Interim Results
Manpower Software PLC
06 February 2008
MANPOWER SOFTWARE PLC
UNAUDITED INTERIM
FOR THE SIX MONTHS ENDED
30 NOVEMBER 2007
Company 2814942 Registrars Capita IRG plc
registration Bourne House
number: 34 Beckenham Road
Beckenham
Kent
BR3 4TU
Registered office: The Communications Building Solicitors: Taylor Wessing
48 Leicester Square Carmelite
London 50 Victoria Embankment
WC2H 7LU Blackfriars
London
EC4Y 0DX
Directors: I J Bowles Auditors: Grant Thornton UK LLP
J I Lang Registered Auditors
M J S Loveland Chartered Accountants
R J Morgan-Evans Grant Thornton House
T H Osborne Melton Street
A R D Pringle Euston Square
S C Thorne London
NW1 2EP
Secretary: S C Thorne Website: www.manpowersoftware.com
Bankers: HSBC Bank plc
65 Packhorse Road
Gerrards Cross
Buckinghamshire
SL9 8PH
Financial adviser: Numis Securities Limited
10 Paternoster Square
London
EC4M 7LT
Broker: Numis Securities Limited
10 Paternoster Square
London
EC4M 7LT
INDEX PAGE
Chairman's statement 3
Operational review 7
Independent review report 11
Condensed consolidated income statement 13
Condensed consolidated balance sheet 14
Condensed consolidated statement of changes in equity 15
Condensed consolidated cash flow statement 16
Notes to the financial statements 17
Introduction
Manpower Software plc, the leading provider of workforce management solutions,
today announces its interim results for the six months ended 30 November 2007.
I am pleased to report the continued progress of the company towards achieving
its objective of becoming a world class software company. The strategy, which
the company adopted two years ago, continues to deliver in line with
expectations.
Results
Revenue in the first half of the financial year advanced 31% to £5.3m (2006:
£4.05m), resulting in a net trading profit of £0.6m (2006: £0.55m). Licence
revenue grew 17% in comparison to the first half of 2006/7, while Services
revenue grew by 48%. By sector, Healthcare revenue increased 171%, reflecting
the company's rapid expansion within the NHS and its position as the supplier of
choice for nurse rostering products. Maritime revenues also increased by a
healthy 47%. Defence revenues were 42% less than the prior period which
included the sale to the Royal Australian Navy. Excluding this, like for like
Defence revenues show a 3% increase.
Cost of sales increased from £2.7m to £3.7m as the company developed its
services business and we continued to add to our existing sales capability.
General and Administrative ("G&A") costs increased from £0.77m to £1.0m,
primarily reflecting the strengthening of the Company's management structure and
appointment of our new CEO.
Net operating margin was 11% (2006: 14%) reflecting the greater weighting of
Services revenues in the period and the increase in G&A costs.
Cash at the period-end increased to £2.66m.
Significant Activity
The following significant activity occurred during the period.
• Healthcare. We added a further twelve NHS Trusts to our customer base,
making a total at the period-end of 27, in addition to the contract with
the independent healthcare provider, HCA International. We also maintained
our competitive position and developed a strong pipeline for the second half.
• Defence. We received significant new contracts to extend the use of MAPS
in the British Army's HQ Land Command and The Royal Fleet Auxiliary. In
addition, NATO Supreme Headquarters Allied Powers Europe (SHAPE) invested in
MAPS Defence Suite to address a new requirement for the NATO Special Forces
Coordination Centre (NSCC), the focal point for NATO Special Operations.
This is the third deployment of MAPS into NATO
• Maritime. The Company secured its first French customer when CMA CGM, the
largest French shipping company, purchased MAPS Maritime Suite. AP
Moller-Maersk extended its existing contract and purchased additional
licences.
• Service and Support. Revenues grew 48%, driven both by deliveries to new
customers and by growth in the installed base in the three principal
vertical markets.
International Financial Reporting Standards ("IFRS")
The company has prepared these interim results in accordance with the
recognition and measurement principles of IFRS in issue and as adopted by the
European Union. The adoption of IFRS does not result in any material changes to
the Group's accounting practices, although the policy framework under IFRS has
changed. There are no adjustments to the income statement as a consequence of
the first time adoption of IFRS, and there are no material differences between
the cash flow statement presented under IFRS and the cash flow statement
presented under UK GAAP. The charge for share-based payments is shown
separately on the face of the income statement, as previously. It is an
accounting adjustment, which has no impact on the company's trading position.
