TIDMTM17
RNS Number : 7267L
Team17 Group PLC
10 September 2019
10 September 2019
Team17 Group plc
("Team17", the "Group" or the "Company")
Half year results
New content momentum delivering record breaking performance
Team17, a global games label, creative partner and developer of
independent ("indie") premium video games, is pleased to announce
its unaudited interim results for the six months ended 30 June 2019
("H1 2019").
Financial highlights:
-- Revenues increased 97% to GBP30.4m (H1 2018: GBP15.4m)
o Revenue profile across FY19 more H1 weighted than previous
years due to release schedule
-- Gross profit up 119% to GBP15.1m (H1 2018: GBP6.9m)
-- Gross profit margin of 49.8% (H1 2018: 44.4%)
-- Adjusted EBITDA* up 145% to GBP12.0m (H1 2018: GBP4.9m)
-- Adjusted Earnings per share ("EPS")** up 356% to 7.31 pence (H1 2018: 1.63 pence)
-- Operating cash conversion of 109% (H1 2018: 200%)***
-- Net cash and cash equivalents of GBP35.8m (H1 2018: GBP16.7m)
Operational highlights:
-- Launched several new releases in the first half, including:
o Genesis Alpha One and My Time at Portia, both early launch
titles on the new Epic Game Store
o My Time at Portia successfully exited Early Access on Steam,
achieving global #1 in January; a successful launch on console
followed in April 2019
o Hell Let Loose, the WW2 military simulation and our Games
Label's first 100-person multiplayer game, successfully released
via Steam Early Access in June, reaching #1 globally
-- Continued strong performance from our back-catalogue portfolio of over 100 games
-- Ongoing investment in our facilities, alongside increased
recruitment of new commercial and creative talent:
o Development studio relocation planned for H2 2019; a larger
site with increased capacity to accommodate Team17's growth
ambitions
o Headcount increased to 164 (H1 2018: 154)
-- Industry recognition at key global awards
o Yoku's Island Express won the BAFTA for Best Debut Game in
April 2019
o Overcooked! 2 won Game of the Year at the Develop: Star Awards
in July 2019
-- Board strengthened with the appointment of Jennifer Lawrence
as Non-Executive Director and Chair of the Remuneration committee
and the appointment of Martin Hellawell as Non-executive Director,
announced in September 2019
Outlook:
-- Solid selection of third-party releases planned for H2 2019
from across our global developer network
-- The Board looks ahead with confidence and is comfortable with full year expectations
Debbie Bestwick MBE, Chief Executive Officer of Team17,
commented:
"Our results during the first six months really underline the
dedication and hard work of our people and external Games Label
partners, and I want to thank every one of them.
I'm delighted with the excellent start to FY2019, delivering
record revenues and operating profit in the period as well as
successfully launching several high-profile games.
We have a solid line up of new games to release in H2 2019 and
look forward to updating our shareholders on our continued progress
in due course".
*Adjusted EBITDA is defined as operating profit adjusted to add
back depreciation of property, plant and equipment, amortisation of
brands and impairment of intangible assets (excluding capitalised
development costs), share based payments and any exceptional items.
Exceptional items are those items believed to be exceptional in
nature by virtue of their size and or incidence. Exceptional items
are detailed in note 4.
** Adjusted EPS is defined as profit after tax adjusted to add
back any exceptional items divided by the Weighted Average Number
of Shares. Exceptional items are those items believed to be
exceptional in nature by virtue of their size and or incidence.
Exceptional items are detailed in note 4.
*** Operating cash conversion is defined as cash generated from
operating activities as per the statement of cash flows, divided by
EBITDA including the add back of amortisation of development costs
(not normally included in EBITDA)
Enquiries:
Team17 Group plc via Vigo Communications
Debbie Bestwick MBE, Chief Executive Officer
Jo Jones, Chief Financial Officer
GCA Altium (Nominated Adviser)
Adrian Reed / Paul Lines +44 (0)845 505 4343
Berenberg (Broker)
Chris Bowman / Toby Flaux / Marie-Agnes Stolberg +44 (0)20 3207 7800
Vigo Communications (Financial Public Relations)
Jeremy Garcia / Fiona Henson / Charlie Neish
team17@vigocomms.com +44 (0)20 7390 0238
About Team17
Founded in 1990, Team17 Group plc is a leading international
premium video games label and creative partner for independent
developers.
