Source - RNS
RNS Number : 8827I
Vipera PLC
05 September 2016
 

 

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

 

 

5 September 2016

 

VIPERA PLC

 

("Vipera" or the "Company")

 

Interim results for six months ended 30 June 2016

 

Vipera (AIM:VIP), the specialist provider of mobile financial services, is pleased to announce its unaudited interim results for the six months ended 30 June 2016. 

 

Highlights:

·      Revenue €3.78 million: up 43% vs prior year (H1 2015: €2.63 million)

·      Continued investment in expansion and in IP

·      Operating loss €0.40 million (H1 2015:  €0.52 million)

·      Net Cash at period end €2.44 million (Dec 2015: €3.23 million)

·      FX changes impact balance sheet post Brexit but no visible impact on operations

·      First installation of a new retail solution for a major European retailer

 

Vipera CEO Marco Casartelli commented, "2016 has, so far, been a year of steady progress for Vipera, which has seen new product developments, deployments for new customers and the first installation of a new retail solution. We are encouraged by the appetite for our solutions by the financial services and banking industry, through a period of great uncertainty and look forward to progressing our growth further throughout the rest of 2016.

We would like to take this opportunity to thank our continually supportive investor base and our employees for their hard work in the year to date."

 

 

Contact:

 

Vipera PLC  

Marco Casartelli (CEO)

Martin Perrin (CFO)

Simon Pearce (CMO)

Rita Borgo (PR)

 

 

Tel: +39 02 8688 2037

Tel: +44 (0) 20 7193 0833

Tel: +44 (0) 20 7097 8632

Tel: +39 335 131 6087

 

finnCap Ltd (Nomad and Broker)

Adrian Hargrave / Anthony Adams (Corporate Finance) 

Christian Hobart (Corporate Broking) 

 

Tel: +44 (0) 20 7220 0500

IFC Advisory Ltd (Financial PR and IR)

Tim Metcalfe

Graham Herring

Heather Armstrong

Tel: +44 (0) 203 053 8671

 

 

 

 

About Vipera:

 

Vipera Plc (AIM:VIP) a cutting edge Mobile Financial Services and Digital Customer Engagement Solutions provider, serves financial institutions worldwide with differentiated mobile banking, card management and customer engagement capabilities based around its proprietary bank grade multi-purpose platform, Motif. Additionally, it provides consultancy and other services to banks and financial institutions. For further information, please visit www.vipera.com.

 

 

 

Chairman's Statement

 

The first half of 2016 has been one of solid delivery of services and solutions to our customers. We have previously referred to the deployment of a new release of our mobile banking application at the leading UAE banking group Mashreq, working closely with them as they roll out a new operating environment for their own customer base. Our technical teams continue to innovate and adapt to our customers' needs in projects such as this as well as other deployments.

 

As our installed base grows there is an increase in recurring support and maintenance revenue and we now have staff dedicated to this role.  We continue to deploy to new customers and we were very pleased to have launched the first installation of a new retail solution which we have developed and put into operation for a major European retailer.

 

Our sales and marketing team continue the long, but potentially very rewarding process of developing new sales channels. In addition to the marketing partnership with ExperienceLab, commented on previously, there are a number of initiatives being developed and we do hope to be able to say more later in the year. 

 

Despite the well-publicised conditions for European banks, the demand for fintech solutions continue and there is strong interest in our offering of products and services, particularly Card Control. Our challenge is to convert these into active contracts and deployments on a timely basis.

 

In February we appointed an additional non-executive director, Jeremy Nicholds. He has extensive experience in the global payments field and has already been proactive in assisting the Company with strategic partnerships and sales.

 

The board does not feel that Brexit has had an immediate impact per se, but the drop in the value of the Pound versus the Euro has had an impact on the consolidated accounts which include the translation of certain Sterling denominated assets.

 

Looking ahead to the rest of the year, the financial result will, as noted in past years, be significantly dependent on the timing of transactions and in particular, the speed of customer decision-making. However, our expectation is that group revenues will show an increase over the previous year, continuing our track record of revenue growth for a seventh successive year.

