REG - GETECH Group plc - Interim Results
25/09/2023 07:00
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RNS Number : 4375N GETECH Group plc 25 September 2023
25 September 2023
Getech Group plc
("Getech" or the "Company")
Interim Results
Getech (AIM: GTC), a world leading locator of subsurface resources, announces
its unaudited interim results and report for the six months to 30 June 2023
("H1 2023" or the "Period").
'Restructured and re-focused on core expertise of locating subsurface
resources'
Operational and Strategic highlights
· Strategic review of the business completed over the last 6 months,
resulting in targeted objectives to:
o re-focus the Company on the core business of locating subsurface
resources;
o extend Globe's capabilities to identify a wider range of assets e.g. Zinc,
Lithium and Phosphates;
o reduce cost base by £2 million and switch to developing H2 Green's assets
in partnership;
o generate future revenues from subscription sales and solutions coupled to
asset participation in large scale projects where appropriate;
o become cashflow positive in the near term and
o increase and target marketing and sales activity towards the $1 trillion
Energy Transition market.
· Significant progress has already been made on all of the strategic
priorities set out above.
· Interim executive Chairman Richard Bennett, appointed in February
2023, has agreed to become Acting Chief Executive Officer of the Group with
Michael Covington, currently Non-Executive Director, to be Chairman Designate.
Both appointments expected to be confirmed as permanent in due course.
Financial highlights
· H1 2023 revenues of £1.9 million (H1 2022: £2.7 million
including a one-off £0.7 million transfer payment) reflects lower sales
volumes in oil and gas.
· Strong orderbook value of £4.4 million (30 June 2022: £4.8
million) with £1.4 million of the orderbook expected to convert in H2 2023,
and a further £1.5 million due in FY 2024. This demonstrates multi-year
commitment from our customers to use the Globe geoscience platform.
· Annualised recurring revenue increased to £2.6 million with the
addition of new Globe and software customers (December 2022: £2.4 million).
· On an unchanged cost base, recorded a loss before tax and
exceptional costs of £2.2 million (exceptional costs being £0.7 million)
· Cash totalling £2.0 million at 30 June 2023 (31 December 2022:
£4.3 million), with the proposed sale of Kitson House progressing
Outlook
· Good pipeline of orders support the traditionally stronger second
half of the year, boosted by the uplift in sales, marketing and PR activity
across the business, although tempered by delays to spending decisions
Richard Bennett, Getech Executive Chairman commented:
"Completing the strategic review of the business has enabled us to set out our
plans for the Company's future. It was clear that the Group was likely to
become financially and operationally over-extended. Accordingly, we have
decided to focus on our core expertise of locating subsurface assets,
transforming our predictive capabilities with the latest artificial
intelligence techniques, and to significantly reduce our cost base, thereby
creating a financially lighter and more focused business with which to target
future growth.
The results for H1 show a reduction in sales over the comparative period in
the prior year, when performance was boosted by a large one-off payment.
However, our order book is stable and we are generating a good pipeline of
future projects, the majority of which come from outside of the oil and gas
market. There is no doubt that Getech's expertise is required to locate the
resources needed to power the substantial Energy Transition market - clean
energy and critical minerals - and we are positioning the business to do
exactly that."
Investor Meet Company presentation
The Company will hold an investor call on Monday 25 September at 10.00am to
discuss the interim results. Investors can sign up to Investor Meet Company
for free and add to meet Getech via:
https://www.investormeetcompany.com/investor/company/getech-group-plc
(https://www.investormeetcompany.com/investor/company/getech-group-plc) .
Mello presentation
Taking place on Wednesday, 27 September 2023 at 12.30pm UK time via Zoom.
