Informe de medio año
27 November 2023
Grupo Sys plc
("SysGroup" o la "Compañía" o el "Grupo")
Resultados semestrales del semestre finalizado el 30 de septiembre de 2023
SysGroup plc (AIM:SYS), the end-to-end data solution provider, is pleased to announce its unaudited half year results for the six months ended 30 September 2023 ("H1 FY24" or the "Period").
Aspectos financieros más destacados
· Revenue decrease of 3% to £10.96m (H1 FY23: £11.32m)
· Managed IT Services revenue growth of 8% representing 84% of total revenue (H1 FY23: 75%)
· EBITDA ajustado1 de 1.57 millones de libras esterlinas (primer semestre del año fiscal 1: 23 millones de libras esterlinas)
· Beneficio ajustado antes de impuestos2 de 0.99 millones de libras esterlinas (primer semestre del año fiscal 1: 23 millones de libras esterlinas)
· Statutory loss before tax of £1.09m (H1 FY23: loss before tax of £0.19m)
· BPA básica ajustada3 de 1.7p (H1 FY23: 2.0p)
· Basic EPS of (1.5)p (H1 FY23: (0.2)p)
· Adjusted cashflow from operations of £1.24m (H1 FY23: £2.01m)
· Deuda neta4 of £3.43m at 30 September 2023 (30 September 2022: £1.92m)
Aspectos operacionales destacados
· A new strategy to provide end-to-end solutions focused on Artificial Intelligence ("AI") and Machine Learning ("ML") with an associated investment in a team of ML engineers from AWS, JP Morgan, Validus and McLaren
· Refreshed the SysCloud infrastructure with the latest hardware and upgraded our internal security architecture with industry leading cloud-based security platform
· Strengthened the senior management team with individuals with invaluable experience and expertise from industry leading companies
· Heejae Chae appointed as Executive Chair and Paul Edwards as new Non-Executive Director
Heejae Chae, presidente ejecutivo, comentó:
"Our strategy aims to position SysGroup as the go-to end-to-end data solution provider for small and medium sized businesses ("SMB") embarking on their AI/ML journey. AI's prominence is undeniable with daily media coverage and increasing demand for AI strategies at the board level of every company. We recognise a significant market gap: while many SMBs are eager to adopt AI/ML, they often lack a clear strategy or implementation path. There is a great demand for a partner to support their development of an AI/ML strategy and transition from the current platform.
We have made significant investments in both technology and people. We have recruited a team of ML engineers from industry leaders such as AWS, JP Morgan, Validus and McLaren. We have significantly strengthened the senior management team to help take us on this journey, bringing together the right skillsets and mindsets. Throughout the organisation, we are reinforcing a culture of customer focus and outstanding service underpinned by innovation, entrepreneurialism and high performance. Whilst we are at the early stage of our journey, I am excited at the potential of what we are building at SysGroup combined with the considerable unexploited market opportunity that lays ahead of us.
Finally, the core business, which has more than 80% recurring revenues provides a very solid base from which we can expand, giving us very good revenue certainty and visibility, albeit that in the short term we may see our overall bottom line performance impacted marginally, reflecting the investment we are making in the Company to drive revenue growth in future financial years."
Notas
1. Adjusted EBITDA is earnings before interest, taxation, depreciation, amortisation of intangible assets, exceptional items and share based payments.
2. Adjusted profit before tax is profit before tax after adding back amortisation of intangible assets, exceptional items and share based payments.
3. Adjusted basic EPS is profit after tax after adding back amortisation of intangible assets, exceptional items, share based payments and associated tax, divided by the number of shares in issue.
4. Net debt represents cash balances less bank loans and lease liabilities, and excludes contingent consideration.
Para más información, póngase en contacto con:
Grupo Sys Plc Heejae Chae, Executive Chair Martin Audcent, director financiero |
Tel: 0151 559 1777
|
Capital de Zeus (Asesor designado y Broker) Jordan Warburton Nick Cowles Nick Searle |
Tel: 0161 831 1512 |
Quiénes somos
SysGroup plc is a managed service provider of end-to-end data solutions enabling us to take our customers on their AI data journey. The Group offers an integrated set of modern technologies that collectively meets our customers end-to-end data needs including connectivity, cloud hosting, delivery, analytics and governance of customer data, as well as a security layer for users and applications.
El Grupo tiene oficinas en Bristol, Edimburgo, Liverpool, Londres, Manchester y Newport.
Para obtener más información, visite http://www.sysgroup.com
Overview & Strategy
During the Period, SysGroup maintained a stable revenue of £10.96m. This consistency reflects growth in Truststream, our CyberSecurity acquisition in April 2022, counterbalancing a decrease in traditional SysGroup revenues. Notably, managed IT services now constitutes 84% of our revenues, an increase from 75% last year, bolstering our financial stability and visibility. In the Period we delivered Adjusted EBITDA of £1.57m, maintaining a margin comparable to last year.
The Group's gross cash balance was £1.99m at the end of the Period (H1 FY23: £4.22m) following payments to satisfy the Truststream year one earn-out and settle the contractual terms of the previous CEO's departure including the acquisition of 2,076,394 ordinary shares of 1 pence each ("Ordinary Shares"), now held in Treasury. Excluding these one-off payments, the cash conversion was 79%. The net debt4 at the end of the Period was £3.43m (H1 FY23: £1.92m), which excludes contingent consideration payable within one year of £1.84m (H1 FY23: £2.93m).
