Resultados auditados de todo el año 2023
19 de marzo de 2024
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
EL PLC DE PEBBLE GROUP
("The Pebble Group", el "Grupo" o la "Compañía")
RESULTADOS AUDITADOS DEL AÑO COMPLETO 2023
Performance in line with revised expectations and well-placed for return to growth
The Pebble Group, a leading provider of digital commerce, products and related services to the global promotional products industry, announces its audited results for the year ended 31 December 2023 ("FY 23").
The results are in line with revised expectations as set out in the trading update on 22 November 2023 as a result of continued growth in Facilisgroup and reduced revenue at Brand Addition stemming from a contraction in spend among Technology and Consumer clients.
Al comentar sobre los resultados, Chris Lee, director ejecutivo de Pebble Group, dijo: "Both Facilisgroup and Brand Addition retain attractive fundamental strengths, are differentiated in their respective markets and have clear strategic plans to grow in the very large global but fragmented promotional products industry. With a robust balance sheet that has enabled investment in new technology product initiatives and further development on its progressive dividend policy, the Group remains well-placed to return to growth in 2024, with exciting opportunities to scale further. Trading in 2024 has started in line with management's expectations."
· | Group revenue of £124.2m (FY 22: £134.0m), 7% behind the prior year. |
· | Facilisgroup: Annual Recurring Revenue grew by 12% to USD21.2 million (FY 22: USD19.0m) with attractive Adjusted EBITDA margins of 50% (FY 22: 54%). |
· | Brand Addition: Revenue decreased by 9% to £106.3m (FY 22: £117.4m) due to impact of reduced spend from the Technology and Consumer sectors. |
· | Gross profit margin increased 4.3 percentage points to 43.6% (FY 22: 39.3%) as a result of increased value delivered by Brand Addition to its clients and the growing proportion of Facilisgroup as a percentage of overall Group sales. |
· | Strong balance sheet with net cash of £15.9m at 31 December 2023, an increase of £0.8m compared with 31 December 2022. |
· | Further development on progressive dividend policy, with the Board proposing to increase dividend to 1.2 pence per share at FY 23 (FY 22: 0.6 pence per share) and intending to implement in the near-term a share buy-back programme in the Company's Ordinary Shares up to a maximum aggregate consideration of £5.0m. |
Financieros:
Resultados estatutarios | AF 23 | AF 22 | Cambios |
Ingresos | 124.2m | 134.0m | - 7% |
Margen de beneficio bruto | 43.6% | 39.3% | + 4.3 puntos porcentuales |
Beneficio operativo | 8.0m | 10.2m | - 22% |
Beneficio antes de impuestos | 7.4m | 9.7m | - 24% |
Basic eadvertencias por acción | 3.46p | 4.55p | - 24% |
Otros aspectos financieros destacados | AF 23 | AF 22 | Cambios |
EBITDA ajustado1 | 16.0m | 18.0m | - 11% |
El efectivo neto2 | 15.9m | 15.1m | + 5% |
Utilidad básica ajustada por acción3 | 4.60p | 5.78p | - 20% |
Dividendo | 1.2p | 0.6p | + 100% |
1 | EBITDA ajustado significa utilidad operativa antes de depreciación, amortización y cargos por pagos basados en acciones |
2 | El efectivo neto se calcula como efectivo y equivalentes de efectivo menos préstamos (excluyendo pasivos por arrendamiento) |
3 | Las ganancias por acción básicas ajustadas ("EPS") representan las ganancias ajustadas, es decir, las ganancias después de impuestos antes de la amortización de los activos intangibles adquiridos, el cargo por pagos basados en acciones y elementos excepcionales divididos por un número promedio ponderado de acciones |
Presentación online para inversores
The management team is hosting an online investor presentation with Q&A at 3:00pm on Thursday, 21 March 2024. To participate, please register with PI World at: https://bit.ly/PEBB_FY23_results_webinar
Consultas:
El grupo de guijarros Chris Lee, director ejecutivo Claire Thomson, directora financiera +44 0 750 012 4121 | Asesor de Temple Bar (Relaciones públicas financieras) Alex Child Villiers sam livingstone +44 0 207 183 1190
|
Grant Thornton Reino Unido LLP (Asesor designado) Samantha Harrison/Harrison Clarke/Ciara Donnelly +44 0 207 184 4384 | Berenberg (Corporativo Broker) Ben Wright/Mark Whitmore/Richard Andrews +44 0 203 207 7800 |
Acerca de The Pebble Group
The Pebble Group es un proveedor de comercio digital, productos y servicios relacionados para la industria global de productos promocionales, que comprende dos negocios diferenciados, Facilisgroup y Brand Addition, enfocados en áreas específicas del mercado de productos promocionales. Para obtener más información, visite www.thepebblegroup.com.
INFORME DEL PRESIDENTE
General
The Group continued to make good progress against its long-term strategy to be a key influencer in the promotional products industry globally through the provision of its digital commerce technology to independent promotional products distributors and the sourcing and supply of high quality, sustainable and innovative products to many of the world's leading brands.
The Group achieved revenue in the year of £124.2m (FY 22: £134.0m) and adjusted EBITDA of £16.0m (FY 22: £18.0m) which was in line with the guidance given in our trading update issued on 22 November 2023.
The Group balance sheet remains strong with Group net cash at 31 December 2023 of £15.9m, up from £15.1m a year earlier. The strong cash position enabled the business to pay a maiden dividend of 0.6 pence per share for FY 22 and we propose to increase this to 1.2 pence per share for FY 23.
The Group's divisions, Facilisgroup and Brand Addition, continue to invest in new technology, with the objective of creating market leading differentiation to win new clients and underpin the Group's long-term growth.
Our market and strategy
Facilisgroup and Brand Addition, together process transactions either directly or indirectly which accounts for approximately 3% of all promotional products sold globally and approximately 6% of promotional product transactions in our strategically important North American market.
This gives the Group a good level of insight into the trends and development of the promotional products market and enables us to plan our future strategy accordingly.
Our market insight shows that:
· | the global market for promotional products is very fragmented. The majority of the market is being served by owner managed SMEs with a high concentration in North America. As technology proliferates, SME distributors have a need for digital commerce platform technology to support their efficiency and growth; and |
· | high quality, sustainable promotional products continue to be a key strategic component of the brand building, employee engagement and customer reward strategies of the majority of large businesses and major brands around the world.
|
The Group addresses these market needs through its Facilisgroup and Brand Addition divisions, respectively.
Nuestros negocios
grupofacilis
Facilisgroup revenue grew by 9% over the year on a constant currency basis to $22.2m (FY 22: $20.4m) which equated in Sterling terms to £17.9 (FY 22: £16.6). EBITDA margin performance remained robust at circa 50%.
The strong profitability and cash generated by Facilisgroup is enabling the business to invest into new technology aimed at enabling Facilisgroup to become the leading provider of digital commerce software and services to the large number of independent promotional products distributors across North America. The vision of the Facilisgroup team is a clear and compelling one, which represents a significant strategic opportunity for the Group.
Adición de marca
Brand Addition sells promotional products to many of the world's largest brands with a focus on quality, sustainability and innovative design. Sales in the year to 31 December 2023 were £106.3m down from £117.4m in the previous year. The business retained all major clients during the year and, through its positive differentiation, was able to increase its gross margins by 3.4 percentage points. However, the mix of business across Brand Addition was skewed more towards underperforming rather than overperforming sectors, particularly in the second half of the year. This resulted in a shortfall against the revenue expectations at the start of the year.
Dividendo
Last year the Group announced the payment of its first dividend since the IPO and said it was the intention of the Board for this to be progressive, moving in the medium-term to our stated position at IPO of making dividend payments each year of circa 30% of profit after tax. In line with that policy, the Group is proposing an increase in the final dividend to 1.2 pence per share for the financial year ended 31 December 2023.
Las agrupaciones Ambientales, Sociales y de Gobernanza
Investing in achieving our strategy with a sustainable impact is central to the Group's values and our ESG priorities remain high on the Group Board's agenda. We publish our third ESG report in March 2024 to provide a comprehensive review of the meaningful action we are taking, which we believe, is an opportunity to differentiate the Group by sharing the progress we have made against our commitments.
In the ESG section of our 2023 Report and Accounts, we update on the continued progress the Group is making in reducing its environmental impact and in engaging with suppliers to encourage the reduction in their Greenhouse Gas emissions. In October 2023, the Group was awarded The Race Equality Code Quality Mark which recognises our efforts and future commitments to Diversity, Equity and Inclusion (DEI) in the workplace.
From a governance perspective, the appointment of David Moss as our new Non-executive Director to enhance the Group Board's technology experience and skillset was a particular highlight. David was a co-founder and CTO of Blue Prism which was an AIM listed company for 6 years before being bought by SS&C Technologies Holdings, Inc. in 2022.
Equipo y Junta
At The Pebble Group, the Group Board and the Executive Leadership Team believe that the businesses' accomplishments are achieved because of its talented and diverse teams. The Group is led by a Board with a wide diversity of skills and experience, supported by highly engaged and motivated teams across the businesses. We encourage diversity, actively engage with our teams on an ongoing basis, and are focussed on investing in and developing our people.
Outlook
Trading in 2024 is progressing in line with management expectations. In light of the Board's confidence in the return to growth and to enhance shareholder returns, the Board intends in the near-term to implement a share buy-back programme in the Company's Ordinary Shares up to a maximum aggregate consideration of £5.0m. A further announcement will be made in due course.
We look forward to providing a further update on progress at our Annual General Meeting on 30 April.
ricardo ley
Presidente
18 de marzo de 2024
RESEÑA DEL DIRECTOR EJECUTIVO JEFE
Introducción
The Group's results for the year ended 31 December 2023 are in line with the revised expectations as set out in our trading update of 22 November 2023.
Group revenue was £124.2m, a decrease of 7% on the prior year (FY 22: £134.0m), being the net effect of the continued growth in Facilisgroup and reduced sales with a particular cohort of clients at Brand Addition. We describe the nuances of this in the Business Review below.
Group Adjusted EBITDA was £16.0m, a decrease of 11% (FY 22: £18.0m). Net cash after a dividend payment of £1.0m in June 2023 remains strong, being £15.9m at 31 December 2023 (31 December 2022: £15.1m).
Acknowledging the disappointment of reporting FY 23 results lower than FY 22, it is important to reiterate that there has been no change to the underlying opportunities for our businesses. In the Business Review, I set out why I believe the intrinsic strength and growth prospects for both Facilisgroup and Brand Addition remain compelling.
Revision del negocio
Grupo Facilis: proporcionar una plataforma de comercio digital para empresas de productos promocionales en América del Norte
£ 'm | AF 23 | AF 22 |
ARR | 17.0m | 15.5m |
Otros ingresos | 0.9m | 1.1m |
Los ingresos totales | 17.9m | 16.6m |
Beneficio bruto | 17.9m | 16.6m |
Margen de beneficio bruto | 100% | 100% |
EBITDA ajustado | 8.9m | 9.0m |
Beneficio operativo | 4.4m | 5.0m |
FY 23 revenue of £17.9m (FY 22: £16.6m) was 8% ahead of the prior year with Annual Recurring Revenue (ARR) in USD (Facilisgroup home currency) of USD21.2m (FY 22: USD19.0m), representing 12% growth over the prior year. The vast majority of revenue is derived from our market leading Syncore technology product. The activities that underpinned the FY 23 revenue and heavily influence the future recurring revenue stream are:
- | Partner numbers: 7.6% increase to 242 at 31 December 2023 (31 December 2022: 225); |
- | Gross Merchandise Value (GMV): FY 23 USD1.42bn (FY 22: USD1.40bn). This breaks down as a 9% growth in H1 23 and a 5% decline in H2 23 as the trading environment of our Partners toughened; and |
- | Spend with our Preferred Suppliers: FY 23 USD0.47bn (FY 22: USD0.46bn). Moving in line with the dynamics of Partner GMV, it is the reduction of these transactions in H2 23 that slowed the rate of revenue growth of Facilisgroup in FY 23. |
A major strength of Facilisgroup is its revenue to profit conversion. This continued in 2023 with Adjusted EBITDA margins of 50% (FY 22: 54%) achieved while investing in our team, including product sales and marketing, to support Partner retention and bringing our new technology to market.
Operating profit was £4.4m (FY 22: £5.0m), reflecting the amortisation charge on our investment in new technology as we expense a proportion of the products that are yet to make a material impact on our revenues.
