TIDMBHRD
RNS Number : 1080K
Be Heard Group PLC
20 April 2020
BE HEARD GROUP PLC
Final Results For The Year Ended 31 December 2019
Be Heard Group plc ("Be Heard'"), the marketing services group,
is pleased to report another year of good progress.
Operational Highlights
-- Continued new business wins
-- Investment in key management resources within partner companies
-- Repositioning of the creative and influencer businesses
Financial Highlights
-- Group revenue increased by 1.1% to GBP29.8m (2018: GBP29.5m)
-- Adjusted EBITDA (1) increased to GBP4.7m (2018: GBP3.0m)
-- Operating Margin (2) increased by 5.5% to 15.8% (2018: 10.3%)
-- Net cash of GBP1.7m (3) (December 2018: net debt GBP0.8m)
-- Earnout (cash) balance of GBP8.7m (December 2018: GBP9.9m)
-- Cash generated from operations increased by GBP5.3m to GBP5.9m (2018: GBP0.5m).
David Morrison, Non-Executive Chairman of Be Heard Plc,
commented:
" Against a background of testing market conditions many
businesses in our industry found 2019 to be a challenging year,
with little or no growth accompanied by margin and earnings
erosion. Be Heard, whilst not immune to the vicissitudes of the
market in which it operates, has, in comparison, faired reasonably
well, and our improved results should be considered more than
satisfactory .
The evolving Covid-19 pandemic is having, and will continue to
have a material and adverse impact on the demand and supply side of
economies throughout the world. The effects of this economic shock
will no doubt be profound, even if it should prove to be short
lived. With regards to the Group, we expect a reduction to our
earnings for the current financial year as clients adopt a cautious
approach and look to defer or curtail engagements, but the full
impact is impossible to assess at present and we have been
guardedly encouraged by both the extension of existing contracts
and new business activity in certain areas.
In mitigation, the Group's response to the sudden economic and
operational challenges brought about by the Covid-19 pandemic, has
been both decisive and quickly implemented. Consequently, we do
expect to remain both profitable (adjusted EBITDA) and cash
generative."
NOTES
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
Note 1
We define Adjusted EBITDA which is inclusive of IFRS16
(accounting for leases), as EBITDA adjusted for costs associated
with acquisitions, restructuring of the Group, share based payments
and impairments.
Note 2
Operating margins are Adjusted EBITDA divided by revenue.
Note 3
Net cash (debt) excludes GBP3,677k of convertible loan notes
issued on 28 November 2017. The notes are convertible by the holder
into ordinary shares of the Company at any time between the date of
issue of the notes and their redemption date. The notes are
convertible at 3.5 pence per share.
ENQUIRIES
Be Heard Group plc +44 20 3828 6269
David Morrison, Non-Executive Chairman
Simon Pyper, Chief Executive Officer
NOMAD
Cairn Financial Advisers +44 20 7213 0885
Jo Turner / James Lewis
Broker
Dowgate +44 20 3903 7715
James Serjeant
Financial PR
Hudson Sandler +44 20 7796 4133
Nick Lyon / Dan de Belder
Strategic Report:
Non-Executive Chairman's Statement
Against a background of testing market conditions many
businesses in our industry found 2019 to be a challenging year,
with little or no growth accompanied by margin and earnings
erosion. Be Heard, whilst not immune to the vicissitudes of the
market in which it operates, has, in comparison, fared reasonably
well, and our improved results should be considered more than
satisfactory.
The Group, despite a disappointing set of results from its
creative business, has delivered improved results across a broad
range of metrics, recording improved revenues, margins and earnings
(adjusted EBITDA). Additionally, the Group has also seen noteworthy
improvements in its working capital and cash generated by
operations. We now have a more secure financial platform from which
to develop.
The improvements in our results reflect the fact that the
management team focused on doing a few things well in the last
year. However, whilst much has been done to improve the Group's
prospects, the business remains constrained by its capital
structure and, in particular, the earnout and loan note
obligations. These balance sheet constraints limit the Group's
ability to invest in the partner companies that are delivering
growth and bring into focus the strategic challenges facing the
Board. Broadly, and putting to one side the impact of the Covid-19
pandemic, the choice is either to continue slowly to trade out of
the current financial straitjacket or to consider other options
that might deliver a more rapid and satisfactory outcome for all
the stakeholders in the Group.
Board Changes
There have been no changes to the Board during the year.