Since my appointment as Executive Chair in June, I have engaged with various stakeholders including customers, employees, partners and competitors. These interactions have provided valuable insights into both industry trends and company-specific challenges. SysGroup is well positioned to participate in the burgeoning field of AI/ML, a technology set to redefine our era. AI's prominence is undeniable, with daily media coverage and increasing demand for AI strategies at the board level of every company. The reality is that AI is here to stay and will be a powerful tool for those that embrace it.
Factors driving the AI/ML adoption include:
? The growing availability of data, crucial for training AI/ML algorithms. As the amount of data that companies collect continues to grow, so does the potential for AI and ML to deliver value;
? Decreasing costs of computing power, making AI/ML algorithms more accessible across various company sizes and budgets; and
? The increasing sophistication and user-friendliness of AI/ML tools and technologies
Our strategy is to position SysGroup as the go-to end-to-end data solution provider for SMBs embarking on their AI/ML journey. It is clear from our conversations with our customers we recognise a significant market gap: while many SMBs are eager to adopt AI/ML, they often lack a clear strategy or implementation path. There is a great demand for a partner to support their development of an AI/ML strategy and transition from their current platforms. Many providers claim to be AI/ML experts but lack the capability to provide an end-to-end solution. Traditionally, most IT providers specialise in specific technology stacks. AI/ML strategy requires a holistic approach where the outcome is delivered from both software and hardware solutions. Over 80% of all AI projects fail because they have not taken a holistic approach, for example, by not defining the correct business case or not employing appropriate data architecture framed by the right technology infrastructure. Whilst gaps still exist in our offerings, we believe that we have the framework to build our strategy, underpinned by the relationship with our customers.
Our Technology Services strategy is to build a modern unified data solution platform that is simple for SysGroup to sell and support and is simple for our customers to consume and benefit from. This will comprise of an integrated set of technologies that collectively meets our customers end-to-end data needs. It will allow for connectivity, storage, preparation, delivery, analytics and governance of customer data, as well as a security layer for users and applications.
Operaciones
We have made substantial investments both in our IT infrastructure and people during the Period. These include upgrading SysCloud infrastructure with the latest hardware and enhancing our internal security architecture with a leading cloud-based security platform. We have completed the refurbishment of our offices to provide a positive and productive working environment as we moved to more flexible working.
We have recruited a team of ML engineers with turnkey experience to deliver AI solutions from design to delivery at an annual cost of £0.5m. They bring considerable combined experience in a nascent field of technology having worked at industry leaders such as AWS, JP Morgan, McLaren and Validus. To support the end-to-end strategy, we have segmented our technology into five key areas: (i) data analytics and ML; (ii) data storage and management; (iii) data connectivity; (iv) data engineering; and (v) cybersecurity. We will invest to enhance the existing competencies organically as well as through acquisitions to fill the gaps in our technology offerings.
Cambios en la junta y la administración
We have taken steps to ensure robust corporate governance, reviewing the Board and committees' Terms of Reference and establishing a new Nomination Committee to ensure that the composition and succession of the Board is reviewed and reflects a balance of skills, knowledge and experience which is appropriate for the Company. Wendy Baker has been appointed as Company Secretary and General Counsel, providing oversight and guidance on governance. Wendy was previously at Scapa Group plc, Promethean World plc and Volex Group plc.
Paul Edwards joined as a Non-Executive Director on 26 September 2023 to balance the independence in the Board. Paul brings extensive PLC experience as the CFO of Tatton Asset Management plc and previously Scapa Group plc and NCC Group plc.
We have also upgraded the senior management team with the appointments of people with relevant experience from leading companies in the sector:
· Heinrich Koorts joined us as Chief Revenue Officer from Softcat plc where he spent the past ten years in London and Bristol;
· Paul Sullivan has been appointed as Chief Technology Officer. Paul was the founder of Truststream which SysGroup acquired in April 2022;
· Ross Humphrey has recently joined as the Chief AI Officer to lead our AI/ML initiative. Ross has over a decade of experience in machine learning as one of the UK's early adopters during his tenure at JP Morgan and Validus; and
· Charles Vivian has joined as Director of Business Development to support our M&A strategy as acquisitions will be part of our growth plan. Charles was previously at MXC Capital, Marwyn Capital and Freshfields Bruckhaus Deringer.
These individuals bring invaluable experience and expertise, positioning SysGroup for future success.
Resultados y Negociación
The Group has delivered revenue of £10.96m (H1 FY23: £11.32m) and Adjusted EBITDA of £1.57m (H1 FY23: £1.68m) in H1 FY24. Managed IT services revenue increased to £9.22m (H1 FY23: £8.54m), a growth of 8% on the comparative period, whilst Value Added Resale ("VAR") revenue was £1.74m (H1 FY23: £2.78m), a decrease of 37%. The driver of the Managed IT services growth has been in IT security where this year we have seen more customers take up contracted managed service support in addition to the provision of security licences. In cases where managed services and licences are sold together the revenue is recognised as Managed IT services uniformly across the contract term. This also explains the reason for the reduction in VAR revenue since fewer "licence only" contracts are being sold. The revenue mix in H1 FY24 is 84% Managed IT services and 16% VAR sales (H1 FY23: 75%:25%) and this is expected to remain similar in H2 FY24.