Investors can register for tickets via:
https://www.tickettailor.com/events/melloeventslimited/970931
(https://www.tickettailor.com/events/melloeventslimited/970931)
For further information, please contact:
Getech Group plc Tel: 0113 322 2200
Richard Bennett, Executive Chairman
Cavendish Securities plc Tel: 0207 397 8900
Neil McDonald / Pete Lynch (Corporate Finance)
Michael Johnson / Dale Bellis (Sales)
Novella Tel: 020 3151 7008
Tim Robertson/Safia Colebrook
Notes to editors:
Getech Group plc (AIM: GTC) applies its world-leading geoscience data and
unique geospatial software products to accelerate the Energy Transition by
locating geoenergy projects and critical minerals.
For further information, please visit www.getech.com (http://www.getech.com) .
CEO Statement
Introduction
After several years of investing in diversifying our business from oil and gas
(O&G), H1 2023 has seen us apply this experience to better focus our
operations on the best opportunities - those that match our core expertise in
subsurface understanding and geospatial analysis, with a near-term expectation
of generating revenues. Getech has genuinely unique data and a talented pool
of highly knowledgeable staff - I am confident that the strategic changes we
have made and are making, coupled with a transformational shift toward the use
of machine learning and artificial intelligence (AI), stands us in good stead
for significant future growth.
Financial Results
During the period the Company continued to win new business across all our
subsurface product lines to generate revenues of £1.9m. This was lower than
the same period in 2022, which was boosted by a £0.7m transfer payment.
During the period, costs were higher than expected given a number of one-off
costs including redundancy payments and the restructuring of H2 Green. The
cash balance at the end of the period is £2.0m and, after the implemented
cost reductions coupled with the sale of Kitson House there will be sufficient
funds to operate the business.
Strategic Review
My key priorities for the past six months have been two-fold. First, to ensure
business continuation, and second, to undertake a strategic review of the
business and ensure that Getech successfully diversifies its services and
customer-base, while growing profits from the wider Energy Transition. Today,
it is my pleasure to outline my conclusions and explain how we intend to drive
the business forward.
Re-focus on the core business of locating subsurface resources
· Our plan for Getech is to continue to sell products and services to
the global O&G sector to allow customers to develop more sustainable
future reserves; and to consolidate and focus hard on the areas where we have
been winning business and are able to grow revenues, i.e. CCS, Geothermal and
Critical Minerals. The intention is for the majority of our revenues to come
from clean energy in due course.
Business Model
· It is clear that there is a valuable commercial opportunity in
front of Getech involving different markets and companies with very different
capabilities compared to our historical client-base. Getech therefore needs to
adapt its commercial model to support those companies and to participate fully
in the upside of the global Energy Transition. We are extending our business
to look at both revenue and project participation through carried equity and
royalties. A portfolio approach, based on future asset participation and/or
royalty revenue streams, is expected in time to become a central part of
Getech's value.
Cost reduction programme
· We have taken a very hard look at our cost-base and implemented a
programme of cost reductions in staff and expenses that will result in a
c.£2m saving going into 2024. This specifically includes removing the board
and management overheads from H2 Green, and utilising Getech's existing
management team for these functions. This will help us meet our objective of
making Getech cash flow positive in the near term. Costs associated with H2
Green make up the majority of the reductions. Looking ahead into 2024 and
beyond with a lighter cost-base and as the business grows, we anticipate
having the capital to recruit more appropriate skills into the Group, to
support development where we are generating revenue and value traction, e.g.
CCS, Geothermal, critical minerals, data science and AI.
In addition, it remains a priority to reduce our office costs and sell Kitson
House so that we can move to more suitable accommodation. While the real
estate market is challenging, we are confident of bringing this to a
conclusion.
Globe Geoscience Platform and R&D
· During the strategic review, we have identified opportunities to
expand the commerciality of the Company's core assets. The focus of our work
has been in utilising machine learning and AI technologies to streamline our
internal workflows and develop advanced analytic capabilities within our
products, and in particular our Globe geoscience platform. Our work to date
has allowed us to significantly improve our predictive capabilities across a
range of heat and mineral resources. We expect to be able to bring these
capabilities to market and use them to develop new asset participation
opportunities. We have already successfully used the Globe platform to support
the exploration of copper with clients including Nittetsu, geothermal with
Eavor and have added the capability for the exploration of natural hydrogen.
