REG - Cerillion PLC - Interim Results
13/05/2024 07:00
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RNS Number : 0615O Cerillion PLC 13 May 2024
AIM: CER
Cerillion plc
("Cerillion", the "Company" or the "Group")
Interim results
for the six months ended 31 March 2024
Record Six-month Period and Continuing Strong Prospects
Cerillion plc, the billing, charging and customer relationship management
software solutions provider, today issues its interim results for the six
months ended 31 March 2024.
Results H1 2024 H1 2023 Change
Revenue £22.5m £20.5m +10%
Annualised recurring revenue(1) £15.0m £13.1m +14%
Adjusted EBITDA(2) £11.0m £10.0m +10%
Statutory EBITDA £10.9m £9.9m +11%
Adjusted EBITDA margin 48.9% 48.9% -
Adjusted profit before tax(3) £10.5m £9.2m +14%
Statutory profit before tax £10.4m £8.6m +21%
Adjusted basic earnings per share(4) 27.6p 25.5p +8%
Statutory basic earnings per share 27.3p 23.5p +16%
Dividend per share 4.0p 3.3p +21%
Net cash £26.6m £23.6m +13%
Financial
● Revenue up 10% to £22.5m (H1 2023: £20.5m), reflecting ongoing major
implementation projects for new customers and new orders from existing
customers
● Annualised recurring revenue(1) at 31 March 2024 up 14% to £15.0m (H1 2023:
£13.1m), mainly driven by continuing trend for managed services
● Adjusted EBITDA(2) up 10% to £11.0m (H1 2023: £10.0m)
● Adjusted profit before tax(3) up 14% to £10.5m (H1 2023: £9.2m)
● Adjusted earnings per share(4) up 8% to 27.6p (H1 2023: 25.5p)
● Back-order book(5) up 10% to £47.1m (H1 2023: £43.0m)
● Total new orders up 32% to £20.2m (H1 2023: £15.3m)
● New customer pipeline up 20% to a record £254.0m (H1 2023: £212.0m)
● Net cash up 13% to £26.6m (31 March 2023: £23.6m)
● Interim dividend up 21% to 4.0p (H1 2023: 3.3p)
Operational
● Major new five-year contract, worth €12.4m, signed with a Tier-1 telco in
Europe to support all fixed and mobile services
● Post-Period: major new five-year contract worth $11.1m signed with a leading
provider of connectivity solutions in Southern Africa - see separate
announcement issued today
● Two major new implementations completed for:
- CWS, the main provider of telecoms services in the Seychelles,
with the migration of all fixed wire and mobile services in a single phase
- Telesur, the main provider of telecoms services in Suriname, with
the migration of its fixed-wire services to the Cerillion platform, following
a first phase to transfer all mobile services
● New £3.9m framework agreement signed with an existing customer operating in
EMEA
● Launch of new features in Cerillion 24.1 to exploit the latest GenAI- powered
image recognition technology, enabling customers to fast-track the building of
new products and process flows
● The Board believes that the Group is well-positioned to deliver its full year
targets, supported by its strong back-order book and new business pipeline
Louis Hall, CEO of Cerillion plc, commented:
"Cerillion's interim results again set new records for our key performance
indicators in any six-month period and demonstrate the strong momentum in the
business and the significant growth opportunities available.
"With an ever-growing sales pipeline, increasingly strong demand amongst
telcos for digital transformation via SaaS solutions, and some exciting
innovation in our product suite, we expect to continue to grow strongly. Given
the Company's progress - including the major new contract announced today -
and prospects, we believe it is well-placed to deliver market expectations for
the full year and beyond, and we view the future with confidence."
(1) Annualised recurring revenue includes annualised support and maintenance,
managed services and Cerillion Skyline revenue.
(2) Adjusted EBITDA is a non-GAAP, Company-specific measure, which is earnings
excluding finance income, finance costs, taxes, depreciation, amortisation and
share-based payments charges.
(3) Adjusted profit before tax is a non-GAAP, Company-specific measure, which
is earnings excluding taxes, amortisation of acquired intangible assets and
share-based payments charges.
(4) Adjusted earnings per share is a non-GAAP, Company-specific measure, which
is earnings after taxes, excluding amortisation of acquired intangible assets
and share-based payments charges divided by the average weighted number of
shares in the period.