Gross profit was £5.47m with a gross margin of 49.9% (H1 FY23: £5.61m and 49.6% respectively). Whilst the revenue mix has moved to higher margin Managed IT Services, the IT security sales which led the contracted income growth are lower margin than core managed services business. The gross margin has also been impacted by supplier cost increases which have been prevalent in the UK economy over the last twelve months.
Adjusted operating expenses of £3.90m were broadly flat with the same period last year (H1 FY23: £3.94m). We expect overheads to increase in H2 FY24 from our investments in the Senior Leadership Team and AI/Machine Learning team.
The consolidated income statement includes £1.05m of exceptional costs which are for the settlement of the former CEO's contractual terms, payments of supplier charges which are disputed and remain subject to ongoing action, and restructuring activity with the Senior Leadership Team.
Finance costs of £0.29m have increased compared to the same period last year (H1 FY23: £0.24m). Finance costs include £0.21m of bank loan interest, which has increased due to the increase in the Bank of England's base rate, and £0.06m of non-cash finance charges relating to the unwinding of discount on contingent consideration and amortisation of the loan arrangement fee.
The Group delivered an adjusted profit before tax of £0.99m (H1 FY23: £1.10m) and a statutory loss before tax of £1.09m (H1 FY23: loss before tax £0.19m). The statutory loss before tax results from having £1.05m of exceptional costs (H1 FY23: £0.34m) in the Period and from an increase in share based payments.
The taxation credit of £0.34m (H1 FY23: credit of £0.08m) represents the movement on deferred tax in the Period with no corporation tax charge arising on the Group's trading position in H1 FY24. The corporation tax rate increased on 1 April 2023 from 19% to 25%.
Adjusted basic earnings per share for H1 FY24 was 1.7p (H1 FY23: 2.0p) and basic loss per share was (1.5p) (H1 FY23: loss per share (0.2p)).
Flujo de Caja y Deuda Neta
The Group had a gross cash balance of £1.99m at 30 September 2023 (H1 FY23: £4.22m) and net debt of £3.43m (H1 FY23: £1.92m). Cash balances were utilised in H1 FY24 for the Truststream year one earn-out (£0.88m), the acquisition of 2,076,394 Ordinary Shares into Treasury (£0.76m), and to settle the former CEO's contractual terms (£0.66m). Cashflow from operations was £0.23m (H1 FY23: £1.67m) and included £1.00m of exceptional cash costs. Cash conversion of 79% was broadly in line with the target range and compares to 120% in H1 FY23 which as explained at the time was due to a number of VAR deals where customer payments had been received in advance. Capex expenditure in H1 includes the refurbishment of the Bristol office which was completed in July and development costs for the implementation of a new financial accounts system.
The Truststream year 1 earn-out was finalised in H1 FY24 and in accordance with the share purchase agreement 75% of the year 1 consideration was paid to the vendors. Accordingly, £0.89m was paid in cash consideration and £0.29m is deferred for payment to H1 FY25. The contingent consideration liability held in the Consolidated Statement of Financial Position is £1.84m which compares to £2.94m as at 31 March 2023 and 30 September 2022. The liability is held at the maximum consideration payment value under the terms of the earn-out agreement and this will be re-assessed for fair value at the 31 March 2024 year end.
Compartir opciones
En abril 2023, under the 2020 LTIP Scheme and in respect of performance for the FY23 financial year, a grant of 362,709 performance shares was made to Adam Binks, Chief Executive Officer, and 204,024 performance shares to Martin Audcent, Chief Financial Officer. In May 2023, in respect of Mr Binks' departure, the Board agreed that the unvested options held by Mr Binks would vest with immediate effect with restrictions waived. Mr Binks exercised his share options, totalling 2,076,394 Ordinary Shares and the Company acquired them at a price of £0.375 per Ordinary Share. The Company holds these Ordinary Shares in Treasury to satisfy the exercise of future share options under SysGroup's share incentive schemes.
ESTADO DE RESULTADOS INTEGRAL CONSOLIDADO CONDENSADO
SEIS MESES TERMINADOS EL 30 DE SEPTIEMBRE DE 2023
Sin auditar seis meses para | Sin auditar seis meses para | auditado | ||
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | ||
| Notas | 000 £ | 000 £ | 000 £ |
Ingresos | 2 | 10,963 | 11,321 | 21,648 |
El costo de ventas | (5,497) | (5,708) | (10,552) | |
Beneficio bruto | 2 | 5,466 | 5,613 | 11,096 |
Gastos operativos antes de depreciación, amortización, partidas excepcionales y pagos basados en acciones | (3,897) | (3,935) | (7,768) | |
EBITDA ajustado | 1,569 | 1,678 | 3,328 | |
Depreciación | (297) | (330) | (625) | |
Amortización de activos intangibles | (866) | (866) | (1,739) | |
Artículos excepcionales | 4 | (1,052) | (337) | (408) |
Pagos basados en acciones | (156) | (96) | (178) | |
Gastos administrativos | (6,268) | (5,564) | (10,718) | |
(Pérdida) / beneficio operativo | (802) | 49 | 378 | |
Costos financieros | 5 | (287) | (243) | (483) |
Pérdida antes de impuestos |
| (1,089) | (194) | (105) |
Taxation | 343 | 77 | 98 | |
Pérdida integral total atribuible |
| (746) | (117) | (7) |
Pérdida básica por acción (peniques) | 3 | (1.5) p | (0.2) p | 0.0p |
Pérdida diluida por acción (peniques) | 3 | (1.5) p | (0.2) p | 0.0p |
Todos los resultados surgen de operaciones continuas.
