REG - Aferian PLC - Full Year Results
31/05/2024 07:00
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RNS Number : 5581Q Aferian PLC 31 May 2024
AFERIAN PLC
("Aferian", the "Company" or the "Group")
FULL YEAR RESULTS FOR THE YEAR ENDED 30 NOVEMBER 2023
Aferian plc (LSE AIM: AFRN), the B2B video streaming solutions company,
announces its results for the year ended 30 November 2023.
Financial Key Figures
US$m unless otherwise stated 2023 2022 Change %
Total revenue 47.8 91.1 (48%)
- Devices 21.3 67.0 (68%)
- Software and services 26.6 24.1 +10%
Exit run rate Annual Recurring Revenue (ARR) ((1)) 14.7 18.7 (21%)
Statutory operating loss (63.8) (16.6) (284%)
Statutory operating cash flow before tax (4.9) 6.4 (177%)
Statutory basic loss per share (US cents) (67.1) (20.5) (227%)
Adjusted operating (loss)/profit ((2)) (6.1) 7.5 (181%)
Adjusted EBITDA((3)) 1.6 14.6 (88%)
Adjusted operating cash flow before tax ((4)) 3.2 8.9 (64%)
Adjusted basic earnings per share (US cents) ((5)) (8.5) 6.6 (217%)
Net (debt)/cash((5)) (6.1) 4.0 (252%)
Dividend per share (pence) - 1.0 (100%)
Notes
(1) Exit annualised recurring revenue ("ARR") is annual run-rate recurring revenue as at 30 November
(2) Adjusted operating profit is a non-GAAP measure and excludes amortisation of acquired intangibles, impairment of goodwill exceptional items and share-based payment charges
(3) Adjusted EBITDA is calculated as operating loss before depreciation, interest, tax, amortisation, impairment of goodwill, exceptional items and employee share-based payment charges
(4) Adjusted operating cash flow before tax is a non-GAAP measure and excludes cash paid/received in respect of exceptional items.
(5) Adjusted basic earnings per share is a non-GAAP measure and excludes amortisation of acquired intangibles, impairment of goodwill, exceptional items and share-based payment charges.
(6) Net (debt)/cash is a non-GAAP measure and is calculated as loans and borrowings net of cash and cash equivalents.
Financial Highlights
· Total revenues have declined by $43.3m to $47.8m driven primarily
by the reduction in volume of devices sold.
o Higher margin software and services revenue grew by 10% to $26.6m.
o Amid a tough macro-economic and changing competitive environment device
revenues decreased by 68% to $21.3m.
· Exit run rate Annual Recurring Revenue ("ARR") decreased by 21%
to $14.7m due some 24i customer contracts ending at the back-end of 2023.
· Statutory operating loss of $63.8m includes the recognition of a
$48.9m non-cash impairment charge.
· Adjusted operating loss of $6.1m. During FY2023 the Group took
actions to reduce its annualized cost base by $12m. Further cost reduction
actions have been taken in H1 2024, as previously announced.
· The Group's inventory balance at 30 November 2023 was $5.1m,
$4.1m lower than the prior year.
· Net debt at 30 November was $6.1m (30 November 2022: net cash
$4.0m). Post period end the Group has extended the term of its bank loan
facilities to September 2025.
· No final dividend proposed (FY2022: 1 pence/1.26 US cents).
FY23 Strategic and Operational Highlights
· 24i
o 24i's robust, end-to-end SaaS video streaming platform enables all kinds of
video content owners and distributors to monetise their content investments by
quickly launching and efficiently managing attractive streaming services on
all consumer devices.
o In 2023 24i's revenue grew by 12% as 24i launched new products strategically
positioned to capitalise on the expansion of ad-funded streaming.
o First joint Amagi and 24i customer, US food and travel video streaming
network Tastemade, launched in the year followed by Virgin Media.
o Now focused on driving profitability and cash generation over nominal
revenue growth.
· Amino
o Amino's managed video streaming devices and SaaS management platform enable
Pay TV and Digital Signage operators to deliver their live, scheduled and
on-demand content with the quality of service and level of support that
consumers demand for their big-screen viewing experience.
o In 2023 Amino's revenue declined by 63% as customers delayed device orders,
deferring capital expenditure post COVID-19 and throughout the continued
cost-of-living crisis.
o Amino now refocused on:
§ Delivering higher quality, higher margin Pay TV streaming devices
which can also be bundled with the Group's Software-as-a-Service ("SaaS")
device management platform; and
§ Driving growth in its digital signage and enterprise video business
selling into large integrators and via distributors.
o Cost base significantly reduced in line with decline in recorded and
forecast PayTV device revenues.
o Successful reduction in inventory balance to $5.1m, with further reduction
expected in 2024.
o Amino's SaaS device management platform, which enables PayTV operators to
maintain quality of service and reduce cost, continued to gain traction and is
now deployed by over 120 customers.
o Ongoing deployments of Digital Signage and Enterprise devices by new
customers throughout the year.
Post period end update
· Secured an extension to the Group's $16.5 million senior lending
facilities to September 2025 as well as an extension to the Group's £1.125m
term loan arranged by its largest shareholder Kestrel Partners LLP to January
2026.
· Further actions to identify and deliver efficiencies in the
Group's cost base in the first half of FY2024 have been undertaken.
· As previously announced, following fourteen years of service,
Donald McGarva will step down from his role as CEO and leave the Company in
October 2024.
Current trading and outlook
Although the 24i video streaming business has seen a decline in its ARR,
following the cost reduction actions taken it is making progress in line with
its focus on profitability and cash flow. It has also seen new customer
deployments and multiple contract extensions being delivered in the first half
of the year. Unfortunately, since 30 November 2023 there has been a further
deterioration in the trading of the Amino business due to lower than expected
orders for video streaming devices as customers have delayed purchasing
decisions longer than anticipated. Although we have taken management actions
to further reduce the Group's cost base in the first half of FY2024, we expect
Group adjusted EBITDA for FY2024 to be lower than the FY2023 adjusted EBITDA
of $1.6m (though still positive), and for this to be weighted into the second
half of the financial year. Net debt at 31 March 2024 was $12.3m and is
expected to be higher at 31 May 2024 reflecting the seasonal billing cycle of
the Group and the costs of management actions taken in the first half to
reduce the cost base and renegotiate the Group's loan facilities. Positively,
the extension of the Group's loan facilities provides a stable financial
platform on which the Group can move forward.
