REG - 4GLOBAL PLC - Unaudited Preliminary Results
16/07/2024 07:00
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RNS Number : 4908W 4GLOBAL PLC 16 July 2024
16 July 2024
4GLOBAL plc
("4GLOBAL" or "the Company")
Unaudited Preliminary Results
Strong organic growth and EBITDA above market expectations
4GLOBAL, a provider of data and technology for sports, fitness and wellness
organisations to optimise operational and investment decisions, announces its
unaudited preliminary results for the year ended 31 March 2024 ("FY24").
Financial Results (£'m)
Unaudited Audited Change
2024 2023
Revenue 6.4 5.6 +14%
Gross profit 4.7 4.1 +15%
Adj. EBITDA(1) 1.6 1.2 +30%
Adj. EBITDA margin 25% 22% 3pp
Adj. EBITDA earnings per share 6.1p 4.7p +30%
Profit before tax 0.2 0.5 -60%
Earnings per share (0.9)p 2.4p -3.3p
Net cash 0.2 1.1 -0.9m
· Strong organic revenue growth, maintaining historical second half weighting as
anticipated.
o International revenue grew by 32% to £3.3m (2023: £2.5m) or 52% of total
revenue (2023: 45%).
o ARRR(2) grew by 21% to £3.5m (2023: £2.9m) or 55% of overall revenue (2023:
53%)
o Average revenue per customer increased 5% (2023: 10%).
· Stronger-than-anticipated sales from higher margin Insight Solutions products
driving improvement in adj. EBITDA.
· Agreement with major client debtor to settle outstanding balance over an
extended period. Board have confidence the amount will be settled but regard
there to be some transactional risk and have made a provision against the
balance.
· Reduction in net cash due in part to the debtor position but also the
investment in the product development programme.
· Post-period, £1.6m of £3.9m accounts receivables as of 31 March 2024 has
been received. A further £0.2m is expected in July 2024 with the remaining
£2.1m anticipated to be received according to the agreed payment terms.
· Earnings per share has decreased due to the taxation charge for the year
increasing from a credit of £0.1m to a charge £0.4m, due to withholding tax
being applied to income generated from overseas clients and deferred tax
movements.
Strategic Highlights
· Strong international expansion, with roughly one third of new customer wins
from outside UK: including US Soccer, a FIFA World Cup 2026 city in Mexico,
the Saudi Arabian Public Investment Fund (PIF) and the NEOM development in the
northwest of Saudi Arabia.
· 16% increase in revenue from existing customers (2023: 2%), demonstrating
continued success in expanding customer relationships.
· Appointment of Vice President, North America, to drive growth in the US.
· Multiple new product launches aimed at capitalising on the extensive data we
control and the use of AI to drive business critical insights that are ahead
of the competition in our key markets.
· Development of AI and machine learning functionality with completion of
customer trial.
· Number of data points grew 14% to 4bn (2023: 3.5bn), increasing the Company's
competitive advantage through its ability to offer more accurate and diverse
insights.
Current Trading & Outlook
· Q1 revenues ahead of last year and good visibility, with £2.5m already
secured for FY25.
· Strong international pipeline of higher margin, repeatable and recurring
revenue opportunities.
· FY25 revenue will be second half weighted as in previous years due to the
seasonality of buying behaviours of our clients.
Eloy Mazon, 4GLOBAL CEO, said:
"This has been a year of significant organic growth and several important
strategic milestones. Our focus on expanding internationally and increasing
the proportion of recurring revenue is now delivering tangible results, with
new customer wins including PIF and US Soccer illustrative of the calibre of
organisation we are attracting.
We have taken great strides as a business in the past few years and, with
market-leading offerings and new products in the pipeline to address the
wealth of available opportunities, I am excited about what the future holds
for 4GLOBAL in FY25 and beyond."
(1)Adj. EBITDA is Adjusted EBITDA, defined as statutory profit from
operations before interest, taxation, depreciation, share based payment
expense and exceptional items
(2)ARRR is annual recurring and repeatable revenue. Recurring revenue is
revenue generated from subscriptions, licenses or multi-year recurring fee
agreements (typically Insight Solutions and Insight Platforms) and is
calculated on all license agreements. Repeatable revenue is revenue generated
from multiple opportunities from a client which create a predictable,
consistent revenue stream year on year (typically Insight Lab). For the
purposes of qualifying as repeatable revenue the client must have a minimum
history of three years of generating revenue.
Presentation to Investors
Management will host a live online presentation and Q&A via the Investor
Meet Company platform this morning at 11am UK time. The presentation is open
to all existing and potential shareholders. Investors can sign up for free and
add to meet 4GLOBAL via:
https://www.investormeetcompany.com/4global-plc/register-investor
(https://www.investormeetcompany.com/4global-plc/register-investor) .
Annual Report and AGM
The Company expects to send printed annual reports to shareholders who have
requested one and make a copy available on its website by 31 August 2024. A
notification will be made at the time of publication. The AGM will be held at
the offices of 4GLOBAL, 5th Floor, Building 7 Chiswick Park, 566 Chiswick High
Road, Chiswick, London W4 5YG, on 30 September 2024 at 11am.
Contacts
4GLOBAL via Alma
Eloy Mazon (CEO)
Keith Sadler (CFO)
Spark Advisory Partners (Nominated Adviser) +44 (0)20 3368 3554
Neil Baldwin
Canaccord Genuity (Broker) +44 (0)20 7523 8000
Bobbie Hilliam
Alma Strategic Communications +44 (0)20 3405 0205
Josh Royston 4global@almastrategic.com (mailto:4global@almastrategic.com)
Rebecca Sanders-Hewett
David Ison
Louisa El-Ahwal
About 4GLOBAL
4GLOBAL empowers sports, fitness and wellness organisations to make faster,
smarter decisions about their operations, customers and investments through
data and actionable insights.
It operates the largest sport participation and facility database in the
world, with more than 4 billion data points.
Sourcing data from health & fitness operators, community programmes and
other structured activities through its DataHub while drawing on information
from GPS location updates and wearable devices, 4GLOBAL's unique combination
of data assets provides a holistic view of physical activity patterns.
4GLOBAL is at the forefront of predictive modelling and advanced analytics,
with the insights it generates empowering customers to drive efficiencies,
improve customer relationships and make more informed strategic decisions.
Its customers span both the public and private sectors, including central and
local governments, cities, sporting bodies, trade associations, health &
fitness operators and sports clubs.
Key markets include North America, the Middle East and Europe. Its
headquarters are in London with offices in Miami and Istanbul.
4GLOBAL was founded in 2002 and listed on AIM in 2021 under the ticker 4GBL.
www.4global.com (http://www.4global.com)
Chairman's Statement
Robust strategic and commercial progress
The team successfully delivered on its growth ambitions, driving a strong
increase in revenue and beating expectations for adjusted EBITDA. This is a
particularly impressive achievement given the broader economic environment
remains fragile.
What excites me the most, however, is the composition of the growth. This year
saw a positive step change in contribution from international projects. The
opportunity outside the UK is vast, but gaining traction overseas can be slow
and costly for technology companies. Through cultivating a network of
carefully selected strategic partners, 4GLOBAL has successfully
circumnavigated much of that risk, establishing footholds in key international
markets that are now bearing fruit.
Our turnover figure for the year also included a higher proportion of
recurring revenues from our Insight Solutions and Insight Platform products,
which are now the main growth engines in the business.
Our offering is now organised across three distinct pillars: Insight Lab,
Insight Solutions and Insight Platform. These are aligned to the data maturity
lifecycle of organisations, with each progressively higher margin and
recurring revenue orientated. The Strategy section of the Chief Executive's
Statement goes into this development in more detail.
Transitioning from a service model to one built on repeatable/recurring
business is a key strategic priority for the business and, while it's not
something that happens overnight, this year's results demonstrate encouraging
progress. The shift to these agreements means stronger, longer-term
relationships with our customers and greater predictability of revenue.
Strengthening the core
The headway the Company is making in these strategic areas is no accident.
Over the past 12 months, I have witnessed firsthand a leap forward in terms of
the maturity, focus and drive of the business. Significant efforts have been
undertaken to refine and future-proof our proposition and optimise our ways of
working, underpinned by a growing emphasis on fostering a culture of
excellence and accountability in the organisation. These foundational
improvements may be less visible to investors but are critically important if
we are to capitalise on the wealth of opportunities before us.
Enhancing senior leadership
In January 2024, we appointed 4GLOBAL non-executive director Alexandra Orlando
as Vice President, North America. Alexandra has made an immediate, positive
impact in her new role. The US is an important growth market for the Company,
and I have no doubt she is the right person to lead us on that journey.
In April 2024, Davendra Dabasia joined the Company as a non-executive
director. An executive board member of Mace, he brings a great deal of
relevant experience to 4GLOBAL as the Company looks to expand into new
geographic areas. I look forward to working closely with him.
Also, in April 2024, we appointed Eric Haller as Non-Executive Director,
replacing Alexandra on the Board to enable her to focus on her executive role.
Eric is exceptionally experienced in maximising the commercial value of data
and developing successful data products, having served as Global Executive
Vice President and Group Head of Experian DataLabs. His counsel will be
invaluable as we look to plot a comparable path.
