Final Results

09 September 2014

Kalibrate Technologies plc

("Kalibrate", the "Company" or the "Group")

FINAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED 30 JUNE 2014

Kalibrate Technologies plc (AIM: KLBT), a provider of proprietary software-based products and services to the global petroleum retail industry, announces its Final Results for the year ended 30 June 2014.

Financial highlights:

· Revenue increased by 19% to $28.8 million (2013: $24.2 million)

o Pricing revenue up 20% to $18.0 million (2013: $15.0 million)

o Planning revenue up 16% to $10.8 million (2013: $9.2 million)

o Recurring revenues of $20 million as at 30 June, an increase of $4 million since 1 July 2013

· Underlying* EBITDA** increased by 15% to $3.6 million (2013: $3.1 million)

· Underlying* profit before tax up by 20% to $3.0 million (2013: $2.5 million)

· Statutory profit before tax of $0.2 million (2013: $1.4 million)

· Net cash of $9.6 million as at 30 June 2014 (30 June 2013: net debt $0.5 million)

 * - Before exceptional items, business combination amortisation and share based payments

** - Earnings before interest, tax, depreciation and amortisation

Operational highlights:

· Strong growth in North America and Rest of World regions

· Solid performance in Europe given that 2013 full year results included the largest single perpetual license deal in the Group's history

· Successfully entered new territories: Malaysia, Mozambique, New Zealand, Brazil, Philippines

· Core team increased to develop new products and services

· 14 managed services clients now secured (2013: 8 clients)

· Awarded contract by the U.S. Department of Energy's National Renewable Energy Laboratory to identify the infrastructure for hydrogen fuelling stations

· Post period end:

o Board strengthened with appointment of Neville Davis as an Independent Non-Executive Director and Nick Habgood as Non-Executive Director

o Launch of Kalibrate Cloud and Strategic Advisory Services Division to enhance offering to global fuel retail industry

o New offices opening in Bangkok, Thailand and Melbourne, Australia

Commenting on the results, Bob Stein, CEO of Kalibrate, said:

"2014 has been a transformational year for Kalibrate. Our financial performance, with double-digit growth in both segments of our business, coupled with robust progress in delivering upon the strategy that we articulated when we joined the market, places us in a very good position to deliver future growth.

"We have grown in our core markets as well as new geographies as we continue to benefit from the ongoing trend of fuel price deregulation that is taking place with the global fuel retail market. The Group has achieved considerable success with its managed services product, driven SaaS conversion and also recently launched the new Kalibrate Cloud as well as the Strategic Advisory Services division which will enhance our offering.

"The Group continues to benefit from strong recurring revenues and has entered the current financial year with a 12 month order book of $22 million. The Board remains confident that the Group is on track to achieve its current targets for the coming year."

For further information please contact:

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About Kalibrate

Kalibrate's strategy and technology solutions empower fuel retailers around the globe to drive greater value on investment and achieve greater success on their own terms. Its proven software and analytics solutions draw on more than 20 years of strategic expertise and insight into the needs and opportunities of fuel retailers. Kalibrate is headquartered in Manchester (UK), United Kingdom with offices in Florham Park, New Jersey and, Tulsa, Oklahoma (US), Tokyo, Japan, Seoul, Korea, Mumbai, India, Shanghai, China and Rio de Janeiro, Brazil. For more information, please visit KalibrateTech.com

Chairman's Statement

I am delighted to issue my first statement as the Group's Chairman. This past financial year ended 30 June 2014 was a transformational period for Kalibrate and marked a significant step forward in the Company's development as a growing business with its successful admission to the AIM market of the London Stock Exchange on 29 November 2013, in which the Company also raised $9 million. The admission to AIM and the successful fundraising has placed the Company in a strong position to deliver future growth in line with its stated strategy, substantially widened its shareholder base with the introduction of several high-quality institutional shareholders and has also raised Kalibrate's profile in the sector. I am pleased to report that the Company has made strong progress in its first year as a quoted company, consistently delivering on its commitments and aspirations which were outlined at the time of admission, and we remain excited about the prospects for sustained long term growth.

