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RNS
Cerillion PLC  -  CER   

Interim Results

Released 07:00 14-May-2018

RNS Number : 8901N
Cerillion PLC
14 May 2018
 

14 May 2018

AIM: CER

Cerillion plc

("Cerillion" or "the Company" or "the Group")

Interim results for the six months ended 31 March 2018

 

Cerillion plc, the billing, charging and customer relationship management software solutions provider, today issues its interim results for the six months ended 31 March 2018.

Highlights

Continuing encouraging progress

Revenue up by 11% to £8.4m (2017: £7.5m)

 

-

mix of revenues returned to a more normalised weighting

 

-

existing customers continued to generate a high proportion of total revenues at 80% (2017: 79%)

 

-

recurring revenue1 rose by 15% to £2.5m or c. 30% of total revenue

Back order book2 continued to strengthen at £15.4m (2017: £14.7m)

Encouraging level of new order wins at £7.9m (2017: £9.4m and 2016: £6.9m)

Adjusted EBITDA3 up by 6% to £1.6m (2017: £1.5m)

Adjusted profit before tax4 of £0.7m (2017: £0.7m)/ After adding back £0.5m of amortisation of acquired intangibles, adjusted profit before tax was £1.2m (2017: £1.2m)

Adjusted earnings per share5 of 2.19p (2017: 2.45p)/ After adding back £0.5m of amortisation of acquired intangibles, adjusted earnings per share was 3.87p (2017: 4.13p)    

Net cash generated from operations increased significantly to £2.9m (2017: £1.8m)

Net cash as at 31 March 2018 more than doubled to £2.5m (2017: £1.1m)

Interim dividend increased by 7% to 1.5p (2017: 1.4p)

Major £5.0m new customer win with Sure, a European telecommunications operator

Gartner designated Cerillion in the 'Visionaries' segment of its Magic Quadrant6 - for second successive year

The Board remains very positive about growth prospects 

 

Louis Hall, CEO of Cerillion, commented:

"We are pleased with the progress that the business continues to make. Half year results show increased revenue, and profitability in line with management expectations. New orders were strong at £7.9m, and included a major new contract with Sure, a European telecommunications operator. Cerillion's inclusion in the 'Visionaries' segment for the second year running in Gartner's Magic Quadrant6 was also very pleasing.

"Looking ahead, our strong back order book helps to support revenue visibility, and the number and quality of the tender processes we are currently engaged in is very encouraging at this point in the year, and will underpin continuing progress towards the Company's financial goals.  We look forward to the future with confidence and believe that prospects for long term growth remain very positive."

 

1 Recurring revenue includes annualised support and maintenance, managed service and Skyline revenue.

2 Back order book consists of £11.4m of sales contracted but not yet recognised at the end of the reporting period plus £4.0m of annualised support and maintenance revenue.  It is anticipated that 75% of the £11.4m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within the next 12 to 18 months.

3 Adjusted EBITDA is a non-GAAP, company-specific measure which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation, share-based payments charges and additional property costs. Adjusted EBITDA refers to adjusted EBITDA from continuing operations.

4 Adjusted profit before tax is a non-GAAP, company-specific measure which is earnings excluding taxes, share-based payments charges and additional property costs.

5 Adjusted earnings per share is a non-GAAP, company-specific measure which is earnings after taxes, excluding share-based payments charges and additional property costs.

6 Magic Quadrant for Integrated Revenue and Customer Management ("IRCM") for CSPs. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

The Gartner Report(s) described herein, (the "Gartner Report(s)") represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and are not representations of fact. Each Gartner Report speaks as of its original publication date (and not as of the date of these Financial Statements) and the opinions expressed in the Gartner Report(s) are subject to change without notice. 

 

 

For further information please contact:

 

Cerillion plc

Louis Hall, CEO

Oliver Gilchrist, CFO

 

c/o KTZ Communications

T: 020 3178 6378

 

 

 

Shore Capital (Nomad and Broker)

 

T: 020 7408 4090

Mark Percy

Toby Gibbs

 

 

 

 

 

KTZ Communications

 

T: 020 3178 6378

Katie Tzouliadis

Emma Pearson

 

 

 

 

 

 

About Cerillion

 

Cerillion is a leading provider of mission critical software for billing, charging and customer relationship management, with an 18 year track record in providing comprehensive revenue and customer management solutions. The Company has 81 customers across 43 countries, principally serving the telecommunications market.

