TIDMRDT
RNS Number : 4508N
Rosslyn Data Technologies PLC
30 September 2021
30 September 2021
Rosslyn Data Technologies plc
("Rosslyn", the "Group" or the "Company")
Unaudited Results
For the year ended 30 April 2021
Rosslyn Data Technologies plc (AIM: RDT), the provider of a
leading cloud-based enterprise data analytics platform, is pleased
to announce its results for the year ended 30 April 2021.
Financial Summary
-- Revenue for the year grew 4.3% to GBP7.4 million (2020: GBP7.1 million).
-- Administrative costs increased to GBP7.2 million (2020:
GBP6.0 million). This increase is due to a one-off restructuring
cost relating to people and property and an investment into Sales
and Marketing.
-- Operating EBITDA (excluding share-based costs) fell to a loss
of GBP200,000 (2020: profit of GBP36,000).
-- Investment into research and development continued at a high
level with spend of GBP1.6million (2020: GBP1.3 million)
-- At the year end the Group had a cash balance of GBP6.7
million (2020: GBP0.8 million), and bank debt of GBP0.9 million
(2020: GBP1.2 million)
-- Annual Recurring Revenue fell by 11% to GBP5.6 million (2020: GBP6.3 million)
-- Backlog fell 8% to GBP5.8 million (2020: GBP6.3 million)
Operational Highlights
-- Completed a successful fundraising of GBP7.3m (before
expenses) to fuel our next stage of growth - allowing us to invest
further in our team, as well as take advantage of evolving client
needs for procurement savings and efficiencies, in line with
increased corporate focus on
supply chain resilience, risk and sustainability.
-- Concluded an operational review of all business functions,
with a focus on productisation for scalability. Key outcomes
include the establishment of a Product Management function under
the leadership of our Chief Technology Officer, setting Innovation
Lifecycle Management as our backbone methodology.
-- Renewed focus on customer experience, bringing our
value-engineering, customer success, project delivery and support
function teams together under a single point of C-Level leadership,
with a focus on standardising best practice, and launching our
first Customer Advisory Board to fully validate design concepts
against business impact.
-- Achieved a solid year of revenue growth, despite the
challenging market and working conditions brought about by
COVID-19. Partners are becoming an increasingly important sales
channel following a strategic review and reset of these
relationships. New partners this financial year include a European
procurement consulting business with significant multinational
customers.
-- Positive growth from Langdon Systems in its first full year
in the Group. Highlights include the successful development and
launch of the CustomsCloud(TM) platform, in response to additional
customs procedures resulting from the UK's departure from the
European Union. This will provide a key platform for long term
growth in this market.
Commenting on the outlook for the Group, Paul Watts, CEO of
Rosslyn Data Technologies said:
"Since becoming CEO in April 2021, I have conducted a thorough
review of the business to ensure that we are providing the
solutions to our clients' evolving needs. The product and our
customer will both be central to our ongoing initiative and the
Group's business model.
Trading and the business at the start of FY22is performing in
line with management's expectations. As the world emerges from the
ravages of the impact of Covid-19 we have been pleased to see our
opportunity pipeline start to unblock, with potential new customers
now engaging fully and, importantly in a position, to commit to new
projects. We are cautiously optimistic that this trend will
continue and build momentum through into the second half of the
year. Recent successes have included signing a 5 year deal with an
American multinational pharmaceuticals group for the procurement
spend analytics solution and the continued growth of our
CustomsCloudTM customs product.
During FY22 we have increased investment in our products and
will release an update to our Rapid procurement product before the
end of the year. I am extremely encouraged by the progress we have
made against the initiatives I have set for the Group and this
combined with a continued investment into sales and marketing
throughout the year means I look to the future with
confidence."
+44(0) 7555 144983
Rosslyn Data Technologies P aul Watts , Chief Executive +44(0)20 3285
plc Officer 8008
+44 (0) 7940
J ames Appleby , Cha irman 560624
Cenkos Securities,
Nominated Adviser, Stephen Keys/Camilla Hume/Giles +44(0)20 7397
Broker Balleny 8924
Notes to Editors
Rosslyn Data Technologies plc, (AIM: RDT) is a leading provider
of a cloud-based big-data analytics platform. The company provides
analytical services by combining four key technologies: bulk data
extraction; cleansing; enrichment; and visualisation, through a
single cloud platform enabling users with detailed data to make
more informed decisions. Rosslyn's RAPid platform is the Group's
primary product available to its multinational customers. Further
information can also be found on the Company's website at:
www.rosslyndatatech.com
Chairman's statement
This year has been an unusual and unprecedented one for the
world, with the global pandemic impacting and changing lives and
businesses in a way no one could have predicted. Our thoughts go
out to all of those who have experienced pain in these difficult
times.