Facilisgroup has a highly attractive business model. Building on the financial results described above, the business has consistently produced strong SaaS metrics. To illustrate this, at the end of FY 23, there was:
- | 17%, four-year Revenue Compound Annual Growth Rate; |
- | 50%, Adjusted EBITDA margin; |
- | 25%, Operating profit margin; |
- | 102%, Net Retention Rate on Syncore technology subscription to Partners; and |
- | 97%, Partner Retention Rate. |
Approach to the market
Facilisgroup Partners are attracted to the business through its provision of a combination of technology, supply chain network and community belonging. The GMV being managed through our platform in 2023 was USD1.4bn representing circa 6% of the USD25bn North American Promotional Products industry, giving the business great market insight.
Our strategy is to scale Facilisgroup revenues firstly, via the continued development and responsible growth in market share of our established Syncore product. Our expectation is that the ongoing capital investment relating to Syncore will continue at its current amount of circa £2.5m per annum, being approximately 15% of FY 23 revenue.
Secondly, we have chosen to allocate a further proportion of the business's own cash generation into developing new technology products. These are aimed at both widening the opportunity to provide existing Partners with other services, plus expanding our addressable market. This capital investment was approximately £3.0m in FY 23. Looking forward, the level of the investment into these new products will be entirely based upon our assessment of the market, customer feedback and the revenues these investments will generate.
Our current go to market strategy is through:
- | Syncore: our established order workflow product focused on high quality, growing SME distributors in North America with sales of greater than USD2m. We estimate there is a total addressable market of circa 1,600 businesses against the 242 contracted at 31 December 2023 (31 de diciembre de 2022: 225); |
- | Commercio Stores: built specifically to support the needs of the promotional products industry, Commercio Stores allows distributors of all sizes to create ecommerce stores for their customers that can either stand alone or integrate into our order workflow technology. At 31 December 2023 there were 56 paying customers using this technology (31 December 2022: 130 non-paying); and |
- | Orders: our order workflow product for the many thousands of smaller distributors with less than USD2m sales is in development. At 31 December 2023 there were 45 non-paying Beta customers using this technology (31 December 2022: Nil).
|
Trading in 2024 has started in line with management expectations. Partner numbers at 18 March 2023 were 236 as a result of 5 Partners being acquired and the exit of 3 Partners with a lower than average value of GMV. The key metrics of GMV transactions and spend through Preferred Suppliers to date, are both ahead of the same period in 2023.
Adición de marca: proporcionar productos promocionales y servicios relacionados bajo contrato a muchas de las marcas más reconocidas del mundo
£ 'm | AF 23 | AF 22 |
Ingresos | 106.3m | 117.4m |
Beneficio bruto | 36.3m | 36.1m |
Margen de beneficio bruto | 34.1% | 30.7% |
EBITDA ajustado | 9.5m | 11.5m |
Beneficio operativo | 6.2m | 8.0m |
FY 23 revenue of £106.3m (FY 22: £117.4m) was 9% lower than the prior year. The revenue decrease in the year was concentrated on our clients that operate in the Technology and Consumer sectors. Importantly, client retention remains strong. Technology sector client budgets were affected as they reduced their employee numbers and Consumer sector clients spend has reduced in the last two years following a peak in 2021. These clients all remain contracted with Brand Addition, are amongst the best-known brands in the world, and continue to deliver a repeatable revenue stream over the medium-term.
Reviewing the business beyond a single set of results, Brand Addition has built close, long-term client and supplier relationships. As brand control, product efficacy and international consistency becomes even more important to large global brands, Brand Addition has provided additional services such as multi-country service delivery, global distribution management and sustainable product initiatives. The value placed by clients on these additional services is demonstrated by the increase in its gross margins to 34.1% (FY 22: 30.7%). We therefore revise up our gross margins long-term average to circa 33% from the previously guided 30%.
Despite the recent contraction in demand in the Technology and Consumer client sectors in the year, the underlying strengths and growth prospects of Brand Addition remain highly attractive. To illustrate this, at the end of FY 23, there was:
- | a large total addressable market of circa $4 billion; |
- | circa 800 global opportunities on Brand Addition's target list; |
- | excellent client retention rates to well-known global brands; |
- | highly repeatable revenues over the medium-term; and |
- | a 3.4%, increase in margins reflecting the widening of services delivered to clients. |
Approach to the market
There is a large addressable market for the specialist services offered by Brand Addition. International corporates use promotional products to engage with their employees, customers, and wider stakeholders. This includes Consumer Promotions to support businesses in driving their own sales volumes and Corporate Programmes to support employee engagement and brand building activities.
These categories of marketing spend are outsourced under contract because brands wish to have control over:
- | thoughtful and creative bespoke products to carry their brand and engage their stakeholders; |
- | product quality and supply chain assurances to protect their brand integrity; and |
- | a consistent international strategy. |
Trading in 2024 has started in line with management expectations with the sector specific sales challenges experienced in H2 23 currently following anticipated order intake trends.
Personas y Ambientales, Sociales y de Gobernanza
Our Group comprises of approximately 560 people based across multiple geographies. Our team's talent and dedication in developing long-term relationships with our Partners, clients and suppliers is the foundation of our businesses' success. Our people are a consistent strength and my thanks go to everyone at Facilisgroup, Brand Addition and The Pebble Group.
The Group Board also sends its appreciation to Ashley McCune who left Facilisgroup in October 2023 after 16 years with the business, culminating as Facilisgroup President from 2020 until her departure. This change led to me taking a larger role in the day-to-day activities within Facilisgroup. I have enjoyed deepening my operational involvement there and building close relationships with Partners, Preferred Suppliers and the team. As a result, I am even more drawn to the opportunities ahead for Facilisgroup and have plans to further strengthen the team in 2024.
We remain firmly committed to being a leader in the way we manage our businesses for the long-term and continue to embed our ESG strategy across our Group. In 2023, we have made good progress against a wide number of topics. Our Chair focusses on some of those highlights in his report and we will publish our third ESG report in March 2024.
Outlook
Trading in 2024 has started in line with management expectations at both of our businesses. We are concentrating on progressing our stated strategies.
Chris Lee
Director Ejecutivo
18 de marzo de 2024
RESEÑA DEL DIRECTOR FINANCIERO JEFE
General
FY 23 was a year for the Group where progress in Facilisgroup was overshadowed by a contraction in demand in the Technology and Consumer client sectors of Brand Addition. Group revenue of £124.2m (FY 22: £134.0m) was 7% below FY 22 and Adjusted EBITDA of £16.0m (FY 22: £18.0m) was 11% below. Operating profit was £8.0m (FY 22: £10.2m). The Group Board is pleased to announce the continuation of the dividend policy implemented in FY 22 and is proposing a final dividend of 1.2 pence per share for FY 23 (FY 22: 0.6 pence per share), payable in May 2024.
The Group's balance sheet remains strong and its liquidity position continues to be robust with cash balances of £10.0m at 18 March 2024 and no amounts drawn down on the Company's £10m committed revolving credit facility.
£ 'm | AF 23 | AF 22 |
Ingresos | 124.2 | 134.0 |
Beneficio bruto | 54.2 | 52.7 |
Margen de beneficio bruto | 43.6% | 39.3% |
EBITDA ajustado | 16.0 | 18.0 |
depreciación y amortización | (7.5) | (6.5) |
Cargo por pago basado en acciones | (0.5) | (1.3) |
Beneficio operativo | 8.0 | 10.2 |
Costos financieros netos | (0.6) | (0.5) |
Beneficio antes de impuestos | 7.4 | 9.7 |
Impuestos | (1.6) | (2.1) |
Ganancias del año | 5.8 | 7.6 |
Número medio ponderado de acciones | 167,412,949 | 167,450,893 |
BPA básica ajustada | 4.60p | 5.78p |
EPS básico | 3.46p | 4.55p |
Ingresos
Group revenue for FY 23 was £124.2m (FY 22: £134.0m). Facilisgroup revenue was £17.9m (FY 22: £16.6m). This represents an increase of 8% in GBP and 9% in Facilisgroup's home currency of USD. ARR from Partner and customer subscriptions for our technology accounted for this increase, through a combination of additional fees from existing and new Partners. Revenue in Brand Addition was £106.3m (FY 22: £117.4m). The reduction in revenue was concentrated in our Technology and Consumer clients which combined were £16.9m behind FY 22, offset in part by £3.6m of revenue growth delivered by new client contracts won in FY 22 and FY 23 and the robust performance of the more traditional sectors of Transport and Engineering which grew by £2.2m.
Bruto beneficio
Gross profit as a percentage of revenue increased during the year by 4.3 p.p.t to 43.6%. Of the total increase, 2.9 p.p.t relates to the improvement in gross margins at Brand Addition as the business raised prices to cover the investment it has made to deliver increasingly complex services to its clients. We expect this to be a permanent change moving the businesses long-term gross margins to circa 33%. The balance of improvement reflects the increasing proportion of Facilisgroup as part of overall Group sales. This improvement is expected to continue as Facilisgroup scales.
EBITDA ajustado
Adjusted EBITDA for FY 23 was £16.0m (FY 22: £18.0m). The reduction was made up as follows:
- | Facilisgroup; £0.1m reduction as incremental revenues were invested in sales and marketing to continue to drive sales growth. The business has excellent EBITDA returns of circa 50% demonstrating its ability to retain strong margins whilst growing revenue; |
- | Brand Addition; £2.0m reduction as the volume reductions and investment in business services discussed above translated to EBITDA; and |
- | Central costs; £0.1m reduction in costs in the year as incremental advisors' fees were offset by a reduction in payroll costs as no bonuses were payable in respect of FY 23. |
depreciación y amortización
The total charge in the year was £7.5m (FY 22: £6.5m), of which £5.2m (FY 22: £4.2m) related to the amortisation of intangible assets. In accordance with IAS 38, the Group capitalises the costs incurred in the development of its software and the increase in the year is primarily a result of the Group's stated decision to increase capital expenditure in its proprietary technology at Facilisgroup.
Pagos basados en acciones
The total charge for the year under IFRS 2 "Share-based payments" was £0.5m (FY 22: £1.3m). This charge related to the 2020, 2021, 2022 and 2023 awards made under the 2019 Long Term Incentive Plan and Save As You Earn scheme. The reduction against FY 22 relates to the 2021 award for which the performance period ended on 31 December 2023. As Group trading in the year was below expectation, forecast performance conditions for the EPS element of this award were not met giving rise to a reduction in the charge associated with this award.
Beneficio operativo
Operating profit for the year was £8.0m (FY 22: £10.2m) after the impact of the reduction in sales volumes and investment in new technology products and services noted above and charging incremental depreciation and amortisation of £1.0m
Costos financieros
Net costs of £0.6m in the year (FY 22: £0.5m) include £0.4m interest costs on leases capitalised in accordance with IFRS 16 (FY 22: £0.4m), £0.1m interest in relation to the Group's £10.0m committed RCF facility (FY 22: £0.1m) and £0.1m costs of refinancing this facility.
Taxation
The total taxation charge was £1.6m (FY 22: £2.1m) giving rise to an effective rate of tax of 21.6% (FY 22: 21.6%). The effective rate of tax was lower than the UK standard rate of taxation due to the proportion of profit earned by the Group in overseas jurisdictions where the applicable rate of corporation tax was lower than that in the UK. The Group is subject to taxes in the UK, Ireland, Germany, Turkey, US, Canada, China and Hong Kong.
Ganancias por acción
The earnings per share analysis in note 6 covers both adjusted earnings per share (profit attributable to equity shareholders before amortisation of acquired intangibles, share-based payments charge and exceptional items divided by the weighted average number of shares in issue during the year), and basic earnings per share (profit attributable to equity holders divided by the weighted average number of shares in issue during the year). Adjusted earnings was £7.7m (FY 22: £9.7m), meaning adjusted basic earnings per share was 4.60 pence per share (FY 22: 5.78 pence per share), a decrease of 1.18 pence per share. Basic earnings per share was 3.46 pence per share (FY 22: 4.55 pence per share), a decrease of 1.09 pence per share.
Dividendos
In FY 23, the Group Board began the implementation of a progressive dividend policy where it announced its intention in the medium-term to move towards its stated position at IPO of making dividend payments of c.30% of profit after tax. For FY 23, the Board is proposing the payment of a final dividend of 1.2 pence per share (FY 22: 0.6 pence per share), a distribution totalling £2.0m, or 34% of profit after tax. This will be paid on 7 May 2024, subject to shareholder approval, to those shareholders on the register of members on 5 April 2024. The shares will trade ex-dividend on 4 April 2024.