Looking ahead with confidence
The hard work carried out to enhance the functionality and delivery of
products, at the coalface in our markets, and across our internal functions,
is now delivering tangible results. However, we are still only scratching the
surface in terms of what we can achieve.
While growth will continue to be primarily organic with increasing
international and recurring components, we will continue to seek opportunities
to supplement it through acquisition where targets meet our strict criteria
for investment and are a good strategic fit.
With the paradigm shift towards data-led decision-making in industry building
up a head of steam, 4GLOBAL has a uniquely compelling offering at an opportune
time. Looking forwards, buoyed by strong prospects and a growing sense of
momentum, I am confident we are positioned well to deliver continued,
sustainable growth and long-term shareholder value creation.
I would like to personally thank my colleagues across the business for their
contributions. They have demonstrated immense determination and creativity in
moving 4GLOBAL forwards in the year. Our people are the lifeblood of the
business, and we are fortunate to have such a talented pool available to us.
Ian James
Chairman
15 July 2024
Chief Executive's Statement
Overview: Delivery on all fronts and poised for further growth
I'm pleased to report we delivered strong organic growth in the year while
navigating a trading environment that remained challenging. 4GLOBAL is now a
truly international business, with the majority of revenue, 52%, coming from
non-UK markets for the first time.
Encouragingly, we are also on schedule in migrating new and existing customers
to higher margin, recurring revenue products.
Much of our success in the year is the product of the sharpening of our
strategic focus. We are now firmly committed to allocating resources to the
most profitable long-term opportunities and have made good progress in
optimising our operations for maximum efficiency.
These are ongoing processes but nonetheless reflect a cultural shift towards
higher performance and a relentless pursuit of excellence, which we believe
will ultimately deliver better returns for shareholders.
The proof will be in the results we deliver over time but supported by
outstanding products, brilliant people, the right organisational
infrastructure and a proven strategy, we are moving through the new financial
year in a strong position.
Strategy: Supporting customers at every stage of their data journey
4GLOBAL empowers sports, fitness and wellness organisations to make faster,
smarter decisions about their operations, customers and investments through
data and actionable insights.
Leveraging the Company's network of strategic partners, we are focused on
growing our presence in the North American, Middle East and European markets.
Our offering is now aligned to the data maturity lifecycle that our customers
typically follow as their understanding of the business-critical insights they
can extract from their and market data develops.
Our team of seasoned data and technology professionals are committed to
continuously enhancing existing and developing new products to bolster our
offerings across these pillars.
1. Insight Lab - 45% of revenue (2023: 55%): Primarily consultative work, 4GLOBAL
deploys its dataset, predictive modelling and analytics tools to help
organisations answer business-critical questions. Examples include, where to
invest in new facilities or how to increase yield per customer at the facility
operator level or how to turn an inactive nation into an active one at the
government level.
2. Insight Solutions - 40% of revenue (2023: 30%): For organisations, many of
which have been Insight Lab customers, which want to incorporate 4GLOBAL's
products into their own operations. The key benefit being day-to-day
decision-making is continuously informed by data-driven insights, meaning
better business outcomes. We work closely with organisations on the
integration and support them every step of the way, ensuring they are
successful in using our technology to maximise the value derived from our
data. Higher margin, primarily recurring license sales with an element of
lower margin support service revenue.
3. Insight Platform - 15% of revenue (2023: 15%): For organisations that have
either matured as users of Insight Solutions to the point of having
established in-house capability or new customers who want access to our
dataset but have pre-existing data expertise and technology infrastructure.
Highest margin, exclusively recurring license revenue.
It is common for customers to be engaged on different pillars across different
questions concurrently. In FY24, 74% of customers by revenue were engaged on
multiple journeys with us at the same time (2023: 74%). The dynamic and
iterative nature of working with data and the scalability of our offerings
mean there is no limit to the number of engagements we can have running in
parallel with a single customer, presenting significant opportunities for
long-term revenue growth across our base.
Year in review: Good progress against strategic objectives
As part of sharpening our strategic focus, we have introduced four new
strategic objectives with several KPIs attached to help investors more easily
gauge progress:
1. Grow customer base internationally: Leverage partnerships and acquisitions to
enter new markets and acquire new customers.
2. Increase customer lifetime value: Build long-term and progressively more
mutually valuable customer relationships.
3. Transition to repeatable and recurring revenue: Shift to a higher-margin, more
predictable sales model
4. Build for tomorrow: Future-proof 4GLOBAL through continuous innovation and
improvement
In the future, we intend to further diversify revenue through identifying and
expanding into new sectors with problems 4GLOBAL can solve.
1. Grow customer base internationally
We generated substantially more revenue outside the UK in the period and enter
the new financial year with a growing pipeline of international opportunities.
Our strategy is to enter international markets through partnerships. This
approach allows us to minimise entry costs and leverage existing salesforces
and customer relationships.
Our target markets are North America and Europe, where we are actively
investing in business development, sales and on-the-ground presence; and the
Middle East, where we are focused on nurturing our partnerships.
While each region has its own unique dynamics and characteristics, our
strategy of focusing only on the highest growth, highest potential sectors and
opportunities is the common thread that runs through each of them.
KPIs
2024 2023 Change
Non-UK revenue £3.3m £2.5m 32%
As a proportion of total revenue 52% 45% 7pp
North America
We continued to make good progress in the region in the period, acquiring
multiple new customers including US Soccer; Guadalajara Convention and
Visitors Bureau in the City of Guadalajara, Mexico, one of the sixteen venues
for the 2026 FIFA World Cup; Canadian Tire and Future of Hockey Lab.
Soccer is a particular area of focus, as the fastest growing sport in the US
and benefitting from a strong push to increase participation ahead of and
beyond the 2026 World Cup.
Signed in the fourth quarter, our relationship with US Soccer, the official
nationwide governing body of the sport, has continued to develop from the
initial engagement. A large-scale and dynamic organisation that could
theoretically benefit from 4GLOBAL's data and technology across various
aspects of its business, US Soccer exemplifies the kind of customer we are
targeting in the region.
Gym operators continue to be an important target segment for the Company, with
previously announced technology partnerships together providing 4GLOBAL access
to 40% of facilities in the US. All sales through these partnerships are
high-margin, recurring Insight Platform license revenue.
As well as increasing the size of our customer base in the region during FY25,
we are well-positioned for continued success in deepening our commercial
relationships with those organisations already in our base, consistent with
our second strategic objective of increasing customer lifetime value.
Europe
Including the UK, our most mature market. We began the year with an
established presence in Europe and continued to make good strategic and
commercial advances there.
Gym operators have been a particular focus in the territory, with our
previously announced partnership with EuropeActive, the leading non-profit
organisation representing the European fitness and physical activity sector,
remaining crucial in growing the use of DataHub in mainland Europe and further
increasing the volume of data flowing into it. Sales through EuropeActive and
other partners such as Technogym, signed in the period, are high-margin,
recurring Insight Platform license revenue.
The pipeline of opportunities in Europe remains strong.
Middle East
The work carried out in the year to establish key partnerships and develop a
robust understanding of the region's unique market dynamics resulted in the
securing of several high-value agreements.
In October 2023, we were awarded a US$0.3m contract to deliver data, insight
and knowledge applications to one of 4GLOBAL's long-standing strategic
partners in the Middle East. Our success with this organisation serves as a
model for future engagements and has opened several doors to potential new
revenue opportunities in the region.
We followed this in January 2024 by announcing two contract wins in the
Kingdom of Saudi Arabia with a new and existing partner customer for a
combined value of £0.8m.
The Middle East remains a key growth market for the business. With the strong
progress made there in the period we are confident of growing our presence
further.
2. Increase customer lifetime value
Expanding relationships with existing customers is central to our growth
strategy. As customers progress through the data maturity lifecycle outlined
in the Strategy section above, their desire for more advanced and detailed
insights typically increases, in turn increasing demand for our products.
KPIs
2024 2023 Change
Customer retention 91% 94% (3)pp
Existing customer revenue £5.7m £4.8m 16%
Average revenue per customer +5% +10% (5)pp
Our consistently high customer retention rates illustrate the value
organisations attach to 4GLOBAL's products once they begin their journeys with
us. This stems from the indispensable nature of the insights our platform
provides, enabling organisations to make timely decisions that accelerate
growth.
Sport England case study
The progression through the lifecycle is exemplified in the work we have done
over the years with Sport England, the body of government responsible for
growing and developing grassroots sport and getting more people active across
the country.
A customer since 2021, in November 2023 we announced an expansion in the scope
of our partnership with it. Starting with Insight Lab, Sport England engaged
us to tackle specific challenges around understanding the impact of Covid on
local sports facilities. Through the data-driven insights we provided, the
body was able to identify areas of need and opportunities for the National
Leisure Recovery Fund.
Sport England then needed to monitor and evaluate the progress of the
resulting initiatives, leading to a transition to Solutions, where we
supported them in embedding our technology and data into their daily
operations and decision-making processes.
As Sport England continued using 4GLOBAL to progress its work on the impact of
the pandemic, new operational questions and challenges came to light,
prompting an adjacent journey through the lifecycle.
