TIDMPGY
RNS Number : 1133T
Progility PLC
24 March 2016
Progility plc
("Progility" or "the Group")
Interim Results
Progility plc (AIM: PGY) the Professional Services, Healthcare
and Communications firm is pleased to announce its Interim Results
for the six months to 31 December 2015.
The results for the six months to 31 December 2015 once again
show considerable growth in sales, up over 23% on the prior period,
primarily from acquisitions. On consideration of the Group's growth
into a more stable set of businesses, the Board has determined that
it is now appropriate to report the businesses' performance in
three segments; Professional Services (comprising the training and
recruitment businesses), Healthcare (comprising Starkstrom,
including its nascent overseas activities) and Communications
(which is comprised of our communications technology businesses in
India and Australia). Professional Services have improved markedly
in the period; Healthcare has largely been a case of investing for
future geographic expansion and Communications has been a mixture
of the very successful integration of the Indian business set
against a continued falling off of customer activity in
Australia.
Six months' highlights - good revenue growth, investment and
successful integration
-- Revenues up to GBP30.5 million (2014: GBP24.7 million)
-- Operating loss before highlighted items GBP0.1 million (2014: Loss GBP0.1 million)
-- Loss before tax and highlighted items GBP1.4 million (2014: GBP1.2 million)
-- Loss before tax GBP1.4 million (2014: Profit GBP1.7 million)
-- Gross margin improvement to 38.6% from 36.2%
-- Organic investment in Healthcare geographic expansion
-- Acquisitions of last year successfully integrated into each segment
-- Difficult economic environment in Australia
Wayne Bos, Executive Chairman, commented:
"The integration of our acquisitions in 2014 into the Group has
progressed well. Healthcare through Starkstrom continues as a
leader in the UK and we have invested organically into its growth
overseas, particularly in the Middle East.
Professional Services, through a combination of focused
leadership and better understanding and servicing the needs of our
customers, has enjoyed strong profit growth, and the ILX brand in
particular continues to be recognised as a mark of superior
quality.
The Communications business has been a tale of two sides, with
India, new to the Group, demonstrating why it was such an excellent
addition, whilst Australia has necessarily been affected by the
poor health of its mining and energy industries, where our
Communications business has been badly hit.
Overall, we continue to pursue our strategic growth objectives.
The outturn for the year to June 2016 as a whole remains heavily
dependent on the second half of the year. Actions taken by
management in the first half to reduce costs and increase revenue
have begun to improve performance across most areas.
We fully intend to continue our strategy of transformation and
organic growth over the next six months."
Enquiries:
Progility plc
Wayne Bos, Executive Chairman 020 7371 4444
Hugh Cawley, CFO
SPARK Advisory Partners
Limited (Nominated Advisor)
Mark Brady/Sean Wyndham-Quin 0203 368 3551
W H Ireland Limited (Broker)
Adrian Hadden 020 7220 1666
Executive Chairman and Financial Review
Introduction
The results for the six months to 31 December 2015 once again
show considerable growth in sales, up over 23% on the prior period
last year, primarily from acquisitions. On consideration, the Board
has determined that it is appropriate now to report the businesses'
performance in three segments; Professional Services (comprising
the training and recruitment businesses), Healthcare (comprising
Starkstrom, including its nascent overseas activities) and
Communications (which is comprised of our communications technology
businesses in India and Australia). Professional Services have
improved markedly in the period; Healthcare has largely been a case
of investing for future geographic expansion and Communications has
been a mixture of the very successful integration of the Indian
business set against a continued falling off of customer activity
in Australia.