(5) Back-order book of £47.1m consists of £37.6m of sales contracted but not
yet recognised at the end of the reporting period plus £9.5m of annualised
support and maintenance revenue. It is anticipated that 40% of the £37.6m of
sales contracted but not yet recognised as at the end of the reporting period
will be recognised within the next 12 months.
For further information please contact:
Cerillion plc c/o KTZ Communications
Louis Hall, CEO T: 020 3178 6378
Andrew Dickson, CFO
Liberum (Nomad and Broker) T: 020 3100 2000
Bidhi Bhoma, Edward Mansfield, Matthew Hogg
Singer Capital Markets (Joint Broker) T: 020 7496 3000
Rick Thompson, James Fischer
KTZ Communications T: 020 3178 6378
Katie Tzouliadis, Robert Morton
About Cerillion
Cerillion is a leading provider of mission critical software for billing,
charging and customer relationship management, with a 23-year track record in
providing comprehensive revenue and customer management solutions. The Company
has around 80 customers across 45 countries, principally serving the
telecommunications market.
The Company is headquartered in London and also has operations in India (in
Pune, Ahmedabad, and Indore), Bulgaria (in Sofia), Singapore, USA (in Boston)
and Australia (in Sydney).
CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S REPORT
Overview
The Company has delivered another set of record highs for any six-month
period, including new highs for revenue, profit and cash.
Revenue increased to £22.5m (H1 2023: £20.5m), up 10% year-on-year, helped
by the major implementation projects under way with new customers, activity
with existing customers, and the Group's rising level of recurring income,
which is generated by support and maintenance and managed services revenues.
This growth was also against a period when full year revenues were more
weighted towards the first half of the financial year. Annualised recurring
revenue continued to grow, up by 14% to £15.0m at the period end (31 March
2023: £13.1m). Adjusted profit before tax increased by 14% to £10.5m (H1
2023: £9.2m) and the Company continued to generate strong cash flows, with
net cash at 31 March 2024 up by 13% at £26.6m (31 March 2023: £23.6m).
Total new orders were 32% up on the prior period at £20.2m (31 March 2023:
£15.3m) and the new customer sales pipeline continued to increase, growing by
20% to £254m (31 March 2023: £212m). In addition to this, we are pleased to
announce today another major new customer contract worth an initial $11.1m.
The contract has been secured with a leading provider of connectivity
solutions in Southern Africa and we expect further new customer contracts to
come through in the second half and beyond.
We continue to develop our resource bases across all regions, especially in
the UK, Bulgaria and India, and are also now recruiting graduate entrants at
all locations. This strategy provides us with a solid platform from which to
continue to grow and propel the Company's on-going expansion and development.
The trading backdrop remains favourable and we continue to see strong market
demand for our unrivalled software. The telecommunication industry is
investing heavily in digital transformation and increasingly transitioning to
Software-as-a-Service solutions. Investment in enterprise software delivers
significant revenue, operational and efficiency benefits and our
'out-of-the-box' product offering in the marketplace stands out since it can
deliver these advantages much more cost effectively and flexibly than
traditional solutions. As a result, we believe the Company's prospects for
growth remain extremely encouraging.
Looking ahead over the balance of the current financial year, our back-order
book is strong and has been enhanced by our new win. Our new customer sales
pipeline is also very healthy. We therefore remain confident of continuing
progress and of delivering market expectations for the financial year and
beyond.
Financial Overview
Revenue for the six months ended 31 March 2024 increased by 10% to £22.5m (H1
2023: £20.5m). This reflected the strong opening back-order book, which
comprised major implementation projects, for both new and existing customers,
as well as smaller projects for existing customers.
The mix of revenue was slightly more weighted towards Software(1) compared to
the prior period, with Software revenue of £12.4m accounting for 55% of total
revenue (H1 2023: £10.5m and 51% of total revenue). The 18% rise in Software
revenue period-on-period mainly reflected the timing of software licence
recognition. Services revenue(1) of £8.3m made up 37% of total revenue (H1
2023: £8.9m and 44% of total revenue). Other revenue of £1.8m accounted for
8% of total revenue (H1 2023: £1.0m and 5% of total revenue).
Gross margin was 80.4% (H1 2023: 81.5%), with the slight movement mainly the
result of payroll inflation. As previously stated, headcount was increased in
all regions, including in India and Bulgaria, which helped to mitigate costs
across the Group.
