TIDMIDE
RNS Number : 5118A
IDE Group Holdings PLC
30 September 2020
IDE Group Holdings Plc
("IDE", the "Group" or the "Company")
Unaudited Interim Results
IDE Group Holdings plc, the mid-market network, cloud and IT
managed services provider, today announces its unaudited results
for the six months ended 30 June 2020.
Summary
-- Increased reliance on mobile working and the need to
facilitate customers' staff working remotely, alongside increased
demand for lifecycle services offset reduction in field, site and
procurement as a result of the COVID-19 pandemic
-- Business continuity plans successfully implemented and remote
working facilitated across the business in response to the COVID-19
pandemic
-- Revenue of GBP12.4 million (H1 2019: GBP14.7 million)
-- Gross profit of GBP3.1 million (H1 2019: GBP3.6 million)
representing an improved margin of 24.7% (H1 2019: 24.4%)
-- Adjusted EBITDA* of GBP0.4 million (H1 2019: GBP1.2 million)
-- Net debt** as at 30 June 2020 of GBP15.5 million, including
gross cash of GBP0.5 million (31 December 2019: GBP15.0
million)
* before net finance costs, tax, depreciation, impairment
charges, amortisation, exceptional items and share based payment
charges
** excluding IFRS 16 liabilities
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. The above notification
is made in accordance with the requirements of the EU Market Abuse
Regulation.
IDE Group Holdings Plc Tel: +44 (0)344
Andy Parker, Non-Executive Chairman 874 1000
finnCap Limited Tel: +44 (0)20 7220
Nominated Adviser and Broker 0500
Corporate finance: Jonny Franklin-Adams
ECM: Tim Redfern/ Richard Chambers
Non-Executive Chairman's Statement
Like many other companies, the COVID-19 pandemic has presented
the Group with an unexpected new set of challenges. The Group was
quick to implement its business continuity plan in response to the
global outbreak of COVID-19 and successfully executed a transition
to remote working across all of our operations.
The Board also took steps to conserve cash and maintain a
satisfactory liquidity position. In particular, senior management
took a short-term 20% salary reduction during the period and the
Group took part in the Government's Job Retention Scheme resulting
in a total of 56 members of staff being put on furlough; 32 of
these staff members have since returned to work. A further 10 staff
members returned from furlough and were made redundant and as at
the date of this report, 14 people remain on furlough. Furthermore,
the Group has deferred the payment of PAYE and VAT liabilities.
Trading in the first six months of the year saw a change in the
mix of services provided due to the current COVID-19 crisis. While
there was some significant additional business activity in the
second quarter supporting the transition to mobile working, this
was offset by the majority of our customers deferring projects into
the second half or potentially into 2021. The Group continues to be
impacted by a general level of churn in the business, in particular
our cloud and networks divisions. The reorganisation of the
business at the beginning of July, as further detailed below, is
aimed at better addressing our customers' needs and driving
competitive advantage as we widen the client base to which we offer
the full portfolio of our services. Additionally, changes to our
internal operating model will assure consistent quality in our
relationship and account management whilst maintaining our strength
in financial management. Our aim is to drive operating margin
improvement and deliver consistent growth in earnings in the medium
and long-term.
Acquisition of Nimoveri
On 1 June 2020, the Group completed the acquisition of Nimoveri
Holdings Limited ("Nimoveri"), a small cloud and IT services
business, for a total consideration of GBP200,000; GBP100,000 paid
in cash on completion, and GBP100,000 of secured 0% loan notes
redeemable by 31 December 2021. In the month of June, Nimoveri
generated revenue of GBP39k and a net profit of GBP16k. Nimoveri
brings together the best of breed cloud and IT services and
delivers these in a portfolio that allows the customers to select
what best suits their requirements. Adam Eaton, the founder and
sole shareholder of Nimoveri, has joined the Group as Managing
Director of the 'Direct' business. Prior to founding Nimoveri, Adam
was Sales Director at Pulsant Limited, the UK's leading colocation
and cloud infrastructure provider.
