Half-year Report - Replacement

RNS Number : 1952N
Pelatro PLC
28 September 2021
 

Replacement

 

The following replaces the RNS No 1139N that was released at 7.00 am this morning, the only changes to the version that went out is the debt repayment amount is $0.75m rather than $0.6m this is referenced in 2 places.

 

 

28 September 2021

Pelatro Plc

 

("Pelatro" or the "Group")

 

Interim results

 

 

Pelatro Plc (AIM: PTRO), the precision marketing software specialist, is pleased to announce today its results for the 6 months ended 30 June 2021.

 

Financial highlights

 

• Revenue $3.46m (H1 2020: $2.29m)

• Recurring revenue $2.43m (H1 2020: $1.54m), 70% of revenue

• Adjusted EBITDA* $1.61m (H1 2020: $0.66m)

• Adjusted EBITDA* margin 47% (H1 2020 29%)

• Adjusted earnings per share 1.6¢ (H1 2020: (0.6)¢)

 

 

Operational highlights

 

• Transition to recurring revenue model almost complete

• New Framework Agreement signed with major telco group

• Older contracts now being renewed, demonstrating "stickiness" and continuity of Pelatro products

 

 

Post period end highlights

 

• Completed placing of 8.38m shares to raise £3.35m (pre expenses)

• Gross cash at 31 August $3.8m, net cash $2.8m after debt repayments of c. $0.75m

 

 

Outlook

 

Management expectations for the year underpinned by:

 

• revenue visibility of c. $7.2m for full year (including $3.5m H1 2021)

• current pipeline ** of c. $18m, of which c. $5m is from existing customers

 

Richard Day, Non-executive Chairman of Pelatro commented:

 

"The momentum we have seen in the first half of the year is being maintained, with the Group being able to sell an expanded suite of products across our customer base. Our planned move into the mobile advertising space has started well and is throwing up some exciting prospects in non-telco areas as well. We very much appreciate the support we received from our shareholders with our £3.35m equity fund raising. With a sound business base, a wide range of quality products, excellent prospects  and current visibility of c. $7.2m for this year as a whole, we have every confidence as we look forward to the end of the year and beyond to the longer term."

 

 

For further information contact:

 

Pelatro Plc


Subash Menon, Managing Director

c/o Cenkos

Nic Hellyer, Finance Director




Cenkos Securities plc (Nominated Adviser and Broker)

+44 (0)20 7397 8900

Stephen Keys / Mark Connelly (corporate finance)


Michael Johnson (sales)


 

 

* earnings before interest, tax, depreciation, amortisation, exceptional items and share-based payments

 

** "pipeline" is defined as opportunities where an RFI or RFP has been received and recurring revenue contracts are included as the sum of the likely revenue over 3 years in order to provide comparability with one-off license fee income

 

 

Notes to editors

 

The Pelatro Group was founded in March 2013 by Subash Menon and Sudeesh Yezhuvath with the objective of offering specialised, enterprise class software solutions for customer engagement principally to telcos who face a series of challenges including market maturity, saturation and customer churn.

 

Pelatro provides its "mViva" platform for use by customers in B2C and B2B applications, and is well positioned in the Customer Engagement space. Our technology orchestrates the digital journey of the customers of the telcos through contextual, relevant and real time offers and loyalty programs across multiple channels including websites, social media, apps and others.

 

For more information about Pelatro, visit www.pelatro.com

 



 

Managing Director's statement

 

Despite the continuing restriction on overseas air travel due to COVID-19 and hence the lack of face-to-face meetings we have continued to win new business throughout the first half of the year. Early in the period we won a recurring revenue contract for campaign management operations from an Asian telco (part of a large global group), which contract, with a number of additional services now taken on, is likely to produce revenue of around $1.5m over its life. In May, another existing customer group of Pelatro in Asia (with about 230 million subscribers) entered into a Framework Agreement ("FWA") with Pelatro for three years, which brought annual maintenance, support and previously ad hoc change requests under this group purchasing arrangement with a fixed amount to be paid quarterly for all base products and services. The FWA thus converted our entire product suite with the customer to recurring revenue and the contract will produce revenue of around $0.5m per year from 2022 onwards.

 

With these contracts and those from previous years our planned move into managed services business or other recurring revenue contracts in place of up-front licence arrangements is largely complete. We already have encouraging visibility for FY22 and the new business pipeline also reflects this move, with the majority of contracts signed in future expected to be of a recurring revenue nature.

