28th Sep 2015 07:00
FOR IMMEDIATE RELEASE 28 September 2015
BOND INTERNATIONAL SOFTWARE PLC
UNAUDITED INTERIM RESULTS
Bond International Software Plc ("the Group"), the specialist provider of software for the international recruitment and human resources industries, with operations in the UK, USA and Asia Pacific, today announces its unaudited interim results for the six months to 30 June 2015.
FINANCIAL HIGHLIGHTS
· Revenue up 11% to £20.4m (H1 2014: £18.4m)
· Operating profit up 4% to £1.75m (H1 2014: £1.69m)
· Profit before tax £0.86m (H1 2014: £0.77m)
· Adjusted earnings per share 2.94p (H1 2014: 3.41p)
· Net debt of £2.6m (H1 2014: £5.4m)
Commenting on the results, Group Chief Executive Steve Russell said:
"The increase in the Group's revenues and profits is pleasing. Net cash inflow from operating activities is solid at £2.4m (including £1m deferred consideration paid on the Eurowage acquisition) and the Group's balance sheet is robust with net cash of £0.23m.
The strategic review is wide ranging, the outcome of which is expected in the near future."
For further information, please contact:
Bond International Software Plc: | Tel: 01903 707070 |
Steve Russell: Group Chief Executive | e-mail: ir@bond.co.uk |
Bruce Morrison: Finance Director | |
Buchanan: | Tel: 020 7466 5000 |
Richard Darby | e-mail : richardd@buchanan.uk.com |
Gabriella Clinkard | |
Cenkos Securities plc: | Tel: 020 7397 8900 |
Stephen Keys |
Bond International Software Plc
Chairman's Statement
I am pleased to report an increase of 11% in the Group's revenues from £18,376,000 to £20,418,000 with recurring revenues up by 8.4% to £13,420,000 (2014: £12,375,000).
Total administrative expenses have increased by 10.1% year on year, as a result of the acquisition of Eurowage in April 2014. Excluding this acquisition they have increased by 5.2%.
Profit before tax has increased by 12% to £863,000 in the first half of the year (2014: £769,000) and basic earnings per share were 1.65p per share compared with 1.42p for the same period in 2014. To assist with understanding the Group's underlying performance, we have reported adjusted earnings per share excluding the effects of the amortisation of acquired intangibles and one off exceptional items. On this basis, the adjusted profit after tax was £1,255,000 (2014: £1,433,000) and the adjusted diluted earnings per share were 2.94p (2014: 3.41p).
The Group generated cash of £2,373,000 in the first half of 2015 (2014: £3,222,000) after the payment of deferred consideration on the acquisition of Eurowage of £1,000,000 in May 2015. Overall the Group had net cash of £234,000 (cash balances net of bank borrowings) at 30 June 2015 compared with net bank debt of £206,000 at the end of 2014. In addition the Group had further financial liabilities at 30 June 2015 comprising a loan note due to the vendor of Eurowage which had a fair value of £2,672,000 and amounts due in respect of finance leases of £179,000.
Recruitment Software Division
The Recruitment Software Division has seen revenues rise by 2.2% from £9,017,000 to £9,216,000.
In our UK staffing software business a fall in non-recurring revenues to £1,607,000 (2014: £1,914,000) reflects the decision by an increasing number of new customers to opt for SaaS rather than the configured On Premise solution. This has impacted on both the sale of software licences and consultancy services. Recurring SaaS revenues from On Demand grew by 15% in 2015 to £704,000 (2014: £613,000).
Recurring revenues in the US Staffing Software business of £3,202,000 are up 6.36% (2014: £3,011,000) with SaaS rental increasing by 16% to £1,124,000 (2014: £968,000) and maintenance revenues of £2,078,000 at a similar level to last year (2014: £2,042,000).
Asia Pacific revenues of £1,363,000 are 41% up on the same period last year, primarily through the rollout of a major contract in Japan which has resulted in significant revenues from licences and services.
