TIDMIMO
RNS Number : 8016H
IMImobile PLC
03 December 2015
IMIMOBILE PLC
("IMImobile", "the Group" or "the Company")
Unaudited Interim results for the
Six months ended 30 September 2015
"Strong six months with significant growth in all key financial
metrics."
IMImobile PLC, a UK based global provider of software and
services that enables organisations to harness the potential of
mobile technologies to improve customer engagement, today announces
its consolidated interim results for the six months ended 30
September 2015.
Key financial highlights
-- Revenue up 29% to GBP27.8m (2014: GBP21.5m).
-- Gross profit up 23% to GBP16.6m (2014: GBP13.5m).
-- EBITDA([1]) up 20% to GBP4.5m (2014: GBP3.8m).
-- Adjusted profit after tax([2]) up 19% to GBP2.7m (2014 GBP2.3m).
-- Statutory accounting profit after tax of GBP0.9m (2014: GBP3.5m loss).
-- Net cash generated from operating activities of GBP3.8m
representing operating cash conversion([3]) of 84% (2014: 44%).
-- Cash and cash equivalents at 30 September 2015 of GBP13.5m
(31 Mar 2015: GBP14.6m) after GBP3.4m utilised for acquisition of
Archer Digital.
Operational highlights
-- Continued strong performance in Europe and the Americas with
organic([4]) gross profit growth of 17%, renewal of largest
customer and significant contract wins in the telecom and gaming
and gambling sectors.
-- Strong performance from TextLocal acquisition including
record trading month since foundation in 2005 and launch of the
TextLocal product in India.
-- Renewal of largest customer contracts in the MEA region and
organic managed services growth of 56% reflects greater penetration
of existing services and launch of new services with existing
customers. Significant contract wins with additional operator
customers expected to deliver growth in future periods.
-- Completion of the acquisition of Archer Digital provides a
platform to firmly establish an enterprise focused business in
Africa.
-- Substantial investment in product development, sales and marketing to drive future growth.
Jay Patel, Chief Executive Officer of IMImobile PLC,
commented:
"The Group has had another strong six months with significant
growth in all key financial metrics. The proportion of managed
service and SaaS revenues has increased in the period to over 90%
and we continue to develop deeper relationships with our existing
blue chip client base, whilst also developing new relationships
with sector leading businesses.
Our investment in technology development and the expected launch
of new cloud communication capabilities in the coming year, as well
as additional sales and marketing infrastructure, is anticipated to
help us establish a technical lead and generate additional growth.
We are optimistic that the investment in business development
activities in the US will start contributing to growth in the
coming year and expect the expansion of mobile coverage planned for
sub-Saharan Africa will provide the foundations for growth in
Archer Digital, our recently acquired enterprise business in South
Africa.
We are very pleased with the first year of contribution from our
acquisition of TextLocal and we continue to review acquisition
opportunities as they arise. It is pleasing that we are able to
generate meaningful operational cash flows which allows us to
invest in organic growth initiatives as well as retaining good
flexibility for acquisitions.
The addressable markets for our products and solutions continue
to develop which gives me great confidence in our significant
growth prospects for the future. The Board remains confident of
achieving full year market expectations."
Group Performance Highlights
Six months ended 30 September 2015 2014 Growth/
GBPm GBPm decline
------------------------------------- ------- ------- ---------
Revenue 27.8 21.5 +29%
------------------------------------- ------- ------- ---------
Gross profit 16.6 13.5 +23%
Gross margin 59.5% 62.7%
EBITDA([5]) 4.5 3.8 +20%
EBITDA margin 16.2% 17.5%
------------------------------------- ------- ------- ---------
Operating profit before share-based
payments and exceptional items 3.4 2.7 +25%
------------------------------------- ------- ------- ---------
Profit / (loss) before tax 1.3 (3.0) +144%
------------------------------------- ------- ------- ---------
Adjusted profit before tax([6]) 3.4 2.7 +25%
------------------------------------- ------- ------- ---------
Profit / (loss) after tax 0.9 (3.5) +125%
------------------------------------- ------- ------- ---------
Adjusted profit after tax([7]) 2.7 2.3 +19%
------------------------------------- ------- ------- ---------
Diluted EPS 1.3p
------------------------------------- ------- ------- ---------
Diluted adjusted EPS([8]) 3.9p
------------------------------------- ------- ------- ---------
An analyst meeting will be held at 9.30am today at the offices
of Buchanan.