Rosslyn was equally impacted, and the Board is full of
admiration for how effectively our senior management team and staff
rose to the challenges presented by COVID-19, working hard to
support our customer and staff throughout the year.
In May 2020 we successfully raised GBP6.8 million (net of
expenses) by way of a placing. We have invested part of the
proceeds to invest into product development; launching a new
Customs reporting product called CustomsCloud(TM) in December 2020;
and are currently working on the launch of a significant update of
our RAPid procurement analytics suite. We also invested part of the
proceeds into Sales and Marketing; following the reviews detailed
below in the CEO report, we expect the impact of these investments
to be felt towards the end of this year. The Board believes that
the combination of these products positions the Group strongly in
the two growing markets of procurement and customs.
The effects of the COVID-19 started to be felt in the business
just before the beginning of the 2021 financial year, slowing down
our conversion of pipeline opportunities. For much of the remainder
of the year new clients were unwilling to sign new contracts
because they were controlling costs during the economic downturn,
and/or managing the operational challenges of their reduced
revenues.
In August 2020, we appointed Paul Watts to the Board as Chief
Customer Officer, and his expertise in growing SaaS businesses have
been invaluable this year with the investments we have made and
those still to be made in Sales and Marketing. Following the
departure of Roger Bullen in April, Paul has stepped up into the
CEO role and has been undertaking a full-scale operational review
of the business. His previous experience in growing software
companies in international businesses has been and continues to be
invaluable to the Group.
Ash Mehta stepped down from the Board in August 2020 to pursue
another opportunity, and following the year-end, Hugh Cox stepped
down from the Board, remaining an employee with a plan to
transition out of the business during 2022. I'd like to thank
Roger, Hugh and Ash for their contributions to the Group having
taken it through two acquisitions and managed it during some
difficult times with little cash. We continue to evaluate the
optimum composition of the board to ensure that this has a broad
spectrum of skills; we have appointed an interim Finance Director
and are hiring a permanent Finance Director role as a Board level
role. The executive team is well shaped and positioned to drive
future growth in the business.
This year has been one of reviewing the team and product set,
strengthening the foundations of the business, preparing new
versions of our product for launch and building a sales pipeline.
We are continuing to invest to build a scalable growing business
organically and are focussed on delivering shareholder value over
the longer term. As such we are planning some significant, but
carefully judged, investments in product and leadership during FY22
and expect the Group to reap the benefits of this investment in
FY23 and beyond.
I look forward to updating you with our half year results in
January 2022.
Chief Executive's statement
Introduction
Notwithstanding the fact that the last financial year has been a
challenging one due to the slowdown resulting from COVID-19, I am
pleased to say that it is also one in which we have made
significant progress and achieved a solid performance. The dynamics
of the markets in which we operate are changing and we need to
evolve to take advantage of the changes to grow and scale our
business. We have started that process but there is still much to
do to build a scalable business and transform our growth
prospects.
We started the last financial year with the positive news in May
of having raised funding for the next stage of growth. By that
time, we were in the midst of the Global pandemic and the varying
degrees of restrictions that that brought with it and already
seeing potential new customers delaying making purchasing
decisions. When I joined Rosslyn in the role of Chief Customer
Officer in August 2020, the initial focus was on building an
execution engine for Sales and Marketing so as to create the
systematic processes essential for scalable growth.
However, testing the effectiveness of that engine has been a
challenge as we have had to adjust to a radically different
customer engagement model due to the pandemic. With the evolution
of the market conditions we have also had to look at other parts of
our business, in particular our product strategy, and how our
developments can help our clients with their needs in the future. I
am confident as we go forward that Rosslyn will rise to the
challenge and be successful.
Building a product-led business
During my early tenure and whilst looking at producing the
execution engine it became apparent that, as mentioned above, a
product strategy review was necessary. We have completed that
exercise with the goal of realizing a leadership position in our
key markets. This was done with use of product marketplace SWOT
analysis incorporating input from a broad spectrum of sources
including customers, prospects, partners, analysts, employees, and
academic thought-leaders.