 

The Company is headquartered in London and also has operations in Pune, Miami and Sydney.

 

 

 

CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S REPORT

Overview

 

We are pleased to present Cerillion's trading results for the six months ended 31 March 2018.

The Company continues to make encouraging, steady progress and, over the period, we have continued to invest in our products and capability to support ongoing growth and expansion. Revenue is up by 11% to £8.4m, driven by both new customer orders and follow-on orders from existing customers.  The profile of our revenue mix in this period reflects a more typical weighting than the equivalent period last year, which benefited from a greater proportion of higher margin software licence sales. Adjusted profit before tax3 of £0.7m is in line with management expectations, and, given the normalised revenue mix, it compares well to 2017 (£0.7m).  New orders in the period were strong at £7.9m.

At this point in the year, we are encouraged by our strong pipeline of new customer opportunities, and continue to view our prospects very positively.

Financial Overview

For the six months to 31 March 2018, the Group's revenue increased by 11% to £8.4m (2017: £7.5m). The mix of income streams (services, software, and third party) returned to a more normalised weighting against last year, when there was an exceptionally strong contribution from software income. 

Services income accounted for 56% of revenue (2017: 41%), and increased by 50% to £4.7m (2017: £3.1m). Software income (from software licence, support and maintenance sales) made up 34% of revenue (2017: 54%) and contributed £2.9m, lower than last year's £4.1m, which included very strong follow-on software licence sales to existing customers. Third party income increased by 138% to £0.9m (2017: £0.4m) and accounted for 10% of revenues (2017: 5%).  

In line with typical trading patterns, our existing customer base (those customers acquired at least 12 months before the end of the reporting period) accounted for a high proportion of the Group's income, generating 80% of the Group's revenue in the first half (2017: 79%).

Recurring revenue1, from support and maintenance and managed service contracts, increased by 15% to £2.5m (2017: £2.2m) and accounted for 30% of the Group's income (2017: 29%).

As expected, overheads increased to £4.6m (2017: £4.1m), which reflected planned expansion in resource, with personnel costs higher at £2.7m (2017: £2.5m).  We also incurred a one-off property cost of £0.2m, which related to our move to a new office in London.

Earnings before interest, tax, depreciation and amortisation ("EBITDA") was £1.4m (2017: £1.5m), with adverse currency movements mainly responsible for the year-on-year decrease.  On a constant currency basis, EBITDA would have been 13% ahead year-on-year. Adjusted EBITDA (excluding the share-based payments charge and one-off property costs) was £1.6m (2017: £1.5m).

Adjusted profit before tax3 was maintained at £0.7m (2017: £0.7m) and adjusted earnings per share4 decreased by 11% to 2.19p (2017: 2.45p).  After adding back £0.5m of amortisation of acquired intangibles, arising on acquisition of Cerillion Technologies Limited during the IPO process, adjusted profit before tax was £1.2m (2017: £1.2m) and earnings per share was 3.87p (2017: 4.13p).

Net assets increased to £13.3m as at 31 March 2018 (2017: £12.9m) of which £5.8m was cash (2017: £5.3m).

Cash Flow and Banking

Net cash as at 31 March 2018 more than doubled to £2.5m (2017: £1.1m), reflecting cash of £5.8m (2017: £5.3m) and debt of £3.2m (2017: £4.1m). Net cash generated from operations rose by 59% to £2.9m (2017: £1.8m) in the period.

Expenditure on capitalised R&D for the period was £0.4m (2017: £0.3m) as we continued to invest in product development to further enhance our intellectual property.

Expenditure on fixed assets was higher at £0.6m (2017: £0.1m).  This mainly reflected the fit-out of our new London premises. 

Free cash generation increased by 30% to £1.9m (2017: £1.5m) in the period. This was utilised to pay the final dividend of £0.8m (2017: £0.8m) declared in respect of the year ended 30 September 2017 and to repay £0.4m (2017: £0.4m) of the £5.0m term loan taken up in conjunction with the AIM IPO.  £1.8m has now been repaid since the IPO (2017: £0.9m).