Highlights - good revenue growth, organic investment and
successful integration
-- Revenues up 23.4% to GBP30.5 million (2014: GBP24.7 million)
-- Operating loss before highlighted items GBP0.1 million (2014: Loss GBP0.1 million)
-- Loss before tax and highlighted items GBP1.4 million (2014: GBP1.2 million)
-- Loss before tax GBP1.4 million (2014: Profit GBP1.7 million)
-- Gross margin improvement to 38.6% from 36.2%
-- Organic investment in Healthcare geographic expansion
-- Acquisitions of last year successfully integrated into each segment
-- Difficult economic environment in Australia
The last six months have seen considerable improvement in the
efficiency of each of the businesses, and, although, the investment
required to achieve these improvements has thus far masked the
underlying profitability increase, the Group is generally in better
financial shape now. With the hiatus in M&A activity over the
period, the shape of central management functions has also been
adapted better to suit the circumstances of the Group.
Overview and summary of results
The geographic spread of our Group is hugely helpful to a
developing business, particularly in the digital age; it allows
access for our offerings to more markets, as is clearly illustrated
with the international spread of the project management training
business. We now report the Group in three segments, however,
rather than geographically, since the performance is effectively
driven and managed more by common product and customer
characteristics than by country.
The profitability of the Professional Services segment has
improved significantly in the current period, particularly since
the appointment of a new Managing Director to ILX in the spring of
2015, and bringing all parts of ILX's operations under his direct
responsibility. The Recruitment business, specialising in
information management resources, has a strong niche position but
growth is challenging.
The predominantly UK-based Healthcare business has integrated
well within Progility since the acquisition of Starkstrom in July
2014. Measures to streamline the operations have been undertaken.
Meanwhile, exploitation of the strength of the Starkstrom brand
within the Healthcare sector has been the thrust behind developing
a distributor-based model for sales outside the UK and considerable
investment has been put into growing the overseas market from new
offices opened in Dubai; this remains in the investment phase and
the fruits of those labours are not yet visible.
The Communications segment of our Group has experienced
different levels of profitability, and absolutely justifies the
timing and nature of the Indian acquisition. The telephony products
are very similar, in providing communications infrastructure
solutions, although the experiences of our customers have been very
different over the past year or so. The Indian economy has been
thriving and our business there reflects that, whereas Australia,
has continued to suffer from substantially lower activity in the
mining sector. Our involvement in healthcare infrastructure in
Australia has been helpful, as has the relatively recent
appointment of a highly capable and fully focused chief executive
from outside the group.
Summary of Results and operating performance
The table below sets out a summary of our results:
Unaudited
six Unaudited restated
six months
months ended ended
31 December 31 December
2015 2014
GBP ' 000 GBP ' 000
Revenue 30,493 24,714
-------------- --------------------
Gross
profit 11,769 8,956
-------------- --------------------
Operating loss before
highlighted items (87) (131)
Highlighted
items - 2,916
-------------- --------------------
Operating (loss)
/ profit (87) 2,785
Net finance
costs (1,267) (1,038)
-------------- --------------------
(Loss) / profit
before tax (1,354) 1,747
-------------- --------------------
Professional Services' revenues grew 16.4% against prior year,
from GBP7.49m to GBP8.71m. All the revenue increase came as a
result of the Woodspeen acquisition, whilst profitability within
the segment more than doubled from GBP0.45m to GBP0.95m, including
a contribution from the acquisition, but the bulk of the
improvement arose organically from operational and efficiency
improvements.
The Healthcare segment, in the UK at least, makes the bulk of
its sales and profits in the second half of the year; the business
outside the home market is insufficiently developed yet to assess
in such terms. Turnover overall was 5% down on the prior year's
equivalent period, reflecting to an extent the choice of margin
over turnover. Investment in the overseas expansion, which we
believe will show a return over time, has adversely affected the
bottom line with a loss of GBP0.05m compared to a profit of
GBP0.24m in the first six months of last year.
