Resultados provisionales
Focusrite plc, the global music and audio products company supplying hardware and software used by professional and amateur musicians and the entertainment industry, today announces its half year results for the six months ended 29 February 2024 ('HY24').
Commenting on the results and outlook, Tim Carroll CEO said:
"Focusrite plc has evolved into a global business, encompassing 13 distinct yet synergistic brands, operating across varied markets. This diversification strategy has proved successful, as seen by the near doubling of revenue from £40 million in HY19, the half-year preceding the global COVID-19 pandemic, to £77 million in the first half of this year. Demand for our flagship Scarlett product range is 50% higher than FY19 levels with end user registrations in line with the previous half year, such that we believe we are continuing to take market share.
The Content Creation division has faced a particular set of challenges in HY24, with both macro-economic weakness and an oversupply in the channel, particularly as we navigate the transition of our Scarlett range from the 3rd al 4th generation. Conversely, our Audio Reproduction division has seen significant growth, bolstered by successful product launches in the previous year and the inclusion of new brands within its portfolio.
Though the industry outlook, particularly for Content Creation, remains tough, we remain encouraged by our product registration data which is comfortably outperforming the market. The sustained robust performance of our expanding Audio Reproduction division offers a positive counterbalance to the ongoing headwinds in Content Creation. With a series of planned product launches in the coming months and a continued emphasis on our strategic growth initiatives, which will lead to a greater weighting of sales in the second half, we remain confident of meeting our full-year expectations."
Métricas financieras clave
HY24 | HY23 | |
|
| |
Ingresos (millones de libras esterlinas) | 76.9 | 86.2 |
Margen bruto | 45.8% | 47.1% |
Equilibrado1 Comparable2 (Millones de libras esterlinas) | 12.1 | 18.1 |
Beneficio operativo (millones de libras esterlinas) | 4.7 | 11.5 |
Equilibrado1 beneficio operativo (millones de libras esterlinas) | 7.5 | 14.2 |
Utilidad básica por acción (p) | 4.2 | 14.4 |
Equilibrado1 utilidad diluida por acción (p) | 7.7 | 18.0 |
Dividendo a cuenta por acción (p) | 2.1 | 2.1 |
Deuda neta3 (Millones de libras esterlinas) | (27.3) | (13.2) |
Aspectos destacados financieros y operativos
· Revenue decreased by 10.9% or 8.4% on an organic constant currency4 (OCC) basis, with ongoing challenges in the Content Creation market, outweighing the strength seen in our Audio Reproduction division.
o Content Creation brands' revenue was down by 19.8% (17.3% on an OCC4 basis) to £54.1 million (HY23: £67.4 million) with Focusrite impacted by an ongoing soft market and oversupply in the sales channel. However, the ADAM brand has shown growth helped by leveraging the Focusrite routes to market.
o Audio Reproduction brands' revenue was up by 21.4% (23.6% on an OCC4 basis) to £22.8 million (HY23: £18.8 million) benefitting from strong end-user demand and an improved supply chain following the acquisition of Linea Research in March 2022.
· Gross margin at 45.8% (HY23: 47.1%) is 1.3% points lower than HY23, but with underlying margins flat and a one-off impact relating to provisions mainly for excess Vocaster stock reducing the reported gross margin. Margins in H2 are predicted to remain broadly stable with the underlying margin achieved in HY24 in H2.
· Equilibrado1 Comparable2 at £12.1 million, down from £18.1 million in HY23, reflecting lower sales, and the excess stock provision within margin, with costs under control and savings offsetting inflationary impacts.
· Operating profit of £4.7 million (HY23: £11.5 million) reflects the reduced EBITDA and increased amortisation from acquisitions and new product launches.
· Deuda neta3 of £27.3 million (HY23: net debt £13.2 million) has increased due to higher working capital levels, with higher stock in Audio Reproduction to support growth and higher debtors in Content Creation both of which are expected to largely reverse in the second half of the year.
· Interim dividend of 2.1 pence, unchanged on HY23.
· Sheriff Technology acquired on 19 December 2023 for cash consideration of £2.3 million (net of cash acquired of £0.1 million) has performed to plan and is contributing positively to the Audio Reproduction division.
· Global end-user registrations for the Scarlett range remain in line with prior year and are 50% higher than pre pandemic levels.
· Launch of 11 new products across the Group.
1 Adjusted for amortisation of acquired intangible assets and other adjusting items detailed in note 4 to the Interim Statement.
2 Comprende ganancias ajustadas por intereses, impuestos, depreciación y amortización.
3 Net debt/cash defined as cash and cash equivalents, overdrafts and amounts drawn against the RCF including the costs of arranging the RCF.
4 Crecimiento orgánico constante de la moneda. Esto se calcula comparando los ingresos del HY24 con los ingresos del HY23 ajustados por los tipos de cambio del HY24 y el impacto de las adquisiciones.
- termina -
Consultas: | |
focorite plc | +44 (0) 1494 462246 |
Tim Carroll (CEO) / Sally McKone (CFO) | |
Investec Bank plc (Asesor designado y asesor conjunto Broker) | +44 0 20 7597 5970 |
David Flin/Edward Knight/William Brinkley | |
Peel Hunt LLP (Junta Broker) | +44 0 20 7418 8900 |
Paul Gillam/Adam Telling | |
Belvedere Communications (relaciones públicas financieras) | +44 0 20 7653 8702 |
John West/Llewellyn Angus/Lily Pearce | |
Notas a los editores
Focusrite plc es un grupo global de productos de audio que desarrolla y comercializa productos de hardware y software patentados. Utilizadas por músicos y profesionales del audio, sus soluciones facilitan la producción de alta calidad de sonido grabado y en vivo. El Grupo Focusrite comercializa bajo trece marcas establecidas: Focusrite, Focusrite Pro, Novation, Ampify, ADAM Audio, Martin Audio, Optimal Audio, Linea Research Sequential, Oberheim, Sonnox, OutBoard y TiMax.
Con una reputación de alta calidad y una rica herencia que abarca décadas, sus marcas son líderes de categoría en las industrias de creación musical y grabación de audio. Focusrite y Focusrite Pro ofrecen interfaces de audio y otros productos para músicos de grabación, productores e instalaciones de audio profesionales. Los productos Novation y Ampify se utilizan en la creación de música electrónica, desde sintetizadores y grooveboxes hasta controladores que dan forma a la industria y aplicaciones inspiradoras para crear música. Los monitores de estudio ADAM Audio se han ganado una reputación mundial basada en la innovación tecnológica en el campo de la tecnología de altavoces de estudio. Martin Audio diseña y fabrica sistemas listos para el rendimiento en todo el espectro de aplicaciones de refuerzo de sonido. Linea diseña, desarrolla, fabrica y vende equipos de audio profesionales innovadores en el mercado mundial. Sequential diseña y fabrica sintetizadores analógicos de alta gama bajo las marcas Sequential y Oberheim. Sonnox es un diseñador líder de complementos de software de procesamiento de audio galardonados, innovadores y de alta calidad para ingenieros de audio profesionales. TiMax se especializa en innovadoras tecnologías de control de espectáculos y audio inmersivo. OutBoard fabrica y vende productos de control de montaje estándar de la industria para eventos en vivo, junto con pruebas de seguridad, preparación y gestión de calidad a nivel empresarial para empresas y lugares de alquiler a nivel mundial.
La Compañía tiene oficinas en cuatro continentes y una base de clientes global con una red de distribución que cubre aproximadamente 240 territorios.
Focusrite plc cotiza en el mercado AIM de la Bolsa de Valores de Londres.
Revisión comercial y operativa
General
Nos complace informar nuestros resultados financieros y el resumen de operaciones correspondientes a los seis meses finalizados el 29 de febrero de 2024. Despite the challenging macroeconomic environment affecting the Content Creation sector at large, demand for the Group's products within our Content Creation and Audio Reproduction divisions remains at levels comfortably surpassing those of the pre-pandemic period. However, despite this, the current adverse macroeconomic conditions and oversupply in the sales channel have necessitated a revision to our original full-year expectations.
Our Content Creation brands experienced a 19.8% revenue decline, yet they continue to demonstrate strong end-user registrations, comparable to last year and a 50% increase over pre-pandemic figures (FY19). Furthermore, various reports on sales rankings1 and market share indicate that our strategic category shares have either been maintained or expanded in the past six months. The Audio Reproduction product portfolio has seen significant growth, bolstered by new product introductions and the addition of Sheriff Technology with the TiMax and OutBoard brands, with a 21.4% revenue increase compared to HY23. Diversifying across these two divisions has proven to be a successful strategy over the past four years, providing stability amid the differing economic pressures each division faces.
Total Group revenue for HY24 declined by 10.9% compared to HY23. On an organic constant currency basis, the Audio Reproduction division grew by 23.6%, while the Content Creation division saw a 17.3% decrease, resulting in an 8.4% drop in overall Group revenue.
The Group's gross margin for HY24 was 45.8% (HY23: 47.1%), with a one-off stock provision relating to the Vocaster range causing the 1.3 percentage point decline from the prior year. Excluding this provision, gross margins have remained in line with HY23. This is despite aggressive promotional campaigns by competitors and a challenging period for the Content Creation business together with increased freight costs across both divisions.
In December 2023, the Group announced that it had acquired Sheriff Technology, a UK-based company specialising in innovative entertainment technologies for a global client base. Operating under two brands, TiMax and OutBoard, Sheriff's products are vital to many professionals in the audiovisual industry, particularly in live performance, event management, and the rapidly expanding sector of immersive sound experiences. This acquisition broadens the Audio Reproduction division's reach to deliver exceptional audio experiences within live environments and the acquired technology will be further integrated into our many diverse offerings for live sound.
Revisión operativa
Our Group's portfolio consists of thirteen leading brands, which are categorised into two divisions, Content Creation and Audio Reproduction.