Results

Alongside this major milestone of admission to AIM, the Group has continued to perform strongly. Group revenues have increased by 18.8% to $28.8 million (2013: $24.2 million), and underlying EBITDA also grew to $3.6 million, an increase of 15.2% (2013: $3.1 million), despite additional investment as part of the Group's commitment at Initial Public Offering ("IPO") to funding future growth. Statutory profit after tax was $0.2 million (2013: $3.2 million) taking account of the significant exceptional expenditure arising from the Group's IPO. Net cash at the year-end was $9.6 million (2013: net debt of $0.5 million), as a result of the equity fundraising and the Group's continued profitability.

Strategy

As set out in our Admission Document, the Group has committed to strategic development in a number of areas including: new geographical expansion, growth in core markets and cross sales to our clients, acceleration of the product roadmap and driving Software as a Service ("SaaS") and managed services conversion. I am pleased to report that we have made solid progress across all of these strategic initiatives and look forward to continued progress against these objectives to drive the Group's growth in the coming years.

In addition, as we seek to capitalise on our strategy, on 4 September 2014, we announced the launch of Kalibrate Cloud, which is a single-platform, cloud-based technology solution. This new service, which will incorporate all of our existing products and services in a cloud environment, enhances Kalibrate's offering to the global fuel retail industry. We have also formed a new division called Strategic Advisory Services to provide consultative advice to our clients.

New Directorate appointments

Following my appointment upon our admission to AIM alongside Richard Grogan, the Group has recently announced the appointment of Neville Davis as a Non-Executive Director, effective from 31 July 2014, satisfying its commitment upon admission to AIM of expanding the Board with an additional independent Non-Executive Director. Neville has a strong track record in general management and finance within the technology sector and significant experience of working with growing technology companies looking to achieve growth via both organic and acquisitive means.

We have further strengthened the Board with the appointment of Nick Habgood, effective from 9 September 2014. Nick is a founder and partner of Azini Capital Partners LLP, a UK private equity firm and one of our major shareholders, and his experience in the development of growth companies will be beneficial to Kalibrate's ongoing trajectory.

Our staff

None of the success that Kalibrate has achieved would be possible without having established a strong team throughout the business. Our ability to recruit, retain and develop our people is an important part of our strategy and on behalf of the Board, I would like to thank all employees for their continued dedication to the success of our business and look forward to their involvement in our future growth.

Outlook

The Company is continuing to lay solid foundations to support its growth. With the global economic outlook continuing to cautiously improve, we are moving into a new financial year with confidence that we will be able to successfully deliver against the Group's objectives in the year ahead and beyond.

Phil Lawler

Chairman

9 September 2014

Chief Executive's review

Overview

I am pleased to report our first annual results since Kalibrate was admitted to AIM on 29 November 2013. We hold a market leading position servicing the fuel retail industry, as the only global provider of both fuel pricing and retail network planning software and services, and are uniquely positioned to support our clients with both strategic and tactical requirements for pricing, planning and other operational decision making. Kalibrate's products and services are of paramount importance for our clients. Our products enable them to compete in a volatile and ever changing market environment as well as devise new market entry strategies, plan and refine existing fuel retail networks, and react to fuel pricing changes on a real-time basis. Our solutions and services are underpinned by proprietary software and a comprehensive database of market intelligence and data.

2014 Results

We have achieved strong financial results for the year ended 30 June 2014, with Group revenues increasing by 18.8% to $28.8 million, compared to $24.2 million in the previous period. This growth has been fuelled by strong performance across both our Pricing and Planning businesses. We have grown across all of our core geographies and have also successfully entered into new territories including Malaysia, Mozambique, New Zealand, Brazil and the Philippines. The Group has also increased underlying EBITDA to $3.6 million from $3.1 million in 2013, up 15.2%, whilst we have actively increased investment in our business as we seek to accelerate our growth.

