David Deacon discusses the Interim Results for the six months ended 31 March 2019.
Overall the Group has traded well in the first half setting a new record for revenue performance on a continuing operations basis of £16.1m (H1 FY18: £14.3m), up 12.6% on last year at a headline level and 10.4% on a constant currency basis and reporting Adjusted PBT* up 16.1% to £1.7m (H1 FY18: £1.5m). The cash position, having paid a Final and Special Dividend of £3.1m in the first half, finished at £10.9m as at 31 March 2019 (H1 FY18: £9.2m). Cash generated from operations during the first half was £3.3m (H1 FY18: £3.5m); the slight decline accounted for by the intentionally higher inventory position in preparation for Brexit. The Group remains debt-free.
Chief Financial Officer
Interim Results 2018/19 Highlights
- Headline Group revenue of £16.1m, up 12.6% (H1 FY18: £14.3m)
- Group revenue up 10.4% on a constant currency basis
- Adjusted profit before tax up 16.1% to £1.7m (H1 FY18: £1.5m)
- Cash generated from operations (before paying interest and tax) £3.3m (H1 FY18: £3.5m)
- Cash of £10.9m as at 31 March 2019 (H1 FY18: £9.2m) after the payments of a final and special dividend worth £3.1m
- Growth initiatives at Yotta yielding results:
- Annualised Recurring Revenue (‘ARR’) up 10.7% year-on-year
- 93.2% (FY18: 95.3%) retention of growing SaaS customer base
- As at 10th June 2019, ARR stood at £6.0m
- Headline Vicon revenue up 14.4% year-on-year (11.5% at constant currency) against a strong comparator
Adjusted PBT* (£'000)
Recurring Revenues (£'000)
Cash Generation after Tax (£'000)
Ordinary Dividends paid (p)
Annual TSR*** (%)
*Profit Before Tax before group recharges adjusted for share based payments, amortisation of intangibles arising on acquisition, fair value adjustments to IMeasureU consideration, impairment of Pimloc investment and exceptional costs.
**Earnings Per Share (EPS).
***Total Shareholder Return (TSR) Cumulative
Growth Rate (CAGR) of 20% over the period.
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Annual and Interim Results
Financial Calendar 2019
Annual General Meeting
End of half year
End of financial year