Dividend

The Board is pleased to declare an interim dividend of 1.5p per share, which represents a 7% increase year-on-year (2017: 1.4p). The interim dividend will become payable on 14 June 2018 to those shareholders on the Company's register as at the close of business on the record date of 25 May 2018. The ex-dividend date is 24 May 2018.  As previously stated, the Board intends to pay out between a third to a half of the Group's free cash flow as dividends each year, subject to the Group's performance.

Operational Overview

Cerillion's offering in the market remains highly differentiated, with our sophisticated, pre-integrated suite of modules for billing, charging and CRM providing customers with a more rapid integration process and greater flexibility. Our real-time Convergent Charging System ("CCS") is a major attraction for new customers, enabling telecoms operators and service providers to converge prepaid and postpaid billing for fixed and mobile services onto a single platform. It is particularly relevant to the faster growing mobile and mobile data sectors.

In November 2017, we were pleased to see our product suite designated for the second year running in the 'Visionaries' quadrant of Gartner's report5, "Magic Quadrant for Integrated Revenue and Customer Management (IRCM) for CSPs". This was based on an evaluation of both our core BSS/OSS solution, as well as Cerillion Skyline, our Software-as-a-Service ("SaaS") billing and subscription management solution.

In addition to this, we were also delighted that Cerillion received the highest rating of all vendors, based on customer reviews, in the Gartner Peer Insights Review of Vendors Based on Customer Evaluation in the Integrated Revenue and Customer Management for CSPs ("ICRM") market5.  A total of 23 ICRM vendors were reviewed by 100 of their customers.

The business continued to make encouraging progress over the first half. Our pipeline of potential new prospects now includes a noteworthy increase in the size and quality of new customer opportunities.  We believe this derives from a higher profile in the market, our delivery track record and some changes to the competitive landscape in Europe. The sales cycle remains between six to 18 months typically, with some processes being shorter or longer. 

Over the first half we secured £7.9m of new orders (excluding support), which was lower than the exceptionally strong performance in the same period last year, but well ahead of the equivalent period in 2016 (2017: £9.4m and 2016: £6.9m).  New orders included a £5.0m win from a major new customer, Sure, a member of the Batelco Group and a provider of fixed, mobile and data telecommunications services to consumer and corporate customers in Guernsey, Jersey and the Isle of Man. The contract involves the implementation of a digital transformation project, based on the supply of our CCS, CRM Plus, Enterprise Product Catalogue, Revenue Manager, Service Manager and Self-Service modules. Our ability to replace Sure's multiple legacy systems with our single, pre-integrated platform was a key attraction for the telecoms company, and we will also be providing the business with support and managed services. Although the initial contract is worth £5.0m, the total potential value of this new relationship is expected to grow to £8.4m over 5 years. We expect to complete the implementation of our software suite in early 2019.

The new orders secured in the first half support our back order book2, which stood at £15.4m at the end of the first half (2017: £14.7m). These contracted (but not yet recognised) sales will help to drive implementation projects over the coming quarters.

We are currently tendering for a range of exciting new business opportunities and hope to convert a number of these. 

We are encouraged by the traction we are seeing with Cerillion Skyline, which addresses a wide spectrum of customers outside our core telecoms constituency.  By the end of the year, we expect to have closed two or three deals with market-leaders in their sectors. While Skyline remains a small contributor to overall revenues today, we are focused on building its customer base. As a SaaS product, new Skyline wins will contribute to the Group's recurring revenues.  

Outlook

Cerillion remains well-positioned in its core market and we are delighted that our product offering remains acknowledged in Gartner's 'Visionaries' quadrant5

The business continues to generate good cash flows and recurring income from its large existing customer base, which typically accounts for some 80% of annual revenues.  Looking forward, our strong back order book helps to support revenue visibility, and the number and quality of the tender processes we are currently engaged in is very encouraging at this point in the year, and will underpin continuing progress towards the Company's financial goals. 

We look forward to the future with confidence and believe that prospects for long term growth remain very positive.

 

Notes:

1 Recurring revenue includes annualised support and maintenance, managed service and Skyline revenue.

2 Back order book consists of £11.4m of sales contracted but not yet recognised at the end of the reporting period plus £4.0m of annualised support and maintenance revenue.  It is anticipated that 75% of the £11.4m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within the next 4 to 5 quarters.

