Source - LSE Regulatory
RNS Number : 4680Z
Cerillion PLC
20 May 2019
 

20 May 2019

AIM: CER

 

Cerillion plc

("Cerillion" or "the Company" or "the Group")

 

Interim results 

for the six months ended 31 March 2019

 

Cerillion plc, the billing, charging and customer relationship management software solutions provider, today issues its interim results for the six months ended 31 March 2019.

Key Points

Well-positioned to deliver full year targets

Continued encouraging progress with new business opportunities not yet reflected in results but expected to come through in H2

Revenue of £7.0m (2018: £8.4m) reflected timing of major contract closures

 

-

a major contract worth $8.3m was signed in February 2019 with a US-based telecoms provider - one of Cerillion's largest wins to date

 

-

additional major contracts, worth over £10m, are in final stage negotiations

Annualised run-rate of recurring revenue at 31 March 2019 was £5.05m, 22% higher year-on-year

Back order book2 remained strong at £15.4m (2018: £15.4m)

Adjusted EBITDA3 of £0.4m (2018: £1.6m)

Adjusted loss before tax4 of £0.7m (2018: adjusted profit before tax of £0.7m)

Adjusted loss per share5 of 2.45p (2018: adjusted earnings per share of 2.19p)

Net cash as at 31 March 2019 increased to £2.6m (2018: £2.5m)

Interim dividend increased by 7% to 1.6p (2018: 1.5p)

Gartner designated Cerillion in the 'Visionaries' segment of its annual Magic Quadrant6 report - for the third successive year

The Board believes that the Group is well-positioned to deliver its full year targets

 

Louis Hall, CEO of Cerillion, commented:

"Cerillion has continued to make good progress and the Company's overall pipeline of new business is up by a third, year-on-year. This includes two significant contracts that we expect to close in this financial year. Results in the first half reflect the timing of contract closures, and while results are below last year's level, we believe that the Company remains well-positioned to deliver its full year performance targets.

"Cerillion's offering in the marketplace remains very strong. In February 2019, we secured one of the Company's largest contracts to date and, in the same month, the Company was ranked in the Visionaries quadrant of Gartner's latest Magic Quadrant6 report on leading business support system vendors.

"The second half has started well, and we look forward to continuing our track record of steady year-on-year revenue and earnings growth."

 

1 Recurring revenue includes annualised support and maintenance, managed service and Cerillion Skyline revenue.

2 Back order book consists of £11.4m of sales contracted but not yet recognised at the end of the reporting period plus £4.0m of annualised support and maintenance revenue.  It is anticipated that 75% of the £11.4m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within the next 12 to 24 months.

3 Adjusted EBITDA is a non-GAAP, company-specific measure, which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation, share-based payments charges and additional property costs.

4 Adjusted profit before tax is a non-GAAP, company-specific measure, which is earnings excluding taxes, share-based payments charges and additional property costs.  After adding back £0.5m of amortisation of acquired intangibles, the adjusted loss before tax was £0.2m (2018: adjusted profit before tax of £1.2m).

5 Adjusted loss/earnings per share is a non-GAAP, company-specific measure which is earnings after taxes, excluding share-based payments charges and additional property costs.  After adding back £0.5m of amortisation of acquired intangibles, the adjusted loss per share was 0.77p (2018: earnings per share of 3.87p).

6 Magic Quadrant for Integrated Revenue and Customer Management ("IRCM") for CSPs. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.The Gartner Report(s) described herein, (the "Gartner Report(s)") represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and are not representations of fact. Each Gartner Report speaks as of its original publication date (and not as of the date of these Financial Statements) and the opinions expressed in the Gartner Report(s) are subject to change without notice. 

 

 

For further information please contact:

 

Cerillion plc

Louis Hall, CEO

Oliver Gilchrist, CFO

 

c/o KTZ Communications

T: 020 3178 6378

 

 

 

Shore Capital (Nomad and Broker)

 

T: 020 7408 4090

Mark Percy

Toby Gibbs

 

 

 

 

 

KTZ Communications

 

T: 020 3178 6378

Katie Tzouliadis

Dan Mahoney

 

 

 

About Cerillion

 

Cerillion is a leading provider of mission critical software for billing, charging and customer relationship management, with a 19 year track record in providing comprehensive revenue and customer management solutions. The Company has 90 customers across 44 countries, principally serving the telecommunications market.