3. Transition to recurring revenue: shift to higher-margin, more predictable
sales model
A great deal of work has been undertaken in the year to refine our products
and how we deliver them to align better with a recurring revenue model.
As a result, more customers are now moving through the pillars from Insight
Lab to Insight Solutions, to Insight Platform, rather than engaging us for
traditional lower-margin, one-off consultative work.
This not only increases customer retention and satisfaction but is
exponentially more scalable, adds stability to our sales and improves overall
financial predictability.
KPIs
2024 2023 Change
ARRR £3.5m £2.9m 21%
As a proportion of total revenue 55% 53% 2pp
4. Build for tomorrow: future-proof 4GLOBAL through continuous innovation and
improvement
4GLOBAL has carved out its reputation through a relentless focus on innovation
for over a decade. Internally, our commitment to continuing these spans three
key areas: our offering, our data asset and our organisation. We will look to
introduce KPIs for this strategic objective in the future.
Offering: We are in constant dialogue with our customers to ensure our
offering is developed to meet both their current and future needs in a way
that is commercially beneficial to us. Consistent with this, our primary focus
in the year has been to strengthen our Insight Solutions and Insight Platform
offerings and we will continue in a similar vein in FY25.
We also continued to explore AI and machine learning in the period, including
the launch of a now complete pilot project with Places Leisure, one of the
UK's leading social enterprises in the health and wellbeing sector. The pilot
was a success and is informing the development of a new product we expect to
launch in FY25.
Data asset: A larger, richer data asset is the core of our competitive
advantage. The more data points it comprises, the more accurate and
informative the insights generated from it will be. Data points increased 14%
to 4bn in the year (2023: 3.5bn) and we intend to continuously augment it
through acquiring new data sources and creating proprietary data in the
future.
Organisation: With the sharpening of our strategic focus and the growth
expected in the coming years, it is vital we have the correct organisational
infrastructure to ensure we can scale while continuing to deliver
market-leading products and delivering outstanding customer experiences. The
appointments of Alexandra Orlando as Vice President, North America, and
Davendra Dabasia and Eric Haller as non-executive directors are testament to
4GLOBAL's growing reputation. On top of this, we strengthened our internal
processes significantly in the year, a move which has been instrumental in
improving efficiency and enabling us to deliver larger, more valuable
contracts.
Current Trading & Outlook: Expectation of further sales and margin growth
We have made a promising start to the new financial year, with revenue secured
of £2.5m and revenue performance tracking ahead of last year Q1. We expect
FY25 to be a year of continued revenue and margin growth with an increasing
proportion of international revenue and ARRR. Revenue will be second half
weighted as in previous years due to the seasonality of budgets of our client
base.
Our confidence is underpinned by a strong international pipeline of
strategically and commercially significant projects with both new and existing
customers. This pipeline is expected to continue to grow at a healthy rate,
supported by several new product launches including those enhanced by AI.
At the same time, we will continue to proactively seek opportunities to
accelerate growth through M&A. We will maintain a measured and disciplined
approach, only proceeding with companies that can grant access to or bolster
our footprint in a high-potential market.
We are excited about our prospects for the year ahead and look forward to
keeping shareholders updated.
Eloy Mazon
Chief Executive Officer
15 July 2024
Financial Review
1. Results
Overall revenue grew from £5.6m to £6.4m which representing a 14% increase
for the year.
Gross profit tracked revenue growth, increasing 15% to £4.7m (2023: £4.1m)
with a margin of 73% as in 2023. As we progress develop our business model we
anticipate an improvement in margin.
2. Administrative Expenses
Administrative Expenses for the year ended 31 March 2024 was £3.1m compared
to the previous year of £2.9m. As the business is talent focussed, the
largest single expense for the Group is wages and salaries. Before
capitalisation of development costs, wages and salaries increased from £2.1m
to £2.4m with average headcount increasing from 30 to 34.
Depreciation and amortisation increased as a result of a full year charge for
amortisation of the products we brought to market in the previous year.
Amortisation charge increased from £6,256 to £87,092.
The share-based payment charge fell from £0.34m to £0.26m due to certain
options lapsing during the prior year.
The Group has agreed a long-term repayment plan against a significant
outstanding receivable totalling £2.2m as at 31 March 2024. The payment plan
spans a period of greater than 12 months from the financial year end. As
result of the extended settlement period, a discount charge has been
recognised in Finance Costs (note 12) for £142,141 (2023: £nil). Although
the balance is expected to be repaid in full, as a result of the transactional
risk associated with the long-term payment plan, the Group has recognised a
provision against the discounted balance of £512,658 (2023: £nil).
3. Finance Charge
The finance charge for the year has increased from £24,043 to £174,525. The
difference is primarily due to the requirement to discount an outstanding
debtor balance. The debtor balance is for £2.1m and, as this is to be settled
over a period greater than 12 months, a discount has been applied as required
by IFRS 9. This has been calculated using the Group's weighted average cost of
capital and the charge is £142,141. As the balance is settled this will be
reversed against the amount held on the balance sheet.
4. Taxation
The taxation charge for the year has increased from a credit of £0.1m to a
charge of £0.4m. This charge is due to withholding tax being applied to
income generated from overseas clients and, as the Group is profitable, there
is no research and development credit. As we grow revenues from these
geographic areas this will increase. We will have the opportunity to offset
where we can through double taxation treaties. The other charge is for
deferred tax which is calculated on the timing differences for the capitalised
cost additions to our intangible assets.
5. Statement of Financial Position
The total assets as at 31 March 2024 was £6.1m compared to £6.3m at 31 March
2023, reflecting the retained earnings for the year.
We have capitalised the cost of developing our new products and platforms by
£0.9m, the majority of which is the staff costs of bringing the products and
platforms to a position where they can be economically utilised. We have begun
to amortise the existing products as they are now being utilised by our
clients.
During the year we migrated our contract assets to accounts receivable which
increased our accounts receivable from £1.4m to £3.8m. The contract assets
have been reduced from £2.1m to £1.0m. We have an outstanding balance where
we have been negotiating a settlement agreement with the client where the
amount will be settled over an extended period of time. This is with a global
company with which we are working with in close partnership on a number of
assignments and future opportunities. As result of the extended settlement
period a discount charge has been made in the current report and accounts for
£142,141 in accordance with accounting standards.
6. Cash Flow
The Group utilised £1.0m of cash through the year to 31 March 2024. This in
due to the investment in the product and platforms the Group is making for
future revenue growth and also an increase in the working capital within
Accounts Receivable.
Keith Sadler
Chief Financial Officer
15 July 2024
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2024
Note UNAUDITED AUDITED
Year ended 31 March 2024 Year ended 31 March 2023
£ £
Revenue 6 6,368,255 5,585,747
Cost of sales (1,686,631) (1,449,008)
Gross profit 4,681,624 4,136,739
Administrative expenses (3,081,116) (2,920,374)
Other operating income 7 - 14,000
Analysed as:
Adjusted profit from operations(1) 1,600,508 1,230,365
Depreciation and amortisation (480,180) (372,717)
Share based payment expense (263,171) (338,456)
Exceptional administrative expenses - provision against long term repayment (512,658) -
plan
8
Profit from operations 9 344,499 519,192
Finance income 77 1,772
Finance cost 12 (174,525) (24,043)
Profit before tax 9 170,051 496,921
Tax (charges)/credit 13 (399,077) 145,133
(Loss)/Profit for the year (229,026) 642,054
Other comprehensive income
Exchange differences on translation of foreign operations (12,583) (3,053)
Other comprehensive income / (loss) for the year (12,583) (3,053)
Total comprehensive income / (loss) for the year (241,609) 639,001
Total comprehensive income / (loss) attributable to:
Owners of the Parent Company (241,609) 639,001
Basic profit/(loss) per share 14 (0.9)p 2.4p
Diluted profit/(loss) per share 14 (0.9)p 2.4p
Note 1. Adjusted profit from operations is calculated as earnings before
interest, taxation, depreciation, amortisation of intangible assets and right
of use charge, share based payments and exceptional items.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note UNAUDITED AUDITED
As at As at
31 March 2024 31 March 2023
£ £
Assets
Non-current assets
Property, plant and equipment 15 29,270 34,401
Right-of-use assets 15 218,867 595,601
Intangible assets 16 1,198,034 392,180
Deferred tax 13 - 190,647
1,446,171 1,212,829
Current assets
Trade and other receivables 17 4,508,730 3,977,947
Cash and cash equivalents 18 148,694 1,138,093
4,657,424 5,116,040
Total assets 6,103,595 6,328,869
Equity and Liabilities
Equity
Share capital 19 263,451 263,451
Share premium 21 3,390,330 3,390,330
Merger reserve 676,310 676,310
Share option reserve 20,21 651,416 388,245
Share warrant reserve 188,266 188,266
Currency translation reserve (47,959) (35,376)
Retained earnings 21 (619,006) (389,980)
Total equity 4,502,808 4,481,246
Non-current liabilities
Deferred tax 13 64,672 -
Borrowings 23 58,333 108,832
Lease liability 24 - 194,060
123,005 302,892
Current liabilities
Borrowings 23 50,000 50,000
Trade and other payables 22 1,233,722 1,122,746
Lease liability 24 194,060 371,985
Total current liabilities 1,477,782 1,544,731
Total liabilities 1,600,787 1,847,623