3 Adjusted profit before tax is a non-GAAP, company-specific measure which is earnings excluding taxes, share-based payments charges and additional property costs.4 Adjusted earnings per share is a non-GAAP, company-specific measure which is earnings after taxes, excluding share-based payments charges and additional property costs.

5 Magic Quadrant for Integrated Revenue and Customer Management ("IRCM") for CSPs. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

The Gartner Report(s) described herein, (the "Gartner Report(s)") represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and are not representations of fact. Each Gartner Report speaks as of its original publication date (and not as of the date of these Financial Statements) and the opinions expressed in the Gartner Report(s) are subject to change without notice.

Gartner Peer Insights reviews constitute the subjective opinions of individual end-users based on their own experiences, and do not represent the views of Gartner or its affiliates.

 

 

 

 

 

Cerillion plc Interim Financial Information

Unaudited Consolidated Statement of Comprehensive Income

for the six months ended 31 March 2018

£

Consolidated

Unaudited

half year to

31 Mar 2018

Consolidated

Unaudited

half year to

31 Mar 2017

Consolidated

Audited

year to

30 Sep 2017

Continuing operations

 

 

 

Revenue

8,386,137

7,544,199

16,032,976

Cost of sales

(2,387,751)

(1,921,620)

(3,814,488)

Gross profit

5,998,386

5,622,579

12,218,488

Operating expenses

(5,479,239)

(4,837,357)

(10,110,179)

 

 

 

 

Adjusted EBITDA*

1,596,167

1,503,514

3,616,536

Depreciation and amortisation

(865,359)

(718,292)

(1,508,227)

Share based payment charge

(50,000)

-

-

Exceptional items

(161,661)

-

-

Operating profit

519,147

785,222

2,108,309

 

 

 

 

Finance costs

(52,546)

(61,584)

(117,569)

Finance income

5,630

1,523

4,611

 

 

 

 

Adjusted profit before tax**

683,892

725,161

1,995,351

Share based payment charge

(50,000)

-

-

Exceptional items

(161,661)

-

-

Profit before tax

472,231

725,161

1,995,351

Taxation

(38,685)

(1,488)

27,328

Adjusted profit for the period***

645,207

723,673

2,022,679

Share based payment charge

(50,000)

-

-

Exceptional items

(161,661)

-

-

Profit for the period

433,546

723,673

2,022,679

Other comprehensive income

 

 

 

Exchange differences on translating foreign operations

 

(73,595)

 

5,203

 

(38,026)

Total comprehensive profit for the period

 

359,951

 

728,876

 

1,984,653

All transactions are attributable to the owners of the parent.

Basic earnings per share

 

 

 

from continuing operations

1.47 pence

2.45 pence

6.9 pence

 

 

 

 

Diluted earnings per share

 

 

 

from continuing operations

1.47 pence

2.45 pence

6.8 pence

 

 

 

 

Adjusted basic earnings per share

 

 

 

from continuing operations

2.19 pence

2.45 pence

6.9 pence

*Adjusted EBITDA is a non-GAAP, company-specific measure which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation, share-based payments charge and additional property costs. Adjusted EBITDA refers to adjusted EBITDA from continuing operations.

** Adjusted Profit before tax is a non-GAAP, company-specific measure which is earnings excluding taxes, share-based payments charge and additional property costs.
*** Adjusted Profit for the period is a non-GAAP, company-specific measure which is earnings excluding share-based payments charge and additional property costs.

 

 

Unaudited Condensed Consolidated Statement of Changes in Equity

as at 31 March 2018

 

£

Share capital

Share premium

Share option reserve

Foreign exchange reserve

Retained earnings

Total Equity

 

 

 

 

 

 

 

Balance at 1 October 2016

147,567

13,318,725

-

145,913

(657,207)

12,954,998

Profit for the period

-

-

-

-

723,673

723,673

Exchange difference on translating foreign operations

-

-

-

5,203

-

5,203

Total comprehensive income

-

-

-

5,203

723,673

728,876

Dividends

-

-

-

-

(767,349)

(767,349)