For further information please contact:
Aferian plc +44 (0)1954 234100
Mark Wells, Chairman
Donald McGarva, Chief Executive Officer
Mark Carlisle, Chief Financial Officer
Investec plc (NOMAD and Broker) +44 (0)20 7597 5970
David Anderson / Patrick Robb / Nick Prowting / Cameron MacRitchie
About Aferian plc
Aferian plc (AIM: AFRN) is a B2B video streaming solutions company. Our
end-to-end solutions bring live and on-demand video to every kind of screen.
We create the forward-thinking solutions that our customers need to drive
subscriber engagement, audience satisfaction, and revenue growth.
It is our belief that successful media companies and services will be those
that are most consumer-centric, data driven and flexible to change. We focus
on innovating technologies that enable our customers stay ahead of evolving
viewer demand by providing smarter, more cost-effective ways of delivering
end-to-end modern TV and video experiences to consumers. By anticipating
technological and behavioural audience trends, our software solutions empower
our customers to heighten viewer enjoyment, drive growth in audience share and
ultimately their profitability.
Aferian plc has two operating companies: 24i, which focusses on streaming
video experiences, and Amino, which connects Pay TV to streaming services. Our
two complementary companies combine their products and services to create
solutions which ensure that people can consume TV and video how and when they
want it. Our solutions deliver modern TV and video experiences every day to
millions of viewers globally, via our growing global customer base of over 500
service providers.
Aferian plc is traded on the London Stock Exchange's AIM stock market (AIM:
symbol AFRN). Headquartered in Cambridge, UK, the Company has over 350 staff
located in offices in San Francisco, Amsterdam, Helsinki, Copenhagen, Madrid,
Porto, Brno, Buenos Aires, and Hong Kong. For more information, please
visit www.aferian.com (http://www.aferian.com/) .
Chairman's statement:
FY2023 posed significant challenges for Aferian. Unfavourable macro-economic
conditions, coupled with a change in competitive environment, led to a
substantial decrease in sales of Pay TV streaming devices compared to the
previous year resulting in an impairment of a significant share of the Group's
goodwill and intangible assets. In response to this decline, the Group has
implemented substantial measures to reduce its cost base. With the backing of
its shareholders and debt facility lenders, the Group continues to have access
to adequate financial resources to execute its strategy. The key ambition
remains to build a more predictable software-driven growth business.
Despite these challenging trading conditions, we remain optimistic about the
long-term outlook for the video streaming sector, particularly where both
Amino and 24i operate. The media and entertainment sector continues its
migration from traditional broadcast distribution models such as cable and
satellite to streaming as the preferred mode of video delivery, and the
Enterprise and Digital Signage market is presenting significant new
opportunities for Amino. Aferian has been at the forefront of this type of
content delivery for over 25 years and the continued transition to streaming
demonstrates a growing market opportunity for the Group. Aferian's strategy is
to serve this growing market by leveraging its expertise and investments
already made in its software capabilities. This will enable the Group to
organically build a more predictable, software-driven growth business.
During the year, we have also continued to make excellent progress on our ESG
commitments, as detailed in the latest iteration of our ESG report which was
published in August 2023. This includes further progress on initiatives across
our businesses to reduce the carbon footprint of our supply chain both in the
delivery of video streaming software and devices. We have also continued to
invest in our people through partnerships with local education organisations
as well as our own internal leadership, training and graduate programmes to
nurture future talent into the industry.
On 4 April 2023, Max Royde was appointed to the Board as a Non-Executive
Director. Following the resignation of Stephen Vaughan on 27 April 2023, Max
Royde took up the position of Chair of the Board's Remuneration Committee. Max
is a managing partner at Kestrel Partners, an investment management company
specialising in business-critical software companies, which has a beneficial
holding in Aferian. On 31 August 2023, Allen Broome was appointed to the Board
as a Non-Executive Director. Allen currently serves as the Chief Executive
Officer at MediaKind, a prominent global media technology provider, after
previously leading the research and development organisation for two years in
the role of Chief Technology Officer. With a robust background in software
development and a track record of spearheading transformative technological
changes in the media industry, Allen brings valuable experience to the Board.
On 22(nd) April 2024 Aferian plc announced that, following fourteen years of
service, Donald McGarva will step down from his role as CEO and leave the
Company in October 2024. The Board would like to take this opportunity to
thank Donald for his contribution to the Company and wish him well for the
future.
A review of the composition of the Board is underway and the Company will make
a further announcement once this has been completed.
The Board is not proposing a final Dividend (2022: 1.0 GBP pence/1.26 US cents
per share) for this financial year in order to retain the capital available to
the Group to pursue its strategy.
Mark Wells
Chairman
30 May 2024
Chief Executive Officer's Review
Sales of Pay TV streaming devices in the year were significantly lower than
the prior year at $21.3m, representing a decrease of 68% year-on-year. Whilst
the video streaming device market continues to grow, particularly in the
Enterprise Video and Digital Signage sector, the number of Pay TV devices
shipped in the period was impacted by customers de-stocking in response to
reduced lead-times and a more challenging competitive environment. This
downturn within the Amino division's revenues has had a significant impact on
Group results for the year resulting in a significant impairment to the
Group's goodwill and intangible assets.
Continued demand experienced by the 24i division, which serves the video
streaming market, meant the Group made progress in executing on its strategy
to grow software and services revenue in this market. Software and services
revenue for the year closed the year at $26.6m, a double-digit increase of 10%
versus prior year.
Group revenue for the year was $47.8m, a decrease of 48% versus prior year. As
a result, and to position ourselves better with our customers' changing needs,
we took proactive steps to reduce the Group's cost base in both 24i and Amino
during the year. These actions have generated c$12m of annualised cost savings
for the Group. To position the Group for profitability in the second half of
2024, post year end we also completed further cost reduction programmes in
early December 2023 and April 2024 which generated an additional c$6m of
annualised cost savings.