Group Reorganisation
Post period end, on 1 July 2020, the Group was reorganised and
certain customer contracts were novated from IDE Group Manage
Limited, to IDE Group Connect Limited so that the business is now
split into Partner and Direct. Partner includes the Group's
business with channel partners and predominantly consists of
lifecycle, field and site engineering and certain projects. Direct
consists of the customers to which IDE provides services directly
which include networking and connectivity, cloud and hosting,
service desk as well as some field engineering and projects. The
Directors believe that this revised split of the business will help
to focus the sales team, which has been enhanced by several new
hires, and better align services to support our customers'
requirements.
Summary and Outlook
In the face of the COVID-19 pandemic, the Group took early
measures to protect employees and ensure the continued support of
customers and successfully executed a transition to remote working
across all of our operations. We have continued providing
uninterrupted service and support to our customers throughout this
challenging period. I would like to thank our entire team for their
cooperation as well as for quickly adapting to a new way of
working.
Whilst the outlook for the UK economy remains uncertain it
remains challenging to predict accurately business levels for the
remainder of the current financial year to December 2020. However,
the Board is confident that IDE is well positioned in the market
with a product offering that is well aligned to customer
requirements. There is a strong pipeline of opportunities,
particularly in the newly formed Partner division, though the
timing of these opportunities remains uncertain.
The Group is undergoing a programme of cost rationalisation
which includes further redundancies to reflect the decrease in
certain service lines as a result of the COVID-19 pandemic, as well
as the ongoing data centre consolidation exercise, the benefits of
which are expected to fall in 2021. Due to the uncertainty with
respect to the timing of certain contracts and projects, the Board
expects that both revenue and EBITDA will be lower in the second
half of 2020 than that delivered in the first half. The internal
cash flow projections show that the Group expects to have
sufficient cash resources throughout the forecast period, however
the levels of cash fluctuate and at times in the forecast period
are relatively low. The continuing Covid-19 pandemic creates added
uncertainties for the Group. Any reasonably possible deviation from
the forecast cash inflows could result in the Group requiring
additional funding.
Our focus remains reducing the level of churn in the business
and driving growth in sales, both from new and existing customers,
as well as delivering improvements in operating margins resulting
in consistent earnings growth.
Andy Parker
Non-Executive Chairman
Financial Review
Results for the six months to 30 June 2020
Revenue for the six months to 30 June 2019 was GBP12.4 million
(H1 2019: GBP14.7 million). As detailed in the Non-Executive
Chairman's report, the revenue mix was significantly different to
the prior period as a result of the COVID-19 pandemic, with field,
site and service desk revenues all down on the previous period.
Project and lifecycle revenue, increased compared to the previous
period predominantly due to the shift to home-working, however
certain other project work has been deferred into the second half
or even into next year. There was continued churn in the
connectivity and hosting business, though since the period end a
new management and sales structure has been put in place to help
stem this churn and add new business both from existing and new
customers.
Gross profit for the six months to 30 June 2020 was GBP3.1
million (H1 2019: GBP3.6 million), representing an overall gross
margin of 24.7%, a slight increase compared to the comparative
period.
At an Adjusted EBITDA* level the Group generated a profit of
GBP0.4 million (H1 2019: GBP1.2m). The decrease in EBITDA was due
to the decrease in revenues and gross profit whilst overheads
remained largely static, as well as an increase in plc costs as a
result of the appointment of a CFO in February, who has since left
the business.
Exceptional costs amounted to GBP0.3 million (H1 2019: GBP0.4
million). Exceptional costs will increase in the second half of the
year relating to unavoidable redundancies due to the necessary
restructuring of the business as a result of the COVID-19
pandemic.
Net financial costs remained at GBP1.0 million (H1 2019: GBP1
million), which include interest on the loan notes issued in 2019
and which is payable at the end of their term as well as notional
interest in relation to the convertible loan notes issued in
2018.
The loss after tax for the period was GBP3.6 million (H1 2019:
GBP2.9 million).
Loss per share was 0.89p (H1 2019: 0.72p).