We have made solid progress in further strengthening our recurring revenues during the year and this is reflected through our recurring revenue base which increased to $19.6 million as at 30 June 2014 having started the year at $15.6 million. This improvement and the increasing revenue predictability have been driven both through the growth of our core business and also through the material managed services win with a global oil company that we announced in December 2013, shortly after our admission to AIM. Our opening twelve-month order book as at 1 July 2014 stood at $22.0 million (1 July 2013: $16.3 million).

The Group's core markets comprise of North America, Europe, Japan and South Africa. During the period, the Group achieved good results in both North America and Japan driven by new client wins and strong growth with existing clients and subsequently, our existing client base has grown by 12 to a total of 230 clients. We have also invested in strengthening resources to support our growth strategy. As such we have increased our core team to develop new products and services and also added other key roles to further enhance our infrastructure.

In addition to strong performance in our core markets, we have made significant progress to establish Kalibrate in new geographies where we have added staff in a number of new markets. Our growth in new markets will be augmented by our recently announced new office opening in Thailand to support our business in Southeast Asia and also the opening of a new office in Melbourne, Australia, as part of our new 24/7 global support capability, ensuring that we can meet the needs of our clients at any time of the day, through a local working presence.

Launch of Kalibrate Cloud and Formation of New Strategic Advisory Services Division

Historically, we have sold our Pricing product by way of the sale of an upfront perpetual licence to a client. There is a fast growing market trend for IT departments to outsource niche solution offerings. As such we are positioning the Group to sell more SaaS subscriptions in the future. This will help to ensure long term client partnerships, increase the number of new clients, enhance forward visibility and build out our recurring revenue stream. As a part of this strategy we will also seek to convert existing clients to a hosted/subscription (managed services) offering which will also help to increase recurring revenues. During the year, we have made good progress in developing our SaaS offering, winning new Pricing clients and converting some of our existing clients to a managed services solution. We are moving further towards this goal and, on 4 September 2014, Kalibrate launched its new cloud based service offering, Kalibrate Cloud, which coincided with the launch of a new Strategic Advisory Services division. Kalibrate Cloud has been developed to offer the fuel retail industry an expert source for intelligence, insight and action to support faster, more confident decisions and execution. Leveraging 20 years' experience and anchored on the 7 elements (7E) that enable fuel retail success (Pricing, Location, Facility, Operations, Market, Brand, Merchandising), the Software as a Service based solution will enable the Group to reach new market segments, more efficiently deliver its solutions and establishes a destination for technology and strategy resources. The Kalibrate Cloud, which is fully mobile enabled and is accessible from desktops, tablets or smart mobile devices, will incorporate all of the Group's solutions.

The Group's new Strategic Advisory Services division will complement the Kalibrate Cloud offering which will provide a comprehensive solution for its clients whereby the Group will be able to work closer with its clients to enable them to fulfil their strategic objectives. Kalibrate's Strategic Advisory Services division will provide consultative advice that connects strategy with client opportunity. Based on Kalibrate's 7 elements for fuel retail success, the new division will provide clients with a strategic perspective for detecting, analysing and optimising value in today's fuel retail environment.

Industry Overview

The global fuel retail market that we operate within continues to be highly competitive and in our core markets, our clients' exposure to price volatility and constantly changing competitive environments ensure our products and services will remain relevant.

The industry in which we operate continues to experience the significant structural changes that were outlined at the time of Kalibrate's flotation with the deregulation of fuel pricing in certain countries and the continuing emergence of compliance frameworks. Kalibrate remains well positioned to benefit from these market dynamics. In many parts of the world, and particularly, in Africa and Southeast Asia there are plans for governments to deregulate fuel prices which will create new opportunities for us. We also believe that these trends of deregulation could open up additional opportunities in India and China.

Given our vast experience in deregulation of fuel retail markets, Kalibrate is well positioned to take advantage of these opportunities as well as being a trusted advisor to clients.

Regulatory compliance, such as not selling fuel at below cost, continues to be an important concern for all fuel retailers, and the increasing complexity of rules surrounding the pricing of fuel is a challenge that all retailers have to address. Simple in-house systems are no longer capable of protecting retailers from the risk of regulatory non-compliance, and therefore exposes them to substantial fines or worse. We are well placed to guide and support our clients with our software to ensure that clients do not breach these government guidelines.