Aferian secured additional cash funding by way of a loan arranged by the
Group's largest shareholder of $1.3m on 31 May 2023. The Group also
successfully raised $4.0m (before expenses) on 25 July 2023, through an issue
of equity share capital to be used for general working capital purposes.
Positively, in April 2024, we secured an extension to the Group's $16.5m
senior lending facilities to September 2025 as well as an extension to the
Group's $1.3m term loan arranged by its largest shareholder Kestrel Partners
LLP to January 2026. Securing these extensions combined with the management
actions taken to streamline the operations of the Group in the last twelve
months now provides a stable financial platform on which the Group can move
forward.
FY2023 KEY PERFORMANCE INDICATORS
US$m unless otherwise stated 2023 2022 Change %
Total revenue 47.8 91.1 (48%)
Software & services revenue 26.6 24.1 +10%
Exit run rate Annual Recurring Revenue (ARR) 14.7 18.7 (21%)
Adjusted operating cash flow before tax 3.2 8.9 (64%)
Our key performance indicators demonstrate growth in software & services
revenue (up 10%), although exit run rate Annual Recurring Revenue decreased by
21% to $14.7m due to some customer contracts ending at the backend of FY2023.
The executive management team remain focused on reducing inventory levels and
improving operating cash flows following the cost reduction actions taken and
as trading improves in 2024.
OPERATIONAL REVIEW
The Group has two operating divisions: 24i and Amino.
24i
24i's robust, end-to-end SaaS video streaming platform enables all kinds of
video content owners and distributors to monetise their content investments by
quickly launching and efficiently managing attractive streaming services on
all consumer devices. These include mobile phones and tablets to Smart TVs and
the managed devices provided by pay TV operators.
24i revenue analysis
US$m unless otherwise stated 2023 2022 Change %
Software and services 21.0 19.1 10%
Devices 0.4 - n/a
Total revenue 21.4 19.1 12%
Exit ARR at 30 November 9.9 14.2 (32%)
In FY2023 revenue grew as 24i launched new products strategically positioned
to capitalise on the expansion of ad-funded streaming, specifically targeting
what is commonly referred to as Free Ad supported Streaming TV ('FAST')
channels Today, thousands of these streaming-only TV channels are available on
aggregation platforms worldwide.
In March 2023, we announced a partnership with global FAST experts, Amagi, in
which 24i can support the owners of these channels to quickly launch their own
streaming apps, build direct relationships with their consumers and develop
new monetisation strategies. The first joint Amagi and 24i customer, US food
and travel video streaming network Tastemade, launched their 24i-based apps
followed thereafter by Virgin Media.
Other customer project wins in the year included Israeli Public Broadcaster,
KAN, which used 24i's application framework and SaaS content management
platform to launch a series of new Smart TV streaming applications with
sophisticated new features such as personalisation in December 2022 to
coincide with the FIFA World Cup. The 24i-powered app was downloaded more than
380,000 times during the tournament alone.
We proactively reduced the cost base of 24i as a result of further synergies
identified from our prior M&A endeavours and the successful completion of
product development. Regrettably, two significant customer contracts ending at
the back end of FY2023 resulted in lower exit ARR revenue for 24i at 30
November 2023. Nonetheless, the demand for 24i's video streaming platform
remains robust, and our past investments in sales and marketing are yielding
positive outcomes.
Amino
Amino's managed video streaming devices and SaaS management platform enable
Pay TV and Digital Signage operators to deliver their live, scheduled and
on-demand content with the quality of service and level of support that
consumers demand for their big-screen viewing experience.
Amino revenue analysis
US$m unless otherwise stated 2023 2022 Change %
Software and services 5.6 5.0 12%
Devices 20.9 67.0 (69%)
Total revenue 26.5 72.0 (63%)
Exit ARR at 30 November 4.7 4.4 7%
The significant decrease in Pay TV device revenues was due to customers
delaying device orders, deferring capital expenditure post COVID-19 and
throughout the continued cost-of-living crisis. Whilst we expect the impact of
this to reverse in FY2024 we are also seeing increased competition from
commoditised low margin Pay TV streaming devices. As a result, we anticipate
that Amino's revenue will be lower than levels recorded in FY2023. We have
already adjusted the Amino cost base in line with these revenue forecasts.
Having made the decision in early 2022 to invest in components and finished
goods as a precautionary measure to mitigate supply chain risks linked to the
COVID-19 pandemic, inventory in Amino at 30 November 2023 was $5.1m, $4.1m
lower than prior year. As lead times reduce, we have taken the decision to
also reduce inventory and anticipate inventory levels to reduce back towards
30 November 2021 levels (which were $2.6m) in 2024.
With Pay TV operators looking to maximise their own cost efficiencies, Amino's
SaaS device management platform continues to gain traction in the market. This
platform has now been deployed by over 120 Pay TV operators who use it to
remotely maintain and upgrade devices located in consumer homes, ensuring they
maintain a high level of service quality whilst also reducing customer support
costs. Unlike previous generations of satellite and cable TV set-top-boxes,
streaming devices can be posted to customers, self-installed and remotely
managed, providing a major cost saving compared to the old model of an
engineer home visit installation for every customer.
Encouragingly, we have witnessed ongoing advancements in the deployment of our
digital signage devices. These devices play a crucial role in streaming
information and entertainment content to digital displays across diverse
settings, ranging from betting shops and stadiums to healthcare facilities,
retail outlets, transportation hubs, and government facilities.
Notably, our digital signage devices have been successfully deployed in
several international airports in India. Furthermore, one major betting shop
operator is undertaking a migration of its services from legacy satellite
delivery to next-gen low-latency IP video delivery by leveraging Amino digital
signage devices throughout its shops in the UK and Ireland. This transition
not only enhances the quality of service and reduces latency for an improved
customer experience; but also results in significant operational cost savings
driven by secure remote device management and control across an extensively
distributed network.
Whilst the video streaming device market is forecast to continue to grow it
has evolved with low-cost manufacturers meeting the needs of many pay TV
operators who, whilst needing to upgrade their services to incorporate video
streaming, remain focused on cost reduction. Therefore, to enhance
profitability, Amino's focus will be on delivering value to its customers
through:
· delivering higher quality, higher margin Pay TV streaming devices
which can also be bundled with the Group's Software-as-a-Service ("SaaS")
device management platform. This SaaS device management platform is also
integrated with third party devices and sold on a standalone basis; and
· driving growth in its digital signage and enterprise video
business selling into large integrators and via distributors.