Flujo de fondos
El Grupo tenía un saldo de caja de £15.9 millones a 31 de diciembre de 2023 (año fiscal 22: £15.1 millones).
El flujo de caja del año se muestra a continuación.
£ 'm | AF 23 | AF 22 |
EBITDA ajustado | 16.0 | 18.0 |
Movimiento en capital de trabajo | 0.7 | (3.4) |
Gastos de capital | (8.6) | (7.4) |
Consideración diferida | - | (1.0) |
Arrendamientos | (1.6) | (1.7) |
Flujo de caja operativo | 6.5 | 4.5 |
Impuesto pagado | (2.5) | (1.7) |
Flujos de efectivo financieros netos | (0.6) | (0.5) |
Dividendo pagado | (1.0) | - |
EBT purchase of own shares | (0.4) | - |
Cambio (pérdida) / ganancia | (1.2) | 0.7 |
Flujo de efectivo neto | 0.8 | 3.0 |
Flujo de caja operativo
Operating cash flow before tax payments and net finance costs increased by £2.0m in the year to £6.5m. This increase is due to the unwinding of working capital as sales volumes in Brand Addition reduced. This remains an important metric for the Group and is monitored to ensure underlying cash flow remains sufficiently strong to underpin the short-term additional investment required to deliver the Group's ambitious plans for growth.
Balance y fondos propios
Los activos netos aumentaron en el año en 2.9 millones de libras, el balance general se resume a continuación:
£ 'm | AF 23 | AF 22 |
Activos no corrientes | 69.9 | 69.8 |
Capital de trabajo | 13.0 | 13.7 |
efectivo | 15.9 | 15.1 |
Pasivos por arrendamiento | (7.6) | (9.1) |
Otros pasivos netos | (2.7) | (3.9) |
Activos netos | 88.5 | 85.6 |
Activos no corrientes
Non-current assets are the most significant balance sheet category and comprise the following:
£ 'm | AF 23 | AF 22 |
Goodwill | 36.0 | 36.1 |
Relaciones del cliente | 8.0 | 9.0 |
Costos de desarrollo de software | 17.3 | 14.9 |
Propiedad, planta y equipo | 8.3 | 9.5 |
Activos por impuestos diferidos | 0.3 | 0.3 |
Activos no corrientes | 69.9 | 69.8 |
Amounts classified as goodwill and customer relationships relate to historic acquisitions made by the Group. Software development costs, which include £5.7m (FY 22: £5.1m) investment in the year into Facilisgroup technology products, arise from ongoing investment into Group proprietary software and, in particular, investment into the Facilisgroup digital commerce platform to ensure that existing technology remains market leading and differentiated from our competitors, alongside the development of new products that will support our medium-term growth plans. The costs are capitalised in accordance with IAS 38 and amortised over the period which the Group expects to generate benefit from the development. As we have previously indicated, FY 23 was the intended peak point of our investment into the Facilisgroup platform and moving forward, we expect the level of investment to reduce. Property, Plant and Equipment primarily comprises the costs of Right-of-Use assets capitalised in accordance with IFRS 16 "Leases".
Capital de trabajo
Working capital of £13.0m is £0.7m lower than FY 22. This relates principally to the reduction in sales in Brand Addition.
Pasivos por arrendamiento
Lease liabilities of £7.6m (FY 22: £9.1m) relate to Group properties capitalised in accordance with IFRS 16. The reduction in the year reflects payments made under the lease agreements.
Otros pasivos netos
Other net liabilities of £2.7m (FY 22: £3.9m) are net tax liabilities of which £2.4m (FY 22: £2.9m) is deferred tax in respect of the intangible assets of Facilisgroup. £1.5m of the deferred tax liability (FY 22: £1.7m) relates to acquired customer relationships. These liabilities will reverse over the period that the assets are amortised.
Medidas de rendimiento alternativas (APM)
Throughout the Annual Report and related statements, the Group has used a number of APMs as key performance indicators in addition to those reported under IFRS. These are used to provide additional clarity to the Group's underlying financial performance and are used internally by management to monitor business performance, in its budgeting and forecasting and also for determination of Directors' and senior management remuneration. These APMs are not defined under IFRS and, therefore, may not be directly comparable with adjusted measures presented by other companies. The non-GAAP measures are not intended to be a substitute for, or superior to, any IFRS measures of performance. However, they are considered by management to be important measures used in the business for assessing performance. They have been consistently applied in all years presented.
The following are key non-GAAP measures identified by the Group and used in the Business Review and Financial Statements.
EBITDA ajustado which means operating profit before depreciation, amortisation, share-based payments charge and exceptional items. Refer to note 7 for reconciliation.
Beneficio operativo ajustado which means operating profit before amortisation of acquired intangible assets, share- based payments charge and exceptional items. Refer to note 7 for reconciliation.
Adjusted operating profit less finance costs which means adjusted operating profit before tax, amortisation of acquired intangible assets, share-based payments charge and exceptional items. Refer to note 7 for reconciliation.
Ingresos ajustados which means profit attributable to equity shareholders before amortisation of acquired intangible assets, share-based payments charge and exceptional items. Refer to note 7 for reconciliation.
Ganancias ajustadas por acción which means Adjusted earnings divided by a weighted average number of shares in issue. Refer to note 6 for reconciliation.
Claire Thomson
Director Financiero
18 de marzo de 2024
Cuenta de resultados consolidada
Por el año terminado el 31 de diciembre de 2023
Note | 2023 | 2022 | ||
000 £ | 000 £ | |||
| ||||
Ingresos | 4 | 124,171 | 134,025 | |
| ||||
Costo de los bienes vendidos | (69,988) | (81,279) | ||
Beneficio bruto |
| 54,183 | 52,746 | |
| ||||
Los gastos de explotación | (46,185) | (42,523) | ||
Beneficio operativo | 7,998 | 10,223 | ||
|
| |||
Analizado como: |
| |||
EBITDA ajustado1 | 15,978 | 18,042 | ||
Depreciación | 10 | (2,248) | (2,384) | |
Amortización | 9 | (5,184) | (4,182) | |
Cargo por pago basado en acciones | 12 | (548) | (1,253) | |
Beneficio operativo total | 7,998 | 10,223 | ||
| ||||
Gastos financieros | (589) | (520) | ||
Beneficio antes de impuestos | 7,409 | 9,703 | ||
|
| |||
Ingreso por gastos de impuesto | 5 | (1,614) | (2,090) | |
Ganancias del año | 5,795 | 7,613 | ||
|
| |||
Ganancias básicas por acción | 6 | 3.46p | 4.55p | |
|
| |||
Ganancias diluidas por acción | 6 | 3.45p | 4.54p | |
Note 1: Adjusted EBITDA, which is defined as operating profit before depreciation, amortisation, exceptional items and share-based payment charge, is a non-GAAP metric used by management and is not an IFRS disclosure.
Todos los resultados se derivan de operaciones continuas.
Estado consolidado de otros resultados integrales
Por el año terminado el 31 de diciembre de 2023
2023 | 2022 | ||
000 £ | 000 £ | ||
|
| ||
Elementos que pueden ser reclasificados posteriormente a resultados |
| ||
Operaciones en el extranjero - diferencias de conversión de moneda extranjera | (2,068) | 2,190 | |
Otros (gastos) / ingresos integrales del año |
| (2,068) | 2,190 |
|
|
| |
Ganancias del año | 5,795 | 7,613 | |
Resultado integral total del año |
| 3,727 | 9,803 |
Estado consolidado de posición financiera
Al 31 de diciembre de 2023
Note | 2023 | 2022 | |
000 £ | 000 £ | ||
BIENES |
| ||
Activos no corrientes |
| ||
Activos intangibles | 9 | 61,307 | 60,002 |
Propiedad, planta y equipo. | 10 | 8,306 | 9,492 |
Activos por impuestos diferidos | 282 | 292 | |
Total del activo no corriente |
| 69,895 | 69,786 |
| |||
Activos circulantes |
| ||
Los inventarios | 11,852 | 15,447 | |
Cuentas comerciales y otras cuentas por cobrar | 30,158 | 34,693 | |
Efectivo y equivalentes de efectivo | 15,898 | 15,058 | |
Total de activos corrientes |
| 57,908 | 65,198 |
| |||
LOS ACTIVOS TOTALES | 127,803 | 134,984 | |
| |||
PASIVO |
| ||
Pasivos no corrientes |
| ||
Responsabilidad por arrendamiento | 11 | 6,130 | 7,490 |
Pasivo por impuestos diferidos | 2,365 | 2,860 | |
Total pasivo no corriente |
| 8,495 | 10,350 |
| |||
Pasivo circulante |
| ||
Responsabilidad por arrendamiento | 11 | 1,494 | 1,569 |
Comerciales y otras cuentas a pagar | 28,965 | 36,413 | |
Pasivo fiscal corriente | 381 | 1,063 | |
Total pasivo corriente | 30,840 | 39,045 | |
| |||
RESPONSABILIDAD TOTAL | 39,335 | 49,395 | |
|
| ||
ACTIVOS NETOS |
| 88,468 | 85,589 |
|
|
| |
EQUIDAD Y RESERVAS |
| ||
Capital social | 1,675 | 1,675 | |
Compartir premium | 78,451 | 78,451 | |
Reserva de acciones propias | (227) | - | |
Reserva capital | 125 | 125 | |
Reserva de fusión | (103,581) | (103,581) | |
Reserva de traducción | (1,205) | 863 | |
Reserva de pago basada en acciones | 2,005 | 1,892 | |
Ganancias retenidas | 111,225 | 106,164 | |
TOTAL EQUITY AND RESERVES | 88,468 | 85,589 |
Estado de cambios en el patrimonio neto consolidado
Por el año terminado el 31 de diciembre de 2023
Capital social | Compartir premium | Reserva de acciones propias |
Reserva capital |
Reserva de fusión |
Reserva de traducción | Reserva de pago basada en acciones | Ganancias retenidas | Equidad total | |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
| |||||||||
Al 1 de enero de 2022 | 1,675 | 78,451 | - | 125 | (103,581) | (1,327) | 681 | 98,551 | 74,575 |
| |||||||||
Ganancias del año | - | - | - | - | - | - | - | 7,613 | 7,613 |
Otro resultado integral del año | - | - | - | - | - | 2,190 | - | - | 2,190 |
Total de ingresos integrales | - | - | - | - | - | 2,190 | - | 7,613 | 9,803 |
Esquemas de acciones para empleados: valor de los servicios a los empleados (nota 12) | - | - | - | - | - | - | 1,196 | - | 1,196 |
Impuesto diferido sobre planes de acciones para empleados | - | - | - | - | - | - | 15 | - | 15 |
Transacciones totales con propietarios reconocidas en el patrimonio | - | - | - | - | - | - | 1,211 | - | 1,211 |
Al 31 de diciembre de 2022 | 1,675 | 78,451 | - | 125 | (103,581) | 863 | 1,892 | 106,164 | 85,589 |
| |||||||||
Ganancias del año | - | - | - | - | - | - | - | 5,795 | 5,795 |
Otro gasto integral del año | - | - | - | - | - | (2,068) | - | - | (2,068) |
Total (gastos) / ingresos integrales | - | - | - | - | - | (2,068) | - | 5,795 | 3,727 |
Dividendo pagado (nota 8) | - | - | - | - | - | - | - | (1,005) | (1,005) |
Compra de acciones propias por EBT | - | - | (395) | - | - | - | - | - | (395) |
Esquemas de acciones para empleados: valor de los servicios a los empleados (nota 12) | - | - | 168 | - | - | - | 136 | 271 | 575 |
Impuesto diferido sobre planes de acciones para empleados | - | - | - | - | - | - | (23) | - | (23) |
Transacciones totales con propietarios reconocidas en el patrimonio | - | (227) | - | - | - | 113 | (734) | (848) | |
Al 31 de diciembre de 2023 | 1,675 | 78,451 | (227) | 125 | (103,581) | (1,205) | 2,005 | 111,225 | 88,468 |
The Group set up an Employee Benefit Trust (EBT) in the year to administer share plans and acquire shares, using funds gifted by the Group, to meet commitments to employee share schemes. At 31 December 2023, the EBT held 412,637 shares (2022: nil).