107 Cheapside, London, EC2V 6DN.
To attend please contact Buchanan.
For further information please contact:
IMImobile PLC c/o Buchanan
Jay Patel, Chief Executive Officer Tel: +44 (0)20 7466
Mike Jefferies, Group Finance Director 5000
Buchanan Financial PR adviser Tel: +44 (0)20 7466
Mark Edwards / Gabriella Clinkard / Stephanie 5000
Watson imimobile@buchanan.uk.com
SPARK Advisory Partners - Nominated adviser Tel: +44 (0)203 368
Matt Davis / Sean Wyndham-Quin 3550
Whitman Howard - Joint Broker Tel: +44 (0)207 659
Ranald McGregor-Smith 1234
WH Ireland - Joint Broker Tel: +44 (0)207 220
Adrian Hadden 1666
About IMImobile PLC
IMImobile enables organisations to harness the potential of
mobile technologies to improve customer engagement. We believe that
mobile will sit at the heart of customer engagement strategies for
many years to come.
We help remove the barriers and complexities faced by
organisations by providing a cloud based communications platform
and a suite of software products to help our customers rapidly
create and deploy mobile user journeys that enable them to reduce
service delivery costs, improve marketing and customer service
effectiveness and generate revenues.
Our technologies act as an intelligent software layer between
existing IT systems, complex business processes and customer touch
points across mobile, digital and social media channels.
Organisations that trust us to deliver smarter customer
engagement include Vodafone, O2, Aircel, Airtel, EE, BSNL,
AT&T, MTN, France Telecom, Centrica, Coca-Cola, Universal
Music, Tata, the AA, the BBC and major financial institutions.
IMImobile is headquartered in London with offices in Hyderabad,
Atlanta, Dubai and Johannesburg, with over 750 employees worldwide.
IMImobile is quoted on the London Stock Exchange's AIM market with
the TIDM code IMO.
Cautionary statement
This announcement contains forward-looking statements that are
based on current expectations or beliefs, as well as assumptions
about future events. These forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements often use words such
as anticipate, target, expect, estimate, intend, plan, goal,
believe, will, may, should, would, could, is confident, or other
words of similar meaning. Undue reliance should not be placed on
any such statements because they speak only as at the date of this
document and, by their very nature, they are subject to known and
unknown risks and uncertainties and can be affected by other
factors that could cause actual results, and IMImobile's plans and
objectives, to differ materially from those expressed or implied in
the forward-looking statements.
There are a number of factors which could cause actual results
to differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are; increased competition, the loss of
or damage to one or more key customer relationships, the outcome of
business or industry restructuring, changes in economic conditions,
currency fluctuations, changes in laws, regulations or regulatory
policies, developments in legal or public policy doctrines,
technological developments, the failure to retain key management,
or the key timing and success of future acquisition opportunities
or major investment projects.
IMImobile undertakes no obligation to revise or update any
forward-looking statement contained within this announcement,
regardless of whether those statements are affected as a result of
new information, future events or otherwise, save as required by
law and regulations.
Chief Executive's Report
The Group has enjoyed another six months of strong performance
and year on year growth. We have made progress in all regions
during the first half of the financial year. We have seen year on
year gross profit growth from Europe, the Americas and from our
managed services revenues in the MEA region, this growth has more
than offset the anticipated decline in India and the impact of
one-off licence revenues recognised in MEA during the previous
financial year.