Existing customers (those customers acquired at least 12 months before the end
of the reporting period) continue to make up a high proportion of the Group's
revenue and generated 89% of total revenue in the period (H1 2023: 89%).
Recurring revenue(2), from support and maintenance and managed service
contracts, grew by 16% to £7.6m (H1 2023: £6.5m) and accounted for 34% of
the Group's revenue (H1 2023: 32%). The rise reflected increased uptake by
existing customers as well as fee increments. Annualised recurring revenue at
the end of March 2024 increased by 14% period-on-period to £15.0m (31 March
2023: £13.1m).
Operating expenses decreased to £8.1m (H1 2023: £8.3m). However, after
stripping out the £0.5m amortisation charge for acquired intangibles from the
prior period which was not repeated, operating expenses increased by 4%,
largely reflecting headcount costs.
Adjusted earnings before interest, tax, depreciation and amortisation
("EBITDA"), which excludes share based payments charges, rose by 10% to
£11.0m (H1 2023: £10.0m). Statutory EBITDA increased by 11% to £10.9m (H1
2023: £9.9m).
Adjusted profit before tax(3) rose by 14% to £10.5m (H1 2023: £9.2m) and
adjusted earnings per share(4) was 8% higher at 27.6p (H1 2023:
25.5p). Statutory profit before tax increased by 21% to £10.4m (H1 2023:
£8.6m), and statutory earnings per share increased by 16% to 27.3p (H1 2023:
23.5p).
The balance sheet remains strong. Net assets rose by 34% to £42.5m as at 31
March 2024 (31 March 2023: £31.8m).
Cash Flow and Banking
Net cash at 31 March 2024 increased by 13% to £26.6m (31 March 2023:
£23.6m), with no debt in either period. Net cash generated from operations
in the period was £5.3m (H1 2023: £6.6m).
Development costs of £0.6m were capitalised in the period (H1 2023: £0.6m)
after investment to further enhance the Company's intellectual property.
Free cash generation in the period was £4.7m (H1 2023: £5.8m) principally
reflecting both higher profit and interest income, offset by an increase in
working capital due to the higher software licence revenue recognised and
increased tax payments. Cash generated in the period was partly utilised to
pay the final dividend of £2.4m (H1 2023: £1.9m) in respect of the year
ended 30 September 2023.
Dividend
The Board is pleased to declare an increased interim dividend of 4.0p per
share (H1 2023: 3.3p), a 21% rise year-on-year. The interim dividend will
become payable on 21 June 2024 to shareholders on the Company's register as at
the close of business on the record date of 31 May 2024. The ex-dividend date
is 30 May 2024.
As previously stated, the Board aims to distribute between a third to a half
of the Group's free cash flow as dividends each year, subject to the Group's
performance and the Board's assessment of the trading environment.
Operational Overview
New orders were boosted early in the half by a major contract win, worth
€12.4m over its initial five-year term, with a new Tier-1 customer, based in
Europe. There was a rigorous selection process for the contract, and
Cerillion's software is replacing a number of separate legacy products to
create a single, integrated solution. Key criteria in the selection process
were the commercial, operational and financial advantages of Cerillion's
'out-of-the-box' product model, which brings all the major benefits of a
customised solution without the significant cost and integration risks
associated with a bespoke approach. The ease with which Cerillion's software
enables new products and packages to be brought rapidly to market was a
particular factor in the decision-making process for this new customer.
In total, new orders for the half were up 32% to £20.2m (H1 2023: £15.3m),
with the existing customer base contributing over half of this result at
£11.3m (H1 2023: £15.3m). The new customer sales pipeline also grew
strongly, up 20%, to £254m as at 31 March 2024 (31 March 2023: £212m). We
expect to close additional major new customer orders in the second half and
beyond.
The back-order book stood at a very healthy £47.1m at 31 March 2024 (31 March
2023: £43.0m), buoyed by new orders. These contracted (but not yet
recognised) orders will drive revenues over the coming quarters.
It is also very encouraging to see the Group's base of recurring revenue
increase as the business grows, with both new and existing customers taking up
managed services and support and maintenance contracts. We expect this trend
to continue.
In order to enhance our product offering and competitive positioning, we
continue to invest in R&D and to issue two major product releases a year.
These provide new features and improvements to existing functionality.