CURRENT TRADING AND OUTLOOK
Although the 24i video streaming business has seen a decline in its ARR,
following the cost reduction actions taken it is making progress in line with
its focus on profitability and cash flow. It has also seen new customer
deployments and multiple contract extensions being delivered in the first half
of the year. Unfortunately, since 30 November 2023 there has been a further
deterioration in the trading of the Amino business due to lower than expected
orders for video streaming devices as customers have delayed purchasing
decisions longer than anticipated. Although we have taken management actions
to further reduce the Group's cost base in the first half of FY2024, we expect
Group adjusted EBITDA for FY2024 to be lower than the FY2023 adjusted EBITDA
of $1.6m (though still positive), and for this to be weighted into the second
half of the financial year. Net debt at 31 March 2024 was $12.3m and is
expected to be higher at 31 May 2024 reflecting the seasonal billing cycle of
the Group and the costs of management actions taken in the first half to
reduce the cost base and renegotiate the Group's loan facilities. Positively,
the extension of the Group's loan facilities provides a stable financial
platform on which the Group can move forward.
Donald McGarva
Chief Executive Officer
30 May 2024
Chief Financial Officer's Review
FINANCIAL OVERVIEW
Group revenue decreased by 48% to $47.8m from $91.1m in 2022, primarily driven
by a significant decrease in the number of devices shipped during the
financial year. This is due in part to macro-economic impacts and customer
destocking activities prompted by reduced lead-times, following the
accumulation of stock to navigate COVID-19 supply chain challenges.
On a revenue segment basis, sales of streaming devices were significantly
lower than prior year at $21.3m (2022: $67.0m) representing a decrease of 68%.
There was, however, a positive performance from our high-margin software and
services revenue segment which grew by 10% to $26.6m (2022: $24.1m). However,
exit ARR decreased by 21% and as a result we expect the software and services
revenue to decrease in FY24. ARR is projected to grow from this lower base as
new contract deployments continue.
The Group's gross profit margin of 52% was up 600 basis points on the prior
year. Adjusted EBITDA(*1) was $1.6m (2022: $14.6m), a decrease compared to
prior year of 88% primarily driven by the fall in devices revenue. The 24i
business improved adjusted EBITDA to $2.9m (2022: $0.7m). However, adjusted
EBITDA in Amino decreased to $0.4m (2022: $15.8m) due to the significant
reduction in reported device sales.
Throughout the year, proactive measures were implemented to reduce the Group's
cost base through a targeted cost-reduction program. This initiative resulted
in approximately c$12m of annualised cost savings for the Group of which c$8m
were in operating costs and c$4m in capex spend. Central costs include
expenses related to the Board, including executive directors, and costs
associated with the Company's listing on the London Stock Exchange. These
costs reduced by $0.1m to $1.7m, mainly driven by a reduction in Executive
director salaries.
The Group reported a statutory operating loss of $63.9m (2022: $16.6m loss),
after $0.1m (2022: $0.4m) share based payment charge, $48.9m (2022: $12.5m)
impairment of goodwill and acquisition intangibles, $4.3m (2022: $6.7m)
exceptional items and $4.4m (2022: $4.6m) amortisation of intangibles.
The net finance expense was $0.8m (2022: $0.3m), a tax credit of $1.2m (2022:
$0.5m tax charge) leading to a loss after tax of $63.4m (2022: $17.4m).
(*1) Adjusted EBITDA is calculated as operating loss before depreciation,
interest, tax, amortisation, impairment of goodwill, exceptional items and
employee share-based payment charges ( )
Exceptional Items
US$000s unless otherwise stated 2023 2022
Restructuring and associated costs 3,873 1,072
Refinancing and other costs 267 -
Credit relating to royalty costs recognised in prior years and subsequently - (48)
renegotiated
Acquisition and one-off legal costs - 432
Aborted acquisition costs 142 5,206
Exceptional items included in operating expenses 4,282 6,662
Other exceptional items
Impairment charge (further details in note 6) 48,905 12,488
Exceptional items included in total net finance income comprise the following
charges/(credits):
Fair value adjustment of contingent consideration (1,505) 403
Unwinding discount on contingent consideration regarding FokusOnTV (formerly 278 (403)
Nordija) acquisition
Total exceptional items 51,960 19,150
RESEARCH & DEVELOPMENT COSTS
The Group maintained its commitment to research and development of new
products with spend of $13.0m on R&D activities (2022: $13.8m) of which
$5.4m was capitalised (2022: $7.8m). Management initiatives during the year
have successfully reduced the Group's annualised operating cost base by c.$12m
such that capitalised R&D is expected to be c. $2m in 2024.
NET FINANCE EXPENSE
Net finance expense stood at $0.8m (2022: $0.3m), which represented the
interest charged on our borrowing facilities of $2.0m (2022: $0.5m), $0.0m
interest charged on lease agreements (2022: $0.1m) in accordance with IFRS 16
(leases) and a $1.2m debit (2022: $0.4m credit) relating to the unwinding of
the discount on contingent consideration.
TAXATION
The Group recognised a total tax credit of $1.2m (2022: $0.5m tax charge). The
effective tax rate of 1.9%, was lower than the blended statutory corporation
tax rate of 23% primarily due to operating losses and amortisation of
acquisition intangible assets. The Group's net cash tax payment for the year
was $0.4m (2022: $2.4m). The deferred tax liability as at 30 November 23 was
$0.5m (2022: $1.1m) mainly reflects the unwinding of deferred tax on the
acquisitions in prior years. The deferred tax asset recognised in the year was
$0.3m (2022: nil).