Industry consolidation also continues. The North American and European fuel retail markets are continuing to see significant consolidation in this sector. For Kalibrate this consolidation means continued growth with some of our current clients, and opens up new client opportunities for the Group given our diverse client base and market-leading technology solutions.

As previously announced, we have successfully completed our previously announced contract with NREL, the US Government's National Renewable Energy Laboratory. The evolution of alternative fuels as a viable alternative to traditional fossil fuels continues and many operators are considering how to position themselves to supply their consumers with these new fuels. As a result of this growing trend, we have expanded our products and services suite to ensure we remain at the forefront of the growth in the alternative fuels sector.

Strategy

As set out in our Admission Document, Kalibrate's growth strategy consists of five core activities:

· Grow core markets and cross-sell to existing clients

· Expand into new geographies

· Accelerate roadmap of complementary products

· Expand managed services offering

· Drive Software as a Service ("SaaS") conversion

Grow core markets and cross-sell to existing clients

We have had significant success this year in generating revenue from our existing clients which has been achieved through cross selling our Pricing and Planning products as well as expanded services and data reselling. At the time of our IPO, 18 of our clients purchased both Pricing and Planning solutions and services. This total now stands at 27, which evidences our success against this strategy. In addition we have increased services being sold to existing clients such as PriceTracker (collection of competitive fuel price surveys) and Pricing Performance Management services to help clients maintain ongoing improvements.

Expansion into new geographies

We remain focused on expanding our geographical presence, both through an ongoing direct sales effort and channel partners as well as by conducting market education programmes to help fuel retailers understand the impact of deregulation on their business and to demonstrate how Kalibrate's products and services can support their business in a deregulated and more competitive market to enable future growth. An example of our success in this regard has been our expansion into Malaysia, Morocco, Mozambique, New Zealand, Philippines and Brazil.

Accelerate roadmap of complementary products

We continue to focus on product development and our product roadmap has evolved to enable releases of new business modules to support our core Pricing, Planning and data analytic solutions. Our newly launched technology platform Kalibrate Cloud, which enables delivery of our Pricing and Planning functionality across one technology platform in the cloud, demonstrates our continued focus on innovation. We have also contracted with a third party offshore development team in Vietnam commencing in September 2014, which will enable us to accelerate the rollout of new supplementary solutions, including further mobile technology. The additional offshoring centre will also support development of new products to complement the Group's existing core Pricing and Planning services that will add value to our fuel retail clients.

Expand managed services offering and drive SaaS conversion

An important part of our strategy is to significantly expand our SaaS offering. Trends are increasingly favouring niche business solutions, such as ours, to be outsourced to the cloud and we see it as an opportunity to accelerate sales cycles as well as to grow with smaller retailers where capital expenditure is often limited for technology solutions. Our new Kalibrate Cloud will be key to driving this strategy. As a part of this initiative we will seek to convert existing clients to a managed services hosted offer to be their one stop shop to maintain stability of our solutions as well as signing on to the Kalibrate Cloud to benefit from new products and services not offered on their current platforms.

As stated in our Admission Document, at the time of the Group's flotation, Kalibrate was in the process of finalising a multi-year contractual commitment with one of its existing clients to provide managed services for the petroleum retailer's entire fuel pricing process and procedures. During the year, and as announced on 20 December 2013, the Group subsequently won a material multi-country managed services contract with a global oil company under which the client will outsource the management of their entire pricing infrastructure to Kalibrate, in conjunction with the Group's hosting partner, Rackspace. This is the largest single contract by total monetary value in the Group's history and is testament to the quality of our managed services offering and the trust that our clients place in us. The contract will generate approximately $2 million per annum over the multi-year term, and this contract commenced operation in early July 2014. To date, performance has been impressive and our client has already started to see the benefits of moving to this new platform, both through the excellent available support we provide, and also through the improved performance that our platform is now giving them.