Analysis of Recruitment Software Division revenues
Six months ended 30 June | Year ended 31 December | ||
2015 | 2014 | 2014 | |
Revenue by type | ||||||
Software sales & services | 3,212 | 3,159 | 6,897 | |||
Software support | 3,506 | 3,417 | 6,934 | |||
SaaS and software rental | 2,498 | 2,441 | 4,906 | |||
9,216 | 9,017 | 18,737 | ||||
| ||||||
|
Six months ended 30 June | Year ended 31 December | ||||
2015 | 2014 | 2014 | ||||
£000 | £000 | £000 | ||||
Revenue by location of operating company | ||||||
United Kingdom | 3,948 | 4,432 | 8,971 | |||
USA | 3,905 | 3,620 | 7,387 | |||
Asia Pacific | 1,363 | 965 | 2,379 | |||
9,216 | 9,017 | 18,737 |
Bond International Software Plc
Chairman's Statement (cont'd)
HR and Payroll Software Division
The HR & Payroll division supports a portfolio of HR and Payroll Solutions. Their target market is small to medium sized enterprises in both the private and public sector.
|
Six months ended 30 June | Year ended 31 December | |
2015 | 2014 | 2014 | |
£000 | £000 | £000 | |
Revenue by type | |||
Software sales & services | 796 | 896 | 1,286 |
Software support and hosting | 1,532 | 1,585 | 3,416 |
2,328 | 2,481 | 4,702 |
Overall revenues for the division fell by 6.1% to £2,328,000 in 2015 compared with £2,481,000 for the same period last year with maintenance revenues from legacy products, Bond Professional and Bond Workforce, down 15% to £532,000 (2014: £626,000). In June 2015 we launched our new flagship integrated Payroll & HR product called Amity, which we will start to sell in the final quarter of 2015. Amity, which is a web based product will be delivered primarily on a SaaS basis.
The analysis of revenues by product is
Six months ended 30 June | Year ended 31 December | |||||
2015 | 2014 | 2014 | ||||
£000 | £000 | £000 | ||||
Bond Payrite Bond Team Spirit | 895 901 | 1,009 847 | 1,839 1,690 | |||
Bond Professional | 284 | 328 | 627 | |||
Bond Workforce | 248 | 297 | 546 | |||
2,328 | 2,481 | 4,702 |
Outsourced HR & Payroll Services
This division comprises Strictly Education which provides outsourced HR, payroll and other services to schools in the UK state sector, Bond Payroll Services which provides payroll services to organisations in both the private and public sectors and Eurowage Limited which provides international managed payroll solutions. The revenues for the division are a combination of monthly fees under annual contracts for a variety of outsourced services together with fees payable in respect of consulting services for projects undertaken on behalf of customers.
Strictly Education has seen 1.3% increase in revenues from 2014 to 2015. Non recurring revenues rose by 3% to £1,617,000 (2014: £1,569,000) whilst recurring revenues from annually renewable contracts were £3,294,000 (2014: £3,281,000). These represent 110% of fixed overheads creating a low risk operating environment for the company. Strictly Education made an operating profit of £781,000 in 2015 (2014: £806,000).
Bond Payroll Services has seen a 10% increase in revenues year on year to £1,367,000 (2014: £1,240,000) and operating profit is £365,000 (2014: £359,000). The business is now processing an average of 71,300 payslips per month which represents a 3.7% increase on last year.
Eurowage Limited, which was acquired at the beginning of May 2014 generated revenues of £2,596,000 in the six months to 30 June 2015 compared with £788,000 for the two months it was owned by the Group in 2014. The business also contributed an operating profit of £958,000 (2014: £290,000).
Analysis of revenues |
Six months ended 30 June | Year ended 31 December | ||||
2015 | 2014 | 2014 | ||||
£000 | £000 | £000 | ||||
Recurring revenue | ||||||
Strictly Education | 3,294 | 3,281 | 6,594 | |||
Bond Payroll Services | 1,159 | 1,024 | 2,013 | |||
Eurowage Limited | 1,431 | 627 | 1,884 | |||
5,884 | 4,932 | 10,491 |
Non recurring revenue | ||||||
Strictly Education | 1,617 | 1,569 | 3,543 | |||
Bond Payroll Services | 208 | 216 | 376 | |||
Eurowage Limited | 1,165 | 161 | 2,262 | |||
2,990 | 1,946 | 6,181 |
Total revenue | ||||||
Strictly Education | 4,911 | 4,850 | 10,137 | |||
Bond Payroll Services | 1,367 | 1,240 | 2,389 | |||
Eurowage Limited | 2,596 | 788 | 4,146 | |||
8,874 | 6,878 | 16,672 |
Strategic review
In March 2015 the Group announced a strategic review to evaluate the Group's future strategy to maximise the potential of its market leading software and services and take full advantage of the Group's growth potential. This is a wide ranging review which is considering all strategic options available to the Group including partnerships, acquisitions, corporate divestitures, a sale of the Group or a new or extended bank facility to continue to invest in the Group. The Board can confirm that good progress has been made in this wide ranging exercise and that expects to make further announcements as to the conclusions reached in the coming weeks.