Routes to Market
The Company is now organised around selling solutions to Explorers and
Decarbonisers:
· Decarbonisers are a new type of customer for Getech and comprises
global industrial companies that need to reduce carbon emissions from
industrial processes. Getech can help these large organisations identify
subsurface resources such as carbon storage that can be used to store
hard-to-abate emissions, as well as geothermal potential that can be used as
an alternative low-carbon heat source to fossil fuels. We expect this to
become a substantial area of growth as companies seek to deliver their Net
Zero commitments.
· Explorers are the main customers and revenue generators for Getech
and comprise exploration companies that are seeking to identify and develop
subsurface projects. This includes O&G, minerals exploration and
geothermal companies. Getech provides our Globe geoscience platform,
geoscience data, software and expert services to accelerate and de-risk the
exploration process. We expect this to continue to be a growth area as
companies seek to develop the subsurface resources that are vital for the
Energy Transition.
Review of Operations
Oil, Gas and CCS
In our core oil and gas sector, customer retention for our Globe platform has
been strong, and we continue to see interest from potential new customers.
Globe 2023 was released in July 2023 with new content and functionality,
delivering even more value for customers with enhanced application to multiple
geoscience resource sectors. In addition, we have added multiple new software
subscribers across both our Operator and Investor software customer-base,
driven in part by strong interest from the US shale sector. At the same time,
our GIS Services team continues to deliver solid revenues across a range of
geospatial energy sectors, including exploration, production and pipeline
sectors. Unfortunately, our Gravity and Magnetic Solutions team has
experienced lower than customary data sales due to adverse market conditions,
as well as third-party delays to several large projects which has had the
effect of delaying revenues - naturally, we are working hard to bring these
projects on stream as soon as we can.
There has been a notable policy shift in the UK to continue to develop North
Sea oil and gas fields and develop North Sea carbon storage projects to store
carbon dioxide resulting from blue hydrogen projects, which offer to extend
the lifespan for gas usage, and in turn may extend exploration budgets.
We have also noted an increase in interest in exploration for unconventional
gas and natural hydrogen (or geologic hydrogen) projects. We have responded by
releasing software updates in our Globe geoscience platform to facilitate the
exploration of these resources. In the case of natural hydrogen, it offers a
potential and substantial cost saving over green hydrogen production, and a
potential low-carbon diversification opportunity for energy companies that
have the necessary gas field development skills.
Geothermal
There is a renewed interest in geothermal projects around the globe as a
source of heating for homes and industries, as well as to produce power.
Getech's subsurface expertise combined with advanced analytics enables the
rapid and cost-effective identification of locations that are potentially
prospective for geothermal energy. This is an excellent fit with our core
expertise of understanding subsurface structure and heat flow. Continuing the
trend of last year, in 2023 we have delivered multiple projects for new
geothermal clients across several continents, demonstrating and highlighting
the steady increase in demand and interest in this clean source of energy.
In January 2023 Getech and Eavor - a global geothermal technology company -
signed a strategic partnership to jointly locate and appraise a portfolio of
geothermal projects in Latin America. Eavor was already a customer of Getech's
data and services, and through this work Getech has generated revenue and
demonstrated its geothermal expertise. This has now translated to an
asset-based partnership that is broader, more strategic and more valuable for
both parties.
Eavor has attracted venture capital funding from BP, Chevron and BHP (all
customers of Getech petroleum and/or mineral exploration solutions) and
recently secured development financing, totalling up to €1bn, for the
development of at least five geothermal projects in North America and Europe.
Critical Minerals
For the world to meet its decarbonisation goals, many industries from
automotive to steel mills are turning to electrification. This requires
enormous development of critical mineral assets such as copper, cobalt and
lithium, all of which are in the scope of Globe geoscience platform.
