May 2023
Agenda
- 2022 Overview
- Financial & Operational Review
- Post period end update & Outlook
- Questions
Donald McGarva
Group Chief Executive Officer
Mark Carlisle
Group Chief Financial Officer
Software-led progress against KPIs - ARR up 23%
Total revenue | Software & | Exit run rate annual | ||
services revenue | recurring revenue (ARR) | |||
$91.1m | $24.1m* | $18.7m* | |||
(2%) | FY 21: $92.9m | +8% FY 21: $22.4m | +23% FY 21: $15.2m | ||
% of software & services revenue | Adjusted EBITDA | Adjusted operating cash flow | ||
recurring | ||||
67% | $14.6m | $8.9m | |||
+9bps | FY 21: 58% | (21%) FY20: $18.4m | (46%) FY 21: $16.7m | ||
*negatively impacted by €/$ FX rate
3
Income statement summary
$m | FY22 | FY21 | Var |
Revenue | 91.1 | 92.9 | (1.8) |
Cost of sales | (49.1) | (48.0) | (1.1) |
Gross profit | 42.0 | 44.9 | (2.9) |
Margin % | 46% | 48% | -2% |
Operating costs | (27.4) | (26.5) | (0.9) |
Adjusted EBITDA | 14.6 | 18.4 | (3.8) |
Margin % | 16% | 20% | -4% |
Depreciation and amortisation | (7.1) | (6.6) | (0.5) |
Adjusted operating profit | 7.5 | 11.8 | (4.2) |
Margin % | 8% | 13% | -2% |
Impairment of goodwill | (12.5) | 0.0 | (12.5) |
Exceptional items | (6.7) | (1.5) | (5.2) |
Share-based payments | (0.4) | (1.1) | 0.7 |
Amortisation of acquired intangibles | (4.6) | (4.0) | (0.6) |
Net interest | (0.3) | (0.4) | 0.1 |
Profit before tax | (16.9) | 4.8 | (21.7) |
Tax | (0.5) | 0.6 | (1.1) |
Profit after tax | (17.4) | 5.4 | (22.8) |
- Device revenues decreased by $3.4m year-on-year and as a result total revenue decreased by 2% to $91.1m
- Gross margin down 2% due to decrease in higher margin device revenues.
- Adjusted EBITDA down $3.8m mainly driven by device revenues reduction
- Amortisation of acquired intangibles up $0.6m due to Nordija acquisition.
-
The tax charge of $0.5m (2021: $0. 6m credit) comprises $2.0m (2021:
$2.8m) current tax charge, offset by $0.8m release (2021: $0.1m) of
uncertain tax provision, and $0.7m (2021: $3.4m) net deferred tax recognised. - The Group has carried out an impairment review of the Amino software and devices CGU and recognized $12.5m impairment loss on goodwill in the year.
- Total dividend for the year: GBP 0.01 per share, already paid as interim dividend
4
Cashflow bridge
- Good operating cash flow generation despite significant investment in inventory to mitigate global supply chain disruption during the period.
- Adjusted cashflow from operating activities before tax was $8.9m (2021: $16.7m) representing an adjusted EBITDA cash conversion of 61% (2021:91%)
5
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Aferian plc published this content on 17 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2023 07:19:10 UTC.