At the time of our flotation, we stated our belief that the Group had at least 100 existing Pricing clients who would be suitable for a managed services offering. As at 30 June 2014, we had secured 14 managed services clients, up from 8 at the start of the current financial year. Our focus remains on continuing to convert existing clients as well as adding new clients to our managed services offering in order to grow further our recurring revenue base. We are in the process of increasing operational and sales resources to support our growing managed services offering.

Divisional Review

Pricing

The Group's pricing solution is a complete end to end fuel pricing system that provides clients with critical historical price/volume and competitor data and tools to determine optimal wholesale and retail fuel pricing strategies. This advanced market intelligence enables retailers to achieve their financial goals and improve operational efficiencies, whilst at the same time ensuring regulatory compliance. The Group is able to price all forms of fuel that are distributed by petroleum retailing sites including unleaded, diesel, autogas, LPG and ethanol.

Revenue from the Pricing business increased by 20% to $18.0 million, representing 63% of the Group's total revenue. This performance has been driven via both new client wins and improved sales into our existing client base across all regions. We have performed strongly in all our regions this year, with particular success in North America. The European Pricing business also performed well, adding a number of clients in Western Europe and improving our focus on expanding our existing client base. Rest of the World continues to grow strongly albeit from a smaller revenue base, and remains a focus area for growth in the year ahead.

Planning

Our planning solutions provide Kalibrate's clients with in-depth market and demand analysis, capital investment scenario analysis, forecast changes in demand and rapid assessment of competition as well as forecast sales volumes of fuel, convenience stores, fast food restaurants and car washes often located on petroleum retail sites. More generally speaking, planning incorporates site evaluation, retail network planning and demand data. This enables our clients to best prioritise their capital investment.

Kalibrate also owns a vast volume of retail market data in North America, Europe, Japan, South Africa and certain countries in Latin America and Asia. During this year, we have been focused on developing our offering and expanding our data reselling and supporting analytics tools to leverage this proprietary data. As a result of this, over the course of the coming year, we plan to expand our data analytics and insight to our existing clients in the fuel retail industry as well as new clients in other industries. We are aiming to be the comprehensive data provider for the fuel retail industry combining rich data with predictive analytic tools to help enhance a variety of operational and merchandising decisions.

Planning revenues increased by 16% to $10.8 million, representing 37% of the Group's total revenue. This has been a result of continued successful performance in our core markets, where we have achieved incremental revenue growth in North America, Japan and South Africa, together with growth in new areas such as South East Asia and Africa where we have expanded delivery of our solutions into new territories and gained multi-year subscriptions from these clients. Our European Planning business has also expanded this year, as this is expected to become a more important revenue stream in future.

Geographical Review

North America - 52% of Group revenue

The North American region has performed strongly this year and grew by 30% compared to the prior year. The Pricing business performed very well and we won a number of new clients through the year including a highly respected convenience retailer with more than 400 sites, and another East-Coast based 300 site fuel retailer, who previously were only a Planning client. We also achieved new license revenues from our clients, as industry consolidation continues at pace across the US. Our Planning business also performed positively with strong business from our existing client base as well as growing cross sell revenues into existing Pricing clients. Our data reselling business also grew modestly and is an area which we have recently been concentrating our marketing efforts and we are beginning to see the initial benefits from this investment.

Europe - 24% of Group revenue

Revenues in Europe rose by 2% across the year to $6.8 million with the region delivering a stronger second half performance than that seen in the first half. This is a solid performance given that our 2013 full year results included the largest single perpetual license deal in the Group's history. During the year we signed new Pricing clients in Germany, Netherlands and Spain and received more project delivery revenues through implementations and other pricing services. The Group was also selected by a major Finnish retailer, to provide both Pricing and Planning solutions, which was the first time we had successfully sold a combined solution to a new client, and is a clear indicator that our consistent message around the benefits for clients of both solutions is working. Operationally, we also successfully completed a nine country implementation of our software to a European retailer with more than 2,000 fuel sites.

We were also pleased that a global oil company, and an existing Kalibrate Pricing client, has agreed to utilise a multi-year, full managed services offering from us for its retail operations. The contract roll-out commenced in July 2014, in line with expectation, and is expected to provide an additional $2 million per year to our recurring revenues for the coming years.