 

 

Luciano Martucci

Chairman

 

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2016

 

 

 

Note

Six months

to 30 June

2016

Six months to 30 June

2015

Year to 31

 December

2015

 

 

(Unaudited)

(Unaudited)

(Audited)

 

 

   €

   €

   €

 

 

 

 

 

Revenues

2

3,784,497

2,629,074

6,807,373

Operating expenses

 

(4,187,655)

(3,149,292)

(7,439,295)

Operating loss

 

(403,158)

(520,218)

(631,922)

Finance income

 

457

140

1,118

Finance costs

 

(9,673)

(5,298)

(15,169)

Loss before taxation

 

(412,374)

(525,376)

(645,973)

Taxation

 

(3,086)

(34,491)

(154,943)

Loss for the period

 

(415,460)

(559,867)

(800,916)

Other comprehensive income

 

 

 

 

Items that may be subsequently reclassified to profit or loss:

 

 

 

 

Currency translation difference

 

(800,095)

323,175

114,018

Total comprehensive income for the period

 

(1,215,555)

(236,692)

(686,898)

 

 

 

 

 

Attributable to:

 

 

 

 

    Owners of the parent

 

(1,218,372)

(252,703)

(652,036)

    Non-controlling interest

 

2,817

16,011

(34,862)

Total comprehensive income for the period

 

(1,215,555)

(236,692)

(686,898)

 

 

 

 

 

Loss per ordinary share attributable to owners of the parent during the period (expressed in €cents per share)

 

 

 

 

Basic and diluted

3

(0.16)

(0.25)

(0.33)

 

 

 

 

 

 

 

Consolidated Statement of Financial Position

As at 30 June 2016

Company number 05383355

 

 

Note

30

June

2016

30

June

2015

31

December

2015

 

 

(Unaudited)

(Unaudited)

(Audited)

 

 

   €

   €

   €

 

 

 

 

 

Non-current Assets

 

 

 

 

Goodwill

 

2,444,145

2,444,145

2,444,145

Intangible assets

 

3,009,510

3,038,543

3,106,280

Deferred taxation

 

519,424

844,110

517,956

Property, plant and equipment

 

54,881

67,243

48,887

Total non-current assets

 

6,027,960

6,394,041

6,117,268

 

 

 

 

 

Current Assets

 

 

 

 

Trade and other receivables

 

3,199,197

2,943,505

3,096,647

Cash and cash equivalents

 

2,906,080

4,394,076

3,839,642

Total current assets

 

6,105,277

7,337,581

6,936,289

Current liabilities

 

 

 

 

Trade and other payables

 

(2,679,027)

(2,987,672)

(2,250,643)

Borrowings

 

(466,886)

(244,917)

(604,036)

Deferred revenue

 

(498,786)

(244,657)

(505,690)

Current taxation

 

(145,967)

(11,727)

(163,892)

Total current liabilities

 

(3,790,666)

(3,488,973)

(3,524,261)

Net current assets

 

2,314,611

3,848,608

3,412,028

                                                    

 

 

 

 

Non-current liabilities

 

 

 

 

Deferred taxation

 

-

(350,707)

-

Total non-current liabilities

 

-

(350,707)

-

 

 

 

 

 

 

8,342,571

9,891,942

9,529,296

 

 

 

 

 

 

EQUITY

 

 

 

 

Share capital

4

7,068,808

7,044,337

7,068,808

Share premium

 

9,281,835

9,232,891

9,281,835

Reverse acquisition reserve

 

(4,016,334)

(4,016,334)

(4,016,334)

Shares to be issued

 

-

-

-

Foreign currency translation reserve

 

(522,039)

487,213

278,056

Retained loss

 

(3,667,350)

(3,107,565)

(3,277,903)

Equity attributable to owners of the parent

 

8,144,920

9,640,542

9,334,462

Non-controlling interest

 

197,651

251,400

194,834

 

8,342,571

9,891,942

9,529,296

 

 

 

 

 

Consolidated Statement of Changes in Equity

For the six months ended 30 June 2016

Attributable to equity shareholders of the parent

 

Group

Share

capital

Share premium

Reverse acquisition reserve

 

 

Shares to be issued

Foreign currency translation reserve

Retained loss

Total

 

Non-controlling interest

Total

 

As at 1 January 2016

7,068,808

9,281,835

(4,016,334)

-

278,056

(3,277,903)

9,334,462

194,834

9,529,296

 

 

 

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

(418,277)

(418,277)

2,817

(415,460)