Total equity and liabilities 6,103,595 6,328,869
The notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Currency
Share Share Merger Share option Share warrant translation Retained Total
capital premium reserve reserve reserve reserve earnings equity
£ £ £ £ £ £ £ £
As at 31 March 2022 263,451 3,390,330 676,310 139,080 188,266 (32,323) (1,121,325) 3,503,789
Profit for the year - - - - - - 642,054 642,054
Other comprehensive income - translation differences
- - - - - (3,053) - (3,053)
Total comprehensive income for the year
- - - - - (3,053) 642,054 639,001
Transactions with owners:
Movement on lapsed share options - - - (89,291) - - 89,291 -
Share-based expense - - - 338,456 - - - 338,456
- - 249,165 - - 89,291 338,456
AUDITED As at 31 March 2023 263,451 3,390,330 676,310 388,245 188,266 (35,376) (389,980) 4,481,246
Loss for the year - - - - - - (229,026) (229,026)
Other comprehensive charges - translation differences
- - - - - (12,583) - (12,583)
Total comprehensive income for the year
- - - - - (12,583) (229,026) (241,609)
Transactions with owners:
Movement on lapsed share options - - - - - - - -
Share based expense - - - 263,171 - - - 263,171
- - - 263,171 - - - 263,171
UNAUDITED As at 31 March 2024 263,451 3,390,330 676,310 651,416 188,266 (47,959) (619,006) 4,502,808
CONSOLIDATED STATEMENT OF CASH FLOWS
Note UNAUDITED AUDITED
Year ended 31 March 2024 Year ended 31 March 2023
£ £
Cash flows from operating activities
Profit before income tax for year 170,051 496,921
Adjustments to reconcile profit before tax to net cash flows:
Depreciation of tangible assets 15 393,087 366,461
Amortisation 16 87,093 6,256
Loss on disposal of fixed assets - 1,077
Finance income (77) (1,772)
Finance cost 12 174,525 24,043
338,4563
Equity-settled share-based expense/warrants 9 263,171 338,456
Increase in trade and other receivables (1,004,056) (2,256,890)
Increase in trade and other payables 110,976 36,093
Tax received / (paid) 187,374 (3,989)
Net cash flows - operating activities 382,144 (993,344)
Cash flows from investing activities
Purchase of tangible assets 15 (11,954) (22,768)
Development costs capitalised 16 (892,946) (398,436)
Interest received 77 1,772
Net cash - investing activities (904,823) (419,432)
Cash flows from financing activities
Repayment of shareholder loan - principal - (50,400)
Repayment of shareholder loan - interest - (22,194)
Repayment of borrowings (50,000) (50,000)
Lease liability principal payment 24 (371,985) (351,642)
Interest elements of lease payments (21,960) (8,958)
Interest paid (10,923) (15,521)
Net cash flows - financing activities (454,868) (498,715)
Net decrease in cash (977,547) (1,911,491)
Effects of exchange rate changes on cash (11,852) (1,364)
Cash at beginning of year 1,138,093 3,050,948
Cash at the end of year 18 148,694 1,138,093
Comprising:
Cash and cash equivalents 148,694 1,138,093
Cash at end of year 17 148,694 1,138,093
Notes to the financial statements
1. 1. Corporate information
4Global PLC is a public limited company incorporated and domiciled in England
and Wales. The registered office address and principal place of business is
located at 5(th) Floor, Building 7 Chiswick Park, 566 Chiswick High Road,
London, W4 5YG.
The 4GLOBAL Group's principal activity is the provision of advisory services
in the sporting sector at a local, national and international level.
2. Basis of preparation
The financial statements have been prepared in accordance with the
requirements of the AIM Rules for Companies, UK Adopted International
Accounting Standards in conformity with the requirements of the Companies Act
2006.
The financial statements have been prepared on the historical cost basis,
unless accounting standards require an alternative measurement basis. Where
there are assets and liabilities calculated on a different basis, this fact is
disclosed in either the relevant accounting policy or in the notes to the
financial information.
The preparation of the financial statements in compliance with UK Adopted
International Accounting Standards requires the use of certain critical
accounting estimates and judgements. It also requires management to exercise
judgement of the most appropriate application in applying the 4GLOBAL Group's
accounting policies. The areas where significant judgements and estimates have
been made in preparing the financial information and their effect are
disclosed in Note 4.
3. Going concern
The financial statements have been prepared on the going concern basis. The
Group made a profit before tax for the year to 31 March 2024. The Group has
cash resources of £0.2m and trade and other receivables of £4.5m. The cash
flow for the Group fluctuates based on monthly revenue collections and this is
managed within the cash and overdraft facilities which the Group has. The
Group has a £100,000 agreed overdraft facility and a further £100,000
informal facility. The Directors have reviewed the 4GLOBAL Group's overall
position and outlook and are of the opinion that the 4GLOBAL Group is
sufficiently well funded to be able to operate as a going concern for at least
the next twelve months from the date of approval of these financial
statements.
4. Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with UK Adopted
International Financial Reporting Standards in conformity with the
requirements of the Companies Act 2006 requires management to make estimates
and judgements that affect the reported amounts of assets and liabilities as
well as the disclosure of contingent assets and liabilities at the year-end
date and the reported amounts of revenues and expenses during the reporting
year.
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
The significant judgements made by management in applying the 4GLOBAL Group's
accounting policies were:
4.1 Consultancy revenue
For contracts spanning the year end the 4GLOBAL Group uses judgement
determining the amount of revenue to recognise in each period. This requires
estimation of the stage of completion of the project, taking into account time
spent during the period and the likely time required to complete the project.
4.2 Deferred tax
Deferred tax assets are recognised where the carrying amount of an asset in
the combined statement of financial position differs from its tax base.
Recognition of deferred tax assets is restricted to those instances where it
is probable that taxable profit will be available against which the difference
can be utilised.
4.3 Development costs
The Group develops a number of products and platforms for its portfolio of
offerings to clients. These are internally generated from the technical
development team, staff, and external resources. The products and platforms
are identified separately, and the staff time is allocated to the programmes
for development. Only direct costs are allocated to these products and
platforms as required by IAS 38. The economic performance of the product and
platforms is assessed to ensure they can be carried on the balance sheet. Once
the product or platform is commercially ready for market it is amortised over
the anticipated life. The initial products have been allocated a 36 month
amortisation life span. At the end of each year the products are reviewed for
impairment.
The key sources of estimation uncertainty were:
4.4 Bad debts
The group currently calculates a "bad debt" provision on trade receivables and
contract assets which are past due date and are not specifically provided for.
Under IFRS 9 this assessment is required to be calculated based on a forward
looking expected credit loss ('ECL') model, for which a simplified approach
will be applied. The method uses historic customer data, alongside future
economic conditions to calculate expected loss on receivables. See Note 16.
4.5 Share options and warrants
Where equity settled share options are awarded to employees, the fair value of
the options at the date of grant is charged to the consolidated statement of
comprehensive income over the vesting period as an employment expense.
The fair value of the options is measured at the grant date and spread over
the vesting period. The fair value is measured based on an option pricing
model taking into account the terms and conditions upon which the instruments
were granted.
5. Summary of significant accounting policies
5.1 Basis of consolidation
The financial statements incorporate the financial information of the 4GLOBAL
Group. Control is achieved when a company is exposed, or has rights, to
variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. Where necessary,
adjustments are made to the financial information of subsidiaries to bring the
accounting policies used into line with those used by other members of the
4GLOBAL Group. All significant inter-company transactions and balances between
4GLOBAL Group entities are eliminated on consolidation.
5.2 Revenue
Consultancy services
Consultancy services are provided under fixed-price contracts and contracts
specifying an hourly fee. Revenue from providing services is recognised based
on the actual service provided to the end of the reporting period as a
proportion of the total services to be provided because the customer receives
and uses the benefits simultaneously. This is determined based on the actual
hours spent relative to the total expected hours.
In the case of fixed-price contracts, the customer pays the fixed amount based
on a payment schedule. If the services rendered exceed the payment, a contract
asset is recognised. If the payments exceed the services provided then a
contract liability is recognised.
If the contract includes an hourly fee, revenue is recognised in the amount to
which the 4GLOBAL Group has a right to invoice. Customers are invoiced on a
monthly basis and consideration is payable when invoiced.
Subscriptions
Subscriptions for access to the Datahub are provided under fixed-price
contracts. Customers pay in advance on a monthly, quarterly or annual basis
and consideration is payable when invoiced. Where access to the Datahub has
been invoiced but not paid at the end of the reporting period a trade
receivable is created. Where services have been provided but not invoiced a
contract asset is created. A contract liability is recognised in respect of
the services not yet provided. Revenue is recognised on a straight-line basis
over the term of the subscription.
5.3 Research expenditure
The Group undertakes research into future development of products and
platforms utilising the data sources that the Group curates. This is
separately identified and recorded. The Group makes a claim for enhanced tax
relief on this expenditure through HMRC. The expenditure is separately
identified in the income statement notes.