RoW - 24% of Group revenue

Our business in the Rest of the World continued to perform strongly this year with revenue growing by 17% to $7.0 million. Our core Planning businesses in Japan and South Africa remain strong and this consistent performance has been supported in 2014 by growth in Australasia where we won a SaaS Pricing contract with a 200-store retailer in New Zealand and also in South East Asia where we have delivered a substantial Planning project across Malaysia, as the country prepares for deregulation.

We also signed a combined Pricing and Planning contract in Morocco, where our new client was keen to benefit, ahead of Morocco's deregulation, from both of our solutions thereby gaining first mover advantage in the market.

Our People

Since the IPO we have further invested in our team and now have more than 150 staff globally. As a former retailer I know how important it is to truly understand our clients' needs and have credibility. As such I am so proud of the expertise, industry knowledge and client focus our staff brings to the table. We work hard to earn the right to have such a large global client base and the proof is our client retention. I want to warmly thank our staff throughout the world who are truly the greatest asset of Kalibrate.

Current Trading and Outlook

This year, Kalibrate has delivered upon a number of the strategic goals that were outlined when the Company joined the AIM market. We have made solid progress, achieved a strong financial performance, retained existing and won new clients and invested further in our product offering and technology to enable us to retain our market leading position. The Board is pleased with the progress made during the Group's maiden year as a quoted company. Kalibrate has developed into a more diversified company, both through the evolution of its suite of solutions and services and also through our expanding geographical footprint. This together with the quality and experience of our staff, growing qualified pipeline, positive market conditions and trends of price deregulation and continuing industry consolidation gives us confidence in being able to serve our clients successfully in the future.

I am pleased to report that post year end, we have continued to meet our targets, both in terms of financial and operational performance.

As we enter a new financial year, we remain committed to executing on our stated strategy and based on this momentum the Board expects to see continued progress and looks forward to the future with confidence. The Board remains confident that the Group is on track to achieve its current targets for the coming year.

Bob Stein

Chief Executive Officer

9 September 2014

Finance review

Revenue

The Group has delivered a robust annual financial performance in its first year as a public company with double-digit growth across both its Pricing and Planning businesses. Revenues for the full year were $28.8 million, an increase of 18.8% against the prior year comparative of $24.2 million. Revenues for Pricing products grew by 20.5% to $18.0 million following strong growth in our North American business bolstered by the addition of a number of new clients and cross selling of products to existing clients. Revenues for our Planning products increased by 16.2% to $10.8 million, driven by continued double digit growth in both our North America and Rest of World market.

Kalibrate started this financial year with $15.6 million in annualised recurring revenues. The Group has a growing recurring revenue base and as at 30 June 2014, the Group had contracted $19.6 million in annualised recurring revenue, an increase of $4 million. A major driver of this is attributable to our major managed services win with a global oil retailer announced in December 2013, which from July 2014 is expected to generate an additional $2 million in annual recurring revenue for the Group over the multi-year term of the contract. Our core business also contributed significantly to the recurring revenue growth due to a number of new subscription and perpetual Pricing deals, and multi-year Planning subscriptions.

Profit

Underlying EBITDA before exceptional items, share based payments and business combination amortisation, is the Group's key profitability measure. Underlying EBITDA for the year was $3.6 million, 15.2% ahead of the prior year, reflecting the Group's strong revenue performance together with investment in future growth in the second half of the year. As detailed in our Admission Document, we have started investing the funds from the IPO across the business in order to ensure progression of the Group's growth strategy.

As planned, we commenced investment in our sales and marketing efforts, and continue to build strength in this area which, by way of example, is reflected in the recent hiring of a new senior vice president of marketing, Douglas Henderson, who has joined our senior management team, and the hiring of additional field sales roles. We have also added resources to support growth in our managed services business which has enabled the Group to announce its new 24/7 global support centre to benefit our clients which includes opening a new office in Melbourne, Australia to support our APAC region clients. We have also signed a contract to create an offshore development centre in Vietnam to accelerate product development starting in September 2014. These investments will create new products and analytic tools which will support the future growth of our business.