Alongside this, so that customers remain up to date with the latest product
features, we continue to promote our Evergreen programme. It provides
continuous testing on customer data sets, enabling updates to be implemented
on a regular basis as soon as new product releases become available. The
Evergreen programme is proving increasingly popular as more customers embrace
the full Software-as-a-Service model, and we expect this additional stream of
on-going revenue to increase.
AI has continued to be a particular focus for our R&D programme during the
half, with AI technology being used to enable customers to use both natural
language and image recognition-based user interfaces to fast-track the
creation of complex new products and workflows. In addition to this, a major
overhaul of our digital experience offering has been carried out. A new
architecture, featuring user-centric design and a composable digital
experience, now enables our customers to have all the benefits of a product
solution, whilst being able to augment the core offering with a visual content
management system.
As stated, we added further resource across all our centres, although mainly
concentrating on building our teams in Sofia and in India.
Outlook
Prospects remain very promising and the business is well-placed for continuing
progress. Our profile in the market is growing and the market opportunity
remains significant. There are clear commercial and operational advantages to
our 'productised' and 'as-a-service' approach, and the quality and
completeness of our solutions provide us with strong competitive
differentiation.
Cerillion has started the second half of the year strongly, with a major new
customer signed, as reported in a separate announcement issued today. This,
together with our existing implementation projects, healthy back-order book,
and strong new business pipeline, supports our confidence in delivering market
forecasts for the full year and beyond.
The Company's robust balance sheet, with healthy net cash and increasing
recurring income, provide a strong underpinning as we continue to grow and
develop the business. The Board therefore views near and mid-term growth
prospects very positively.
Alan Howarth Louis Hall
Chairman Chief Executive Officer
Notes:
(1) Software revenue is made up of software licence, support and maintenance,
managed service and Cerillion Skyline revenue.
(2) Recurring revenue includes support and maintenance, managed service and
Cerillion Skyline revenue.
(3) Adjusted profit before tax is a non-GAAP, Company-specific measure which
is earnings excluding taxes, amortisation of acquired intangible assets and
share-based payments charges.
(4) Adjusted earnings per share is a non-GAAP, Company-specific measure which
is earnings after taxes, excluding share-based payments charges and
amortisation of acquired intangible assets divided by the average weighted
number of shares in the period.
(5) BSS/OSS; in telecommunications, this refers respectively to business
support systems and operating support systems.
( )
INTERIM FINANCIAL INFORMATION
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 31 March 2024
Consolidated Consolidated Consolidated
Unaudited Unaudited Audited
half year to half year to year to
31 Mar 2024 31 Mar 2023 30 Sep 2023
£'000 £'000 £'000
Continuing operations
Revenue 22,516 20,497 39,170
Cost of sales (4,421) (3,790) (8,364)
Gross profit 18,095 16,707 30,806
Operating expenses (8,063) (8,254) (15,273)
Impairment losses on financial assets (177) (168) (256)
Adjusted EBITDA* 11,020 10,017 18,083
Depreciation and amortisation (1,085) (1,615) (2,597)
Share based payment charge (80) (117) (209)
Operating profit 9,855 8,285 15,277
Finance costs (45) (65) (119)
Finance income 626 371 956
Adjusted profit before tax** 10,516 9,204 16,819
Share based payment charge (80) (117) (209)
Amortisation of acquired intangibles - (496) (496)
Profit before tax 10,436 8,591 16,114
Taxation (2,379) (1,671) (3,183)
Adjusted profit for the period*** 8,137 7,533 13,636
Share based payment charge (80) (117) (209)
Amortisation of acquired intangibles - (496) (496)
Profit for the period 8,057 6,920 12,931
Other comprehensive income
Exchange differences on translating foreign operations
(166) (95) (95)
Total comprehensive profit for the period
7,891 6,825 12,836
All transactions are attributable to the owners of the parent.
H1 2024 H1 2023 FY 2023
Basic earnings per share from continuing operations 27.3 pence 23.5 pence 43.8 pence
Diluted earnings per share from continuing operations 27.2 pence 23.4 pence 43.7 pence
Adjusted basic earnings per share from continuing operations
27.6 pence 25.5 pence 46.2 pence
* Adjusted EBITDA is a non-GAAP, Company-specific measure, which is earnings
excluding finance income, finance costs, taxes, depreciation, amortisation and
share-based payments charge.
** Adjusted profit before tax is a non-GAAP, Company-specific measure which is
earnings excluding taxes, amortisation of acquired intangible assets and
share-based payments charge.