Balance at 31 March 2017

147,567

13,318,725

-

151,116

(700,883)

12,916,525

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

1,299,006

1,299,006

Exchange difference on translating foreign operations

-

-

-

(43,229)

-

(43,229)

Total comprehensive income

-

-

-

(43,229)

1,299,006

1,255,777

 

Dividends

-

-

-

-

(413,190)

(413,190)

Balance at 30 September 2017

 

147,567

 

13,318,725

 

-

 

107,887

 

184,933

 

13,759,112

Profit for the period

-

-

 

 

433,546

433,546

Exchange difference on translating foreign operations

-

-

-

(73,595)

-

(73,595)

Total comprehensive income

-

-

-

(73,595)

433,546

359,951

Share based payment

-

-

50,000

-

-

50,000

Dividends

-

-

-

-

(826,378)

(826,378)

Balance at 31 March 2018

147,567

13,318,725

50,000

34,292

(207,899)

13,342,685

 

 

 

Unaudited Condensed Consolidated Balance Sheet

as at 31 March 2018

 

£

 

Unaudited

Note

Consolidated

Unaudited 31 Mar 2018

Consolidated

Unaudited

31 Mar 2017

Consolidated

Audited

30 Sep 2017

Assets

 

 

 

 

Non-current

 

 

 

 

Goodwill

 

2,053,141

2,053,141

2,053,141

Intangible assets

 

6,264,189

6,689,066

6,571,158

Property, plant and equipment

 

820,925

363,584

359,939

Deferred tax

 

256,673

320,282

270,123

 

 

9,394,928

9,426,073

9,254,361

 

 

 

 

 

Current assets

 

 

 

 

Trade receivables

 

3,040,586

3,245,899

1,956,936

Other receivables

4

6,017,089

6,342,830

6,551,890

Cash and cash equivalents

 

5,776,480

5,254,523

5,338,935

 

 

14,834,155

14,843,252

13,847,761

 

 

 

 

 

Total assets

 

24,229,083

24,269,325

23,102,122

 

 

 

 

 

Equity and liabilities

 

 

 

 

Shareholders' equity

 

 

 

 

Called up share capital

 

147,567

147,567

147,567

Share premium account

 

13,318,725

13,318,725

13,318,725

Foreign exchange reserve

 

34,292

151,116

107,887

Share option reserve

 

50,000

-

-

Retained profit/(loss)

 

(207,899)

(700,883)

184,933

Total Equity

 

13,342,685

12,916,525

13,759,112

 

 

 

 

 

Liabilities

 

 

 

 

Non-current

 

 

 

 

Borrowings

 

2,245,323

3,138,111

2,693,139

Other non-current liabilities

 

981,847

1,186,486

1,076,166

 

 

3,227,170

4,324,597

3,769,305

 

 

 

 

 

Current liabilities

 

 

 

 

Trade payables

 

1,183,062

651,254

732,185

Other payables

4

5,476,166

5,376,949

3,841,520

Borrowings - current

 

1,000,000

1,000,000

1,000,000

 

 

7,659,228

7,028,203

5,573,705

 

 

 

 

 

Total equity and liabilities

 

24,229,083

24,269,325

23,102,122

 

 

Unaudited Condensed Consolidated Cash Flow Statement

for the six months ended 31 March 2018

 

£

Consolidated

Unaudited half year to 31 Mar 2018

Consolidated

Unaudited

half year to

31 Mar 2017

Consolidated

Audited

 year to

30 Sep 2017

Operating activities

 

 

 

Reconciliation of profit to operating cash flows

 

 

 

Profit for the period

433,545

723,673

2,022,679

Add back:

 

 

 

Taxation

38,685

1,488

(27,328)

Depreciation

158,388

127,988

249,715

Amortisation and impairment

706,971

590,304

1,258,212

Share option charge

50,000

-

-

Finance costs

52,546

61,584

117,569

Finance income

(5,630)

(1,523)

(4,611)

 

1,434,505

1,503,514

3,616,236

(Increase)/decrease in trade and other receivables

(548,848)

(423,857)

656,046

Increase/(decrease) in trade and other creditors

2,117,002

868,989

(724,060)

Cash from operations

3,002,659

1,948,646

3,548,222

Finance costs

(52,546)