CASH FLOW
A reconciliation of adjusted operating cash flow before tax to cash generated
from operations before tax is provided as follows:
US$m unless otherwise stated 2023 2022
Adjusted operating cash flow before tax 3.1 8.9
Restructuring and associated other costs (3.8) (1.5)
Refinancing and other costs (0.5) -
Aborted acquisition costs (3.9) (1.0)
Cash generated from operations before tax (4.9) 6.4
Adjusted operating cash flow(*2) from operations was $3.2m (2022: $8.9m). The
reduction in adjusted cash flow from operations was due in large part to a
cash outflow from working capital of $2.6m (2022: $5.6m) mainly relating to a
decrease in trade and other payables of $17.3m (2022: $0.2m increase).
Effective management of working capital remains a pivotal focus area for the
Group.
Exceptional cash flows in FY2023 comprised one-off costs of $8.2m (2022:
$2.5m).
(*2) Adjusted operated cash flow is calculated as cash flows from operations
less cash paid/received from exceptional items
FINANCIAL POSITION
At 30 November 2023, the Group's net debt was $6.1m (2022: net cash $4.0m).
The Group has a banking facility with Barclays Bank plc, HSBC plc, and Bank of
Ireland of which the Group had drawn $10.6m at 30 November 2023 (2022: $7.5m).
On 31 May 2023 the Group agreed with its existing loan facility providers to
reduce the total available loan facility from $50m to $25.4m, with a
further reduction of the facility to $16.5m. On 22 April 2024 Aferian plc
secured an extension to its $16.5m multicurrency working capital facility,
previously due to mature on 23 December 2024, to 30 September 2025.
In addition, on 31 May 2023, the Group secured a loan of $1.3m arranged by its
largest shareholder, Kestrel Partners LLP. This loan is now repayable on 31
January 2026.
At 30 November 2023, the Group had equity of $22.3m (2022: $78.9m) and net
current liabilities of $6.3m (2022: $1.4m). Net current assets excluding cash
drawn under the banking facility is $4.3m (2022: $6.1m). Goodwill has reduced
by $46.4m to $11.3m (2022: $56.3m), reflecting the $48.9m impairment charge
across the Group together with foreign exchange translation movements.
GOING CONCERN
These financial statements have been prepared on the going concern basis.
The Parent Company is a holding entity and as such its going concern is
inter-dependent on the Group therefore its going concern assessment was
performed as part of the Group's assessment.
The Directors have reviewed the Group's going concern position taking account
of its current business activities and their future forecast performance. The
factors likely to affect its expected future financial performance are set out
in this Annual Report and include the Group's objectives, policies and
processes for managing its capital, its financial risk management objectives
and its exposure to credit and liquidity risks.
The directors have prepared a base case and severe but plausible downside
cashflow forecasts for the Group covering a period of at least 12 months from
the date of approval of the financial statements (being to June 2025).
However, if the Group fails to deliver their plausible downside cashflow
forecast, the Group could be unable to operate within its multicurrency
working capital facility limits as a result of non-compliance with the
financial covenants associated with its existing facilities (which were
amended on 22 April 2024 when Aferian Plc secured an extension to its $16.5
million multicurrency working capital facility, previously due to mature on 23
December 2024, to 30 September 2025). In conjunction with this extension, the
interest margin payable on the drawn amount of the facilities was increased to
between 3% to 4.5% over SONIA (dependent on net leverage). In addition, the
leverage, interest cover and fixed charge cover ratio covenants were removed,
and the available liquidity covenant was relaxed. At the same time, the term
of the Group's unsecured $1.3m term loan facility provided by certain funds
managed by Kestrel Partners LLP was extended to 31 January 2026).
However, should the Group trade at a level below that of its severe but
plausible downside forecast, it could be in breach of covenant compliance
which will also have a direct impact on the Parent Company's going concern
status, this indicates the existence of material uncertainty that may cast
significant doubt on both the Group and Company's ability to continue as a
going concern and therefore they may be unable to realise their assets and
discharge their liabilities in the normal course of business.
However, the Directors consider that the Group and Parent Company will trade
in a positive scenario and therefore deem it to be appropriate to prepare the
financial statements on a going concern basis and the financial statements do
not include the adjustments that would be required if the Group and Parent
Company were unable to continue as a going concern.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board considers strategic, financial and operational risks and identifies
actions to mitigate those risks.
DIVIDEND
The Board is not proposing a final Dividend for this financial year (2022: 1.0
GBP pence/1.26 US cents* per share).
* Average FX rate for the year was £1 : $1.26 in 2022.
Mark Carlisle
Chief Financial Officer
30 May 2024
Aferian Plc
Consolidated income statement
For the year ended 30 November 2023
Notes Year to 30 November 2022
$000s
Year to 30 November 2023
$000s
Revenue 3 47,821 91,127
Cost of sales
(22,758)
(49,121)
Gross profit 25,063 42,006
Operating expenses (88,997) (58,603)
Operating loss 3 (63,934) (16,597)
Adjusted operating loss
Share-based payment charge 6 (6,269) 7,522
Impairment of goodwill and intangible assets
4
Exceptional items
6 (67) (407)
Amortisation of acquired intangible assets
(48,905)
(12,488)
(4,282)
(6,662)
(4,411)
(4,562)
Operating loss (63,934) (16,597)
Net finance expense (764) (313)
Loss before tax (64,698) (16,910)
Tax credit/(charge) 1,196 (512)
Loss after tax (63,502) (17,422)
Loss per share 5
Basic loss per 1p ordinary share (67.27c) (20.48c)
Diluted loss per 1p ordinary share 5 (67.27c) (20.48c)
All amounts relate to continuing activities.
The accompanying notes are an integral part of these condensed consolidated
financial statements.
Aferian plc
Consolidated statement of comprehensive income
For the year ended 30 November 2023
Notes Year to 30 November 2023 Year to 30 November 2022
$000s
$000s
Loss for the financial year (63,502) (17,422)
Items that may be reclassified subsequently to profit or loss: (5,334)
Net foreign exchange gain/(loss) arising on consolidation 2,750
Other comprehensive income/(expense) 2,750 (5,334)
Total comprehensive expenses for the financial year attributable to equity (60,752) (22,756)
holders
The accompanying notes are an integral part of these condensed consolidated
financial statements.