*** Adjusted profit for the period is a non-GAAP, Company-specific measure which
is earnings excluding share-based payments charge and amortisation of acquired
intangible assets.
Unaudited Condensed Consolidated Statement of Changes in Equity
as at 31 March 2024
Share capital Share premium Share option reserve Treasury stock Foreign exchange reserve Retained earnings Total Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 October 2022 (audited) 147 13,319 137 - (97) 13,226 26,732
Profit for the period - - - - - 6,920 6,920
Exchange difference on translating foreign operations - - - - (95) - (95)
Total comprehensive income - - - - (95) 6,920 6,825
Share option charge - - 117 - - - 117
Dividends - - - - - (1,918) (1,918)
Balance at 31 March 2023 (unaudited) 147 13,319 254 (192) 18,228 31,756
-
Profit for the period - - - - - 6,011 6,011
Exchange difference on translating foreign operations - - - - - - -
Total comprehensive income - - - - - 6,011 6,011
Share option charge - - 92 - - - 92
Dividends - - - - - (974) (974)
Balance at 30 September 2023 (audited) 147 13,319 346 - (192) 23,265 36,885
Profit for the period - - - - - 8,057 8,057
Exchange difference on translating foreign operations - - - - (166) - (166)
Total comprehensive income - - - - (166) 8,057 7,891
Share option charge - - 80 - - - 80
Purchase and issue of treasury stock - - (3) - - (11) (14)
Dividends - - - - - (2,361) (2,361)
Balance at 31 March 2024 (unaudited) 147 13,319 423 (358) 28,950 42,481
-
Unaudited Condensed Consolidated Balance Sheet
as at 31 March 2024
Consolidated Consolidated Consolidated
Unaudited Unaudited 31 Mar 2024 Unaudited Audited
Note £'000 31 Mar 2023 30 Sep 2023
£'000 £'000
Assets
Non-current
Goodwill 2,053 2,053 2,053
Other intangible assets 2,428 2,172 2,374
Property, plant and equipment 578 951 780
Right-of-use assets 1,999 2,704 2,352
Other receivables 5 9,414 3,619 5,105
Deferred tax assets 235 238 268
16,707 11,737 12,932
Current assets
Trade receivables 3,622 2,812 2,857
Other receivables 5 12,640 11,149 12,258
Cash and cash equivalents 26,610 23,645 24,738
42,872 37,606 39,853
Total assets 59,579 49,343 52,785
Equity and liabilities
Shareholders' equity
Share capital 147 147 147
Share premium account 13,319 13,319 13,319
Treasury stock - - -
Foreign exchange reserve (358) (192) (192)
Share option reserve 423 254 346
Retained earnings 28,950 18,228 23,265
Total Equity 42,481 31,756 36,885
Liabilities
Non-current
Other payables 718 469 1,200
Deferred tax liabilities 671 624 671
Lease liabilities 1,920 2,616 2,178
3,309 3,709 4,049
Current liabilities
Trade payables 1,978 2,382 858
Other payables 5 11,811 11,496 10,993
13,789 13,878 11,851
Total equity and liabilities 59,579 49,343 52,785
Unaudited Condensed Consolidated Cash Flow Statement
for the six months ended 31 March 2024
Consolidated Consolidated Consolidated
Unaudited half year to 31 Mar 2024 Unaudited Audited
£'000 half year to year to
31 Mar 2023 30 Sep 2023
£'000 £'000
Operating activities
Reconciliation of profit to operating cash flows
Profit for the period 8,057 6,920 12,931
Add back:
Taxation 2,379 1,671 3,183
Depreciation 579 582 1,171
Amortisation 506 1,033 1,426
Share option charge 80 117 209
Finance costs 45 65 119
Finance income (626) (371) (956)
11,020 10,017 18,083
Increase in trade and other receivables (5,258) (4,061) (6,468)
Increase in trade and other payables 1,318 1,897 671
Cash from operations 7,080 7,853 12,286
Finance costs (45) (65) (119)
Finance income 428 182 580
Tax paid (2,160) (1,371) (2,997)
Net cash generated from operating activities 5,303 6,599 9,750
Investing activities
Capitalisation of development costs (560) (552) (1,147)
Purchase of property, plant and equipment (27) (213) (278)
Net cash used in investing activities (587) (765) (1,425)
Financing activities
Purchase of treasury stock (24) - -
Receipts from exercise of share options 10 - -
Principal elements of finance leases (444) (430) (868)
Dividends paid (2,361) (1,918) (2,892)
Net cash used in financing activities (2,819) (2,348) (3,760)
Net increase in cash and cash equivalents 1,897 3,486 4,565
Translation differences (25) (90) (76)
Cash and cash equivalents at beginning of period 24,738 20,249 20,249
Cash and cash equivalents at end of period 26,610 23,645 24,738
Unaudited Notes
1. Basis of Preparation and Accounting Policies
The condensed financial information is unaudited and was approved by the Board
of Directors on 10 May 2024.