Martin Baldwin
Chairman
25 September 2015
Bond International Software Plc
Consolidated statement of comprehensive income for the six months ended 30 June 2015
Six months ended 30 June | Year ended 31 December | |||||
Note | 2015 | 2014 | 2014 | |||
£000 (Unaudited) | £000 (Unaudited) | £000 (Audited) | ||||
Revenue | 2 | 20,418 | 18,376 | 40,111 | ||
Cost of sales | (3,044) | (2,517) | (5,795) | |||
Gross profit | 17,374 | 15,859 | 34,316 | |||
Administrative expenses | (14,034) | (12,593) | (26,095) | |||
Expenses of acquisitions | - | (148) | (148) | |||
Total administrative expenses | (14,034) | (12,741) | (26,243) | |||
Operating profit before the amortisation of intangible assets |
2 |
3,340 |
3,118 |
8,073 | ||
Amortisation of internally generated development costs | (1,593) | (1,433) | (2,949) | |||
Operating profit before the amortisation of acquired intangible assets |
1,747 |
1,685 |
5,124 | |||
Amortisation of acquired intangible assets | (703) | (870) | (1,983) | |||
Operating profit | 1,044 | 815 | 3,141 | |||
Finance income | 41 | 18 | 56 | |||
Finance costs | (222) | (64) | (288) | |||
Profit before income tax | 863 | 769 | 2,909 | |||
Income tax expense | 3 | (160) | (174) | (728) | ||
Profit for the period attributable to owners of the parent |
703 |
595 |
2,181 | |||
Earnings per share from continuing operations attributable to the owners of the parent during the period |
4 | |||||
Basic earnings per share | 1.65p | 1.42p | 5.17p | |||
Diluted earnings per share |
1.65p |
1.42p |
5.17p | |||
|
Six months ended 30 June | Year ended 31 December | |||||||
2015 | 2014 | 2014 | ||||||
£000 (Unaudited) | £000 (Unaudited) | £000 (Audited) | ||||||
Profit for the financial period | 703 | 595 | 2,181 | |||||
Other comprehensive income net of tax | ||||||||
Currency translation differences on foreign currency net investments |
(217) |
(311) |
294 | |||||
Total other comprehensive income net of tax | (217) | (311) | 294 | |||||
Total comprehensive income for the financial period attributable to the owners of the parent |
486 |
284 |
2,475 | |||||
There are no taxation effects in respect of the foreign currency translation differences.
Bond International Software Plc
Consolidated balance sheet at 30 June 2015
At 30 June | At 31 December | |||||||||
2015 | 2014 | 2014 | ||||||||
£000 (Unaudited) | £000 (Unaudited) | £000 (Audited) | ||||||||
ASSETS | ||||||||||
Non-current assets Property, plant and equipment Intangible assetsDeferred tax assets Trade and other receivables |
2,739 40,911 1,447 630 |
2,730 41,021 2,449 - |
2,705 41,396 1,538 630 | |||||||
45,727 | 46,200 | 46,269 | ||||||||
Current assets Inventories Trade and other receivables Cash and cash equivalents |
64 8,374 4,084 |
21 7,988 3,278 |
26 9,271 3,688 | |||||||
12,522 | 11,287 | 12,985 | ||||||||
Total assets | 58,249 | 57,487 | 59254 | |||||||
EQUITY Share capital Share premium account Merger reserve Equity option reserve Currency translation reserve Retained earnings |
427 24,049 989 175 (1,228) 11,940 |
426 23,938 989 265 (1,616) 10,652 |
426 23,938 989 246 (1,011) 12,233 | |||||||
Total equity attributable to the owners of the parent |
36,352 |
34,654 |
36,821 | |||||||
LIABILITIES | ||||||||||
Non-current liabilities Trade and other payables Borrowings Deferred tax liabilities |
- 2,962 2,748 |
- 7,402 3,527 |
478 6,484 2,787 | |||||||
5,710 |
10,929 |
9,749 | ||||||||
Current liabilities Trade and other payables Current income tax liabilities Borrowings |
12,312 136 3,739 |
9,867 773 1,264 |
12,198 431 55 | |||||||
16,187 | 11,904 | 12,684 | ||||||||
Total liabilities | 21,897 | 22,833 | 12,433 | |||||||
Total liabilities and equity | 58,249 | 57,487 | 59,254 | |||||||
| ||||||||||
Bond International Software Plc
Consolidated cash flow statement for the six months ended 30 June 2015
Six months ended 30 June | Year ended 31 December | |||||
2015 | 2014 | 2014 | ||||
Note | £000 (Unaudited) | £000 (Unaudited) | £000 (Audited) | |||
Cash flows generated from operating activities Cash generated from operations Interest paid Income tax paid |
6 |