5.4 Foreign currency translation
Functional and presentational currency
Items included in the financial statements of each of the 4GLOBAL Group's
entities are measured using the currency of the primary economic environment
in which the entity operates ('the functional currency'). The financial
statements are presented in pounds sterling, which is 4Global Group's
functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency
using the spot exchange rates at the dates of the transactions.
At each year end foreign currency monetary items are translated using the
closing rate. Non‑monetary items measured at historical cost are translated
using the exchange rate at the date of the transaction and non‑monetary
items measured at fair value are measured using the exchange rate when fair
value was determined.
Foreign exchange gains and losses resulting from the settlement of
transactions and from the translation at year‑end exchange rates of monetary
assets and liabilities denominated in foreign currencies are recognised in the
statement of comprehensive income.
Foreign exchange gains and losses that relate to borrowings and cash and cash
equivalents are presented in the statement of comprehensive income within
'administrative expenses'. All other foreign exchange gains and losses are
presented in the statement of comprehensive income under the heading to which
they relate.
4GLOBAL Group Companies
The results and financial position of foreign operations (none of which has
the currency of a hyperinflationary economy) that have a functional currency
different from the presentation currency are translated into the presentation
currency as follows:
· assets and liabilities for each balance sheet presented are
translated at the closing rate at the date of that balance sheet
· income and expenses for each statement of profit or loss and
statement of comprehensive income are translated at monthly exchange rates
throughout the period, and
· all resulting exchange differences are recognised in other
comprehensive income.
5.5 Taxation
Taxation expense for the year comprises current and deferred tax recognised in
the reporting year. Tax is recognised in the statement of comprehensive
income.
Current tax
Current tax is the amount of tax payable in respect of the taxable profit for
the year or prior years. Tax is calculated on the basis of tax rates and laws
that have been enacted or substantively enacted by the year end.
Management periodically evaluates positions taken in tax returns with respect
to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate on the basis of amounts expected
to be paid to the tax authorities.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit or loss.
Deferred tax assets are recognised for deductible temporary differences that
exist only where it is probable that taxable profits will be generated against
which the carrying value of the deferred tax asset can be recovered.
Deferred tax liabilities are recognised for all taxable temporary differences
except in respect of taxable temporary differences associated with investments
in subsidiaries, associates and interests in joint operations where the timing
of the reversal of the temporary difference can be controlled and it is
probable that the temporary difference will not reverse in the foreseeable
future.
A deferred tax asset or liability is not recognised if a temporary difference
arises on initial recognition of an asset or liability in a transaction that
is not a business combination and, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss.
5.6 Warrants
The 4GLOBAL Group issued warrant certificate to advisers at the time of the
IPO and measures the fair value of the equity settled transactions with the
advisers at the grant date of the warrant instruments. The fair value is
calculated using an appropriate valuation model and requires assumptions
regarding dividend yields, risk-free interest rates, share price volatility
and expected life of the warrant. The resulting amount is charged to the share
premium account and credited to the share warrant reserve.
5.7 Property plant and equipment and right-of-use assets
Property, plant and equipment is recorded at cost less accumulated
depreciation and accumulated impairment losses. The initial cost of an asset
comprises its purchase price and any costs attributable to bringing the asset
into the location and condition necessary for it to be capable of operating in
the manner intended by management. Expenditures for routine maintenance and
repairs are expensed as incurred, while additions and improvements are
capitalised. A right-of-use asset is recognised at the commencement date of
the lease. The right-of-use asset is measured at cost, which comprises the
initial amount of the lease liability, adjusted for, as applicable, any lease
payments made at or before the commencement date, any initial direct costs
incurred and an estimate of costs expected to be incurred for restoring the
site or asset. The right-of-use asset is subsequently measured and cost less
accumulated depreciation.
Property, plant and equipment is depreciated using the straight-line method
over the estimated useful lives or, in the case of certain leased right-of-use
assets, the shorter of the expected lease term and estimated useful life:
§ Office equipment - 4 years
§ Right of use - over the term of the lease
An item of property, plant and equipment is derecognised upon disposal or when
no further economic benefits are expected to arise from the use of that asset.
Any gain or loss arising on de-recognition of the asset is included in the
statement of comprehensive income when the asset is derecognised.
5.8 Intangible assets
The intangible assets are the internally developed products and platforms that
the group has generated. The assets are separately identifiable and are
capitalised costs of direct resources used to develop the products and
platforms, which comprises any external purchase costs and the costs of
individuals costs attributable to bringing the asset into the location and
condition necessary for it to be capable of operating in the manner intended
by management.
Once the product or platform is ready for commercial use it is then amortised
using the straight-line method over the estimated useful lives which the
management have identified as 36 months.
An intangible asset is derecognised upon disposal or when no further economic
benefits are expected to arise from the use of that asset. Any gain or loss
arising on de-recognition of the asset is included in the statement of
comprehensive income when the asset is derecognised.
5.9 Leasing
The 4GLOBAL Group applies a single recognition and measurement approach for
all leases except for short-term leases and leases of low-value assets. At
commencement of a lease, the 4GLOBAL Group as lessee recognises a liability to
make lease payments and an asset representing the right to use the underlying
asset during the lease term. The amount of the lease liability recognised is
on a discounted basis. The discount rates used on transition were incremental
borrowing rates as appropriate for each lease based on factors such as the
lease term and payment terms. Where the rate implicit in the lease cannot
readily be determined the 4GLOBAL Group used the 4GLOBAL Group's incremental
borrowing rate. The 4GLOBAL Group does not have any leases where the 4GLOBAL
Group is a lessor.
The 4GLOBAL Group takes advantage of the practical expedient which allows an
exemption from recognition for leases with terms of 12 months or less and low
value leases.
Lease liabilities are recognised at the present value of future lease payments
and subsequently carried at amortised cost using the effective interest
method.
5.10 Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with
banks and other short-term highly liquid investments in debt securities with
original maturities of three months or less.
5.11 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of
one entity and a financial liability or equity instrument of another entity.
Financial instruments are classified into one of the categories discussed
below in accordance with IFRS 9, with reference to the business model for that
instrument and the contractual cash flow characteristics.
Financial assets and liabilities are offset and the net amount reported in the
financial statements if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to settle on a net basis, or
to realise the assets and settle the liabilities simultaneously.
The accounting policy for each category is as follows:
Financial assets
Financial assets comprise cash and cash equivalents and receivables.
Receivables primarily consist of trade and other receivables. These assets are
non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market. These assets are initially recognised at
transaction price plus transaction costs that are directly attributable to
their acquisition or issue and are subsequently carried at amortised cost
using the effective interest rate method, adjusted for change in expected
credit losses.
Impairment of financial assets
The IFRS 9 impairment model requires the recognition of 'expected credit
losses'. Therefore, it is not necessary for a credit event to have occurred
before credit losses are recognised. The impairment model applies to the
4GLOBAL Group's financial assets.
For trade receivables the 4GLOBAL Group has applied the simplified approach
permitted by IFRS 9 in calculating expected credit losses. This approach
requires expected lifetime losses to be recognised from initial recognition of
the receivables.
Financial liabilities
Financial liabilities include trade and other payables, borrowings and lease
liabilities.
Trade and other payables
Trade and other payables are initially recognised at fair value and
subsequently carried at amortised cost using the effective interest method.
Borrowings
Borrowings are initially recognised at fair value and subsequently carried at
amortised cost using the effective interest method.
Derecognition
A financial liability is derecognised when the obligation under the liability
is discharged or cancelled, or expires. When an existing financial liability
is replaced by another from the same lender on substantially different terms
or the terms of an existing liability are substantially modified, such an
exchange is treated as the de-recognition of the original liability and the
recognition of a new liability. When the modification is not substantial the
difference between the carrying amount of the liability before the
modification and the present value of the cash flows after modification is
recognised in profit or loss.
Classification of financial instruments issued by the 4GLOBAL Group
Financial instruments issued by the 4GLOBAL Group are treated as equity only
to the extent that they meet the following two conditions:
· they include no contractual obligations upon the 4GLOBAL Group to
deliver cash or other financial assets or to exchange financial assets or
financial liabilities with another party under conditions that are potentially
unfavourable to the Group; and
· where the instrument will or may be settled in the 4GLOBAL
Group's own equity instruments, it is either a non-derivative that includes no
obligation to deliver a variable number of the 4GLOBAL Group's own equity
instruments or is a derivative that will be settled by the 4GLOBAL Group
exchanging a fixed amount of cash or other financial assets for a fixed number
of its own equity instruments.
5.12 Related party transactions
The 4GLOBAL Group discloses transactions with related parties which are not
wholly owned within the same group. It does not disclose transactions with
members of the same group that are wholly owned. Transactions of a similar
nature are aggregated unless, in the opinion of the Directors separate
disclosure is necessary to understand the effect of the transactions on the
financial statements.
Mrs E Mazon, trading as Family Paws, invoiced the Group for secretarial and
coaching services during the year £30,000 (2023: £30,000). £5,000 was
outstanding at 31 March 2024 (2023: £Nil).
5.13 Standards, amendments and interpretations to existing standards that are not
yet effective and have not been early adopted by the 4GLOBAL Group
The following amendments to standards have become effective for the first time
for annual reporting periods commencing on 1 January 2023 and have been
adopted in preparing these financial statements:
· Amendments to IAS 1 and IFRS Practice Statement 2
- Disclosure of Accounting Policies;
· Amendments to IAS 8 - Definition of Accounting
Estimates; and
· Amendments to IAS 12 - Deferred Tax related to
Assets and Liabilities arising from a Single Transaction.