 

Customers continue to be active with change requests, and overall some $1.3m of change requests have been contracted for execution this year. Likewise existing customers have been active in purchasing additional "modules" (such as Enterprise CLM, Analytics Workbench), which will contribute around $0.2m to revenue. Additionally, some of the Group's existing managed services contracts contain provisions for gain share revenue for Pelatro over and above the minimum contractual payments, which to date have produced revenue of around $0.25m but have the potential to produce revenue of around $0.5m during the year.

 

We have also now begun our move into mobile advertising, adding a new business stream to our existing operations in the mobile customer engagement space. We see this as a fast growing area and one which is highly complementary to our existing business. After the period end we raised £3.35m (gross) in new equity funding to invest in this new business area (as well as for general working capital for our overall business): since that time we have hired a senior manager to head the team and further recruitment is underway. Discussions are going on with prospective customers and we are seeing further opportunities to expand our offering to non-telco customers in multiple verticals. We are very encouraged at the level of interest we are seeing in this area from various brands including banks, retail and others.

 

Financial review

 

Revenue and profitability

 

In the six months to 30 June 2021 revenue increased by some 50% over the comparable period to $3.46m (H1 2020: $2.29m). Of the total revenue, approximately $2.43m (H1 2020: $1.54m) was recurring revenue, comprising managed services, post contract support and gain share revenue. Taking change requests of $1.01m into account virtually all H1 revenue was repeating revenue, though for the full year we expect to recognise some license-related revenue, for example from implementation of prior year contracts.

 

Underlying operating profit (excluding the impact of non-cash share-based payments, amortisation of customer-related intangible assets and exceptional items in H1 2020) was $0.76m (H1 2020: $0.11m loss).

 

Net cash and trade receivables

 

Cash generated from operating activities was approximately $0.70m after working capital movements (H1 2020: $1.18m); however,  this is net of a payment of c. $0.7m relating to sales commissions due on a prior year contract. The financing requirements of the business were relatively modest; however the Group did take advantage of an Indian government COVID-related loan which was fully repaid after the period end along with a further $0.75m of debt out of the proceeds of the equity fund-raising of £3.35m.

 

Short-term trade receivables (including unbilled revenue but excluding contract assets) as at 30 June 2021 were $3.72m (31 December 2020 $3.34m).

 

Expenditure on non-current assets

 

Capitalised development expenditure was $1.39m (H1 2020: $1.21m); Group expenditure on fixed assets was a more normal $42,000 compared to the $0.79m in the comparative period which related to IT infrastructure for the Group's major managed services contract.

 

 

Current trading and outlook

 

Our strategy to focus more on recurring revenue has started to yield results. One obvious shift is in the weighting of expected revenue in the two halves of the year which has become more even. Another notable change is the reduction of "debtor days" which, whilst still an over-broad measure of trade receivables, does give a more meaningful figure when applied to debtors arising from recurring revenue contracts.

 

We are experiencing good momentum in our telco-facing business with existing customers increasing their investment in our solutions. Further, we are working on a strong pipeline with an expectation of winning a few more new customers in 2021 and securing recurring revenue contracts which should lead to attractive growth in 2022. We have made progress on the non-telco front, with one key hire and a number of engagements with non-telco corporates to help them with their marketing (advertising and campaigning) activities. In particular we have engaged with one corporate in the financial services sector and hope to provide our software to analyse its proprietary data. We expect to see further progress with non telco customers in the coming months and look to the future with confidence.

Group statement of comprehensive income



6 months to

30 June 2021

6 months to

30 June 2020

Year to

December 2020


Note

$'000

$'000

$'000



(unaudited)

(unaudited)

(audited)






Revenue

2

3,460

2,291

4,020

Cost of sales and provision of services


(968)

(667)

(1,710)



_______

_______

_______

Gross profit


2,492

1,624

2,310






Adjusted administrative expenses


(1,735)

(1,738)

(3,647)



_______

_______

_______

Adjusted operating profit/(loss)


757

(114)

(1,337)

Exceptional items


-

149

149

Amortisation of acquisition-related intangibles


(342)

(342)

(686)

Share-based payments


(15)

(27)

(32)



_______

_______

_______

Operating profit/(loss)


400

(334)

(1,906)