ESTADO DE SITUACIÓN FINANCIERA CONDENSADO CONSOLIDADO
AL 30 DE SEPTIEMBRE DE 2023
Sin auditar | Sin auditar | auditado | ||
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | ||
| Notas | 000 £ | 000 £ | 000 £ |
Activos |
| |||
Activos no corrientes |
| |||
Goodwill | 7 | 21,666 | 21,894 | 21,666 |
Activos intangibles | 7 | 5,536 | 7,005 | 6,295 |
Planta, propiedad y equipo | 2,013 | 2,139 | 1,966 | |
29,215 | 31,038 | 29,927 | ||
Activos circulantes |
| |||
Cuentas comerciales y otras cuentas por cobrar | 8 | 5,609 | 4,090 | 5,007 |
Efectivo y equivalentes de efectivo | 1,986 | 4,216 | 4,186 | |
| 7,595 | 8,306 | 9,193 | |
Activos totales |
| 36,810 | 39,344 | 39,120 |
Patrimonio y Pasivos | ||||
Patrimonio atribuible a los accionistas de la matriz | ||||
Llamado capital social | 12 | 515 | 494 | 494 |
Compartir premium | 9,080 | 9,080 | 9,080 | |
Reserva de tesorería | (984) | (201) | (201) | |
Otra reserva | 3,293 | 3,123 | 3,205 | |
Ganancias retenidas | 8,173 | 8,741 | 8,851 | |
20,077 | 21,237 | 21,429 | ||
Pasivos no corrientes |
| |||
Pasivos por arrendamiento |
| 520 | 685 | 621 |
Pasivos contractuales |
| 174 | 486 | 383 |
Consideración contingente | 11 | - | 1,060 | 1,875 |
Provisiones | 148 | 175 | 191 | |
Impuestos diferidos |
| 1,106 | 1,642 | 1,434 |
Préstamo bancario | 10 | 4,720 | 5,187 | 4,705 |
|
| 6,668 | 9,235 | 9,209 |
Pasivo circulante |
| |||
Comerciales y otras cuentas a pagar | 9 | 4,576 | 3,844 | 3,861 |
Pasivos por arrendamiento |
| 176 | 268 | 182 |
Pasivos contractuales |
| 3,475 | 2,885 | 3,633 |
Consideración contingente | 11 | 1,838 | 1,875 | 806 |
|
| 10,065 | 8,872 | 8,482 |
Total patrimonio y pasivos |
| 36,810 | 39,344 | 39,120 |
ESTADO DE CAMBIOS EN EL PATRIMONIO CONDENSADO CONSOLIDADO
SEIS MESES TERMINADOS EL 30 DE SEPTIEMBRE DE 2023
Atribuible a los accionistas de la controladora |
| ||||||||
Capital social | Compartir premium reserva | Reserva de tesorería | Otra reserva | Reserva de traducción | Ganancias retenidas | Total |
| ||
| |||||||||
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | ||
Al 1 de abril de 2022 | 494 | 9,080 | (201) | 3,027 | 4 | 8,854 | 21,258 | ||
Loss and total comprehensive egasto para el periodo | - | - | - | - | - | (117) | (117) | ||
Reclasificación de la reserva de traducción | - | - | - | - | (4) | 4 | - | ||
Cargo por opciones sobre acciones | - | - | - | 96 | - | - | 96 | ||
Al 30 de septiembre de 2022 (no auditado) | 494 | 9,080 | (201) | 3,123 | - | 8,741 | 21,237 | ||
Utilidad y resultado integral total del período | - | - | - | - | - | 110 | 110 | ||
Cargo por opciones sobre acciones | - | - | - | 82 | - | - | 82 | ||
Al 31 de marzo de 2023 | 494 | 9,080 | (201) | 3,205 | - | 8,851 | 21,429 | ||
Loss and total comprehensive egasto para el periodo | - | - | - | - | - | (746) | (746) | ||
Compra de acciones propias en tesorería | - | - | (783) | - | - | - | (783) | ||
Emisión de capital social | 21 | - | - | - | - | - | 21 | ||
Cargo por opciones sobre acciones | - | - | - | 156 | - | - | 156 | ||
Reserves transfer on forfeiture of share options | - | - | - | (68) | - | 68 | - | ||
Al 30 de septiembre de 2023 (no auditado) | 515 | 9,080 | (984) | 3,293 | - | 8,173 | 20,077 |
A continuación se describe la naturaleza y el propósito de cada reserva dentro del patrimonio:
Reservar | Descripción y finalidad |
Reserva de prima de acciones | Importe suscrito del capital social en exceso de los valores nominales. |
Reserva de tesorería | Acciones propiedad de la empresa mantenidas con el fin de liquidar el ejercicio de las opciones sobre acciones de los empleados. |
Otra Reserva | Importe reservado para pagos basados en acciones que se liberará durante la vida de los instrumentos y el elemento de capital de los préstamos convertibles |
Reserva de traducción | Amount represents differences in relations to the consolidation of subsidiary companies accounting for currencies other than the Group's functional currency. |
Ganancias retenidas | Todas las demás ganancias y pérdidas netas y transacciones con propietarios (por ejemplo, dividendos) no reconocidas en otra parte. |