Cashflow and Net Debt
The Group's cash inflow from operating activities in the period
was GBP0.9 million (H1 2019: outflow of GBP0.5 million). The
Directors took advantage of the Government's Coronavirus Job
Retention Scheme to furlough some staff members during the COVID-19
lockdown period and senior staff took a short-term 20% salary
reduction. This, combined with the deferment of PAYE and VAT
liabilities, amounting to c.GBP1 million helped the Group's working
capital position.
The net debt balance (excluding IFRS 16 liabilities) at 30 June
2020 was GBP15.5 million (31 December 2019: GBP15.0), which
comprised the secured loan notes issued in 2019 and the zero coupon
loan notes issued in June, both held at amortised cost using the
effective interest method (note 4), the convertible loan notes
issued in 2018 (note 5) and non-IFRS 16 finance lease liabilities,
net of cash of GBP0.5 million.
* before net finance costs, tax, depreciation, impairment
charges, amortisation, exceptional items and share based payment
charges.
Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
Note GBP000 GBP000 GBP000
------------------------------------- ----------- ---------------- -------------- -----------------------------
Continuing Operations
Revenue 12,425 14,713 28,161
Cost of sales (9,351) (11,125) (21,742)
--------------------------------------------- --- ---------------- -------------- -----------------------------
Gross profit 3,074 3,588 6,419
Administrative expenses excluding
impairment (5,887) (5,704) (12,480)
Impairment charge on goodwill - - (3,000)
Operating loss (2,813) (2,116) (15,480)
--------------------------------------------- --- ---------------- -------------- -----------------------------
Analysed as:
Adjusted EBITDA* 361 1,218 1,143
Exceptional items 2 (250) (410) (588)
Depreciation of property,
plant and equipment (1,295) (1,491) (3,241)
Amortisation of intangible
assets (1,630) (1,433) (3,289)
Impairment of goodwill & intangibles - - (3,000)
Loss on disposal of fixed - - -
assets
Charges for share based
payments - - (86)
Net financial costs (966) (1,007) (1,827)
Loss before taxation (3,779) (3,123) (10,888)
Income tax 200 200 2,411
--------------------------------------------- --- ---------------- -------------- -----------------------------
Loss for the period from continuing
operations attributable to
owners of the parent company (3,579) (2,923) (8,477)
Discontinued operations
Loss after tax for the year
from discontinued operations - - (179)
--------------------------------------------- --- ---------------- -------------- -----------------------------
Loss for the period after
taxation (3,579) (2,923) (8,656)
--------------------------------------------- --- ---------------- -------------- -----------------------------
Other comprehensive income:
Items that are or may be classified
subsequently to profit or
loss:
Foreign exchange translation - 6 -
differences - equity accounted
investments
--------------------------------------------- --- ---------------- -------------- -----------------------------
Loss for the period and total
comprehensive income attributable
to equity holders of the parent (3,579) (2,917) (8,656)
--------------------------------------------- --- ---------------- -------------- -----------------------------
Basic and diluted loss per
share - continuing operations 3
Basic (pence per share) (0.89) (0.73) (2.12)
Diluted (pence per share) (0.89) (0.73) (2.12)
--------------------------------------------- --------- ---------- -------------- -----------------------------
* Earnings from continuing operations before net finance costs,
tax, depreciation, amortisation, impairment charges, share based
payments and exceptional costs
Consolidated Statement of Financial Position
Unaudited Unaudited Audited
30 June 30 June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
------------------------------- --- ---------- ---------- ----------------
Non-current assets
Intangible assets 16,546 20,267 18,175
Goodwill 3,115 5,931 2,931
Property, plant and equipment 8,433 10,493 9,706
Deferred tax asset 1,821 - 1,821
29,915 36,691 32,633
------------------------------- --- ---------- ---------- ----------------
Current assets
Trade and other receivables 5,330 7,970 7,621
Cash and cash equivalents 466 690 679
5,796 8,660 8,300
------------------------------- --- ---------- ---------- ----------------
Total assets 35,711 45,351 40,933
------------------------------- --- ---------- ---------- ----------------
Current liabilities
Trade and other payables 5,805 6,578 7,562
Deferred income 1,073 2,190 1,926
Taxation 1,134 342 -
Finance lease obligations 1,195 613 1,766
Provisions 159 770 192
9,366 10,493 11,446
------------------------------- --- ---------- ---------- ----------------
Non-current liabilities