2,863 (173) (317) |
3,289 (64) (3) |
7,056 (192) (790) | ||
Net cash from operating activities | 2,373 | 3,222 | 6,074 | |||
Cash flows from investing activities Acquisition of subsidiary net of cash acquired Interest received Purchase of property, plant and equipment Purchase of other intangible assets Proceeds from sale of property, plant and equipment |
- 41 (216) (2,037)
- |
(2,650) 18 (242) (1,725)
11 |
(2,650) 56 (370) (3,535)
16 | |||
Net cash flow used in investing activities | (2,212) | (4,588) | (6,483) | |||
Cash flows from financing activities Issue of new ordinary shares Increase in bank borrowings Repayment of bank loans New finance leases Repayment of finance leases Equity dividend paid |
5 |
112 - - 164 (48) - |
2 3,000 (1,758) 36 (56) - |
2 3,600 (2,069) 84 (142) (936) | ||
Net cash inflow from financing activities | 228 | 1,224 | 539 | |||
Increase/(decrease) in cash and cash equivalents for the period |
389 |
(142) |
130 | |||
Cash, cash equivalents at the beginning of the period | 3,688 | 3,479 | 3,479 | |||
Effects of foreign exchange rate changes | 7 | (59) | 79 | |||
Cash, cash equivalents at the end of the period | 4,084 | 3,278 |
3,688 |
For the purposes of the cash flow statement, cash includes deposits at call with financial institutions less bank overdrafts forming part of the working capital management.
Bond International Software Plc
Consolidated statement of changes to shareholders' equity for the six months ended 30 June 2015 (unaudited)
| Attributable to the owners of the parent |
| |||||||
Six months ended 30 June 2015 | Share capital | Share premium account |
Merger reserve | Equity option reserve | Currency translation reserve |
Retained earnings |
Total | ||
(Unaudited) | £000 | £000 | £000 | £000 | £000 | £000 | £000 | ||
At 1 January 2015 | 426 | 23,938 | 989 | 246 | (1,011) | 12,233 | 36,821 | ||
Comprehensive income: | |||||||||
Profit for the period | - | - | - | - | - | 703 | 703 | ||
Other comprehensive income net of tax: Currency translation differences |
- | - |
- | - | (217) | - | (217) | ||
Total comprehensive income for the year |
- | - |
- | - | (217) | 703 | 486 | ||
Dividend | - | - | - | - | - | (1,067) | (1,067) | ||
Issue of ordinary shares | 1 | 111 | - | - | - | - | 112 | ||
Share options lapsed or exercised | - | - | - | (71) | - | 71 | - | ||
At 30 June 2015 |
427 | 24,049 |
989 | 175 | (1,228) | 11,940 | 36,352 | ||
| Attributable to the owners of the parent | ||||||||
Six months ended 30 June 2014 | Share capital | Share premium account |
Merger reserve | Equity option reserve | Currency translation reserve |
Retained earnings |
Total | ||
(Unaudited) | £000 | £000 | £000 | £000 | £000 | £000 | £000 | ||
At 1 January 2014 | 415 | 23,935 | - | 267 | (1,305) | 10,967 | 34,279 | ||
Comprehensive income: | |||||||||
Profit for the period | - | - | - | - | - | 595 | 595 | ||
Other comprehensive income net of tax Currency translation differences |
- | - |
- | - | (311) | - | (311) | ||
Total comprehensive income for the period |
- | - |
- | - | (311) | 595 | 284 | ||
Dividend | - | - | - | - | - | (912) | (912) | ||
Issue of ordinary shares | 11 | 3 | 989 | - | - | - | 1,003 | ||
Share options lapsed or exercised | - | - | - | (2) | - | 2 | - | ||
At 30 June 2014 | 426 | 23,938 |
989 | 265 | (1,616) | 10,652 | 34,654 | ||
| Attributable to the owners of the parent |
| |||||||||
Year ended 31 December 2014 | Share capital | Share premium account |
Merger reserve | Equity option reserve | Currency translation reserve |
Retained earnings |
Total | ||||
(Audited) | £000 | £000 | £000 | £000 | £000 | £000 | £000 | ||||
At 1 January 2014 | 415 | 23,935 | - | 267 | (1,305) | 10,967 | 34,279 | ||||
Comprehensive income: | |||||||||||
Profit for the financial year | - | - | - | - | - | 2,181 | 2,181 | ||||
Other comprehensive income net of tax Currency translation differences |
- | - |
- | - | 294 | - | 294 | ||||
Total comprehensive income for the period |
- | - |
- | - | 294 | 2,181 | 2,475 | ||||
Dividend paid | - | - | - | - | - | (936) | (936) | ||||