Finance income

4

23

37

64

Finance expense

5

(110)

(106)

(240)



_______

_______

_______

Profit/(loss) before taxation


313

(403)

(2,082)

Income tax credit/(expense)


(42)

(36)

(375)



_______

_______

_______

PROFIT/(LOSS) FOR THE PERIOD


271

(439)

(2,457)






Other comprehensive income/(expense):





Items that may be reclassified subsequently to profit or loss:





Exchange differences


(26)

21

25



_______

_______

_______

Other comprehensive income, net of tax


(26)

21

25






TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD


245

(418)

(2,432)






Earnings/(loss) per share





Reported





Basic and diluted

6

0.7¢

(1.3)¢

(7.2)¢






Adjusted





Basic and diluted

6

1.6¢

(0.6)¢

(7.2)¢






 



 

Group statement of financial position



As at

30 June 2021

As at

30 June 2020

As at 31 December 2020


Note

$'000

$'000

$'000



(unaudited)

(unaudited)

(audited)

Assets





Non-current assets





Intangible assets

7

12,052

11,132

11,649

Property, plant and equipment


1,095

1,220

1,218

Right-of-use assets


238

240

308

Deferred tax assets


16

92

16

Contract assets

8

461

446

751

Trade and other receivables


91

238

149



_______

_______

_______



13,953

13,368

14,091

Current assets





Contract assets

8

733

246

609

Trade receivables


3,716

4,800

3,335

Other assets


387

576

485

Cash and cash equivalents

 

784

749

1,805



_______

_______

_______



5,620

6,371

6,234






Total assets


19,573

19,739

20,325






Liabilities





Non-current liabilities





Borrowings

9

1,031

1,145

1,196

Lease liabilities


117

104

172

Contract liabilities


139

228

207

Long-term provisions

11

149

113

173



_______

_______

_______



1,436

1,590

1,748






Current liabilities





Borrowings

9

504

148

244

Lease liabilities


139

171

174

Trade and other payables

10

356

803

1,093

Provisions

11

198

89

163

Contract liabilities


289

337

495

Other financial liabilities


-

801

-



_______

_______

_______



1,486

2,349

2,169






Total liabilities


2,922

3,939

3,917






NET ASSETS


16,651

15,800

16,408











Issued share capital and reserves





Share capital


1,212

1,065

1,212

Share premium


14,045

11,603

14,045

Other reserves


(611)

(606)

(583)

Retained earnings


2,005

3,738

1,734



_______

_______

_______

TOTAL EQUITY


16,651

15,800

16,408

 



 

Group statement of cash flows


6 months to

30 June 2021

6 months to

30 June 2020

Year to

December 2020


$'000

$'000

$'000


(unaudited)

(unaudited)

(audited)

Cash flows from operating activities




Profit/(loss) for the period

271

(439)

(2,457)

Adjustments for:




Income tax expense/(credit) recognised in profit or loss

42

45

375

Finance income

(4)

(37)

(20)

Finance costs

107

87

232

Depreciation of tangible non-current assets

210

135

366

Profit on disposal of fixed assets

-

-

(10)

Amortisation of intangible non-current assets

991

993

2,122

Fair value adjustment on contingent consideration

-

(149)

(149)

Share-based payments

15

27

32

Foreign exchange (gains)/losses

10

6

25


_______

_______

_______

Operating cash flows before movements in working capital

1,642

668

516

(Increase)/decrease in trade and other receivables

(199)

416

2,229

(Increase)/decrease in contract assets

173

122

(544)

Increase/(decrease) in trade and other payables

(623)

386

676

Increase in contract liabilities

(293)

(413)

(276)


_______

_______

_______

Cash generated from operating activities

700

1,179

2,601





Income tax paid

(191)

(110)

(339)


_______

_______

_______

Net cash generated from operating activities

509

1,069

2,262





Cash flows from investing activities




Development of intangible assets

(1,354)

(1,210)

(2,807)

Purchase of intangible assets

(3)

(3)

(9)

Acquisition of property, plant and equipment

(42)

(791)

(902)

Payment of earn out consideration relating to prior period acquisition

-

-

(851)


_______

_______

_______

Net cash used in investing activities

(1,399)

(2,004)

(4,569)





Cash flows from financing activities




Proceeds from issue of ordinary shares, net of issue costs

-

-

2,589

Proceeds from borrowings

226

1,117

1,753

Repayment of borrowings

(81)