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO CONDENSADO
SEIS MESES TERMINADOS EL 30 DE SEPTIEMBRE DE 2023
Sin auditar 30-Sep-23 | Sin auditar 30-Sep-22 | auditado | ||
000 £ | 000 £ | 000 £ | ||
Flujos de caja utilizados en actividades operativas | ||||
Pérdida después de impuestos | (746) | (117) | (7) | |
Ajustes para: | ||||
depreciación y amortización | 1,163 | 1,196 | 2,364 | |
Costos financieros | 287 | 243 | 483 | |
Pagos basados en acciones | 156 | 96 | 178 | |
Crédito fiscal | (343) | (77) | (98) | |
Flujos de caja operativos antes del movimiento de capital circulante | 517 | 1,341 | 2,920 | |
(Aumento) / disminución de cuentas por cobrar comerciales y otras | (713) | 68 | (737) | |
Aumento de cuentas por pagar comerciales y otras | 430 | 260 | 837 | |
Flujo de caja de las operaciones |
| 234 | 1,669 | 3,020 |
Impuestos pagados | (64) | (128) | (303) | |
Efectivo neto de actividades operativas | 170 | 1,541 | 2,717 | |
Flujos de efectivo de actividades de inversión | ||||
Pagos para adquirir propiedad, planta y equipo | (180) | (105) | (252) | |
Pagos para adquirir activos intangibles | (139) | - | (163) | |
Adquisición de subsidiarias netas de efectivo adquirido | - | (5,390) | (5,389) | |
Efectivo neto utilizado en actividades de inversión |
| (319) | (5,495) | (5,804) |
Flujos de caja de actividades de financiación | ||||
Pago de contraprestaciones contingentes en adquisiciones | (886) | - | - | |
Reducción de RCF | - | 4,500 | 4,500 | |
Pago de la comisión de formalización del préstamo bancario | - | (127) | (127) | |
Reembolso de préstamo bancario | - | (82) | (582) | |
Recompra de acciones en tesorería | (783) | - | - | |
Proceeds for issue of share capital | 21 | - | - | |
Capital / principal pagado sobre pasivos por arrendamiento | (171) | (102) | (303) | |
Intereses pagados por la facilidad de préstamo | (217) | (138) | (316) | |
Intereses pagados sobre pasivos por arrendamiento | (15) | (14) | (32) | |
Efectivo neto utilizado en actividades de financiación. |
| (2,051) | 4,037 | 3,140 |
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (2,200) | 83 | 53 | |
Efectivo y equivalentes de efectivo al inicio del período/año | 4,186 | 4,133 | 4,133 | |
Efectivo y equivalentes de efectivo al final del período / año | 1,986 | 4,216 | 4,186 |
NOTAS A LOS ESTADOS FINANCIEROS CONSOLIDADOS CONDENSADOS
SEIS MESES TERMINADOS EL 30 DE SEPTIEMBRE DE 2023
1. POLÍTICAS CONTABLES
Las políticas contables utilizadas en la preparación de la información financiera resumida consolidada no auditada para los seis meses terminados el 30 de septiembre de 2023 se preparan de acuerdo con las Normas Internacionales de Información Financiera ("NIIF") adoptadas en el Reino Unido y son consistentes con las que se adoptarán en el informe anual. estados financieros legales correspondientes al ejercicio finalizado el 31 de marzo de 2024.
Si bien la información financiera incluida ha sido preparada de acuerdo con los criterios de reconocimiento y medición, de acuerdo con las Normas Internacionales de Información Financiera adoptadas en el Reino Unido, estos estados financieros resumidos consolidados no contienen información suficiente para cumplir con las NIIF.
La información financiera del período de seis meses finalizado el 30 de septiembre de 2023 y el 30 de septiembre de 2022 no constituye cuentas legales en el sentido de la Sección 434 (3) de la Ley de Sociedades de 2006 y no está auditada, pero ha sido revisada por nuestros auditores de conformidad con el Norma Internacional sobre Compromiso de Revisión 2410 emitida por el Consejo de Prácticas de Auditoría. La información financiera comparativa para el año terminado el 31 de marzo de 2023 incluida en este informe no constituye las cuentas legales completas para ese período. El informe anual legal y los estados financieros para 2023 se han presentado en el Registro de Empresas. El Informe del Auditor Independiente sobre ese Informe Anual y Estados Financieros para 2023 no tenía salvedades, no llamó la atención sobre ningún asunto a modo de énfasis y no contenía una declaración conforme a 498(2) o 498(3) de la Ley de Sociedades de 2006.