Strategy
The management team continues to focus on the four core structural elements of a
successful software business, as set out in the 2006/7 annual report.
Achievement of these should enable us to optimise growth and financial returns
to shareholders over the long term.
• Linearity of licence revenues through consecutive periods. Revenue growth
is driven principally by the sale of new licences. Linear growth is
therefore at the heart of management's objectives and the company's
determination to drive shareholder value. First half licence revenues
increased versus both the previous first half and, importantly, the second
half of 2006/7, while a strong forward pipeline exists for the second half
of 2007/8.
• Appropriate margins in service and support. Management continues to focus
on client delivery, support and customer satisfaction. There was high
growth in Services revenue while profitability was maintained at the best
industry standards.
• Investment. The company continues to target financial returns commensurate
with the best software companies worldwide. We continue to invest in our
people, the product, services and support, as well as new markets. This
focus on improving productivity at all levels continues to underpin the long
term development of the company. We use appropriate incentive structures,
rigorous quarterly targets and demanding criteria for all investment,
thereby driving revenue growth and optimising operating margins and free
cash flow. While the Company is growing and actively investing in new
products and markets, we continue to be profitable across all parts of the
business.
• Strict financial management. We continue to measure and monitor carefully
all financial ratios, maintaining a strict emphasis on achieving agreed
operating plans.
Outlook
The Directors note that, in the first half of this financial year, there has
been strong performance across all sectors of the business with a strong
pipeline entering the second half. As a result, the Directors are confident of
meeting current market expectations for the year.
Finally, I would like to thank and recognise all Manpower Software's people for
their total commitment to the Company's continuing success.
Terry Osborne
CHAIRMAN
6 February 2008
Operational Review
Healthcare
Healthcare is now our fastest growing market sector. MAPS Healthroster
continues to be the leading product within the NHS for rostering systems.
During the period we signed contracts with twelve new NHS trusts, making a total
of twenty-seven contracts with NHS trusts at the period-end, and we increased
the number of NHS wards where MAPS Healthroster is live to over 300. MAPS
Healthroster has developed a reputation within the NHS for delivering effective
staff rostering, which benefits staff and patients while delivering significant
cost savings to hospital management.
In addition to the twenty-seven contracted acute and mental health trusts, we
are now also working with primary care trusts. This considerably expands our
market for rostering software within the NHS.
Defence
We continue to sell software and services to our existing customer base, while
looking to expand the deployment of the core MAPS Defence Suite into other
Defence customers in the UK and overseas.
HQ Land Command of the British Army are using MAPS to manage their Operational
Commitments over time, and to review and compare those commitments with their
supporting Training events. The consequent end-user training demand for MAPS is
now so great that a second full-time trainer has been appointed under contract
from MSW, with capacity for over 300 military personnel to be trained every
month.
The Royal Fleet Auxiliary (RFA), our longest standing Defence customer,
recognised that MAPS has become the most business-critical application in
support of their on-going operations. As a result they are in the process of a
major and full scale migration up to the latest version of the MAPS Defence
Suite, to manage effectively all of their 17 ships and the associated manpower
planning and deployment requirements.
NATO's operational military headquarters, Supreme Headquarters Allied Powers
Europe ("SHAPE"), based in Mons, Belgium, has contracted MSW to supply an
integrated software solution to help manage its Special Operations Force (SOF)
requirements.
Maritime
During the period, A. P. Moller-Maersk, the world's largest shipping company,
extended its existing contract and invested in additional licences of MAPS
Maritime Suite, taking their user population to more than 300 active users
worldwide.
CMA-CGM, the world's third largest shipping company headquartered in France,
purchased MAPS Maritime Suite and will use it as a complete crew planning and
scheduling system. This emphasises the suitability of MAPS for the shipping
industry generally. Building on the successful deployments of MAPS Maritime
Suite at A. P. Moller-Maersk, Acergy and CMA CGM, we will focus our efforts for
new licence sales in the off-shore and shipping market sector over the coming
months.