Our Employees
Be Heard is totally dependent on its people and the turnaround
in operating performance would not have been possible without their
commitment. I would particularly like to thank the employees of the
Group and in all the partner companies for their efforts, as well
as both my executive and non-executive colleagues on the Board.
Current Trading and Outlook
The evolving Covid-19 pandemic is having, and will continue to
have a material and adverse impact on the demand and supply side of
economies throughout the world. The effects of this economic shock
will no doubt be profound, even if it should prove to be
short-lived. With regards to the Group, we expect a reduction to
our earnings for the current financial year as clients adopt a
cautious approach and look to defer or curtail engagements, but the
full impact is impossible to assess at present and we have been
guardedly encouraged by both the extension of existing contracts
and new business activity in certain areas.
In mitigation, the Group's response to the sudden economic and
operational challenges brought about by the Covid-19 pandemic, has
been both decisive and quickly implemented. Consequently, we do
expect to remain both profitable (adjusted EBITDA) and cash
generative.
David Morrison
Non-Executive Chairman
17 April 2020
Strategic Report:
Chief Executive's Report
The prolonged political and economic uncertainty coupled with
structural changes in how clients purchase, price and deploy
marketing services undoubtedly made 2019 a challenging year. For
many businesses within our sector, these structural changes,
coupled with increased client focus on data-led insights, left many
struggling to find their footing. For Be Heard, despite the decline
in performance from our creative business as a whole, 2019 was in
many respects a good year.
In 2018, we set ourselves one simple objective which was to
return the business to profitability and financial stability. In
2019, we set ourselves the objective of improving on our 2018
results and developing the partner companies, whilst continuing to
improve the financial health of the business as a whole. Our
results for 2019 clearly demonstrate that we achieved the
objectives which we set ourselves.
Key Performance Indicators 2019
The key performance indicators selected are used by the
Executive Directors to monitor the Group's performance and
progress.
Revenue Adjusted Adjusted EBITDA Net (Debt)/
EBITDA Margin Cash
2019 GBP29.8m GBP4.7m 15.8% GBP1.7m
========= ========= ================ ============
2018 GBP29.5m GBP3.0m 10.3% GBP(0.8)m
========= ========= ================ ============
% Growth or GBPm Change +1.1% +54.8% +5.5% GBP2.6m
========= ========= ================ ============
We define Adjusted EBITDA (which is inclusive of IFRS16
adjustments), as EBITDA adjusted for costs associated with
acquisitions, restructuring of the Group, share based payments and
impairments. Note that the 2018 adjusted EBITDA figure does not
included an adjustment for IFRS 16.
Net debt is short and long-term borrowings (excluding earnouts
and convertible loan note) less cash and cash equivalents.
The Group was founded with the intention of buying and building
a "partnership" of marketing services companies fit for the digital
age. The main components for such a Group are broadly in place and
the emphasis is now on organising and managing the partner
companies to maximise their potential. The Group has four
constituent parts: Data Analytics from Freemavens, Technology led
by MMT, Media led by agenda21, and Creative led by The Corner.
Group Performance 2019
Note: Partner contribution is equal to Group adjusted EBITDA
before central overheads of (GBP1.8) million (2018: (GBP2.2)
million) and IFRS 16 benefit of GBP1.1 million (2018: Nil)
Freemavens:
Revenues GBP4.3 million 44% ahead of last year
Contribution GBP1.7 million 2018 GBP1.0 million
Analytics and insight business which makes use of customer,
audience and market data to provide critical insights to blue chip
clients. Freemavens is our only partner company which regularly
engages with client-side senior executives. Growth has come from
both increased engagements from its top clients and from notable
new business wins.
MMT Digital:
Revenues GBP15.2 million 9% ahead of last year
Contribution GBP2.8 million 2018 GBP2.9 million
Delivering award-winning websites and software, MMT works with
clients to transform their digital performance. The results for
2019 reflect MMT's focus on delivering quality solutions for
clients to timetable and to budget. Growth has come from both
existing clients and a number of client referrals. Contribution for
2019 reflects the impact of a higher contractor mix (technical
delivery) and investment in key management roles.
agenda21:
Revenues GBP4.5 million (8%) below last year
Contribution GBP0.5 million 2018 GBP0.1 million
agenda21 is a media planning and buying business which optimises
media and content across connected devices. The business suffered
some client attrition towards the mid to end of 2018, adversely
impacting the 2019 results. However, the new management team has
done well to steady the business and return it to
profitability.