 

The Company is headquartered in London and also has operations in Pune, Miami and Sydney.

 

 

 

CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S REPORT

Overview

 

Cerillion continued to make good progress in the first six months of the year although this has not yet come through in the Company's financial results, with the closure of certain contracts moving out of the period. However, with the Company in final stage negotiations on two major new contracts, Cerillion remains very well-positioned to achieve its performance targets for the financial year.

Reflecting both near and medium term opportunities, the new business pipeline at 31 March 2019 was up by 33% to £101m compared to the same point last year. We are also pleased to highlight the quality and size of the new contracts that we have either won or that are under negotiation. We believe this reflects the strength of our offering in the marketplace. 

In February 2019 Gartner's latest annual Magic Quadrant5 report, which assessed 18 vendors in the marketplace, ranked Cerillion in the 'Visionaries' quadrant for the third consecutive year. The report evaluated each vendor for its completeness of vision and its ability to execute. We are very proud of this and view it as further testimony of our very strong product offering. 

The second half has started well, and we remain confident on ongoing progress.

Financial Overview

For the six months to 31 March 2019, the Group's revenue totalled £7.0m (H1 2018: £8.4m), with the year-on-year decrease reflecting timing differences in the closure of large contracts. 

Services income at £3.8m accounted for 54% of Group revenue (H1 2018: £4.7m and 56%). Software income of £2.6m (from software licence, support and maintenance sales) made up 38% of revenue (H1 2018: £2.9m and 34%), and third party income of £0.6m made up 9% of revenues (H1 2018: £0.9m and 10%).  

Our existing customer base (those customers acquired at least 12 months before the end of the reporting period) accounted for a high proportion of the Group's income, as is typical, and generated 88% of the Group's revenue in the first half (H1 2018: 80%).

Recurring revenue1, from support and maintenance and managed service contracts, amounted to £2.3m (H1 2018: £2.5m) and accounted for 33% of the Group's income (H1 2018: 30%).  However, as a result of new customer 'go-lives' over the preceding 12 months, and an increased uptake of managed services, the current annualised run-rate of recurring revenue has increased by 22% to £5.05m (H1 2018: £4.14m).  

Overheads in the first half remained constant at £4.6m (H1 2018: £4.6m), with personnel costs also unchanged at £2.7m (H1 2018: £2.7m). 

Earnings before interest, tax, depreciation and amortisation ("EBITDA") was £0.3m (H1 2018: £1.4m). Adjusted EBITDA, which excludes share-based payments charges and, in 2018, one-off property costs, was £0.4m (H1 2018: £1.6m).

The adjusted loss before tax3 was £0.7m (H1 2018: adjusted profit before tax of £0.7m) and the adjusted loss per share4 was 2.45p (H1 2018: adjusted earnings per share of 2.19p). After adding back £0.5m of amortisation of acquired intangibles, arising on acquisition of Cerillion Technologies Limited during the IPO process, the adjusted loss before tax was £0.2m (H1 2018: adjusted profit before tax of £1.2m) and the loss per share was 0.77p (H1 2018: earnings per share of 3.87p).

Net assets stood at £12.8m as at 31 March 2019 (31 March 2018: £13.3m), of which £4.9m was cash (2018: £5.8m).

Cash Flow and Banking

Net cash as at 31 March 2019 increased to £2.6m (2018: £2.5m), reflecting cash of £4.9m (2018: £5.8m) and debt of £2.3m (2018: £3.2m). Net cash generated from operations in the period was £1.7m (2018: £2.9m).

Expenditure on capitalised R&D for the period was £0.4m (2018: £0.4m) reflecting investment in product development to further enhance our intellectual property.

Expenditure on fixed assets was £0.2m (2018: £0.6m). 

Free cash generation was £1.0m (2018: £1.9m) in the period. This was utilised to pay the final dividend of £0.9m (2018: £0.8m), in respect of the year ended 30 September 2018, and to repay £0.5m (2018: £0.4m) of the £5.0m term loan taken up in conjunction with the AIM IPO.  £2.7m has now been repaid since the IPO (2018: £1.8m).