Issue of ordinary shares | 11 | 3 | 989 | - | - | - | 1,003 | ||||
Share options lapsed or exercised | - | - | - | (21) | - | 21 | - | ||||
At 31 December 2014 | 426 | 23,938 |
989 | 246 | (1,011) | 12,233 | 36,821 | ||||
Bond International Software Plc
Notes to the financial statements (continued)
1. Basis of preparation
Bond International Software Plc is incorporated in England and domiciled in the United Kingdom. Its registered office is Courtlands, Parklands Avenue, Goring, West Sussex BN12 4NG and its principal activities are the provision of software solutions to companies operating in the recruitment industry, the provision of HR and payroll software and the provision of outsourced services. The financial statements are prepared in pounds sterling.
The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all the requirements of International Accounting Standard (IAS) 34 'Interim Financial Reporting'.
The interim financial statements are unaudited and were approved by the Board of Directors on 25 September 2015. The financial information contained in these statements does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the year ended 31 December 2014 has been extracted from the statutory accounts for that year. The statutory accounts for the year ended 31 December 2014 did not comply with the requirements of IFRS3 in the treatment of contingent consideration on the acquisition of Eurowage Limited and as a consequence the Auditor included a qualification in his Audit Report. The statutory accounts did not contain a statement made under Section 498(2) and (3) of the Companies Act 2006, and have been filed with the Registrar of Companies.
2. Segmental Review
(i) Operating segments
Segmental information is presented in respect of the Group's business segments. The primary business segments are based on the Group's reporting structure.
Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise corporate and head office expenses.
Six months ended 30 June | Year ended 31 December | ||
2015 | 2014 | 2014 | |
£000 | £000 | £000 | |
Revenue | |||
Recruitment Software | 9,216 | 9,017 | 18,737 |
HR and Payroll Software | 2,328 | 2,481 | 4,702 |
Outsourcing | 8,874 | 6,878 | 16,672 |
20,418 | 18,376 | 40,111 | |
Operating profit before the amortisation of intangible assets | |||
Recruitment Software | 1,242 | 1,452 | 3,378 |
HR and Payroll Software | 681 | 892 | 1,439 |
Outsourcing | 2,104 | 1,307 | 4,473 |
Central departments | (687) | (533) | (1,217) |
3,340 | 3,118 | 8,073 |
(ii) Segmental analysis by location of operating company
Six months ended 30 June | Year ended 31 December | ||
2015 | 2014 | 2014 | |
£000 | £000 | £000 |
Revenue
United Kingdom | 15,150 | 13,791 | 30,345 | |
North America | 3,905 | 3,620 | 7,387 | |
Asia Pacific | 1,363 | 965 | 2,379 | |
20,418 | 18,376 | 40,111 |
2. Segmental review (cont'd)
(iii) Revenues by income type are:
Six months ended 30 June | Year ended 31 December | |||||
2015 | 2014 | 2014 | ||||
£000 | £000 | £000 | ||||
Non recurring income | ||||||
Product licence sales Software consulting services | 1,422 2,392 | 1,333 2,537 | 2,468 5,434 | |||
Other consulting services Computer hardware sales Third party software sales Payroll stationery sales | 2,668 340 4 172 | 1,428 460 24 219 | 5,207 1,044 152 317 | |||
6,998 | 6,001 | 14,622 | ||||
Recurring income | ||||||
Software support | 5,262 | 4,923 | 9,915 | |||
Software rental income | 2,651 | 2,520 | 5,083 | |||
Outsourcing income | 5,507 | 4,932 | 10,491 | |||
13,420 | 12,375 | 25,489 | ||||
Total revenues | 20,418 | 18,376 | 40,111 |
3. Income tax expense
Six months ended 30 June | Year ended 31 December | ||
2015 | 2014 | 2014 | |
£000 | £000 | £000 | |
Current tax - UK Corporation Tax - Foreign tax - Adjustment in respect of prior years |
12 96 - |
137 60 - |
645 48 (152) |
Total current tax |
108 |
197 |
541 |
Deferred tax | 52 | (23) | 187 |
160 | 174 | 728 |
4. Earnings per share
(a) Basic
The basic earnings per share is calculated by dividing the profit attributable to equity holders of the parent company by the weighted average number of shares in issue.
