00 ET (06:00 GMT)
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