The primary conclusion of the product strategy review was that
we needed a more product-led go to market business model.
Accordingly, we have established a Product Management function ,
under the leadership of our Chief Technology Officer. We have
placed Innovation Lifecycle Management as our backbone methodology,
and will, this year, launch our first Customer Advisory Board to
fully validate design concepts against business impact. The
productization of our offering is a core foundation for scalability
as we transition from a consulting led tailored solution for each
customer, to a true SaaS unified platform installed base.
The release of an updated version of our RAPid platform in the
current year will incorporate the user interface and user
experience improvements we outlined last year during the
fundraising as well as additional functionality improvements.
In previous periods, we have spoken of the extension of the
RAPid platform from being about analytics to being a broader
supplier information management platform. This vision will be
realized through the release of a Procurement Portal solution this
year. It will integrate key components including supplier
performance/relationship management, supply chain risk, contract
management. Underpinning this solution will be embedding the
offering with our market leading data ETL tools and spend analytics
capability.
The Customer Experience
We were delighted during the year to run a series of engagements
with key customers such as Air France / KLM and CRH, who talked
about the challenges of executing procurement transformation
initiatives, and the importance of the RAPid platform in the
complex multi-system environment most large corporates find
themselves.
A key recommendation of my initial review was to bring together
our customer experience management under a single point of C-Level
leadership. Consequently, we will restructure and consolidate into
a single team of our value-engineering, customer success, project
delivery and support functions with some key hires being brought
onboard. This will help standardize the customer experience to best
practice across all customers, which we expect, in time, to have a
positive impact on new business, renewals, and customer
advocacy.
We have invested a great deal of time to bring the voice of the
customer into our Go-To-Market messaging, as well as creating a
value-engineering function to support the sales process, to ensure
we hold ourselves accountable for a business impact of the RAPid
platform far beyond any traditional return on investment (ROI) or
total cost ownership (TCO) model. As a result, we have already seen
the quality of our pipeline increase to the best it has been in
many years.
Langdon Systems
Langdon Systems has had a good year with the successful
development and launch of the CustomsCloud(TM) platform. This low
price-point pure SaaS self-service solution is designed to enable
importers to overcome the additional customs procedures resulting
from the UK's departure from the European Union, many of whom have
never had to file declarations before. It enables Langdon customers
to register with HMRC and automates the filing of all import
declarations, either individually or in bulk, calculate the VAT and
duty owed on any imports and to report this information direct to
HMRC for future payments. We successfully added many new customers
to the CustomsCloud(TM) platform, and the primary focus is now on
empowering the product strategy team to add new functionality and
complete an architectural modernisation program for the platform,
that will underpin long-term growth.
During the year we also won numerous new customers for Langdon's
enterprise Duty Management System which is targeted at large
companies with complex requirements such as managing bonded stock.
We also won a prestigious contract with a major multinational
grocery and general merchandise retailer based in the UK and with a
significant international presence. The system will provide a
comprehensive end to end solution complying with existing
legislation and public notices to allow the customer to receive,
manage and discharge duty suspended shipments from authorised
suppliers under the Excise movement and control system (EMCS). It
will also allow stock tracking and visibility at a depot level, and
ultimately allow the compliant control and storage of duty
suspended goods with non-customs goods in the Republic of
Ireland.
People and Leadership
This year, more than any other, we are extremely grateful to all
our employees for their contribution to the development of our
business. We recognise the challenges that employees have faced;
missing out on face-to-face interactions, managing home-schooling
and the overall impact of working in a very different manner to
which they are accustomed and the consequences for job
satisfaction, family life and mental wellbeing. We have assisted
them in several ways but nevertheless we know how difficult the
last year has been.
Executing organisational change during a time of COVID-19 has
been a challenge but we have recruited many new people to Rosslyn,
some new positions and some replacements as we reviewed performance
across all functions, again with the objective of creating a
scalable high-performing organisation.
With 42% of the employee base having joined in the last
18-months, we have invested in some key tools for standardisation
of processes with the goal being to ensure consistency of execution
and successful implementation of cross-functional projects.
In order to manage the transition, we have created
transformation teams consisting of key employees, and some external
support. This will continue to run through to the end of October,
when we expect to complete the recruitment and on-boarding of the
additional members of my Leadership Team.