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Though the technology trends impacting the business are global
in nature, the market opportunities and business models reflect
local environments and, as a result, the commercial activities of
the business are managed on a regional basis with centralised
resources for software and product development, finance and general
management.
Business Review
Europe and Americas
Europe and Americas was responsible for 60% of Group gross
profit in the six months to 30 September 2015. Year on year gross
profit growth in the region was 50%. On an organic basis, gross
profit grew by 17% during the period.
Organic growth in the Europe and Americas has been more than 40%
over the last 2 years and this reflects strong growth in our
multi-channel marketing software (IMIcampaign) and our cloud
communications platform (IMIconnect). We retained our largest
contract in the region with a tier 1 banking client and have also
signed multi-year renewals with significant utilities customers, as
well as introduced new services into those clients.
Our IMIcampaign platform has received industry recognition,
including awards from the Marketing On Mobile Awards (MOMA) for one
of our deployments with O2 and from the Mobile Marketing Awards in
Ireland for a deployment with IKEA.
In its first year following acquisition, TextLocal has delivered
year on year gross profit growth([9]) of over 20%. We believe the
successful execution of strategic growth initiatives including
several channel partnerships and geographic launches has laid the
foundations for additional growth.
We have increased our local staff numbers in the US as we
service additional clients and see substantial opportunities in the
US to leverage the marketing and loyalty solutions that we are
currently delivering to tier 1 mobile operators in Europe.
Middle East and Africa
MEA was responsible for 27% of Group gross profit. The excellent
growth of managed services revenue of 56% was offset by declines in
one-off licence revenues following an exceptionally high level of
licence fees recognised during the same period in the prior
year.
Managed services growth reflects increasing penetration of
content services that are managed by the IMIdigital platform for
existing customers. In addition, customer contracts have been
successfully renewed during the period, complemented by the launch
of new services under existing long-term operator group contracts.
The company continues to deploy new services under these existing
agreements.
We have also signed new contracts with Airtel Africa and other
operators for the launch of consumer mobile services and expect
significant revenues when these services are fully deployed.
We are excited by our recent acquisition of Archer Digital in
South Africa, which completed on 16 September 2015. The acquisition
increases our footprint across the region and gives access to new
customer verticals, including banking, government municipalities,
satellite broadcasters and retail with customers such as Standard
Bank, Vodacom, Nedbank and ABSA. Archer Digital's products, which
include patented solutions for mobile bank statements, reminders
and transactional payments, will be integrated and offered as part
of IMImobile's portfolio of enterprise mobile engagement
products.
India and SE Asia
In line with Board expectations, gross profit for the region,
which accounts for 13% of the Group total, declined by 11% in the
six months to 30 September 2015 compared with the same period in
the prior year. This reflects a decline in the monthly run rate in
the previous year. Deployments of multiple contracts won during the
last financial year are ongoing and expected to contribute during
the second half of the year.
Despite disappointing performance over the last few years, we
remain positive that over the medium term there are great
opportunities in this market, particularly in providing SaaS based
products. Early signs for our IMIcampaign product and TextLocal
have been encouraging and we believe that our cloud based delivery
model and quality software offering will generate growth as the
market develops and matures.
Technology and Products
We continue to develop and invest in the intellectual property
that drives our regional operations and we have accelerated our
efforts as we see that there is an increasing emphasis by
organisations of all sizes to use mobile-centric channels and
technologies.
In particular we have invested in developing IMIconnect, a cloud
communications software platform which enables IT and business
groups to design, deploy, monitor and manage communication and
engagement services across multiple customer channels including IP
messaging. We have also substantially enhanced the capabilities of
IMIcampaign, a software application for the creation, management
and delivery of real-time mobile-centric marketing campaigns.
Furthermore, we have launched a new product IMIchat for contact
centres that enables text based interactive messaging for customer
service agents. There is also continued investment in IMIdigital
and content streaming services.