The adoption of these amendments had no material impact on the financial
statements.
At the date of approval of these financial statements, the following
amendments to IFRS which have not been applied in these financial statements
were in issue, but not yet effective, until annual periods beginning on 1
January 2024:
· Supplier Finance Arrangements (Amendments to IAS
7 and IFRS 7);
· Non-current Liabilities with Covenants
(Amendments to IAS 1);
· Amendments to IFSR 16 - Lease liability in sale
and leaseback;
· Amendments to IAS 1 Presentation of Financial
Statements: Classification of Liabilities as Current or Non-current; and
· Amendments to IAS 21 Lack of Exchangeability*.
*Subject to endorsement by the UK
The adoption of these amendments is not expected to have a material impact on
the consolidated and Company financial statements.
5.14 Segment information
The chief operation decision-maker ("CODM") is considered to be the Board of
Directors of the Group. The CODM allocates resources and assesses the
performance of the business and other activities at the operating segment
level.
The CODM has determined that the 4GLOBAL Group has one operating segment, the
provision of advisory services to the sporting industry at a local, national
and international level.
6. Analysis of revenue
Analysis of revenue by category Year ended 31 March 2024 Year ended 31 March 2023
£ £
Consultancy 2,544,689 2,264,844
Data 3,823,566 3,320,903
6,368,255 5,585,747
Analysis of revenue by geography Year ended 31 March 2024 Year ended 31 March 2023
£ £
Europe 3,184,062 3,218,496
Americas 658,643 447,207
Middle East 2,498,128 1,828,108
Other 27,422 91,936
6,368,255 5,585,747
During the year ended 2024, the 4GLOBAL Group had one (2023: two) customer
whose revenues accounted for more than 10%, making up 29.0% (2023: 30.2%).
The 4GLOBAL Group has determined that the 4GLOBAL Group has one operating
segment and therefore all revenue above is attributable to that segment.
Outstanding balances at year end are unsecured, interest free and settlement
occurs in cash.
Included within trade and other receivables are contract assets as follows:
As at 31 March 2024 2023
£ £
Contract assets 1,035,296 2,136,404
Contract assets are included within "Trade and other receivables" on the face
of the statement of financial position. They arise when the Group has
performed services in accordance with the agreement with the relevant client
and has obtained right to consideration for these services but such income has
not been invoiced at the balance sheet date. Significant changes in contract
assets have arisen due to timing differences in the issue of invoices between
periods.
Included within trade and other payables are contract liabilities as follows:
As at 31 March
2024 2023
£ £
Contract liabilities (491,008) (365,772)
All contract liabilities are recognised as revenue in the subsequent reporting
period.
7. Other operating income Other operating income
Other operating income comprises:
2024 2023
£ £
Training grant - 14,000
- 14,000
7.
Other operating income comprises:
2024 2023
£ £
Training grant - 14,000
- 14,000
7.
Other operating income
Other operating income comprises:
2024 2023
£ £
Training grant - 14,000
- 14,000
8. Other operating income Exceptional administrative expenses
Other operating income comprises:
2024 2023
£ £
Training grant - 14,000
- 14,000
7.
Other operating income comprises:
2024 2023
£ £
Training grant - 14,000
- 14,000
7.
Exceptional administrative expenses
Exceptional administrative expenses which have been identified separately
because of their size are as follows:
2024 2023
£ £
Provision against long term repayment plan 512,658 -
512,658 -
The Group has agreed a long term repayment plan against a significant
outstanding receivable totalling £2.2m as at 31 March 2024. The payment plan
spans a period of greater than 12 months from the financial year end. As
result of the extended settlement period a discount charge has been recognised
in Finance Costs (note 12) for £142,141 (2023: £nil). Although the balance
is expected to be repaid in full, as a result of the transactional risk
associated with the long term payment plan the Group have recognised a
provision against the discounted balance of £512,658 (2023: £nil).
9. Profit from operations and auditor's remuneration
Profit from operations is stated after charging:
:
31 March 2024 2023
£ £
Fees payable to the company's auditors:
- Audit fees 62,700 57,000
Depreciation of property, plant and equipment 16,354 14,471
Depreciation of right-of-use assets 376,734 351,990
Amortisation of intangible assets 87,092 6,256
Equity settled share-based expense 263,171 338,455
Net loss on foreign currency translation 12,583 3,053
Short-term lease expense 78,509 34,016
The Alternative Performance Measures used by management are shown below:
31 March 2024 2023
£ £
Profit from operations 344,499 519,192
Depreciation and amortisation expense 480,180 372,717
Share based option charge 263,171 338,455
Exceptional administrative expenses - provision against long term repayment
plan
512,658 -
Adjusted EBITDA 1,600,508 1,230,364
10. Employees
Staff costs, including Directors' remuneration, were as follows:
31 March 2024 2023
£ £
Wages and salaries 2,354,701 2,061,263
Social security costs 272,597 214,900
Pension costs 59,930 47,166
Share based payment expense 263,171 338,455
Employee benefits 16,362 3,878
Less capitalisation of development costs (749,150) (352,675)
2,217,611 2,312,987
The average number of employees, including the Directors, during the year was
as follows:
31 March 2024 2023
Number Number
Directors 5 6
Administrative staff 2 2
Technical staff 29 22
36 30
11. Directors' remuneration
The Directors' aggregate remuneration in respect of qualifying services were:
Salary Pension Benefits Bonus Total Remuneration 2024 Total Remuneration 2023
£ £
E Mazon 236,250 7,088 14,973 - 258,311 231,750
K Sadler 125,500 3,765 - - 129,265 123,300
I James 46,250 1,388 - - 47,638 61,700
S Clarke 30,833 925 - - 31,758 41,600
A Orlando 41,674 - - - 41,674 40,000
31 March 2024 2023
£ £
Invoices in year 30,000 30,000
Outstanding at year end 5,000 -
The remuneration of the highest paid Director was as follows:
31 March 2024 2023
£ £
Wages and salaries 236,250 225,000
Social security costs 31,347 31,370
Pension costs 7,088 6,750
274,685 263,120
Key management who comprise the senior management team; the chief operating
officer; chief product officer, chief customer officer and global head of
services received compensation is shown in the table below, which includes the
directors.
Key management compensation is equal to Directors' renumeration.
31 March 2024 2023
£ £
Wages and salaries 1,091,154 1,024,403
Social security costs 134,994 131,270
Pension costs 31,311 28,530
Benefits 14,973 -
1,272,432 1,184,203
12. Finance income and costs
31 March 2024 2023
£ £
Lease liability interest 21,959 6,789
Interest on Shareholder loan - 789
Interest on CBILS loan 10,349 7,330
Finance charge on receivable payment plan 142,141 -
Other interest 76 9,135
Finance cost recognised in the income statement recognised 174,525 24,043
13. Taxation
31 March 2024 2023
£ £
Current tax charge
UK Corporation tax - -
Adjustments in respect of prior periods - -
Foreign tax on income for the year 143,758 (2,128)
Total current tax 143,758 (2,128)
Adjustment in respect of prior periods 129,491 (228,846)
Movement on temporary differences 125,828 81,585
Income tax charge/(credit) 399,077 (145,133)
The tax charge / (credit for) the year can be reconciled to the profit per the
statement of comprehensive income as follows:
31 March 2024 2023
£ £
Profit before tax 170,051 496,921
Profit before tax multiplied by the
UK corporate tax rate of 25% (2023: 19%) 42,512 94,415
Effects of:
Amounts not taxable/deductible for tax purposes 65,648 69,230
Enhanced research and development relief - (98,414)
Higher rate taxes on overseas earnings - 304
Losses carried forward 18,280 8,379
Deferred tax at higher rate - 9,798
Provisions for foreign withholding tax 143,146 -
Adjustments in respect of prior periods 129,491 (228,846)
Income tax charge / (credit) 399,077 (145,133)
The following deferred tax (liabilities) / assets have been recognised:
31 March 2024 2023
£ £
At beginning of period 190,647 43,386
Movement on temporary timing differences (255,319) 147,261
At end of period (64,672) 190,647
The above deferred tax (liabilities) / assets comprise temporary differences
on the following items:
31 March 2024 2023
£ £
Share based payments 7,803 7,803
Pensions deductible as paid 3,089 13,627
Losses carried forward - from prior year 145,119 228,846
Losses carried forward - from current year 89,650 45,766
Capitalised development costs (299,508) (98,045)
Accelerated capital allowances (10,826) (7,350)
Deferred tax (liability)/asset (64,672) 190,647
14. Earnings per share
As at 31 March 2024 2023
Net profit/(loss) attributable to ordinary shareholders (£) (241,609) 642,054
Basic weighted average number of shares in issue (Number) 26,344,994 26,344,994
Basic profit/(loss) per share (pence per share) (0.9)p 2.4p
As at 31 March 2024 2023
Net profit attributable to ordinary shareholders (£) (241,609) 642,054
Diluted weighted average number of shares in issue (Number) 26,510,327 26,563,191
Diluted profit per share (pence per share) (0.9)p 2.4p
Shares in issue 2024 2023
Shares in issue 31 March 26,344,994 26,344,994
Weighted average number of shares used as the denominator
The weighted average number of shares used as the denominator in basic 26,344,994 26,344,994
earnings per share
Adjustments for calculation of diluted earnings per share:
Options 105,954 119,257
,872
Warrants 59,379 71,940
26,510,327 26,536,191
15. Property, plant and equipment
Right of Use Asset Office equipment Total
Cost £ £ £
At 1 April 2022 470,487 72,538 543,025
Disposals (439,987) (1,077) (441,064)
Additions in year 565,101 22,768 587,869
Exchange differences - (1,459) (1,459)
As at 31 March 2023 595,601 92,770 688,371
Disposals - (9,997) (9,997)
Additions in year - 11,954 11,954
Exchange differences - (732) (732)
As at 31 March 2024 595,601 93,995 689,596
Depreciation
As at 1 April 2022 87,997 43,668 131,665
Charge for year 351,990 14,471 366,461
Disposals (439,987) - (439,987)
Exchange differences - 230 230
As at 31 March 2023 - 58,369 58,369
Charge for year 376,734 16,353 393,087
Disposals - (9,997) (9,997)
Exchange differences - - -
As at 31 March 2024 376,734 64,725 441,459
Net book value
As at 31 March 2023 595,601 34,401 630,002
Net book value
As at 31 March 2024 218,867 29,270 248,137
Right of use assets included in the above comprise all land and buildings
assets.