Beyond developing and publishing its own IP in-house, Team17 is
also a premium video games label and creative partner for
developers across the world. Team17 leverages its unique
go-to-market expertise to support its partners in the development
and publishing of games across multiple platforms, typically for a
fixed revenue share post game launch. All investments are
undertaken in a low risk manner, typically using milestone payments
during the development process.
The portfolio comprises over 100 games, including The Escapists,
Genesis Alpha One, My Time at Portia, Overcooked, Yoku's Island
Express, Yooka-Laylee, the Worms franchise and many more from
developers around the world. Visit www.team17.com for more
info.
OPERATIONAL REVIEW
Summary
Last year's momentum has continued into 2019, with strong growth
in the first half of the year; revenues are up 97.4% to GBP30.4m
(H1 2018: GBP15.4m) and gross profit up 118.8% to GBP15.1m (H1
2018: GBP6.9m). We expect the 2019 revenue profile to be more
weighted towards H1 due to the profile of scheduled releases.
Since our inception, we have launched over 100 games, all
focused on the premium rather than free-to-play-market. This
extensive back catalogue, including iconic titles such as Worms,
Overcooked, The Escapists and Yooka-Laylee, continues to generate
significant revenues.
Our first half has been driven by a mix of new launches and a
strong performance from back catalogue titles. In H1 2019, 73.7% of
revenues came from our back catalogue (H1 2018: 79.5%), with the
remainder of revenue from new game launches.
We are well positioned to capitalise on the continuing growth of
digital distribution channels, enabling us to open our extensive
library of games to the widest possible audience, and maximise both
the life cycle and revenue generation of each individual game.
Our ongoing commitment to growth is based around the following
strategic pillars, namely:
-- New games & content - to maintain a steady flow of
high-quality new releases alongside additional digital content
launches;
-- Technology - to remain at the forefront of innovation,
leveraging digital distribution and new emerging digital
platforms;
-- IP back catalogue - to continue to capitalise on back
catalogue opportunities and to optimise life cycle management
revenue streams;
-- M&A - to consider selective acquisition opportunities
that complement our strategy and align with our values; and
-- People & skills - to continue to strengthen our team to support all our growth aspirations.
We have actively released several new games and post-launch
content across multiple platforms during the first half of 2019,
including:
My Time at Portia First Chinese label partner launched
out of Early Access in January 2019
on Steam and the Epic Games store
My Time at Portia Full console launch in April 2019
Genesis Alpha One Launched January 2019 simultaneously
on Epic Games store, PlayStation 4 and
Xbox One
Escapists 2 Launched January 2019 on mobile
Hell Let Loose Launched June 2019 into Early Access
on Steam
Overcooked! 2 Additional DLC launched across multiple
platforms
In June, we launched Hell Let Loose into Early Access on Steam,
a 100 player, military simulation, first person, WW2 shooter. This
is our first game launch in this genre and our first on this scale
and relies on strong communication and strategy between players.
Since its Early Access debut we've seen positive and encouraging
player feedback from the game's growing community, improving Hell
Let Loose as it gets closer to leaving Early Access in 2020.
As part of our life cycle management, we have also developed and
launched new downloadable content ("DLC") to extend player
engagement and grow our fanbases. In February 2019, we celebrated
Chinese New Year with a free update for Overcooked! 2, which led to
an ongoing demand for the game.
Throughout the rest of 2019, we will continue to launch games
and DLC content for existing titles:
Automachef The challenging kitchen creating
puzzler
Monster Sanctuary The monster collecting metroidvania
Blasphemous The punishing action platformer
Yooka-Laylee & The Impossible The second title from Playtonic
Lair
Worms WMD Further downloadable content
Overcooked! 2 Further downloadable content
Digital distribution from established brands - such as Valve's
Steam and new digital platforms like the Epic Games Store - has
significantly reduced barriers to entry for developers looking to
bring games to market. Through our Games Label, we can support
independent developers of all sizes (wherever they are located in
the world) to launch their titles and maximise their commercial
value.