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The acquisition of the Indian business in the Communications
segment has proved to be valuable. On a financial basis alone, the
business which was acquired at a cost of just EUR1m, has so far
been able to remit some GBP0.6m of dividends to the UK and
continues to generate profits in its home market. India has
achieved profitability in line with the Board's expectations and
has allowed the segment as a whole to remain profitable despite the
significant challenges experienced by its sister business in
Australia. The net result of a 42.8% increase in turnover afforded
by the acquisition, from GBP11.33m to GBP16.19m, was accompanied by
a relatively modest 33.8% increase in profits from GBP0.13m to
GBP0.17m.
Central costs reflect, inter alia, the expense of a variety of
measures to cut our cloth according to our needs in the world of
less corporate activity and the run rate now is below that
reflected in the GBP1.16m (2014 GBP0.94m) for the period to
December 2015.
The operating loss before highlighted items of GBP0.09m - and
there are no items being highlighted in the current reporting
period, as against a net profit of GBP2.79m in the equivalent
period in 2014, relating principally to the bargain gain on the
Indian acquisition - is slightly improved against a loss of
GBP0.13m in 2014, although it should be pointed out that the trend
now established is one of improving profitability in Professional
Services and Communications, whereas the continuing investment in
Healthcare is being made in the expectation of higher returns.
With the level of debt, principally incurred to fund
acquisitions, increasing between the periods, the net interest
charge rose to GBP1.27m (2014 GBP1.04m), giving rise to a loss
before tax of GBP1.35m for the six months to December 2015 (2014:
loss before tax and highlighted items GBP1.17m).
Cash flow, net debt and facilities
Cash absorbed by operations in the period was GBP0.37m (2014:
GBP0.07m), principally reflecting a substantially greater
settlement of creditors than receipts from debtors would fund.
Capitalise-able investment activity (as distinct from the
'investment' in establishing our presence in the Healthcare
business overseas) was substantially lower at GBP0.86m in the half
year than in the equivalent period in 2014 (GBP6.78m) and mainly
comprised payment of deferred consideration for a prior period
acquisition, the settlement of which was funded by further
borrowing in the form of shareholder loans.
At the balance sheet date, the Group's debt facilities,
including, where appropriate, rolled up interest, comprised GBP0.2m
by way of a fixed term facility (2014 GBP1.0m), GBP2.39m of invoice
discounting facility (2014 GBP2.0m), GBP1.36m of third party
borrowings (2014 GBP2.72m) and GBP17.1m of shareholder loans
(including convertible loan notes) (2014 GBP13.4m) and a standard
bank overdraft of GBPnil (2014 GBP0.3m). At the same date the
Group's cash and cash equivalents amounted to GBP3.46m (2014
GBP3.22m).
Shareholder loans
The Group's acquisitions have been funded in recent years
entirely through the issue of 12% loan notes which are listed on
the Channel Islands Stock Exchange.
The subscriber for all these notes has been DNY Investments
Limited, a company which is an asset of the DNY Trust, a family
trust of which Wayne Bos, Executive Chairman, is a discretionary
beneficiary and of which Praxis Trustees Limited, the company's
controlling shareholder, is trustee. Praxis Trustees remain
supportive of the Group's strategy.
Dividend
The Board does not recommend a dividend for the period ended 31
December 2015. Given the Group's strategic direction and historic
financial performance, the Board does not envisage the Company's
paying a dividend for the foreseeable future.
Outlook
The board believes that the improvements which have been evident
throughout the Group's operations in the last six months will
continue into the second half of the year. Given this is generally
a second-half weighted business and the effect of improvement
actions already taken should begin to come through, the board is
looking forward to a better second half performance.