Underlying operating profit for the year was $3.0 million (2013: $2.7 million) an increase of 12.9%. Statutory operating profit was $0.3 million (2013: $1.6 million) reflecting the significant exceptional AIM flotation costs.

Underlying profit before tax was $3.0 million (2013: $2.5 million). Statutory profit before tax, after deducting the one-off flotation costs, was $0.2 million (2013: $1.4 million).

Exceptional costs and business combination amortisation totalled $2.7 million (2013: $1.0 million) in the period of which $2.4 million were related directly to the cost of our AIM flotation and the Group's rebranding as Kalibrate. A further $0.4m relates to the amortisation of the intangible assets arising on our acquisition of MPSI in May 2011.

Finance costs

Net finance costs decreased to $0.1 million (2013: $0.2 million) following the planned repayment of the Group's investor loan shortly after the Company's admission to AIM.

Tax

The tax charge was $0.0 million (2013: credit of $1.9 million). The Group's current tax charge of $0.3 million ($0.0 million) relates purely to tax in overseas jurisdictions and is offset by deferred tax credits of $0.3 million (2013: $1.9 million) relating to recognition of additional historic tax losses and the unwinding of the deferred tax liability which arose from recognition of intangible assets from our acquisition of MPSI.

Earnings per Share

Adjusted earnings per share, the Group's preferred measurement of earnings per share, is presented before exceptional items, share based payments and business combination amortisation. Adjusted basic earnings were share were 9.90 cents per share and adjusted diluted earnings were share were 9.23 cents. Statutory basic earnings per share were 0.63 cents and diluted earnings per share were 0.59 cents.

Presentational currency

During the year, the Board took the decision to change the presentational currency of the Group from Pounds Sterling to US Dollars. This change was implemented as the vast majority of the Group's revenues and costs are now US Dollar denominated, and moving forward this US dollar-centric bias will remain.

Headcount

At 30 June 2014, the Group's headcount stood at 151 employees (2013: 137 employees). We will continue to increase our investment in new staff during the coming financial year, consistent with our strategy laid out upon admission to AIM, to ensure recruitment of the necessary talent to drive expansion of our business.

Share capital and share options

Following the Company's flotation and equity fundraising at the end of November 2013, the Company received net proceeds of $9.0 million, which resulted in the widening of our investor base, whilst our previous cornerstone shareholders still retain a significant stake evidencing their continued belief in our growth strategy.

The Company also issued 1.75 million new share options to senior staff upon IPO. These share options, together with any carried forward or exchanged pre-IPO share options, total 11% of the Company's fully diluted share capital at 30 June 2014.

Capital expenditure

Total capital expenditure on property, plant and equipment and intangible assets was $1.8 million (2013: $1.1 million).

Cash and cashflow

Net cash was $9.6 million as at 30 June 2014 (2013: net debt of $0.5 million). This strong financial position largely results from the equity fundraising in November 2013 as part of the Group's admission onto AIM along with net cash generated by the year's profitable performance. As part of the use of proceeds, an outstanding investor loan of $2.8 million was repaid as promised on Admission.

The Group continues to generate cash from its profitable operations, which alongside the equity funds raised, provides it with sufficient liquidity and confidence to invest in its planned growth strategies.

Brad Ormsby

Chief Financial Officer

9 September 2014

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Cashflows

Consolidated Statement of Changes in Equity

1 Basis of preparation

The financial information set out above does not constitute the company's statutory accounts for the year ended 30 June 2014 and the year ended 30 June 2013 but is derived from those accounts. Statutory accounts for 2013 have been delivered to the registrar of companies, and those for 2014 will be delivered in due course. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs as adopted by the EU), IFRIC Interpretations and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial instruments.

2 Presentational currency

The consolidated financial statements are presented in US Dollars, which is now the presentational currency of the Group. The vast majority of the Group's revenues are now US Dollar denominated and, as there is also a growing proportion of US Dollar denominated costs, it is considered to be more appropriate to present the Group's results in US Dollars. The functional currency of the Company is Sterling.