Dividend

The Board is pleased to declare an increased interim dividend of 1.6p per share, (2018: 1.5p), a 6.6% rise year-on-year. The interim dividend will become payable on 20 June 2019 to those shareholders on the Company's register as at the close of business on the record date of 31 May 2019. The ex-dividend date is 30 May 2019.  As previously stated, the Board intends to distribute between a third to a half of the Group's free cash flow as dividends each year, subject to the Group's performance.

Operational Overview

Our Enterprise BSS/OSS suite remains a highly attractive solution in the telecommunications market, the Company's core sector.  Made up of pre-integrated modules, which are rich in functionality, they provide a comprehensive end-to-end solution for billing, charging and customer management across fixed, mobile, broadband and TV services. CCS, our convergent charging system, also enables telecoms operators and service providers to converge pre-paid and post-paid billing for fixed and mobile services onto a single platform. 

It was very encouraging to see Gartner designate our product suite in the 'Visionaries' quadrant of its latest annual report5, "Magic Quadrant for Integrated Revenue and Customer Management (IRCM) for CSPs". This is the third successive year that Gartner has placed us in this quadrant, based on an evaluation of our Enterprise BSS/OSS solution and Cerillion Skyline, our Software-as-a-Service ("SaaS") billing and subscription management solution.

The Company's financial results in this period belie the continuing good progress that the business is making.  We are now signing some of the largest contracts in the Company's history, and our new business pipeline looks very encouraging, with a range of opportunities at different stages of maturity.  The sales cycle is normally between six to 18 months and on certain contracts in our pipeline this has lengthened, although for customer-specific reasons rather than any new trend emerging. 

Our major win in the first half was with a leading regional US telecoms provider.  Worth an initial $6.8m, it followed pilot work started in the final quarter of the previous financial year and was secured after a comprehensive tender process.  Over its three year term, we expect the contract to be worth a total of $8.3m. The initial $6.8m was the largest component of the £7.5m of new orders (excluding support) that we signed in the first half (2018: £7.9m). 

The new orders secured in the first half support our back order book2, which stood at £15.4m at the end of the first half (2018: £15.4m). These contracted (but not yet recognised) sales will help to drive implementation projects over the coming quarters.

We are currently tendering for a range of exciting new business opportunities and fully expect to convert a number of these. 

While Cerillion Skyline represents a low percentage of the Group's overall revenue, we are pleased to report that the annualised run rate at the end of the first half has more than doubled year-on-year albeit it from a low base, and we expect further growth in the second half.

Outlook

While the results for the first half are behind those for the same period last year, we believe that Cerillion remains well-positioned to achieve its performance targets for the full year and continue its track record of steady revenue and earnings growth.  This is based on the strong new business pipeline, with two high value opportunities in the last phases of negotiation and other opportunities where the Company is at the shortlisted stage.

The Company's financial position remains very robust, with good cash flows and recurring income.  We are also building the team to bring on new, young talent, and are expanding our staff numbers in India. 

We remain very encouraged by the long-term prospects of the business and look forward to announcing additional major contract wins in due course.

 

Alan Howarth

Chairman

Louis Hall

Chief Executive Officer

 

Notes:

1 Recurring revenue includes annualised support and maintenance, managed service and Skyline revenue.

2 Back order book consists of £11.4m of sales contracted but not yet recognised at the end of the reporting period plus £4.0m of annualised support and maintenance revenue.  It is anticipated that 75% of the £11.4m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within the next 12 to 24 months.

3 Adjusted profit before tax is a non-GAAP, company-specific measure which is earnings excluding taxes, share-based payments charges and additional property costs.4 Adjusted earnings per share is a non-GAAP, company-specific measure which is earnings after taxes, excluding share-based payments charges and additional property costs.

5 Magic Quadrant for Integrated Revenue and Customer Management ("IRCM") for CSPs. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

The Gartner Report(s) described herein, (the "Gartner Report(s)") represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and are not representations of fact. Each Gartner Report speaks as of its original publication date (and not as of the date of these Financial Statements) and the opinions expressed in the Gartner Report(s) are subject to change without notice.

