Академический Документы
Профессиональный Документы
Культура Документы
2015
globoplc.com/wpcontent/uploads/2015/09/23364698rns.html
RNSNumber:4740A
Globoplc
29September2015
Globoplc
29September2015
FORIMMEDIATERELEASE
GLOBOplc
("Globo"or"theGroup")
INTERIMRESULTSFORTHESIXMONTHSENDED30JUNE2015
Globoplc(LSEAIM:GBO/OTCQX:GOBPY),theinternationalproviderofEnterpriseMobility
Management(EMM),mobilesolutionsandsoftwareasaservice(SaaS),ispleasedtoannounce
itsunauditedinterimresultsforthesixmonthsended30June2015.
Financialhighlights
Revenueup56%to72.4million(H12014:46.5million)
oGO!Enterpriserevenueup126%to44.9million(H12014:19.9million)
oCitronGO!andGO!Socialrevenueup6%to21.3million(H12014:20.1million)
oTelecom&SaaSrevenuegrew16%YoYto5.0million(H12014:4.3million)
TheGroupcontinuestobuildonitsstrongrecurringrevenuestreams:
oGO!EnterpriseEMM&MADPhadarenewalrateoftheprioryear'slicencesof
roughly99%
o68%ofGO!EnterpriseMBSprojectrevenuewasgeneratedbyrepeatorders
H1Grossprofitmarginincreasedto59%(H12014:58%)primarilyduetotheincreased
proportionofdirectsales
EBITDAincreased55%to34.2million(H12014:22.0million)
Lasttwelvemonths(LTM)EBITDAwas63.1million
Profitbeforetaxrose37%to22.0million(H12014:16.1million)
Earningspershareincreased14%to0.049(H12014:0.043)
Netcashgeneratedfromoperationsincreasedto21.0million(H12014:16.6million)
Freecashflow1of7.2million(H12014:4.2million)
LTMfreecashflowof10.3million
Netcashpositionincreasedto47.4million(31December2014:40.4million)
FreeCashFlow(FCF).Freecashflowiscalculatedbytakingthenetcashflowfromoperatingandinvestingactivities,adding
backthecostofacquisitions.
Operatinghighlights
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Significantgrowthinlicenceandenduserbase:
o GO!Enterprise Enterprise Mobility Management ("EMM") businesstoemployee
device licences installed base up 93% to 1.1 million at the half year (30 June
2014:0.569million)
oGO!EnterpriseMobileApplicationDevelopmentPlatform("MADP")businessto
consumer licences installed base up 63% to 40.8 million (30 June 2014: 24.9
million)
o CitronGO! and GO!Social monthly active users up 9% to 3.7 million (30 June
2014:3.4million)
Renewal of approximately 50,000 GO!Enterprise EMM licences and an incremental
purchaseorderfromaU.S.Fortune100company,worthUS$1.2million(1.0million).
U.S.growthremainsontrack,withexpandedoperationsandheadcountincreasesinthe
region.Duringtheperiodwestrengthenedoursalesandmarketingcapabilitieswiththe
additionofKeithHigginsasourU.S.ChiefMarketingOfficerandthehiringofnumerous
sales and marketing professionals. In order to attract additional talent, a software
development centre has been established in Pittsburgh, Pennsylvania. The Group has
alsoexpandedthecapabilitiesofitsCanfield,Ohiodevelopmentcentre.
Globo secured a major contract for numerous mobile application projects with a
strategicallysignificantSouthAsianindustrialconglomeratecustomerinJune2015.The
initial contract value is in excess of US$1million, and the diversified nature of the
customeroffersadditionalfutureopportunitiesfornewprojectsandlicencegrowth.
New customers added in Q2 2015, including eRevmax, CenClear, Northlands Police,
Aegean Oil, International Life, Lafarge, UBB Bank, Peoplecert and Watt & Volt. These
new customers follow strong contract wins in Q1 2015, including the U.S. Army, ING,
EMC,INTEL,Musananda(UAE),VodafoneandCocaCola.
Continuedawardsandrecognitionfromindustryobservers:
o Highlighted in Ovum's 201516 Decision Matrix for MADP Solutions as a major
"MarketChallenger"amongstthe12leadingMADPvendors,withthepotentialto
becomeaTier1player
o Highlighted in Gartner's 2015 Enterprise Mobility Management Suites Magic
Quadrant
oInnovativeApplicationAwardinFebruary2015forthe"EMBRYOGENESIS"app
oRecognitionforourTUIappinMarchbyTourismAwards2015inthecategory
'Applicationsforsmartphonesandtablets'
o DistinctionattheMobileExcellenceAwards2015inJuneforthemobile
app"beinlife"(InternationalLife)
SituationinGreece
Since the end of June 2015, our Greek operations have faced the challenges of the Greek
political uncertainty in combination with the impact on financial markets of slowing growth in
Chinawhichresultedincapitalcontrols.
The Group has taken all relevant measures to avoid any operational or financial impact, as
previously announced. Our Greek revenues in 2015 are estimated at between 6% and 7% of
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totalrevenueandwedonotseeanypotentialimpactonourresultsforthisyear.Thesituationin
GreecehasnowstabilisedandourGreekoperationscontinuetofunctionasnormal.
Postperiodend
GlobohasenteredintoamajorpartnershipwithILoveVelvet(ILV)Inc.,basedinNew
York,toaddressthemobilePOS(mPOS)marketglobally.OurcombinedmPOSsolution
hasbeenselectedbyamajorInternationalBanktoenableitsmorethan2millionsmall
businessandprofessionalscustomers.OfficialcommerciallaunchisplannedforQ12016
afterthecompletionofapilotprogrammescheduledforQ42015.
Outlook
OurpositioningwithinthefieldofMobileEnterprisecreatesstrongmomentumforfurther
growthinenterprisecustomersandnewprojectwins.
Strongbusinessmomentumisexpectedduetothetraditionallystrongersecondhalfof
theyearandcontinuedUSexpansion.
Ourcurrentcashpositionandcashflowcoversallofouroperatingrequirementsandwill
enableustopursueselectiveacquisitionopportunitiesinthenearterm.Inordertogrow
the business through more sizeable acquisitions, we continue our High Yield Bond
discussions. Globo maintains a prudent view on the methods of financing its acquisition
ledgrowth.