Aferian plc
Consolidated statement of financial position as at 30 November 2023
Assets Notes 2023 2022
$000s
$000s
Non-current assets 496
2,276
Property, plant and equipment 6 239
81,021
Right of use assets 7
1,117
183-
Intangible assets
29,273
Trade and other receivables Deferred tax 184
assets 348
31,161 83,976
Current assets 7 5,099 9,222
9,127
19,846
Inventories
858
654
Trade and other receivables 5,771
11,524
Corporation tax receivable
Cash and cash equivalents
20,855 41,246
Total assets 52,016 125,222
Capital and reserves attributable to equity holders of the Company 1,822 1,488
43,425
39,768
Called-up share capital
(103) 12
- 12
Share
(5,971)
(8,722)
premium
42,750
42,750
Other equity (59,638)
3,587
Capital redemption reserve
Foreign exchange reserve
Merger reserve
Retained earnings
Equity attributable to owners of the parent 22,297 78,883
Liabilities 8
Current liabilities 33,534
Trade and other payables
1,121
Lease liabilities 15,518 505
Corporation tax payable
634 7,531
Loans and borrowings
364
10,607
27,123 42,691
Non-current liabilities 8 26 1,070
497
1,177
Trade and other payables
81
288
Lease liabilities 496
1,113
Provisions
Deferred tax liabilities
Loans and borrowings 1,496 -
2,596 3,648
Total liabilities 29,719 46,339
Total equity and liabilities 52,016 125,222
The accompanying notes are an integral part of these condensed consolidated
financial statements.
Aferian plc
Consolidated statement of cash flows
For the year ended 30 November 2023
Notes Year to 30 November 2023 Year to 30 November 2022
$000s
$000s
Cash flows from operating activities 9 (4,917) 6,389
Cash generated from operations
(423)
(2,360)
Corporation tax paid
Net cash generated from operating activities (5,340) 4,029
Cash flows from investing activities 6 (5,471) (7,635)
(56)
(172)
Purchases of intangible assets
(310)
-
Purchases of property, plant and equipment
-
(1,545)
Payment of deferred consideration
Acquisition of subsidiaries net of cash acquired
Net cash used in investing activities (5,837) (9,352)
Cash flows from financing activities 4,120 523
(940)
(1,104)
Proceeds from issue of new shares
-
(3,256)
Lease payments
(1,945)
(677)
Dividends paid
(11,500)
-
Interest paid
15,615
7,500
Repayment of borrowings
Proceeds from borrowings
Net cash generated from financing activities 5,350 2,986
Net (decrease)/increase in cash and cash equivalents (5,827) (2,336)
Cash and cash equivalents at beginning of year
Effects of exchange rate fluctuations on cash held 11,524 14,182
74 (322)
Cash and cash equivalents at end of year 5,771 11,524
The accompanying notes are an integral part of these condensed consolidated
financial statements.
Aferian plc
Consolidated statement of changes in equity
For the year ended 30 November 2023
Notes Share Share premium $000s Other equity $000s Merger reserve $000s Foreign Capital redemption Profit Total
capital exchange reserve reserve and loss Equity
$000s $000s $000s $000s $000s
Shareholders' equity at 01 December 2021 1,484 39,249 - 42,750 (3,388) 12 23,857 103,964
Loss for the year - - - - - - (17,422) (17,422)
Other comprehensive expense - - - - (5,334) - - (5,334)
Total comprehensive expense for the year attributable to equity holders - - - - (5,334) - (17,422) (22,756)
Share based payment charge - - - - - - 408 408
Dividends paid
- - - - - (3,256) (3,256)
Issue of share capital, net of issue costs - 519 - - - - - 523
4
Total transactions with owners 4 519 - - - - (2,848) (2,325)
Total movement in shareholders' equity 4 519 - - (5,334) - (20,270) (25,081)
Shareholders' equity at 30 November 2022 1,488 39,768 - 42,750 (8,722) 12 3,587 78,883
(Loss) for the year - - - - - - (63,502) (63,502)
Other comprehensive expense
- - - - 2,750 - - 2,750
Total comprehensive (expenses) for the year attributable to equity holders 2,750 - (63,502) (60,752)
Share based payment charge - - - - - - 278 278
Dividends paid
Issue of share capital, net of issue costs - - - - - - - -
Loan related convertible debt 334 3,657 - - - - - 3,991
- - (103) - - - - (103)
Total transactions with owners 334 3,657 (103) - - - 278 4,166
Total movement in shareholders' equity 334 3,657 (103) - 2,750 - (63,224) (56,586)
Shareholders' equity at 30 November 2023 1,822 43,425 (103) 42,750 (5,972) 12 (59,637) 22,297
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
1 Basis of preparation
The financial information set out in this document does not constitute the
Group's Annual Report (which includes the statutory financial statements) for
the years ended 30 November 2023 or 2022. The Annual Report (which includes
the statutory financial statements) for the years ended 30 November 2022
('2022') and 30 November 2022 ('2022'), which were approved by the directors
on 30 May 2024, have been reported on by the Independent Auditors. The
Independent Auditors' Reports on the statutory financial statements for each
of 2022 and 2023 were unqualified, in both periods drew attention to a matter
by way of emphasis, being going concern, and did not contain a statement
under 498(2) or 498(3) of the Companies Act 2006.
The Group's Annual Report (which includes the statutory financial statements)
for the year ended 30 November 2022 have been filed with the Registrar of
Companies. The Annual Report (which includes the statutory financial
statements) for the year ended 30 November 2023 will be delivered to the
Registrar in due course, and will be available from the Parent Company's
registered office at Botanic House, 100 Hills Road, Cambridge, England, CB2
1PH and on the Group's website https://aferian.com/investors/
(https://eu-west-1.protection.sophos.com?d=aferian.com&u=aHR0cHM6Ly9hZmVyaWFuLmNvbS9pbnZlc3RvcnMv&p=m&i=NjU2MGNlOTEzMzJjYzcyNzZkNmZkYmM1&t=Z0ZsWnlScVpnWnV4L2lsSloyUVZnWm9zRWMrTFRzaHYySWhzb1Z6Q25CMD0=&h=89aea8892eb547fa9e33614728ce7886&s=AVNPUEhUT0NFTkNSWVBUSVbVjHG5AgtFeb0l_wbw5eLykmLH9wjiUjw3QDlgQ7mFdQ)
.