Customer and Partner Wins
Since the end of the last financial year, we have seen the
opportunity pipeline start to unblock and potential new customers
are now engaging fully and are now in a position to commit to new
projects. We have signed a five-year contract with an American
multinational pharmaceuticals group for the Spend Analytics
solution and we are now in dialogue to expand into other divisions
of the group as well as discussing the broader Procurement Portal
offering.
Partners are becoming an increasingly important channel. Over
the last year we had instigated a reset of our existing partner
relationships and the fruits of this are now paying off. The reset
has also resulted in new partner relationships being formed, most
notably with a Swiss procurement consulting business with very
significant multinational customers. This partner is not a typical
referral partner as it is using the Rosslyn platform internally
amongst its consulting teams to identify procurement savings and
efficiencies in its own customer base, many of whom have already
benefitted from the Rosslyn platform.
These wins illustrate the health of our opportunity pipeline as
well as the credibility of Rosslyn such that customers are prepared
to sign up for up to five years from the outset. We look forward to
announcing further contract wins in the coming months.
Outlook: Creating a scalable business
As CEO since April 2021, I have conducted a review of the
business so that we are fit to provide our client solution to meet
our clients' evolving needs. Central to our relaunch initiative
will be putting the product and our customers at the centre of the
Group's business model. The more successful we are at transforming
the customer experience, the higher quality input we will capture
into our product strategy, which will underpin the realisation of
our long-term goal to be a leader in our designated markets. In the
short term we are establishing a new leadership team and building a
robust operating model to leverage the scalable opportunity in
front of us. I am confident that as we successfully implement of
these primary initiatives in the next year that it will position us
to take advantage of the market opportunities over the foreseeable
future. We are laying the foundations for growth and transformation
to a true product-led successful Cloud business.
Financial Review
Profit and loss account
Despite the slowdown due to COVID-19, revenue for the year grew
4.3% to GBP7.4 million (2020: GBP7.1 million). The gross margin
percentage decreased to 82.3% (2020: 84.7%), partly as a result of
investments into cybersecurity as we seek to maintain a leading
position in protecting client data in our cloud platform.
Administrative costs increased to GBP7.2 million (2020: GBP6.0
million). Of the GBP1.2 million increase, GBP0.8m was one-off
restructuring costs relating to people and property. The underlying
costs increased through addition of headcount, principally in Sales
and Marketing.
The absolute gross margin was similar to last year at GBP6.1
million (2020: GBP6.0 million) so with the increased Administrative
costs this resulted in Operating EBITDA (excluding share-based
costs) falling to a loss of GBP200,000 (2020: profit of
GBP36,000).
Investment into research and development increased further
during the year with spend of GBP1.6m million (2020: GBP1.3
million) on tax relief qualifying research and development on
projects such as redesigning the user experience for both the RAPid
and Langdon product suites, enhancing the supplier lifecycle
management portfolio, and integration of Langdon into the new HMRC
customs declaration system and Brexit changes.). The Group makes
full use of the government's R&D Tax Credit scheme and during
the year we received GBP301,000 relating to 2020, and expect to
receive GBP427,000 relating to 2021.
The loss before income tax for the year was GBP2.5 million
(2020: GBP1.9 million). This includes the impact of GBP1.1 million
(2019: GBP1.7 million) of amortisation of intangible assets arising
from the Integritie acquisition in 2017 and the Langdon acquisition
in 2019, and a share-based payment charge of GBP204,000 (2020:
GBP69,000).
Cash flow and funds
Cash flow from operating activities was a use of GBP563,000
(2020: use of GBP706,000).
Excluding bank debt, the cash balance at the year-end was GBP6.7
million (2020: GBP0.8 million). During the year we raised GBP6.8m
(net of expenses) through an equity placing with new and existing
shareholders.
Bank debt was GBP0.9 million at the year end (2020: GBP1.2
million) as a result of quarterly repayments of the term loan.
GBP0.4 million is due over the next four quarters with the
remaining GBP0.5 million due in March 2022.
Net cash at the year-end stood at GBP5.8 million (2020: net debt
GBP0.4 million).
Balance sheet
The major movements in the balance sheet during the year
were;
-- the intangible assets reducing to GBP1.0 million (2020:
GBP2.0 million) as the assets recognised on previous acquisitions
are written down over their useful economic lives in accordance
with our accounting policy.
-- the repayment of debt, as described above.
-- the increase in cash, as described above
Key metrics
The Group regards Revenue and Operating EBITDA to be key
financial metrics for the business along with ARR and Backlog.
