TIDMTRD
RNS Number : 3222X
Triad Group Plc
20 December 2023
Legal Entity Identifier (LEI) No. 213800MDNBFVEQEN1G84
Triad Group Plc
Half year results for the six months ended 30 September 2023
Financial highlights
Six months to Six months to Audited year ended
30 September 2023 30 September 2022 Change 31 March 2023
-------------------------------- ------------------- ------------------- ---------- -------------------
Revenue GBP6.39m GBP7.12m -GBP0.73m GBP14.9m
-------------------------------- ------------------- ------------------- ---------- -------------------
Gross profit GBP0.95m GBP1.38m -GBP0.43m GBP3.5m
-------------------------------- ------------------- ------------------- ---------- -------------------
Gross profit % 14.9% 19.3% -4.4% 23.6%
-------------------------------- ------------------- ------------------- ---------- -------------------
(Loss)/Profit before tax (GBP0.99m) (GBP0.41m) -GBP0.58m GBP0.0m
-------------------------------- ------------------- ------------------- ---------- -------------------
Loss after tax (GBP1.00m) (GBP0.41m) -GBP0.59m (GBP0.0m)
-------------------------------- ------------------- ------------------- ---------- -------------------
Cash reserves GBP2.62m GBP4.37m -GBP1.75m GBP4.8m
-------------------------------- ------------------- ------------------- ---------- -------------------
Basic loss per share (6.03p) (2.48p) -3.55p (0.27p)
-------------------------------- ------------------- ------------------- ---------- -------------------
Interim/final dividend payable 2p 2p - 4p
-------------------------------- ------------------- ------------------- ---------- -------------------
Chairman's statement
Dr John Rigg
Overview of results
In my Chairman's statement accompanying the first half year
results for the previous year, I explained that a weak first half
had been entirely the result of "external factors beyond our
control". I also said that we were expecting a strong upturn in the
second half, and this in fact proved to be the case. The
disappointing results announced above are the result of similar
circumstances and influences as those we experienced during the
first half of last year but significantly worse. We had expected
this would not be the case, but unfortunately, once again due to
factors entirely outside our control, this has not proved to be
so.
Now to the excellent news. During the last two months, we have
succeeded in winning four new longer-term lines of business, with
prestigious clients in the public sector. All four have now been
formally awarded. One major result of this will be that the cliff
edge which we have experienced, particularly in the last two years
at March 31st will not affect us in future as we will be able to
continue working seamlessly through that period. This should
transform our second half results for the current year, and in
particular the full year results for the next financial year and
going forward. I personally have never felt so confident and
enthusiastic about the state and prospects of the Company for more
than 20 years.
Unlike many firms in our sector who have sought to lay off
staff, the Company held its nerve and used its strong position to
maintain staffing levels in line with those established over the
last two years. Without doing so, our successful efforts to secure
the long-term pipeline would have been severely undermined. We are
now vigorously pursuing the recruitment of a substantial number of
the very best professional staff.
The model of the business reflects a commitment to the use of
permanent staff to produce the very best outcomes for our clients.
Steps were taken during the period to improve and increase our
work-winning rate to sustain higher headcount levels and the
associated risk of bench costs arising from the model.
Our strategy concentrates on providing outstanding digital
consultancy services to Central Government clients and their
agencies. In addition, we are continuing to develop our footprint
in the UK's law enforcement arena including both national bodies
and local forces. Whilst we have other clients within the
portfolio, our work-winning efforts have been focused on these two
important sectors where our track record and strength in depth
allows us to make a real impact on society.
I believe that we are at the beginning of a period of increasing
major success and growth. I have no doubt that other significant
client wins will follow in due course.
Outlook
I can do no better than to repeat and confirm what I said last
year that "The vital signs of the Company, including cash, margins
and control of overheads, continue to be extremely robust. The
quality of our technological expertise is constantly improving and
our business is based upon the reality of delivering working
effective systems and advice to meet real client needs and policy
demands. As a result, the level of internal morale, client
confidence and accumulated goodwill also continues to strengthen.
Our staff turnover is very low."