Estado de flujo de efectivo consolidado
Por el año terminado el 31 de diciembre de 2023
Note | 2023 | 2022 | ||
000 £ | 000 £ | |||
| ||||
Beneficio antes de impuestos | 7,409 | 9,703 | ||
|
| |||
Ajustes para: |
| |||
| ||||
Depreciación | 10 | 2,248 | 2,384 | |
Amortización | 9 | 5,184 | 4,182 | |
Cargo por pago basado en acciones | 12 | 548 | 1,253 | |
(Beneficio) / pérdida por enajenación de activos fijos | (18) | 19 | ||
Gastos financieros | 589 | 520 | ||
Flujos de efectivo de las actividades operativas antes de cambios en el capital de trabajo | 15,960 | 18,061 | ||
Cambio de inventarios | 3,595 | (5,354) | ||
Cambio en cuentas por cobrar comerciales y otras | 4,535 | (5,271) | ||
Cambio en cuentas comerciales y otras cuentas por pagar | (7,422) | 7,263 | ||
flujos de efectivo por actividades operacionales | 16,668 | 14,699 | ||
| ||||
Impuestos a la renta pagados | (2,517) | (1,712) | ||
Flujos de efectivo netos de las actividades operativas | 14,151 | 12,987 | ||
|
| |||
Flujos de efectivo de actividades de inversión |
| |||
|
| |||
Compra de propiedad, planta y equipo | 10 | (882) | (945) | |
Compra de activos intangibles | 9 | (7,648) | (7,434) | |
Flujos de efectivo netos utilizados en actividades de inversión | (8,530) | (8,379) | ||
| ||||
Flujos de efectivo de actividades de financiación |
| |||
|
| |||
Pagos de arrendamiento | (1,600) | (1,737) | ||
Pago interesado | (589) | (520) | ||
Dividendos pagados | 8 | (1,005) | - | |
Compra de acciones propias por EBT | (395) | - | ||
Flujos de efectivo netos utilizados en actividades de financiación |
| (3,589) | (2,257) | |
| ||||
FLUJOS DE EFECTIVO NETOS |
| 2,032 | 2,351 | |
| ||||
Efectivo y equivalentes de efectivo al inicio del año |
| 15,058 | 12,051 | |
Efecto de las fluctuaciones del tipo de cambio en el efectivo mantenido |
| (1,192) | 656 | |
Efectivo y equivalentes de efectivo al final del año |
| 15,898 | 15,058 | |
Notas a los estados financieros del Grupo
1. INFORMACIÓN GENERAL
The principal activity of The Pebble Group plc (the "Company") is that of a holding company and the principal activity of the Company and its subsidiaries (the "Group") is the sale of digital commerce, products and related services to the promotional merchandise industry. The Group has two segments: Brand Addition; and Facilisgroup. For Brand Addition this is the sale of promotional products internationally, to many of the world's best-known brands, and for Facilisgroup the provision of digital commerce, consolidated buying power, and community learning and networking events to SME promotional product distributors in North America, its Partners, through subscription-based servicios.
La Compañía se constituyó el 27 de septiembre de 2019 en el Reino Unido y es una sociedad anónima limitada por acciones registrada en Inglaterra y Gales. El domicilio social de la Compañía es Broadway House, Trafford Wharf Road, Trafford Park, Manchester, Inglaterra M17 1DD. El número de registro de la Compañía es 12231361.
2. POLÍTICAS CONTABLES
(a) Base de preparación
Los estados financieros del Grupo han sido preparados de acuerdo con las Normas Internacionales de Contabilidad adoptadas en el Reino Unido y con los requisitos de la Ley de Sociedades de 2006 aplicables a las empresas que informan bajo dichas normas. Los estados financieros de la Compañía se prepararon de acuerdo con la NIF 102. Ambos estados financieros se prepararon sobre la base del costo histórico, con la excepción de ciertas partidas que se miden a valor razonable según se revela en las principales políticas contables que se establecen a continuación. Estas políticas se han aplicado consistentemente a todos los años presentados a menos que se indique lo contrario.
La información financiera se presenta en libras esterlinas y se ha redondeado al millar más cercano (£'000).
(b) Negocio en marcha
The Group meets its day-to-day working capital requirements through its own cash balances and committed banking facilities. The Group refinanced its £10m RCF in January 2023 for a three-year period to January 2026, with the option to extend for an additional year to January 2027. In assessing the appropriateness of adopting the going concern basis in the preparation of these financial statements, the Directors have prepared cash flow forecasts and projections for the two years ending 31 December 2025.
The forecasts and projections, which the Directors consider to be prudent, have been further sensitised by applying reductions to revenue growth and margin, to consider a severe but plausible downside. Under both the base and sensitised case the Group is expected to have headroom against covenants, which are based on interest cover and net leverage, and a sufficient level of financial resources available through existing facilities when the future funding requirements of the Group are compared with the level of committed available facilities. Based on this, the Directors are satisfied that the Group has adequate resources to continue in operational existence for at least 12 months from the date of signing the financial statements. For this reason, they continue to adopt the going concern basis in preparing the Group and Company financial statements.
(c) Forward-looking statements
Certain statements in this report are forward looking with respect to the operations, strategy, performance, financial condition, and growth opportunities of the Group. The terms "expect", "anticipate", "should be", "will be", "is likely to", and similar expressions, identify forward-looking statements. Although the Board believes that the expectations reflected in these forward-looking statements are reasonable, by their nature these statements are based on assumptions and are subject to a number of risks and uncertainties. Actual events could differ materially from those expressed or implied by these forward-looking statements. Factors which may cause future outcomes to differ from those foreseen in forward-looking statements include, without limitation: general economic conditions and business conditions in the Group's markets, customers' expectations and behaviours, supply chain developments, technology changes, the actions of competitors, exchange rate fluctuations, and legislative, fiscal and regulatory developments. Information contained in these financial statements relating to the Group should not be relied upon as a guide to future performance.
(d) New standards, amendments and interpretations
Normas nuevas y modificadas adoptadas por el Grupo
El Grupo ha aplicado las siguientes normas y modificaciones por primera vez para su período de información anual que comienza el 1 de enero de 2023:
· NIIF 17 Contratos de seguro;
· Amendment to IAS 12 Deferred tax: deferred tax related to assets and liabilities arising from a single transaction;
· Amendment to IAS 12 International tax reform - pillar two model rules; and
· Narrow-scope amendments to IAS 1, Practice statement 2 and IAS 8.
Las modificaciones enumeradas anteriormente no tienen ningún impacto en los montos reconocidos en períodos anteriores y no se espera que afecten significativamente los períodos actuales o futuros.
Nuevos estándares e interpretaciones aún no adoptados
Se han publicado ciertas normas e interpretaciones contables nuevas que no son de obligado cumplimiento para los ejercicios del 31 de diciembre de 2023 y no han sido adoptadas anticipadamente por el Grupo. No se espera que estas normas tengan un impacto material en el Grupo en los períodos de informe actuales o futuros y en las transacciones futuras previsibles.
Los juicios hechos por los Directores en la aplicación de estas políticas contables que tienen un efecto significativo en estos estados financieros junto con estimaciones con un riesgo significativo de ajuste material en el próximo año se discuten en la nota 3.
(e) Basis of consolidation
Las subsidiarias son todas las entidades sobre las cuales el Grupo tiene control. El Grupo controla una entidad cuando el Grupo está expuesto a, o tiene derecho a, rendimientos variables derivados de su participación en la entidad y tiene la capacidad de afectar esos rendimientos a través de su poder sobre la entidad. Las subsidiarias se consolidan por integración global desde la fecha en que se transfiere el control al Grupo y se desconsolidan desde la fecha en que cesa el control.
Se eliminan las transacciones intercompañías, los saldos y las ganancias y pérdidas no realizadas por transacciones entre empresas del Grupo. Las políticas contables de las subsidiarias han sido modificadas cuando fue necesario para asegurar la coherencia con las políticas adoptadas por el Grupo.
Fideicomiso de beneficios para empleados (EBT)
The Group established an EBT (The Pebble Group Employee Benefit Trust) on 2 May 2023 to enable shares to be bought in the market to satisfy the demand from share awards under the Group's employee share schemes. The EBT is a separately administered trust and is funded by contributions from Group companies in the form of a loan or a gift. The assets of the trust comprise shares in The Pebble Group plc and cash balances. The Group recognises the assets and liabilities of the trust in the consolidated financial statements and shares held by the trust are recorded in the own share reserve as a deduction from shareholders' equity. As at 31 December 2023, the EBT held 412,637 shares in the Company.
(f) Revenue
Revenue arises from the provision of services through digital commerce and a global infrastructure that enables the efficient sale and distribution of products to support corporate marketing activity and consumer promotions of businesses in Europe, North America and Asia.
Para determinar si reconocer los ingresos, el Grupo sigue el proceso de 5 pasos establecido en la NIIF 15:
1. Identificar el contrato con un cliente
2. Identificación de las obligaciones de desempeño
3. Determinación del precio de la transacción
4. Asignación del precio de la transacción a las obligaciones de desempeño
5. Reconocimiento de ingresos cuando/como obligación(es) de desempeño son satisfechas
Los ingresos se miden al precio de transacción, expresados netos de IVA, descuentos y otros impuestos relacionados con las ventas.
Los ingresos se reconocen en un punto en el tiempo o en el tiempo a medida que el Grupo cumple con las obligaciones de desempeño mediante la transferencia de los bienes y servicios prometidos a sus clientes, como se describe a continuación. La contraprestación variable, en forma de rebajas, se reconoce en un momento determinado.
Facilisgroup provision of digital commerce, consolidated buying power and community learning through subscription-based services
Services are provided through signed annual Partner agreements. There is one distinct performance obligation, being the provision of access to the Facilisgroup network. The transaction price is set on 1 January each year by reference to the previous year sales volumes and is fixed for the financial year. For new Partners, the transaction price is calculated by reference to forecasted sales for the year the Partner joins. Revenue is recognised over time on a monthly basis as the Partners receive the benefits of being part of the network. Payments are received on a monthly basis as the performance obligations are satisfied over time.
Revenue earned from Preferred Suppliers is recognised over time on a monthly basis in line with orders placed by Partners with these suppliers. Payments are received bi-annually.
Adición de marca venta de producto promocional
Los contratos con clientes toman la forma de pedidos de clientes bajo un acuerdo marco. Existe una obligación de desempeño distinta, que es el diseño, el abastecimiento y la distribución de productos al cliente, cuyo precio de transacción está claramente identificado. Los ingresos se reconocen en el momento en que el Grupo cumple con las obligaciones de desempeño mediante la transferencia de los bienes prometidos a sus clientes, es decir, cuando el control ha pasado del Grupo al cliente. Esto tiende a ser en la recepción del producto por parte del cliente.
Customer invoices tend to be raised when the goods are delivered and the performance obligation is satisfied. These invoices are shown within trade receivables and payment is usually made within 60 days (being the common payment terms). In cases where the goods have been delivered and an invoice cannot be raised at that time, the income is accrued and presented within trade receivables in the statement of financial position. A small number of customers are invoiced in advance and these amounts are deferred and presented within contract liabilities.
(G) Medidas de desempeño alternativas
Throughout the report, we refer to a number of alternative performance measures (APMs). APMs are used internally by management to assess the operating performance of the Group. These are non-GAAP measures and so other entities may not calculate these measures in the same way and hence are not directly comparable. The APMs that are not recognised under UK-adopted international accounting standards are:
· Ganancias ajustadas;
· EBTIDA ajustado;
· Beneficio operativo ajustado; y
· Adjusted operating profit less finance costs.
Ver nota 7 para la conciliación de las APM.
The Board considers that the above APMs provide useful information for stakeholders on the underlying trends and performance of the Group and facilitate meaningful year on year comparisons.
(H) Taxation
El impuesto corriente se proporciona por los montos que se espera pagar (o recuperar) utilizando las tasas impositivas y las leyes que han sido promulgadas o sustancialmente promulgadas a la fecha del balance general.
El impuesto diferido se reconoce con respecto a todas las diferencias temporarias que se han originado pero no revertido en la fecha del balance cuando se han producido eventos o transacciones que resultan en una obligación de pagar más impuestos en el futuro, o un derecho a pagar menos impuestos en el futuro. a la fecha del balance. Las diferencias temporales son diferencias entre las ganancias fiscales del Grupo y sus resultados expresados en los estados financieros que surgen de la inclusión de ganancias y pérdidas en las determinaciones fiscales en períodos distintos de aquellos en los que se reconocen en los estados financieros. Los activos y pasivos por impuesto sobre la renta diferido se compensan cuando existe un derecho legalmente exigible de compensar los activos por impuesto corriente contra los pasivos por impuesto corriente y cuando los impuestos sobre la renta diferidos se relacionan con la misma autoridad fiscal.