Content Creation consists of:
o Ingeniería de audio Focusrite (FAEL): Focusrite, Focusrite Pro, Novation y Ampify
o ADAM Audio
o Secuencial: Sequential and Oberheim
o sonnox
La reproducción de audio consta de:
o Martin Audio: Martin Audio, Optimal Audio
o Línea de Investigación: Linea Power amplification
o Sheriff Technologies: OutBoard and TiMax brands
1 See Music Trades Annual Census 2023 and sales rankings on key reseller websites (Thomann and Sweetwater)
Crecimiento informado | Crecimiento de COC1 | | |||
(26.8)% | (23.6)% | ||||
(4.6)% | 0.0% | ||||
11.2% | 15.3% | ||||
(47.7)% | (44.4)% | ||||
2 | 242.2% | 0.0% | |||
(19.8)% | (17.3)% | 136,950 | |||
21.4% | 23.6% | 41,515 | |||
(10.9)% | (8.4)% | 178,465 |
1 Organic constant currency (OCC) growth rate is calculated by comparing HY24 revenue to HY23 revenue adjusted for HY24 exchange rates and the impact of acquisitions
2 Revenue from date of acquisition
Creación de contenidos
Crecimiento informado | Crecimiento de COC1 | | |||
1 Organic constant currency (OCC) growth rate is calculated by comparing HY24 revenue to HY23 revenue adjusted for HY24 exchange rates and the impact of acquisitions
Our Content Creation brands bring best in class audio recording hardware technology, software, electronic music instruments and controllers, and studio reference monitors to content creators at all levels.
Our products are showcased in the finest recording and post-production studios in the world, as well as in the homes of millions of hobbyists and aspiring professionals. During the financial years 2020 and 2021, the pandemic drove unparalleled growth for our Focusrite, Novation, and ADAM brands as individuals sought advanced home content creation and streaming solutions. However, the subsequent period presented numerous hurdles, such as component shortages, price hikes, increased shipping costs, worldwide inflation, and geopolitical tensions, affecting all aspects of recording technology. Despite a stabilisation in prices and availability, these challenges, coupled with a softer macroeconomic landscape, have led to the current excessive inventory levels across various product segments in FY24.
During the HY24, the market's ongoing adjustment to macroeconomic conditions and global inventory rebalancing has continued, with Focusrite and Sequential facing the brunt of the impact. Nevertheless, ADAM and Sonnox have performed as anticipated in line with original expectations. Despite a 19.8% decline in revenue compared to the first half of the previous year, demand from end-users has significantly exceeded pre-pandemic levels, with an average 50% increase in external customer registrations in key product areas compared to the same period in 2019, maintaining consistency with last year's figures.
Geographically, all regions have reported softer than expected results, with our Rest of World region (comprising APAC and Latin America) showing the largest declines compared to the prior year. Our sales into China faced particular challenges due to diminished consumer confidence and consumers choosing, following prolonged lockdowns, to allocate their spending from home-based to outdoor activities.
Our direct to customer E-commerce business, covering all Content Creation brands, but predominantly the Focusrite brand, has grown year over year. It is now over 5% of total Group turnover and is continuing to grow. The Group continues to invest more into this channel as it sees this becoming an increasingly important route to market.
Focusrite Las interfaces de audio, compuestas por nuestras gamas Scarlett, Clarett y Vocaster, son un conjunto de interfaces de audio diseñadas para permitir tanto a principiantes como a profesionales crear audio de la mejor calidad posible. Estos productos son fundamentales para la grabación doméstica y la transmisión de audio.
This past half year, the Group debuted the 4th generation of the lower input/output (IO) Scarletts, those with 1, 2 or 4 inputs (Scarlett Solo, 2i2 and 4i4) interfaces. These new interfaces are a completely re-engineered range, with many new features designed to deliver unprecedented ease of use while offering professional studio level technical specifications. This new range has received numerous accolades from the press and our global channel, including winning the prestigious Sound on Sound annual award for Best Audio Interface.
estos 4th generation Scarletts became available for public sale at the beginning of this fiscal year, coinciding with ongoing efforts alongside our global channel partners to phase out the remaining stock of the 3rd generation models. This overlap was strategic, aiming to cater to our most price-sensitive customers during the Christmas holiday season-a period traditionally known for heightened sales activity. This strategy paid off, yielding a robust sell-through of the 3rd generation stock. Nonetheless, the transition to the 4th generation encountered a slower-than-anticipated uptake and a delay in reorder activity leading to a dampened sales performance in the second quarter, a trend we anticipate may extend into the latter half of the year. However, as the market continues to absorb the remaining 3rd generation inventory, we are observing an encouraging increase in 4th generation sales across all regions, signalling a positive shift in consumer purchasing patterns.
As further evidence of this trend, we track sales to our end user customers through our registration data, with the vast majority of purchases being registered in order to utilise our easy start process and bundle of free software tools. This data reveals that the overall registrations of Scarlett interfaces have closely mirrored those of the previous year over the first six months. This is in stark contrast to industry data, which shows a 10% to 15% decline in this product category overall compared to 2023. Additionally, our registration data verifies that units sold have consistently stayed around 50% above the levels seen in the last pre-pandemic reporting period of FY19, highlighting the enduring appeal and resilience of our products in a fluctuating market.
*FY23 and FY24 lines are close to each other but have different markers
Vocaster sales have followed the industry reported slowdown of new podcasts post-pandemic. As a result the Group has carried more stock than necessary to meet demand and has recently decided to reduce the pricing on Vocaster products to appeal to more entry level users to help move through the balance of overstock carried over the past few years. This has resulted in a one-off inventory provision of just over £1 million in the period.
Clarett, our mid-range interface offering, has performed in line with expectations for the first half and continues to be a sought-after solution for more experienced musicians and recording engineers.
Focusrita Pro offers a suite of solutions for professionals that employ "audio over internet protocol" (AOIP) technology for scale in enterprise solutions, both in live events and in permanent installations such as recording and post-production studios. Some of the most prestigious events across the world, including the US Superbowl and the Grammys utilise our Pro products as the backbone of the audio systems deployed. Additionally, many recording and post-production studios have adopted our products to produce and deliver content in enhanced formats, such as Dolby ATMOS. As noted previously, a wide scale re-engineering effort took place over 2022 and 2023 as a result of the AKM chip factory fire, which curtailed the supply of key components across the industry. The re-engineering of these products was finally completed at the end of 2023 and sales are starting to recover from a long lull due to low product availability.
Nuestra Innovación brand is dedicated to the art of the electronic musician, and offers a range of solutions including groove boxes, controllers, synthesizers and desktop and iOS creation apps. These segments are also seeing overall weaker demand in the market, driven by similar macroeconomic factors referred to above. However, the Group did not have to deal with any material channel destocking issues with Novation, resulting in overall sales of Novation products being down 4.6% versus the prior year, which is slightly ahead of industry-wide levels for this product category.
ADAM Audio, based in Berlin and acquired in July 2019, is a globally recognised brand with a passionate team focused on delivering world-class monitor speakers for audio content creators. ADAM Audio's portfolio of reference monitors encompasses the T-Series, A-Series, and S-Series. The T-Series speakers are award winning reference monitors designed for the home studio market. The A-Series are used in both high-end home studios and professional facilities alike, and the enterprise level S-Series are installed in some of the most prestigious audio production facilities in the world. Both the A-series and S-Series speakers are seeing wide adoption in upgraded facilities to integrate immersive mixing. ADAM has had a strong first half, due to increased market share for the lower priced T-series and the benefits of aligning ADAM with the Focusrite distribution channel in the US.
Secuencial, based in San Francisco, was acquired in April 2021. The Sequential brand is legendary in the industry and is synonymous with iconic analogue synthesizers. It has been at the forefront of electronic music innovation for over 40 years. Additionally, in May 2023, the Group acquired the exclusive rights to another prestigious synthesizer brand, Oberheim, which now operates under the Sequential entity as a separate brand.
The majority of products from Sequential and Oberheim are positioned at the US$3,000 price point and above, catering primarily to aspiring and professional musicians and composers. This segment has faced significant challenges this year, as part of the overall industry decline exacerbated by global cost-of-living pressures, and strong trading in HY23 which included the impact of the launch of the OBX8 synthesizer in the summer of 2022. Despite these challenges, Sequential's more affordably priced products, aimed at home studios and hobbyists, have performed relatively close to initial expectations. Anticipating continued strong demand at these lower price points, we are preparing to launch new products in the second half of the year, aiming to meet the robust demand in this more resilient segment.
Sonnox, based outside of Oxford and acquired in December 2022, creates software plug-ins for audio production. These plug-ins, normally residing inside a DAW (Digital Audio Workstation) allow the user to refine their audio to create professional sounding recordings.
Sonnox had a strong first half, its legacy offerings performing well and augmented by the release of Voca, a vocal enhancement tool, designed for both professionals and home recordists alike. Additionally, the Group has been actively promoting Sonnox solutions to the entire Content Creation userbase, which has also benefitted its performance during the first half.
Reproducción de audio
Crecimiento informado | Crecimiento de COC1 | | |||
5,197 | |||||
8,420 | |||||
5,155 | |||||
18,772 |
1 Organic constant currency (OCC) growth rate is calculated by comparing HY24 revenue to HY23 revenue adjusted for HY24 exchange rates and the impact of acquisitions
The Audio Reproduction brands provide high quality, professional solutions for both permanent installations and live sound events. The Group started its investment in this segment with the acquisition of Martin Audio in December 2019. Since then, the portfolio has grown significantly, both organically and through strategic acquisitions, resulting in a strong lineup of solutions tailored for the touring, theatre, and installation markets. The first half of the year has demonstrated continued growth across these segments, supported by a strong project pipeline which is expected to continue throughout the year.
In December 2023, the division's capabilities were further enhanced by acquiring Sheriff Technology, building on the previous acquisition of Linea Research in March 2022. These strategic moves have strengthened the division's position and expanded the offerings in the dynamic field of audio reproduction and immersive sound.
Martin Audio was founded in 1972 to deliver world class touring systems for the supergroups of the day. The ethos of "Uniting the Audience" has remained core to the company's mission and success. Martin's stature in the market is earned from the extreme detail in its loudspeakers sonic performance, further enhanced through software and digital signal processing (DSP) which allows further shaping and control of the overall sound. When considering Martin's portfolio, the easiest way to think of the various solutions is by how much space needs to be covered (known as throw) to provide an ideal listening experience. Martin offers solutions across its Flexpoint, TORUS, Wavefront Precision, Blackline X and CDD Live ranges to address any size requirement for either a permanent installation or live event.
Audio óptimo, the commercial audio brand, also saw growth year over year as it began shipping completed systems after a period of unavailability due to component shortages late last year.
Línea de Investigación, founded in 2003 and acquired by the Group in 2023, has established itself as a trusted and innovative industry leader in high quality power amplification. Linea Research's portfolio includes integrated digital signal processing, a unique combination of high-quality sound and power that professional installations and events require. Linea Research has integrated well into the wider Group, providing a consistent supply of power amplification technology for Martin Audio's solutions as well as continuing to offer its own product line to a range of OEM customers. Additionally, Linea Research was the proud recipient of a King's Award for innovation this year.