Underlying this impressive level of success is the superb
quality of our people at every level.
Business highlights
The first half saw several projects concluding successfully,
including two separate engagements around the implementation of
legislation within policing, the completion of development on a
major project at DfT, and the successful handover of a discovery
project to an existing team at our OPSS client.
Our consultants on the MoJ project management service continued
to deliver outcomes in areas as diverse as prisons expansion,
legacy justice systems replacements, and deployment of Wi-Fi across
the probation estate.
Within law enforcement, we delivered a common user interface
template for a national policing organisation and completed the fit
out of regional operations room capabilities. We also started work
to introduce a new records management system into a pioneering
police force. Our policing footprint expanded as we took on Kent
and Essex police forces, helping them to develop their contact
management strategy.
For DEZNZ, we successfully moved the digital service for the
Clean Heat Market Mechanism (CHMM) from alpha to beta, passing the
GDS assessment in record time.
The recent significant contract wins involve providing digital
expertise across domains including programme and project
management, business architecture and business analysis, and
full-spectrum digital delivery capabilities (including the
implementation of AI co-pilots within corporate functions) to
support ongoing pipelines of work at our new clients.
In November, at the highly prestigious BCS UK IT Industry Awards
ceremony attended by many of the best known names in our industry,
our work in two separate projects was rewarded when we received two
top prizes: for Digital Transformation Project of the Year with
MoJ, and for User Experience (UX) Project of the Year with DfT. We
were also delighted to see one of our staff recognised as the
Rising Star of the Year at the same award ceremony. No other
company at the ceremony received as many as three awards.
Dividend
The Board now have the confidence to maintain the interim
dividend at the same level as last year at 2p.
Employees
I would like to thank all our staff, both our long serving
employees and first rate recent recruitees, who have performed
excellently despite some of the most challenging external
circumstances the Company has experienced in its 35 year
history.
Dr John Rigg
Executive Chairman
19 December 2023
Unaudited condensed consolidated statement of comprehensive
income and expense for the six months ended 30 September 2023
Unaudited Unaudited Audited year ended 31 March
Group and Company Note 2023 2022 2023
GBP'000 GBP'000 GBP'000
Revenue 2 6,393 7,123 14,858
Cost of sales (5,442) (5,745) (11,354)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
Gross profit 951 1,378 3,504
Administrative expenses (1,932) (1,783) (3,469)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
(Loss)/Profit from operations (981) (405) 35
Finance income 14 2 17
Finance expense 3 (27) (10) (43)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
(Loss)/Profit before tax (994) (413) 9
Tax (charge)/credit 4 (5) 2 (53)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
Loss for the period and total comprehensive income
attributable to equity holders of the parent (999) (411) (44)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
Basic loss per share 6 (6.03p) (2.48p) (0.27p)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
Diluted loss per share 6 (6.03p) (2.48p) (0.27p)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
All amounts relate to continuing activities.