Deferred income 62 13 6
Borrowings 3 13,330 10,676 12,474
Convertible loan notes 4 1,890 1,750 1,803
Finance lease obligations 1,545 1,526 1,859
Deferred tax liabilities 3,061 3,698 3,272
Provisions 192 1,705 230
20,080 19,368 19,644
------------------------------- --- ---------- ---------- ----------------
Total liabilities 29,446 29,861 31,090
------------------------------- --- ---------- ---------- ----------------
Net assets 6,265 15,490 9,843
------------------------------- --- ---------- ---------- ----------------
Equity attributable to equity
holders of the parent
Called up share capital 10,020 10,020 10,020
Share premium account 35,439 35,439 35,439
Other reserves 817 811 817
Retained earnings (40,011) (30,780) (36,433)
------------------------------- --- ---------- ---------- ----------------
Total equity 6,265 15,490 9,843
------------------------------- --- ---------- ---------- ----------------
Consolidated Statement of Changes in Equity
Share Share Equity Retained Foreign
capital premium Reserve earnings currency Total
(a) (b) (c) (d) translation
reserve
(e)
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------- --------- --------- --------- ---------- ------------- --------
At 31 December 2018 10,020 35,439 967 (27,863) (150) 18,413
Total comprehensive
income for the period
Loss for the period - - - (8,656) - (8,656)
Transactions with
owners recorded directly
in equity
Share based payments - - - (86) - (86)
At 31 December 2019 10,020 35,439 967 (36,433) (150) 9,843
Total comprehensive
income for the period
Loss for the period - - - (3,579) - (3,579)
At 30 June 2020 10,020 35,439 967 (40,011) (150) 6,265
--------------------------- --------- --------- --------- ---------- ------------- --------
(a) Share capital represents the nominal value of equity shares
(b) Share premium represents the excess over nominal value of
the fair value of consideration received for equity shares; net of
expenses of the share issue;
(c) The equity reserve consists of the equity component of
convertible loan notes that were issued as part of the fundraising
in August 2018 less the equity component of instruments converted
or settled.
The fair value of the equity component of convertible loan notes
issued is the residual value after deduction of the fair value of
the debt component of the instrument from the face value of the
loan note.
(d) Retained earnings represents retained profits and accumulated losses
(e) On consolidation, the balance sheets of the Group's foreign
subsidiaries are translated into sterling at the rates of exchange
ruling at the balance sheet date. Exchange gains or losses arising
from the consolidation of these foreign subsidiaries are recognised
in the foreign currency translation reserve.
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
----------------------------------------- --- ------------ ------------ -------------
Loss for the period (3,579) (2,917) (11,104)
Adjustments for:
Depreciation of property, plant
and equipment 1,295 1,491 3,241
Amortisation of intangible assets 1,629 1,433 3,289
Impairment Charge - - 3,000
Net financial costs 966 1,007 1,827
Equity settled share-based payment
expenses - - 86
Taxation (200) (200) -
Other - (6) -
112 808 339
Decrease in trade and other receivables 2,386 923 1,271
Decrease in trade and other payables
and contract liabilities (1,565) (1,521) (1,355)
Decrease in provisions (71) (745) (208)
862 (535) 47
Net corporation tax recovered/ - - -
(paid)
Net cash generated/ (used) in
operating activities 862 (535) 47
---------------------------------------------- ------------ ------------ -------------
Cash flow from investing activities:
Acquisition of Nimoveri, net (52) - -
of cash acquired
Acquisition of property, plant
and equipment (14) (131) (177)
Net used in investing activities (66) (131) (177)
---------------------------------------------- ------------ ------------ -------------
Cash flows from financing activities:
Proceeds from borrowings, net
of expenses - 9,810 11,520
Repayment of loans and other
borrowings - (4,750) (4,750)
Repayment of finance lease obligations (887) (613) (2,605)
Net interest paid (122) (186) (451)
Net cash (used in)/from financing
activities (1,009) 4,261 3,714
---------------------------------------------- ------------ ------------ -------------
Net (decrease)/ increase in cash
and cash equivalents (213) 3,595 3,584
Cash and cash equivalents at
beginning of period 679 (2,905) (2,905)
Cash and cash equivalents at
end of period 466 690 679
---------------------------------------------- ------------ ------------ -------------
Notes to the half-yearly financial information
1. Basis of preparation
The condensed consolidated interim financial information for the
six-month period ended 30 June 2020 and 30 June 2019 is unaudited.