All IMImobile technology and products are available through our
cloud based infrastructure under a managed service, SaaS contract,
or on-premise deployment via traditional software licensing
model.
Strategic Initiatives
We have continued to make progress against our objective of
building a global business that enables organisations to embrace
mobile technologies to enhance customer engagement and we have a
number of initiatives to achieve that objective.
Our investment in technology development and the expected launch
of new cloud communication capabilities in the coming year, as well
as additional sales and marketing infrastructure, is anticipated to
help us establish a technical lead and generate top-line growth.
The investment has been in the employment of additional staff for
product management, development, sales and marketing as well as
investments in our management systems and processes.
We are also optimistic that the considerable sales and marketing
activities in the US will start contributing to growth and allow us
to establish a more substantial presence in the North American
market.
In the medium term, we expect the expansion of mobile coverage
and capacity planned for sub-Saharan Africa, the growth of
smartphone penetration on the continent and relatively limited
physical infrastructure will provide the foundations for growth in
Archer Digital. We also believe the same trends provide
considerable opportunities for our existing relationships with the
region's mobile operators. We also are investing in the expected
growth in the Indian SaaS market.
We continue to review acquisition opportunities and are pleased
that we are able to generate meaningful cash flows from operations
to invest in organic growth initiatives as well as maintain cash
for inorganic activities.
Outlook
The Group remains on track to achieve market expectations for
the full year. The sales pipeline is well diversified across
sectors and regions and the acquisitions are trading in line with
expectations. We continue to invest in our product portfolio to
capitalise on the use and growth of new mobile and digital customer
engagement channels and we see good levels of interest from our
large blue chip customers in all our operating regions. As a result
the Board are highly confident of the Group's future prospects.
Jay Patel
CEO
IMIMOBILE PLC CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Unaudited Consolidated Income Statement For the six months ended
30 September 2015
Six months Six months
ended ended
30 September 30 September
Notes 2015 2014
GBP000 GBP000
Revenue 4 27,838 21,538
Cost of sales (11,279) (8,029)
Gross profit 4 16,559 13,509
Other operating costs (12,042) (9,735)
Depreciation and amortisation (1,129) (1,059)
Share based payment charge (1,826) (4,469)
IPO related costs - (1,231)
Acquisition related costs (247) (34)
Operating profit / (loss) 1,315 (3,019)
Net investment income 4 8
Profit / (loss) before tax 1,319 (3,011)
Tax (441) (472)
Profit / (loss) for the period 878 (3,483)
Profit / (loss) for the period attributable
to:
Equity holders of the company 2,128 (6,018)
Non-controlling interest (1,250) 2,535
Profit / (loss) for the period 878 (3,483)
EBITDA([10]) 4,517 3,774
Basic earnings per share 5 1.8p
Adjusted basic earnings per share 5 5.6p
Diluted earnings per share 5 1.3p
Adjusted diluted earnings per share 5 3.9p
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The accompanying notes are an integral part of the consolidated
interim Financial Statements and are all attributable to continuing
operations.
IMIMOBILE PLC CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Unaudited Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2015
Six months Six months
ended ended
30 September 30 September
2015 2014
GBP000 GBP000
Profit / (loss) for the period 878 (3,483)
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation of foreign
operations
Equity holders of the parent (333) 303
Non-controlling interest (113) 96
Other comprehensive income for the period (446) 399
Total comprehensive income for the period 432 (3,084)
Total comprehensive income / (expense) for
the period attributable to:
Equity holders of the parent 1,795 (5,715)
Non-controlling interest (1,363) 2,631
Other comprehensive income / (expense) for
the period 432 (3,084)
The accompanying notes are an integral part of the consolidated
interim Financial Statements.