Unaudited condensed consolidated statement of changes in equity
for the six months ended 30 September 2023
Group Share Capital Share premium account Capital redemption Retained earnings Total
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2022 165 880 104 4,869 6,018
Loss for the period
and total
comprehensive income - - - (411) (411)
Dividend paid - - - (663) (663)
Ordinary shares issued 1 6 - - 7
Share-based payments - - - 117 117
----------------------- -------------- ---------------------- ----------------------- ------------------ --------
At 30 September 2022
(unaudited) 166 886 104 3,912 5,068
----------------------- -------------- ---------------------- ----------------------- ------------------ --------
At 1 April 2023 166 894 104 4,030 5,194
Loss for the period
and total
comprehensive income - - - (999) (999)
Dividend paid - - - (664) (664)
Ordinary shares issued - 7 - - 7
Share-based payments - - - 110 110
----------------------- -------------- ---------------------- ----------------------- ------------------ --------
At 30 September 2023
(unaudited) 166 901 104 2,477 3,648
----------------------- -------------- ---------------------- ----------------------- ------------------ --------
At 1 April 2022 165 880 104 4,869 6,018
Loss for the year and
total comprehensive
income - - - (44) (44)
Dividend paid - - - (995) (995)
Ordinary shares issued 1 14 - - 15
Share-based payments - - - 200 200
----------------------- -------------- ---------------------- ----------------------- ------------------ --------
At 31 March 2023 166 894 104 4,030 5,194
----------------------- -------------- ---------------------- ----------------------- ------------------ --------
Unaudited condensed consolidated statement of financial position
as at 30 September 2023
Audited year ended 31 March
Note Unaudited 2023 Unaudited 2022 2023
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 1 1 1
Property, plant and equipment 177 238 199
Right-of-use assets 7 481 251 572
Finance lease receivables 7 348 - 396
Deferred tax 4 103 163 108
------------------------------- ----- --------------- --------------- ----------------------------
1,110 653 1,276
------------------------------- ----- --------------- --------------- ----------------------------
Current assets
Trade and other receivables 8 2,529 2,294 2,541
Finance lease receivables 7 96 29 94
Cash and cash equivalents 2,621 4,369 4,795
------------------------------- ----- --------------- --------------- ----------------------------
5,246 6,692 7,430
------------------------------- ----- --------------- --------------- ----------------------------
Total assets 6,356 7,345 8,706
------------------------------- ----- --------------- --------------- ----------------------------
Current liabilities
Trade and other payables 9 (1,610) (1,815) (2,269)
Short term provisions - (61) -
Lease liabilities 7 (271) (168) (292)
------------------------------- ----- --------------- --------------- ----------------------------
(1,881) (2,044) (2,561)
------------------------------- ----- --------------- --------------- ----------------------------
Non-current liabilities
Long term provisions (197) (136) (197)
Lease liabilities 7 (630) (97) (754)
------------------------------- ----- --------------- --------------- ----------------------------
(827) (233) (951)
------------------------------- ----- --------------- --------------- ----------------------------
Total liabilities (2,708) (2,277) (3,512)
------------------------------- ----- --------------- --------------- ----------------------------
Net assets 3,648 5,068 5,194
------------------------------- ----- --------------- --------------- ----------------------------
Shareholders' equity
Share capital 166 166 166
Share premium account 901 886 894
Capital redemption reserve 104 104 104
Retained earnings 2,477 3,912 4,030
------------------------------- ----- --------------- --------------- ----------------------------
Total shareholders' equity 3,648 5,068 5,194
------------------------------- ----- --------------- --------------- ----------------------------
Unaudited condensed consolidated statement of cash flows for the
six months ended 30 September 2023
Audited year ended 31 March
Unaudited 2023 Unaudited 2022 2023
Note GBP'000 GBP'000 GBP'000
Cash flows from operating activities
(Loss)/Profit for the period before taxation (994) (413) 9
Adjustments for:
Depreciation of property, plant and
equipment 33 44 87
Amortisation of right of use assets 91 94 185
Amortisation/impairment of intangible assets - 1 1
Interest received (14) (2) (17)
Finance expense 27 11 43
Share-based payment expense 110 117 200
Changes in working capital
Decrease in trade and other receivables 12 391 143
(Decrease)/Increase in trade and other
payables (660) (422) 32
Cash (consumed)/generated by operations (1,395) (179) 683
Foreign exchange gain - - 1
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Net cash (outflow)/inflow from operating
activities (1,395) (179) 684
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Investing activities
Finance lease interest received 14 2 17
Finance lease payments received 45 55 102
Purchase of property, plant and equipment (8) (5) (9)
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Net cash used in investing activities 51 52 110
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Financing activities
Proceeds of issue of shares 6 6 15
Lease liabilities principal payments (145) (161) (300)
Lease liabilities interest payments (27) (11) (44)
Dividends paid 5 (664) (663) (995)
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Net cash outflow from financing activities (830) (829) (1,324)
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Net decrease in cash and cash equivalents (2,174) (956) (530)
Cash and cash equivalents at beginning of
the period 4,795 5,325 5,325
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Cash and cash equivalents at end of the
period 2,621 4,369 4,795
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Notes to the financial statements for the six months ended 30
September 2023
1. Principal accounting policies
Basis of preparation
The principal accounting policies adopted in the preparation of
the financial statements are set out below. The policies have been
consistently applied to all the periods presented, unless otherwise
stated.