By order of the Board
Wayne M Bos Hugh C L Cawley
Executive Chairman Chief Financial Officer
23 March 2016
Unaudited consolidated statement of Comprehensive Income for the
six months ended 31 December 2015
Unaudited
Unaudited six months Audited
six months ended year
ended 31.12.2014 ended
31.12.2015 Restated 30.06.15
Note GBP000 GBP000 GBP000
Revenue 4 30,493 24,714 60,056
Cost of Sales (18,724) (15,758) (37,078)
------------ ------------ -----------
Gross profit 11,769 8,956 22,978
Administrative and
distribution expenses
- excluding highlighted
items (11,856) (9,087) (22,793)
Administrative and
distribution expenses
- highlighted items 5 - (311) (447)
---------------------------- ----- ------------ ------------ -----------
Total administrative
and distribution
expenses (11,856) (9,398) (23,240)
Other income - highlighted
items 5 - 3,227 3,227
Other expenses -
highlighted items 5 - - (229)
Operating (loss)/profit
before highlighted
items (87) (131) 185
Highlighted items 5 - 2,916 2,551
---------------------------- ----- ------------ ------------ -----------
Operating (loss)/profit (87) 2,785 2,736
Finance income 124 - 65
Finance costs (1,391) (1,038) (2,296)
------------ ------------ -----------
(Loss)/profit before
tax and highlighted
items (1,354) (1,169) (2,046)
Highlighted items - 2,916 2,551
---------------------------- ----- ------------ ------------ -----------
(Loss)/profit before
tax (1,354) 1,747 505
Tax charge (433) - (18)
------------ ------------ -----------
(Loss)/profit for
the period attributable
to equity shareholders (1,787) 1,747 487
Currency translation
differences on foreign
operations 216 (33) (287)
------------ ------------ -----------
Other comprehensive
income, net of tax 216 (33) (287)
------------ ------------ -----------
Total comprehensive
(loss)/profit (1,571) 1,714 200
============ ============ ===========
(Loss)/earnings per
share
Basic 6 (0.89p) 0.87p 0.24p
Diluted 6 (0.89p) 0.87p 0.24p
Unaudited consolidated statement of Financial Position as at 31
December 2015
Unaudited Unaudited Audited
As at As at As at
31.12.2015 31.12.2014 30.6.2015
Restated
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and
equipment 1,316 1,313 1,449
Intangible assets 20,009 20,289 20,135
Deferred tax asset 848 849 888
------------ ------------ -----------
Total non-current
assets 22,173 22,451 22,472
------------ ------------ -----------
Current assets
Inventories 3,473 5,020 4,001
Trade and other receivables 13,503 14,452 16,554
Other current assets 3,182 2,036 2,107
Tax receivable 49 82 41
Cash and cash equivalents 3,460 3,222 3,538
------------ ------------ -----------
Total current assets 23,667 24,812 26,241
Total assets 45,840 47,263 48,713
------------ ------------ -----------
Current liabilities
Trade and other payables (17,257) (16,894) (19,889)
Deferred consideration (1,361) (3,123) (2,041)
Provisions (4,275) (4,327) (4,282)
Tax liabilities (412) (321) (28)
Bank and shareholder
loans (2,965) (3,639) (3,288)
------------ ------------ -----------
Total current liabilities (26,270) (28,304) (29,528)
------------ ------------ -----------
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Non-current liabilities
Shareholder loans (16,699) (13,094) (14,837)
Deferred tax liability (199) (277) (199)
Provisions (180) (76) (90)
------------ ------------ -----------
Total non-current
liabilities (17,078) (13,447) (15,126)
------------ ------------ -----------
Total liabilities (43,348) (41,751) (44,654)
------------ ------------ -----------
Net assets 2,492 5,512 4,059
============ ============ ===========
Issued share capital 19,967 19,967 19,967
Share premium 114 114 114
Other reserve 75 75 75
Merger reserve (14,854) (14,854) (14,854)
Own shares in trust (2) (50) (2)
Share option reserve 47 41 43
Retained earnings (2,740) 296 (953)
Foreign currency translation
reserve (115) (77) (331)
Total equity 2,492 5,512 4,059
============ ============ ===========
Unaudited consolidated Cash Flow Statement for the six months to
31 December 2015
Unaudited Unaudited Audited
Six month Six month Year
ended ended ended
31.12.2015 31.12.2104 30.6.2015
Restated
GBP000 GBP000 GBP000
(Loss)/Profit from
continuing operations (87) 2,785 2,736
Adjustments for:
Depreciation and amortisation 525 403 1,154
Loss on fixed asset
disposal 56 86 86
Impairment of intangibles - - 229
Gain on bargain purchase - (3,227) (3,227)
Share option charge 4 29 40
Revaluation of own
shares held in trust - - 48
Movement in inventories 529 308 1,101
Movement in trade
and other receivables 1,991 2,423 146
Movement in trade
and other payables (3,634) (2,859) (942)
Exchange difference
on consolidation 266 11 (59)
------------ ------------ -----------
Cash generated from
operations (350) (41) 1,312
Income tax paid (15) (27) (439)
Net cash generated
from operations (365) (68) 873
------------ ------------ -----------
Investing activities
Interest received 124 - 65
Purchases of property
and equipment (258) (180) (555)
Capitalised expenditure
on product development (45) (37) (52)
Acquisition of subsidiaries
(net of cash acquired) (680) (6,562) (8,032)
------------ ------------ -----------
Net cash used in investing
activities (859) (6,779) (8,574)
------------ ------------ -----------
Financing activities
Proceeds from borrowings 1,901 9,243 11,286
Repayment of borrowings (413) (834) (1,235)
Interest costs paid (158) (135) (408)
Net cash from financing
activities 1,330 8,274 9,643
------------ ------------ -----------
Net change in cash
and cash equivalents 106 1,427 1,942
============ ============ ===========
Cash and cash equivalents
at start of period 3,350 1,533 1,533
Foreign exchange rate
differences 4 (40) (125)
Cash and cash equivalents
at end of period 3,460 2,920 3,350
============ ============ ===========
Cash and cash equivalents
comprise:
Cash in hand and at
bank 3,460 3,222 3,538
Bank overdraft - (302) (188)
3,460 2,920 3,350
============ ============ ===========
Notes to the unaudited accounts:
1. Basis of preparation and accounting policies
These interim financial statements are for the six months ended
31 December 2015. They have been prepared based on the measurement
and recognition principles of International Financial Reporting
Standards as adopted by the European Union (EU-IFRS) and IFRC
interpretations issued and effective at the time of preparing these
statements. They do not include all of the information required for
full annual financial statements, and should be read in conjunction
with the audited financial statements of Progility plc for the year
ended 30 June 2015. The financial information for the period ended
31 December 2014 set out in this interim report does not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006. The Group's statutory financial statements for the period
ended 30 June 2015 have been filed with the Registrar of Companies
and can be found on the Group's website www.progility.com. The
auditor's report on those financial statements was unqualified and
did not contain statements under Section 498(2) or Section 498(3)
of the Companies Act 2006. These interim financial statements have
been prepared under the historical cost convention as modified by
the revaluation of derivative financial instruments. These interim
financial statements have been prepared in accordance with the
accounting policies detailed in the Group's financial statements
for the year ended 30 June 2015 except as documented herein. The
accounting policies have been applied consistently throughout the
Group for the purposes of preparation of these interim financial
statements. The interim financial statements are presented in
Sterling (GBP), which is also the functional currency of the
Company.
These interim financial statements have been approved for issue
by the board of directors. It should be noted that accounting
estimates and assumptions are used in preparation of the interim
financial information. Although these estimates are based on
management's best knowledge and judgement of current events and
actions, actual results may ultimately differ from those estimates.
The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the
interim financial information, are set out in note 2 to the interim
financial information. In the future, actual experience may deviate
from these estimates and assumptions
The consolidated financial statements include the financial
statements of Progility plc and its subsidiaries. There are no
associates or joint ventures to be considered.