In H1 2023, Getech has sold mineral exploration data and solutions to three
new Mining company customers, demonstrating demand for our foundation
geoscience data and interpretation in the critical minerals sector. Based on
this work, some of these companies have licensed significant land positions
for mineral exploration, demonstrating the value of our offering. In addition,
we have continued to develop our R&D into predicting the location of
lithium and natural ("white") hydrogen resources, the latter of which is
receiving significant press attention. Getech is in the process of bringing
these new solutions to market.
H2Green
The market for green hydrogen has faced substantial challenges, particularly
for transportation which has been the primary focus of H2 Green. In the UK,
government policy has not been as decisive as in Europe and the USA (e.g.
through IRA incentives) and consequently many investment decisions have been
delayed. Given the investment that Getech has made into H2 Green to date and
the ongoing cost, it has been vital to make hard and pragmatic choices that
protect the asset value but reduce the ongoing cost.
We have therefore decided to substantially reduce business development
activity and to continue to develop our projects in-line with the market
demand for green hydrogen. For the foreseeable future, it is our preferred
model to develop projects with partners and contractors rather than to build a
dedicated in-house engineering team. We believe this offers a sensible hedge
that reduces costs now while enabling us to maintain our existing portfolio
and commitments, yet be positioned to take advantage as and when market
conditions improve.
Outlook
I am very optimistic about Getech's future as I believe the business is
naturally well placed to seize opportunities within the rapidly evolving
energy and climate tech landscape and support the decarbonisation of industry.
In the upcoming year, we will double-down on growing and diversifying our
revenue streams. While remaining financially prudent, we will also continue to
invest in research and development to ensure that our products and services
remain at the forefront of the industry, allowing us to provide the best
solutions for our clients as they navigate the Energy Transition.
The Company has implemented new sales, marketing and PR programs which are
demonstrably generating news stories and sales leads. This is leading to a
very healthy pipeline of prospective customers and projects. However, this is
tempered by the current economic environment where companies are noticeably
delaying spending decisions which risks leading to longer than usual sales
cycles.
In conclusion, I would like to express my gratitude to our shareholders,
partners and employees for their unwavering support and dedication and am
confident that with your support we will continue to achieve great success in
our pursuit of a sustainable and prosperous future.
Richard Bennett
Acting CEO
Financial Review
Revenue and sales
H1 2023 revenue totalled £1.9 million (H1 2022: £2.7 million), representing
a 30% decrease. H1 2022 revenue benefitting from a £0.7m transfer payment.
Renewals from software and Globe customers during H1 2022 resulted in
orderbook value being maintained at £4.4 million (December 2022: £4.6
million), £1.4 million is expected to convert to revenue before year end,
with a further £1.5 million due in FY 2024.
In H1 Getech added a new Globe customer and five new software customers,
whilst maintaining a high rate of renewals from existing customers. Annualised
Recurring Revenue from subscriptions and service contracts increased to £2.6m
(31 December 2022: £2.4m).
Cost management
Management has completed a six-month strategic review of the business and has
commenced a substantial cost reduction exercise. On completion, this will
remove c.£2m of cost from the business, the benefits of this exercise will be
fully realised in FY2024.
The group cost base in H1 2023 increased by 3% from H1 2022. Cost savings made
in H1 have been offset by cost inflation.
One-off costs relating to restructuring the business (£0.4m), and impairment
of goodwill relating to the acquisition of H2 Green (£0.3m) have been
expensed to the income statement.
Variance from prior 6 months 6 months ended 30 June 2023 6 months ended 30 June 2022 12 months ended 31 December 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cost of sales 1,058 1,006 3,681
Development costs capitalised 485 459 785
Administrative expenses 2,968 2,895 4,779
Depreciation and amortisation charges (531) (580) (1,137)
Movement in provisions - - (104)
RDEC adjustments - - (22)
Share based payments (69) (30) (67)
Exchange adjustments (65) (31) -
Cost base excluding exceptional items 3% 3,846 3,719 7,915
Profitability
Excluding exceptional administrative costs detailed above Getech reports a
post-tax loss of £2.0 million (H1 2022: £1.0 million). This increases to
£2.8 million including exceptional costs.