The Group's latest acquisition, Sheriff Technologies, is comprised of two different brands that service the Audio Reproduction market: TiMax and OutBoard. TiMax are pioneers in the rapidly expanding sector of immersive sound experiences, specialising in innovative audio and show control techniques through their SoundHub and TrackerD4 products. These solutions cater to a wide range of applications including entertainment, events, branding, themed environments, and exhibition spaces. Formulated from exhaustive experience of touring and event rigging professionals, OutBoard offers a comprehensive range of compact and robust chain-host motor controllers, alongside enterprise-level safety test, preparation and quality management for global rental companies and venues. Although only acquired in December of this financial year, the Sheriff brands have integrated well and are on track to deliver incremental value to the Group over the long term.
The cumulative impact of the above has led to a 23.6% increase in overall revenue for the Audio Reproduction division on an organic constant currency basis year-over-year. Regionally, there has been strong performance in the APAC and EMEA regions, buoyed by a resurgence in live events across recent festival and tour seasons, alongside numerous permanent installation venues upgrading for new immersive audio experiences. The US region has seen a decline, aligning with industry insights that highlight the effects of cost-of-living increases, political uncertainties due to upcoming elections, and the resumption of student loan payments affecting a significant portion of our target audience. With a strong sales pipeline across all sectors the Group is confident that performance will continue in line with expectations for the second half.
Investigación y desarrollo
R&D remains a cornerstone of our Group's strategy. In this period, the Group launched 11 new products to market as well as a host of software and hardware upgrades. Across many of the Brands, the Group has product introductions scheduled for the second half of this financial year, being a combination of refreshes and new products.
Financial Review,en
General
As referenced above, in a period characterised by challenging market conditions, the Group reported revenues of £76.9 million, a decrease of 10.9% compared to the six months ending on 28 February 2023. When adjusted for organic constant currency ("OCC") effects, the underlying decrease is 8.4%.
El ajustado1 Comparable 2 of £12.1million was 33% lower than in the corresponding period, attributed to reduced sales volumes and gross profits, notably influenced by a one-off stock provision of £1 million associated with our Vocaster product line.
The reported operating profit also saw a reduction to £4.7 million (HY23: £11.5 million) due to similar factors affecting the overall financial performance. Similarly, adjusted1 diluted EPS of 7.7 pence is lower than the prior year's of 18.0 pence.
Estado de resultados
HY24 £ m | HY24 £ m | HY24 £ m | HY23 £ m | HY23 £ m | HY23 £ m | ||
Equilibrado | Ajustar elementos1 | reportado | Equilibrado | Ajustar elementos1 | reportado | ||
Ingresos | 76.9 | - | 76.9 | 86.2 | - | 86.2 | |
El costo de ventas | (41.7) | - | (41.7) | (45.6) | - | (45.6) | |
Beneficio bruto | 35.2 | - | 35.2 | 40.6 | - | 40.6 | |
Gastos generales administrativos | (23.1) | (0.1) | (23.2) | (22.5) | (1.2) | (23.7) | |
Comparable2 | 12.1 | (0.1) | 12.0 |
| 18.1 | (1.2) | 16.9 |
Amortización de activos intangibles | (3.1) | (2.7) | (5.8) | (2.9) | (1.5) | (4.4) | |
Depreciación de activos tangibles | (1.5) | - | (1.5) | (1.0) | (1.0) | ||
Beneficio operativo | 7.5 | (2.8) | 4.7 | 14.2 | (2.7) | 11.5 | |
Gastos financieros netos | (1.3) | - | (1.3) | (0.6) | - | (0.6) | |
Beneficio antes de impuestos | 6.2 | (2.8) | 3.4 | 13.6 | (2.7) | 10.9 | |
Ingreso por gastos de impuesto | (1.6) | 0.7 | (0.9) | (3.0) | 0.6 | (2.4) | |
Beneficio del período | 4.6 | 2.1 | 2.5 | 10.6 | (2.1) | 8.5 | |
|
|
| |||||
Memo: Total administrative expenses | (27.7) | (2.8) | (30.5) | (26.5) | (2.7) | (29.2) | |
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1 Adjusted for amortisation of acquired intangible assets and other adjusting items detailed in note 4 to the Interim Financial Statements
2 Ganancias antes de intereses, impuestos, depreciación y amortización
Análisis de ingresos
HY24 Reportado | Adquisiciones HY242 | HY24 Ajustado | HY23 Reportado | Intercambio HY231 | HY23 Ajustado | Crecimiento informado | Crecimiento de COC1 | |
Focusrite | 29.4 | - | 29.4 | 40.1 | (1.6) | 38.5 | (26.8)% | (23.6)% |
Innovación | 7.9 | - | 7.9 | 8.2 | (0.3) | 7.9 | (4.6)% | 0.0% |
ADÁN | 11.3 | - | 11.3 | 10.2 | (0.4) | 9.8 | 11.2% | 15.3% |
Secuencial | 4.5 | - | 4.5 | 8.6 | (0.5) | 8.2 | (47.7)% | (44.4)% |
sonnox | 1.0 | (0.7) | 0.3 | 0.3 | - | 0.3 | 242.2% | 0.0% |
Creación de contenidos | 54.1 | (0.7) | 53.4 | 67.4 | (2.8) | 64.6 | (19.8)% | (17.3)% |
Reproducción de audio | 22.8 | (0.3) | 22.5 | 18.8 | (0.6) | 18.2 | 21.4% | 23.6% |
Total | 76.9 | (1.0) | 75.9 | 86.2 | (3.4) | 82.8 | (10.9)% | (8.4)% |
1 La tasa de crecimiento de moneda constante orgánica (OCC) se calcula comparando los ingresos del año fiscal 24 con los ingresos del año fiscal 23 ajustados para los tipos de cambio del año fiscal 24 y el impacto de las adquisiciones.
2 Sonnox acquired in December 2022, Sheriff Technologies acquired December 2023
Revenue for the Group declined by 10.9% to £76.9 million (HY23: £86.2 million) which, adjusting for acquisitions and constant currency, represents an organic constant currency (OCC) decline of 8.4%. Sheriff Technology was acquired in December 2023 and contributed £0.3 million of revenue in line with expectation. Sonnox was acquired in December 2022 and contributed £1.0 million in HY23 compared to £0.3 million in the prior period. Currency was a headwind, reducing reported revenue by £3.4 million mainly due to the weakening of the US dollar.
This period has been marked by challenges, especially within the Content Creation division, which saw a decline in revenue not fully counterbalanced by the strength in Audio Reproduction. Specifically, Focusrite witnessed a 26.8% drop compared to HY23 (23.6% on an OCC basis).
This was primarily due to high channel stock levels, despite stable sell-out rates to end users of our key products compared to the previous year and a consistent 50% improvement over pre-pandemic FY19 levels. The planned continuation of lower-cost 3rd generation Scarlett models in the channel, and the strategic decision to offer both generations during a price-sensitive holiday period, helped Focusrite maintain market leadership and compete effectively at lower price points, including offering a $99 product through selected resellers. Initially, this strategy reduced the demand for the newer 4th generation models, with sales now picking up for the newer models as 3rd generation products sell out of the channel. Inventory of the 3rd generation has reduced significantly during the first half of the year, and we expect sales in the second half to be predominantly of the 4th generation. We do not expect markets to improve in the second half, but we expect a greater weighting of sales in this period compared with HY24 due to the introduction of new products later in the year as well as in HY25.
ADAM had a successful first half, with the entry-level T-series seeing strong growth supported by the brand moving to the same route to market in the US as the Focusrite brands. Sequential continues to suffer in a weak market, with higher price point synthesizers being particularly hard hit.
Audio Reproduction continues to perform well with growth supported by stock availability and a range of new product launches in FY23. Growth was particularly strong in APAC, where demand for live and installed sound is benefitting from the bounce back from COVID.
Impacto de la moneda
The US Dollar weakened during the period (with detail of rate movements provided on the following pages). This has resulted in the majority of the £3.4 million negative translation impact on revenue for the Group for HY24 relative to HY23. However, at the profit level the USD effect is mitigated by the purchases of inventory in USD from the manufacturers in China and Malaysia and the Euro effect on profit is largely mitigated by the Group's hedging policy, such that the translation impact between periods is not material.
Beneficio del segmento
La utilidad del segmento se revela con más detalle en la nota 3 de los Estados Financieros Intermedios denominada 'Segmentos Operativos'. Estos segmentos comparan los ingresos de los productos de las marcas relevantes con los costos directamente atribuibles para generar ganancias del segmento.
Gross Profit Analysis
Gastos administrativos
EBITDA ajustado
depreciación y amortización
Depreciation is charged on tangible fixed assets on a straight-line basis over the assets' estimated useful lives, normally ranging between two and five years.
Amortisation is mainly charged on capitalised development costs, writing-off the development cost over the life of the resultant product. The life spans of the products vary across our brands, from three years for Focusrite and Novation, up to eleven years for Martin Audio and fifteen for Sequential. Across the Group, £4.5 million of development costs were capitalised (HY23: £4.3 million) and the amortisation of capitalised development costs was £3.1 million (HY23: £2.3 million). This increase was due to the acceleration of £0.8 million of amortisation on capitalised development costs relating to the Vocaster range, £0.5m of which would have been amortised in the second half of this year. Further details are shown in note 8, with disclosure to highlight the movement from technology, products and patents in development to those now in use.
The amortisation of the acquired intangible assets totalled £2.7 million during the period (HY23: £1.5 million) and has been disclosed within adjusting items. The prior year amount included a reversal of £1.0 million due to the impact of an amendment to our accounting policy relating to the commencement of amortisation of acquired intangibles under development. Adjusting for this the underlying increase in amortisation of acquired intangibles is £0.2 million and relates to the full period impact of Sonnox, acquired in FY23 and the commencement of amortisation relating to Sheriff Technology.
Ajustar elementos
In HY24 adjusting items totalled £0.1 million (HY23 £1.2 million), comprising £0.1 million which related to the due diligence costs for the acquisition of Sheriff Technology that was completed on 19 December 2023. £2.7 million related to amortisation of acquired intangible assets is also shown as an adjusting item.
In HY23, the adjusting items of £1.2 million included £0.3 million which related to the due diligence costs for the acquisition of Sonnox that was completed on 19 December 2022, £0.5 million related to earn-outs put in place after the acquisitions of Sequential and Linea Research in prior years y £0.4 million related to restructuring activities in the half year. £1.5 million related to amortisation of acquired intangible assets was also disclosed as an adjusting item.