A net deferred tax asset is regarded as recoverable, and therefore recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
El impuesto corriente y diferido se reconoce en resultados, excepto en la medida en que se relacione con partidas reconocidas en otros resultados integrales o directamente en el patrimonio. En este caso, el impuesto también se reconoce en otros resultados integrales o directamente en el patrimonio, respectivamente.
(I) Activos intangibles
Todas las combinaciones de negocios se contabilizan aplicando el método de compra. El crédito mercantil representa la diferencia entre el costo de adquisición y el valor razonable de los activos netos identificables adquiridos. Los intangibles identificables son aquellos que pueden venderse por separado o que surgen de derechos legales o contractuales con independencia de que dichos derechos sean separables y se reconozcan inicialmente por su valor razonable. En los casos en que los vendedores de un negocio adquirido deban permanecer empleados por el Grupo después de la adquisición, los pagos diferidos se tratan como remuneración posterior a la adquisición y se cargan a resultados.
El fondo de comercio se valora por su coste menos las pérdidas por deterioro acumuladas. El fondo de comercio se asigna a las unidades generadoras de efectivo y no se amortiza, pero se prueba anualmente por deterioro. Los otros intangibles se valúan al costo menos la amortización acumulada y las pérdidas por deterioro acumuladas.
All intangible assets are denominated in the functional currency of the relevant subsidiary company and retranslated into Sterling at each period end date. Exchange differences are dealt with through the consolidated statement of other comprehensive income. Intangible assets are presented in note 9.
Relaciones del cliente
Las relaciones con los clientes adquiridas en una combinación de negocios se reconocen a su valor razonable en la fecha de adquisición. Las relaciones con los clientes tienen una vida finita y posteriormente se registran al costo menos la amortización acumulada. La amortización se calcula utilizando el método de línea recta para distribuir el costo de estos activos a lo largo de su vida útil estimada de 20 años.
Costos de desarrollo
Los costos de investigación se cargan a resultados en el ejercicio en que se incurren y se presentan dentro de los gastos de operación. Los costos de desarrollo interno en los que se incurre durante el desarrollo de nueva tecnología significativa e identificable por separado se capitalizan cuando se cumplen los siguientes criterios:
· es técnicamente factible completar el desarrollo tecnológico para que esté disponible para su uso;
· la dirección pretende completar el desarrollo tecnológico y utilizarlo o venderlo;
· se puede demostrar cómo el desarrollo tecnológico generará probables beneficios económicos futuros;
· están disponibles los recursos técnicos, financieros y de otro tipo adecuados para completar el desarrollo y para usar o vender el producto; y
· el gasto atribuible al producto tecnológico durante su desarrollo puede medirse de forma fiable.
Los costos de desarrollo capitalizados incluyen costos de materiales y costos de mano de obra directa. Los costos internos que se capitalizan se limitan a los costos incrementales específicos del proyecto.
Otros gastos de desarrollo que no cumplen con estos criterios se reconocen como gastos a medida que se incurren y se presentan dentro de los gastos operativos, junto con cualquier amortización que se carga al estado de resultados de forma lineal durante la vida útil estimada de los activos intangibles de desarrollo.
Los activos clasificados como "trabajo en curso" no se amortizan ya que dichos activos no están actualmente disponibles para (o en) uso. Una vez disponibles para su uso, los activos serán recategorizados y amortizados a la tasa adecuada a su clasificación.
Software de ordenador
Los programas informáticos comprados por separado, que no forman parte integral del hardware relacionado, se capitalizan al costo.
La amortización se carga a resultados de forma lineal sobre la vida útil estimada de los activos intangibles, a menos que dichas vidas sean indefinidas y se presenten dentro de los gastos de operación. Todos los activos intangibles se amortizan desde la fecha en que están disponibles para su uso. Las vidas útiles estimadas son las siguientes:
· Customer relationships - 20 years; and
· Software and development costs - 3-5 years.
(J) Discapacidad pérdidas
Los valores en libros de los activos del Grupo se someten a pruebas de deterioro. Los activos con una vida útil indefinida no se deprecian ni amortizan, pero se prueban por deterioro en cada fecha de presentación. Los activos sujetos a amortización/depreciación y pérdidas por deterioro se someten a pruebas de deterioro cada vez que hechos o circunstancias indican que pueden estar deteriorados.
Las pérdidas por deterioro se reconocen en la cuenta de pérdidas y ganancias en función de la diferencia entre el valor en libros y el valor recuperable.
Se reconoce una pérdida por deterioro por el exceso del importe en libros del activo sobre su importe recuperable, que es el mayor entre el valor razonable menos los costes de disposición y el valor en uso. Para determinar el valor en uso, la gerencia estima los flujos de efectivo futuros esperados y determina una tasa de descuento adecuada para calcular el valor presente de esos flujos de efectivo. Los datos utilizados para los procedimientos de prueba de deterioro están directamente vinculados al último presupuesto aprobado del Grupo, ajustado según sea necesario para excluir los efectos de futuras reorganizaciones y mejoras de activos. Los factores de descuento se determinan individualmente para cada activo y reflejan las evaluaciones actuales del mercado sobre el valor del dinero en el tiempo y el riesgo específico del activo.
El Grupo hace uso de un enfoque simplificado en la contabilidad de las cuentas comerciales y otras cuentas por cobrar y registra la provisión para pérdidas como pérdidas crediticias esperadas durante el tiempo de vida. Estos son los déficit esperados en los flujos de efectivo contractuales, considerando el potencial de incumplimiento en cualquier momento durante la vida del instrumento financiero. En el cálculo, el Grupo utiliza su experiencia histórica, indicadores externos e información prospectiva para calcular las pérdidas crediticias esperadas.
El Grupo evalúa el deterioro de las cuentas por cobrar comerciales en forma colectiva ya que comparten características de riesgo crediticio; se han agrupado en función de los días de mora.
(K) Monedas extranjeras
Items included in the financial statements are measured using the currency of the primary economic environment in which the Group operates (the "functional currency"). The functional and presentational currency is Sterling.
La moneda funcional de una subsidiaria se determina con base en factores primarios y secundarios específicos, incluida la moneda principal de los flujos de efectivo y el entorno económico principal en el que opera la subsidiaria. Una vez determinada, la moneda funcional se utiliza y convierte para fines de consolidación.
Las partidas en moneda extranjera se convierten utilizando el tipo de cambio de la fecha de la transacción. Los activos y pasivos monetarios denominados en moneda extranjera se convierten al tipo de cambio de cierre. Las diferencias de cambio se llevan a la cuenta de pérdidas y ganancias. Los activos y pasivos no monetarios que se miden con base en el costo histórico en moneda extranjera se convierten al tipo de cambio de la fecha de la transacción.
Los activos y pasivos de las operaciones en el extranjero, incluidos el fondo de comercio y los ajustes del valor razonable que surgen en la consolidación, se convierten a las tasas de cierre. Los ingresos y gastos de operaciones en el extranjero se convierten al tipo de cambio promedio del año que se aproxima a los tipos de cambio de la fecha de la transacción. Las diferencias de cambio que surgen en la consolidación se presentan dentro de otros resultados integrales.
(L) Tangible assets and depreciation
Los activos fijos tangibles se valúan al costo histórico de adquisición menos la depreciación acumulada. El costo incluye el precio de compra original del activo y los costos atribuibles a poner el activo en condiciones de trabajo para su uso previsto.
Las ganancias y pérdidas por enajenaciones se determinan comparando los ingresos con el valor en libros. Estos se incluyen en la utilidad o pérdida.
Depreciation is calculated using straight-line method so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
· Fixtures and fittings - 3 - 15 years; and
· Hardware informático - 5 años.
(metro) Arrendamientos
The Group applies IFRS 16 to account for leases. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, and an estimate of costs to restore the underlying asset, less any lease incentives received. Extension and termination options are included in a number of property and equipment leases across the Group and so lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
El activo por derecho de uso se deprecia posteriormente utilizando el método de línea recta desde la fecha de inicio hasta el final de la vida útil del activo por derecho de uso o el final del plazo del arrendamiento, lo que sea primero. Además, el activo por derecho de uso se reduce periódicamente por pérdidas por deterioro, si las hubiera, y se ajusta para ciertas nuevas mediciones de los pasivos por arrendamiento.
El pasivo por arrendamiento se mide inicialmente al valor presente de los pagos por arrendamiento que no se pagaron en la fecha de inicio, se descuenta utilizando la tasa incremental de endeudamiento del Grupo, que se basa en las facilidades de financiamiento del Grupo, y se ajusta cuando sea necesario para los términos específicos del arrendamiento. .
El pasivo por arrendamiento se mide al costo amortizado utilizando el método de interés efectivo. Si hay una nueva medición del pasivo por arrendamiento, se realiza el ajuste correspondiente al importe en libros del activo por derecho de uso, o se registra directamente en resultados si el importe en libros del activo por derecho de uso es cero. .
El Grupo presenta los activos por derecho de uso dentro de propiedad, planta y equipo en la nota 10.
Arrendamientos a corto plazo y activos de bajo valor
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less, or leases of low value assets. These lease payments are expensed on a straight-line basis over the lease term.
(norte) Informes segmentarios
El Grupo reporta sus actividades comerciales en dos áreas siendo:
· Adición de marca: venta de productos promocionales a través de servicios prestados bajo contratos marco a nivel internacional; y
· Facilisgroup - provision of digital commerce, consolidated buying power and community learning and networking events to SME promotional product distributors in North America through subscription-based services.
Es reported in a manner consistent with the internal reporting to the Executive Directors, who have been identified as the Chief Operating Decision Maker.
(O) Beneficios para el empleado
El Grupo ofrece una variedad de beneficios a los empleados, que incluyen acuerdos de bonificación anual, acuerdos de vacaciones pagadas y planes de pensiones de contribución definida.
Beneficios a corto plazo
Los beneficios a corto plazo, incluyendo el pago de vacaciones y otros beneficios no monetarios similares, se reconocen como gasto en el período en que se recibe el servicio.
Planes de pensiones de aportación definida
The Group operates a number of country-specific defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid, the Group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are included in other payables within trade and other payables in the statement of financial position. The assets of the plans are held separately from the Group in independently administered funds.
Pagos basados en acciones
Los premios liquidados con instrumentos de patrimonio se valoran en la fecha de concesión, y el valor razonable se carga como un gasto en el estado de resultados repartido durante el período de concesión. El valor justo de los premios se mide utilizando una forma ajustada del modelo Black-Scholes que incluye un modelo de simulación de Monte Carlo. El valor razonable de las opciones, tasado a la fecha de concesión, incluye el impacto de las condiciones de otorgamiento basadas en el mercado, si corresponde.
La remuneración basada en acciones se reconoce como un gasto en la cuenta de pérdidas y ganancias y el lado acreedor de la entrada se registra en el patrimonio neto.
Las condiciones de otorgamiento que no son de mercado se incluyen en los supuestos sobre el número de opciones que se espera que sean ejercitables. Las estimaciones se revisan posteriormente si hay alguna indicación de que el número de opciones sobre acciones que se espera otorgar difiere de las estimaciones anteriores. Cualquier ajuste a la compensación basada en acciones acumulada resultante de una revisión se reconoce en el período actual. El número de opciones otorgadas ejercidas en última instancia por los tenedores no afecta el gasto registrado en ningún período.
(P) Pago de acciones, reservas y dividendos
Capital social
El capital social representa el valor nominal (a la par) de las acciones que se han emitido.
Compartir premium
Share premium represents the difference between the nominal value of shares issued and the fair value of consideration received. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits.
Reserva de acciones propias
Own share reserve represents Ordinary Shares in the Company held by the Employee Benefit Trust set up in 2023 to administer share plans and acquire shares, using funds contributed by the Group, to meet commitments to employee share schemes.
Reserva capital
The capital reserve was created in 2021 as a result of the purchase by the Company of all deferred shares in issue.
Reserva de fusión
The merger reserve was created as a result of the share for share exchange under which The Pebble Group plc became the parent undertaking prior to the Initial Public Offering (IPO). Under merger accounting principles, the assets and liabilities of the subsidiaries were consolidated at book value in the Group financial statements and the consolidated reserves of the Group were adjusted to reflect the statutory share capital, share premium and other reserves of the Company as if it had always existed, with the difference presented as the merger reserve.