Operating cash flow
Net cash outflow from operations totalled £1.6 million (H1 2022: £1.0
million). This includes restructuring costs of £0.4m (H1 2022: £nil) and
costs relating to Getech's hydrogen asset development activities (H2 Green) of
£1.0m (H1 2022: £1.1m) 1 (#_ftn1) .
Liquidity
During H1 2023 there was overall net cash outflow of £2.3 million (H1 2022:
£1.6 million outflow). Getech's cash balance at 30 June 2023 was £2.0m
(£4.3 million at 31 December 2022).
Dividends
The Board has set a clear investment path that is focused on growth through
Energy Transition diversification. Accordingly the Board has decided that it
is not appropriate to pay a dividend at this time.
Group Statement of Comprehensive Income
for the six months ended 30 June 2023
6 months ended 30 June 2023 6 months ended 30 June 2022 12 months ended 31 December 2022
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Revenue 1,851 2,697 5,070
Cost of sales (1,058) (1,006) (3,681)
Gross profit 793 1,691 1,389
Other operating income - - 205
Administrative expenses (2,968) (2,895) (4,779)
Operating loss before exceptional administrative expenses (2,175) (1,204) (3,185)
Restructure costs (397) - -
Impairment of goodwill (335) - -
Operating loss (2,907) (1,204) (3,185)
Finance income 12 1 8
Finance costs (25) (23) (45)
Other gains and losses - - 125
Loss before tax (2,920) (1,226) (3,097)
Income tax 161 253 269
Loss for the period (2,759) (973) (2,828)
Other comprehensive income
Currency translation differences 47 66 110
Total comprehensive loss for the period (2,712) (907) (2,828)
Earnings per ordinary share
Basic (pence/share) (4.10) (1.45) (4.21)
Diluted (pence/share) (4.10) (1.45) (4.21)
Group Statement of Financial Position
as at 30 June 2023
30 June 2023 30 June 2022 31 December 2022
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Non-current assets
Goodwill 296 631 631
Intangible assets 3,481 3,409 3,413
Property, plant and equipment 2,254 2,368 2,282
Investment property 17 122 69
Deferred tax assets 226 218 200
6,274 6,748 6,595
Current assets
Trade and other receivables 1,238 2,104 1,202
Current tax recoverable 440 716 318
Cash and cash equivalents 1,981 4,262 4,322
3,659 7,082 5,842
Total assets 9,933 13,830 12,437
Current liabilities
Trade and other payables 2,559 1,913 2,304
Current tax liabilities - - 9
Borrowings 110 113 110
2,669 2,026 2,423
Net current assets 990 5,056 3,419
Non-current liabilities
Borrowings 527 611 570
Trade and other payables - 15 39
Long-term provisions - 25 25
527 651 634
Net assets 6,737 11,153 9,380
Equity
Called up share capital 168 167 168
Share premium account 8,685 8,685 8,685
Merger reserve 2,601 2,601 2,601
Share based payment reserve 176 206 196
Currency translation reserve 155 64 108
Retained earnings (5,048) (570) (2,378)
Total equity 6,737 11,153 9,380
Group Statement of Changes in Equity
for the six months ended 30 June 2023
Share capital Share premium Merger reserve SBP reserve Currency translation reserve Retained earnings Total equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
1 January 2023 168 8,685 2,601 196 108 (2,378) 9,380
Loss for the year - - - - - (2,759) (2,759)
Other comprehensive income - - - - 47 - 47
Total comprehensive income - - - - 47 (2,759) (2,712)
Transactions with owners of the company
Share-based payment charge - - - 69 - - 69
Transfer of reserves - - - (89) - 89 -
30 June 2023 (unaudited) 168 8,685 2,601 176 155 (5,048) 6,737
For the six months ended 30 June 2022
Share capital Share premium Merger reserve SBP reserve Currency translation reserve Retained earnings Total equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
1 January 2022 167 8,685 2,601 258 (2) 321 12,030
Loss for the year - - - - - (973) (973)
Other comprehensive income - - - - 66 - 66