Annual Recurring Revenue fell by 11% to GBP5.6 million (2020:
GBP6.3 million), due to clients terminating contracts during
COVID-19 and no significant new client signings being made during
the year.
The Backlog fell 8% to GBP5.8 million (2020: GBP6.3 million), as
customers were unwilling to sign new deals in the pandemic.
Financial results
Consolidated statement of comprehensive income
Year ended Year ended Year ended Year ended
30 April 30 April 30 April 30 April
2021 2021 2020 2020
Note GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ ---- ------------ ----------- ------------ -----------
Revenue 3 7,417 7,109
Cost of sales (1,316) (1,086)
------------------------------ ---- ------------ ----------- ------------ -----------
Gross profit 6,101 6,023
Administrative expenses (8,469) (7,759)
Analysed as:
Administrative expenses (7,248) (5,987)
Other operating income 89 -
Depreciation and amortisation (1,106) (1,703)
Share-based payments (204) (69)
------------------------------ ---- ------------ ----------- ------------ -----------
(8,469) (7,759)
------------------------------ ---- ------------ ----------- ------------ -----------
Operating loss (2,368) (1,736)
Finance income 34 -
Finance costs (124) (160)
------------------------------ ---- ------------ ----------- ------------ -----------
Loss before income
tax (2,458) (1,896)
Income tax 486 316
------------------------------ ---- ------------ ----------- ------------ -----------
Loss for the year (1,972) (1,580)
Other comprehensive
income (2) (4)
------------------------------ ---- ------------ ----------- ------------ -----------
Total comprehensive
income (1,974) (1,584)
------------------------------ ---- ------------ ----------- ------------ -----------
Loss per share
Basic and diluted loss per share: Pence Pence
ordinary shareholders 0.60 0.82
Consolidated statement of financial position
30 April 30 April
2021 2020
GBP'000 GBP'000
------------------------------ -------- --------
Assets
Non-current assets
Intangible assets 994 2,029
Property, plant and equipment 55 13
Right-of-use assets 73 52
------------------------------- -------- --------
1,122 2,094
------------------------------ -------- --------
Current assets
Trade and other receivables 2,354 2,039
Corporation tax receivable 309 196
Cash and cash equivalents 6,681 794
------------------------------- -------- --------
9,344 3,029
------------------------------ -------- --------
Total assets 10,466 5,123
------------------------------- -------- --------
Liabilities
Non-current liabilities
Trade and other payables (386) (147)
Deferred tax (73) (145)
Financial liabilities -
borrowings - (828)
------------------------------- -------- --------
(459) (1,120)
------------------------------ -------- --------
Current liabilities
Trade and other payables (4,489) (4,097)
Financial liabilities -
borrowings (890) (388)
------------------------------- -------- --------
(5,379) (4,485)
------------------------------ -------- --------
Total liabilities (5,838) (5,605)
------------------------------- -------- --------
Net assets 4,628 (482)
------------------------------- -------- --------
Equity
Called up share capital 1,699 965
Share premium 18,923 12,777
Share-based payment reserve 657 470
Accumulated loss (21,662) (19,707)
Translation reserve (122) (120)
Merger reserve 5,133 5,133
------------------------------- -------- --------
Total equity 4,628 (482)
------------------------------- -------- --------
Consolidated statement of changes in equity
Called
up Share-based
share Accumulated Translation payment Share Merger Total
capital loss reserve reserve premium reserve equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- -------- ----------- ----------- ----------- -------- -------- --------
Balance at 1 May 2019 963 (18,241) (116) 515 12,777 5,133 1,031
Issue of share capital 2 - - - - - 2
Share-based payment
transaction - 114 - (45) - - 69
Loss for the year - (1,580) - - - - (1,580)
Other comprehensive
income - - (4) - - - (4)
----------------------- -------- ----------- ----------- ----------- -------- -------- --------
Balance at 30 April
2020 965 (19,707) (120) 470 12,777 5,133 (482)
----------------------- -------- ----------- ----------- ----------- -------- -------- --------
Balance at 1 May 2020 965 (19,707) (120) 470 12,777 5,133 (482)
Issue of share capital 734 - - - 6,618 - 7,352
Expenses on raising
capital - - - - (472) - (472)
Share-based payment
transaction - 17 - 187 - - 204
Loss for the year - (1,972) - - - - (1,972)
Other comprehensive
income - - (2) - - - (2)
----------------------- -------- ----------- ----------- ----------- -------- -------- --------
Balance at 30 April
2021 1,699 (21,662) (122) 657 18,923 5,133 4,628
----------------------- -------- ----------- ----------- ----------- -------- -------- --------
Consolidated statement of cash flows