These financial statements have been prepared in accordance with
UK adopted International Financial Reporting Standards (IFRSs) and
the provisions of the Companies Act 2006.
The comparative financial information for the year ended 31
March 2023 included within this report does not constitute the full
statutory accounts for that period. The statutory Annual Report and
Financial Statements for 2023 have been filed with the Registrar of
Companies. The Independent Auditor's Report on the Annual Report
and Financial Statements for 2023 was unqualified, did not draw
attention to any matters by way of emphasis, and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006.
The financial information for the half years ended 30 September
2023 and 30 September 2022 does not constitute statutory accounts
within the meaning of section 434(3) of the Companies Act 2006 and
has been neither audited nor reviewed pursuant to guidance issued
by the Auditing Practices Board.
These financial statements have been prepared on a going concern
basis.
These financial statements have been prepared on a historical
cost basis and are presented in pounds sterling, generally rounded
to the nearest thousand, the functional currency of the
Company.
Going Concern
The Group continues to operate an efficient low-cost and cash
generative model. For the six months ended 30 September 2023, the
Group has not utilised any external debt or lending facilities
(2022: nil) with no exposure to bad debts in the period. Cash
balances have reduced to GBP2.6m at the balance sheet date (2022:
GBP4.4m), which reflects a total dividend paid in the 6 months
period of GBP0.7m (2022 GBP0.7m). The future cash position remains
robust.
The going concern assessment made at the year ended 31 March
2023 is still relevant to both current and future trading
expectations. This going concern assessment included in particular
a reverse stress test model which included the most extreme
scenario possible with all current client contracts discontinued at
expiry, with no extension or replacement and with no cost
mitigation. Following a review of these assessments in light of
current trading performance and cash flow forecasts for the next 12
months, the Directors have concluded that the Group would have
sufficient headroom and cash balances to continue in operation.
After making enquiries, the Directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future and at least
twelve months from the date of approval of the financial
statements. Accordingly, they continue to adopt the going concern
basis in preparing the half year accounts.
New standards, interpretations and amendments
The accounting policies applied in these financial statements
are as applied in the annual report and accounts for the year ended
31 March 2023.
2. Revenue
The Group operates solely in the UK. All material revenues are
generated in the UK.
In accordance with IFRS 15, the Group disaggregates revenue by
contract type as management believe this best depicts how the
nature, timing and uncertainty of the Group's revenue and cash
flows are affected by economic factors. Accordingly, the following
table disaggregates the Group's revenue by contract type:
Group and Company Unaudited six months ended Unaudited six months ended 30 Audited year ended
30 September September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
Time and materials 6,161 7,043 14,386
Fixed price 234 62 442
Licencing (2) - 12
Permanent recruitment fees - 18 18
---------------------------- --------------------------- -------------------------------------- -------------------
6,393 7,123 14,858
---------------------------- --------------------------- -------------------------------------- -------------------
The Group also disaggregates revenue by operating sector
reflecting the different commercial risks (e.g., credit risk)
associated with each.