Reserva de traducción
The translation reserve includes foreign currency translation differences arising from the translation of financial statements of the Group's foreign entities.
Ganancias retenidas
Las ganancias retenidas incluyen todas las ganancias y pérdidas retenidas del período actual y anterior.
Todas las transacciones con los propietarios de la controladora se registran por separado dentro del patrimonio.
Dividendos
Dividends are recognised when approved by the Group's shareholders or, in the case of interim dividends, when the dividend has been paid. No interim dividend has been paid in the year (2022: £nil). The Directors recommend the payment of a final dividend for 2023 of 1.2 pence per share (2022: 0.6 pence per share).
3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
En la preparación de los estados financieros del Grupo, los Directores, al aplicar las políticas contables del Grupo, realizan algunos juicios y estimaciones que afectan los montos informados en los estados financieros. Las siguientes son las áreas que requieren el uso de juicio y estimaciones que pueden tener un impacto significativo en los estados financieros:
(a) Accounting estimates
Information about estimates and assumptions that may have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may be substantially different.
Deterioro de buena voluntad
The Group tests goodwill for impairment every year in accordance with the relevant accounting policies. The recoverable amounts of cash-generating units are determined by calculating value in use. These calculations require the use of estimates. As part of these calculations, we have considered various sensitivities, explained in note 9. A 1% increase in the Weighted Average Cost of Capital (WACC) would reduce the total value in use by £21.5m (2022: £25.7m).
Goodwill relates to the various acquisitions made and amounts to £35,964,000 as at 31 December 2023 (2022: £36,139,000). The estimates used in the impairment calculation are set out in note 9. There is no significant risk of material adjustment to the carrying amount of the goodwill within the next 12 months. The sensitivities applied are explained in note 9.
Vidas económicas útiles de los activos intangibles
The Directors have estimated the useful economic lives of the acquired customer intangible assets to be 20 years based upon attrition rates and the Directors' judgement. These lives are reviewed and updated annually. There is no significant risk of material adjustment to the carrying amount of the intangible assets within the next 12 months. No reasonable sensitivity performed in relation to the useful economic lives assumption would result in a material change in the carrying value of intangible assets.
Vidas económicas útiles de propiedad, planta y equipo
La propiedad, planta y equipo se deprecia durante la vida útil de los activos. Las vidas útiles se basan en las estimaciones de la gerencia del período en que los activos generarán ingresos, que se revisan anualmente para verificar su adecuación continua. Los valores en libros se someten a pruebas de deterioro cuando existe un indicio de que el valor de los activos podría estar deteriorado. Al llevar a cabo las pruebas de deterioro, estas se basarían en las previsiones de flujos de efectivo futuros y estas previsiones se basarían en el juicio de la dirección. Eventos futuros podrían causar cambios en los supuestos, por lo tanto, esto podría tener un efecto adverso en los resultados futuros del Grupo. There is no significant risk of material adjustment to the carrying amount of the property, plant and equipment within the next 12 months.
The useful economic lives applied are set out in the accounting policies and are reviewed annually. No reasonable sensitivity performed in relation to the useful economic lives assumption would result in a material change in the carrying value of property, plant and equipment.
Cargo por pago basado en acciones
Fair values used in calculating the amount to be expensed as a share-based payment is subject to a level of uncertainty. These fair values are calculated by applying a valuation model, which is in itself judgmental, and takes into account certain inherently uncertain assumptions. The basic assumptions that are used in the calculations are explained further in note 12. No reasonable sensitivity performed in relation to the share-based payment assumptions would result in a material change to the expense in the consolidated income statement.
(b) Accounting judgements
Las siguientes son las áreas que requieren el uso de juicio y que pueden tener un impacto significativo en los estados financieros del Grupo:
Capitalización de costes de desarrollo interno
Distinguishing the research and development phases of a new customised project and determining whether the recognition requirements for the capitalisation of development costs are met requires judgement. There is also some judgement required in relation to the proportion of time capitalised for employees working on the development of internally generated intangible assets. After capitalisation, management monitors whether the recognition requirements continue to be met and at what point amortisation should commence, in addition to whether there are any indicators that capitalised costs may be impaired.
Los gastos de desarrollo capitalizados se analizan más detalladamente en la nota 9.
4. ANÁLISIS SEGMENTAL
The Chief Operating Decision Maker (CODM) has been identified as the Executive Directors. The Directors have determined that the operating segments, based on these financial statements, are:
· Adición de marca - sale of promotional product through complex services provided under framework contracts on an international basis;
· Facilisgroup - provision of digital commerce, consolidated buying power and community learning and networking events to SME promotional product distributors in North America through subscription-based services; and
· Central operations - certain central activities and costs that are not directly related to the activities of the operating segments.
Segment information about the above businesses is presented on the following pages.
The Executive Directors assess the performance of the operating segments based on Adjusted EBITDA and operating profit. Other information provided to the Directors is measured in a manner consistent with that in the financial statements. Inter-segment transactions are entered into under the normal commercial terms and conditions that would also be available to unrelated third parties. Segment assets exclude centrally held cash at bank and in hand.
Clientes principales
In 2023, there was one major customer that individually accounted for at least 10% of total revenues (2022: none). In 2023, the revenue relating to this customer was £12,511,000 and related to the Brand Addition segment.
Análisis de ingresos por destino geográfico
| 2023 | 2022 |
000 £ | 000 £ | |
Reino Unido | 21,710 | 22,570 |
Europa Continental | 41,896 | 47,236 |
US | 39,924 | 43,189 |
Resto del mundo | 20,641 | 21,030 |
Los ingresos totales | 124,171 | 134,025 |
La información de ingresos geográficos anterior se basa en la ubicación del cliente.
Included within Rest of World is £14,378,000 of revenue from China (2022: £14,247,000).
Todos los ingresos anteriores se generan a partir de contratos con clientes y se reconocen en un momento o a lo largo del tiempo de la siguiente manera:
2023 | 2022 | |
000 £ | 000 £ | |
En un momento dado | 107,128 | 118,507 |
A través del tiempo | 17,043 | 15,518 |
Los ingresos totales | 124,171 | 134,025 |
Todos los activos no corrientes del Grupo residen en el Reino Unido, con la excepción de los activos no corrientes con un valor contable neto de 31,525,000 2022 31,250,000 £ (2,006,000: 2022 2,451,000 XNUMX £) que estaban ubicados en América del Norte y XNUMX XNUMX £ (XNUMX: XNUMX XNUMX £) ubicados en otros países extranjeros.
Cuenta de resultados del ejercicio finalizado el 31 de diciembre de 2023
Adición de marca | grupofacilis | operaciones centrales | 2023 | |
000 £ | 000 £ | 000 £ | 000 £ | |
| ||||
Ingresos | 106,276 | 17,895 | - | 124,171 |
Costo de los bienes vendidos | (69,988) | - | - | (69,988) |
Beneficio bruto | 36,288 | 17,895 | - | 54,183 |
| ||||
Los gastos de explotación | (30,084) | (13,514) | (2,587) | (46,185) |
Ganancia / (pérdida) operativa | 6,204 | 4,381 | (2,587) | 7,998 |
|
| |||
Analizado como: |
| |||
EBITDA ajustado | 9,491 | 8,851 | (2,364) | 15,978 |
Depreciación | (1,640) | (571) | (37) | (2,248) |
Amortización | (1,335) | (3,849) | - | (5,184) |
Cargo por pago basado en acciones | (312) | (50) | (186) | (548) |
Beneficio/(pérdida) operativo total | 6,204 | 4,381 | (2,587) | 7,998 |
| ||||
Gastos financieros | (345) | (67) | (177) | (589) |
Pérdida de beneficios) antes de impuestos | 5,859 | 4,314 | (2,764) | 7,409 |
|
| |||
Ingreso por gastos de impuesto | (891) | (700) | (23) | (1,614) |
Beneficio / (pérdida) del año | 4,968 | 3,614 | (2,787) | 5,795 |
Estado de situación financiera al 31 de diciembre de 2023
Adición de marca | grupofacilis | operaciones centrales | 2023 | |
000 £ | 000 £ | 000 £ | 000 £ | |
BIENES |
| |||
Activos no corrientes |
| |||
Activos intangibles | 38,472 | 22,835 | - | 61,307 |
Propiedad, planta y equipo. | 5,269 | 2,803 | 234 | 8,306 |
Activos por impuestos diferidos | 158 | - | 124 | 282 |
Total del activo no corriente | 43,899 | 25,638 | 358 | 69,895 |
| ||||
Activos circulantes |
| |||
Los inventarios | 11,852 | - | - | 11,852 |
Cuentas comerciales y otras cuentas por cobrar | 24,956 | 4,921 | 281 | 30,158 |
Efectivo y equivalentes de efectivo | 12,906 | 1,607 | 1,385 | 15,898 |
Total de activos corrientes | 49,714 | 6,528 | 1,666 | 57,908 |
| ||||
LOS ACTIVOS TOTALES | 93,613 | 32,166 | 2,024 | 127,803 |
| ||||
PASIVO |
| |||
Pasivos no corrientes |
| |||
Responsabilidad por arrendamiento | 4,161 | 1,969 | - | 6,130 |
Pasivo por impuestos diferidos | - | 2,365 | - | 2,365 |
Total pasivo no corriente | 4,161 | 4,334 | - | 8,495 |
| ||||
Pasivo circulante |
| |||
Responsabilidad por arrendamiento | 1,195 | 299 | - | 1,494 |
Comerciales y otras cuentas a pagar | 26,519 | 2,006 | 440 | 28,965 |
Impuesto corriente pasivo/(activo) | (202) | 583 | - | 381 |
Total pasivo corriente | 27,512 | 2,888 | 440 | 30,840 |
| ||||
RESPONSABILIDAD TOTAL | 31,673 | 7,222 | 440 | 39,335 |
|
| |||
ACTIVOS NETOS | 61,940 | 24,944 | 1,584 | 88,468 |
Cuenta de resultados del ejercicio finalizado el 31 de diciembre de 2022
Adición de marca | grupofacilis | operaciones centrales | 2022 | |
000 £ | 000 £ | 000 £ | 000 £ | |
Ingresos | 117,391 | 16,634 | - | 134,025 |
Costo de los bienes vendidos | (81,279) | - | - | (81,279) |
Beneficio bruto | 36,112 | 16,634 | - | 52,746 |
Los gastos de explotación | (28,155) | (11,624) | (2,744) | (42,523) |
Ganancia / (pérdida) operativa | 7,957 | 5,010 | (2,744) | 10,223 |
| ||||
Analizado como: | ||||
EBITDA ajustado | 11,467 | 9,011 | (2,436) | 18,042 |
Depreciación | (1,719) | (626) | (39) | (2,384) |
Amortización | (1,232) | (2,950) | - | (4,182) |
Cargo por pago basado en acciones | (559) | (425) | (269) | (1,253) |
Beneficio/(pérdida) operativo total | 7,957 | 5,010 | (2,744) | 10,223 |
Gastos financieros | (388) | (13) | (119) | (520) |
Pérdida de beneficios) antes de impuestos | 7,569 | 4,997 | (2,863) | 9,703 |
| ||||
Impuesto sobre la renta (gasto) / ingreso | (1,495) | (689) | 94 | (2,090) |
Beneficio / (pérdida) del año | 6,074 | 4,308 | (2,769) | 7,613 |
Estado de situación financiera al 31 de diciembre de 2022
| Adición de marca | grupofacilis | operaciones centrales | 2022 |
000 £ | 000 £ | 000 £ | 000 £ | |
BIENES | ||||
Activos no corrientes | ||||
Activos intangibles | 37,863 | 22,139 | - | 60,002 |
Propiedad, planta y equipo. | 6,449 | 3,004 | 39 | 9,492 |
Activos por impuestos diferidos | 137 | - | 155 | 292 |
Total del activo no corriente | 44,449 | 25,143 | 194 | 69,786 |
Activos circulantes | ||||
Los inventarios | 15,447 | - | - | 15,447 |
Cuentas comerciales y otras cuentas por cobrar | 29,989 | 4,648 | 56 | 34,693 |
Efectivo y equivalentes de efectivo | 12,655 | 2,265 | 138 | 15,058 |
Total de activos corrientes | 58,091 | 6,913 | 194 | 65,198 |
LOS ACTIVOS TOTALES | 102,540 | 32,056 | 388 | 134,984 |
PASIVO | ||||
Pasivos no corrientes | ||||
Responsabilidad por arrendamiento | 5,148 | 2,315 | 27 | 7,490 |
Pasivo por impuestos diferidos | - | 2,860 | - | 2,860 |
Total pasivo no corriente | 5,148 | 5,175 | 27 | 10,350 |
Pasivo circulante | ||||
Responsabilidad por arrendamiento | 1,221 | 303 | 45 | 1,569 |
Comerciales y otras cuentas a pagar | 33,543 | 2,075 | 795 | 36,413 |
Pasivo fiscal corriente | 258 | 805 | - | 1,063 |
Total pasivo corriente | 35,022 | 3,183 | 840 | 39,045 |
RESPONSABILIDAD TOTAL | 40,170 | 8,358 | 867 | 49,395 |
| ||||
ACTIVO NETO / (PASIVO) | 62,370 | 23,698 | (479) | 85,589 |
5. GASTO POR IMPUESTO SOBRE LA RENTA
| 2023 | 2022 |
| 000 £ | 000 £ |
Impuesto sobre la renta corriente |
| |
- Cargo por impuesto de sociedades del Reino Unido para el año | 575 | 901 |
- Ajustes respecto a ejercicios anteriores | (337) | (159) |
- Impuesto extranjero | 1,652 | 1,822 |
Impuesto sobre la renta corriente total | 1,890 | 2,564 |
Impuesto diferido |
| |
- Impuesto diferido | (413) | (426) |
- Ajustes respecto a ejercicios anteriores | 137 | (48) |
Impuesto diferido total | (276) | (474) |
Gasto total por impuesto sobre la renta | 1,614 | 2,090 |
The expected corporation tax charge for the year is calculated at the UK corporation tax rate of 23.5% (2022: 19%) on the profit before taxation for the year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions in which the Group operates.