16. Intangible assets
Database platforms
Cost £
At 1 April 2022 -
Capitalised costs in the year for internally generated platforms 398,436
At 31 March 2023 398,436
Capitalised costs in the year for internally generated platforms 892,946
As at 31 March 2024 1,291,382
Amortisation £
As at 1 April 2023 -
Amortisation charge in the year 6,256
At 31 March 2023 6,256
Amortisation charge in the year 87,092
As at 31 March 2024 93,348
Net Book Value
As at 31 March 2023 392,180
As at 31 March 2024 1,198,034
17. Trade and other receivables
As at the year ended 31 March 2024 2023
£ £
Current
Trade receivables 3,293,684 1,436,966
Contract assets 1,035,296 2,136,404
Other receivables 178,077 214,957
Current tax receivables 1,673 189,620
4,508,730 3,977,947
Trade receivables and contract assets do not contain a significant financing
component. These financial assets have been reviewed at each year end the
following provision for expected credit losses is considered necessary:
As at the year ended 31 March 2024 2023
£ £
Gross carrying amount - trade receivables 4,002,127 3,609,741
Loss allowance (566,302) (36,371)
Finance charge on receivable payment plan (142,141) -
3,293,684 3,573,370
The loss allowances for trade receivables as at 31 March reconcile to the
opening loss allowances as follows:
2024 2023
£ £
Opening loss allowance at 1 April 36,371 12,941
Increase in loss allowance recognised in profit or loss 529,931 23,430
Closing loss allowance at 31 March 566,302 36,371
Other receivables include amounts due for sales taxes, prepayments and
security deposits held for leases.
The maximum exposure to credit risk at the reporting date is the carrying
value of each class of receivable mentioned above. The 4GLOBAL Group does not
hold any collateral as security.
18. Cash and cash equivalents
As at the year ended 31 March 2024 2023
£ £
Cash at bank and on hand 145,220 1,121,147
Credit card account 3,474 16,946
Total Cash and cash equivalents 148,694 1,138,093
Cash at bank and on hand does not earn interest.
19. Issued share capital
2024 2024 2023 2023
£0.01 Ordinary shares Number £ Number £
As at 31 March 26,344,994 263,451 26,344,994 263,451
Fully paid ordinary shares carry one vote per share and the right to dividends
and to distributions on winding up.
20. Equity share-based payments
The movements of share options during the year were as follows:
Number of Share options Weighted average share price
4GLOBAL PLC
Outstanding as at 31 March 2023 and 2024 2,030,472 83p
Options outstanding at 31 March 2024 had an exercise price of 35.6p - 91.0p.
The outstanding options vest upon certain conditions including a change in
ownership of 4GLOBAL PLC.
The number of options exercisable as at 31 March 2023 and 2024 is 1,755,072.
The vesting period ranges from 7 December 2021 to 7 December 2023.
The fair value of share options was estimated using the Black-Scholes
option-pricing model. The estimated fair values of options granted are based
on the following weighted average assumptions:
As at the year ended 31 March 2024 2023
Weighted average fair value (£ per option) £0.35 £0.39
Weighted average remaining contractual life - years 7.8 8.8
The estimated fair values of options granted are based on the following
weighted average assumptions:
As at 31 March 2023
Weighted average share price at date of grant 78p
Weighted average exercise price 83p
Expected life (years) 5
Expected volatility (%) 44.0
Risk free interest rate (%) 0.76
The volatility assumption, measured at the standard deviation of expected
share price returns, is based on the volatility of a comparable listed
company. The charge for equity-settled share-based payments in the relevant
years is shown in Note 8.
21. Reserves
Share premium
Share premium records the amount above the nominal value received for shares
sold, less transaction costs.
Share option reserve
The share-based payment reserve arises on share options issued by the 4GLOBAL
Group to employees of the 4GLOBAL Group.
Merger reserve
The merger reserve arose on the group reconstruction when a share for share
reconstruction took place and is the difference between the issue price and
the nominal value of shares issued as consideration for the acquisition of
subsidiary undertaking.
Warrant reserve
The warrant reserve arises on the warrants issued by the 4GLOBAL Group to
certain advisers of the 4GLOBAL Group.
Capital redemption reserve
The capital redemption reserve arises on the repurchase of shares.
Currency translation reserve
The currency translation reserve arises on the currency translation of
subsidiaries where the functional currency differs from the functional
currency of the 4GLOBAL Group.
Retained earnings
The retained earnings reserve represents gains and losses recognised in the
consolidated statement of comprehensive income.
22. Trade and other payables
As at 31 March 2024 2023
£ £
Current
Trade payables 278,078 148,331
Contract liabilities 491,008 365,772
Payroll taxes, pension & social security 271,822 344,504
Other payables 192,814 264,139
1,233,722 1,122,746
,122,746
The carrying values of the trade and other payables approximate to their fair
value as at the year-end date. Other payables include accruals for general
expenses incurred in the normal course of business that are expected to be
settled within 12 months.
23. Borrowings
As at 31 March 2024 2023
£ £
Non-current
Borrowings 58,333 108,832
Current
Borrowings 50,000 50,000
Borrowings includes a loan obtained in May 2020 under the Coronavirus Business
Interruption Loan Scheme ("CBILS") of £250,000. The loan is repayable in
monthly instalments by April 2026. The rate of interest applicable to the loan
is 3.05% plus the Bank of England base rate.
The carrying value of borrowings approximates to their fair value as at the
year-end date.
24. Lease liabilities
2024 2023
£ £
As at 1 April 566,045 353,811
Additions - 566,045
Interest expense 21,960 6,782
Payment of interest (21,960) (8,951)
Payment of principal (371,985) (351,642)
As at 31 March 194,060 566,045
The 4GLOBAL Group has lease contracts for land and buildings. The 4GLOBAL
Group does not have any leases where the 4GLOBAL Group is a lessor. The
weighted average remaining term of all leases is disclosed below. The lease
agreements do not impose any covenants other than the security interests in
the leased assets that are held by the lessor. Leased assets may not be used
as security for borrowing purposes. The Right of Use leases have been
discounted at the 4GLOBAL Group's incremental borrowing rate of 6.2%.
The 4GLOBAL Group has identified four leases with lease terms of 12 months or
less. The 4GLOBAL Group applies the short-term lease recognition exemption for
these leases. The expense recognised in respect of these leases is disclosed
in Note 8.
As at As at
31 March 31 March
2024 2023
£ £
Maturity analysis of leases
Current 194,060 371,985
1 to 2 years - 194,060
194,060 566,045
As at As at
31 March 2024 31 March 2023
Years years
Weighted average remaining term 1 1
25. Contingent Liabilities
The Group had a contingent liability as at 31 March 2024 in respect of a
Research & Development Tax Credit of £189,620 (2023: £nil) received from
HM Revenue & Customs ("HMRC"). The Tax Credit, which relates to the year
ended 31 March 2022 tax return, was recognised in the financial statements as
an asset as at 31 March 2023 and was received from HMRC during the year ended
31 March 2024. HMRC provided a notice of enquiry in February 2024 and opened
an enquiry in relation to the balance. The enquiry remained open at the year
end and the Group is in ongoing discussions regarding the enquiry post year
end. The full balance of £189,620 is included in the enquiry and is therefore
the total estimated value included as a contingent liability, however the
Group is confident in defending the full value of the Tax Credit.
26. Financial instruments
The 4GLOBAL Group's treasury policy is to avoid transactions of a speculative
nature. In the course of trade the 4GLOBAL Group is exposed to a number of
financial risks that can be categorised as market, credit and liquidity risks.
The Board has identified the risks within each category and considers the
impact on the activities of the 4GLOBAL Group as part of their regular meeting
routine.