(301)

(919)

Repayments of principal on lease liabilities

(85)

(93)

(171)

Interest received

4

37

20

Interest paid

(125)

(61)

(185)

Less interest accrued but not paid

-

16

-

Interest expense on lease liabilities

(9)

(8)

(16)


_______

_______

_______

Net cash generated by/(used in) financing activities

(70)

707

3,071





Net increase/(decrease) in cash and cash equivalents

(960)

(228)

764

Net foreign exchange differences

(61)

(43)

(60)

Cash and cash equivalents at beginning of period

1,805

934

1,101


_______

_______

_______

Cash and cash equivalents at end of period

784

663

1,805





Comprising:




Cash at bank and in hand

945

749

1,805

Overdraft

(161)

(86)

-


_______

_______

_______


784

663

1,805

 

 

 

Group statement of changes in equity

 


Share capital

Share premium

Exchange reserve

Merger reserve

Share-based payments reserve

Retained profits


Total


$'000

$'000

$'000

$'000

$'000

$'000


$'000

Balance at 1 January 2020

1,065

11,603

(216)

(527)

100

4,177


16,202

(Loss) after taxation for the period

-

-

-

-

-

(439)


(439)

Share-based payments

-

-

-

-

50 

-


50

Other comprehensive income:









Exchange differences

-

-

(13)

-

-

-


(13)


_____

_____

_____

_____

_____

_____


_____

Balance at 30 June 2020

1,065

11,603

(229)

(527)

150

3,738


15,800

(Loss) after taxation for the period

-

-

-

-

-

(2,018)


(2,018)

Share-based payments

-

-

-

-

48

-


48

Transfer on lapse of share options





(14)

14


-

Other comprehensive income:









Exchange differences

-

-

(11)

-

-

-


(11)

Transactions with owners:









Shares issued by Pelatro Plc for cash

147

2,620

-

-

-

-


2,767

Issue costs

-

(178)

-

-

-

-


(178)


_____

_____

_____

_____

_____

_____


_____

Balance at 31 December 2020

1,212

14,045

(240)

(527)

184

1,734


16,408

Profit after taxation for the period

-

-

-

-

-

271


271

Share-based payments

-

-

-

-

51

-


51

Other comprehensive income:









Exchange differences

-

-

(79)

-

-

-


(79)


_____

_____

_____

_____

_____

_____


_____

Balance at 30 June 2021

1,212

14,045

(319)

(527)

235

2,005


16,651

 



Notes to the Group financial statements

 

 

1  Basis of preparation

 

The Group has prepared its interim financial statements (the "statements") for the 6 months ended 30 June 2021 (the "interim results") in accordance with the AIM Rules of the London Stock Exchange and not in accordance with IAS34 Interim Financial Reporting ;   the statements are prepared in accordance with the recognition and measurement principles of International Accounting Standards in conformity with the requirements of the Companies Act 2006, but do not include all the disclosures that would otherwise be required

 

The statements have been prepared under the historical cost convention. The accounting policies adopted in the statements are consistent with those adopted in the Group's Annual Report and Financial Statements for the year ended 31 December 2020 and those which will be adopted in the preparation of the annual report for the year ending 31 December 2021. The statements do not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006 and are unaudited.

 

Going concern

 

A gradual "return to normal" on the part of our customers, our successful adaptation to new working methods and the global rollout of vaccination programmes means that the Directors consider that coronavirus no longer presents a material downside risk to the Group. The Directors have considered trading and cash flow forecasts prepared for the Group, and based on these, and confirmed banking facilities, are satisfied that the Group will continue to be able to meet its liabilities as they fall due for at least one year from the date of these results. On this basis, they consider it appropriate to have adopted the going concern basis in the preparation of the interim results, which were approved by the Board of Directors on 27 September 2021.

 

Comparative financial information

 

The comparative financial information presented herein for the year ended 31 December 2020 does not constitute full statutory accounts for that period. Statutory accounts for the year ended 31 December 2020 have been filed with the Registrar of Companies. These statutory accounts carried an unqualified Auditor's Report, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006.