Group and Company Unaudited six months ended Unaudited six months ended 30 September Audited year ended
30 September 2022 31 March
2023 2023
GBP'000 GBP'000 GBP'000
Public sector 4,994 5,594 11,597
Private sector 1,399 1,529 3,261
------------------- --------------------------- ---------------------------------------- -------------------
6,393 7,123 14,858
------------------- --------------------------- ---------------------------------------- -------------------
3. Finance expense
Unaudited six months ended Unaudited six months ended 30 Audited year ended
30 September September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
Interest expense on lease
liability 27 10 44
Net foreign exchange gain - - (1)
--------------------------------- ---------------------------- -------------------------------- -------------------
Total finance expense 27 10 43
--------------------------------- ---------------------------- -------------------------------- -------------------
4. Tax charge/(credit)
Unaudited six months ended 30 Unaudited six months ended 30 Audited year ended
September 2023 September 31 March
2022 2023
GBP'000 GBP'000 GBP'000
Current tax
Current tax on profits for the - - -
period
Deferred tax
Decrease/(increase) in
recognised deferred tax asset 5 (2) 40
Change in tax rate - - 13
------------------------------- ------------------------------- ------------------------------- -------------------
Total tax charge/(credit) for
the period 5 (2) 53
------------------------------- ------------------------------- ------------------------------- -------------------
The differences between the actual tax charge for the period and
the standard rate of corporation tax in the UK applied to profits
for the period are as follows:
Unaudited six months ended 30 Unaudited six months ended 30 Audited year ended
September 2023 September 2022 31 March
2023
GBP'000 GBP'000 GBP'000
(Loss)/Profit before tax (994) (413) 9
(Loss)/Profit before tax
multiplied by standard rate
of corporation tax in the UK
of 25% (2022:19%) (249) (103) 2
Expenses not deductible for
tax purposes 6 44 4
Allowances recognised (3) (7) (13)
Derecognition of deferred tax
on losses 251 66 58
Change in tax rate - (3) 13
Prior year adjustments - 1 (11)
Tax charge/(credit) for the
period 5 (2) 53
------------------------------- ------------------------------- ------------------------------- -------------------
Unaudited six months ended 30 Unaudited six months ended 30 Audited year ended
September 2023 September 2022 31 March
2023
GBP'000 GBP'000 GBP'000
Deferred tax asset
The movement in deferred tax
is as follows:
At beginning of the period 108 161 161
Reversal of previously
recognised deferred tax on
losses (5) (1) (40)
Increase in relation to timing - 3 -
differences
Tax rate changes - - (13)
------------------------------- ------------------------------- ------------------------------- -------------------
At end of the period 103 163 108
------------------------------- ------------------------------- ------------------------------- -------------------
Deferred tax assets have been recognised in respect of tax
losses where the Directors believe it is probable that the assets
will be recovered. This expectation of recovery is calculated by
modelling estimates of future taxable profits that can be offset
with historic trading losses brought forward. A deferred tax asset
amounting to GBP689,022 (2022: GBP530,000) has not been recognised
in respect of trading losses of GBP2,756,089 (2022: GBP2,125,000),
which can be carried forward indefinitely.
Deferred tax assets have not been recognised for potential
temporary differences arising from unexercised share options and
restricted stock units of GBP114k (2022: GBP107k) and general
provisions of GBP27k (2022: GBP24k) as the Directors believe it is
not certain these assets will be recovered.
The UK Budget on 3 March 2021 announced an increase in the UK
corporation tax rate from 19% to 25% with effect from 1 April 2023.
The effect of the rate increase is reflected in the consolidated
financial statements as has been substantively enacted at the
balance sheet date.
5. Dividends
The Directors propose an interim dividend for the period to 30
September 2023 of 2p per share (2022 interim dividend: 2p per
share).
The Company will pay the dividend on 31 January 2024 to all
shareholders on the register of members of the Company at the close
of business on 5 January 2024. The ex-dividend date will be on 4
January 2024.
6. Earnings per ordinary share
Earnings per share have been calculated on the profit for the
year divided by the weighted average number of shares in issue
during the period based on the following:
Unaudited 30 Unaudited 30 Audited 31 March
September 2023 September 2022 2023
Loss for the period (GBP999,000) (GBP411,000) (GBP44,000)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Average number of shares in
issue 16,571,366 16,554,727 16,565,870
Effect of dilutive options - - -
---------------------------- ---------------------------- ---------------------------- ----------------------------
Average number of shares in
issue plus dilutive
options 16,571,366 16,554,727 16,565,870
---------------------------- ---------------------------- ---------------------------- ----------------------------
Basic loss per share (6.03p) (2.48p) (0.27p)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Diluted loss per share (6.03p) (2.48p) (0.27p)
---------------------------- ---------------------------- ---------------------------- ----------------------------
7. Leases
Right-of-use Assets
The carrying amounts of the right-of-use assets recognised and
the movements during the period are outlined below:
Land and buildings Total
GBP'000 GBP'000
At 31 March 2022
Opening position 345 345
Amortisation (94) (94)
---------------------- ------------------- --------
At 30 September 2022 251 251
---------------------- ------------------- --------
At 31 March 2023
Opening position 572 572
Amortisation (91) (91)
---------------------- ------------------- --------
At 30 September 2023 481 481
---------------------- ------------------- --------
As of 6th October 2022, the lease break option on one lease was
not enacted, and the lease continues until 27th March 2028. As of
this date, the total asset value was increased by GBP412,000.