The charge for the year can be reconciled to the profit in the consolidated income statement as follows:
Análisis de carga en el año | 2023 | 2022 |
| 000 £ | 000 £ |
Conciliación del cargo total de impuestos: |
| |
Beneficio antes de impuestos | 7,409 | 9,703 |
Profit before taxation multiplied by the rate of corporation tax in the UK of 23.5% (2022: 19%) | 1,741 | 1,844 |
Efectos de: |
| |
Ajustes con respecto a años anteriores | (200) | (207) |
Impact of difference in current and deferred tax rates in the UK | - | 13 |
(Ingresos)/gastos no deducibles | (27) | 32 |
Diferencias en las tasas impositivas en jurisdicciones extranjeras | 100 | 286 |
No reconocido por impuesto diferido | - | 122 |
Gasto total por impuesto sobre la renta | 1,614 | 2,090 |
Factores que pueden afectar los cargos fiscales futuros
An increase in the UK corporation tax rate from 19% to 25% from 1 April 2023. This change was substantively enacted on 24 May 2021. The impact of this rate change has been considered when recognising the deferred tax in relation to the UK companies in the Group. Where the asset or liability is expected to unwind after 1 April 2023, the deferred tax has been recognised at 25%.
Importes reconocidos directamente en patrimonio
Aggregate deferred tax arising in the reporting period and not recognised in net profit or loss or other comprehensive income but directly (charged)/credited to equity:
| 2023 | 2022 |
| 000 £ | 000 £ |
|
| |
Deferred tax: (charge)/credit relating to employee share schemes - value of employee services |
(23) |
15 |
6. GANANCIAS POR ACCIÓN
Basic earnings per share are calculated by dividing the earnings attributable to equity shareholders by the weighted average number of Ordinary Shares in issue during the year.
For diluted earnings per share, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of all potentially dilutive Ordinary Shares. The Company has potentially dilutive Ordinary Shares arising from share options granted to employees. Options are dilutive under the Group Sharesave Plan (SAYE) where the exercise price together with the future IFRS 2 charge of the option is less than the average market price of the Company's Ordinary Shares during the year. Options under The Pebble Group plc Long Term Incentive Plan (LTIP), as defined by IFRS 2, are contingently issuable shares and are therefore only included within the calculation of diluted EPS if the performance conditions, as set out in note 12, are satisfied at the end of the reporting period, irrespective of whether this is the end of the vesting period or not.
The impact of the potentially dilutive share options issued under the LTIP on 21 December 2020, 8 June 2021, 29 March 2022, and 28 March 2023 and the SAYE on 6 October 2021 and 25 April 2023, as detailed in note 12, is 0.01p for the year ended 31 December 2023 (2022: 0.01p).
El cálculo de las ganancias básicas por acción se basa en los siguientes datos:
EPS estatutarios
| 2023 | 2022 |
Ganancias (£ '000) |
| |
Las ganancias a los efectos de las ganancias por acción básicas y diluidas se beneficio del ejercicio atribuible a los accionistas | 5,795 | 7,613 |
Numero de veces compartido |
| |
Número medio ponderado de acciones a efectos de la utilidad básica por acción | 167,412,949 | 167,450,893 |
Promedio ponderado de los efectos dilutivos de las adjudicaciones condicionales de acciones | 445,904 | 185,624 |
Número promedio ponderado de acciones a efectos de las ganancias por acción diluidas | 167,858,853 | 167,636,517 |
Ganancia por acción ordinaria (peniques) |
|
|
Ganancias básicas por acción ordinaria (peniques) | 3.46 | 4.55 |
Ganancias diluidas por acción ordinaria (peniques) | 3.45 | 4.54 |
EPS ajustado
El cálculo de las ganancias por acción ajustadas se basa en las ganancias ajustadas después de impuestos después de sumar ciertos costos como se detalla en la tabla de la nota 7. Las cifras de ganancias por acción ajustadas se dan para excluir los efectos de la amortización de los activos intangibles adquiridos, acciones cargo por pago basado y elementos excepcionales, todos netos de impuestos, y se considera que muestran el desempeño subyacente del Grupo.
2023 | 2022 |
| |||
Ganancias (£ '000) |
|
| |||
Las ganancias a los efectos de las ganancias por acción básicas y diluidas son ganancias ajustadas | 7,708 | 9,675 |
| ||
Numero de veces compartido |
| ||||
Número medio ponderado de acciones a efectos del beneficio por acción ajustado | 167,412,949 | 167,450,893 |
| ||
Promedio ponderado de los efectos dilutivos de las adjudicaciones condicionales de acciones | 445,904 | 185,624 |
| ||
Número promedio ponderado de acciones a efectos de las ganancias por acción diluidas | 167,858,853 | 167,636,517 |
| ||
Adjusted earnings per Ordinary Share (pence) |
|
| |||
Basic adjusted earnings per Ordinary Share (pence) | 4.60 | 5.78 |
| ||
Diluted adjusted earnings per Ordinary Share (pence) | 4.59 | 5.77 |
| ||
Véase la nota 7 para la conciliación de ganancias ajustadas.
7. MEDIDAS ALTERNATIVAS DE RENDIMIENTO (APM)
A lo largo de the consolidated financial statements, we refer to a number of APMs. A reconciliation of the APMs used are shown below.
Ingresos ajustados:
2023 | 2022 | |
000 £ | 000 £ | |
Beneficio del ejercicio atribuible a los accionistas | 5,795 | 7,613 |
Agregar hacia atrás / (deducir): |
| |
Cargo por amortización de los activos intangibles adquiridos | 1,901 | 1,420 |
Cargo por pago basado en acciones | 548 | 1,253 |
Efecto fiscal de lo anterior | (536) | (611) |
Ingresos ajustados | 7,708 | 9,675 |
EBITDA ajustado:
2023 | 2022 | ||
000 £ | 000 £ | ||
Beneficio operativo | 7,998 | 10,223 | |
Agregar nuevamente: |
| ||
Depreciación | 2,248 | 2,384 | |
Amortización | 5,184 | 4,182 | |
Cargo por pago basado en acciones | 548 | 1,253 | |
EBITDA ajustado | 15,978 | 18,042 | |
Beneficio operativo ajustado:
2023 | 2022 | |
000 £ | 000 £ | |
Beneficio operativo | 7,998 | 10,223 |
Agregar nuevamente: |
| |
Cargo por amortización de los activos intangibles adquiridos | 1,901 | 1,420 |
Cargo por pago basado en acciones | 548 | 1,253 |
Beneficio operativo ajustado | 10,447 | 12,896 |
Adjusted operating profit less finance costs:
2023 | 2022 | |
000 £ | 000 £ | |
Beneficio operativo ajustado | 10,447 | 12,896 |
Deducir: |
| |
Gastos financieros | (589) | (520) |
Adjusted operating profit less finance costs | 9,858 | 12,376 |
8. DIVIDENDS PAID AND PROPOSED
| 2023 | 2022 |
| 000 £ | 000 £ |
|
| |
Declarado y pagado durante el año |
| |
Final dividend for 2022 paid in June 2023: 0.6p per share | 1,005 | - |
Propuesto para aprobación en la Asamblea General Anual (no reconocido como pasivo al 31 de diciembre) |
| |
Dividendo final para 2023: 1.2 peniques por acción (2022: 0.6 peniques por acción) | 2,004 | 1,005 |
As per the Trust Deed, the EBT shall waive its entitlement to a dividend on the shares held of 412,637 shares.
9. ACTIVOS INTANGIBLES
Goodwill | Relaciones del cliente | Costos de software y desarrollo | Trabajo en progreso | Total | ||
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | ||
| Cost | |||||
| Saldo al 1 de enero de 2022 | 35,805 | 10,241 | 21,321 | 423 | 67,790 |
| Traducción de divisas | 334 | 1,081 | 1,643 | 39 | 3,097 |
| Adiciones | - | - | 2,347 | 4,115 | 6,462 |
| Disposiciones | - | - | (926) | - | (926) |
| Reclasificaciones | - | - | 492 | (492) | - |
| Saldo al 31 de diciembre de 2022 | 36,139 | 11,322 | 24,877 | 4,085 | 76,423 |
| Traducción de divisas | (175) | (554) | (672) | (195) | (1,596) |
| Adiciones | - | - | 661 | 6,987 | 7,648 |
| Disposiciones | - | - | (186) | - | (186) |
| Reclasificaciones | - | - | 4,200 | (4,200) | - |
| Saldo al 31 de diciembre de 2023 | 35,964 | 10,768 | 28,880 | 6,677 | 82,289 |
|
|
| ||||
| Amortización acumulada |
| ||||
| Saldo al 1 de enero de 2022 | - | 1,647 | 10,469 | - | 12,116 |
| Traducción de divisas | - | 171 | 878 | - | 1,049 |
| Cobrar por el año | - | 554 | 3,628 | - | 4,182 |
| Disposiciones | - | - | (926) | - | (926) |
| Saldo al 31 de diciembre de 2022 | - | 2,372 | 14,049 | - | 16,421 |
| Traducción de divisas | - | (123) | (345) | - | (468) |
| Cobrar por el año | - | 550 | 4,634 | - | 5,184 |
| Disposiciones | - | - | (155) | - | (155) |
| Saldo al 31 de diciembre de 2023 | - | 2,799 | 18,183 | - | 20,982 |
| ||||||
| Valor neto contable | |||||
| Saldo al 31 de diciembre de 2021 | 35,805 | 8,594 | 10,852 | 423 | 55,674 |
| Saldo al 31 de diciembre de 2022 | 36,139 | 8,950 | 10,828 | 4,085 | 60,002 |
| Saldo al 31 de diciembre de 2023 | 35,964 | 7,969 | 10,697 | 6,677 | 61,307 |
Staff costs of £6,626,000 (2022: £5,797,000) have been capitalised as intangible assets. The net book value of internally generated assets is £13,785,000 (2022: £9,941,000).
The remaining amortisation periods for customer relationships are between 13 and 15 years (2022: 14 and 16 years) and for software and development costs are between 1 and 5 years (2022: 1 and 5 years).
El fondo de comercio ha sido probado por deterioro. El método, los supuestos clave y los resultados de la revisión del deterioro se detallan a continuación.
Goodwill is attributed to the respective cash-generating units (CGUs) within the Group (Brand Addition and Facilisgroup). Goodwill has been tested for impairment by assessing the value in use of each CGU. The value in use calculations were based on projected cash flows in perpetuity. For both CGUs, budgeted cash flows for 2024 to 2028 were used. For Brand Addition, these were based on a forecast for 2024 with growth rates of 6% applied to EBITDA each year. For Facilis, these were based on forecasts for 2024 to 2025, with growth rates of 20% applied to revenue each year and an EBITDA return of 50% for 2026 and 55% for 2027 and 2028. Subsequent years were based on a reduced rate of growth of 2.0% (2022: 2.0%) into perpetuity. Appropriate adjustments were also made for changes in working capital and other cash flows to both CGUs.