Cambio de divisas y cobertura
Los tipos de cambio fueron los siguientes:
Los tipos de cambio | HY24 | HY23 | FY23 |
Normal |
| ||
USD: GBP | 1.25 | 1.19 | 1.21 |
EUR:GBP | 1.16 | 1.15 | 1.15 |
| |||
Fin del período |
| ||
USD: GBP | 1.26 | 1.21 | 1.16 |
EUR:GBP | 1.17 | 1.14 | 1.16 |
The average USD rate has weakened to $1.25 for HY24 (HY23: $1.19). The USD accounts for over half of Group revenue but nearly all of the cost of sales, so there is a useful natural hedge.
El Grupo celebra contratos a plazo para convertir euros a libras esterlinas. La política adoptada por el Grupo es cubrir aproximadamente el 75% de los flujos de euros para el ejercicio actual (año que finaliza en agosto de 2024) y aproximadamente el 50% de los flujos de euros para el siguiente ejercicio financiero (año que finaliza en agosto de 2025).
In HY24, approximately three-quarters of Euro flows were hedged at €1.12, and the average transaction rate was €1.16, thereby creating a blended exchange rate of approximately €1.14. In HY23, the equivalent hedging contracts were at €1.17, versus the transactional rate of €1.15 so creating a blended exchange rate of €1.16. Hedge accounting is used, meaning that the hedging contracts have been matched to income flows and, providing the hedging contracts remain effective, movements in fair value are shown in a hedging reserve in the balance sheet, until the hedge transaction occurs.
impuesto de sociedades
The effective tax rate for the period has increased to 27.7% (HY23: 22.4%). This is largely due to the increases in the UK corporate tax rate from 19% to 25% in April 2023. In addition, there has been a prior year adjustment which has increased the tax rate relating to the reduction in patent box claims in the prior year. The effective tax rate excluding the prior year adjustments is 23.5%. The headline effective tax rate is expected to return to the UK corporate tax rate in future years.
Beneficio por acción ('EPS')
El EPS básico para el Medio año fue 4.2 pence, DE INSCRIPCIÓN 71% en 14.4 peniques en HY23. Esta disminuir tiene en gran medida resultado de the change in reported profit after tax, which was impacted by lower EBITDA and increased amortisation due to the accelerated amortisation relating to Vocaster and the higher tax charge noted above. The weighted average number of shares used for the calculation has increased ligeramente en comparación con el año anterior at 58,872,000 las acciones (HY23: 58,494,000 Comparte). La medida más comparable, excluyendo el ajuste e incluyendo el efecto dilutivo de las opciones sobre acciones, es el EPS diluido ajustado. Este disminuird a 7.7 penique, de 18.0 peniques en HY23, disminuir of 57%.
HY24 | HY23 | FY23 | |
Pence | Pence | Pence | |
Basic | 4.2 | 14.4 | 30.4 |
Diluido | 4.1 | 14.3 | 30.2 |
Básico ajustado | 7.8 | 18.2 | 38.7 |
Diluido ajustado | 7.7 | 18.0 | 38.4 |
Hoja de balance
HY24 | HY23 | FY23 | |
£ m | £ m | £ m | |
Activos no corrientes | 98.9 | 95.2 | 95.9 |
Activos circulantes |
| ||
Los inventarios | 55.3 | 50.7 | 55.3 |
Cuentas comerciales y otras cuentas por cobrar | 37.5 | 27.5 | 33.4 |
efectivo | 8.9 | 13.5 | 26.8 |
| |||
Pasivo circulante |
| ||
Acreedores comerciales, otras cuentas a pagar y provisiones | (30.2) | (30.3) | (45.4) |
Préstamo bancario o sobregiro | (36.2) | (26.8) | (28.1) |
Pasivos no corrientes |
| ||
Impuesto diferido | (10.3) | (10.6) | (10.8) |
Otros pasivos no corrientes | (5.6) | (8.6) | (8.1) |
Activos netos | 118.3 | 110.6 | 118.5 |
| |||
Capital de trabajo1 | 62.6 | 47.9 | 42.8 |
1 El capital de trabajo se define como Inventarios más cuentas comerciales y otras cuentas por cobrar menos cuentas comerciales y otras cuentas por pagar y provisiones.
Activos no corrientes
Los activos no corrientes comprenden: fondo de comercio, marcas, patentes y costes de desarrollo capitalizados; propiedad, planta y equipo; y software
The goodwill totals £16.9 million (HY23: £16.4 million). The increase is due to the addition of Sheriff Technology at £0.7 million, together with foreign exchange movements on the existing items.
The total cost of the brands is £25.7 million (HY23: £26.4 million). The majority of brands are being amortised over 10 and 15 years with Martin over 20 years. At 29 February 2024 the brands had carrying value, net of amortisation, of £19.2 million compared to £21.6 million as at 28 February 2023.
Acquired technology and patent costs comprise developments now in use and brought into the Group as part of an acquisition. These are amortised over similar periods to internally generated assets and as at 29 February 2024 comprised £37.3 million at cost, increasing by £2.0 million due to the acquisition of Sheriff Technology. The net book value of these assets at the period end was £24.9 million (FY23: £24.2 million).
The internally generated technology and patent costs comprise capitalised research and development costs for products currently in use. The amortisation periods range from three years to fifteen years depending on the expected life of the products. The shorter amortisation periods are more usual for Focusrite and Novation products and the longer periods for the ADAM Audio monitors, Martin Audio live speakers and Sequential synthesisers. Los costos capitalizados de tecnología y patentes al 29 de febrero de 2024 tenían un valor en libros, neto de amortización, de £10.7 millones (HY23: £9.2 millones).
En mayúscula tecnología y patente costos aún en desarrollo comprise acquired and internally generated technology and patent costs for products currently still in development. The cost of these items has increased from £8.5 million at 1 September 2023 to £9.4 million as at 29 February 2024, as a result of our £2.8 million ongoing investment in new products, net of the transfer of £2.0 million of costs to products now in use.
En general, la amortización de los activos intangibles asciende a EUR 5.8 millones (HY23: £ 4.4 millones). Se divide entre la amortización de activos intangibles adquiridos como parte de las adquisiciones de EUR 2.7 millones (HY23: £1.5 millones), y otras amortizaciones de EUR 3.1 millones (HY23: £2.9 million). This has increased due to the accelerated amortisation relating to Vocaster of £0.8m, £0.5m of which would have been included in H2. The amortisation of acquired intangible assets has been treated as an adjusting item. The difference in the period between ongoing amortisation of development costs and capitalised development costs is £1.4 million (HY23: £2.0 million).
Con base en las previsiones comerciales y de gestión actuales, hemos llevado a cabo revisiones de deterioro para aquellas subsidiarias afectadas por mercados difíciles sin que se considere necesario ningún deterioro del valor en libros de los activos intangibles. Esto se reevaluará al final del año en busca de evidencia de una disminución permanente de su valor.
The remaining £6.0 million net book value of intangible assets (HY23: £3.0 million) is in respect of software and trademarks. This has increased due to the further stage payments relating to investment in licencing and acquired technology to enhance our future product functionality.
Tangible non-current assets consist mainly of right of use assets relating to the Group's leased offices and warehouses, and tooling equipment for the manufacture of products. This has increased since February 2023 due to inception of a new lease and fit out costs as Focusrite has moved to a new headquarters in High Wycombe.
Análisis de capital de trabajo
As of 29 February 2024, working capital represented 37.0% of the last 12 months' revenue, a significant increase from 27.0% in the comparable period of the previous year (HY23). This uptick in working capital at the half-year can be attributed to several factors.
Inventory Increase in Audio Reproduction: A notable inventory buildup occurred within the Audio Reproduction segment, particularly for Linea Research. This increase was strategic, aimed at supporting growth and ensuring a stable component supply amidst industry-wide shortages. This inventory expansion is anticipated to reverse in the latter half of the year as the stock is deployed to meet the demands of the current order book.
Rise in Debtors: There has been a £4.7 million increase in debtors since the end of the previous fiscal year, which included significant balances from the sell-in to the sales channel for holiday season. This increase primarily stems from a delayed payment from a significant US customer, in accordance with a distribution agreement that postpones payments until the distributor's stock levels decrease. This situation is anticipated to improve significantly in the second half of the year as we actively manage and reduce stock levels with our distribution partners.
Creditor Payments: There has been a £17.4 million outflow in H1, relating to seasonal payments for stock purchased for the winter holiday season. This is usually offset by large debtor inflows which have been delayed this year as noted above. Consistent with our financial management practices, we have continued to pay creditors promptly and efficiently. There have been no significant changes in this area, underscoring our commitment to maintaining strong relationships with our suppliers.
Stock Levels and Scarlett Transition: Stock levels have remained elevated, particularly due to managing the transition within the Scarlett range. We expect a significant reduction as we streamline the stock position with our distribution partners.
Overall, the increase in working capital in HY24 is viewed as a temporary phase. We anticipate a significant improvement in the second half of the year as the actions outlined above take effect.
Análisis de flujo de caja
HY24 | HY23 | FY23 | |
£ m | £ m | £ m | |
Efectivo y equivalentes de efectivo al inicio del año | 26.8 | 12.8 | 12.8 |
Movimientos de divisas | (0.2) | 0.1 | (1.0) |
Efectivo y equivalentes de efectivo al final del año | 8.9 | 13.5 | 26.8 |
Net(decrease)/ increase in cash and cash equivalents (per Cash Flow Statement) | (17.7) | 0.6 | 15.0 |
cambio de prestamo bancario | (8.1) | (13.7) | (15.2) |
Incremento de la deuda neta | (25.8) | (13.1) | (0.2) |
Sumar nuevamente el dividendo de capital pagado | 2.6 | 2.4 | 3.6 |
Sumar la adquisición de la subsidiaria (neta del efectivo adquirido) | 2.3 | 7.2 | 7.2 |
Efectivo libre (salida) / entrada | (20.9) | (3.5) | 10.6 |
Agregar elementos no subyacentes (salida de efectivo) | 0.1 | 1.2 | 1.7 |
Underlying free cash (outflow)/inflow 1 | (20.8) | (2.3) | 12.3 |
1Definido como flujo de caja antes de dividendos de capital, adquisición de subsidiaria (neto de efectivo adquirido) y partidas de ajuste.
The underlying free cash outflow in HY24 was £20.8 million, compared to a cash outflow of £2.3 million in HY23. We expect underlying free cashflow for FY24 to be a small outflow, with the temporary impacts on working capital outlined above expected to largely reverse in the second half of the year. The Group remains inherently cash generative, and the aim is to return to the historic norm of strong free cashflow generation in future years.