Lease Liabilities
The carrying amounts of the lease liabilities recognised are as
follows:
Land and buildings Total
GBP'000 GBP'000
At 31 March 2022
Opening position 426 426
Interest expense 11 11
Lease payments (172) (172)
---------------------- ------------------- --------
At 30 September 2022 265 265
---------------------- ------------------- --------
At 31 March 2023
Opening position 1,046 1,046
Interest expense 27 27
Lease payments (172) (172)
---------------------- ------------------- --------
At 30 September 2023 901 901
---------------------- ------------------- --------
As of 6th October 2022, the lease break option on one premises
was not enacted, and the lease continues until 27th March 2028. As
of this date, the total lease liability was increased by
GBP920,000.
At the balance sheet date, the Group had outstanding commitments
for future lease payments as follows:
At 30 September 2022 Up to 3 months Between 3 and 12 months Between 1 and 2 years
GBP'000 GBP'000 GBP'000
-------------------------------- --------------- ------------------------ ----------------------
Discounted lease liabilities 79 89 97
-------------------------------- --------------- ------------------------ ----------------------
Undiscounted lease liabilities 86 97 102
-------------------------------- --------------- ------------------------ ----------------------
At 30 September 2023 Up to 3 months Between 3 and 12 months Between 1 and 2 years Between 2 and 5 years
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- --------------- ------------------------ ---------------------- ----------------------
Discounted lease
liabilities 74 197 184 446
--------------------------- --------------- ------------------------ ---------------------- ----------------------
Undiscounted lease
liabilities 86 231 215 484
--------------------------- --------------- ------------------------ ---------------------- ----------------------
Finance lease receivables
The carrying amounts of the lease receivable asset are as
follows:
Land and buildings Total
GBP'000 GBP'000
At 31 March 2022
Opening position 84 84
Interest received 2 2
Payments received (57) (57)
---------------------- ------------------- --------
At 30 September 2022 29 29
---------------------- ------------------- --------
At 31 March 2023
Opening position 490 490
Interest received 13 13
Payments received (59) (59)
---------------------- ------------------- --------
At 30 September 2023 444 444
---------------------- ------------------- --------
As of 2nd October 2022, the lease break option on one premises
was not enacted by the tenant, and the lease continues until 23rd
March 2028. As of this date, the total finance lease receivable was
increased by GBP508,000.
At the balance sheet date, the Group had future lease
receivables as follows:
At 30 September 2022 Up to 3 months
GBP'000
-------------------------------- ---------------
Discounted lease receivables 29
-------------------------------- ---------------
Undiscounted lease receivables 30
-------------------------------- ---------------
At 30 September 2023 Up to 3 months Between 3 and 12 months Between 1 and 2 years Between 2 and 5 years
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- --------------- ------------------------ ---------------------- ----------------------
Discounted lease
receivables 24 72 101 247
--------------------------- --------------- ------------------------ ---------------------- ----------------------
Undiscounted lease
receivables 30 89 119 267
--------------------------- --------------- ------------------------ ---------------------- ----------------------
8. Trade and other receivables
Audited year ended
Unaudited six months ended 30 Unaudited six months ended 30 31 March
September 2023 September 2022 2023
GBP'000 GBP'000 GBP'000
Trade receivables 1,643 1,241 2,006
Less: provision for expected
credit losses (5) (14) (5)
-------------------------------- ------------------------------ ------------------------------- -------------------
Trade receivables-net 1,638 1,227 2,001
Contract assets 603 548 225
Unbilled income 1 141 150
Other debtors 5 160 -
-------------------------------- ------------------------------ ------------------------------- -------------------
Trade and other receivables 2,247 2,076 2,376
Prepayments 282 218 165
-------------------------------- ------------------------------ ------------------------------- -------------------
2,529 2,294 2,541
-------------------------------- ------------------------------ ------------------------------- -------------------
Analysed as:
Current asset 2,529 2,294 2,541
-------------------------------- ------------------------------ ------------------------------- -------------------
Total 2,529 2,294 2,541
-------------------------------- ------------------------------ ------------------------------- -------------------
The fair value of trade and other receivables approximates
closely to their book value.