The Corner:
Revenues GBP5.7 million (24%) below last year
Contribution GBP0.4 million 2018 GBP1.2 million
A brand and creative company which helps clients become more
relevant to their audience through new thinking and new ideas.
Despite the business securing nearly GBP1.4 million of revenues
from new clients during 2019, The Corner has not as yet fully
recovered from the loss of its largest client in 2018 and moreover
the adverse impact of delayed or deferred engagements from existing
clients. The business is now focused on growing its B2B and
influencer proposition which should underpin expectations for 2020.
During the year the staff and contracts of Kameleon Worldwide
Limited were moved into The Corner, and the combination is now
treated internally as one business, although they have not yet
formally been merged.
New Clients
Revenues from new clients in 2019 was GBP3.8m with notable wins
including Barclays, B.P, Carlsberg UK, Emirates, Onitsuka Tiger and
the Chartered Institute of Taxation.
Impairment of Intangible Assets
The Group has taken a non-cash impairment charge to goodwill and
other intangible assets of GBP7.8 million in relation to its
investment in The Corner. The industrial logic supporting the
acquisition of the Corner remains valid. It is also valid to
conclude that the previous management team of Be Heard held
expectations for returns which, even allowing for prevailing market
conditions, have proved somewhat optimistic.
Earnout Liability 2019
As at 31 December 2019 the Group had GBP8.7m of earnout
liabilities which are payable in cash. Earnouts are subordinated to
bank debt (Barclays) with the total earnout payments restricted to
GBP0.5 million per calendar year. As part of the subordination of
the Group's earnout obligations, earnout holders waived their right
to sue or make claims against the Group in relation their earnout
arrangements.
Cash Generation
Cash generated from operations improved by GBP5.4 million to
GBP5.9 million (2018: GBP0.5 million).
Net Cash / Debt
Net Cash, which excludes the GBP3.8m of convertible loan notes,
improved by GBP2.6 million to GBP1.7 million as at 31 December 2019
(2018: Net Debt of GBP0.8 million) reflecting the improvement in
the Group's cash generation.
Strategic Priorities
The challenge ahead, given the financial constraints of the
Group and the less than consistent performance of the partner
companies, is how best to deliver profitable growth over the medium
to long-term. If we are to achieve growth without recourse to
additional capital then the most appropriate approach is to: more
fully leverage our proposition, to further improve our operational
effectiveness, and where appropriate to enter into capital-light
joint ventures with businesses operating within or adjacent to our
competitive footprint.
Leveraging our Proposition
We are on many levels a successful business, winning a number of
new client engagements and achieving revenue growth from several
existing clients. Despite some notable successes, we, like many of
our competitors, have seen a general reduction in the volume and
value of new business, which, in part, reflects the impact on
marketing budgets brought about by the continued economic and
political uncertainty in the United Kingdom. Aligned with the
softening of new business, we have also found that the pitch
process has become more competitive, with prolonged client decision
timeframes and, furthermore, with procurement playing an
ever-greater part in the client's decision-making mix.
Moreover, in response to demand-side structural changes, many
marketing services firms are re-engineering their business model.
We have seen a number of our competitors moving to a "single
provider model", whereby individual brands are no longer as
relevant as the competencies and services being offered. Whilst
other companies have invested further in the "holding company"
model, where the individual agencies with minimal support from the
parent deliver client solutions, we at Be Heard believe that a more
flexible approach is needed, one which recognises that "one size"
does not fit all and that the key to success is in providing
clients with creative solutions to real commercial challenges. Our
business model allows us to present ourselves as a single provider
with deep expertise in a number of areas, or to act as an
individual agency, or to provide multiple service combinations from
two or more partner companies.
Leveraging Operational Effectiveness
Be Heard's four different partner companies had historically
been run independently with separate operations and discrete
processes. Over the past 18 months the Group has where appropriate,
introduced a number of common processes and systems. The benefits
from the simplification of our operations have as yet to be fully
seen, nonetheless we believe that we have made good progress.
Ben Rudman, Group Chief Operating Officer, has continued to make
good progress in:
-- Implementing common processes particularly around resource planning;
-- Standardising reporting processes and output; and
-- Implementing cost reduction initiatives.
The Market
The market, led by the changing needs and priorities of clients,
is undergoing structural change, whereby established relationships
are often forgone in favour of "supplier agnostic" insight led
solution providers, who can deliver demonstrable returns. In many
respects, we are well placed to address these changes, but our lack
of scale and our capital structure do act as limiting factors.