Client Services
Client Services has continued to grow revenues rapidly and improve profitability
in line with management targets. Quality projects continue to be delivered to
clients, providing tangible operational benefits and maintaining high levels of
customer satisfaction. Our use of partners to complement our own services
capabilities in the UK (Healthcare) and Asia Pacific (Defence) has worked well
and will continue to be a cornerstone of our services delivery strategy going
forward. There is a strong services pipeline across all sectors from both our
existing client base wishing to expand the use of the MAPS software within their
operations and from new clients undertaking first time implementations.
Research and Development
Products continue to be developed both on the core MAPS platform and, where
appropriate, in web-based technologies. In Healthcare, a new version of the
MAPS Healthroster suite was released, which enhanced the functionality of the
Bank (temporary staffing) module and added support for rolling rosters to enable
NHS staff groups on fixed shift patterns to be rostered within the system. The
web-based management dashboard, which enables NHS Trust executives to monitor
the effectiveness of ward rostering, was also released. In Maritime,
enhancements to the standard MAPS maritime platform (version 5.5) were released,
alongside a new standard configuration, MAPS Maritime Suite, for use in
off-shore and shipping. Our defence product offering, MAPS Defence Suite, was
enhanced with a modelling capability and the introduction of the capability to
interact between MAPS systems on differing security-classified domains.
Partnerships
In addition to the management focus on the four disciplines of a successful
software company, we are increasing our focus on developing key partnerships
with organisations which can help us achieve our objective of becoming the
foremost supplier of workforce optimisation applications to our chosen markets.
Presently, we have partnership agreements with ST Electronics (Info-Software
Systems) Pte. Ltd in Singapore and Alphawest Services Pty Limited (part of
Optus, Australia's second largest Telco) in Australia. These and other
partnerships will help to expand the breadth and depth of our capability in our
vertical markets, as well as expanding our geographical reach.
Outlook
Our strategy is to become the leading provider of workforce management solutions
within our chosen markets and a world class software company. The elements of
strategic vision, customer satisfaction, an integrated solution, multiple growth
drivers and a committed management team are in place across the business. The
foundations for profitable growth, to which we have referred in previous
statements, are firmly in place and enabling encouraging progress. We have a
direct sales organisation and a services business capable of fulfilling the
increasing demands of our target markets. There is a strong sales pipeline and
the capability to deliver profitable services growth. We are also actively
seeking new partnerships to assist with sales and delivery in our markets.
In Defence, we have opportunities to supply further products and support
services to the UK Armed Forces and to government authorities in Asia Pacific.
The latest version of MAPS Defence Suite has been enthusiastically received by
other organisations which have viewed it. We are seeking to generate further
interest from other European, Commonwealth and NATO nations, partly driven by
the extension of MAPS into member nations by NATO itself.
In Healthcare, there is an increasing focus throughout the NHS on improving
productivity by controlling staff and agency spend and on improving patient
care. The quality of our product offering and strong competitive position,
together with our investment in sales capability should enable substantial
further sales of MAPS Healthroster to other NHS Trusts. While we continue to
focus our efforts on the UK NHS, we will seek opportunities to expand our market
for MAPS Healthroster overseas.
In Cruise and Maritime, we have opportunities to sell additional licences and
services for MAPS Maritime Suite to our established customers, as well as the
mid-range cruise fleets and in the broader shipping and off shore markets.
In Services, there is now a strong pipeline of work to be delivered which
stretches into next financial year.
Although we have reported previously that the Company is highly dependent on a
small number of large contracts in markets where the sales cycles are often long
and complex, the cumulative effect of the sales of MAPS Healthroster to the NHS
Trusts and our growing base of services and support is having a smoothing
effect, providing more predictable and reliable revenue and profit growth.
Overall, there has been strong performance in the first half of the year across
all sectors of the business and we have a strong pipeline entering the second
half. As a result, the Directors are confident of meeting current market
expectations for the year.