The Company is a public limited company, which was incorporated in England and
Wales on 5 March 2015. The address of its registered office is 25 Bedford
Street, London, WC2E 9ES. The interim financial information for the six months
ended 31 March 2024 has been prepared in accordance with UK-adopted
International Accounting Standards. The interim financial information for the
six months ended 31 March 2024 has been prepared under the historical cost
convention.
The interim financial information for the six months ended 31 March 2024 does
not constitute statutory accounts within the meaning of section 434 of the
Companies Act. Statutory accounts for the year ended 30 September 2023 have
been delivered to the Registrar of Companies. These accounts contain an
unqualified audit report and did not contain a statement under the Companies
Act 2006 regarding matters which are required to be noted by exception.
The preparation of the interim financial information for the six months ended
31 March 2024 in conformity with generally accepted accounting principles
requires the use of estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the Statements and the reported
amounts of revenues and expenses during the period. Although these estimates
are based on management's best knowledge of the amount, event or actions,
actual results ultimately may differ from those estimates. The accounting
policies adopted are consistent with those of the previous financial year and
corresponding interim reporting period, except for the adoption of new and
amended standards which have no material impact on the accounting policies,
financial position or performance of the Group.
There is no material difference between the fair value of financial assets and
liabilities and their carrying amount.
The functional and presentational currency is UK Sterling.
2. Going concern
The Directors have assessed the current financial position of the Group, along
with future cash flow requirements, to determine if the Group has the
financial resources to continue as a going concern for the foreseeable future.
The conclusion of this assessment is that it is appropriate that the Group be
considered a going concern. For this reason the Directors continue to adopt
the going concern basis in preparing the interim financial information for the
six months ended 31 March 2024. The interim financial information does not
include any adjustments that would result in the going concern basis of
preparation being inappropriate.
3. Basis of consolidation
The consolidated financial information incorporates the financial information
of the Company and entities controlled by the Company (its subsidiaries) at 31
March 2024. Control is achieved where the Company has the power to govern the
financial and operating policies of an investee entity so as to obtain benefit
from its activities.
Except as noted below, the financial information of subsidiaries is included
in the consolidated financial statements using the acquisition method of
accounting. On the date of acquisition the assets and liabilities of the
relevant subsidiaries are measured at their fair values.
All intra-Group transactions, balances, income and expenses are eliminated on
consolidation.
4. Adjusted earnings
EBITDA, profit before tax, profit for the period and earnings per share have
been adjusted to take account of £80,367 (six months to 31 March 2023
£116,558) relating to P&L charges in respect of the Company's share based
payments charges. The profit before tax, profit for the period and earnings
per share have also been adjusted to take account of the amortisation of
acquired intangibles of £nil (six months to 31 March 2023 £496,416).
5. Other receivables and other payables
Unaudited Unaudited Audited
31 Mar 2024 31 Mar 2023 30 Sep 2023
£'000 £'000 £'000
Other receivables - non-current
Amounts recoverable on contracts 9,334 3,551 5,036
Other receivables 80 68 69
9,414 3,619 5,105
Other receivables - current
Amounts recoverable on contracts 10,051 9,009 10,507
Prepayments 2,070 1,792 1,215
Other receivables 519 348 536
12,640 11,149 12,258
Other payables
Taxation 1,248 1,177 1,052
Other taxation and social security 438 549 453
Pension 59 56 51
Accruals 3,203 3,097 3,530
Deferred income 5,721 4,991 4,585
Lease liability 793 980 980
Other payables 349 646 342
11,811 11,496 10,993
6. Availability of this announcement
This announcement together with the financial statements herein and a
presentation in respect of the interim financial results are available on the
Group's website, www.cerillion.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
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. END IR GPUMCAUPCGMURecent news on Cerillion
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