2. Accounting estimates and key judgements
The preparation of the interim financial statements in
conformity with IFRS requires management to make estimates and
assumptions that affect the reported amounts of revenues, expenses,
assets and liabilities, and the disclosure of contingent
liabilities at the date of the financial statements. Such estimates
and assumptions are based on historical experience and various
other factors that are believed to be reasonable in the
circumstances and constitute management's best judgment of
conditions at the date of the financial statements. Key estimates
and judgments relate to impairment analysis assumptions, revenue
recognition over exam vouchers, stock movement and deferred tax
assets. In the future, actual experience may deviate from these
estimates and assumptions, which could affect the interim financial
statements as the original estimates and assumptions are modified,
as appropriate, in the period in which the circumstances
change.
Key judgement - Goodwill
In respect of acquisitions, the Group measures goodwill at the
acquisition date as:
-- The fair value of the consideration transferred; plus the
recognised amount of any non-controlling interests in the acquired;
plus
-- The fair value of the existing equity interest in the acquire; less
-- The net recognised amount (generally fair value) of the
identifiable assets acquired and liabilities assumed.
When the excess is negative, the negative goodwill is recognised
immediately in the profit and loss. Costs related to the
acquisition, other than those associated with the issue of debt or
equity securities, are expensed as incurred.
Key judgement - Going concern
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The Directors, after making enquiries of its loan note holders,
considering its financing arrangements and based on its cash flow
projections, have a reasonable expectation that the Company and the
Group will have adequate resources to continue in operational
existence for the foreseeable future. Accordingly, they continue to
adopt the going concern basis in preparing the annual report and
financial statements.
3. Prior year restatements
In line with the 30 June 2015 financial statements, the prior
year comparatives in these financial statements have been restated
to reflect the following:
3.1 Change to recognition of income from software licences
The Group previously recognised Revenue from software licences
at the start of the licence term provided that delivery had
occurred. Following a review of the method delivery of the
products, it has been determined that the correct practice should
be to recognise the revenue over the period of its availability to
the user rather than immediately upon the sale.
The opening balance sheet and 2014 comparatives in these
financial statements have been restated to reflect this change in
revenue recognition. The opening balance at 30 June 2014 has been
restated to include an increased deferred income creditor of
GBP1,917,000. During the six months ended 31 December 2015 revenue
has been restated upwards by GBP276,000 to reflect the impact of
the revenue recognition policy.
3.2 Recognition of deferred tax asset
A deferred tax asset previously recognised at 30 June 2014 in
Progility Pty Ltd did not meet the Groups accounting policy for
recoverability. Accordingly the deferred tax assets at 30 June 2014
has been adjusted and restated by GBP1,069,000.
3.3 Reclassification of costs
Certain costs including administrative and technical staff
costs, marketing and IT costs which had previously classified as
costs of sales have been reclassified as administrative and
distribution expenses as it has been determined that this is the
correct classification of these costs. The amount of this
restatement in the six months to 31 December 2015 was GBP871,000,
this has no impact on the reported results for the period.
3.4 Reclassification of development costs
Starkstrom Ltd capitalised Development costs which following
review did not meet the Groups accounting policy for
capitalisation. Accordingly the capitalised development costs at
acquisition and to 31 December 2014 have been adjusted and restated
by GBP8,000.
Summary of restatements
The impact of the above restatements on previously reported
amounts is summarised below:
Profit for
the six
Net assets months ended Net assets
at 31.12.14 31.12.14 at 30.6.14
GBP'000 GBP'000 GBP'000
Previously stated amounts 8,092 1,393 6,672
3.1 Recognition of
software licence revenue (1,641) 276 (1,917)
3.2 Deferred tax asset (1,069) - (1,069)
3.3 Reclassification
of costs - - -
3.4 Development costs 8 8 -
Foreign exchange difference 122 37 85
5,512 1,714 3,771
============= ============== ============
4. Segmental reporting
In accordance with IFRS 8 the Group's operating segments are
based on the reports reviewed by the Executive Directors that are
used to make strategic decisions.