Total comprehensive income - - - - 66 (973) (907)
Transactions with owners of the company
Share-based payment charge - - - 30 - - 30
Transfer of reserves - - - (82) - 82 -
30 June 2022 (unaudited) 167 8,685 2,601 206 64 (570) 11,153
For the year ended 31 December 2022
Share capital Share premium Merger reserve SBP reserve Currency translation reserve Retained earnings Total equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
1 January 2022 167 8,685 2,601 258 (2) 321 12,030
Loss for the year - - - - - (2,828) (2,828)
Other comprehensive income - - - - 110 - 110
Total comprehensive income - - - - 110 (2,828) (2,718)
Transactions with owners of the Company
Issue of share capital 1 - - - - - 1
Share-based payment charge - - - 67 - - 67
Transfer of reserves - - - (129) - (129) -
31 December 2022 (audited) 168 8,685 2,601 196 108 (2,378) 9,380
Consolidated Statement of Cash Flows
for the six months ended 30 June 2023
6 months ended 30 June 2023 6 months ended 30 June 2022 12 months ended 31 December 2022
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Operating activities
Loss before tax (2,920) (1,226) (3,097)
Adjusted for non-cash items:
Fair value gains and losses (125) - (125)
Depreciation charge 114 101 329
Amortisation of intangible assets 417 479 808
Impairment of goodwill 335 - -
Share-based payment charge 69 30 67
Finance income (12) (1) (8)
Finance costs 25 23 45
RDEC adjustments within administrative expenses - - (22)
Foreign exchange adjustments 65 31 -
(2,032) (563) (2,003)
(Increase)/decrease in trade and other receivables (35) (513) 390
Increase/(decrease) in trade and other payables 434 (208) 357
Cash generated from operations (1,633) (1,284) (1,256)
Income tax refunded 5 327 788
Net cash outflow from operations (1,628) (957) (468)
Investing activities
Development costs capitalised (485) (459) (785)
Purchase of property, plant and equipment (33) (115) (73)
Interest received 12 1 8
Net cash used in investing activities (506) (573) (850)
Financing activities
Proceeds from issue of shares - - 1
Repayment of bank loans (46) (44) (89)
Payment of lease liabilities (117) (41) (199)
Interest paid (25) (23) (40)
Net cash generated from/(used in) financing activities (188) (108) (327)
Net increase/(decrease) in cash and cash equivalents (2,322) (1,638) (1,645)
Cash and cash equivalents at the beginning of the period 4,322 5,864 5,864
Effect of foreign exchange rates (19) 36 103
Cash and cash equivalents at the end of the period 1,981 4,262 4,322
Notes to the Interim Report
for the six months ended 30 June 2023
Corporate information
Getech Group plc ("the Company" and ultimate Parent of "the Group") is a
public limited company domiciled and incorporated in England and Wales. The
Company's registered office and principal place of business is Kitson House,
Elmete Lane, Leeds LS8 2LJ.
The principal activity of the Group is locating energy and minerals essential
for the Energy Transition. Getech generates revenue by locating new energy and
mineral resources using its proprietary Earth digital twin. The Group works
for governments and companies who seek to decarbonise their operations. Getech
has expanded the use of data and technologies built for the petroleum industry
to critical minerals, geothermal, hydrogen and carbon storage.
Basis of preparation
The interim results are for the six months ended 30 June 2023. They have been
prepared using the recognition and measurement principals of international
accounting standards in conformity with the requirements of the Companies Act
2006. As permitted, this interim report has been prepared in accordance with
the AIM rules and not in accordance with IAS 34 'interim financial reporting'
and therefore the interim information is not in full compliance with
international accounting standards.