The financial information set out in these results has been prepared using the
recognition and measurement principles of and in accordance with UK adopted
International Accounting Standards ('IFRS'). The accounting policies adopted
in these results have been consistently applied to all the years presented and
are consistent with the policies used in the preparation of the financial
statements for the year ended 30 November 2022, except for those that relate
to new standards and interpretations effective for the first time for periods
beginning on (or after) 1 January 2022. There are deemed to be no new
standards, amendments, and interpretations to existing standards, which have
been adopted by the Group that have had a material impact on the financial
statements.
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
2 Going Concern
These financial statements have been prepared on the going concern basis.
The Directors have reviewed the Group's going concern position taking account
of its current business activities and their future forecast performance. The
factors likely to affect its expected future financial performance are set out
in this Annual Report and include the Group's objectives, policies and
processes for managing its capital, its financial risk management objectives
and its exposure to credit and liquidity risks.
The directors have prepared a base case and severe but plausible downside
cashflow forecasts for the Group covering a period of at least 12 months from
the date of approval of the financial statements (being to June 2025).
However, if the Group fails to deliver their plausible downside cashflow
forecast, the Group could be unable to operate within its multicurrency
working capital facility limits as a result of non-compliance with the
financial covenants associated with its existing facilities (which were
amended on 22 April 2024 when Aferian Plc secured an extension to its $16.5
million multicurrency working capital facility, previously due to mature on 23
December 2024, to 30 September 2025. In conjunction with this extension, the
interest margin payable on the drawn amount of the facilities was increased to
between 3% to 4.5% over SONIA (dependent on net leverage). In addition, the
leverage, interest cover and fixed charge cover ratio covenants were removed,
and the available liquidity covenant was relaxed. At the same time, the term
of the Group's unsecured $1.3m term loan facility provided by certain funds
managed by Kestrel Partners LLP was extended to 31 January 2026).
However, should the Group trade at a level below that of its severe but
plausible downside forecast, it could be in breach of covenant compliance
which will also have a direct impact on the Parent Company's going concern
status, this indicates the existence of material uncertainty that may cast
significant doubt on both the Group and Parent Company's ability to continue
as a going concern and therefore they may be unable to realise their assets
and discharge their liabilities in the normal course of business.
However, the Directors consider that the Group and Parent Company will trade
in a positive scenario and therefore deem it to be appropriate to prepare the
financial statements on a going concern basis and the financial statements do
not include the adjustments that would be required if the Group and Parent
Company were unable to continue as a going concern.
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
3 Segmental analysis
Operating segments are reported in a manner consistent with the internal
reporting provided to the Aferian plc Chief Operating Decision Maker ("CODM")
for the use in strategic decision making and monitoring of performance. The
CODM has been identified as the Group Chief Executive and the Chief Financial
Officer. The CODM reviews the Group's internal reporting in order to assess
performance and allocate resources. Performance of the operating segments is
based on adjusted EBITDA. Information provided to the CODM is measured in a
manner consistent with that in the Financial Statements.
The Group reports three operating segments to the CODM:
· the development and sale of video streaming devices and
solutions, including licensing and support services ("Amino");
· development and sale of the 24i end-to-end video streaming
platform and associated services. This includes the results of 24iQ (formerly
called the Filter) and FokusOnTV (formerly Nordija); and
· central costs which comprise the costs of the Board,
including the executive directors as well as costs associated with the
Company's listing on the London Stock Exchange.
Revenues and costs by segment are shown below.
Aferian plc is domiciled in the United Kingdom.
2023 Amino 24i Total
$000s
$000s
$000s
Central costs
$000s
Revenue
Software & services 5,588 20,970 - 26,558
Devices * 20,880 383 - 21,263
Total 26,468 21,353 - 47,821
Adjusted cost of sales (16,433) (6,325) - (22,758)
Adjusted gross profit 10,035 15,028 - 25,063
Adjusted operating expenses (9,596) (12,114) (1,737) (23,447)
Adjusted EBITDA 439 2,914 (1,737) 1,616
Exceptional items (4,282)
Impairment of goodwill (48,905)
Share based payment charge (67)
Depreciation and amortisation (12,298)
Operating loss (63,935)
Net finance expense (764)
Loss before tax (64,698)
Additions to non-current assets: 1,060 4,313 - 5,373
Capitalised development costs
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
3 Segmental analysis (continued)
2022 Amino 24i Central costs Total
$000s
$000s
$000s
$000s
Revenue
Software & services* 4,975 19,107 - 24,082
Devices * 67,045 - - 67,045
Total 72,020 19,107 - 91,127
Adjusted cost of sales (44,095) (5,074) - (49,169)
Adjusted gross profit 27,925 14,033 - 41,958
Adjusted operating expenses (12,170) (13,370) (1,846) (27,386)
Adjusted EBITDA 15,755 663 (1,846) 14,572
Exceptional items
Cost of sales 48
Operating expenses (6,710)
Impairment of goodwill (12,488)
Share based payment charge (407)
Depreciation and amortisation (11,612)
Operating loss (16,597)
Net finance expense (313)
Loss before tax (16,910)
Additions to non-current assets: 1,962 5,673 7,635
Capitalised development costs
* incorporating integrated software and associated accessories
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
4 Exceptional items
Exceptional items included in operating profit comprise the following
charges/(credits):
Year to 30 November 2023 Year to 30 November 2022
$000s
$000s
Credit relating to royalty costs recognised in prior years and subsequently - (48)
renegotiated
Subtotal cost of sales - (48)
Restructuring and associated other costs 3,873 1,072
Refinancing and other costs
267 -
Acquisition and one-off legal costs
142 432
Aborted acquisition costs
- 5,206
Subtotal operating expenses 4,282 6,710
Total exceptional items 4,282 6,662
Other exceptional items
Impairment charge of goodwill and intangible assets 48,905 12,488
Exceptional items included in total net finance income comprise the following
charges/(credits):
Fair value adjustment of contingent consideration (1,505) 403
Unwinding discount on contingent consideration regarding FokusOnTV (formerly 278 (403)
Nordija) acquisition
Total net finance income - exceptional items (1,227) -
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
5 Earnings per share
Year to 30 November 2023 Year to 30 November 2022
$000s
$000s
Loss attributable to ordinary shareholders (63,502) (17,422)
Exceptional items (see note 4) 4,282 6,662
Impairment charge 48,905 12,488
Share-based payment charges
67
407
Finance income
(1,227)
(403)
Amortisation of acquired intangible assets
Deferred tax credit on acquired intangibles 4,411 4,562
(1,113)
(682)
(Loss)/profit attributable to ordinary shareholders excluding adjusting items (8,177) 5,612
Weighted average number of shares (Basic) 94,400,906 85,070,688
Dilutive share options outstanding 758,819 1,545,606
Weighted average number of shares (Diluted) 95,159,725 86,616,294
Basic loss per ordinary share of 1p (67.27)c (20.48)c
Diluted loss per ordinary share of 1p (67.27)c (20.48)c
Adjusted basic loss per ordinary share of 1p (8.66)c 6.60c
Adjusted diluted loss per ordinary share of 1p (8.66)c 6.48c
The calculation of basic earnings per share is based on loss after taxation
and the weighted average of ordinary shares of 1p each in issue during the
year. The Company holds 1,482,502 (2022: 1,482,502) of its own shares in
treasury and these are excluded from the weighted average above. The basic
weighted average number of shares also excludes 242 (2022: 242) being the
weighted average shares held by the EBT in the year.