Commentingontheresults,CostisPapadimitrakopoulos,CEOofGlobo,said:
"We are proud of the continued success of our growth strategy. Over the course of just a few
years,GlobohasbeenpositionedasoneoftheleadersintheMobileEnterprisespaceandour
business continues to evolve in a number of different business areas. Our International
operations and growing US presence are driving opportunities for our customers and the
Enterprisetransformationtowardsmobilesystemsandapplicationsisaccelerating.
Weremaincommittedtoincreasingshareholdervalue,boththroughorganicgrowthandstrategic
investmentsintechnology,expertiseandmarketreach."
ApresentationtoanalystsandbrokershostedbyCostisPapadimitrakopoulos,ChiefExecutive
Officer,andDimitrisGryparis,FinancialDirector,willbeheldat10.30on29September2015at
55OldBroadStreetStreet,London,EC2M1RX.
Tojoinviaconferencecall:
UKdialin:08003680649
Overseasdialin:+442030598125
AccessCode:Globo
Tojoinviathewebsite:
http://globoplc.com/interimresults2015presentation/
TheslidesforthepresentationwillbeavailableonGlobo'swebsite:
http://www.globoplc.com/enGB/resultsandpresentations/
Forfurtherinformationpleasecontact:
Globoplc
+442073788828
CostisPapadimitrakopoulos,CEO
DimitrisGryparis,FinanceDirector
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MikeJeremy,IRO
RBCCapitalMarkets
(NominatedAdviser&Broker)
+442076534000
PierreSchreuderorEmaJakasovic
CanaccordGenuity
(JointBroker)
SimonBridgesorEmmaGabriel
+442075238000
BrunswickGroup
ChrisBlundellorCharlesPemberton
+442074045959
AboutGloboplc
Globo Plc is a global provider of complete enterprise mobility solutions and SaaS. Our
GO!Enterprise (EMM) and GO!AppZone (MADP) offerings help businesses expand their
engagement with employees and customers through the mobile channel via a secure and
extensible environment that runs on all smart devices. The Group operates internationally
through subsidiaries and offices in the U.S., U.K., Europe, Middle East and South East Asia.
Globowasincludedinthe2014GartnerEnterpriseMobilityManagementMagicQuadrantreport,
inOvum's201415DecisionMatrixforEMMSolutionsand201516DecisionMatrixforMADP
Solutions, and in IDC's January 2015 report on Mobile Enterprise Application Development
Platforms.Formoreinformationvisitwww.globoplc.com.
CHIEFEXECUTIVEOFFICER'SREPORT
Overview
Inthesixmonthsto30June2015Globomaintainedstrongoperationalmomentum,drivenbyour
Enterprise Mobility product suite, Mobility Business Solutions (MBS) offering, and increased
directsalesleadingtostrongrevenuegrowthandcashgeneration.
Themainareasoffocusduringtheperiodhavebeenthe:
Increaseofourdirectsalespersonnelandexecutioncapacity
IncreaseofourtechnicalcapabilitiesintheimplementationofstrongEnterpriseMobility
solutionsdrivenbysecurityandMobileApps
ExpansionofourU.S.activitiesandmarketpenetration
OptimisationofourSalesandMarketingprocessestoattractnewdirectcustomersand
achievestrongerengagementwithcrosssellingandupsellingopportunities
Establishmentofstrongpartnershipsthatwillhelpusbuildastrongercommercialand
innovationpath
Evaluationofacquisitiontargetsthatwillhelpthecompanyscaleup
Optimisation of our international presence and operational platform to minimise the
exposure to operational and software development costs, thus keeping the underlying
marginsataverystronglevel
Continuousinnovationinnewproductsandexpansionofexistingones
During the period we continued to improve our competitive position in an enterprise mobility
market which is being driven by strong demand for enterprise use of smartphones and tablets
andincreasinginterestinmobilebasedapplications.
Our Enterprise and Consumer mobile product lines continued to deliver significant growth,
formingthebasisforfuturerecurringrevenuesandprofitgenerationfortheGroup.
As expected our Enterprise Business is now the most dominant component of our revenue,
representing62%ofourtotalsales,drivingourworkingcapitalperformanceandimprovingcash
generation.
We saw strong underlying demand and new customer wins for our GO!Enterprise platform,
leading to revenue growth of 126% to 44.9 million (H1 2014: 19.9 million). Our consumer
mobility revenue (CitronGO! and GO!Social) also performed well, growing 6% to 21.3 million
(H12014:20.1million).
Overall,Grouprevenuegrewby56%to72.4million(H12014:46.5million).EBITDAincreased
by 55% to 34.2 million (H1 2014: 22.0 million), whilst profit before tax grew 5.9 million to
22.0million(H12014:16.1million).
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FreeCashFlow2 totalled7.2millioninthefirsthalfcomparedto4.2millioninthesameperiod
lastyear.Thisisareflectionoftheshiftinrevenuebalancetowardsenterprisemobilitywithan
associatedimprovementinthepaymentcycle.
FreeCashFlow(FCF).Freecashflowiscalculatedbytakingthenetcashflowfromoperatingandinvestingactivities,adding
backthecostofacquisitions.
Customerandcontractwins
Throughoutthefirsthalfof2015wehavebeenwinningnewcustomersinadditiontonewusers
andbusinessfromourexistingcustomers.
Significant new customers include eRevmax, CenClear, Northlands Police, Aegean Oil,
International Life, Lafarge, UBB Bank, Peoplecert and Watt & Volt, U.S. Army, ING, EMC,
INTEL,Musananda(UAE),VodafoneandCocaCola.
Inaddition,wesecuredamaterialSouthAsianindustrialconglomeratecustomerinJune2015
fornumerousmobileapplicationprojects.Thiscustomerisalreadycontributingastrongrevenue
streamwhichisexpectedtosurpassUS$1millionduring2015,withstrongfuturepotential.
These additions augment an interim base of approximately 3,500 enterprise customers and
associatedrecurringrevenuestreamsfromGO!Enterpriseprojectsandlicences.