Free cash outflow in HY24 is £20.9 million compared to cash outflow of £3.5 million in HY23 and is impacted by similar issues as underlying free cashflow. In the current first half year adjusting items relate to the due diligence costs of the acquisition of Sheriff Technology as outlined in Note 4 to the Interim Financial Statements. In the prior year they related to payment of the of the Sequential earn out and the due diligence costs relating to the acquisition of Sonnox.
The net debt balance at the period end was £27.3 million (HY23: net debt of £13.2 million and FY23: net debt of £1.3 million). The net debt includes the arrangement fee for the revolving credit facility (RCF) of £0.6 million which is being amortised across the period of the facility. The increase in net debt since the beginning of HY24 principally reflects the increase in working capital noted above and the acquisition of Sheriff Technology for £2.3 million in December 2023. The Group has a £50 million RCF facility split evenly between HSBC and NatWest which was renewed in September 2023 and is due to expire at September 2028, with an optional one year extension, together with an uncommitted facility for a further £50 million. As at the balance sheet date £36.2 million was drawn down from the facility (HY23: £26.9 million, FY23 £26.8 million).
Dividendo
The Board has approved an interim dividend of 2.1p (HY23: 2.1p) which is in line with the previous year, despite the reduction in profits and reflects the Board's confidence in the future profit and cash generation prospects of the Group.
Resumen y Outlook
Focusrite plc has evolved into a global business, encompassing 13 distinct yet synergistic brands, operating across varied markets. This diversification strategy has proved successful, as seen by the near-doubling of Group revenue from £40 million in HY19, the half-year preceding the global COVID-19 pandemic, to £77 million in the first half of this year. Demand for our flagship Scarlett product range is 50% higher than FY19 levels with end user registrations in line with the previous half year, such that we believe we are continuing to take market share.
The Content Creation division has faced a particular set of challenges in HY24, with both macro-economic weakness and an oversupply in the channel, particularly as we navigate the transition of our Scarlett range from the 3rd al 4th generation. Conversely, our Audio Reproduction division has seen significant growth, bolstered by successful product launches in the previous year and the inclusion of new brands within its portfolio.
Though the industry outlook, particularly for Content Creation, remains tough, we remain encouraged by our product registration data which is comfortably outperforming the market. The sustained robust performance of our expanding Audio Reproduction division offers a positive counterbalance to the ongoing headwinds in Content Creation. With a series of planned product launches in the coming months and a continued emphasis on our strategic growth initiatives, which will lead to a greater weighting of sales in the second half, we remain confident of meeting our full-year expectations.
Riesgos e incertidumbres
La Junta ha considerado los principales riesgos e incertidumbres presentados en el Informe Anual de 2023 y ha determinado que, en términos generales, siguen siendo relevantes para el resto de este año financiero, con las actualizaciones que se detallan a continuación. Dichos riesgos e incertidumbres podrían tener un impacto material en el desempeño del Grupo, aunque no se espera que causen que los resultados reales del Grupo difieran materialmente de los resultados esperados.
ESG y nuestra estrategia de sostenibilidad
Our aim is to become industry leaders in environmental sustainability. Alongside our 2023 Annual Report we also published our first Environment and Climate Report, providing a deep dive into our climate-related risks and opportunities identified as part of the UK's Climate-related Financial Disclosures (CFD) framework. In the year to date since publication, we do not expect to see any significant shifts in risk levels, with Climate Change broadly a low-medium risk to the Group in the short term (up to 2030). More information about our CFD report can be seen across pages 16-35 of our 2023 Environment and Climate Report.
In the first half of this year, we have made good progress incorporating more recycled materials into our products, with Martin Audio making notable progress switching an initial set of 10 products across to recycled plastic to be completed by the end of this financial year, with more to follow subsequently.
We are also pleased to share that we have submitted our commitment letter to the Science Based Targets Initiative, starting our 24-month target setting process to define Near-term and Net Zero targets for the Group.
Macro-economic/Geopolitical conditions
Developments in politics, laws and regulations affect our supply chains and operations. Currently many countries are facing economic and fiscal challenges and growing pressure on cost-of-living standards, though these have started to ease somewhat in recent months. These issues impact our business as governments, in response to political and social pressures, pursue policies that could have a material adverse effect on our operations and subsequently our earnings, cash flows and financial condition.
The world continues to face geopolitical instability. The broader consequences of the conflict in Gaza remain uncertain and a wider regional escalation could have greater impacts on our operations.
We continually monitor geopolitical developments and societal issues relevant to our interests. With regard to the current threat to the Red Sea shipping route, we have made adjustments to our freight paths to reduce our exposure and are closely monitoring the risk of a wider regional escalation.
Inflación de costos
Cost inflation continues to be widely reported and remains prevalent in most of our major markets, although easing somewhat in recent months. Indications of how cost inflation is impacting the discretionary income available to customers has been felt across all industries and revenue growth has been impacted by macro-economic uncertainty. By remaining competitive in the market and offering premium and desirable products we aim to mitigate this by continuing to be the first choice for customers.
The Group's customers continue to operate in a range of different sectors which reduces the risk of a downturn in a particular sector. As a global Group we operate in different countries and therefore are less exposed if particular countries are impacted.
Declaraciones a futuro
Los riesgos e incertidumbres que enfrenta el Grupo se informaron detalladamente en el Informe Anual de 2023 y son monitoreados de cerca por el Grupo. No se puede confiar en las declaraciones prospectivas de este Informe semestral de 2024 como garantía o predicción del desempeño futuro. Nosotros, como todos los negocios, seguimos enfrentando riesgos, incertidumbres y otros factores conocidos y desconocidos, muchos de los cuales están fuera de nuestro control, lo que puede significar que nuestros resultados reales difieran de los expresados en este informe del primer semestre.
Estado de resultados condensado consolidado
Por los seis meses terminados el 29 de febrero de 2024
76,884 | ||||
(41,683) | ||||
35,201 | ||||
(30,544) | (29,163) | |||
12,098 | ||||
(4,609) | (3,858) | |||
(2,734) | (1,504) | |||
(98) | ||||
4,657 | ||||
83 | ||||
(1,318) | ||||
3,422 | ||||
(949) | ||||
2,473 | ||||
4.2 | 14.4 | |||
4.1 | 14.3 |
Estado consolidado condensado de otros resultados integrales
Por los seis meses terminados el 29 de febrero de 2024
| |||||||
(77) | (999) | ||||||
(190) | 194 | ||||||
- | - | ||||||
47 | (38) | ||||||
2,253 | 7,606 | ||||||
2,253 | 7,606 | ||||||
Estado consolidado condensado de situación financiera
16,888 | 16,377 | ||||
70,169 | 67,909 | ||||
11,375 | 10,865 | ||||
452 | - | ||||
98,884 | 95,151 | ||||
55,298 | 50,681 | ||||
37,186 | 27,470 | ||||
301 | - | ||||
8,924 | 13,527 | ||||
101,709 | 91,678 | ||||
(25,299) | (26,451) | ||||
(956) | |||||
(2,681) | (990) | ||||
(1,270) | |||||
(36,228) | |||||
- | (99) | ||||
(66,434) | (57,075) | ||||
35,275 | 34,603 | ||||
134,159 | 129,754 | ||||
(10,213) | (10,561) | ||||
(5,639) | (8,550) | ||||
(15,852) | |||||
(82,286) | (76,186) | ||||
118,307 | 110,643 | ||||
59 | |||||
115 | 115 | ||||
14,595 | 14,595 | ||||
(13,147) | (13,147) | ||||
(2,834) | (2,014) | ||||
301 | (99) | ||||
(1) | (1) | ||||
119,219 | 111,135 | ||||
118,307 | 110,643 | ||||
118,307 | 110,643 |
Estados de Cambios en el Patrimonio Neto Consolidados Resumidos
59 | 115 | 14,595 | (13,147) | (2,757) | 491 | (1) | 119,097 | 118,452 | |
2,473 | 2,473 | ||||||||
|
|
|
| (77) | (190) |
| 47 | (220) | |
ingresos/(gastos) del periodo | - | - | - | - | (77) | (190) | - | 2,520 | 2,253 |
Deducción de impuestos diferidos de pago basado en acciones en exceso del gasto de remuneración | (81) | ||||||||
Acciones de EBT ejercidas | 22 | 22 | |||||||
Pagos basados en acciones | 192 | 192 | |||||||
Acciones retenidas para liquidar las obligaciones tributarias de los empleados asociadas con los pagos basados en acciones | (105) | ||||||||
Prima sobre acciones otorgadas en lugar de bonificaciones | 212 | 212 | |||||||
Dividendos pagados | (2,638) | (2,638) | |||||||
Saldo al 29 de febrero de 2024 | 59 | 115 | 14,595 | (13,147) | (2,834) | 301 | (1) | 119,219 | 118,307 |
Estados de Cambios en el Patrimonio Neto Consolidados Resumidos (Continuación)
(12) | |||||||||
25 | |||||||||
556 | 556 | ||||||||
(341) | (341) | ||||||||
(185) | (185) | ||||||||
106 | 106 | ||||||||
(2,428) | (2,428) | ||||||||
59 | 115 | 14,595 | (13,147) | (2,014) | (99) | (1) | 111,135 | 110,643 |
Estados de Cambios en el Patrimonio Neto Consolidados Resumidos (Continuación)
Estado de flujo de efectivo consolidado
| ||||
2,473 | 8,449 | |||
949 | 2,434 | |||
1,235 | 578 | |||
- | ||||
- | 27 | |||
5,824 | 4,389 | |||
1,516 | 1,085 | |||
(43) | (377) | |||
192 | (341) | |||
12,146 | 16,244 | |||
(4,703) | 1,315 | |||
331 | (2,341) | |||
(17,362) | (9,421) | |||
(9,588) | 5,797 | |||
(1,250) | (636) | |||
(1,368) | (915) | |||
(95) | ||||
(12,301) | ||||
(398) | (1,078) | |||
(2,524) | (1,079) | |||
(5,094) | (4,296) | |||
- | - | |||
(2,276) | (7,153) | |||
(10,292) | (13,606) | |||
8,136 | ||||
- | ||||
(616) | ||||
(2,638) | ||||
4,882 | ||||
635 | ||||
26,787 | ||||
(152) | ||||
8,924 |
Notas a los estados financieros intermedios consolidados condensados
1. Basis of preparation and significant accounting policies
Declaración de cumplimiento
.
Políticas contables importantes
1.1 Base de consolidación
Los estados financieros consolidados comprenden los estados financieros de la Sociedad y subsidiarias controladas por la Sociedad elaborados hasta el 29 de febrero de 2024.