This statement has not been reviewed by the Company's auditor. This
condensed consolidated interim financial information was approved
by the Board of Directors and authorised for issue on 30 September
2020. A copy of this half-yearly financial report is available on
the Company's website at www.idegroup.com .
The Company is a public limited liability company incorporated
and domiciled in Scotland. The address of its registered office is
24 Dublin Street, Edinburgh EH1 3PP. The Company is listed on the
AIM market of the London Stock Exchange.
IDE and its subsidiaries have not applied IAS 34, 'Interim
Financial Reporting' as adopted by the European Union, which is not
mandatory for UK AIM listed companies, in the preparation of this
half-yearly financial report.
This condensed consolidated interim financial information for
the six-month period ended 30 June 2020 therefore does not comply
with all the requirements of IAS 34, 'Interim Financial Reporting'
as adopted by the European Union. The consolidated interim
financial information should be read in conjunction with the annual
financial statements of the Company as at and for the year ended 31
December 2019, which were prepared in accordance with IFRS as
adopted by the European Union.
This condensed consolidated interim financial information does
not comprise statutory accounts within the meaning of section 434
of the Companies Act 2006. Statutory accounts for the year ended 31
December 2019 were approved by the Board of Directors on 13 July
2020 and delivered to the Registrar of Companies. The report of the
auditor was unqualified, did not contain an emphasis of matter
paragraph and did not contain a statement under section 498 (2) or
(3) of the Companies Act 2006.
Accounting policies
The accounting policies used in the preparation of the condensed
consolidated interim financial information for the six months ended
30 June 2020 are in accordance with the recognition and measurement
criteria of International Financial Reporting Standards ("IFRS") as
adopted by the European Union and are consistent with those that
will be adopted in the annual statutory financial statements for
the year ended 31 December 2020.
While the financial information included has been prepared in
accordance with the recognition and measurement criteria of IFRS,
as adopted by the European Union, these financial statements do not
contain sufficient information to comply with IFRSs. The accounting
policies adopted in the interim financial statements are consistent
with those adopted in the financial statements for the year ended
31 December 2019.
Exceptional items and other non-recurring items
Items which are material because of their size or nature and
which are non-recurring are highlighted separately on the face of
the income statement. The separate reporting of exceptional items
helps provide a better picture of the Company's underlying
performance. Items which may be included within the exceptional
category include:
-- spend on major restructuring programmes;
-- significant goodwill or other asset impairments; and
-- other particularly significant or unusual items.
Exceptional items are excluded from the headline profit measures
used by the Group and are highlighted separately in the income
statement as management believe that they need to be considered
separately to gain an understanding the underlying profitability of
the trading businesses.
For further details, please refer to note 2.
Going concern
The condensed consolidated interim financial information has
been prepared on a going concern basis.
The Directors have prepared detailed cash flow projections;
these projections, considering reasonably possible changes in
trading performance and the timing of key strategic events,
including COVID-19, show the Group expects to operate within the
level and conditions of available funding. The Directors note,
however, that although the cash flow projections show that the
Group expects to have sufficient cash resources throughout the
forecast period, the levels of cash fluctuate and at times in the
forecast period are relatively low. The continuing Covid-19
pandemic creates added uncertainties for the Group. Any reasonably
possible deviation from the forecast cash inflows could result in
the Group requiring additional funding.
The directors have discussed the future cashflows with two of
the Group's major shareholders who are represented on the Board
and, furthermore, note the continued support of these shareholders.