IMIMOBILE PLC CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Unaudited Consolidated Statement of Changes in Equity
For the six months ended 30 September 2015
Share Total equity
based Capital Retained attributable Non-controlling
Share Share Translation payment restructuring Earnings/ to shareholders Interest Total
capital premium reserve reserve reserve (Deficit) of parent Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
April
2014 4,524 8,283 2,178 1,272 (8,538) 6,176 13,895 - 13,895
Capital
restructuring (2,295) 16,230 - - (20,502) (6,546) (13,113) 6,546 (6,567)
Loss for the
period - - - - - (6,018) (6,018) 2,535 (3,483)
Foreign
exchange
differences - - 303 - - - 303 96 399
Share based
payment
charge - - - 4,469 - - 4,469 - 4,469
Proceeds from
share
issue 2,500 27,500 - - - - 30,000 - 30,000
Cost of share
issue - (2,055) - - - - (2,055) - (2,055)
Cancellation
of share
options - - - (2,697) - - (2,697) - (2,697)
Balance at 30
September
2014 4,729 49,958 2,481 3,044 (29,040) (6,388) 24,784 9,177 33,961
Profit for the
period - - - - - 43 43 77 120
Foreign
exchange
differences - - 763 - - - 763 256 1,019
Share based
payment
charge - - - 2,825 - - 2,825 - 2,825
Proceeds from
share
issue 5 9 - - - - 14 - 14
Issue of
shares as
part of
acquisition 71 929 - - - - 1,000 - 1,000
Balance at 31
March
2015 4,805 50,896 3,244 5,869 (29,040) (6,345) 29,429 9,510 38,939
Profit for the
period - - - - - 2,128 2,128 (1,250) 878
Foreign
exchange
differences - - (333) - - - (333) (113) (446)
Share based
payment
charge - - - 1,826 - - 1,826 - 1,826
Proceeds from
share
issue 4 9 - - - - 13 - 13
Balance at 30
September
2015 4,809 50,905 2,911 7,695 (29,040) (4,217) 33,063 8,147 41,210
The accompanying notes are an integral part of the consolidated
interim Financial Statements.
The capital restructuring reserve arose during the six months
ended 30 September 2014 in respect of the acquisition by IMImobile
PLC of IMI Mobile Private Limited. The acquisition is accounted for
as though there is a continuation of IMI Mobile Private Limited's
Financial Statements. The capital restructuring reserve is created
to maintain the equity structure of IMImobile PLC in compliance
with UK law.
IMIMOBILE PLC CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Unaudited Consolidated Statement of Financial Position
As at 30 September 2015
As at As at
30 September 31 March
Notes 2015 2015
GBP000 GBP000
Non-current assets
Goodwill 19,873 17,934
Other intangible assets 3,709 1,678
Available-for-sale financial assets 279 279
Property, plant and equipment 4,406 4,285
Deferred tax assets 733 911
Total non-current assets 29,000 25,087
Current assets
Cash and cash equivalents 13,531 14,617
Trade and other receivables 22,198 19,745
Total current assets 35,729 34,362
Current liabilities
Trade and other payables (23,120) (20,104)
Total current liabilities (23,120) (20,104)
Net current assets 12,609 14,258
Non-current liabilities
Provision for defined benefit gratuity (399) (406)
Total non-current liabilities (399) (406)
Net assets 41,210 38,939
Equity
Share capital 6 4,809 4,805
Share premium 6 50,905 50,896
Translation reserve 2,911 3,244
Share based payment reserve 7,695 5,869
Capital restructuring reserve (29,040) (29,040)
Retained earnings (4,217) (6,345)
Equity attributable to shareholders of the
parent 33,063 29,429
Non-controlling interest 8,147 9,510
Total equity 41,210 38,939
The accompanying notes are an integral part of the consolidated
interim Financial Statements.