1.2 Subsidiaries
Las subsidiarias son entidades controladas por el Grupo. Existe control cuando el Grupo tiene el poder de gobernar las políticas financieras y operativas de una entidad para obtener beneficios de sus actividades. Al evaluar el control, el Grupo toma en consideración los derechos de voto potenciales que son actualmente ejercitables. La fecha de adquisición es la fecha en la que se transfiere el control al adquirente. Los estados financieros de las subsidiarias se incluyen en los estados financieros consolidados desde la fecha en que comienza el control hasta la fecha en que cesa el control.
1.3 Empresa en marcha
·
·
·
·
The Directors have modelled severe but plausible downside scenarios of the risks identified above. This model assumes that purchases of stock would, in time, reduce to reflect reduced sales, if they occurred. The Group would also respond to a revenue shortfall by taking reasonable steps to reduce overheads within its control. In these scenarios, the Group would be expected to remain well within the terms of its loan facility with the leverage covenant (net debt to adjusted EBITDA) in the period not exceeding the maximum of 2.5x.
Separately, as a reverse stress test, the Directors estimate that if the Group were to experience a shortfall in revenue of greater than 25% than the current expectations permanently from the start of the forecast period, leverage could rise to the upper limits allowed by the banking covenants by April 2025. This scenario includes consequential reductions in the purchases of stock and dividends. However, the Directors' view is that any scenario of a revenue shortfall of greater than the severe yet plausible scenario above is not realistic. In practice, the Group's revenue levels are lower than the prior period but consumer registrations and underlying end-user customer demand remain stable. During the second half of the year the Group expects to see cashflows improve, and net debt has now reduced from a net debt position of £27.3 million reported at the end of H1 to approximately net debt of £25.1 million at 22 April 2024.
Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
1.4 Beneficio por acción
El Grupo presenta datos básicos y diluidos de ganancias por acción ('EPS') para sus acciones ordinarias. La UPA básica se calcula dividiendo la utilidad atribuible a los accionistas ordinarios entre el número promedio ponderado de acciones ordinarias en circulación durante el período. Para las UPA diluidas, el número medio ponderado de acciones ordinarias se ajusta por el efecto dilutivo de las acciones ordinarias potenciales derivadas del ejercicio de las opciones sobre acciones concedidas.
1.5 Estimaciones y juicios contables
En aplicación de las políticas contables del Grupo, se requiere que los Administradores realicen juicios, estimaciones y supuestos sobre los importes en libros de los activos y pasivos que no son fácilmente evidentes a partir de otras fuentes. Las estimaciones y supuestos asociados se basan en la experiencia histórica y otros factores que se consideran relevantes. Los resultados reales pueden diferir de estas estimaciones.
En la preparación de estos estados financieros intermedios resumidos consolidados, los juicios significativos realizados por los Administradores al aplicar las políticas contables del Grupo y las principales fuentes de incertidumbre en la estimación fueron los mismos que se aplicaron a los estados financieros del Grupo para el ejercicio finalizado el 31 de agosto de 2023.
1.6 Monedas extranjeras
Los estados financieros individuales de cada subsidiaria se presentan en la moneda del entorno económico principal en el que opera (su moneda funcional). La libra esterlina es la moneda funcional predominante del Grupo y la moneda de presentación de la información financiera consolidada.
En la preparación de los estados financieros de las empresas individuales, las transacciones en monedas distintas a la moneda funcional de la entidad (monedas extranjeras) se reconocen a los tipos de cambio vigentes en las fechas de las transacciones. En la fecha de cada balance general, los activos y pasivos monetarios que están denominados en moneda extranjera se reconvierten a las tasas vigentes en esa fecha. Las partidas no monetarias registradas a valor razonable que están denominadas en moneda extranjera se convierten a las tasas vigentes en la fecha en que se determinó el valor razonable. Las partidas no monetarias que se miden en términos de costo histórico en una moneda extranjera no se vuelven a convertir.
Las diferencias de cambio se reconocen en los resultados del período en que surgen. Las diferencias de cambio sobre los ingresos se reconocen dentro de los ingresos. Las excepciones a esto son las siguientes:
· Diferencias de cambio en transacciones celebradas para cubrir ciertos riesgos de tipo de cambio (ver a continuación en coberturas de flujo de efectivo/instrumentos financieros); y
· A efectos de la presentación de información financiera consolidada, las diferencias de cambio sobre partidas monetarias a cobrar o a pagar a un negocio en el extranjero cuya liquidación no está prevista ni es probable que se produzca (por lo que forman parte de la inversión neta en el negocio en el extranjero), que se reconocen inicialmente en otros resultados integrales y reclasificados de patrimonio a resultados en la disposición o disposición parcial de la inversión neta.
A los efectos de la presentación de información financiera consolidada, los activos y pasivos de las operaciones en el extranjero del Grupo se convierten a los tipos de cambio vigentes en la fecha del balance. Las partidas de ingresos y gastos se convierten a los tipos de cambio promedio del período, a menos que los tipos de cambio fluctúen significativamente durante ese período, en cuyo caso se utilizan los tipos de cambio a la fecha de las transacciones. Las diferencias de cambio que surjan, en su caso, se reconocen en la cuenta de pérdidas y ganancias.
1.7 La contabilidad de cobertura
El Grupo ha adoptado la contabilidad de coberturas para las transacciones que califican. Los derivados se reconocen inicialmente a su valor razonable en la fecha en que se celebra un contrato de derivados y posteriormente se vuelven a medir a su valor razonable en la fecha de cada balance general. La ganancia o pérdida resultante se reconoce en resultados inmediatamente a menos que el derivado se designe y sea efectivo como instrumento de cobertura, en cuyo caso el momento del reconocimiento en resultados depende de la naturaleza de la relación de cobertura. El Grupo designa determinados derivados como coberturas del valor razonable de activos o pasivos reconocidos de compromisos en firme (coberturas de valor razonable), coberturas de transacciones previstas altamente probables o coberturas del riesgo de tipo de cambio de compromisos en firme (coberturas de flujos de efectivo), o coberturas de inversiones netas en operaciones en el extranjero.
Coberturas de flujo de efectivo
Cuando un instrumento financiero derivado se designa como cobertura de la variabilidad en los flujos de efectivo de un activo o pasivo reconocido, o de una transacción prevista altamente probable, la parte efectiva de cualquier ganancia o pérdida del instrumento financiero derivado se reconoce directamente en la reserva de cobertura. . Cualquier porción inefectiva de la cobertura se reconoce inmediatamente en el estado de resultados.
When the forecast transaction subsequently results in the recognition of a non-financial item, the associated cumulative gain or loss is removed from the hedging reserve and is included in the initial carrying amount of the non-financial asset or liability. For all other hedged forecast transactions, the associated cumulative gain or loss is removed from equity and recognised in the income statement in the same period during which the hedged expected future cash flows affects profit or loss.
Cuando el instrumento de cobertura se vende, vence, se rescinde o se ejerce, o la entidad revoca la designación de la relación de cobertura pero aún se espera que ocurra la transacción prevista cubierta, la ganancia o pérdida acumulada en ese momento permanece en el patrimonio y se reconoce de acuerdo con con la política anterior cuando se produzca la transacción. Si ya no se espera que se produzca la transacción cubierta, la ganancia o pérdida acumulada no realizada reconocida en el patrimonio neto se reconoce en el estado de resultados inmediatamente.
1.8 Alternative Performance Measures (APMs) and Adjusting items
El Grupo ha revelado ciertas medidas alternativas de rendimiento ('APM') dentro de estos resultados provisionales. Las APM presentadas se utilizan en conversaciones con el Directorio, la gerencia y los inversionistas para ayudar a comprender el desempeño del Grupo. El Grupo considera que la presentación de APM permite una mejor comprensión del desempeño comercial del Grupo. El Grupo considera que el término 'Ajustado' junto con una categoría de elementos de ajuste, proporciona una visión útil del desempeño comercial en curso del Grupo.
Por lo tanto, los resultados ajustados excluirán ciertos costos importantes, como la amortización de intangibles adquiridos, junto con algunos costos y beneficios no recurrentes y, por lo tanto, no deben considerarse como una imagen completa del desempeño financiero del Grupo.
Las partidas de ajuste son aquellas partidas que son inusuales debido a su tamaño, naturaleza o incidencia, y se aplican consistentemente año tras año. Los Administradores consideran que estas partidas deben identificarse por separado dentro de su correspondiente categoría en la cuenta de resultados para permitir la plena comprensión de los resultados del Grupo. Los elementos incluidos son los costos de adquisición, las ganancias pagaderas a los empleados de los negocios adquiridos, la venta de la marca registrada (solo en HY23) y los costos de reestructuración, junto con la amortización de los activos intangibles adquiridos.
Las siguientes APM se han utilizado en estos resultados financieros:
· Crecimiento orgánico constante de la moneda: esto se calcula comparando los ingresos del período actual con los ingresos del período anterior ajustados por los tipos de cambio del período actual y el impacto de las adquisiciones, que se muestran en la Revisión financiera.
· EBITDA ajustado: comprende ganancias (beneficio operativo) ajustadas por intereses, impuestos, depreciación, amortización y partidas de ajuste. Esto se muestra en el frente del estado de resultados.
