Financial reports

Audited Results for the period ending 31 March 2014


  • Strong results, with revenue, profit and cash all ahead of management expectations
  • Revenue of £58.3m; 83% derived from services, 78% is recurring on a pro-forma* basis
  • Adjusted EBITDA** of £10.5m, representing an EBITDA margin of 18%
  • Pro-forma revenues of £87.4m and EBITDA of £16.2m, synergies of £3m anticipated
  • Strong cash-flow: net bank debt at 31 March 2014 of £12.3m, with cash conversion*** of 86% for the period (H2: 128%)
  • Significant contract wins, with strong sales pipeline and momentum, over £10m of new contract wins announced since year-end
  • Maiden dividend of 1.0p per share in respect of the period ending 31 March 2014
  • Statutory profit of £1.8m
  • Completion of reverse takeover of InTechnology Managed Services Limited ("IMS") and placing to raise £64 million in December 2013
  • Integration of InTechnology Managed Services ("IMS") on track and delivering benefits in line with expectations
  • Management confident about outlook

* Including the results of IMS as if it had been part of the Group for the full twelve month trading period. These figures are based on unaudited management information.

** Earnings before net finance costs, tax, depreciation, amortisation of acquired intangibles, transaction and integration costs and share based payments

*** Ratio of operating cash-flow before capital expenditure, transaction and integration costs, interest, tax and acquisitions to EBITDA


Audited Results for the period ending 31 March 2014


Unaudited Interim Results - Eight months ending 30 September 2013