In reaching their conclusion on the going concern assumption, the
Directors note and rely on the letter of support provided by MXC
Capital Limited at the time of approval of the financial statements
for the year ended 31 December 2019 in July 2020, in which they
undertake to continue to provide such financial support needed for
continued operations for a period not less than one year from the
date of approval of those financial statements. The Directors
having made the necessary enquiries, have satisfied themselves of
MXC Capital Limited's ability to provide such finance if
necessary.
After making enquiries and having regard to the FRC's Guidance
to Companies on COVID-19 issued in March 2020, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future.
Accordingly, the Group continues to adopt the going concern basis
in preparing its condensed consolidated interim financial
information.
2. Exceptional costs
In accordance with the Group's policy in respect of exceptional
costs, the following charges were incurred in relation to
continuing operations:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
---------------------------------- ------------ ------------ -------------
Restructuring and reorganisation
costs 245 410 588
----------------------------------- ------------ ------------ -------------
3. Earnings per share from continuing operations
The calculation of basic and diluted loss per share is based on
results from continuing operations attributable to ordinary
shareholders divided by the weighted average number of ordinary
shares in issue during the year. The weighted average number of
shares for the purpose of calculating the basic and diluted
measures in the reporting periods is the same. This is because the
outstanding options would have the effect of reducing the loss per
ordinary share and therefore would be anti-dilutive under the terms
of IAS 33. Basic and diluted unaudited loss per share from
continuing operations are calculated as follows:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
----------------------------------- -------------- ------------ -------------
Loss attributable to shareholders (3,579) (2,923) (8,477)
Weighted average number of
shares 400,802,032 400,802,032 400,802,032
Diluted weighted average number
of shares 400,802,032 400,802,032 400,802,032
------------------------------------ -------------- ------------ -------------
Basic loss per share (pence) (0.89) (0.73) (2.12)
Diluted loss per share (pence) (0.89) (0.73) (2.12)
4. Borrowings
In 2019 the Company issued a total of GBP11.5 million of secured
loan notes with a six-year term and a 12% coupon which is
compounded, rolled up and payable at the end of the term ("Loan
Notes"). The proceeds of the Loan Notes were used to repay the term
loan, revolving credit facility and finance leases the Group had
with National Westminster Bank plc. The Loan Notes carry an
arrangement fee of 2.5 per cent., payable at the end of the term,
and an exit fee of 2.5 per cent., also payable at the end of the
term.
The Loan Notes are held at amortised cost using the effective
interest rate method. The effective interest rate for the Loan
Notes has been calculated to be 18%.
On 1 June 2020, the Company issued a total of GBP0.1 million
zero coupon loan notes redeemable by 31 December 2020.
Unaudited Audited
Six months Unaudited Year
ended Six months ended
30 June ended 31 December
2020 30 June 2019
GBP000 2019 GBP000
GBP000
------------ -------------- ------------- -------------
Loan Notes 13,330 10,676 12,474
------------- -------------- ------------- -------------
5. Convertible Loan Notes
On 21 August 2018, as part of a wider fundraising, the Company
issued GBP2.55 million of unsecured loan notes, which have a term
of 5 years and a zero per cent. coupon ("CLNs"). The CLNs can be
converted into new ordinary shares in the capital of IDE at a price
of 2.5 pence per share. Conversion is at the option of the holder
at any time during the 5-year term. At the end of the term, if the
holder has not chosen to convert the CLNs, the CLNs will be settled
with a cash repayment. At issue, the CLNs had a fair value of
GBP2.54 million, split into an equity component (GBP0.96 million)
and a debt component (GBP1.58 million).
Unaudited Audited
Six months Unaudited Year
ended Six months ended
30 June ended 31 December
2020 30 June 2019
GBP000 2019 GBP000
GBP000
-------------------------------- -------------- ------------- -------------
Balance at beginning of period 1,803 1,654 1,654
Additions - - -
Interest unwound 87 96 149
Total 1,890 1,750 1,803
--------------------------------- -------------- ------------- -------------
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IR FFFILAFIAFII
(END) Dow Jones Newswires
September 30, 2020 02:00 ET (06:00 GMT)
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