Covid-19
The economic shock brought about by the Covid-19 pandemic is
having a profound impact on our business with clients becoming more
cautious with regards to spend decisions, whilst operationally we
are having to adapt to the challenges of distributed (home) working
and moreover the disruption brought about by increased staff
absences due to ill health. In simple terms we are taking a
pragmatic approach to running our business, an approach which is
focused on delivering outstanding outcomes for our clients and
safeguarding the wellbeing of our employees.
Priorities
Our immediate priorities are to improve cash generation, reduce
costs and to remain profitable.
Simon Pyper
Chief Executive Officer
17 April 2020
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2019
Year ended Year ended
31 31 December
December 2018
2019
Notes GBP'000 GBP'000
Billings 2 55,839 49,720
Cost of sales (26,047) (20,261)
--------------- ---------------
NET REVENUE 29,792 29,459
Administrative expenses (36,778) (39,156)
--------------- ---------------
LOSS FROM OPERATIONS 3 (6,986) (9,697)
Operating profit before non-recurring
and non-cash items (adjusted EBITDA)(1,2) 4,707 3,040
Non-recurring and non-cash items 4 (11,693) (12,737)
--------------- ---------------
LOSS FROM OPERATIONS 3 (6,986) (9,697)
-------------------------------------------- ------ ---------------- ----------------
Finance costs 7 (949) (602)
--------------- ---------------
LOSS BEFORE TAXATION (7,935) (10,299)
Taxation 8 1,069 884
--------------- ---------------
LOSS AFTER TAX (6,866) (9,415)
Loss and Total Comprehensive Expense
attributable to:
Non-controlling interest 415 413
Equity holders of the parent (7,281) (9,828)
--------------- ---------------
TOTAL COMPREHENSIVE EXPENSE FOR
THE PERIOD (6,866) (9,415)
======= =======
LOSS PER SHARE
Basic 9 GBP (0.01) GBP (0.01)
Diluted 9 GBP (0.01) GBP (0.01)
======= =======
All of the above losses after taxation arise from continuing
operations.
There was no other comprehensive income for the year. Total
comprehensive expense for the year ended 31 December 2019 is
GBP6,866k (2018: GBP9,415k).
The notes to the accounts are published in our Annual Report
Accounts for 2019, available on our website.
(1) Adjusted EBITDA is after deducting depreciation,
amortisation, impairments, acquisition costs, restructuring costs
and share based payments.
(2) Adjusted EBITDA in 2019 includes the impact of adopting IFRS
16 Accounting for Leases, deducting the rental charge on the
relevant assets amounting to GBP1,193k. A comparable adjustment has
not been made in 2018 in accordance with the modified retrospective
basis of adoption.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2019
Share Merger Attributable Non-
Share Premium Relief Retained to Owners Controlling
Capital Reserve Reserve Earnings of Parent Interests Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January
2018 9,819 13,224 6,689 (5,533) 24,199 (98) 24,101
Total
comprehensive
expense for the
year
ended 31
December
2018 - - - (9,828) (9,828) 413 (9,415)
Issue of new
shares 588 - 1,349 - 1,937 - 1,937
Issue costs
deducted
from equity - (16) - - (16) - (16)
Share based
payment
expense - - - 11 11 - 11
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Balance at 1
January
2019 10,407 13,208 8,038 (15,350) 16,303 315 16,618
Total
comprehensive
expense for the
year
ended 31
December
2019 - - - (7,281) (7,281) 415 (6,866)
Issue of new
shares 2,061 - 3,140 - 5,201 - 5,201
Share based
payment
expense - - - 43 43 - 43
Dividends paid
to
Non-Controlling
Interests - - - - - (319) (319)
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Balance at 31
December
2019 12,468 13,208 11,178 (22,588) 14,266 411 14,677
======= ======= ======= ======= ======= ======= =======
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 December 2019
2019 2018
Notes GBP'000 GBP'000 GBP'000 GBP'000
ASSETS:
NON-CURRENT ASSETS
Property, plant and equipment 10 507 391
Investments in associates 14 320 -
Intangible assets 11 24,561 33,876
Right of Use Assets 15 4,306 -
--------------- ---------------
TOTAL NON-CURRENT ASSETS 29,694 34,267
CURRENT ASSETS
Trade and other receivables 16 9,293 12,540