Gartner Peer Insights reviews constitute the subjective opinions of individual end-users based on their own experiences, and do not represent the views of Gartner or its affiliates.

 

 

 

 

 

Cerillion plc Interim Financial Information

Unaudited Consolidated Statement of Comprehensive Income

for the six months ended 31 March 2019

£

Consolidated

Unaudited

half year to

31 Mar 2019

Consolidated

Unaudited

half year to

31 Mar 2018

Consolidated

Audited

year to

30 Sep 2018

Continuing operations

 

 

 

Revenue

7,000,423

8,386,137

17,352,597

Cost of sales

(2,154,500)

(2,387,751)

(4,775,585)

Gross profit

4,845,923

5,998,386

12,577,012

Operating expenses

(5,550,651)

(5,479,239)

(10,686,351)

 

 

 

 

Adjusted EBITDA*

351,752

1,596,167

3,931,798

Depreciation and amortisation

(992,480)

(865,359)

(1,744,076)

Share based payment charge

(64,000)

(50,000)

(135,400)

Exceptional items

-

(161,661)

(161,661)

Operating (loss)/profit

(704,728)

519,147

1,890,661

 

 

 

 

Finance costs

(44,421)

(52,546)

(100,287)

Finance income

3,854

5,630

9,556

 

 

 

 

Adjusted (loss)/profit before tax**

(681,295)

683,892

2,096,991

Share based payment charge

(64,000)

(50,000)

(135,400)

Exceptional items

-

(161,661)

(161,661)

(Loss)/profit before tax

(745,295)

472,231

1,799,930

Taxation

(40,931)

(38,685)

131,144

Adjusted (loss)/profit for the period***

(722,226)

645,207

2,228,135

Share based payment charge

(64,000)

(50,000)

(135,400)

Exceptional items

-

(161,661)

(161,661)

(Loss)/profit for the period

(786,226)

433,546

1,931,074

Other comprehensive income

 

 

 

Exchange differences on translating foreign operations

 

(9,283)

 

(73,595)

 

(120,600)

Total comprehensive (loss)/profit for the period

 

(795,509)

 

359,951

 

1,810,474

All transactions are attributable to the owners of the parent.

Basic earnings per share

 

 

 

from continuing operations

(2.67) pence

1.47 pence

6.5 pence

 

 

 

 

Diluted earnings per share

 

 

 

from continuing operations

(2.67) pence

1.47 pence

6.4 pence

 

 

 

 

Adjusted basic earnings per share

 

 

 

from continuing operations

(2.45) pence

2.19 pence

7.5 pence

*Adjusted EBITDA is a non-GAAP, company-specific measure, which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation, share-based payments charge and additional property costs.

** Adjusted profit before tax is a non-GAAP, company-specific measure which is earnings excluding taxes, share-based payments charge and additional property costs.
*** Adjusted profit for the period is a non-GAAP, company-specific measure which is earnings excluding share-based payments charge and additional property costs.

 

 

Unaudited Condensed Consolidated Statement of Changes in Equity

as at 31 March 2019

 

£

Share capital

Share premium

Share option reserve

Foreign exchange reserve

Retained earnings

Total Equity

 

 

 

 

 

 

 

Balance at 1 October 2017

147,567

13,318,725

-

107,887

184,933

13,759,112

Profit for the period

-

-

-

-

433,546

433,546

Exchange difference on translating foreign operations

-

-

-

(73,595)

-

(73,595)

Total comprehensive income

-

-

-

(73,595)

433,546

359,951

Share option charge

-

-

50,000

-

-

50,000

Dividends

-

-

-

-

(826,378)

(826,378)

Balance at 31 March 2018

147,567

13,318,725

50,000

34,292

(207,899)

13,342,685

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

1,497,527

1,497,527

Exchange difference on translating foreign operations

-

-

-

(47,005)

-

(47,005)

Total comprehensive income

-

-

-

(47,005)

1,497,527

 

1,450,522

Share option charge

-

-

85,400

-

-

85,400

Dividends

-

-

-

-

(442,702)

(442,702)

Balance at 30 September 2018

 