We continue to evaluate a large number of opportunities and
potential partnerships through the label's greenlight process.
Promising games are identified through our people's existing
relationships within the games industry, desk research,
crowdfunding platforms or direct submission to the Company itself.
Our rigorous screening process ensures opportunities that do
progress have the highest chance of success at launch and post
launch, through DLC and updates.
In February 2019, we announced a new partnership with Blacklight
Interactive on the successful mini-golf game, Golf With Your
Friends!. We will continue to work as a full creative partner with
Blacklight Interactive, developing updates and new content for the
game, as well as publishing it via our Games Label. Initial
feedback on Golf With Your Friends!, which is currently available
on Steam Early Access, has been positive.
Wider market dynamics
According to a recent report from Newzoo(1) , the global games
market is expected to grow to over $150 billion in 2019 and over
$196 billion by 2022.
In H1 2019, Sony and Microsoft both announced they will be
launching their next generation consoles in 2020, which will
incorporate upgraded technology, architecture and graphics
capabilities. We are also seeing technology giants entering the
market. In March, Apple announced it would be launching Apple
Arcade later in 2019, its video game subscription service. Google
has announced Stadia, which is due for launch in November 2019. The
level of impact caused by the services remains to be seen, but we
are well-placed to benefit due to the increased number of
distribution channels and IP we look after.
The proliferation of PC digital distribution continues apace,
with Steam and the Epic Games store now boasting over 90 million
active users and 85 million active users(2) respectively. The
evolution of digital distribution has lowered the barriers to entry
for independent developers looking to launch games to a wider
market. Furthermore, gaming development tools are also now more
accessible, enabling independent developers to quickly and
inexpensively convert concept to reality.
We will remain focused on the premium indie market. The
increasing number of distribution channels only serves to increase
the potential addressable market for our games. Our portfolio
approach - which remains genre agnostic - means we are able to
fully capitalise on this increasing audience.
[1]
https://newzoo.com/insights/articles/the-global-games-market-will-generate-152-1-billion-in-2019-as-the-u-s-overtakes-china-as-the-biggest-market/
[2]
https://www.businessinsider.com/epic-games-store-total-users-2019-3?r=US&IR=T
Current trading and outlook
We are delighted with the progress made in the first half of
2019, delivering a record H1 performance and successfully launching
several new games. We have a solid line up of new releases in H2
from our partners and remain fully focused on our back-catalogue
lifecycle as we continue to maximise revenue with existing and new
distribution partners.
As said at FY18 year end, our exciting industry continues to
grow at a rapid pace. We believe there are more opportunities than
ever before for controllers of IP; content creators and publishers.
Our ever-growing portfolio, we believe, places us in a strong
position to benefit from additional activity in areas such as
subscription and the cloud. All channels will need content and
looking ahead, these channels will need ongoing content to
replenish their stores and offerings.
We equally continue to invest in both commercial and creative
talent across both our Wakefield and Nottingham offices.
Therefore, I look forward to the second half of the year and I
and the board are confident we can continue to deliver shareholders
value in 2019 and well beyond.