Unbilled income is in respect to the billing profile of a
licence agreement.
Movements on the provision for expected credit loss are as
follows:
Audited year ended
Unaudited six months ended 30 Unaudited six months ended 30 31 March
September 2023 September 2022 2023
GBP'000 GBP'000 GBP'000
At beginning of the period 5 14 14
Credited to income statement - - (9)
At end of the period (credit
loss allowance) 5 14 5
------------------------------- ------------------------------- ------------------------------- -------------------
The carrying amount of the Group's trade and other receivables
are denominated in the following currencies:
Audited year ended
Unaudited six months ended 30 September Unaudited six months ended 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
Sterling 2,222 2,076 2,376
Euros 25 - -
---------- ----------------------------------------- ------------------------------------------ -------------------
2,247 2,076 2,376
---------- ----------------------------------------- ------------------------------------------ -------------------
9. Trade and other payables
Audited year ended
Unaudited six months ended 30 Unaudited six months ended 30 31 March
September 2023 September 2022 2023
GBP'000 GBP'000 GBP'000
Trade payables 606 524 666
Accruals 165 301 335
771 825 1,001
Contract liabilities 33 81 37
Other taxation and social
security 806 909 1,231
-------------------------------- ------------------------------ ------------------------------- -------------------
1,610 1,815 2,269
-------------------------------- ------------------------------ ------------------------------- -------------------
Analysed as:
Current liability 1,610 1,815 2,269
Total 1,610 1,815 2,269
-------------------------------- ------------------------------ ------------------------------- -------------------
The majority of trade and other payables are settled within
three months from the period end.
The fair value of trade and other payables approximates closely
to their book value.
The carrying amount of trade and other payables is denominated
in the following currencies:
Audited year ended
Unaudited six months ended 30 September Unaudited six months ended 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
Sterling 641 825 1,001
Euros 130 - -
---------- ----------------------------------------- ------------------------------------------ -------------------
771 825 1,001
---------- ----------------------------------------- ------------------------------------------ -------------------
10. Related party transactions and ultimate control
The Group and Company rents one of its offices under a lease
with a sub-tenant in occupation on one floor. The current annual
rent of GBP215,000 was fixed, by independent valuation, at the last
rent review in 2008. J C Rigg, a Director, has notified the Board
that he has a 50% beneficial interest in this contract. The balance
owed at the period end was GBPnil (2022: GBPnil). There is no
ultimate controlling party.
11. Statement of the directors' responsibilities
The Board confirms to the best of their knowledge:
-- that the condensed consolidated half year financial
statements for the six months to 30 September 2023 have been
prepared in accordance with IAS 34 'Interim Financial Reporting' as
per UK adopted international accounting standards; and
-- that the Half Year Report includes a fair review of the
information required by sections 4.2.7R and 4.2.8R of the
Disclosure and Transparency Rules, being an indication of important
events that have occurred during the period and their impact on the
condensed consolidated half year financial statements; a
description of the principal risks and uncertainties for the
remainder of the current financial year; and the disclosure
requirements in respect of material related party transactions.
By order of the Board
James McDonald
Company Secretary
19 December 2023
Names of the current Board of Directors can be found on the
Company website at www.triad.co.uk .
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END
IR UKOARORUUAAA
(END) Dow Jones Newswires
December 20, 2023 02:00 ET (07:00 GMT)
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