This interim report does not constitute full statutory financial statements
within the meaning of section 434(5) of the Companies Act 2006 and the
financial statements are unaudited. The unaudited interim financial statements
were approved for issue by the board on 22 September 2023.
The financial statements are prepared on a going concern basis under the
historical cost convention, with the exception of certain items measured at
fair value, and are presented to the nearest thousand pounds (£'000), except
as otherwise stated. They have been prepared in accordance with the accounting
policies adopted in the last annual financial statements for the year ended 31
December 2022. A copy of the audited financial statements for the period ended
31 December 2022 has been delivered to the Registrar of Companies. The
Auditor's opinion on those financial statements was unqualified, did not draw
attention to any matters by way of an emphasis of matter paragraph, and it
contained no statement under section 498(2) or section 498(3) of the Companies
Act 2006.
In making the going concern assessment, the Board has considered the Group
budgets and detailed cash flow forecasts for the next 12 months. The detailed
forecasting models are built from Board approved budgets. From these budgets,
revenue forecasting is regularly updated to take into consideration new
contractually committed revenues, market sentiment, our current sales
pipeline, and any other influencing factors. The Directors then further apply
sensitivity testing to the revenue profiles based on the achievement of
various levels of revenue from non-contractually committed sources. These cash
flow projections and sensitivities, when considered in conjunction with the
Group's existing cash balances and its ability to adjust costs in accordance
with forecast levels of revenue, demonstrate that the Group has sufficient
working capital for the forecast period. Consequently, the Directors are fully
satisfied that it is appropriate to prepare the accounts on a going concern
basis. [Andrew - has this process been done and was this what we saw today?]
Earnings per share
Basic Earnings Per Share is calculated by dividing the profit attributable to
equity holders of the Group by the weighted average number of the Ordinary
Shares in issue in the period.
6 months ended 30 June 2023 6 months ended 30 June 2022 12 months ended 31 December 2022
(unaudited)
(unaudited)
(audited)
Loss attributable to the equity holders of the Group (£'000) (2,759) (973) (2,828)
Weighted average number of Ordinary Shares in issue 67,296,225 67,208,417 67,251,505
Basic and diluted earnings (pence/share) (4.10)p (1.45)p (4.21)p
Basic EPS is calculated by dividing the profit attributable to equity holders
of the parent by the weighted average number of ordinary shares outstanding
during the period.
Diluted EPS is calculated by dividing the profit attributable to equity
holders of the parent by the weighted average number of ordinary shares
outstanding plus the weighted average number of shares that would be issued on
conversion of all the dilutive share options into ordinary shares. In the
current and comparative period, the Group has incurred losses and as such has
not presented any dilution of earnings per share in accordance with IAS 33
'Earnings per share'. However, these dilutive shares would dilute the earnings
per share should the Group become profitable.
Directors, officers and advisors
Directors and officers
Richard Bennett Executive Chairman
Michael Covington Non-executive Director
Andrew Darbyshire Chief Financial Officer
Chris Jepps Chief
Operating Officer
Emma Parker Non-executive
Director
Dr Stuart Paton Non-executive Director
Company number
Registered in England and Wales, company number 02891368
Registered office
Kitson House
Elmete Lane
Leeds LS8 2LJ
Nominated advisor and broker
Cavendish plc
1 Bartholomew Cl, London EC1A 7BL
Financial PR and IR
Novella Communications Ltd
South Wing, Somerset House
London
London WC2R 1LA
Auditor
Grant Thornton UK LLP
No 1 Whitehall Riverside
Leeds LS1 4BN
Solicitors
Womble Bond Dickinson LLP
No 1 Whitehall Riverside
Leeds LS1 4BN
Principal bankers
National Westminster Bank plc
PO box 183, 8 Park Row
Leeds LS1 5HD
Registrars
Link Group Ltd
Northern House
Woodsome Park
Fenay Bridge
Huddersfield HD8 0GA
1 (#_ftnref1) Including sector overhead allocations
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