· Adjusted operating profit - operating profit adjusted for adjusting items. See reconciliation following
· Adjusted earnings per share ('EPS') - earnings per share excluding adjusting items. See reconciliation siguiendo
· Free cash flow - net increase/(decrease) in cash and cash equivalents excluding net cash used acquisitions, movements on the bank loan and dividends paid. See reconciliation siguiendo
· Underlying free cash flow - as free cash flow but adding back adjusting items. See reconciliation siguiendo
· Net debt - comprised of cash and cash equivalents, overdrafts and amounts drawn against the RCF including the costs of arranging the RCF. See reconciliation siguiendo
Conciliación de medidas de desempeño alternativas con medidas reglamentarias informadas
EBITDA ajustado 000 £ | Beneficio operativo ajustado 000 £ | EPS diluido ajustado 000 £ | EBITDA ajustado 000 £ | Beneficio operativo ajustado 000 £ | EPS diluido ajustado 000 £ | |
Beneficio operativo reportado | 4,657 | 4,657 | 11,461 | 11,461 | ||
Beneficio declarado después de impuestos | 2,474 | 8,449 | ||||
Agregar hacia atrás / (deducir): | ||||||
Depreciación y amortización subyacentes | 4,609 | 3,858 | - | - | ||
Amortización de intangibles adquiridos | 2,734 | 2,734 | 2,734 | 1,504 | 1,504 | 1,504 |
Costo de adquisición | 98 | 98 | 98 | 328 | 328 | 328 |
Ganancia en relación con la adquisición | - | - | - | 523 | 523 | 523 |
Reestructuración | - | - | - | 379 | 379 | 379 |
Impuesto sobre el ajuste de artículos | (708) | - | - | (565) | ||
Equilibrado | 12,098 | 7,489 | 4,598 | 18,053 | 14,195 | 10,618 |
Número medio ponderado del total de acciones ordinarias, incluido el efecto dilutivo | 59,749 | 58,935 | ||||
EPS diluido ajustado (p) | 7.7 | 18.0 | ||||
Equilibrado Comparable 000 £ | Equilibrado Beneficio operativo 000 £ |
Equilibrado EPS diluido 000 £ | ||||
Beneficio operativo reportado | 24,343 | 24,343 | ||||
Beneficio declarado después de impuestos | 17,797 | |||||
Agregar (restar): | ||||||
Depreciación y amortización subyacentes | 8,087 | - | - | |||
Amortización de intangibles adquiridos | 4,451 | 4,451 | 4,451 | |||
Costo de adquisición | 367 | 367 | 367 | |||
Ganancia en relación con la adquisición | 786 | 786 | 786 | |||
Reestructuración | 534 | 534 | 534 | |||
Impuesto sobre el ajuste de artículos | - | - | (1,319) | |||
Equilibrado | 38,568 | 30,481 | 22,616 | |||
Número medio ponderado del total de acciones ordinarias, incluido el efecto dilutivo | 58,953 | |||||
EPS diluido ajustado (p)
| 38.4 |
|
| |||||||
Flujo de caja libre 000 £ | Flujo de caja libre ajustado 000 £ | Flujo de caja libre 000 £ | Flujo de caja libre ajustado 000 £ |
| Flujo de caja libre 000 £ | Flujo de caja libre ajustado 000 £ | ||
(Disminución)/aumento neto de efectivo y equivalentes de efectivo durante el año | (17,711) | (17,711) | 635 | 635 | 14,983 | 14,983 | ||
Sumar nuevamente: dividendos pagados | 2,638 | 2,638 | 2,428 | 2,428 | 3,609 | 3,609 | ||
Añadir nuevamente: salida de efectivo en relación con la adquisición de negocios | 2,276 | 2,276 | 7,153 | 7,153 | 7,153 | 7,153 | ||
cambio de prestamo bancario | (8,136) | (8,136) | (13,706) | (13,706) | (15,226) | (15,226) | ||
Volver a añadir: elementos de ajuste | - | 98 | - | 1,230 | - | 1,687 | ||
Flujo de caja libre/Flujo de caja libre ajustado | (20,933) | (20,835) |
| (3,490) | (2,260) |
| 10,519 | 12,206 |
Definición de deuda neta | 29 de febrero de 2024 Deuda neta | 28 de febrero de 2023 Deuda neta | 31 de agosto de 2023 Deuda neta | ||
Efectivo y equivalentes de efectivo | 8,924 | 13,527 | 26,787 | ||
Préstamo bancario | (36,851) | (26,897) | (28,192) | ||
Comisión de apertura RCF | 623 | 137 | 99 | ||
Deuda neta | (27,304) |
| (13,233) |
| (1,306) |
2. Ingresos
| ||||||||||
Focusrite | 14,370 | 11,633 | 3,357 | 29,360 | 20,669 | 14,309 | 5,106 | 40,084 | ||
Innovación | 2,907 | 3,789 | 1,163 | 7,859 | 2,838 | 4,060 | 1,343 | 8,241 | ||
ADAM Audio | 4,743 | 5,985 | 568 | 11,296 | 3,194 | 6,087 | 880 | 10,161 | ||
Secuencial | 2,062 | 2,149 | 328 | 4,539 | 4,295 | 3,638 | 746 | 8,679 |
| |
sonnox | 436 | 465 | 146 | 1,047 | 116 | 130 | 60 | 306 | ||
Creación de contenidos | 24,518 | 24,021 | 5,562 | 54,101 | 31,112 | 28,224 | 8,135 | 67,471 | ||
Reproducción de audio - Martin Audio | 4,284 | 10,447 | 8,052 | 22,783 | 5,197 | 8,420 | 5,155 | 18,772 | ||
Total | 28,802 | 34,468 | 13,614 | 76,884 | 36,309 | 36,644 | 13,290 | 86,243 |
Focusrite | 45,724 | 29,334 | 11,259 | 86,317 |
Innovación | 6,078 | 6,711 | 3,776 | 16,565 |
ADAM Audio | 5,657 | 10,072 | 2,720 | 18,449 |
Secuencial | 7,115 | 6,309 | 1,056 | 14,480 |
sonnox | 405 | 492 | 242 | 1,139 |
Creación de contenidos | 64,979 | 52,918 | 19,053 | 136,950 |
Martin Audio | 12,684 | 16,601 | 12,230 | 41,515 |
Total | 77,663 | 69,519 | 31,283 | 178,465 |
3. Segmentos operativos
Productos y servicios de los cuales los segmentos reportables obtienen sus ingresos
La información reportada al Director Ejecutivo del Grupo (quien se ha determinado que es el Responsable de la toma de decisiones operativas del Grupo) con el fin de asignar recursos y evaluar el desempeño del segmento se enfoca en los principales grupos de productos que vende el Grupo. Si bien los resultados de Novation y Ampify se informan por separado al Directorio, cumplen con los criterios de agregación establecidos en la NIIF 8 'Segmentos operativos'. Por lo tanto, los segmentos reportables del Grupo bajo NIIF 8 son los siguientes:
Focusrite - Sales of Focusrite and Focusrite Pro branded products
Novation - Sales of Novation and Ampify branded products
ADAM Audio - Sale of ADAM Audio products
Sequential - Sale of Sequential products.
Sonnox - Sale of Sonnox software plug ins (acquired 19 December 2022)
Martin Audio - Sale of Martin Audio, Optimal Audio, Linea Research and Sheriff Technology trading brands TiMax and OutBoard (acquired 19 December 2023) products.
Los ingresos y beneficios generados por cada uno de los segmentos operativos del Grupo se resumen a continuación:
29,360 | 86,317 | ||
7,859 | 16,565 | ||
11,296 | 18,449 | ||
4,539 | |||
1,047 | 1,139 | ||
Creación de contenidos | 54,101 | ||
22,783 | |||
Reproducción de audio | 22,783 | ||
76,884 | 178,465 | ||
11,273 | 19,148 | 40,130 | |
4,387 | 4,485 | 9,133 | |
5,505 | 4,738 | 9,570 | |
1,719 | 3,779 | ||
994 | 290 | ||
11,323 | 8,184 | 18,186 | |
35,201 | 40,624 | 84,849 | |
(30,446) | (27,933) | (58,819) | |
(98) | (1,230) | (1,687) | |
4,657 | 11,461 | 24,343 | |
83 | 712 | ||
(1,318) | (1,290) | (2,365) | |
3,422 | 10,883 | 22,748 | |
(949) | (2,434) | (4,951) | |
2,473 | 8,449 | 17,797 |
La ganancia del segmento representa la ganancia obtenida por cada segmento sin la asignación de la parte de los costos de administración central, otros ingresos, ingresos financieros y costos financieros, y gastos por impuesto a la renta. Esta es la medida reportada al Director General del Grupo con el fin de asignar recursos y evaluar el desempeño del segmento.
Central administration costs comprise principally the employment-related costs and other overheads incurred by the Group. Also included within central administration costs is a charge relating to the share option scheme of £192,000 for the six-month period to 29 February 2024 (six months to 28 February 2023: credit of £341,000; year to 31 August 2023: credit of £282,000).
Activos netos del segmento y otra información del segmento
| |||
10,242 | 9,423 | 8,937 | |
88,584 | 85,615 | 86,725 | |
58 | 113 | 213 | |
98,884 | 95,151 | 95,875 | |
69,759 | 69,560 | 68,867 |
4. Ajustar elementos
Las siguientes partidas de ajuste han sido cargadas/(abonadas) en el estado de resultados en el período
328 | |||
523 | |||
379 | |||
1,230 | |||
2,734 | 1,504 | ||
2,832 | 2,734 | ||
(708) | (565) | ||
2,124 | 2,169 |
Adjusting items charged to the income statement in the six months to 29 February 2024 relate to the work associated with the acquisition of Sheriff Technology Ltd trading under the principal brands of OutBoard and TiMax.
5. Taxation
El cargo fiscal para los seis meses hasta el 29 de febrero de 2024 se basa en la tasa impositiva estimada para el año completo en cada jurisdicción.
6. Dividendos
During the period, the Company paid a final dividend in respect of the year ended 31 August 2023 of 4.5 pence per share. The Board has approved an interim dividend of 2.1 pence per ordinary share (HY23: 2.1 pence). This will be payable on 10 June 2024 to ordinary shareholders on the register on 10 May 2024. The ex-dividend date will be 9th May 2024.