IMIMOBILE PLC CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Unaudited Consolidated Cash Flow Statement
For the six months ended 30 September 2015
Six months Six months
ended ended
30 September 30 September
Notes 2015 2014
GBP000 GBP000
Operating activities
Cash from operating activities 7 4,295 1,869
Tax paid (485) (213)
Net cash from operating activities 3,810 1,656
Investing activities
Investment income (4) (15)
Purchases of intangible assets (419) (256)
Purchases of property, plant & equipment (668) (597)
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Acquisition of subsidiary net of cash acquired (3,387) (23,160)
Exceptional costs (247) -
Net cash used in investing activities (4,725) (24,028)
Financing activities
Proceeds from issuance of Ordinary shares 13 30,000
Net cash used in financing activities 13 30,000
Net increase in cash and cash equivalents (902) 7,628
Cash and cash equivalents at beginning
of the period 14,617 9,305
Effect of foreign exchange rate changes (184) (21)
Cash and cash equivalents at end of the
period 13,531 16,912
The accompanying notes are an integral part of the consolidated
interim Financial Statements.
1. Basis of preparation
The condensed consolidated interim Financial Statements for the
six month period ended 30 September 2015 have been prepared under
the measurement principles of IFRS, using accounting policies and
methods of computation consistent with those set out in the
Company's 31 March 2015 Financial Statements. As permitted by AIM
rules the Group has not applied IAS 34 'Interim reporting' in
preparing interim reports
IMImobile PLC (the "Company") is a company domiciled in the UK.
The consolidated interim Financial Statements of the Company for
the six month period ended 30 September 2015 comprise of the
Company and its subsidiaries (together referred to as "the
Group").
The consolidated interim Financial Statements are prepared under
the historical cost convention. A presentational currency of UK
Pounds Sterling has been used and accounts have been translated
from other functional currencies into UK Pounds Sterling.
The preparation of the consolidated interim Financial Statements
in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its
judgement in the process of applying the Group's accounting
policies.
The preparation of the consolidated interim Financial Statements
in conformity with International Financial Reporting Standards
requires management to make judgements, estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
consolidated interim Financial Statements and the reported amounts
of revenue and expenses during the year. Actual results could
differ from the estimates.
2. Basis of consolidation
The Group interim financial statements incorporate the interim
financial statements of the Company and entities controlled by the
Company (its subsidiaries) made up to 30 September each year.
Control is achieved when the Company:
-- has the power over the investee;
-- is exposed, or has rights, to variable return from its involvement with the investee; and
-- has the ability to use its power to affect its returns.
The results of subsidiaries acquired or disposed of in any
period are included in the consolidated interim Income Statement
from the date of acquisition or up to the date of disposal.
Goodwill is measured as the excess of the sum of consideration
transferred. Goodwill is stated at cost less any accumulated
impairment losses. Goodwill is allocated to cash-generating units
and is not amortised but is tested annually for impairment.
Where necessary, adjustments are made to the financial
information of subsidiaries to bring the accounting policies into
line with those used by the Group. Inter-company balances and
transactions, including inter-company profits and unrealised
profits and losses are eliminated on consolidation.
The Group applies the acquisition method to account for business
combinations. The consideration transferred for the acquisition of
a subsidiary is the fair values of the assets transferred, the
liabilities incurred to the former owners of the acquiree and the
equity interests issued by the Group.
Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date. The Group
recognises any non-controlling interest in the acquiree on an
acquisition-by-acquisition basis. When the Group ceases to have
control, any retained interest in the entity is re-measured to its
fair value at the date when control is lost, with the change in
carrying amount recognised in the Income Statement.
The acquisition of IMI Mobile Private Limited by IMImobile PLC
has been accounted for as a capital reorganisation, presenting the
continuation of the Group's results and financial position to
reflect the substance of the transaction, with the 24% interest in
IMI Mobile Private Limited owned by the two founding shareholders
accounted for as a non-controlling interest.
