Matrix Moments, by Matrix Partners India, is a podcast series dedicated to the founders, startups and all those within the ecosystem, through candid conversations on what we think it really takes to survive in this wild, wild startup world. In a world where we are endlessly engulfed with information in all its forms and sizes, this is our attempt to create, curate and bring to you the insights and reflections that we have had the luxury of having learned the hard way, through all the years s ...
769: Ian O’Doherty & Tim Clancy of Appreciate Group: Final results which outperformed and exceeded expectations
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Ian O’Doherty CEO & Tim Clancy CFO of Appreciate Group #APP discuss their final results, which outperformed and exceeded expectations last year, bouncing back strongly with profitability in both divisions.
· Profit before tax and exceptional items+ of £8.4m (Restated* FY21: £2.3m)
- Strong recovery in profitability of both divisions
- Excludes exceptional costs of £2.7m (Restated* FY21: £2.5m of exceptional items), largely in relation to certain intangibles related write offs, including the impact of changes in IFRS guidance on the treatment of cloud-based technology costs
- Adjusted PBT ahead of market expectations, as announced in year-end trading update on 28 April
· Group revenue up 15.4% to £123.3m (FY21: £106.8m) driven by a strong performance in the Corporate business
· Good progress with key areas of Corporate and digital billings:
o Billings~ excluding Christmas Savings were £222.0m, up 3.6% (FY21: £214.3m), following three consecutive quarters of double-digit growth from Q2 onwards
o Digital billings~ (excluding billings from free school meals) up 20.5% to £54.8m (FY21: £45.5m)
o Total Group billings~ down to £385.8m (FY21: £406.5m) following reduction in billings~ from Christmas Savings which were impacted by lockdown measures, restricting agent collections
· Solid financial position maintained:
o Total funds held, including monies held in trust and bank deposits, at 31 March 2022, were £139.7m (FY21: £163.5m)
o Year-end free cash and cash equivalents (excluding monies held in trust) amounted to £20.2m (FY21: £31.4m), reflecting the normalisation of customer spending patterns during the year
· Underlying earnings per share of 3.46p (Restated* FY21 0.90p)
· The Board has recommended a final dividend of 1.2p, making a full dividend for the year of 1.8p per share (FY21: 1.0p)
To read the full RNS click HERE