 

 



 

2  Segmental analysis

 

Revenue by type


6 months to

30 June 2021

6 months to

30 June 2020

Year to

31 December 2020


$'000

$'000

$'000





Recurring software sales and services

1,922

817

1,528

Maintenance and support

506

719

1,323


_______

_______

_______

Total recurring revenues

2,428

1,536

2,851

Change requests

1,009

331

426


_______

_______

_______

Total repeating revenues

3,437

1,867

3,277

Licence related income

23

424

698

Consulting

-

-

45


_______

_______

_______


3,460

2,291

4,020

 

 

Revenue by geography

 

The Group recognises revenue in seven geographical regions based on the location of customers, as set out in the following table:


6 months to

30 June 2021

6 months to

30 June 2020

Year to

31 December 2020


$'000

$'000

$'000





Caribbean

64

60

145

Central Asia

287

32

175

Eastern Europe

75

74

168

Africa

152

42

64

South Asia

1,102

923

1,096

South East Asia

1,780

1,160

2,372


_______

_______

_______


3,460

2,291

4,020

 

 

3  Non-GAAP profit measures and exceptional items

 

Reconciliation of operating profit to earnings before interest, taxation, depreciation and amortisation ("EBITDA"):


6 months to

30 June 2021

6 months to

30 June 2020

Year to

31 December 2020


$'000

$'000

$'000

Operating profit/(loss)

400

(334)

(1,906)

Adjusted for:




 - amortisation and depreciation

1,175

1,091

2,420


_______

_______

_______

EBITDA

1,575

757

514

Other adjustments:




 - revenue recognised as interest under IFRS 15

19

22

44

Expensed share-based payments

15

27

32

Exceptional items:




- gain on adjustment of deferred consideration liability

-

(149)

(149)


_______

_______

_______

Adjusted EBITDA

1,609

657

441

 

The criteria for adjusting operating income or expenses in the calculation of adjusted EBITDA are that they are material and either (i) arise from an irregular and significant event or (ii) are such that the income/cost is recognised in a pattern that is unrelated to the resulting operational performance. Materiality is defined as an amount which, to a user, would influence decision-making based on, and understandability of, the financial statements.

 

Exceptional items are treated as exceptional by reason of their nature and are excluded from the calculation of adjusted EBITDA (and adjusted earnings per share below) to allow a better understanding of comparable year-on-year trading and thereby an assessment of the underlying trends in the Group's financial performance. These measures also provide consistency with the Group's internal management reporting.

 

Adjustment for share-based payment expense is made because, once the cost has been calculated for a given grant of options, the Directors cannot influence the share-based payment charge incurred in subsequent years relating to that grant; also the value of the share option to the employee differs considerably in value and timing from the actual cash cost to the Group.

 

Elements of depreciation on right-to-use assets recognised under IFRS 16 and share-based payment expense are deemed to be directly attributable overheads for the purposes of capitalising relevant expenditure on developing intangible assets (see Note 7). The figures above are shown net of amounts so capitalised.

 

 

4  Finance income


6 months to

30 June 2021

6 months to

30 June 2020

Year to

31 December 2020


$'000

$'000

$'000


(unaudited)

(unaudited)

(audited)

Interest receivable on interest-bearing deposits

4

15

20

Notional interest accruing on contracts with a significant financing component

19

22

44


_______

_______

_______

Total finance income

23

37

64

 

 

5  Finance expense

 


6 months to

30 June 2021

6 months to

30 June 2020

Year to

31 December 2020


$'000

$'000

$'000


(unaudited)

(unaudited)

(audited)





Interest and finance charges paid or payable on borrowings

101

79

198

Interest on lease liabilities under IFRS 16

13

15

31

Less: amounts capitalised as intangible assets

(4)

(7)

(14)

Acquisition-related financing expense - unwinding of discount on financial liabilities

-

19

25


_______

_______

_______

Total finance expense

110

106

240

 

 

6  Earnings per share

 

Earnings per share - reported ("EPS")

 

The calculation of the basic and diluted EPS is based on the following data:

 


6 months to

30 June 2021

6 months to

30 June 2020

Year to

31 December 2020


$'000

$'000

$'000

Earnings




Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent

271

(439)

(2,457)





Number of shares




Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share

37,032,431

32,532,431

34,136,617

 

The weighted average number of shares and the loss for the year for the purposes of calculating the fully diluted earnings per share are the same as for the basic loss per share calculation. This is because the outstanding share options would have the effect of reducing the loss per ordinary share and would therefore not be dilutive under IAS33.