Year
Year ended ended
30 April 30 April
2021 2020
GBP'000 GBP'000
-------------------------------------- ----------- ----------
Cash flows used in operating
activities
Cash generated/(used) in operations (774) (856)
Finance income 34 -
Finance costs (124) (160)
Corporation tax received 301 310
--------------------------------------- ----------- ----------
Net cash used in operating activities (563) (706)
--------------------------------------- ----------- ----------
Cash flows used in investing
activities
Purchase of property, plant
and equipment (66) (8)
Acquisition of business - (49)
--------------------------------------- ----------- ----------
Net cash used in investing activities (66) (57)
--------------------------------------- ----------- ----------
Cash flows generated from financing
activities
New loans in year - 500
Repayment of borrowings (364) (905)
Proceeds from share issuance 7,352 2
Costs of share issuance (472) -
--------------------------------------- ----------- ----------
Net cash generated from / (used
in) financing activities 6,516 (403)
--------------------------------------- ----------- ----------
Net increase / (decrease) in
cash and cash equivalents 5,887 (1,166)
Cash and cash equivalents at
beginning of year 794 1,960
--------------------------------------- ----------- ----------
Cash and cash equivalents at
end of year 6,681 794
--------------------------------------- ----------- ----------
Reconciliation of loss before income tax to cash used in
operations
Year
Year ended ended
30 April 30 April
2021 2020
GBP'000 GBP'000
------------------------------------------ ----------- ----------
Loss before income tax (2,458) (1,896)
Depreciation, amortisation and impairment
charges 1,106 1,703
Share-based payment transactions 204 69
Finance income (34) -
Finance costs 124 160
------------------------------------------ ----------- ----------
(1,058) 36
Increase in trade and other receivables (317) (342)
Increase/(decrease) in trade and other
payables 601 (550)
------------------------------------------ ----------- ----------
Cash used in operations (774) (856)
------------------------------------------ ----------- ----------
Notes to the consolidated financial statements
1. General information
Rosslyn Data Technologies plc (the "Company") is a company
domiciled in the UK. It is quoted on AIM, part of the London Stock
Exchange. The address of the registered office is 1000 Lakeside
North Harbour, Western Road, Portsmouth, Hampshire, PO6 3EN. The
Company is the ultimate parent company of Rosslyn Analytics Ltd and
Rosslyn Data Management Ltd, companies incorporated in the UK, and
the ultimate parent company of Rosslyn Analytics, Inc., a company
incorporated in the United States of America (collectively, the
"Group"). The Group's principal activity is the provision of data
analytics using a proprietary form, data capture, data mining and
workflow management.
2. Accounting policies
Basis of preparation
The financial information set out in this preliminary
announcement does not constitute statutory accounts as defined in
section 435 of the Companies Act 2006.
Whilst the financial information included in this announcement
has been prepared in accordance to IFRS, this announcement itself
does not contain sufficient information to comply IFRS. Statutory
accounts for the year ended 30 April 2020 have been delivered to
the Registrar of Companies. The auditors reported on those
accounts; their report was unqualified and did not draw attention
to any matters by way of emphasis without qualifying their report
and did not contain a statement under section 498(2) Companies Act
2006. The statutory accounts for the year ended 30 April 2021 will
be delivered to the Registrar of Companies following the Company's
annual general meeting. The auditors have not yet reported on those
accounts. Their report is expected to be unqualified and not draw
attention to any matters by way of emphasis without qualifying
their report and not contain a statement under section 498(2)
Companies Act 2006.
The consolidated financial statements of the Company have been
prepared in accordance with International Financial Reporting
Standards (IFRS) in accordance with the Companies Act 2006 as
applicable to companies reporting under IFRS. The financial
statements have been prepared under the historical cost
convention.
Going concern
These financial statements have been prepared on the going
concern basis, which assumes that the Group will continue to be
able to meet its liabilities as they fall due. Although the Group
has made losses in the current year, much of this loss was due to
non-cash items such as depreciation and amortisation. The Directors
have prepared cash flow statements for the periods to 30 April 2023
to ensure going concern criteria are met, and they have also
produced scenarios for any downturn.