GO!EnterpriseBusinessrecurrence
As expected GO!Enterprise has become our dominant revenue stream. This brings improved
recurringrevenuevisibilitywith97%licenceretention,withalmostnolicencechurnanda65%
repeatprojectratio.
U.S.Expansion
GlobocontinueditsU.S.growthbyexpandingoperationsandincreasingheadcountintheregion.
DuringtheperiodwestrengthenedoursalesandmarketingcapabilitieswiththeadditionofKeith
Higgins as our U.S. Chief Marketing Officer and the hiring of numerous sales and marketing
professionals. In order to attract additional talent, a software development centre has been
established in Pittsburgh, Pennsylvania. The Group has also expanded the capabilities of its
Canfield,Ohiodevelopmentcentre.
First half revenue in the U.S. increased by 611% to 15.2 million (H1 2014: 2.1 million)
contributing21%oftotalgrouprevenue.
WeconsidertheU.S.ourmostimportantmarketasitrepresents60%oftheglobalEMM+MADP
market, which in 2015 is expected to reach $4.6 billion. Our main focus remains the U.S.
Enterprisemidtiermarket(companieswithrevenuesofbetween$10millionand$1billion)which
isinitselfequivalenttothefifthlargesteconomyintheworld.
OurU.S.operationsareheadquarteredinPaloAltowithadditionalofficesinSanFrancisco,New
York,OhioandPittsburgh,withrepresentativeslocatedinCanada,LosAngelesandAtlanta.We
currentlyemployapproximately29%ofourglobalheadcountintheU.S.
RecognitioninGartner's"MagicQuadrantforEnterpriseMobilityManagementSuites"
and"MagicQuadrantforMobileApplicationDevelopment"reports
DuringtheperiodweachievedinclusioninboththeEMMandMADPGartnerMagicQuadrant,
being officially one of the 4 players globally that has presence in both reports. This is a
tremendousachievementandhighlightsourcommitmenttoourinvestmentstrategy.
StrategyInvestmentsandAcquisitions
As the Mobile Enterprise Market evolves we observe continuing consolidation favouring larger
entities.Wedefinethismarketasdividedintothreelevelseachofalmostequalscale,asfollows:
Toptier global players who provide mobility solutions as part of their overall product
portfolio,withtheconsequencethattheycannotofferthefocusof"pureplay"alternatives
Agroupofleading"pureplay"playerswhoprovidemainlyEnterpriseMobilitySolutions
astheirmainstreambusiness
A lower tier of smaller technology or service companies that offer innovative mobile
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solutionsandservicesbutwithlimitedabilitytoexecuteorgrow.
Globo's strategy is to establish leadership in the "pure play" segment through a combination of
organicgrowth,backedbyproductinvestments,andselectiveacquisitions.
The Group has been targeting a series of acquisitions since the end of 2014 and we hope to
progress certain of these over the coming months. We have recently announced the proposed
acquisitionofaninnovativeBYODMobileSecurityCompanyinEuropefor14million.
Ourcurrentcashpositionandcashflowcoversallofouroperatingrequirementsandwillenable
us to pursue selective acquisition opportunities in the near term. In order to grow the business
throughmoresizeableacquisitions,wecontinueourHighYieldBonddiscussions.TheCompany
maintainsaprudentviewonthemethodsoffinancingitsacquisitionledgrowth.
Launchofnewproductsandservices
During the first half of the year we expanded the capability of our GO!Enterprise offering in
manydifferentareas:
At Mobile World Congress (MWC) in Barcelona in February we announced the full
availability of our FIPS 1402 certified Mobile Application Development Platform
(GO!AppZone)beingtheonlycompanyworldwideofferingsuchasolution.
DuringJunewereleasedourGO!AppZonedeployservicewhichnowoffersconnectivity
and control of mobile apps through the GO!AppZOne cloud in a "pay as you go"
transactionalmodel.ThisimprovementisexpectedtodrivesignificantdemandforSMEs
deployingmobileappsinamorecostefficientway
DuringJunewecompletedGO!EnterpriseWindows10developmentincooperationwith
MicrosoftandbeingoneofthefirstvendorstosupportthenewOperatingSystemfromits
firstdayoflaunch.
Development of further product enhancements and new features has kept us busy
duringH12015andnewproductreleasesareexpectedthisyear.
Operationalperformance:GO!Enterprise,CitronGO!andGO!Social
Duringtheperiod,ourcombinedmobilesolutionsrevenuesgrew65%to66.2millioncompared
to40.0millioninthesameperiodlastyear.
GO!Enterprise
Our expansion plans are underpinned by the combination of global growth in demand for
smartphones and tablets and the BYOD trend. This is a market which IDC predicts will reach
US$7.0billionby2017.
The first half of the year showed our commitment to continued product expansion and
improvement,withthelaunchofGO!AppZoneStudioandGO!EnterpriseWorkSpace.
Our fully integrated solutions of mobile Security, Mobile Productivity and Mobile Application
Development Platform in combination with a strong consulting and services offering is
underpinning our future performance and opens up significant opportunities within each
customer.
Wecontinuetobuildourdirectsalesforce,notablyintheU.S.andUKandweareexpandingour
MBScapability,addingpersonnelinGreeceandIndiawherelabourcostsaremorefavourable.
In the meantime we are ramping up our customer facing consultants in the U.S. and Western
Europewhileexpandingourindirectrelationshipswithresellersandsoftwareintegrators.
RevenuefromGO!Enterpriseisrecognisedintwocategories:
Via licensing options on a per user/device basis, which are renewed annually or on a
perpetualbasis.Theseareaccompaniedbysoftwareassuranceservicecontracts.
Viaconsultingandimplementationservicesforthedevelopmentoftailormadesolutions
andappsforcustomersorpartnerswithintheMBSdivision.