Other comprehensive income for the period - items that may be subsequently reclassified to profit or loss

 

 

 

 

 

 

 

 

 

Currency translation difference

-

-

-

-

(800,095)

-

(800,095)

-

(800,095)

Total comprehensive income for the period

-

-

-

-

(800,095)

(418,277)

(1,218,372)

2,817

(1,215,555)

 

 

 

 

 

 

 

 

 

 

Share based payment transactions

-

-

-

-

-

28,835

28,835

-

28,835

Shares issued net of issue costs

-

-

-

-

-

-

-

-

-

Total transactions with owners, recognized directly in equity

-

-

-

-

-

28,835

28,835

-

28,835

As at 30 June 2016

7,068,808

9,281,835

(4,016,334)

-

(522,039)

(3,667,345)

8,144,925

197,651

8,342,576

 

 

 

 

 

 

 

 

 

 

  

 

 

Group

Share

capital

Share premium

Reverse acquisition reserve

 

 

Shares to be issued

Foreign currency translation reserve

Retained loss

Total

 

Non-controlling interest

Total

 

 

 

 

 

 

 

 

 

 

 

As at 1 January 2015

6,215,381

6,529,476

(4,016,334)

-

164,038

(2,548,352)

6,344,209

278,611

6,622,820

Loss for the period

-

-

-

-

-

(575,878)

(575,878)

16,011

(559,867)

Other comprehensive income for the period - items that may be subsequently reclassified to profit or loss

 

 

 

 

 

 

 

 

 

Currency translation difference

-

-

-

-

323,175

-

323,175

-

323,175

Total comprehensive income for the period

-

-

-

-

323,175

(575,878)

(252,703)

16,011

(236,692)

 

 

 

 

 

 

 

 

 

 

Share based payment transactions

-

-

-

-

-

16,665

16,665

-

16,665

Non-controlling interest arising on business combination

-

-

-

-

-

-

-

5,693

5,693

Non-controlling interest arising on business disposal

-

-

-

-

-

-

-

(48,915)

(48,915)

Shares issued net of issue costs

828,956

2,703,415

-

-

-

-

3,532,371

-

3,532,371

Total transactions with owners, recognized directly in equity

828,956

2,703,415

-

-

-

16,665

3,549,036

(43,222)

3,505,814

As at 30 June 2015

7,044,337

9,232,891

(4,016,334)

-

487,213

(3,107,565)

9,640,542

251,400

9,891,942

 

 

 

 

 

 

 

 

 

 

As at 1 January 2015

6,215,381

6,529,476

(4,016,334)

-

164,038

(2,548,352)

6,344,209

278,611

6,622,820

Loss for the financial year

-

-

-

-

-

(766,054)

(766,054)

(34,862)

(800,916)

Other comprehensive income for the period - items that may be subsequently reclassified to profit or loss

 

 

 

 

 

 

 

 

 

Currency translation difference

-

-

-

-

114,018

-

114,018

-

114,018

Total comprehensive income for the year

-

-

-

-

114,018

(766,054)

(652,036)

(34,862)

(686,898)

 

 

 

 

 

 

 

 

 

 

Share based payment transactions

-

-

-

-

-

36,503

36,503

-

36,503

Non-controlling interest arising on business combination

-

-

-

-

-

-

-

(48,915)

(48,915)

Shares issued net of issue costs

853,427

2,752,359

-

-

-

-

3,605,786

-

3,605,786

Total transactions with owners, recognized directly in equity

853,427

2,752,359

-

-

-

36,503

3,642,289

(48,915)

3,593,374

As at 1 January 2016

7,068,808

9,281,835

(4,016,334)

-

278,056

(3,277,903)

9,334,462

194,834

9,529,296

 

Group Cash Flow Statements

For the six months ended 30 June 2016

 

 

 

Six months

to 30 June

2016

Six months to 30 June

2015

Year to 31

 December

2015

 

 

(Unaudited)

(Unaudited)

(Audited)

 

 

   €

   €

   €

Loss for the period before tax

 

(412,374)

(525,376)

(645,973)

 

 

 

 

 

Depreciation of property, plant and equipment

 

10,108

10,092

22,066

Impairment of intangible assets

 

3,300

3,000

3,243

Loss on sale of fixed assets

 

185

1,921

1,921

Expenses settled by the issue of shares

 