Debbie Bestwick MBE
Chief Executive Officer
9 September 2019
Condensed Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2018
2019 2018
Note GBP'000 GBP'000 GBP'000
Revenue 3 30,396 15,439 43,201
Cost of sales (15,263) (8,579) (23,399)
======================================= ===== ============ ============== =============
Gross profit 15,133 6,860 19,802
Gross profit % 49.8% 44.4% 45.8%
======================================= ===== ============ ============== =============
Administrative expenses (4,859) (2,984) (7,264)
Exceptional items 4 - (2,552) (2,597)
======================================= ===== ============ ============== =============
Total administrative expenses (4,859) (5,536) (9,861)
Operating profit 10,274 1,324 9,941
Finance income 86 30 79
Finance cost (4) (1,323) (1,323)
======================================= ===== ============ ============== =============
Profit before tax 10,356 31 8,697
Taxation (1,580) (479) (1,494)
======================================= ===== ============ ============== =============
Profit/(loss) and total comprehensive
income/(expense) attributable
to shareholders 8,776 (448) 7,203
======================================= ===== ============ ============== =============
Basic and diluted earnings/(loss) 6 6.79 Pence (0.42) Pence 6.09 Pence
per share
Basic and diluted adjusted 6 7.31 Pence 1.63 Pence 8.07 Pence
(loss)/earnings per share
======================================= ===== ============ ============== =============
All results relate to continuing activities.
Condensed Consolidated Statement of Financial Position
Unaudited Audited
Unaudited 30 June 31 December
30 June 2019 2018 2018
Note GBP'000 GBP'000 GBP'000
================================ ===== ============== ========== =============
ASSETS
Non-current assets
Goodwill 7 21,083 21,083 21,083
Brands 7 16,930 18,714 17,822
Development costs 7 2,366 3,302 2,693
Property, plant and equipment 512 682 640
Right of use assets 81 - -
Deferred tax 172 - -
================================ ===== ============== ========== =============
41,144 43,781 42,238
================================ ===== ============== ========== =============
Current assets
Trade and other receivables 8,480 4,679 8,145
Cash and cash equivalents 35,785 16,666 23,512
================================ ===== ============== ========== =============
44,265 21,345 31,657
================================ ===== ============== ========== =============
Total assets 85,409 65,126 73,895
================================ ===== ============== ========== =============
EQUITY AND LIABILITIES
Equity
Share capital 1,313 1,313 1,313
Share premium 44,084 44,084 44,084
Merger reserve (153,822) (153,822) (153,822)
Other reserves 158,864 158,864 158,864
Retained earnings 21,620 4,157 12,170
================================ ===== ============== ========== =============
Total equity 72,059 54,596 62,609
================================ ===== ============== ========== =============
Non-current liabilities
Provisions 205 57 140
Deferred tax liabilities 2,962 3,396 3,142
================================ ===== ============== ========== =============
Total non-current liabilities 3,167 3,453 3,282
================================ ===== ============== ========== =============
Current liabilities
Trade and other payables 7,709 6,346 6,874
Current tax liabilities 2,474 731 1,130
Total current liabilities 10,183 7,077 8,004
================================ ===== ============== ========== =============
Total liabilities 13,350 10,530 11,286
================================ ===== ============== ========== =============
Total equity and liabilities 85,409 65,126 73,895
================================ ===== ============== ========== =============
Condensed Consolidated Statement of Changes in Equity
Share Share Merger Other Retained
capital premium reserve Reserve earnings Total
=========================== ========= ========= ========== ========= ========== ========
Six months to GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
30 June 2018
=========================== ========= ========= ========== ========= ========== ========
Balance at
1 January 2018
(unaudited) 10 377 - 644 6,413 7,444
Capital re-organisation 1,030 (377) (153,822) 153,169 - -
New shares issued
on the IPO 273 44,814 - - - 45,087
Transaction costs
of new equity
instrument - (730) - - - (730)
Treasury shares - - - 3,616 (1,808) 1,808
Sales of shares
by Employee Benefit
Trust - - - 1,435 - 1,435
=========================== ========= ========= ========== ========= ========== ========
Total Transactions
with owners recognized
directly within
equity 1,303 43,707 (153,822) 158,220 (1,808) 47,600
=========================== ========= ========= ========== ========= ========== ========