Thetableprovidesabreakdownofrevenuedriversinrespectivebusinessdivisions:
H12015
H12014
Licences
H12015
H12014
Licences
InstalledBase
Revenue
Revenue
3
InstalledBase
3
EnterpriseMobility
Management
(EMM)Licences4
1.1million
MobileApplication
Development
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11.4million
569,500
5.0million
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Development
Platform
(MADP)Licences
40.8million
14.0million
24.9
4.9million
MobilityBusiness
Solutions
(MBS)Services6
N/A
19.5million
N/A
10.0million
TOTAL
44.9million
19.9million
DisclosednumberofInstalledBaseisnotequaltothelicencessoldduringtheperiod.Itrepresentsthetotalnumberoflicences
beingactiveatthespecifictimeincludinglicencessoldduringtheperiodandlicencesthatareactiveandhavebeensoldinprevious
periods.
4EnterpriseMobilityManagement(EMM)licensesincludeGO!EnterpriseOffice,Mobilizer,BOX,MDM,Sync,LinkBusinessto
Employeelicenses,soldonapernameddevicemodel.
MobileApplicationDevelopmentPlatformlicensesincludeGO!EnterpriseReach(BusinesstoConsumerlicenses)soldinblocks
of50,000or100,000devices.
MobilityBusinessSolutions(MBS)relatedtoGO!EnterpriseProjectServices
WeareplanningtolaunchsignificantaddonstoourGO!EnterpriseandGO!AppZoneplatforms
tappingintoseveral"hot"areasofthemarketsuchasInternetofThings(IoT),Wearabledevices
aswellintoMachinetoMachine(M2M)communicationswhereweseeatremendousopportunity
for future growth. In the meantime we are expanding our GO!Apps Ecosystem of readymade
apps that give instant access to customers who want an out of the box solution that works for
them.
The expansion of our GO!AppZone (MADP) family of products with the introduction of
GO!AppZone cloud services are offering Application Test services, Application Native Build
services for iOS, Android, Windows8 and BlackBerry as well as a Cloud Connector (MBAAS)
whichcaninterconnectapplicationsandBackEndSystemsinasecureandflexibleway.
Wearebuildingadevelopercommunityofusersandthefollowonpotentialforrevenuestreams
builtonthedesiretosecure,deployandmonetisetheresultingapps.
We are confident that the breadth of services that GO!Enterprise offers (EMM and MADP)
combined with the momentum of demand for mobile first services and our US sales and
distribution initiative in particular will further enable Globo to build on its recognised position as
oneoftheleadingmobileenterprisesoftwareandsolutionproviders.
CitronGO!/GO!Social
CitronGO!/GO!Socialsawfirsthalfrevenueof21.3million(H12014:20.1million),up6%
from the previous year, and representing 29% of total Group revenue compared to 43% in H1
2014.
Featurephonescontinuetorepresentasignificantportionofthemobiledevicesusedaroundthe
world and mostly in the emerging markets. Several factors such as cost, energy and data
consumptionofsmartphonesandslowmobilenetworkinfrastructuresintheemergingworld,limit
the entrance of smartphones, making CitronGO! a favourable solution for those who want to
enjoysocialnetworks,chatandemailfromafeaturephone.
GloboprovisionstheCitronGO!andGO!Socialofferingonawhitelabelbasiswithanemerging
marketsemphasis(giventhecontinuingprevalenceoffeaturephoneuse).
Revenues are generated from services provided to end users via Mobile Value Added Service
Providers (MVASPs) and Mobile Network Operators (MNOs) as part of their own content
offerings. As of 30 June 2014, CitronGO! and GO!Social were being offered in countries
throughoutEurope,Africa,LatinAmerica,AsiaandtheMiddleEast,principallyviamobilevalue
added service providers (MVASPs) as part of their own subscription application and content
offerings.Attheendofthefirsthalfwehadrecorded7.6millionuniqueusersandregistered3.7
million as active on a monthly basis. Globo receives a fixed service fee per active user on a
monthlybasis.
TelecomS.a.a.SSolutions
TelecomS.a.a.SSolutionssawfirsthalfrevenueof5.0million(H12014:4.3million),an
increaseof16%onthepreviousyear.Thisstronggrowthresultedfromutilisationofinvestments
we have made in the previous two years in order to enrich our service portfolio with new
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we have made in the previous two years in order to enrich our service portfolio with new
services.
InthisdivisionGloboprovidesitsWiPLUSWiFiservice,afullymanageddeploymentforhotels,
airports or marinas etc., and similar locations, for which venue owners pay a monthly fee.
Secondly, via Reach Further Communications Globo provides MVAS Services to MNOs and
otherVASPs.Finally,GloboMobileInc.providesothertelecomservicestointernationaltelecom
carriers. Globo continues to expand its product offering within this segment, which is EBITDA
enhancing to overall performance and supports the Group's overall mobile offering whilst
increasingmarketfootprint.
Outlook
Globocontinuesitsgrowthtrajectoryforbothrevenuesandprofitsandfreecashflowwhileits
operational performance is underpinned by growing recurring revenues from its Enterprise
Mobilityproductsandservices.
OurEnterprisesolutionsarerecognisedfortheirqualityandbreadthofcompletenessandvision,
which fuel our future growth as ever more Enterprises use the mobile channel to increase
employeeeffectivenessandcustomerengagement.
Thefirsthalfof2014sawacontinuedgrowthinourUSrevenuesandoperationswherewethink
thereisagreatpotentialinthefutureandwehavebeeninvestingheavily.Inthemeantimewe
take advantage of our geographic diversification to maximize returns and minimize expenses,
thusachievingaverystrongoperatingresult.Thecontinuousdevelopmentandnewinnovations
withinofourproductlinedrivesfuturedemandandwearesatisfiedthatwearenowrecognized
asoneofthemostcompletevendorsintheMobileEnterprisespace.
Since the beginning of the year we have been evaluating several acquisition opportunities that
we feel will add significant value to the Group. We have recently announced the proposed
transactionforthefirstone.Webelievethatourorganicgrowth,strongtechnologyofferingand
ourabilitytointegratenewbusinessesintheshorttermwillresultinfutureacquisitionsactingas
amultiplyingfactorforourperformance.
We are now in the traditionally stronger second half of the year and we look forward to an
excitingperiodofgrowthfortheGroupin2015andbeyond.