2. Basis of consolidation (continued)
Entities included under common control
The following entities are considered to be under common control
and therefore have been included in the consolidated Financial
Statements for the years ended 31 March 2014 and 2015:
Percentage
Country of Local holding
Name of entity incorporation currency in each year
Bangladeshi
1. IMImobile VAS Limited Bangladesh Taka 76%
IMImobile VAS Limited
2. FZE UAE UAE Dirham 76%
3. IMImobile Europe Limited United Kingdom UK Pound Sterling 100%
4. IMImobile SAT Limited United Kingdom UK Pound Sterling 85%
IMImobile VAS Latin America
5. S.A. Panama US Dollar 76%
6. Skinkers Limited United Kingdom UK Pound Sterling 100%
Chilli Digital Europe
7. Limited United Kingdom UK Pound Sterling 100%
8. IMD Europe Kft Hungary Hungarian Forint 100%
WIN Wireless Network
10. Systems AG Switzerland Swiss Franc 100%
11. WIN Limited United Kingdom UK Pound Sterling 100%
Wireless Information
12. Network Limited United Kingdom UK Pound Sterling 100%
IMImobile VAS Nigeria
13. Limited Nigeria Nigerian Naira 76%
IMImobile VAS Private Sri Lankan
14. Limited Sri Lanka Rupee 76%
15. IMImobile Inc USA US Dollar 100%
16. IMI Mobile Private Limited India Indian Rupee 76%
IMImobile VAS Costa Rica
17. S.A. Costa Rica US Dollar 76%
18. TxtLocal Limited United Kingdom UK Pound Sterling 100%
South African
19. Archer Digital Limited* South Africa Rand 89%
British Virgin
20. Lenco International Limited* Islands US Dollar 89%
Lenco Technology Group British Virgin
21. Limited* Islands US Dollar 89%
IMImobile South Africa
22. Holdings Limited* United Kingdom UK Pound Sterling 100%
IMImobile South Africa
23. 1 Limited* United Kingdom UK Pound Sterling 86%
IMImobile South Africa
24. 2 Limited* United Kingdom UK Pound Sterling 100%
* Added during the period ended 30 September 2015.
3. Accounting policies
The principal accounting policies adopted are consistent with
those of the consolidated financial statements of IMImobile PLC for
the year ended 31 March 2015.
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of these
consolidated interim Financial Statements.
4. Business and geographical segments
The Group's operating segments are established on the basis of
those components of the Group that are evaluated regularly by the
Chief Operating Decision Maker in deciding how to allocate
resources and in assessing performance.
The Chief Operating Decision Maker considers results principally
by geographical region, which forms the Group's operating and
reporting segments. Geographically, the operating segments are
defined as Europe (substantially all to the UK), India and South
East Asia (SEA), Middle East and Africa (MEA) and the rest of the
world, which also represent the Group's reportable segments.
The performance of the operating segments is assessed based on a
measure of revenue and gross profit (the result for the segment).
Any sales between segments are carried out at arm's length. As
costs are shared across geographies, results from gross profit to
profit after tax are assessed on a consolidated basis only. The
Group does not regularly provide information in relation to the
assets or liabilities of operating segments to management.
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The Group measures segment profit and loss as gross profit as
reported. The Group does not allocate general administration,
marketing and sales expenses to segments.
4. Business and geographical segments (continued)
Geographical revenue and results
The following is an analysis of the Group's revenue and results
by geographical segment:
India Rest of
Europe and SEA MEA the world Total
GBP000 GBP000 GBP000 GBP000 GBP000
Six months ended 30 September
2015
Revenue 16,327 4,943 6,103 465 27,838
Intersegment revenues - - - - -
Gross profit 9,437 2,204 4,465 453 16,559
Other operating costs (12,042)
Depreciation and amortisation (1,129)
Share based payment charge (1,826)
IPO and acquisition related -
costs
Other exceptional costs (247)
Operating profit 1,315
Investment income 4
Profit before tax 1,319
Tax (441)
Profit after tax 878
Non-current assets 20,706 3,111 5,109 74 29,000
Six months ended 30 September
2014
Revenue 11,193 4,544 5,520 281 21,538
Intersegment revenues - 489 - - 489
Gross profit 6,330 2,467 4,446 266 13,509
Operating costs (9,735)
Depreciation and amortisation (1,059)
Share based payment charge (4,469)
IPO and acquisition related
costs (1,231)
Other exceptional costs (34)
Operating profit (3,019)
Investment income 8
Loss before tax (3,011)
Tax (472)
Loss after tax (3,483)
Non-current assets 9,555 4,209 1,005 113 14,882
During the period revenues from Customer "A" and Customer "B"
accounted for 13% (2014: 15%) and 15% (2014: 16%) of the Group's
revenue.