Ian Bowles
CHIEF EXECUTIVE OFFICER
6 February 2008
INDEPENDENT REVIEW report to MANPOWER SOFTWARE PLC
INTRODUCTION
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
November 2007, which comprises the condensed consolidated income statement,
condensed consolidated balance sheet, condensed consolidated statement of
changes in equity and condensed consolidated cash flow statement. We have read
the other information contained in the interim report which comprises only the
Chairman's statement and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
This report is made solely to the company in accordance with guidance contained
in ISRE (UK and Ireland) 2410, "Review of Interim Financial Information
performed by the Independent Auditor of the Entity". Our review work has been
undertaken so that we might state to the company those matters we are required
to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the company, for our review work, for this report, or for the
conclusion we have formed.
DIRECTORS' RESPONSIBILITIES
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The AIM rules of the London Stock Exchange require that the
accounting polices and presentation applied to the interim figures are
consistent with those which will be adopted in the annual accounts having regard
to the accounting standards applicable for such accounts.
As disclosed in Note 1, the annual financial statements of the group are
prepared in accordance with the basis of preparation.
OUR RESPONSIBILITY
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.
SCOPE OF REVIEW
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, Review of Interim Financial Information
Performed by the Independent Auditor of the Entity issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe
that the financial information in the half-yearly financial report for the six
months ended 30 November 2007 is not prepared, in all material respects, in
accordance with the basis of accounting described in Note 1.
GRANT THORNTON UK LLP
AUDITOR
London
6 February 2008
6 months to 6 months to Year to
30 November 30 November 31 May
2007 2006 2007
£'000 £'000 £'000
Note
Revenue 5,325 4,053 8,306
Selling and operational expenses (3,743) (2,728) (5,680)
--------- -------- --------
Gross profit 1,582 1,325 2,626
--------------------------------------------------------------------------------------------------------
Administrative expenses (967) (731) (1,556)
--------- -------- --------
Profit before share-based payment, interest and tax 615 594 1,070
Share-based payment (56) (38) (75)
--------------------------------------------------------------------------------------------------------
Total administrative expenses including share-based
payments (1,023) (769) (1,631)
--------- -------- --------
Operating profit 559 556 995
Finance charge - (4) (4)
Finance income 53 2 19
--------- -------- --------
Net interest 53 (2) 15
--------- -------- --------
Profit for the period before taxation 612 554 1,010
Tax on profit for the period 3 - -
--------- -------- --------
Profit for the period 615 554 1,010
========= ======== ========
Earnings per share 5
Basic (pence per share) 1.38p 1.25p 2.27p
Diluted (pence per share) 1.29p 1.24p 2.20p
--------- -------- --------
30 November 30 November 31 May
2007 2006 2007
£'000 £'000 £'000
Non-current assets
Property, plant and equipment 176 123 153
Trade and other receivables - - 102
--------- -------- --------
Total non-current assets 176 123 255
Current assets
Trade and other receivables 2,290 2,944 1,738
Cash and cash equivalents 2,661 277 2,410
--------- -------- --------
Total current assets 4,951 3,221 4,148
--------- -------- --------
Total assets 5,127 3,344 4,301
========= ======== ========
Equity and liabilities
Equity
Share capital 2,234 2,223 2,227
Share premium account 6,492 6,456 6,465
Share-based payment reserve 266 173 210
Retained earnings (6,188) (7,326) (6,808)
--------- -------- --------
Total equity 2,804 1,526 2,094
Current liabilities
Trade and other payables 2,323 1,818 2,207
--------- -------- --------
Total current liabilities 2,323 1,818 2,207
--------- -------- --------
Total equity and liabilities 5,127 3,344 4,301
========= ======== ========
The financial statements were approved by the Board of Directors on 5 February
2008.