CostisPapadimitrakopoulos
ChiefExecutiveOfficer
FinancialReview
TheGroupdeliveredastrongfinancialperformanceacrossallbusinessareasinthefirsthalfof
2015.
Revenue increased by 56% to 72.4 million (H1 2014: 46.5 million), reflecting predominantly
goodgrowthinthemobilesectoroftheGroup.
Grossprofitincreasedby59%to42.96million(H12014:27.0million)withagrossmarginof
59.3%(H12014:58%).
Earningsbeforeinterest,tax,depreciationandamortisation(EBITDA)increased55%to34.19
million(H12014:22.04million).
Depreciationandamortisationofnoncurrentassetswas10.96million(H12014:5.61
million),reflectingsignificantinvestmentinproductdevelopment.
Operatingprofitincreasedby41%to23.23million(H12014:16.43million).
Profit before tax was 22.00 million, an increase of 37% over the same period last year (H1
2014:16.06million).
Thetaxationchargefortheperiodwas3.57million(H12014:0.43million).
Basicearningspersharefortheperiodincreasedby14%to0.049(H12014:0.043).
Attheendofthecurrentperiod,theGrouphadnetassetsof198.20million(H12014:155.57
million) and total assets of 283.67 million (H1 2014: 203.94 million). Total assets included
78.72 million in noncurrent assets, 5.38 million in inventories and work in progress, and
95.21 million in trade and other receivables, prepayments and other current assets. Total
liabilitiesincreasedby77%to85.47million(H12014:48.36million).
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liabilitiesincreasedby77%to85.47million(H12014:48.36million).
On30June2015,cashandcashequivalentstotalled104.36million(30June2014:67.78
million)andnetcashwas47.43million.
Improvedworkingcapitalperformanceresultedinoperatingcashflowof23.02million(H12014:
18.23million).
Netoperatingcashflowincreasedby27%to21.04million(H12014:16.56million).
During the period a total of 14.22 million (H1 2014: 12.69 million) was invested in product
developmentandinfrastructure,mainlyrelatingtothemobileproductsandservicesoftheGroup.
The Group has recorded Free Cash Flow7 of 7.2 million (H1 2014: 4.2 million) due to the
increaseinGO!Enterprisesaleswhichhaveashortercollectioncycle.
During the period, and prior to the expiry of the available drawdown, the Group used the
remaining term loan under the Barclays & EWUB facility. The use of the loan proceeds are
intendedtofundthecontemplatedacquisitionsthatwehavejustrecentlystartedtoexecute.
FreeCashFlow(FCF).Freecashflowiscalculatedbytakingthenetcashflowfromoperatingandinvestingactivities,adding
backthecostofacquisitions.
Ourliquiditymanagementhasresultedinseveralchangesduringtheperiod:
Sincethebeginningoftheperiodwehaveprogressivelytransferredourreservestobank
accountswithstrongerratingthanthepreviousones.TheGroupholdsbankaccounts
withseveralbanksintheUK,Switzerland,USA,Dubai,India,GreeceandCyprus.At30
June2015theGroupheldcashinbankswiththefollowingcreditratings:
CreditRating
Asat
30June
2015
'000
Asat
31December
2014
'000
A+,A,AA,Aa3*
103,489
9,977
869
72,774
11
B3,B,B,Baa3
CA
Total
104,358
82,762
*BankslocatedinUK,USandSwitzerland
Currency
Asat
30June
2015
Euro()
57.1%
BritishPound()
20.8%
USDollar($)
21.9%
LocalCurrencies(Rupiahs,Dirhams)
0.2%
Total
100%
GloboTechnologiesS.Aperformance&outlook
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schedule, the fifth instalment, of 1.65 million, from the acquiring entity (GMBO Holdings Ltd,
previouslyZipersiConsultingLtd).Thiscomprised1.48millionofprincipaland173Kininterest
due,inrespectoftheGroup'sdivestmentof51%ofGloboTechnologiesS.A.,theebusinessand
softwareservice.Weexpectthatoutstandingpayments,totalling6.7million,tobereceivedin
threeinstalmentsuptotheendof2016,willbecollectedontime
Financialperformancemetrics
As our Group is continuing its international growth and in the need of providing additional
financialanalysisofcertainKPIsthatcomplywithdifferentreportingstandards(NonIFRS)we
areprovidingasetoffinancialKPIsanalysisthatexaminesseveralareasofourworkingcapital
performanceinordertoevaluatethe:
DaysSalesOutstanding(DSO)
We define DSO as the result of multiplying 365 days by outstanding qualifying receivables
(relatedtocustomersales)dividedbythetotalvalueofraisedinvoicesforthelasttwelvemonths.
Forthelasttwelvemonthsended30June2015theDSOcalculationisthefollowing:
LTMH12015
LTMH12014
'000
Qualifyingtradereceivables*
LTMInvoicesIssued
DSOs
'000
49,194
139,450
129
27,678
88,900
114
*Qualifyingtradereceivablesincludetradereceivable,notesreceivable,chequesreceivable
andexcludeprepaymentstovendors
Theincreaseof15daysinDSOsismainlyaresultofinvoiceageingasoutlinedintheRVWAA
(seebelow)calculationbelow.
ReceivablesVolumeWeightedAverageAging(RVWAA)
Given the seasonality of stronger sales during Q2 and Q4 of each year, it is important to
examinethevolumeweightedaverageageingofreceivablesinordertojudgethereceivables
collectabilityqualityandcontrollingandcollectionsexecutionperformance.
ThiswayweevaluatetheoverallreceivablescollectionperformanceasafinancialKPI
Fortheperiodended30June2015theRVWAAcalculationisthefollowing:
Upto
Between
Between
Over12
3months
36months 612months
months
'000
'000
'000
'000
QualifiedtradereceivablesH1
2015*
37,835
9,509
1,850
QualifiedtradereceivablesH1
2014*
7,400
6,806
12,642
830
RVWAAH12015
71Days
RVWAAH12014
185Days
*Qualifyingtradereceivablesincludetradereceivable,notesreceivable,chequesreceivable
andexcludeprepaymentstovendors
As shown above, the Group has reduced the RVWAA by 62% to 71 days (H1 2014: 185
days) as a result of increased controls and execution in collection policies and customer
relations.