3 Segmental analysis

The Chief Operating Decision Maker has been identified as the Board of Directors. The Board reviews the Group's internal reporting in order to make strategic decisions. The Board considers the business from both an operational and geographical perspective.

The segment results for the year ended 30 June 2014 are as follows:

The segment results for the year ended 30 June 2013 are as follows:

The segment assets and liabilities at 30 June 2014 are as follows:

Unallocated assets and liabilities comprise net cash, deferred taxation assets and liabilities, goodwill and acquired intangible assets.

The segment assets and liabilities at 30 June 2013 are as follows:

The parent company is domiciled in the UK. The Group's main business segments are based in the following locations:

· Pricing - North America, Europe and Rest of the World

· Planning - Rest of the World, North America and Europe

The geographical segments are based on an analysis of revenue by the location of the Group's customers as follows:

One global client, contributed 9 per cent of the Group's revenue (2013: 14 per cent, client based in Europe); no other client contributed greater than 8 per cent of the Group's revenue (2013: 8 per cent).

4 Exceptional items and business combination amortisation

Exceptional items consist of costs incurred in the preparation of the company for flotation (inclusive of the cost of the Group's change of name, related restructuring and rebranding activities) and the specific direct costs of the flotation, including professional fees and accelerated share option costs. Prior year exceptional items relate to the cost of the final steps taken in the integration of Market Planning Solutions Inc. (MPSI), including the cost of modernising the professional services delivery function and subsequent final staff restructuring. Business combination amortisation arises from the intangible assets recognised (other than goodwill) from the acquisition of MPSI.

5 Earnings per share

During the year, the Company undertook an internal share capital restructuring (share split and bonus issue) in order to prepare itself for admission to AIM (see note 6). In accordance with IAS 33 this has been treated as if it happened at the start of the year for the purpose of the earnings per share calculation.

6 Share capital

During the year, and in advance of the Company's admission to AIM, the par value of shares in the Company was reduced from £0.01 to £0.002 per share. A further 24.5m bonus shares were subsequently issued to the then existing shareholders to meet the capital requirements for the Company's admission to AIM (£50,000 share capital, totalling 25 million £0.002 ordinary shares in issue).

On 29 November 2013, 8.2 million shares were issued at £0.79 each as part of a fundraising upon admission.

The market price of the Company's shares at 30 June 2014 was £1.13. The range from 29 November 2013, when the Company's shares were admitted to AIM, to 30 June 2014 was £0.82 to £1.31.

7 Share-based payments

As part of the change in capital structure relating to the Company's admission to AIM in November 2013 (see note 6), all options issued under the Company's existing unapproved share option scheme were adjusted to maintain a dilutive position. Upon flotation of the Company, all existing share options vested and a proportion of these were exercised by certain of the Group's employees. Additionally, certain of the unexercised share options were exchanged for share options in the Company's new 2013 Enterprise Management Initiative (EMI) scheme. A further 1.75 million share options under the new EMI scheme were also issued to Directors and employees at the date of the flotation.

The Company now operates two equity separate settled share option schemes for qualifying employees of the Group; however no further share options are expected to be issued under the 2008 scheme.

Options in issue at the year-end are as follows:

2008 Unapproved share option scheme

The share price at the date of share option exercise was £0.79.

2013 EMI share option scheme

The fair value of services received in return for the new share options granted under the 2013 share option scheme are measured by reference to the fair value of share options granted. The estimate of the fair value of services received is based on a Black Scholes share option pricing model. The key assumptions used in the model are as follows:

· interest rate - 2.0%;

· volatility - 40%;

· dividend yield - nil; and

· expected life of option - 3.5 years.

The total expense recognised by the Group for the year, for all continuing schemes, was $182,000 (30 June 2013: $62,000) of which a charge of $80,000 was included in exceptional costs for accelerated share based payments.

8. Dividends

No dividends were paid or proposed during the year (2013: $nil).

9. Forward-looking statements

Certain statements in these results are forward-looking. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by those forward-looking statements.

The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.