I J Bowles - Director
S C Thorne - Director
Share capital Share premium Share Retained earnings Total equity
based
payment
reserve
£'000 £'000 £'000 £'000 £'000
At 1 June 2006 2,223 6,456 135 (7,893) 921
Exchange differences on opening reserves 13 13
--------- --------- --------- --------- ---------
Net income recognised directly in equity 13 13
Result for the period 554 554
--------- --------- --------- --------- ---------
Total recognised income and expense 567 567
Equity settled share options 38 38
--------- --------- --------- --------- ---------
At 30 November 2006 2,223 6,456 173 (7,326) 1,526
Exchange differences on opening reserves 62 62
--------- --------- --------- --------- ---------
Net income recognised directly in equity 62 62
Result for the period 456 456
--------- --------- --------- --------- ---------
Total recognised income and expense 518 518
Issue of shares 4 9 13
Associated costs - -
Equity settled share options 37 37
--------- --------- --------- --------- ---------
At 31 May 2007 2,227 6,465 210 (6,808) 2,094
Exchange differences on opening reserves 5 5
--------- --------- --------- --------- ---------
Net income recognised directly in equity 5 5
--------- --------- --------- --------- ---------
Result for the period 615 615
--------- --------- --------- --------- ---------
Total recognised income and expense 620 620
Issue of shares 7 27 34
Associated costs - -
Equity settled share options 56 56
--------- --------- --------- --------- ---------
At 30 November 2007 2,234 6,492 266 (6,188) 2,804
========= ========= ========= ========= =========
6 months to 6 months to Year to
30 November 30 November 31 May
2007 2006 2007
£'000 £'000 £'000
Cash flow from operating activities
Profit for the period 615 554 1,010
Adjustments for:
Finance charges (53) 2 (14)
Income tax charge / (credit) (3) - -
Depreciation 47 38 82
Share option charges 56 38 75
Decrease / (increase) in trade and other receivables (549) (725) 481
(Decrease) / increase in trade and other payables 130 105 465
--------- --------- ---------
Net cash (used in) / generated from operations 243 12 2,099
Finance charges - (4) (4)
Income tax (paid) / refunded - - -
--------- --------- ---------
Net cash (used in) / generated by operating activities 243 8 2,095
Cash flows from investing activities
Interest received 53 2 18
Payments for property, plant and equipment (69) (73) (149)
--------- --------- ---------
Net cash (used in) / generated by investing activities (16) (71) (131)
Cash flows from financing activities
Proceeds from the issue of equity shares 34 - 13
Issue costs - - -
--------- --------- ---------
Net cash (used in) / generated by financing activities 34 - 13
Net increase in cash and cash equivalents 261 (63) 1,977
Foreign exchange differences (9) (15) 77
Cash and cash equivalents at the start of the period 2,409 355 355
--------- --------- ---------
Cash and cash equivalents at the end of the period 2,661 277 2,409
========= ========= =========
1. Basis of preparation
These unaudited consolidated interim financial statements have been prepared in
respect of the six month period ended 30 June 2007. They have been prepared in
accordance with the accounting policies set out below, which are based on the
recognition and measurement principles of International Financial Reporting
Standards (IFRS) in issue as adopted by the European Union (EU) and effective at
31 May 2008, or expected to be adopted and effective at 31 May 2008, the
company's first reporting date at which it is required to use IFRS accounting
standards adopted by the EU. The interim financial information does not include
all of the information required for full annual financial statements.
From 1 June 2006 the group has adopted IFRS in the preparation of its
consolidated financial statements. Comparative financial information previously
published under UK Generally Accepted Accounting Principles (UK GAAP) has been
restated on an IFRS basis for the opening balance sheet as at 1 June 2006,
interim accounts as at 30 November 2006 and for the year ended 31 May 2007. The
change in the group's reported performance and financial position on adopting
IFRS is fully disclosed in these interim consolidated financial statements.
The interim financial statements have not been audited, nor have they been
reviewed under ISRE 24/10 of the Auditing Practices Board. The financial
information set out herein does not constitute statutory accounts as defined in
Section 240 of the Companies Act 1985. The group's statutory financial
statements for the year ended 31 May 2007 prepared under UK GAAP have been filed
with the Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under Sections 237(2)
or 237(3) of the Companies Act 1985.
2. First time adoption
The opening IFRS balance sheet as at the date of transition on 1 June 2006 has
been prepared in accordance with the measurement and recognition rules of IFRS.
It should be noted that:
• The adoption of IFRS does not result in any material changes to the Group's
accounting practices although the policy framework under IFRS has changed.
• There are no adjustments to the balance sheet or income statement as a
consequence of the first time adoption of the IFRS other than purely
presentational changes.
• There are no other material differences between the cash flow statement
presented under IFRS and the cash flow statement presented under UK GAAP,
other than to reclassify certain cash movements between categories of cash
flows.