NonIFRSAdjustmentstoGrossProfit,OperatingProfit,PBT,EBITDA,Operating
Cash,InvestingandFreeCashflowduetoR&Dexpenditure
The Group IFRS accounting policy follows the IAS 38 standard for the capitalization of
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product Research & Development expenses. As a result the costs for developing our
productsarecapitalizedandareamortizedoveraperiodof3years.
WeherebypresentnonIFRSadjustmentsinseveralKPIsofourfinancialperformanceafter
the adjustment of R&D expenses being directly expensed (instead of being capitalized and
thenamortised).
H12015
H12014
IFRSGrossProfit
NonIFRSR&DAdjustments
NonIFRSGrossProfit
NonIFRSGrossProfitMargin
42,959
10,515
53,474
74%
27,001
5,289
32,290
69%
IFRSOperatingProfit
NonIFRSOperatingProfitAdjustments
NonIFRSOperatingProfit
NonIFRSOperatingProfitMargin
23,230
(3,455)
19,775
27%
16,340
(6,910)
9,430
20%
IFRSProfitBeforeTax
NonIFRSR&DAdjustments
NonIFRSEarningsBeforeTax
NonIFRSEarningsBeforeTaxMargin
22,001
(3,455)
18,546
26%
16,058
(7,000)
9,058
19%
EBITDA
NonIFRSR&DAdjustments
NonIFRSEBITDA
NonIFRSEBITDAMargin
34,191
(13,970)
20,221
28%
21,952
(12,199)
9,753
21%
IFRSNetOperatingCashFlow
NonIFRSR&DAdjustments
NonIFRSOperatingCashFlow
21,039
(13,970)
7,069
16,559
(12,289)
4,270
IFRSInvestingCashFlow
NonIFRSR&DAdjustments
NonIFRSOperatingCashFlow
(14,005)
13,970
(35)
(12,970)
12,289
(681)
7,192
0
7,192
4,216
0
4,216
FinancialKPIs
'000
FreeCashFlow
NonIFRSR&DAdjustments
NonIFRSFreeCashFlow
'000
DimitrisGryparis
ChiefFinancialOfficer
FreeCashFlow(FCF).Freecashflowiscalculatedbytakingthenetcashflowfromoperatingandinvestingactivities,adding
backthecostofacquisitions.
CONSOLIDATEDSTATEMENTOFCOMPREHENSIVEINCOME
Forthe6monthsended30June2015
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Six
months
ended
30June
2015
Six
months
ended
30June
2014
ended
31December
2014
'000
'000
'000
Year
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(unaudited)
72,426
(29,467)
(unaudited)
46,499
(19,498)
(audited)
106,386
(43,604)
GrossProfit
Otheroperatingincome
Distributionexpenses
Administrativeexpenses
Otheroperatingexpenses
42,959
1,612
(9,123)
(8,063)
(4,155)
27,001
3,092
(2,929)
(6,021)
(4,713)
62,782
204
(8,547)
(15,000)
(2,118)
OperatingProfit
Financeincome
Financecosts
Shareofgain/(loss)ofassociate
23,230
368
(1,981)
384
16,430
347
(1,554)
835
37,321
792
(4,125)
1,715
ProfitbeforeTax
Taxation
22,001
(3,573)
16,058
(435)
35,703
(692)
Profitfortheperiodfromoperations
18,428
15,623
35,011
Total
Othercomprehensiveincome
18,428
15,623
35,011
Exchangedifferencesontranslatingforeign
operations
3,779
2,103
2,815
Othercomprehensiveincomefortheperiod,netoftax
3,779
2,103
2,815
Totalcomprehensiveincomefortheperiod
22,207
17,726
37,826
22,207
17,726
37,826
0.049
0.043
0.094
Revenue(Note2)
Costofsales
Attributableto:
EquityholdersoftheCompanyfromoperations
Earningspershareforprofitfromcontinuingoperations
attributabletotheequityholdersoftheCompany
Basicanddilutedearningspersharetotaloperations(
pershare)(Note3)
CONSOLIDATEDSTATEMENTOFFINANCIALPOSITION
At30June2015
Asat
30June
2015
'000
(unaudited)
Asat
30June
2014
'000
(unaudited)
Asat
31December
2014
'000
(audited)
ASSETS
NonCurrentAssets
Property,plantand
equipment
Intangibleassets
Goodwill
Deferredtaxassets
Otherreceivables
2,619
2,692
2,776
49,243
7,615
640
4,607
39,849
9,019
394
7,452
45,260
7,615
481
6,045
Investmentinanassociate
13,723
12,459
13,339
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Otherinvestments
TotalNonCurrentAssets
276
51
118
78,723
71,916
75,634
CurrentAssets
Inventoriesandworkin
progress
Tradereceivables(Note4)
Otherreceivables
Othercurrentassets
5,382
5,642
4,870
54,495
4,868
35,845
32,958
3,174
22,465
50,788
4,234
21,101
Cashandcashequivalents
104,358
67,780
82,825
TotalCurrentAssets
204,948
132,019
163,818
TOTALASSETS
283,671
203,935
239,452
4,653
65,890
5,440
6,631
115,590
4,653
65,890
5,115
2,140
77,774
4,653
65,890
5,440
2,852
97,162
198,204
155,572
175,997
51,660
279
18
21,814
283
8
425
39,697
281
23
612
593
6,489
872
3,305
59,058
23,402
43,899
CurrentLiabilities
Tradeandotherpayables
Incometaxpayable
Taxespayable
Financeleaseliabilities
Borrowings
Otherliabilities
8,972
1,718
841
19
5,270
9,589
4,682
3,668
416
13
16,182
4,698
1,078
772
22
2,700
10,286
TotalCurrentLiabilities
26,409
24,961
19,556
283,671
203,935
239,452
EQUITYANDLIABILITIES
Shareholders'Equity
Ordinaryshares
Sharepremium
Otherreserves
Translationreserve
Retainedearnings
TotalEquityCapitaland
Reserves
NonCurrentLiabilities
Borrowings
Retirementbenefitobligations
Financeleaseliabilities
Otherliabilities
Provisionsforotherliabilities
andcharges
Deferredtaxliabilities
TotalNonCurrent
Liabilities
TOTALEQUITYAND
LIABILITIES
CONSOLIDATEDCASHFLOWSTATEMENT