Loss and total
comprehensive
expense for the
period - - - - (448) (448)
=========================== ========= ========= ========== ========= ========== ========
Balance at
30 June 2018 (unaudited) 1,313 44,084 (153,822) 158,864 4,157 54,596
=========================== ========= ========= ========== ========= ========== ========
Six months to
31 December 2018
=========================== =================================================================
Balance at
1 July 2018 (unaudited) 1,313 44,084 (153,822) 158,864 4,157 54,596
Issue of share
options - - - - 362 362
=========================== ========= ========= ========== ========= ========== ========
Total transactions
with owners recognised
directly within
equity - - - - 362 362
=========================== ========= ========= ========== ========= ========== ========
Profit and total
comprehensive
income for the
year - - - - 7,651 7,651
=========================== ========= ========= ========== ========= ========== ========
Balance at
31 December 2018
(audited) 1,313 44,084 (153,822) 158,864 12,170 62,609
=========================== ========= ========= ========== ========= ========== ========
Six months to
30 June 2019
========================= ====== ======= ========== ======== ======= =======
Balance at
1 January 2019
(audited) 1,313 44,084 (153,822) 158,864 12,170 62,609
Issue of share
options - - - - 674 674
========================= ====== ======= ========== ======== ======= =======
Total Transactions
with owners recognised
directly within
equity - - - - 674 674
========================= ====== ======= ========== ======== ======= =======
Profit and total
comprehensive
income for the
period - - - - 8,776 8,776
========================= ====== ======= ========== ======== ======= =======
Balance at
30 June 2019
(unaudited) 1,313 44,084 (153,822) 158,864 21,620 72,059
========================= ====== ======= ========== ======== ======= =======
Condensed Consolidated Statement of Cash Flows
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 30 June 31 December
2019 2018 2018
Note GBP'000 GBP'000 GBP'000
===================================== ===== ============ ============ =============
Operating activities
Profit before tax 10,356 31 8,697
Adjustments for:
Depreciation of property,
plant and equipment 195 153 305
Amortisation of intangible
fixed assets 7 2,686 1,981 6,103
Share-based compensation 674 - 362
Finance income (86) (30) (79)
Financial expenses 4 1,323 1,323
Financing fees written off - 258 258
(Increase)/decrease in trade
and other receivables (384) 2,138 (1,328)
Increase in trade and other
payables 816 1,049 1,784
Increase in provisions 65 7 89
===================================== ===== ============ ============ =============
Cash generated from operating
activities 14,326 6,910 17,514
Tax paid (600) (415) (1,316)
===================================== ===== ============ ============ =============
Net cash inflow from operating
activities 13,726 6,495 16,198
===================================== ===== ============ ============ =============
Cash flow from investing activities
Purchase of property, plant
and equipment (75) (215) (327)
Sale of property, plant and
equipment 20 17 16
Lease payments (New IFRS 16
requirement) (13) - -
Capitalisation of development
costs 7 (1,467) (1,287) (3,908)
===================================== ===== ============ ============ =============
Net cash from investing activities (1,535) (1,485) (4,219)
===================================== ===== ============ ============ =============
Cash flow from financing activities
Proceeds from new equity issued - 45,087 45,087
Sale of shares by EBT - 3,243 3,243
Capitalised transaction costs
of new equity instruments - (730) (730)
Interest received 86 30 79
Interest paid (including rolled
up loan note interest) (4) (4,843) (5,015)
Repayment of directors loans - (1,345) (1,345)
Repayment of loan notes - (38,226) (38,226)
Net cash from financing activities 82 3,216 3,093
===================================== ===== ============ ============ =============
Net increase in cash and cash
equivalents 12,273 8,226 15,072
Cash and cash equivalents
at beginning of period 23,512 8,440 8,440
===================================== ===== ============ ============ =============
Cash and cash equivalents
at end of period 35,785 16,666 23,512
===================================== ===== ============ ============ =============
Notes to the Condensed Consolidated Interim Financial
Statements
1. Nature of operations and general information
Team17 Group PLC and its subsidiaries (The Group) are a global
games label, creative partner and developer of independent
("indie"), premium video games.