28,835

16,665

36,503

Finance costs (net)

 

9,216

5,158

14,051

(Increase)/decrease in trade and other receivables

 

(102,550)

(105,975)

(471,037)

Increase/(decrease) in payables

 

284,330

550,050

695,113

Cash generated from/(used in) operations

 

(178,950)

(44,465)

(344,113)

Interest expense

 

(9,673)

(5,288)

(15,169)

Tax paid

 

(21,011)

(69,965)

(11,076)

Net cash generated from/(used in) operating activities

 

(209,634)

(119,718)

(370,358)

 

 

 

 

 

Cash flows generated (used in) investing activities

 

 

 

 

Purchases of intangible assets

 

(245,456)

(112,869)

(315,075)

Purchases of property, plant and equipment

 

(16,622)

(20,506)

(34,417)

Payments to acquire subsidiary undertaking

 

-

(5,925)

-

Cash in subsidiary disposed of

 

-

(29,736)

(29,736)

Cash acquired with subsidiary undertaking

 

-

22,202

-

Interest received

 

457

139

1,118

Net cash used in investing activities

 

(261,621)

(146,695)

(378,110)

 

 

 

 

 

Financing activities

 

 

 

 

Net proceeds from issue of shares

 

-

3,532,371

3,605,786

Net cash generated from financing activities

 

-

3,532,371

3,605,786

 

 

 

 

 

Net increase in cash and cash equivalents

 

(471,255)

3,265,958

2,857,318

Exchange (losses)

 

(462,307)

(29,294)

(175,088)

Cash and cash equivalents at beginning of period

 

3,839,642

1,157,412

1,157,412

Cash and cash equivalents at end of period

 

2,906,080

4,394,076

3,839,642

 

 

 

 

 

1          Basis of preparation

 

The financial information contained in this half year financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 June 2016 and 30 June 2015 has been neither audited nor reviewed by the auditors.

The figures and financial information for the period ended 31 December 2015 are extracted from the latest published audited financial statements of the Group and do not constitute the statutory financial statements for that period.

The audited financial statements for the period ended 31 December 2015 have been filed with the Registrar of Companies. The report of the independent auditors on those financial statements contained no qualification or statement under section 498(2) or section 498(3) of the Companies Act 2006.

The financial information has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRIC interpretations. The financial information has been prepared under the historical cost convention. The statutory financial statements are prepared in accordance with IFRSs as adopted by the European Union.

The Group has applied consistent accounting policies in preparing the interim financial statements for the six months ended 30 June 2016, the comparative information for the six months ended 30 June 2015, and the financial statements for the period ended 31 December 2015.

As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these half-yearly financial statements.

 

2          Total revenue

 

Total revenue comprises:

 

Six months

to 30 June

2016

Six months to 30 June

2015

Year to 31

 December

2015

 

(Unaudited)

(Unaudited)

(Audited)

Revenue from external customers:

   €

   €

   €

Licence and deployment fees

1,693,328

1,173,140

3,845,525

Consultancy

1,540,071

1,353,505

2,455,496

Transactional /loyalty revenue

105,015

-

196,643

Support and maintenance charges

445,826

102,222

309,277

Other fees

257

207

432

 

3,784,497

2,629,074

6,807,373

 

3          Loss per share

 

Basic loss per share has been calculated by dividing the loss on ordinary activities after taxation by the weighted average number of shares in issue during the year. None of the share based payments were potentially dilutive at the year end and so there is no difference between the basic and diluted loss per share.

  

 

Six months

to 30 June

2016

Six months to 30 June

2015

Year to 31

 December

2015

 

(Unaudited)

(Unaudited)

(Audited)

 

 

 

 

Loss on ordinary activities after taxation

€418,277

€575,878

€766,054

Number of shares

258,490,165

203,605,750

230,617,899

Loss per share (Euro cents)

(0.16)

(0.25)

(0.33)

 

4   Share capital

 

Called up share capital

At 30 June 2016, there were 258,490,165 Ordinary shares of 1p each in the Company in issue.

 

Warrants and options

As at 30 June 2016, there were 11,000,000 warrants in issue and options to subscribe for 14,575,000 outstanding.

 

5 Availability of Interim Report

Copies of the Company's Interim Results are available on the Company's website www.vipera.com .


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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