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Forthe6monthsended30June2015
Sixmonths
ended
Sixmonths
ended
30June
30June
2015
'000
(unaudited)
2014
'000
(unaudited)
Year
ended
31
December
2014
'000
(audited)
23,020
(1,981)
18,228
(1,554)
(115)
36,414
(4,125)
(1,337)
21,039
16,559
30,952
Investmentsinbusinesscombinations
Purchasesoftangibleandintangibleassets
Proceedsfromsaleoftangibleandintangibleassets
Interestreceived
(158)
(14,215)
368
(627)
(12,690)
347
(9,149)
(24,425)
792
NetCashusedinInvestingActivities
(14,005)
(12,970)
(32,782)
Proceedsfromissueofsharecapital
Shareissueexpenses
Proceedsfromborrowings
Repaymentofborrowings
Proceedsfromnewfinanceleases
Repaymentsofobligationsunderfinanceleases
FinancingfeesofSeniorSecuredTermLoan
15,433
(900)
(8)
433
(3)
30,036
(10,000)
37
(14)
464
NetCashfromFinancingActivities
14,958
(3)
20,523
NetIncreaseinCashandCashEquivalents
21,992
3,586
18,693
MovementinCashandCashEquivalents
Cashandcashequivalentsatthebeginningoftheperiod
Exchangegain/(loss)oncashandcashequivalents
Netincreaseincashandcashequivalents
82,825
(459)
21,992
64,194
3,586
64,194
(62)
18,693
104,358
67,780
82,825
CashFlowsfromOperatingActivities
Cashgeneratedfromoperations(Note5)
Interestpaid
Incometaxpaid
NetCashgeneratedfromOperatingActivities
CashFlowfromInvestingActivities
CashFlowsfromFinancingActivities
CashandCashEquivalentsattheEndofthePeriod
STATEMENTOFCHANGESINEQUITYFORTHEPERIODENDED30JUNE2015
AttributabletoequityholdersoftheCompany
Balanceat1January
2014
Profitfortheperiod
Othercomprehensive
incomefortheperiod
Totalcomprehensive
incomeforthe
period
IncreaseinCapital
Shareoptionslapsed
Totalcontributions
Share
Capital
Share
Premium
Other
Reserves
'000
'000
'000
Currency
Translation
Reserve
'000
4,653
65,890
5,115
Retained
Earnings
Total
'000
'000
37
62,151
137,846
15,623
15,623
2,103
2,103
2,103
15,623
17,726
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byanddistributions
toownersofthe
Company
Balanceat30June
2014
Balanceat1January
2015
Profitfortheperiod
Othercomprehensive
incomefortheperiod
Totalcomprehensive
incomeforthe
period
IncreaseinCapital
Shareoptionslapsed
Totalcontributions
byanddistributions
toownersofthe
Company
Balanceat30June
2015
4,653
65,890
5,115
2,140
77,774
155,572
4,653
65,890
5,115
2,140
77,774
155,572
4,653
65,890
5,440
2,852
97,162
175,997
18,428
18,428
3,779
3,779
3,779
18,428
22,207
4,653
65,890
5,440
6,631
115,590
198,204
4,653
65,890
5,440
6,631
115,590
198,204
NOTESTOTHEINTERIMFINANCIALSTATEMENTS
Forthe6monthsended30June2015
1Basisofpreparation
Thecondensedconsolidatedinterimfinancialinformationforthe6monthsended30June
2015hasbeenpreparedinaccordancewithInternationalAccountingStandard34'Interim
Financial Reporting'. The condensed consolidated interim financial information should be
read in conjunction with the annual financial statements for the year ended 31 December
2014, which have been prepared in accordance with International Financial Reporting
Standards(IFRSs)asadoptedbytheEuropeanUnion.
2Segmentinformation
The following segments are based on the management reports received by the Board of
Directors(whoarethechiefoperatingdecisionmakers)whichareusedtomakestrategic
decisions. The Directors consider the business from a product perspective. The main
segmentsare:
Mobile products and services: The main activity of the Group. The Group sells its own
mobilesoftwareproductsandservicestoitsclients.
Telecom services (S.a.a.S): The Group combines telecom services with its own software
products (ebusiness and WiFi services) that are then sold on a "software as a service"
basis.
Thirdpartygoods:TheGroupresellsthirdpartygoods,toitscustomers,mainlycomprising
mobileequipmentaspartofintegratedmobilesolutionprojects.
Transactionsbetweensegmentsarerecordedatcost.
TheDirectorsassesstheperformanceoftheoperatingsegmentsbasedonrevenuefrom
externalcustomersandgrossprofit.ThesegmentinformationprovidedtotheDirectorsfor
thereportablesegmentsforthe6monthsended30June2015isasfollows:
Thirdparty
goods
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Telecom
Services
S.a.a.S
Mobile
productsand
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'000
1,203
(1,066)
Revenuefromexternalcustomers
Inventorycosts
Otherexpenses
Amortisation
GrossProfit
137
Depreciation
'000
5,024
(2,062)
(929)
2,033
'000
66,199
(15,824)
(9,586)
'000
72,426
(1,066)
(17,886)
(10,515)
40,789
42,959
58
388
446
100
145
245
89
13,881
13,970
Totalassets
168
22,410
230,063
252,641
TotalLiabilities
331
4,980
19,829
25,140
Expenditureonintangiblefixed
assets
A further analysis of the Group's revenue for the period ended 30 June 2015 is shown
below:
Revenueforthesixmonths
ended30June2015('000)
Thirdparty
goods
Telecom
services
(S.a.a.S.)