Estas tasas de crecimiento se basan en la experiencia pasada y las condiciones del mercado y las tasas de descuento son consistentes con información externa. Las tasas de crecimiento mostradas son el promedio aplicado a los flujos de efectivo de las UGE individuales y no forman una base para estimar las ganancias consolidadas del Grupo en el futuro.
The Directors used an estimated pre-tax market weighted average cost of capital (WACC) of 12.6% for Brand Addition and 13.9% for Facilisgroup (2022: 12.4% for Brand Addition and 13.6% for Facilisgroup) to discount the cash flows used for the CGUs. Sensitivities to revenue and margin, consistent with those used in the going concern analysis, were applied to each CGU. Additionally, the impact on headroom arising from a 2% increase in the WACC was also considered. The value in use calculations described above, together with sensitivity analysis using reasonably possible changes in the key assumptions as set out above, indicate the Group has adequate headroom and therefore do not give rise to impairment concerns.
Habiendo completado las revisiones de deterioro a la fecha de transición y en cada fecha de balance general posterior, no se identificaron deterioros.
El fondo de comercio es atribuible a los siguientes segmentos:
| 2023 | 2022 |
| 000 £ | 000 £ |
Adición de marca | 33,057 | 33,057 |
grupofacilis | 2,907 | 3,082 |
35,964 | 36,139 |
The value in use, calculated as described on the previous page and attributable to each CGU, is as follows:
| 2023 | 2022 |
| 000 £ | 000 £ |
Adición de marca | 102,824 | 102,824 |
grupofacilis | 98,560 | 123,798 |
201,384 | 226,622 |
The revenue and margin sensitivities described above, result in a reduction in the total value in use to £105,013,000. The WACC sensitivity described above, results in a reduction in the total value in use to £162,373,000. Under both sensitivities, there is headroom for both CGUs.
Management considers that no reasonably possible changes would reduce either CGUs headroom to £nil. The reduction from prior year is driven by revenue growth phasing for Facilis new products, in addition to the increase in WACC.
10. PROPIEDAD, PLANTA Y EQUIPO
Instalaciones y accesorios | Hardware de la computadora | Activos por derecho de uso | Total |
| |||
000 £ | 000 £ | 000 £ | 000 £ |
| |||
Cost |
|
| |||||
Saldo al 1 de enero de 2022 | 3,892 | 3,226 | 12,784 | 19,902 |
| ||
Traducción de divisas | 216 | 146 | 783 | 1,145 |
| ||
Adiciones | 327 | 618 | 2,471 | 3,416 |
| ||
Disposiciones | (880) | (1,319) | (2,240) | (4,439) |
| ||
Saldo al 31 de diciembre de 2022 | 3,555 | 2,671 | 13,798 | 20,024 |
| ||
Traducción de divisas | (118) | (74) | (394) | (586) |
| ||
Adiciones | 245 | 626 | 516 | 1,387 |
| ||
Disposiciones | - | (350) | (477) | (827) |
| ||
Saldo al 31 de diciembre de 2023 | 3,682 | 2,873 | 13,443 | 19,998 |
| ||
|
|
| |||||
Depreciación acumulada |
|
| |||||
Saldo al 1 de enero de 2022 | 3,133 | 2,323 | 6,519 | 11,975 |
| ||
Traducción de divisas | 154 | 98 | 339 | 591 |
| ||
Cobrar por el año | 233 | 451 | 1,700 | 2,384 |
| ||
Disposiciones | (880) | (1,300) | (2,238) | (4,418) |
| ||
Saldo al 31 de diciembre de 2022 | 2,640 | 1,572 | 6,320 | 10,532 |
| ||
Traducción de divisas | (81) | (48) | (143) | (272) |
| ||
Cobrar por el año | 278 | 465 | 1,505 | 2,248 |
| ||
Disposiciones | - | (345) | (471) | (816) |
| ||
Saldo al 31 de diciembre de 2023 | 2,837 | 1,644 | 7,211 | 11,692 |
| ||
|
|
|
|
|
| ||
Valor neto contable |
|
|
|
|
| ||
Saldo al 31 de diciembre de 2021 | 759 | 903 | 6,265 | 7,927 |
| ||
Saldo al 31 de diciembre de 2022 | 915 | 1,099 | 7,478 | 9,492 |
| ||
Saldo al 31 de diciembre de 2023 | 845 | 1,229 | 6,232 | 8,306 |
| ||
|
|
|
|
| |||
Activos por derecho de uso - valor neto en libros |
|
|
|
| |||
| 2023 | 2022 | |||||
| 000 £ | 000 £ | |||||
|
| ||||||
Propiedad en arrendamiento | 5,943 | 7,362 | |||||
Instalaciones y accesorios | 100 | 87 | |||||
Hardware de la computadora | 189 | 29 | |||||
Total right-of-use assets - net book value | 6,232 | 7,478 | |||||
11. ARRENDAMIENTOS
Importes reconocidos en el estado de situación financiera
El estado de situación financiera muestra los siguientes importes relacionados con los arrendamientos:
Activos por derecho de uso
| 000 £ |
Saldo al 1 de enero de 2022 | 6,265 |
Traducción de divisas | 444 |
Nuevos arrendamientos reconocidos en el ejercicio | 2,471 |
Disposiciones | (2) |
Cargo por depreciación del año | (1,700) |
Saldo al 31 de diciembre de 2022 | 7,478 |
Traducción de divisas | (251) |
Nuevos arrendamientos reconocidos en el ejercicio | 516 |
Disposiciones | (6) |
Cargo por depreciación del año | (1,505) |
Saldo al 31 de diciembre de 2023 | 6,232 |
These are included within property, plant and equipment in the statement of financial position.
Responsabilidad por arrendamiento | 2023 | 2022 |
000 £ | 000 £ | |
Análisis de vencimiento - flujos de efectivo no descontados contractuales: |
| |
Menos de un año | 1,807 | 1,897 |
Más de un año, menos de dos años | 1,729 | 1,726 |
Más de dos años, menos de tres años | 1,722 | 1,627 |
Más de tres años, menos de cuatro años | 1,165 | 1,624 |
Más de cuatro años, menos de cinco años | 1,004 | 1,091 |
Más de cinco años | 1,106 | 2,207 |
Total undiscounted lease liability at year end | 8,533 | 10,172 |
Costos financieros | (909) | (1,113) |
Total discounted lease liability at year end | 7,624 | 9,059 |
| ||
Current | 1,494 | 1,569 |
No corriente | 6,130 | 7,490 |
| 7,624 | 9,059 |
Importes reconocidos en la cuenta de resultados
La cuenta de resultados muestra los siguientes importes relacionados con los arrendamientos:
| 2023 | 2022 |
| 000 £ | 000 £ |
Cargo por depreciación - instalaciones y accesorios | 1,451 | 1,655 |
Cargo por depreciación - hardware informático | 54 | 45 |
1,505 | 1,700 | |
| ||
Gastos por intereses (dentro de los gastos financieros) | 399 | 374 |
Los arrendamientos anteriores se refieren a oficinas, equipos informáticos y vehículos de motor. El valor neto contable por categoría se detalla en la nota 10.
Cualquier gasto por arrendamientos a corto plazo y de bajo valor no es material y no ha sido presentado.
12. PAGOS BASADOS EN ACCIONES
In the year ended 31 December 2023, the Group operated equity-settled share-based payment plans as described below.
El Grupo reconoció gastos totales de £548,000 (2022: £1,253,000) con respecto a transacciones de pagos basados en acciones que se liquidan con instrumentos de patrimonio en el año que finalizó el 31 de diciembre de 2023.
The weighted average remaining contractual life of options outstanding at the end of the year is 1.33 years (2022: 1.40 years).
The Pebble Group plc Long Term Incentive Plan (LTIP)
Certain employees of the Company, along with other Group employees, have been granted share options on 21 December 2020, 8 June 2021, 29 de marzo de 2022 y 28 de marzo de 2023 under the LTIP.
The vesting of most of these awards is subject to the Group achieving certain performance targets under the LTIP, measured over a three-year period, as set out in the Directors' Remuneration report. The options are split into two parts with the amount of Part 1 options that will vest depending on achievement of the Group's Basic Adjusted EPS (AEPS) whilst Part 2 depends on absolute total shareholder return (TSR) that will vest depending on performance of the Company's Absolute TSR:
| Proporción de adjudicación |
Opciones de la Parte 1 - AEPS básico | 70% |
Opciones de la parte 2 - TSR | 30% |
Details of the maximum total number of Ordinary Shares which may be issued in future periods in respect of LTIP awards outstanding at 31 December 2023 are shown below.
| Numero de veces compartido |
Al 1 de enero de 2022 | 2,074,246 |
Concedido en el año | 1,719,986 |
Caducado en el año | (436,702) |
Al 31 de diciembre de 2022 | 3,357,530 |
Concedido en el año | 1,655,496 |
Ejercido en el año | (303,558) |
Caducado en el año | (1,494,515) |
Pendiente al 31 de diciembre de 2023 | 3,214,953 |
Ejercitable al 31 de diciembre de 2023 | 412,637 |
The weighted average exercise price in the year is 52.1p (2022: nil).
The fair value at grant date is independently determined using an adjusted form of the Black-Scholes model which includes a Monte Carlo simulation model that takes into account the exercise price, the term of the option, the share price at grant date, the expected price volatility of the underlying share based on the AIM Price Index over the past 3 years and the risk-free interest rate for the term of the option as shown below.
| Premio 2022 condición TSR | Premio 2022 Condición AEPS | Premio 2023 condición TSR | Premio 2023 Condición AEPS | |||||
Share price at start of performance period | 132.5p | 132.5p | 88.5p | 88.5p | |||||
Precio de la acción en la fecha de concesión | 101.5p | 101.5p | 117.0p | 117.0p | |||||
Precio de ejercicio | £ cero | £ cero | £ cero | £ cero | |||||
Volatilidad esperada | 17.9% | - | 14.3% | - | |||||
Vida esperada | 3 años | 3 años | 3 años | 3 años | |||||
Rentabilidad esperada de dividendos | 0% | - | 0% | - | |||||
Tasa de interés libre de riesgo | 0.53% | - | 3.05% | - | |||||
Valor razonable por opción | 29.6p | 101.5p | 21.1p | 117.0p | |||||
| |||||||||
The Pebble Group plc Group Sharesave Plan (SAYE)
Certain eligible employees of the Company, along with other Group employees, have been granted share options on 6 October 2021 and 25 April 2023 under its Sharesave Plan and its sub-plan, the International Sharesave Plan.
The SAYE provides for an exercise price equal to the quoted mid-market price of the Company shares on the business day immediately preceding the date of grant, less a discount of 20 per cent. The vesting period under the scheme is three years with no performance conditions, other than remaining a Group employee, attached to the options.
In 2023 under the SAYE, the Group made awards of 417,932 (2022: nil) conditional shares to certain Directors and employees.
Details of the maximum total number of Ordinary Shares which may be issued in future periods in respect of SAYE awards outstanding at 31 December 2023 are shown below.
| Numero de veces compartido | Weight average exercise price (p) |
Al 1 de enero de 2022 | 923,710 | 122.0 |
Caducado en el año | (181,645) | 122.0 |
Al 31 de diciembre de 2022 | 742,065 | 122.0 |
Concedido en el año | 417,932 | 94.0 |
Caducado en el año | (481,650) | 117.4 |
Pendiente al 31 de diciembre de 2023 | 678,347 | 108.0 |
The fair value at grant date is independently determined using an adjusted form of the Black-Scholes model that takes into account the exercise price, the term of the option, the share price at grant date, the expected price volatility of the underlying share based on the AIM Price Index over the past 3 years and the risk-free interest rate for the term of the option as shown below.
| Premio 2023 |
Precio de la acción en la fecha de concesión | 117.0p |
Precio de ejercicio | 94.0p |
Volatilidad esperada | 13.4% |
Vida esperada | 3 años |
Rentabilidad esperada de dividendos | 0% |
Tasa de interés libre de riesgo | 3.05% |
Valor razonable por opción | 16.0p |
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.