2. Basis of preparation
This interim report has been prepared in accordance with the AIM
rules and IAS 34 "Interim Financial Reporting" as adopted by the
European Union. The condensed consolidated financial statements for
the 6 months ended 30 June 2019 should be read in conjunction with
the financial statements of Team 17 Group Plc for the year ended 31
December 2018 (the "Prior year financial statements") which
includes the financial results of the group prepared in accordance
with International Financial Reporting Standards (IFRSs) as adopted
by the European Union. The report of the auditors for the prior
year financial statements for the year ended 31 December 2018 was
unqualified, did not contain an emphasis of matter paragraph and
did not include a statement under Section 498 of the Companies Act
2006. The Group's interim condensed consolidated financial
information is not audited and does not constitute statutory
financial statements as defined in Section 434 of the Companies Act
2006. These condensed interim financial statements were approved
for issue on xx xxx 2019.
Going concern
The Directors are satisfied that the Group has adequate
resources to continue in business for the foreseeable future, and
accordingly continue to adopt the going concern basis in preparing
the accounts.
Accounting policies
The Group's principal accounting policies used in preparing this
information are as stated on pages 24 to 29 of the prior year
financial statements with the exception of the Group reorganisation
as described below. There has been no change to any accounting
policy from the date of the prior year financial statements. In
connection with the admission to AIM on 23 May 2018, the Group
undertook a reorganisation of its corporate structure which
resulted in the Company becoming the ultimate holding company of
the Group. Prior to the reorganisation the ultimate holding company
was Team 17 Holdings Limited.
The group has adopted IFRS 16 - Leases retrospectively from 1
January 2019, but has not restated comparatives for the 2018
reporting period, as permitted under the specific transitional
provisions in the standard. The reclassifications and the
adjustments arising from the new leasing rules are therefore
recognised in the opening balance sheet on 1 January 2019. The
total value of Right of use assets recognised at 1 January 2019 was
GBP92,000.
3. Segmental information
The Board considers this business as a single operating segment,
however this information is voluntarily disclosed.
Revenue by Third Party/Own IP:
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
================ ============ ============ =============
Own IP 5,037 5,763 11,101
Third Party IP 25,359 9,676 32,100
============ ============ =============
30,396 15,439 43,201
============ ============ =============
4. Exceptional items
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
=================== ============= ============ =============
IPO related costs - 2,552 2,597
- 2,552 2,597
================================= ============ =============
There were no exceptional items in the 6 months ending 30 June
2019.
Exceptional items in the 6 months ending 30 June 2018 relate to
significant one-off costs, which have not been deducted from
equity, associated with the Group's admission onto AIM in May 2018.
The costs comprise advisors fees (GBP1,323,000), the write off of
unamortised loan note fees (GBP240,000), stock exchange listing
fees (GBP43,000), other IPO costs (GBP29,000) and bonuses payable
to Directors which were contingent on admission to AIM
(GBP917,000). Costs totalling GBP730,000 incurred in association
with the IPO which met IAS 32 definition of transaction costs
(being incremental and directly related to the issuance of new
equity instruments and which would have been avoided had the
instruments not been issued) have been deducted from share
premium.
5. Adjusted EBITDA Calculation
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 30 June 31 December
2019 2018 2018
Profit attributable to shareholders 8,776 (448) 7,203
Exceptional costs - 2,552 2,597
Share based compensation 674 - 362
Revision of accounting estimate - - 263
Adjusted earnings 9,450 2,104 10,425
============ ============ =============
Taxation 1,580 479 1,494
Finance income (86) (30) (79)
Finance cost 4 1,323 1,323
Amortisation 892 892 1,784
Depreciation 195 153 305
============ ============ =============
Adjusted EBITDA 12,035 4,921 15,252
============ ============ =============
Revision of accounting estimate
During 2018 the group revised its approach to the recognition of
recoupable costs within its Intellectual Property and its
amortisation of development costs - adopting an 85% reducing
balance approach over 2 years in the case of the latter (previously
straight line over 2 years) and retaining the former within
capitalised development costs (previously derecognised when
recovered from the third party) and amortising over the useful
economic life of the game in line with all other costs. The impact
of this revision of accounting estimate was an increase to
capitalised costs of GBP1,720,000 and a corresponding increase in
amortisation of GBP1,983,000 giving an overall reduction in net
book value of GBP263,000. This revision in accounting estimate was
accounted for as at 31 December 2018 and then prospectively.