Mobileproducts
and
services
Total
Consumermobilityservices
21,285
21,285
Enterprisemobilitylicenses
&subscriptions
25,359
25,359
Mobilesoftwareprojects
19,555
19,555
1,203
1,203
WiFiBroadbandservices
199
199
SoftwareasaService
4,825
4,825
1,203
5,024
66,199
72,426
Thirdpartygoods
services
Expenditureontangiblefixedassets
Total
ThesegmentinformationprovidedtotheDirectorsfortheperiodended30June2014isas
follows:
Revenuefromexternalcustomers
Inventorycosts
Otherexpenses
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Thirdparty
goods
Telecom
services
(S.a.a.S.)
Mobile
products
and
services
Total
'000
'000
'000
'000
2,118
4,313
40,068
46,499
(1,921)
(1,921)
(1,509)
(10,779)
(12,288)
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Amortisation
(1,120)
(4,169)
(5,289)
GrossProfit
197
1,684
25,120
27,001
Depreciation
53
270
323
Expenditureontangiblefixedassets
64
337
401
Expenditureonintangiblefixed
assets
100
12,189
12,289
902
21,765
145,005
167,672
Totalassets
Totalliabilities
160
2,266
11,674
14,100
AfurtheranalysisoftheGroup'srevenuefortheperiodended30June2014,isshown
below:
Revenueforthesixmonths
ended30June2014('000)
Telecom
services
(S.a.a.S.)
Mobileproducts
and
services
Total
Consumermobilityservices
20,125
20,125
Enterprisemobilitylicenses
&subscriptions
9,948
9,948
Mobilesoftwareprojects
9,995
9,995
2,118
2,118
WiFiBroadbandservices
225
225
SoftwareasaService
4,088
4,088
2,118
4,313
40,068
46,499
Thirdpartygoods
Total
Thirdparty
goods
Areconciliationofgrossprofittoprofitbeforetaxationisprovidedasfollows:
Sixmonths
ended
30June2015
Sixmonths
ended
30June2014
'000
(unaudited)
'000
(unaudited)
Grossprofitforreportablesegments
42,959
27,001
Otheroperatingincome
Distributionexpenses
1,612
(9,123)
3,092
(2,929)
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Administrativeexpenses
(8,063)
(6,021)
Otheroperatingexpenses
(4,155)
(4,713)
384
835
Financecosts(net)
(1,613)
(1,207)
Profitbeforetax
22,001
16,058
Incomefromassociates
Revenuefromexternalcustomers
Sixmonths
ended
30June2015
Sixmonths
ended
30June2014
'000
(unaudited)
'000
(unaudited)
25,349
20,611
WesternEurope
7,967
2,725
EasternEurope
2,173
2,140
Africa
3,621
1,502
Central/SouthAmerica
8,691
8,197
15,195
2,134
9,415
9,190
15
SouthEasternEurope
NorthAmerica
Asia/MiddleEast
Oceania
Total
72,426
46,499
3EarningsperShare
Basicearningspersharearecalculatedbydividingtheprofitaftertaxattributabletoequity
holdersbytheweightedaveragenumberofordinarysharesinissueduringtheperiod.
Sixmonths
Sixmonths
Year
ended
ended
ended
31December
30June2015
30June2014
2014
Profitfromtotaloperations
attributabletoequityholdersof
theCompany(000's)
(unaudited)
(unaudited)
(audited)
18,428
15,623
35,011
Weightedaveragenumberof
ordinary
Sharesinissue
373,689,061
363,107,113
373,689,061
Dilutedearningspershareassumesthatoptionsandwarrantsoutstandingat30June2015
wereexercisedat1July2015,foroptionsandwarrantswheretheexercisepricewasless
thantheaveragepriceoftheordinarysharesduringtheperiod.Onthisbasis,thecalculation
of diluted earnings per share is based on the profit attributable to ordinary shareholders
divided by 373,711,762 (six months ended 30 June 2014: 363,107,113, year ended 31
December2014:373,716,423)ordinaryshares.
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4TradeReceivables
Tradereceivables
Postdatedchequesreceived
Asat
Asat
30June
30June
2015
2014
'000
'000
47,296
27,456
1,916
233
(18)
(15)
49,194
27,679
5,301
5,279
54,495
32,958
Notesreceivables
Less:provisionforimpairmentofreceivables
Tradereceivablesnet
Advancepaymentstosubcontractorsandsuppliers
Total
Tradereceivablescomprisecustomerreceivablesincreditandpostdatedchequesreceived.
TheGroupretainsallrisksassociatedwithpostdatedchequesreceiveduntilthefundsclear
thebankonthepresentationdate.
Trade
receivables
fromcustomers
Advance
paymentsto
Vendors
Trade
receivables
frompostdated
cheques
Total
Asat30June2015
Asat30June2014
'000
'000
Upto3
months
Between
3and6
months
Between
6and12
months
Over12
months
Upto3
months
Between
3and6
months
Between
6and12
months
Over12
months
37,719
9,509
50
7,274
6,806
12,642
718
3,151
2,116
12
22
68
5,143
65
116
1,800
126
112
40,986
11,625
1,862
22
7,468
11,949
12,646
895
5CashgeneratedfromOperations
Profitfortheperiodbeforetax
Adjustmentsfor:
Profitondisposaloftangible/intangibleassets
Depreciationofproperty,plantandequipment
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Six
months
ended
30June
2015
'000
(unaudited)
Six
months
ended
30June
2014
'000
(unaudited)
Ended
31December
2014
'000
(audited)
22,001
16,058
35,703
446
323
6
731
Year
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Amortisationofintangibleassets
Movementinprovisions
Shareof(profit)ofassociate
Sharebasedpayments
Impairmentofassets
Foreignexchangeonoperatingactivities
Financecosts(net)
Adjustmentsforchangesinworkingcapital
(Increase)/Decreaseininventoryandworkin
progress
Increaseintradereceivables
10,515
16
(384)
3,779
1,613
5,289
(32)
(835)
2,104
1,207
12,803
149
(1,715)
325
592
3,333
(512)
495
1,266
(2,903)
(2,941)
(17,658)
(15,199)
(5,168)
(3,657)
Increaseintradeandotherpayables
3,648
1,728
4,536
CashgeneratedfromOperations
23,020
18,228
36,414
Increaseinothercurrentassets
ThisinformationisprovidedbyRNS
ThecompanynewsservicefromtheLondonStockExchange
END
IREAFNPAAASEAF
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