The accounting policies of the reportable segments are the same
as the Group's accounting policies described in note 3 for each
period. The revenue from external parties reported is measured in a
manner consistent with that in the consolidated interim Income
Statement. Revenues are attributed to countries on the basis of the
customer's location.
4. Business and geographical segments (continued)
Additional voluntary disclosures
Delivery model revenue and results
The following disclosures are provided for additional purposes
only and does not form part of the Group's segmental reporting
under IFRS 8.
In addition to geographical performance, the Chief Operating
Decision Maker also considers the performance of the Group in line
with its delivery model, which has also been disclosed below. The
Group's delivery models are defined as Managed services, Software
as a service (SaaS) and Licence Fees which arise in all
geographical segments.
The following is an analysis of the Group's revenue and result
by delivery model:
Software
Managed as a Service Licence
services (SaaS) fees Total
GBP000 GBP000 GBP000 GBP000
Six months ended 30 September
2015
Revenue from external companies 11,388 15,060 1,390 27,838
Intersegment revenues - - - -
Gross profit 8,665 6,718 1,176 16,559
Six months ended 30 September
2014
Revenue from external companies 9,237 9,705 2,596 21,538
Intersegment revenues - - 489 489
Gross profit 6,850 4,134 2,525 13,509
5. Earnings per share ('EPS')
Six months
ended
30 September
2015
pence
Basic EPS 1.8
Adjusted basic EPS 5.6
Diluted EPS 1.3
Adjusted diluted EPS 3.9
Six months
ended
30 September
2015
Million
Weighted average number of ordinary shares for the purpose
of basic EPS 48.0
Effect of dilutive potential ordinary shares: share
options 19.7
Weighted average number of ordinary shares for the purpose
of diluted EPS 67.7
5. Earnings per share ('EPS') (continued)
To provide more meaningful comparative information on the
Group's profitability, a number of non-GAAP adjusted profit
measures are used in these interim financial statements. Summarised
below is a reconciliation between statutory results to adjusted
results. The adjusted profit after tax earnings measure is also
used for the purpose of calculating adjusted earnings per
share.
Share based IPO related Other exceptional
Statutory payment restructuring items Adjusted
results charge costs results
GBP000 GBP000 GBP000 GBP000 GBP000
Six months ended 30 September
2015
Revenue 27,838 - - - 27,838
Gross profit 16,559 - - - 16,559
Operating profit 1,315 1,826 - 247 3,388
Profit before tax 1,319 1,826 - 247 3,392
Profit after tax 878 1,564 - 227 2,669
Basic EPS (pence) 1.8 3.3 - 0.5 5.6
Diluted EPS (pence) 1.3 2.3 - 0.3 3.9
Share based IPO related Other exceptional
Statutory payment restructuring items Adjusted
results charge costs results
GBP000 GBP000 GBP000 GBP000 GBP000
Six months ended 30 September
2014
Revenue 21,538 - - - 21,538
Gross profit 13,509 - - - 13,509
Operating (loss) / profit (3,019) 4,469 1,231 34 2,715
(Loss) / profit before tax (3,011) 4,469 1,231 34 2,723
(Loss) / profit after tax (3,483) 4,469 1,231 34 2,251
6. Share Capital and Share Premium
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