Este Informe Provisional se ha preparado únicamente para proporcionar información adicional a los accionistas para evaluar las estrategias del Grupo y el potencial de éxito de dichas estrategias. El Informe Provisional no debe ser utilizado por ninguna otra parte ni para ningún otro propósito.
This unaudited interim financial information has been prepared in accordance with the requirement of the AIM Rules for Companies and in accordance with this basis of preparation.
Artículos excepcionales
El Grupo presenta como partidas excepcionales en el Estado de Resultados Integrales aquellas partidas de ingresos y gastos significativas que los Administradores consideran, por su tamaño o naturaleza y la expectativa de no recurrencia, merecen una presentación separada para facilitar la comparación financiera con períodos anteriores y para evaluar las tendencias en el desempeño financiero. Las partidas excepcionales se incluyen en Gastos de administración en el Estado consolidado de resultados integrales, pero se excluyen del EBITDA ajustado (Nota 6), ya que la gerencia cree que deben considerarse por separado para comprender la rentabilidad subyacente de los negocios comerciales.
Preocupación continua
Los Consejeros han preparado los estados financieros sobre una base de negocio en marcha, lo que supone que el Grupo y la Compañía continuarán cumpliendo con los pasivos a medida que vayan venciendo.
The Group has an operating model with a high level of resilience with 84% of revenue deriving from contracted managed IT services which are business critical supplies to customers. The Group has a gross cash balance of £1.99m and a net debt position of £3.43m (excluding contingent consideration of £1.84m) at 30 September 2023. The Group has undrawn RCF facilities available of £3.2m which can be used for working capital and acquisitions, and an unutilised overdraft facility of £0.5m. The Group is forecasting to generate healthy operational cashflows and achieve the bank loan covenants for the full period of the forecast to March 2025.
The Directors have reviewed the Group's financial forecasts and taken into account the current UK economic outlook. The projected trading forecasts and resultant cashflows, together with the confirmed loan and overdraft facilities, taking account of reasonably possible changes in trading performance, show that the Group can continue to operate within the current facilities available to it.
Por lo tanto, los Directores tienen una expectativa razonable de que el Grupo tiene los recursos adecuados para continuar con su existencia operativa en el futuro previsible y continúan adoptando la base contable de negocio en marcha al preparar los estados financieros.
2. INFORMACIÓN SEGMENTAL
El máximo responsable de la toma de decisiones operativas del Grupo es el Consejo de Administración y el Grupo informa en dos segmentos:
· Servicios de TI gestionados: este segmento proporciona todas las formas de servicios gestionados a los clientes e incluye servicios profesionales.
· Value Added Resale (VAR) - this segment is for sales of IT hardware and licences procured from supplier partners.
Las cuentas de gestión mensuales reportadas al Consejo de Administración se revisan a nivel consolidado y el Consejo revisa los resultados de los segmentos operativos a nivel de ingresos y utilidad bruta ya que la estructura operativa y de gestión del Grupo opera como funciones unificadas del Grupo. En este sentido, los activos y pasivos tampoco se revisan por segmentos. Todos los activos están ubicados en el Reino Unido. Todos los segmentos son operaciones continuas y no hay transacciones entre segmentos, y todos los ingresos se obtienen de clientes externos. La utilidad bruta de los segmentos de negocio se concilia con la utilidad antes de impuestos según el estado de resultados consolidado. Los gastos generales del Grupo son gestionados de forma centralizada por el Consejo y, en consecuencia, no existe una conciliación con el resultado antes de impuestos a nivel de segmentos.
Sin auditar seis meses para | Sin auditar seis meses para | auditado año para | ||
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | ||
|
| 000 £ | 000 £ | 000 £ |
Ingresos |
|
|
|
|
Servicios de TI administrados |
| 9,223 | 8,543 | 17,441 |
Reventa de valor agregado |
| 1,740 | 2,778 | 4,207 |
| 10,963 | 11,321 | 21,648 | |
Beneficio bruto |
|
|
|
|
Servicios de TI administrados |
| 5,167 | 5,157 | 10,349 |
Reventa de valor agregado |
| 299 | 456 | 747 |
| 5,466 | 5,613 | 11,096 |
3. GANANCIAS POR ACCIÓN
Sin auditar seis meses para | Sin auditar seis meses para | Año auditado a | |||||
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | |||||
Pérdida del ejercicio fiscal atribuible a los accionistas | (£ 746,336) | (£ 117,000) | (£ 7,000) | ||||
Beneficio ajustado del ejercicio | £809,553 | £974,000 | £1,917,000 | ||||
Weighted number of equity shares in issue* | 48,912,025 | 48,859,690 | 48,859,690 | ||||
Weighted number of equity shares for diluted calculation* | 50,935,963 | 52,189,652 | 52,274,633 | ||||
Utilidad básica ajustada por acción (peniques) | 1.7p | 2.0p | 3.9p | ||||
Pérdida básica por acción (peniques) | (1.5p) | (0.2p) | 0.0p | ||||
Pérdida diluida por acción (peniques) | (1.5p) | (0.2p) | 0.0p | ||||
*The weighted number of equity shares in issue and for diluted calculation excludes the Treasury shares held by the Company
|
| ||||||
Sin auditar seis meses para | Sin auditar seis meses para | Año auditado a | |||||
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | |||||
000 £ | 000 £ | 000 £ | |||||
Loss after tax used for basic earnings per share | (746) | (117) | (7) | ||||
Amortización de activos intangibles | 866 | 866 | 1,739 | ||||
Artículos excepcionales | 1,052 | 337 | 408 | ||||
Pagos basados en acciones | 156 | 96 | 178 | ||||
Ajustes fiscales | (519) | (208) | (401) | ||||
Ganancia ajustada utilizada para Ganancias ajustadas por acción | 809 | 974 | 1,917 | ||||
Los ajustes fiscales se refieren al impuesto corriente y diferido sobre la amortización de activos intangibles, partidas excepcionales y pagos basados en acciones.