 

Adjusted earnings per share

 

Adjusted EPS is calculated as follows:


6 months to

30 June 2021

6 months to

30 June 2020

Year to

31 December 2020


$'000

$'000

$'000

Earnings attributable to owners of the Parent

271

(439)

(2,457)

Adjusting items:




 - exceptional items

-

(149)

(149)

- expensed share-based payments

15

27

32

- finance charge on liabilities relating to

 contingent consideration

-

19

25

- amortisation of acquisition-related intangibles

342

342

686

- prior year adjustments to tax charge

(18)

-

(18)


_______

_______

_______

Adjusted earnings attributable to owners of the Parent

610

(200)

(1,881)





Weighted number of ordinary shares in issue

37,032,431

32,532,431

34,136,617





Adjusted earnings per share attributable to shareholders (basic and diluted)

1.6¢

(0.6)¢

(5.5)¢

 

The criteria for inclusion of adjusting items in the calculation of adjusted EPS are the same as those relating to the calculation of adjusted EBITDA as set out in Note 3. Additionally, amortisation of acquisition-related intangibles relates to the amortisation of intangible assets in respect of customer relationships which are recognised on a business combination and are non-cash in nature.

 

The Group has one category of potentially dilutive ordinary share, being those share options granted to employees where the exercise price (plus the remaining expected charge to profit under IFRS 2) is less than the average price of the Company's ordinary shares during the period.

 

 

7  Intangible assets

 

Intangible assets comprise capitalised development costs, acquired software, customer relationships and goodwill.

 


Development costs

Third party

software

Patents

Customer relationships

Goodwill

Total


$'000

$'000

$'000

$'000

$'000

$'000

Cost







At 1 January 2021

9,263

110

27

6,862

470

16,732

Additions

1,390

6

-

-

-

1,396

Foreign exchange

-

(1)

-

-

-

(1)


_______

_______

_______

_______

_______

_______

At 30 June 2021

10,653

115

27

6,862

470

18,127








Amortisation or impairment







At 1 January 2021

(3,373)

(52)

-

(1,658)

-

(5,083)

Charge for the period

(639)

(10)

-

(343)

-

(992)


_______

_______

_______

_______

_______

_______

At 30 June 2021

(4,012)

(62)

-

(2,001)

-

(6,075)








Net carrying amount







At 30 June 2021

6,641

53

27

4,861

470

12,052








At 1 January 2021

5,890

58

27

5,204

470

11,649

 

 

8  Contract assets

 

Contract assets are comprised as follows:

 


As at

30 June 2021

As at

30 June 2020

As at 31 December 2020


$'000

$'000

$'000

Due after one year




Contract assets relating to revenue

98

446

311

Contract fulfilment assets

363

-

440


_______

_______

_______


461

446

751





Due within one year




Contract assets relating to revenue

581

246

457

Contract fulfilment assets

152

-

152


_______

_______

_______


733

246

609

 

 

9  Loans and borrowings


As at

30 June 2021

As at

30 June 2020

As at 31 December 2020


$'000

$'000

$'000

Non-current liabilities




Secured term loans

237

-

277

Unsecured borrowings

794

1,145

919


_______

_______

_______


1,031

1,145

1,196

Current liabilities




Current portion of term loans

138

62

99

Unsecured borrowings

366

86

145


_______

_______

_______


504

148

244





Total loans and borrowings

1,535

1,293

1,440

 

 

10  Trade and other payables

 


As at

30 June 2021

As at

30 June 2020

As at 31 December 2020


$'000

$'000

$'000

Due within a year




Trade payables

30

40

810

Other payables

326

763

283


_______

_______

_______

Total trade and other payables

356

803

1,093

 

 

11  Provisions

 

Long-term

As at

30 June 2021

As at

30 June 2020

As at 31 December 2020


$'000

$'000

$'000





Employee gratuities

108

76

116

Leave encashment

41

37

57


_______

_______

_______


149

113

173

 

 

Short-term

As at

30 June 2021

As at

30 June 2020

As at 31 December 2020


$'000

$'000

$'000





Employee gratuities

12

9

13

Leave encashment

17

15

24

Other provisions (including tax)

169

65

126


_______

_______

_______


198

89

163

 

 

12  Post balance sheet events

 

Other than disclosed above there have been no events subsequent to the reporting date which would have a material impact on these interim financial results.

 

 

 

 [END]

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