147,567

 

13,318,725

 

135,400

 

(12,713)

 

846,926

 

14,435,905

Loss for the period

-

-

 

 

(786,225)

(786,225)

Exchange difference on translating foreign operations

-

-

-

(9,283)

-

(9,283)

Total comprehensive income

-

-

-

(9,283)

(786,225)

(795,508)

Share option charge

-

-

64,000

-

-

64,000

Dividends

-

-

-

-

(885,405)

(885,405)

Balance at 31 March 2019

147,567

13,318,725

199,400

(21,996)

(824,704)

12,818,992

 

 

 

Unaudited Condensed Consolidated Balance Sheet

as at 31 March 2019

 

£

 

Unaudited

Note

Consolidated

Unaudited 31 Mar 2019

Consolidated

Unaudited

31 Mar 2018

Consolidated

Audited

30 Sep 2018

Assets

 

 

 

 

Non-current

 

 

 

 

Goodwill

 

2,053,141

2,053,141

2,053,141

Intangible assets

 

5,667,670

6,264,189

6,078,634

Property, plant and equipment

 

851,088

820,925

768,453

Other receivables

5

545,922

783,883

577,288

Deferred tax

 

188,168

256,673

169,093

 

 

9,305,989

10,178,811

9,646,609

 

 

 

 

 

Current assets

 

 

 

 

Trade receivables

 

4,326,283

3,040,586

2,136,147

Other receivables

5

4,744,139

5,233,206

6,223,276

Cash and cash equivalents

 

4,925,075

5,776,480

5,254,302

 

 

13,995,497

14,050,272

13,613,725

 

 

 

 

 

Total assets

 

23,301,486

24,229,083

23,260,334

 

 

 

 

 

Equity and liabilities

 

 

 

 

Shareholders' equity

 

 

 

 

Called up share capital

 

147,567

147,567

147,567

Share premium account

 

13,318,725

13,318,725

13,318,725

Foreign exchange reserve

 

(21,996)

34,292

(12,713)

Share option reserve

 

199,400

50,000

135,400

Retained (loss)/profit

 

(824,704)

(207,899)

846,926

Total Equity

 

12,818,992

13,342,685

14,435,905

 

 

 

 

 

Liabilities

 

 

 

 

Non-current

 

 

 

 

Borrowings

 

1,135,910

2,245,323

1,793,070

Other non-current liabilities

 

695,396

981,847

779,787

 

 

1,831,306

3,227,170

2,572,857

 

 

 

 

 

Current liabilities

 

 

 

 

Trade payables

 

808,563

1,183,062

960,034

Other payables

5

6,642,625

5,476,166

4,291,538

Borrowings - current

 

1,200,000

1,000,000

1,000,000

 

 

8,651,188

7,659,228

6,251,572

 

 

 

 

 

Total equity and liabilities

 

23,301,486

24,229,083

23,260,334

 

 

Unaudited Condensed Consolidated Cash Flow Statement

for the six months ended 31 March 2019

 

£

Consolidated

Unaudited half year to 31 Mar 2019

Consolidated

Unaudited

half year to

31 Mar 2018

Consolidated

Audited

 year to

30 Sep 2018

Operating activities

 

 

 

Reconciliation of profit to operating cash flows

 

 

 

(Loss)/profit for the period

(786,226)

433,545

1,931,074

Add back:

 

 

 

Taxation

40,931

38,685

(131,144)

Depreciation

167,952

158,388

319,017

Amortisation and impairment

824,528

706,971

1,425,059

Share option charge

64,000

50,000

135,400

Finance costs

44,421

52,546

100,287

Finance income

(3,854)

(5,630)

(9,556)

 

351,752

1,434,505

3,770,137

(Increase) in trade and other receivables

(679,634)

(548,848)

(427,885)

Increase in trade and other creditors

2,127,617

2,117,002

587,066

Cash from operations

1,799,735

3,002,659

3,929,318

Finance costs

(44,421)

(52,546)

(100,287)

Finance income

3,854

5,630

9,556

Tax paid

(72,396)

(47,554)

(101,314)

Net cash generated from operating activities

1,686,772

2,908,189

3,737,273

 

 

 

 