Cash and cash equivalents 3,130 2,167
--------------- ---------------
TOTAL CURRENT ASSETS 12,423 14,707
LIABILITIES:
CURRENT LIABILITIES
Trade and other payables 17 (15,828) (19,071)
Lease Liability 15 (944) -
Bank and other loans 18 (722) (3,000)
--------------- ---------------
TOTAL CURRENT LIABILITIES (17,494) (22,071)
NON-CURRENT LIABILITIES
Other payables 17 (2,160) (3,150)
Lease Liability 15 (3,332) -
Bank and other loans 18 (4,435) (3,520)
Deferred tax liability 20 (19) (395)
Provision for liabilities 21 - (3,220)
--------------- ---------------
TOTAL NON-CURRENT (9,946) (10,285)
LIABILITIES
TOTAL LIABILITIES (27,440) (32,356)
--------------- ---------------
TOTAL NET ASSETS 14,677 16,618
======= =======
CAPITAL AND RESERVES:
ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT
Share capital 22 12,468 10,407
Share premium reserve 23 13,208 13,208
Merger relief reserve 23 11,178 8,038
Retained earnings 23 (22,588) (15,350)
--------------- ---------------
Equity attributable to
owners of parent company 14,266 16,303
Non-controlling interests 24 411 315
--------------- ---------------
TOTAL EQUITY 14,677 16,618
19
======= =======
The notes to the accounts are published in our Annual Report
Accounts for 2019, available on our website.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2019
2019 2018
OPERATING ACTIVITIES GBP'000 GBP'000 GBP'000 GBP'000
Loss before taxation (7,935) (10,299)
Adjustments for:
Depreciation 1,303 182
Amortisation 1,535 2,976
Impairment of intangibles 667 1,159
Impairment of goodwill 7,113 7,221
Movement in deferred and contingent
consideration - 104
Revaluation of loan note (12) (662)
Share based payment expense 43 11
Finance costs 949 602
--------------- ---------------
11,598 11,593
--------------- ---------------
Cash generated from operations
before changes 3,663 1,294
in working capital and provisions
Decrease/(increase) in trade
and other receivables 2,120 (1,834)
Increase in trade and other
payables 110 997
--------------- ---------------
2,230 (837)
--------------- ---------------
Cash generated from operations 5,893 457
Net tax received 516 296
--------------- ---------------
Cash flow from operating activities 6,409 753
INVESTING ACTIVITIES
Purchase of property, plant
and equipment (345) (253)
Consideration paid on investment
in
associate (320) -
Deferred consideration paid (1,165) (3,063)
Dividend payments to Non-Controlling (319) -
Interests
--------------- ---------------
Cash flow used in investing
activities (2,149) (3,316)
FINANCING ACTIVITIES
Share issue expenses - (16)
Bank loan drawn/(repaid) (1,520) 2,000
Finance costs (583) (361)
Cash payments for principal
portion of lease liability (1,194)
--------------- ---------------
Cash flow from financing activities (3,297) 1,623
--------------- ---------------
INCREASE/(DECREASE) IN CASH
AND CASH EQUIVALENTS 963 (940)
Cash and cash equivalents
at 1 January 2,167 3,107
--------------- ---------------
Cash and cash equivalents
at 31 December 3,130 2,167
======= =======
3,130 2,167
Cash available on demand ======= =======
The notes to the accounts are published in our Annual Report
Accounts for 2019, available on our website.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2019 (continued)
Reconciliation of net cashflow to movement 2019 2018
in net debt :
GBP'000 GBP'000
Net increase/(decrease) in cash and cash equivalents 963 (940)
Revolving credit facility repaid 1,000 -
Term loan repaid/(drawn) 520 (2,000)
Interest accrued on convertible loan notes (488) (488)
Interest paid on convertible loan notes 319 320
Revaluation of share option component of convertible
loan notes 12 662
--------------- ---------------
Movement in net debt in the year 2,326 (2,446)
Net debt at 1 January (4,353) (1,907)
--------------- ---------------
Net debt at 31 December (2,027) (4,353)
======= =======
There were no significant non-cash transactions .
SELECTED NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2019
2. BILLINGS Year ended Year ended
31 Dec 2019 31 Dec 2018
GBP'000 GBP'000
Billings arises from:
Provision of services 55,839 49,720
======= =======
Billings by geographical location and by operating segment
is given in note 26.