4. ARTÍCULOS EXCEPCIONALES
Sin auditar seis meses para | Sin auditar seis meses para | auditado año para | |
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | |
| 000 £ | 000 £ | 000 £ |
Costos de integración y reestructuración | 832 | 113 | 189 |
Supplier charges in dispute | 220 | - | - |
Costo de adquisición | - | 224 | 219 |
1,052 | 337 | 408 |
The integration and restructuring costs relate to the settlement of the former CEO's contractual terms and costs associated with the restructuring of the Senior Leadership Team. The supplier charges in dispute are subject to ongoing action for which the company is pursuing recovery. In the prior periods, the acquisition and integration costs relate to two acquisitions in April 2022, Truststream Security Solutions Limited and Independent Network Services Limited (trading as "Orchard IT").
5. COSTOS FINANCIEROS
Sin auditar seis meses para | Sin auditar seis meses para | auditado año para | |
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | |
| 000 £ | 000 £ | 000 £ |
Intereses pagaderos sobre pasivos por arrendamiento | 15 | 26 | 32 |
Intereses a pagar por préstamo bancario | 212 | 120 | 307 |
Amortización comisión de apertura préstamo bancario | 17 | 18 | 29 |
Desenlace del descuento por contraprestación contingente | 43 | 79 | 105 |
Otro interés | - | - | 10 |
| 287 | 243 | 483 |
6. MEDIDAS ALTERNATIVAS DE RENDIMIENTO
Conciliación de utilidad operativa a EBITDA ajustado | Sin auditar seis meses para | Sin auditar seis meses para | Año auditado a |
| 30-Sep-23 | 30-Sep-22 | 31-Mar-23 |
000 £ | 000 £ | 000 £ | |
(Pérdida) / beneficio operativo | (802) | 49 | 378 |
Depreciación | 297 | 330 | 625 |
Amortización de activos intangibles | 866 | 866 | 1,739 |
Comparable | 361 | 1,245 | 2,742 |
Artículos excepcionales | 1,052 | 337 | 408 |
Pagos basados en acciones | 156 | 96 | 178 |
EBITDA ajustado | 1,569 | 1,678 | 3,328 |
Reconciliation of loss before tax to adjusted profit before tax | Sin auditar seis meses para | Sin auditar seis meses para | Año auditado a |
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | |
000 £ | 000 £ | 000 £ | |
Pérdida antes de impuestos | (1,089) | (194) | (105) |
Amortización de activos intangibles | 866 | 866 | 1,739 |
Artículos excepcionales | 1,052 | 337 | 408 |
Pagos basados en acciones | 156 | 96 | 178 |
Beneficio ajustado antes de impuestos | 985 | 1,105 | 2,220 |
Conversión de efectivo | Sin auditar seis meses para | Sin auditar seis meses para | Año auditado a |
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | |
000 £ | 000 £ | 000 £ | |
Flujo de caja de las operaciones | 234 | 1,669 | 3,020 |
Ajustes: | |||
Flujos de caja de adquisiciones, integración y reestructuración | 1,005 | 337 | 408 |
Flujo de caja ajustado de las operaciones | 1,239 | 2,006 | 3,428 |
EBITDA ajustado | 1,569 | 1,678 | 3,328 |
Conversión de efectivo | 79% | 120% | 103% |
Deuda neta | Sin auditar | Sin auditar | auditado |
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | |
000 £ | 000 £ | 000 £ | |
Saldos de caja | 1,986 | 4,216 | 4,186 |
Préstamos bancarios - no corrientes | (4,720) | (5,187) | (4,705) |
Deuda neta antes de pasivos por arrendamiento | (2,734) | (971) | (519) |
Pasivos por arrendamiento - propiedad | (696) | (953) | (803) |
Deuda neta | (3,430) | (1,924) | (1,322) |
Consideración contingente | (1,838) | (2,935) | (2,681) |
Net debt including contingent consideration | (5,268) | (4,859) | (4,003) |
7. ACTIVOS INTANGIBLES
| Desarrollo de sistemas | Licencias de software | Relaciones del cliente | Goodwill | Total |
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
Cost | |||||
Al 1 de abril de 2022 | 1,073 | 205 | 9,156 | 15,554 | 25,988 |
Adiciones | 163 | - | 3,553 | 6,112 | 9,828 |
Disposiciones | (225) | (205) | - | - | (430) |
Al 31 de marzo de 2023 (auditado) | 1,011 | - | 12,709 | 21,666 | 35,386 |
Al 1 de abril de 2023 | 1,011 | - | 12,709 | 21,666 | 35,386 |
Adiciones | 107 | - | - | - | 107 |
Al 30 de septiembre de 2023 (no auditado) | 1,118 | - | 12,709 | 21,666 | 35,493 |