7. Ganancias por acción
EPS reportado
El cálculo de la EPS básica y diluida se basa en los siguientes datos: | |||
2,474 |
8,449 | ||
2,832 | 2,734 | ||
(708) | (565) | ||
4,598 | 10,618 | ||
58,872 | 58,494 |
58,506 | |
441 | 447 | ||
59,749 | 58,936 | 58,953 | |
14.4 | |||
14.3 | |||
18.2 | |||
18.0 |
8. Otros activos intangibles
| Marca. | Costos de tecnología adquirida y patentes. | Tecnología y patentes en desarrollo | Costos de patentes y tecnología generada internamente | Propiedad intelectual, Licencias y Marcas | Software de ordenador | Total |
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
Cost |
|
|
|
|
|
|
|
Al 1 de septiembre de 2022 | 26,318 | 30,178 | 8,310 | 27,708 | 3,726 | 1,384 | 97,624 |
Adiciones - adquiridas por separado | - | - | - | - | 1,706 | 318 | 2,024 |
Adiciones - productos desarrollados durante el período | - | - | 6,085 | 2,514 | - | - | 8,599 |
Adiciones mediante combinación de negocios | 400 | 4,700 | 450 | - | - | 3 | 5,553 |
Traslados | - | 801 | (6,261) | 5,600 | - | (140) | - |
Disposiciones | - | - | - | (4,108) | - | - | (4,108) |
Divisas | (1,010) | (628) | (55) | (183) | (2) | (1,878) | |
A 31 de agosto de 2023 | 25,708 | 35,051 | 8,529 | 31,531 | 5,430 | 1,565 | 107,814 |
Adiciones - adquiridas por separado | - | - | - | - | 2,523 | 1 | 2,524 |
Adiciones - productos desarrollados durante el período | - | - | 2,819 | 1,729 | - | - | 4,548 |
Adiciones mediante combinación de negocios | - | 2,025 | - | - | - | - | 2,025 |
Traslados | - | 250 | (1,961). | 1,711 | - | - | - |
Divisas | 36 | 13 | (9) | 2 | - | - | 42 |
Al 29 de febrero de 2024 | 25,744 | 37,339 | 9,378 | 34,973 | 7,953 | 1,566 | 116,953 |
Amortización | |||||||
Al 1 de septiembre de 2022 | 3,909 | 7,377 | 970 | 20,562 | 1,683 | 1,159 | 35,660 |
Cobrar por el período | 1,885 | 3,536 | - | 4,824 | 342 | 244 | 10,831 |
Traslados | - | - | - | 239 | - | (239) | - |
Eliminado al desechar | - | - | - | (4,081) | - | - | (4,081) |
Reversión de la amortización | - | - | (970) | - | - | - | (970) |
Divisas | (196) | (116) | - | (22) | (1) | - | (335) |
A 31 de agosto de 2023 | 5,598 | 10,797 | - | 21,522 | 2,024 | 1,164 | 41,105 |
Cobrar por el año | 911 | 1,823 | - | 2,779 | 202 | 109 | 5,824 |
Cambio de divisas | - | (144) | - | (1) | - | - | (145) |
Al 29 de febrero de 2024 | 6,509 | 12,476 | - | 24,300 | 2,226 | 1,273 | 46,784 |
|
|
|
|
|
|
|
|
Importe en libros |
|
|
|
|
|
|
|
Al 29 de febrero de 2024 | 19,235 | 24,863 | 9,378 | 10,673 | 5,727 | 293 | 70,169 |
A 31 de agosto de 2023 | 20,110 | 24,254 | 8,529 | 10,009 | 3,406 | 401 | 66,709 |
9. Instrumentos financieros
·
·
·
8,924 | 13,527 | 26,787 | |
37,186 | 23,130 | 28,617 | |
| |||
301 | - | 491 | |
46,411 | 36,657 | 55,895 | |
| |||
| |||
12,080 | 12,246 | 26,044 | |
36,228 | 26,760 | 28,093 | |
2,790 | 3,486 | 2,621 | |
| |||
- | 99 | - | |
51,098 | 42,591 | 56,758 |
10. Adquisición de una subsidiaria
The acquisition was funded by a drawdown of £2.3 million on the existing revolving credit facility of £50 million with HSBC and Natwest. Sheriff had £0.1m of cash at the acquisition date such that the net cash consideration was £2.3 million.
Sheriff is a UK-based company specialising in innovative entertainment technologies, which it sells globally. Operating under two sub-brands-TiMax and OutBoard-their products are vital for professionals in the audiovisual industry, particularly in live performances, event management, and the rapidly expanding sector of immersive sound experiences.
For the period between the acquisition date and 29 February 2024, Sheriff contributed revenue of £0.3 million and a profit before tax of £0.1 million to the Group. If the acquisition had occurred on 1 September 2023, management estimates that Out Board's revenue would have been £1.8 million and profit before tax for the period would have been £0.6 million.
Costos relacionados con la adquisición
The Group incurred acquisition-related costs of £0.1 million on legal fees and due diligence costs relating to the acquisition of Sheriff. These have been included in adjusting item costs to give investors a better understanding of the costs related to the acquisition of Sheriff. Additionally, because of their size, nature and the fact that they vary from acquisition to acquisition, the Group considers it a better reflection of the trading performance to show these separately.
Activos identificables adquiridos y pasivos asumidos
La siguiente tabla resume los montos reconocidos de los activos adquiridos y los pasivos asumidos a la fecha de adquisición:
Valores reconocidos en la adquisición | £000 |
SoundHub technology | 1,600 |
Motor control technology | 425 |
Activos intangibles | 2,025 |
Propiedad, planta y equipo. | 2 |
Working capital (including cash) | 584 |
Pasivo por impuestos diferidos | (506) |
Activos y pasivos identificables netos a valor razonable | 2,105 |
Fondo de comercio reconocido en la adquisición | 750 |
Consideration recognised | 2,855 |
El pasivo por impuestos diferidos adquirido se ha estimado aplicando el aumento en el valor razonable de los activos a las tasas impositivas corporativas promedio esperadas durante la vida de los activos.
Medición de valores razonables
Las técnicas de valoración utilizadas para medir el valor razonable de los activos materiales adquiridos han sido las siguientes:
Activos adquiridos | Técnica de valoración |
Propiedad, planta y equipo. | Enfoque de costo |
Tecnología desarrollada | Enfoque de ingresos (método de ganancias excedentes de varios períodos "MEEM") |
El supuesto clave utilizado son los ingresos previstos atribuibles al activo existente. |
Goodwill
El fondo de comercio reconocido es atribuible a:
·
·
·
·
Análisis de sensibilidad de activos intangibles
Al evaluar la vida útil estimada de los activos intangibles, la administración consideró la sensibilidad en las ventas previstas sobre la valoración de la tecnología y la marca desarrolladas. La siguiente tabla detalla la sensibilidad a un aumento y disminución del 10% en el pronóstico de ventas y el impacto relacionado con el costo de ventas que esto tendría en la valuación de los activos.
Impacto de valoración | |||
baza | Cost | 10% aumento de ventas | Disminución de ventas del 10% |
Tecnología desarrollada | 2,025 | 292 | (262) |
In December 2022 the Group purchased Sonnox Ltd for £9,095,000, resulting in acquired intangible assets additions of £5,553,000 and goodwill of £2,683,000 arising due to this business combination.
Informe de revisión independiente para Focusrite plc
Conclusión
Hemos sido contratados por la empresa para revisar el conjunto resumido de estados financieros en el informe semestral correspondiente al semestre finalizado el 29 de febrero de 2024, que comprende el Estado de resultados consolidado resumido, el Estado consolidado resumido de otros resultados integrales, el Estado de resultados financieros resumido consolidado Posición, Estados de Cambios en el Patrimonio Neto Consolidados Resumidos, Estado de Flujos de Efectivo Consolidado y las notas explicativas correspondientes.
Según nuestra revisión, no nos ha llamado la atención nada que nos haga creer que el conjunto condensado de estados financieros del informe semestral correspondiente al semestre finalizado el 29 de febrero de 2024 no esté preparado, en todos los aspectos importantes, de conformidad con el rrequisitos de reconocimiento y medición de las normas contables internacionales adoptadas por el Reino Unido y la Reglas de AIM.
Base para la conclusión
Realizamos nuestra revisión de acuerdo con el Estándar Internacional sobre Compromisos de Revisión (Reino Unido) 2410 Revisión de la información financiera intermedia realizada por el auditor independiente de la entidad ("ISRE (UK) 2410") emitido para su uso en el Reino Unido. Una revisión de la información financiera intermedia consiste en realizar consultas, principalmente a personas responsables de asuntos financieros y contables, y aplicar procedimientos analíticos y de otra índole. Leemos la otra información contenida en el informe semestral y consideramos si contiene errores aparentes o inconsistencias materiales con la información del conjunto condensado de estados financieros.
Una revisión tiene un alcance sustancialmente menor que una auditoría realizada de acuerdo con las Normas Internacionales de Auditoría (Reino Unido) y, en consecuencia, no nos permite obtener la seguridad de que tendremos conocimiento de todos los asuntos importantes que podrían identificarse en una auditoría. En consecuencia, no expresamos una opinión de auditoría.
Conclusiones relativas a la empresa en marcha
Con base en nuestros procedimientos de revisión, que son menos extensos que los realizados en una auditoría como se describe en la sección Bases de la conclusión de este informe, nada ha llamado nuestra atención que nos haga creer que los directores han adoptado de manera inapropiada la base de negocio en marcha de contabilidad, o que los directores han identificado incertidumbres materiales relacionadas con el negocio en marcha que no han sido adecuadamente reveladas.
Esta conclusión se basa en los procedimientos de revisión realizados de acuerdo con ISRE (Reino Unido) 2410. Sin embargo, eventos o condiciones futuras pueden causar que el grupo deje de continuar como un negocio en marcha, y las conclusiones anteriores no son una garantía de que el grupo continuará en la operación.
Responsabilidades de los directores
El informe semestral es responsabilidad de los consejeros y ha sido aprobado por ellos. Los directores son responsables de preparar el informe semestral de acuerdo con las Reglas AIM.
Como se indica en la nota 1, los estados financieros anuales del grupo se preparan de acuerdo con las normas contables internacionales adoptadas en el Reino Unido.
Los directores son responsables de preparar el conjunto condensado de estados financieros incluidos en el informe semestral de acuerdo con los requisitos de reconocimiento y medición de las normas contables internacionales adoptadas por el Reino Unido.
Al preparar el conjunto resumido de estados financieros, los directores son responsables de evaluar la capacidad del grupo para continuar como empresa en funcionamiento, revelando, según corresponda, los asuntos relacionados con la empresa en funcionamiento y utilizando el principio contable de empresa en funcionamiento a menos que los directores tengan la intención de liquidar el grupo o cesar sus operaciones, o no tienen otra alternativa realista que hacerlo.
Nuestra responsabilidad
Nuestra responsabilidad es expresar a la empresa una conclusión sobre el conjunto condensado de estados financieros en el informe semestral basado en nuestra revisión. Nuestras conclusiones, incluidas nuestras conclusiones relacionadas con la empresa en funcionamiento, se basan en procedimientos que son menos extensos que los procedimientos de auditoría, como se describe en la sección Fundamentos de la conclusión de este informe.
El propósito de nuestro trabajo de revisión y a quién debemos nuestras responsabilidades.
Este informe se realiza únicamente a la empresa de acuerdo con los términos de nuestro compromiso. Nuestra revisión se ha realizado para que podamos comunicar a la empresa los asuntos que debemos informarle en este informe y para ningún otro propósito. En la máxima medida permitida por la ley, no aceptamos ni asumimos responsabilidad ante nadie más que la empresa por nuestro trabajo de revisión, por este informe o por las conclusiones a las que hemos llegado.
James tracey
por y en nombre de KPMG LLP
Contadores Públicos
una colina nevada
Colina nevada Queensway
Birmingham
B4 6GH
24 de abril de 2024
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