3. LOSS FROM OPERATIONS Year ended Year ended
31 Dec 2019 31 Dec 2018
GBP'000 GBP'000
This has been arrived at after charging/(crediting):
Staff costs (see note 5) 16,199 17,358
M&A transaction costs 270 50
Depreciation of property, plant and equipment 229 182
Depreciation of right to use asset 1,074 -
Amortisation of other intangible assets 1,535 2,976
Impairment of intangible assets 667 1,159
Impairment of goodwill 7,113 7,221
Movement in deferred and contingent consideration - 104
Audit fees 33 30
Audit of accounts of subsidiaries of the
company pursuant to legislation 61 64
Non-audit fees: taxation advisory services 12 12
Operating lease rentals (note 15) 50 992
Foreign exchange differences 12 (42)
Convertible loan note revaluation (12) (662)
======= =======
4. NON-RECURRING AND NON CASH ITEMS
Year ended Year ended
31 Dec 2019 31 Dec 2018
GBP'000 GBP'000
Depreciation of right to use asset 1,074 -
Depreciation 229 183
Amortisation 1,535 2,976
Impairment of intangibles 667 1,159
Impairment of goodwill 7,113 7,221
Movement in deferred and contingent consideration - 104
Revaluation of convertible loan note (12) (662)
M&A transaction Costs 270 50
Termination payments 774 1,398
Legacy adjustments - 297
Share based payments 43 11
--------------- ---------------
11,693 12,737
======= =======
7. FINANCE COSTS Year ended Year ended
31 Dec 2019 31 Dec 2018
GBP'000 GBP'000
Loan note interest 488 488
Right of use lease liability interest 215 -
Other interest 246 114
--------------- ---------------
Total finance costs 949 602
======= =======
Interest on the 8% convertible loan has been charged at the rate
of 11.9%, being the estimated interest that would have been applied
on a pure loan in the absence of the convertible element. This
has increased the interest charge in the year by GBP168k (2018:
GBP168k).
8. TAX EXPENSE 2019 2018
GBP'000 GBP'000
Current tax credit
UK corporation tax on profits or losses
for the current year (519) (296)
UK corporation tax on profits or losses
for the prior year (174) 111
Deferred tax credit (376) (699)
--------------- ---------------
Total tax credit (1,069) (884)
======= =======
The reasons for the difference between the actual tax charge for
the year and the standard rate of corporation tax in the UK
applied to profits for the year are as follows:
2019 2018
GBP'000 GBP'000
Loss before tax (7,935) (10,299)
--------------- ---------------
Expected tax charge based on the effective
standard rate of corporation tax in the
UK of 19.00% (2018: 19.00%) (1,508) (1,956)
Effect of:
Expenses not deductible for tax purposes 1,531 1,365
Additional deduction for R&D expenditure (1,013) (851)
Surrender of tax losses for R&D tax credit
refund 161 73
Other adjustment (2) 5
Adjustment in respect of prior periods (174) 111
Deferred tax not recognised (64) 369
--------------- ---------------
Tax credit for the year (1,069) (884)
======= =======
16. TRADE AND OTHER RECEIVABLES 2019 2018
GBP'000 GBP'000
CURRENT
Trade receivables 6,837 10,260
Corporation tax recoverable 515 424
Other receivables 203 379
Prepayments 638 657
Contract assets 995 715
--------------- ---------------
9,188 12,435
NON-CURRENT
Other receivables 105 105
--------------- ---------------
9,293 12,540
======= =======
17. TRADE AND OTHER PAYABLES 2019 2018
GBP'000 GBP'000
CURRENT
Trade payables 3,249 2,951
Other taxes and social security 1,666 2,400
Other payables 6,527 8,900
Accruals 2,941 3,846
Contract liabilities 1,445 974
--------------- ---------------
15,828 19,071
======= =======
Other payables due in less than one year include GBP6,500k of
deferred consideration (2018: GBP8,657k)
NON-CURRENT
Other payables 2,160 3,150
--------------- ---------------
2,160 3,150
======= =======
Other payables due in greater than one year include GBP2,160k of
deferred consideration (2018: GBP3,150k).
Deferred consideration reconciliation Current Non-current
GBP'000 GBP'000
Balance at 31 December 2018 8,657 3,150
Moved from contingent 3,220 -
Moved to current 990 (990)
Paid in year (6,367) -
_____ _____
Balance at 31 December 2019 6,500 2,160
===== ====
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END
FR KKOBNFBKDKQD
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