|
Six months ended 30 June | Year ended 31 December | |
2015 | 2014 | 2014 | |
£000 | £000 | £000 | |
Profit attributable to equity holders of the company |
703 |
595 |
2,181 |
Weighted average number of shares in issue (thousands) |
42,627 |
41,806 |
42,191 |
4. Earnings per share (continued)
(b) Diluted
The diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume the conversion of all dilutive potential ordinary shares. The company has two categories of dilutive potential ordinary shares; non voting convertible shares and share options. The non voting convertible shares are assumed to have been converted into ordinary shares. For the share options a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average market share price of the company's shares during the period) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated above is compared with the number of shares that would have been issued assuming the exercise of the share options.
|
Six months ended 30 June | Year ended 31 December | |
2015 | 2014 | 2014 | |
£000 | £000 | £000 | |
Profit attributable to equity holders of the company |
703 |
595 |
2,181 |
Weighted average number of shares in issue (thousands) - basic |
42,627 |
41,806 |
42,191 |
Adjustments for: | |||
Share options | 2 | 28 | 26 |
Weighted average number of shares in issue (thousands) - diluted |
42,629 |
41,834 |
42,217 |
(c) Adjusted
The Income Statement includes the earnings per share adjusted for the impact of the amortisation of certain intangible assets and share based payments. The adjusted earnings per share are based on the adjusted attributable profit calculated as follows:
Six months ended 30 June | Year ended 31 December | ||||
2015 | 2014 | 2014 | |||
£000 | £000 | £000 | |||
Profit for the financial period |
703 |
595 |
2,181 | ||
Amortisation of intangible assets arising on acquisitions |
703 |
870 | 1,983 | ||
Expenses of acquisitions Taxation effect of adjustments | - (151) | 148 (180) | 148 (469) | ||
Adjusted profit | 1,255 | 1,433 | 3,843 | ||
Adjusted earnings per share Basic Diluted |
2.94p 2.94p |
3.41p 3.41p |
9.11p 9.10p |
5. Dividend
Six months ended 30 June | Year ended 31 December | |||||
2015 | 2014 | 2014 | ||||
£000 | £000 | £000 | ||||
Dividend approved for payment to equity shareholders | ||||||
Dividend of 2.5p per share (2014: 2.2p) | 1,067 | 936 | 936 | |||
Dividend paid to equity shareholders | ||||||
Dividend of nil per share (2014: 2.2p) | - | - | 936 |
A dividend for 2014 of 2.5p per share was approved by the Annual General Meeting on 23 June 2015 and was paid to shareholders on 8 August 2015.
6. Reconciliation of profit before tax to net cash flow from operations
Six months ended 30 June | Year ended 31 December | ||
2015 | 2014 | 2014 | |
£000 | £000 | £000 | |
Profit before tax | 863 | 769 | 2,909 |
Adjustments for: | |||
Depreciation of property, plant & equipment | 178 | 207 | 388 |
Amortisation of internally generated development costs |
1,593 |
1,433 |
2,949 |
Amortisation of acquired intangible assets | 703 | 870 | 1,983 |
Loss on sale of property, plant & equipment | - | 12 | 25 |
Finance income | (41) | (18) | (56) |
Finance cost | 222 | 64 | 288 |
Operating cash flows before movements in working capital |
3,518 |
3,337 |
8,486 |
Decrease in inventories | 14 | 8 | 2 |
Decrease/(increase) in trade and other receivables | 892 | 550 | (655) |
Decrease in trade and other payables | (1,561) | (606) | (777) |
Cash generated from operations | 2,863 | 3,289 | 7,056 |
Related Shares:
BDI.L