Investing activities

 

 

 

Capitalisation of development costs

(413,564)

(400,002)

(932,535)

Purchase of property, plant and equipment

(242,063)

(621,393)

(729,988)

Net cash used in investing activities

(655,627)

(1,021,395)

(1,662,523)

 

 

 

 

Financing activities

 

 

 

Borrowings repaid

(457,161)

(447,815)

(900,069)

Dividends paid

(885,405)

(826,378)

(1,269,080)

Net cash used in financing activities

(1,342,566)

(1,274,193)

(2,169,149)

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

(311,421)

612,601

(94,399)

Translation differences

(17,806)

(175,055)

9,766

Cash and cash equivalents at beginning of period

5,254,302

5,338,935

5,338,935

Cash and cash equivalents at end of period

4,925,075

5,776,481

5,254,302

 

 

 

Unaudited Notes

1.   Basis of Preparation and Accounting Policies

The condensed financial information is unaudited and was approved by the Board of Directors on 11 May 2018.

The Company is a public limited company, which was incorporated in England and Wales on 5 March 2015. The address of its registered office is 25 Bedford Street, London, WC2E 9ES. The interim financial information for the six months ended 31 March 2019 has been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations endorsed by the European Union (EU). The interim financial information for the six months ended 31 March 2019 has been prepared under the historical cost convention.

The interim financial information for the six months ended 31 March 2019 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and no statutory accounts have been prepared, audited or filed with the Registrar of Companies in England and Wales since incorporation.

The preparation of the interim financial information for the six months ended 31 March 2019 in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Statements and the reported amounts of revenues and expenses during the period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.  The Group has adopted IFRS 9 and IFRS 15 for the first time, with no adjustments required to the prior interim period or prior year audited financial statements. Contract assets and liabilities as defined by IFRS 15 are disclosed within note 5.

There is no material difference between the fair value of financial assets and liabilities and their carrying amount.

The functional and presentational currency is UK Sterling.

2.   Going concern

The Directors have assessed the current financial position of the Group, along with future cash flow requirements, to determine if the Group has the financial resources to continue as a going concern for the foreseeable future. The conclusion of this assessment is that it is appropriate that the Group be considered a going concern. For this reason the Directors continue to adopt the going concern basis in preparing the interim financial information for the six months ended 31 March 2019. The interim financial information does not include any adjustments that would result in the going concern basis of preparation being inappropriate.

3.   Basis of consolidation

The consolidated financial information incorporates the financial information of the Company and entities controlled by the Company (its subsidiaries) at 31 March 2019. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefit from its activities.

Except as noted below, the financial information of subsidiaries is included in the consolidated financial statements using the acquisition method of accounting.  On the date of acquisition the assets and liabilities of the relevant subsidiaries are measured at their fair values.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

4.   Adjusted earnings

EBITDA, profit before tax, profit for the period and earnings per share have been adjusted to take account of £64,000 (6 months to 31 March 2018 £50,000) relating to P&L charges in respect of the Company's share based long term incentive plan.

5.   Other receivables and other payables

 

 

Unaudited

31 Mar 2019

£

Unaudited

31 Mar 2018

£

Audited

30 Sep 2018

£

Other receivables - non-current

 

 

 

 

Amounts recoverable on contracts

 

545,922

783,883

577,288

 

 

545,922

783,883

577,288

Other receivables - current

 

 

 

 

Amounts recoverable on contracts

Prepayments

 

3,644,887

407,883

4,313,957

353,396

5,750,543

185,067

Other receivables

 

691,369

565,853

287,666

 

 

4,744,139

5,233,206

6,223,276

Other payables

 

 

 

 

Taxation

 

271,714

308,822

199,714

Other taxation and social security

 

378,750

126,083

91,249

Pension

 

42,394

45,539

39,322

Accruals

Deferred income

 

1,261,641

4,122,807

991,082

3,552,967

1,596,957

1,898,651

Other payables

 

565,319

451,673

465,645

 

 

6,642,625

5,476,166

4,291,538

                                       

6.   Availability of this announcement

This announcement together with the financial statements herein and a presentation in respect of the interim financial results are available on the Group's website, www.cerillion.com.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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