Amortización acumulada |
| ||||
Al 1 de abril de 2022 | 404 | 205 | 5,507 | - | 6,116 |
Cobrar por el año | 177 | - | 1,562 | - | 1,739 |
Disposiciones | (225) | (205) | - | - | (430) |
Al 31 de marzo de 2023 (auditado) | 356 | - | 7,069 | - | 7,425 |
Al 1 de abril de 2023 | 356 | - | 7,069 | - | 7,425 |
Cobrar por el año | 110 | - | 756 | - | 866 |
Al 30 de septiembre de 2023 (no auditado) | 466 | - | 7,825 | - | 8,291 |
Valor neto contable |
| ||||
Al 31 de marzo de 2023 (auditado) | 655 | - | 5,640 | 21,666 | 27,961 |
Al 30 de septiembre de 2023 (no auditado) | 652 | - | 4,884 | 21,666 | 27,202 |
8. DERECHOS COMERCIALES Y OTROS DERECHOS A COBRAR
Sin auditar | Sin auditar | auditado | ||
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | ||
|
| 000 £ | 000 £ | 000 £ |
Cuentas por cobrar comerciales |
| 2,067 | 1,723 | 1,706 |
Otros ingresos |
| 3,542 | 2,367 | 3,301 |
|
| 5,609 | 4,090 | 5,007 |
9. CUENTAS POR PAGAR COMERCIALES Y OTRAS
Sin auditar | Sin auditar | auditado | ||
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | ||
|
| 000 £ | 000 £ | 000 £ |
Comercio a pagar |
| 2,304 | 1,399 | 1,813 |
impuesto de sociedades |
| 360 | 427 | 438 |
Otros impuestos y seguridad social |
| 615 | 836 | 622 |
Acumulaciones |
| 1,297 | 1,182 | 988 |
|
| 4,576 | 3,844 | 3,861 |
10. PRÉSTAMO BANCARIO
| Sin auditar | Sin auditar | auditado |
30-Sep-23 | 30-Sep-22 | 31-Mar-23 | |
000 £ | 000 £ | 000 £ | |
Bank loan net of arrangement fee | 4,720 | 5,187 | 4,705 |
| 4,720 | 5,187 | 4,705 |
The Group has an £8.0m revolving credit facility with Santander of which £4.83m is drawn down at 30 September 2023. The banking facility has a term of five years to April 2027, an interest rate of Base Rate +3.25% margin on drawn funds and covenants that are tested quarterly relating to total net debt to adjusted EBITDA leverage and minimum liquidity.
11. CONSIDERACIÓN CONTINGENTE
The Group acquired Truststream Security Solutions Limited in April 2022 and the agreement included a two year earn-out mechanism with contingent consideration payable up to £3.08m following the first and second anniversaries of the transaction. The earn-out is subject to the achievement of certain maintainable EBITDA performance targets in the first and second 12-month periods following the completion of the acquisition
The Year 1 earn-out period was completed in April 2023 and a payment of £1.18m was due to the Sellers based on the Maintainable EBITDA achieved. In accordance with the SPA, 75% of this amount, £0.89m, was paid in August 2023 and £0.29m is deferred to be paid with the Year 2 payment in H1 FY25.
The contingent consideration liability of £1.84m has been assessed at its discounted fair value at 30 September 2023, and includes the £0.29m payment deferred from Year 1. The liability assumes that Truststream achieves its full Maintainable EBITDA target in Year 2.
| Sin auditar | auditado | |
Consideración contingente |
| 30-Sep-23 | 31-Mar-23 |
|
|
|
|
Cantidades adeudadas dentro de un año |
| 000 £ | 000 £ |
Consideración contingente | 1,869 | 806 | |
Valor descontado | (31) | - | |
|
| 1,838 | 806 |
Cantidades adeudadas después de un año | |||
Consideración contingente | - | 1,949 | |
Valor descontado | - | (74) | |
|
| - | 1,875 |
Consideración contingente descontada |
| 1,838 | 2,681 |
12. CAPITAL SOCIAL
Capital social | Número | 000 £ |
Asignado, llamado y pagado en su totalidad | ||
Al 1 de abril de 2022 | 49,419,690 | 494 |
Al 31 de marzo de 2023 | 49,419,690 | 494 |
Issue of share capital - exercise of share options | 2,076,394 | 21 |
Al 30 de septiembre de 2023 | 51,496,084 | 515 |
In May 2023, the Company issued 2,076,394 shares to the CEO, Adam Binks, on the exercise of share options under the 2020 LTIP Scheme. These shares were subsequently repurchased by the Company into Treasury reserves.
13. DISPONIBILIDAD DEL INFORME PROVISIONAL
Copies of this report are available on the Company's website at http://www.sysgroup.com
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