3. Accounting policies
Revenue recognition
Revenue is the fair value of the total amount receivable by the group for
supplies of products and services which are provided in the normal course of
business. VAT or similar local taxes and trade discounts are excluded.
The group licenses software under non-cancellable licence agreements and
provides services which include installation, consulting, training and product
support. Licence fee revenues are generally recognised when a non-cancellable
licence agreement has been signed, there are no uncertainties surrounding
product acceptance, there are no significant vendor obligations, the fees are
fixed and determinable and collection is considered probable. Where licence
fees are attributable to contracts extending over more than one period, revenue
is taken based upon the stage of completion when the outcome of the contract can
be foreseen with reasonable certainty and after allowing for costs to
completion.
Where appropriate, the group allocates a portion of contracted fees to
post-contract activities covered under the contract, which may include
installation assistance, training services and first year maintenance.
Revenues for training or consulting services are recognised as the services are
performed. Revenues from support agreements are recognised rateably over the
support period.
Intangible assets
An internally generated intangible asset arising from the development of
software is recognised only if all of the following conditions are met:
• it is probable that the asset will create future economic benefits;
• the development costs can be measured reliably;
• the technical feasibility of completing the intangible asset can be
demonstrated;
• there is the intention to complete the asset and use or sell it;
• there is the ability to use or sell the asset; and
• adequate technical, financial and other resources to complete the
development and to use or sell the asset are available.
Intangible assets are amortised over their estimated useful lives, which is
between 3-6 years. Where no intangible asset can be recognised, development
expenditure is charged to the income statement in the period in which it is
incurred. Research expenditure is recognised as an expense in the period in
which it is incurred.
Subsequent to initial recognition, intangible assets are reported at cost less
accumulated amortisation and accumulated impairment losses.
Segmental reporting
A business segment is a group of assets and operations engaged in production
that is subject to risks and returns that are different from those of other
business segments. A geographical segment is also a group of assets and
operations engaged in production but in a particular economic environment that
is different from those of other economic environments.
The group's primary reporting analysis is by business stream. The group's
principal activities are:
a) the provision of software under a licence agreement; and
b) the provision of services such as installation, consulting, training and
product support.
The group's secondary reporting analysis is geographical. As the activities of
the group are predominantly all within the UK, the directors do not provide
additional analysis.
4. Segmental analysis
The group's primary reporting analysis is by business stream based on products,
as follows:
Revenue
30 November 30 November 31 May
2007 2006 2007
£'000 £'000 £'000
Licences 2,476 2,123 3,787
Services 2,849 1,930 4,519
--------- -------- --------
--------- -------- --------
5,325 4,053 8,306
========= ======== ========
Under IAS 14 there is a requirement to show operating profit for the primary
segmental analysis on the basis of the business stream as above. However, the
directors are unable to allocate costs on a reasonable basis to the segments.
As a result the segmental analysis is limited to the group revenue.
In addition to the requirements of IAS 14 the directors present a schedule of
revenue analysed by vertical business sector:
Revenue
30 November 30 November 31 May
2007 2006 2007
£'000 £'000 £'000
Defence 1,296 2,229 3,861
Healthcare 2,934 1,081 2,454
Maritime 1,095 743 1,991
--------- -------- --------
--------- -------- --------
5,325 4,053 8,306
========= ======== ========
5. Earnings per share
30 November 30 November 31 May
2007 2006 2007
£'000 £'000 £'000
Profit/(loss) for the year 615 554 1,010
========= ======== ========
Earnings/(loss) per share
Basic (pence per share) 1.38p 1.25p 2.27p
Diluted (pence per share) 1.29p 1.24p 2.20p
Weighted average number of shares Number Number Number
of shares of shares of shares
Shares in issue at opening 44,539,813 44,463,086 44,463,086
Shares issued during the period 144,812 - 76,727
--------- -------- --------
Shares at closing 44,684,625 44,463,086 44,539,813
Weighted average shares for basic earnings per share 44,547,831 44,463,086 44,539,813
Effect of dilutive potential ordinary shares 2,963,195 290,592 1,304,372
--------- -------- --------
Weighted average shares for diluted earnings per share 47,511,026 44,753,678 45,844,185
========= ======== ========
This information is provided by RNS
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Friday, 10th January 2025
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