Principal financial instruments
The principal financial instruments used by the 4GLOBAL Group, from which
financial instrument risk arises, are as follows:
Trade and other receivables
Cash and cash equivalents
Trade and other payables
Borrowings
Lease liabilities
A summary of the financial instruments held by category is provided below:
As at As at
31 March 2024 31 March 2023
£ £
Financial assets at amortised cost
Cash and cash equivalents 148,694 1,138,093
Trade and other receivables 4,508,730 3,787,215
Total financial assets 4,657,424 4,925,308
The fair value of short-term deposits and other financial assets approximates
to the carrying amount.
As at As at
31 March 2024 31 March 2023
Financial liabilities at amortised cost £ £
Borrowings 108,333 158,832
Trade and other payables 488,274 412,470
Lease liabilities 194,060 566,045
790,667 1,137,347
The Directors consider that the carrying amounts of all financial assets and
financial liabilities recognised in the financial information approximate
their fair values (due to their nature and short times to maturity).
Currency risk
The 4GLOBAL Group's financial risk management objective is broadly to seek to
make neither profit nor loss from exposure to currency or interest rate risks.
The 4GLOBAL Group is exposed to transactional foreign exchange risk and takes
profits and losses as they arise, as in the opinion of the Directors, the cost
of hedging against fluctuations would be greater than the related benefit from
doing so.
The trade and other payables balances held by the 4GLOBAL Group in currencies
other than pounds sterling are as follows:
As at As at
31 March 2024 31 March 2023
£ £
Australian Dollar (1,439) -
United States Dollar (20,609) -
(22,048) -
The trade and other receivables balances held by the 4GLOBAL Group in
currencies other than pounds sterling are as follows:
As at As at
31 March 2024 31 March 2023
£ £
Canadian Dollar 39,726 -
Euro 64,084 106,871
New Zealand Dollar - 2,931
Saudi Arabian Riyal 2,195,937 1,102
United States Dollar 357,293 143,257
2,657,040 254,161
The cash balances held by the 4GLOBAL Group in currencies other than pounds
sterling are as follows:
The trade and other receivables balances held by the 4GLOBAL Group in
currencies other than pounds sterling are as follows:
As at
31 March 2024
As at
31 March 2023
£
£
Canadian Dollar
39,726
-
Euro
64,084
106,871
New Zealand Dollar
-
2,931
Saudi Arabian Riyal
2,195,937
1,102
United States Dollar
357,293
143,257
2,657,040
254,161
The cash balances held by the 4GLOBAL Group in currencies other than pounds
sterling are as follows:
As at As at
31 March 2024 31 March 2023
£ £
Saudi Arabian Riyal 21 21
Euro 25,167 48,079
US Dollar 13,027 84,737
Turkish Lira 5,612 27,961
43,827 160,798
Foreign currency sensitivity analysis
A 10% movement in the relevant foreign currency exchange rates would
increase/(decrease) net assets as shown below. This analysis assumes that all
other variables, in particular interest rates, remain constant.
NZD TRY USD EUR SAR
As at 31 March 2023 £ £ £ £ £
Effect on net assets:
GBP strengthened by 10% (266) (2,542) (20,727) (14,086) (102)
GBP weakened by 10% 326 3,107 25,333 17,217 125
NZD TRY USD EUR SAR AUD CAD
As at 31 March 2024 £ £ £ £ £ £ £
Effect on net assets:
GBP strengthened by 10% - (510) (31,792) (8,114) (199,633) 131 (3,611)
GBP weakened by 10% - 624 38,857 9,917 243,995 (160) 4,414
Credit risk
Credit risk is the risk that a customer or counterparty to a financial
instrument will fail to perform or fail to pay amounts due causing financial
loss to the 4GLOBAL Group. Credit risk within the 4GLOBAL Group arises from
cash and cash equivalents, and trade and other receivables. The maximum
exposure to credit risk is the carrying amount of these financial instruments.
The 4GLOBAL Group is subject to concentrations of credit risk from cash
deposits in excess of insured limits. The 4GLOBAL Group places its cash in
financial institutions which are considered high quality financial
institutions by management. At times, such cash deposits may be in excess of
insured limits. The 4GLOBAL Group does not enter into any derivatives to
manage credit risk.
The 4GLOBAL Group calculates expected loss allowances based on the maximum
contractual year over which the 4GLOBAL Group is exposed to credit risk.
Financial assets are considered to be credit-impaired when there is reasonable
and supportable evidence that one or more events that have a detrimental
impact on the estimated future cash flows of the financial asset have
occurred. The 4GLOBAL Group also applies a rebuttable presumption that an
asset is credit-impaired when contractual payments are more than 30 days past
due. The 4GLOBAL Group has made an assessment of whether trade receivables are
credit-impaired as each of the years in question. The 4GLOBAL Group has taken
into account the current financial position of counterparties and expected
future cash flows together with actual and forecast financial information, in
order to estimate the probability of default of each of these financial assets
as well as the loss upon default. No provision for expected credit losses has
been made.
The contractual cash flows on these financial assets have not been modified or
renegotiated in the current or prior year.
If there is evidence that there is no reasonable expectation of recovery and
the counterparty is in severe financial difficulties, the financial asset will
be written off.
The following table provides an analysis of trade receivables and contract
assets that were due, but not impaired, at each financial year end. The Group
believes that the balances are ultimately recoverable based on a review of
past impairment history and the current financial status of customers.
As at As at
31 March 2024 31 March 2023
£ £
Current 1 - 30 days 3,757,739 1,772,340
30 - 60 days 155,978 661,793
61 - 90 days 3,390 400,825
91 + days 1,120,316 774,783
Provision for impairment of trade receivables (566,302) (36,371)
Finance charge on receivable payment plan (142,141) -
Total trade receivables and contract assets - net 4,328,980 3,573,370
The Directors are unaware of any factors affecting the recoverability of
outstanding balances at 31 March 2024 and, consequently, no further provisions
have been made for bad and doubtful debts.
The allowance for bad debts has been calculated using a 12-month lifetime
expected credit loss model, as set out below, in accordance with IFRS 9.
As at As at
31 March 2024 31 March 2023
£ % £ £ % £
Current 1 - 30 days 3,757,739 0% - 1,772,340 0% -
31 - 60 days 155,978 0% - 661,793 0% -
61 - 90 days 3,390 0% - 400,825 0% -
91 - 120 days 411,837 2% 8,237 203,210 0% -
121+ days - 2% - 535,202 2% 10,704
Credit Quality of Financial Assets
As at As at
31 March 2024 31 March 2023
Past due not impaired £ £
31 - 90 days 159,368 1,062,618
Over 91 days - no impairment 411,837 738,412
Total past due not impaired 571,205 1,801,030
Liquidity risk
The 4GLOBAL Group is exposed to liquidity risk as part of its normal trading
cycle. The 4GLOBAL Group's policies ensure sufficient liquidity is available
to meet foreseeable needs through the preparation of short and long-term
forecasts. The 4GLOBAL Group's requirements are constant throughout the year
and relate largely to working capital which is managed through the use of
surplus cash.
The table below summarises the maturity profile of the 4GLOBAL Group's
financial liabilities, based on contractual, undiscounted payments:
Less than 1 year More than 5 years
2 to 5 years Total
Year ended 31 March 2023 £ £ £ £
Borrowings 50,000 108,832 - 158,832
Trade and other payables 412,470 - - 412,470
Lease liabilities 371,985 194,060 - 566,045
834,455 302,892 - 1,137,347
Less than 1 year More than 5 years
2 to 5 years Total
Year ended 31 March 2024 £ £ £ £
Borrowings 50,000 58,333 - 108,333
Trade and other payables 488,274 - - 488,274
Lease liabilities 194,060 - - 194,060
732,334 58,333 - 790,667
Capital risk
The Directors define capital as the total equity of the company. The
Directors' objectives when managing capital are to safeguard the 4GLOBAL
Group's ability to continue as a going concern in order to provide returns for
stockholders and benefits for other stakeholders and to maintain an optimal
structure to reduce the cost of capital. In order to maintain an optimal
capital structure, the Directors may adjust the amount of dividends paid to
stockholders, return capital to stockholders and issue new stock to reduce
debt.
24. Net debt reconciliation
As at As at
31 March 2024 31 March 2023
£ £
Cash and cash equivalents 148,694 1,138,093
Borrowings - repayable within one year (50,000) (50,000)
Borrowings - repayable after one year (58,333) (108,832)
Net funds 40,361 979,261
Cash and liquid investments 148,694 1,138,093
Gross debt - variable interest rates (108,333) (158,832)
Net funds 40,361 979,261
25. Commitments
The 4GLOBAL Group has identified a lease contract, which begins on 1 April
2023 that has been accounted for in the Consolidated Statement of Financial
Position as a right of use asset and relates to the offices the company
occupies in Chiswick, London. No other lease contracts have been identified
and not yet commenced as at the end of each year. Consequently, the 4GLOBAL
Group has not identified any other material commitments.
26. Ultimate controlling party
As at 31 March 2024, the ultimate controlling party of the 4GLOBAL Group is
Eloy Mazon by virtue of his 50.5% shareholding in 4GLOBAL PLC.
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