6. EPS
The calculation of the basic earnings per share is based on the
profits attributable to the shareholders of Team17 Group plc
divided by the weighted average number of shares in issue. The
weighted average number of shares takes into account treasury
shares held by the Team 17 Employee Benefit Trust.
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 2019 30 June 31 December
2018 2018
Profit attributable to shareholders
GBP'000 8,776 (448) 7,203
Weighted average number
of shares 129,246,382 107,286,833 118,356,852
Basic earnings per share
(pence) 6.79 (0.42) 6.09
============== ============ =============
The calculation of the diluted earnings per share is based on
the profits attributable to the shareholders of Team17 Group plc
divided by the weighted average number of shares in issue as
adjusted for any dilutive effect of share options. At 31 December
2018 the performance criteria for issuing the share options had not
been met and therefore there is no dilutive effect.
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 2019 30 June 31 December
2018 2018
Profit attributable to
shareholders GBP'000 8,776 (448) 7,203
Diluted weighted average
number of shares 129,303,701 107,286,833 118,356,852
Diluted earnings per share
(pence) 6.79 (0.42) 6.09
============== ============ ==============
The calculation of adjusted earnings per share is based on the
profit attributable to shareholders as shown above plus additional
costs added back during the year (Note 5). The weighted average
number of shares uses the number of shares in issue post listing on
AIM on 23 May 2018. This has been applied retrospectively to the
number of shares in issue at 1 January 2018 and the metric has been
restated to ensure that the adjusted earnings per share figures are
comparable over the two periods.
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 2019 30 June 31 December
2018 2018
Adjusted earnings GBP'000
(Note 5) 9,450 2,104 10,425
Weighted average number
of shares 129,246,382 129,246,382 129,246,382
Diluted weighted average
number of shares 129,303,701 129,246,382 129,246,382
============== ============ =============
Adjusted basic earnings
per share (pence) 7.31 1.63 8.07
Adjusted diluted earnings
per share (pence) 7.31 1.63 8.07
============== ============ =============
7. Intangibles
Development
costs Brands Goodwill Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January 2018 (unaudited) 6,707 21,983 21,083 49,773
Additions 1,287 - - 1,287
=========== ======== ========== =======
At 30 June 2018 (unaudited) 7,994 21,983 21,083 51,060
Additions 2,621 - - 2,621
=========== ======== ========== =======
At 31 December 2018 (audited) 10,615 21,983 21,083 53,681
Additions 1,467 - - 1,467
=========== ======== ========== =======
At 30 June 2019 (unaudited) 12,082 21,983 21,083 55,148
=========== ======== ========== =======
Amortisation
At 1 January 2018 (unaudited) 3,603 2,377 - 5,980
Charge for the period 1,089 892 - 1,981
=========== ======== ========== =======
At 30 June 2018 (unaudited) 4,692 3,269 - 7,961
Charge for the period 3,230 892 - 4,122
=========== ======== ========== =======
At 31 December 2018 (audited) 7,922 4,161 - 12,083
Charge for the period 1,794 892 - 2,686
=========== ======== ========== =======
At 30 June 2019 (unaudited) 9,716 5,053 - 14,769
=========== ======== ========== =======
Net carrying amount
At 30 June 2019 (unaudited) 2,366 16,930 21,083 40,379
=========== ======== ========== =======
At 31 December 2018 (audited) 2,693 17,822 21,083 41,598
=========== ======== ========== =======
At 30 June 2018 (unaudited) 3,302 18,714 21,083 43,099
=========== ======== ========== =======
At 1 January 2018 (unaudited) 3,104 19,606 21,083 43,793
=========== ======== ========== =======
Goodwill
The Group tests annually for impairment, or more frequently if
there are indicators that goodwill might be impaired.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR LLFVRATIAIIA
(END) Dow Jones Newswires
September 10, 2019 02:00 ET (06:00 GMT)
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