(61,584)

(117,569)

Finance income

5,630

1,523

4,611

Tax paid/(received)

(47,554)

(63,543)

7,845

Net cash generated from operating activities

2,908,189

1,825,042

3,443,109

 

 

 

 

Investing activities

 

 

 

Capitalisation of development costs

(400,002)

(300,000)

(850,000)

Purchase of property, plant and equipment

(621,393)

(74,496)

(197,808)

Net cash used in investing activities

(1,021,395)

(374,496)

(1,047,808)

 

 

 

 

Financing activities

 

 

 

Borrowings repaid

(447,815)

(434,492)

(879,463)

Dividends paid

(826,378)

(767,349)

(1,180,539)

Net cash used in financing activities

(1,274,193)

(1,201,841)

(2,060,002)

 

 

 

 

Net increase in cash and cash equivalents

612,601

248,705

335,299

Translation differences

(175,055)

(367)

(2,549)

Cash and cash equivalents at beginning of period

5,338,935

5,006,185

5,006,185

Cash and cash equivalents at end of period

5,776,481

5,254,523

5,338,935

 

 

 

Unaudited Notes

1.   Basis of Preparation and Accounting Policies

The condensed financial information is unaudited and was approved by the Board of Directors on 11 May 2018.

The Company is a public limited company, which was incorporated in England and Wales on 5 March 2015. The address of its registered office is 25 Bedford Street, London, WC2E 9ES. The interim financial information for the six months ended 31 March 2018 has been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations endorsed by the European Union (EU). The interim financial information for the six months ended 31 March 2018 has been prepared under the historical cost convention.

The interim financial information for the six months ended 31 March 2018 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and no statutory accounts have been prepared, audited or filed with the Registrar of Companies in England and Wales since incorporation.

The preparation of the interim financial information for the six months ended 31 March 2018 in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Statements and the reported amounts of revenues and expenses during the period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.

There is no material difference between the fair value of financial assets and liabilities and their carrying amount.

The functional and presentational currency is UK Sterling.

2.   Going concern

The Directors have assessed the current financial position of the Group, along with future cash flow requirements, to determine if the Group has the financial resources to continue as a going concern for the foreseeable future. The conclusion of this assessment is that it is appropriate that the Group be considered a going concern. For this reason the Directors continue to adopt the going concern basis in preparing the interim financial information for the six months ended 31 March 2018. The interim financial information does not include any adjustments that would result in the going concern basis of preparation being inappropriate.

3.   Basis of consolidation

The consolidated financial information incorporates the financial information of the Company and entities controlled by the Company (its subsidiaries) at 31 March 2018. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefit from its activities.

Except as noted below, the financial information of subsidiaries is included in the consolidated financial statements using the acquisition method of accounting.  On the date of acquisition the assets and liabilities of the relevant subsidiaries are measured at their fair values.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

4.   Adjusted earnings

EBITDA, profit before tax, profit for the period and earnings per share have been adjusted to take account of exceptional costs of £161,661 for additional rental charges relating to double occupancy of London property for three months during the fit out of our new London office accommodation, and £50,000 relating to P&L charges in respect of the Company's share based long term incentive plan.

5.   Other receivables and other payables

 

 

Unaudited

31 Mar 2018

£

Unaudited

31 Mar 2017

£

Audited

30 Sep 2017

£

Other receivables

 

 

 

 

Amounts recoverable on contracts

Prepayments

 

5,097,840

353,396

5,756,101

128,620

5,866,024

193,204

Other receivables

 

565,853

458,109

492,662

 

 

6,017,089

6,342,830

6,551,890

Other payables

 

 

 

 

Taxation

 

308,822

131,714

236,822

Other taxation and social security

 

126,083

195,150

170,854

Pension

 

45,539

39,262

40,413

Accruals

Deferred income

 

991,082

3,552,967

1,168,903

3,173,884

1,221,442

1,744,049

Ubisense loan

Other payables

 

-

451,673

240,000

428,036

-

427,940

 

 

5,476,166

5,376,949

3,841,520

                     

6.   Availability of this announcement

This announcement together with the financial statements herein and a presentation in respect of the interim financial results are available on the Group's website, www.cerillion.com.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Interim Results - RNS