The Group reports its results in three segments:-
Professional Services - The Group's Professional operations
comprise the training, recruitment and consultancy activities
operating in the UK, Dubai, Australia and New Zealand.
Healthcare - The Group's Health operations comprise the
activities of Starkstrom Limited and Progility DMCC.
Communications - The Group's Technology operations comprise the
technology solutions goods and services businesses which operate in
Australia and India
Segment profit or loss consists of earnings before interest, tax
and highlighted items. This measurement excludes the effects of
non-recurring expenditure from the operating segments such as
restructuring costs and purchased intangibles amortisation.
Interest income and expenditure are not allocated to segments as
this type of activity is driven by the central treasury activities,
which manages the cash position of the Group.
Six months
ended
Six months 31.12.2014 Year ended
ended 31.12.2015 Restated 30.6.2015
Segment Segment Segment
Profit/ Profit/ Profit/
Revenue (loss) Revenue (loss) Revenue (loss)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Professional
services 8,712 951 7,486 445 17,226 845
Healthcare 5,596 (53) 5,894 238 13,688 984
Communications 16,185 174 11,334 130 29,142 194
Central
costs - (1,159) - (944) - (1,838)
---------------- --------- -------- --------- -------- ---------
Total segmental
result 30,493 (87) 24,714 (131) 60,056 185
================ ======== ========
Highlighted
items - 2,916 2,551
--------- --------- ---------
Operating
(loss)/profit (87) 2,785 2,736
Interest (1,267) (1,038) (2,231)
--------- --------- ---------
(Loss)/profit
before tax (1,354) 1,747 505
========= ========= =========
Adjusting
for highlighted
items note
5
Acquisition
and merger
costs Recurring - 311 447
Bargain
gain on
acquisition Non recurring - (3,227) (3,227)
Impairment
charges Non recurring - - 229
0 (2,916) (2,551)
========= ========= =========
As at 31.12.15 As at 31.12.14 As at 30.6.15
Restated Restated
Segmental Segmental Segmental Segmental Segmental Segmental
assets liabilities assets liabilities assets liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Professional
services 21,511 22,335 20,746 19,059 22,392 21,481
Healthcare 4,933 4,505 6,849 7,248 5,860 6,067
Communications 19,396 16,508 19,668 15,444 20,461 17,106
---------- ------------- ---------- ------------- ---------- -------------
Total 45,840 43,348 47,263 41,751 48,713 44,654
========== ============= ========== ============= ========== =============
Unallocated costs comprise central costs that are not considered
attributable to the segments.
5. Highlighted items
The Group incurred costs during the period which we have
highlighted. These costs include transaction costs, restructuring
costs and other strategic, non-cash items including impairment,
bargain gain on acquisition and non-recurring acquisition expenses.
This has resulted in the following charges, gains and intangibles
impairment as follows:
Unaudited
Unaudited six months
six months ended Audited
ended 31.12.2014 year ended
31.12.2015 Restated 30.6.2015
GBP'000 GBP'000 GBP'000
Recurring
Acquisition and merger
costs - 311 447
Non- recurring
Bargain gain on acquisition - (3,227) (3,227)
Impairment of intangibles - - 229
------------- ------------ ------------
Total highlighted costs - (2,916) (2,551)
============= ============ ============
6. Loss per share
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This has been calculated on the loss for the period of
GBP1,787,000 (2014 restated: Profit GBP1,747,000) and the number of
shares used was 199,666,880 (2014: 199,666,880), being the weighted
average number of share in issue during the period.
7. Dividends
No dividend is proposed for the six months ended 31 December
2015.
8. Copies of Interim financial statements
The Interim Results will be posted on the Company's web site
www.progility.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPGUQWWUPQGMW
(END) Dow Jones Newswires
March 24, 2016 03:00 ET (07:00 GMT)
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