During the year the Company raised GBP6.8m, net of expenses, and
this balance is expected to be able to provide the Group with
sufficient liquidity for the foreseeable future. In making this
assessment the Directors have taken into account any potential
impact still arising from COVID-19, along with the impact on
liquidity of other risks materialising.
Having considered the forecasts and downturn scenarios, the
Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable
future. For these reasons, they continue to adopt the going concern
basis of accounting in preparing these financial statements.
3. Segmental reporting
Management has determined the operating segments based on the
operating reports reviewed by the Executive Directors that are used
to assess both performance and strategic decisions. Management has
identified that the Executive Directors are the Chief Operating
Decision-Maker in accordance with the requirements of IFRS 8
Operating segments.
The determination is that the Group operates as a single
segment, as no internal reporting is produced either by geography
or division. The Group does view performance on the basis of the
type of revenue, and the end destination of the client as shown
below.
Year ended Year ended
30 April 30 April
2021 2020
GBP'000 GBP'000
---------------------- ---------- ----------
Annual licence fees 5,962 5,625
Professional services 1,455 1,484
---------------------- ---------- ----------
Total revenue 7,417 7,109
---------------------- ---------- ----------
Year ended Year ended
30 April 30 April
2021 2020
GBP'000 GBP'000
--------------- ---------- ----------
United Kingdom 4,579 4,369
Europe 1,457 1,269
North America 1,381 1,471
--------------- ---------- ----------
Total revenue 7,417 7,109
--------------- ---------- ----------
Included in Europe is the Netherlands which had revenues of
GBP952,000 in the Year Ended 30 April 2021 (2020: GBP840,000)
Included in North America is the USA which had revenues of
GBP1,109,000 in the Year Ended 30 April 2021
(2020:GBP1,196,000)
Analysis of future operations:
Year ended Year ended
30 April 30 April
2021 2020
GBP'000 GBP'000
---------------------------------------- ---------- ----------
Performance obligations to be satisfied
in the next year 3,865 3,802
Performance obligations to be satisfied
after 30 April 2022 1,951 2,483
Total revenue 5,816 6,285
---------------------------------------- ---------- ----------
There were no significant customers who make up greater than 10%
of total revenue in the year. The following revenue arose from the
Groups largest customer in each year:
Year ended Year ended
30 April 30 April
2021 2020
GBP'000 GBP'000
---------------------- ---------- ----------
Annual licence fees 360 413
Professional services 95 29
Total revenue 455 442
---------------------- ---------- ----------
4. Operating EBITDA
Operating EBITDA is calculated from Operating loss as shown
below.
Year ended Year ended
30 April 30 April
2021 2020
GBP'000 GBP'000
------------------------------- ---------- ----------
Operating loss (2,368) (1,736)
Depreciation and amortisation 1,106 1,703
Share-based payments 204 69
Exceptional costs 856 -
------------------------------- ---------- ----------
Operating EBITDA (loss)/profit (200) 36
------------------------------- ---------- ----------
Exceptional costs include GBP620,000 costs to complete an
onerous contract and GBP236,000 of employment restructuring
costs.
5. Loss per share
Basic earnings per share is calculated by dividing the net loss
for the year attributable to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the year.
Diluted earnings per share is calculated by dividing the net
loss for the year attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the
year plus the weighted average number of ordinary shares that would
be issued on the conversion of all dilutive potential ordinary
shares into ordinary shares.
Year ended Year ended
30 April 30 April
2021 2020
--------------------------------------------- ------------ ------------
Loss for the year attributable to the owners
of the parent GBP1,972,000 GBP1,580,000
Weighted average number of ordinary shares 328,655,751 192,884,046
--------------------------------------------- ------------ ------------
Pence Pence
--------------------------------------------- ------------ ------------
Basic and diluted loss per share: ordinary
shareholders 0.60 0.82
--------------------------------------------- ------------ ------------
Annual report and accounts
The annual report and accounts will be posted to shareholders on
the 4(th) October and will be available for members of the public
at the Company's registered office 1000 Lakeside North Harbour,
Western Road, Portsmouth, Hampshire, PO6 3EN, and on the company's
website www.rosslyndatatech.com .
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END
FR UKVNRAKUKUAR
(END) Dow Jones Newswires
September 30, 2021 02:00 ET (06:00 GMT)
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