The number of dilutive share options above represents the share options where
the market price is greater than exercise price of the Company's ordinary
shares.
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
6 Intangible assets
Goodwill Customer relationships Trade names Intellectual Property Software licences Development costs Acquired platforms Total
$000s
$000s
$000s
$000s
$000s
$000s $000s $000s
Cost
At 1 December 2021 69,527 21,124 2,488 390 1,641 48,771 17,155 161,096
Additions - - - - - 7,636 - 7,636
Acquisition of subsidiary
1,586 119 - - - - 2,609 4,314
Impairment
(12,488)
-
-
-
-
-
-
(12,488)
Foreign exchange adjustment
(2,333) (931) (94) - (160) (1,220) (1,123) (5,861)
At 30 November 2022 56,292 20,312 2,394 390 1,481 55,187 18,641 154,697
Additions - - - - 98 5,373 - 5,471
Impairment (46,409) (81) - - - (1,296) (1,119) (48,905)
Foreign exchange adjustment 1,455 579 58 - 98 1,070 684 3,944
At 30 November 2023 11,338 20,810 2,452 390 1,677 60,334 18,206 115,207
Amortisation
At 1 December 2021 - 10,066 1,843 390 1,638 39,323 11,972 65,232
Charge for the year - 2,011 80 - 3 5,363 2,471 9,928
Foreign exchange adjustment
- (217) (43) - (160) (510) (554) (1,484)
At 30 November 2022 - 11,860 1,880 390 1,481 44,176 13,889 73,676
Charge for the year - 1,556 81 - 20 6,558 2,774 10,989
Foreign exchange adjustment
- 165 31 - 73 537 463 1,269
At 30 November 2023 - 13,581 1,992 390 1,574 51,271 17,126 85,934
Net book amount 11,338 7,229 460 - 103 9,063 1,080 29,273
At 30 November 2023
At 30 November 2022 56,292 8,452 514 - - 11,011 4,752 81,021
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
7 Trade and other receivables
2023 2022
$000s $000s
Current assets:
Trade receivables 6,336 16,627
Contract assets 1,006 1,191
Other receivables 792 400
Prepayments 993 1,628
Trade and other receivables 9,127 19,846
Corporation tax receivable 858 654
Current assets: due within one year 9,985 20,500
Non-current assets:
Other receivables 184 183
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
8 Trade and other payables
2023 2022
$000s $000s
Current liabilities
Trade payables 7,139 23,268
Other payables 71 111
Accruals 5,207 6,759
Total current financial liabilities, excluding loans and borrowings, 12,417 30,138
classified as financial liabilities measured at amortised cost
74 809
Contingent consideration
Total current financial liabilities measured at fair value 74 809
Social security and other taxes 687 301
Contract liabilities (Note 4) 2,340 2,286
Total trade and other payables 15,518 33,534
Lease liabilities 634 1,121
Corporation tax payable 364 505
16,516 35,160
Non-current liabilities
Other payables 26 1,070
Lease liabilities 497 1,177
523 2,247
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
9 Cash generated from operations
Cash generated from operations Year to Year to
30 November 2023
30 November 2022
$000s $000s
Loss for the year (63,502) (17,422)
Tax (credit)/charge (1,196) 512
Net finance costs 764 313
Amortisation charge* 10,989 9,928
Depreciation charge 1,309 1,684
Impairment charge 48,905 12,488
Loss on disposal of property, plant and equipment 3 4
Share based payment charge 67 407
Exchange differences 186 (1,451)
Decrease/(increase) in inventories 4,123 (6,665)
Decrease in trade and other receivables 10,719 2,283
Decrease in provisions (2) (10)
(Decrease)/increase in trade and other payables (17,282) 246
Increase in payables for aborted acquisition costs - 4,072
Cash generated from operations (4,917) 6,389
* Refer to note 6 for amortisation charge details
Adjusted operating cash flow before exceptional cash outflows was $3.2m (2022:
$8.9m).
2023 2022
$m $m
Adjusted operating cash flow before tax 3,191 8,937
Restructuring and associated other costs (3,778) (1,504)
Refinancing and other costs (475) -
Aborted acquisition costs (3,855) (1,044)
Cash generated from operations before tax (4,917) 6,389
Aferian plc
Notes to the condensed consolidated financial statements
For the year ended 30 November 2023
10 Cautionary Statement
This document contains certain forward-looking statements relating to Aferian
plc (the "Group"). The Group considers any statements that are not historical
facts as "forward-looking statements". They relate to events and trends that
are subject to risk and uncertainty that may cause actual results and the
financial performance of the Group to differ materially from those contained
in any forward-looking statement. These statements are made by the Directors
in good faith based on information available to them and such statements
should be treated with caution due to the inherent uncertainties, including
both economic and business risk factors, underlying any such forward-looking
information.
11 Annual Report
Pursuant to AIM Rule 20, the Annual Report and Accounts for the financial year
ended 30 November 2023 ("Annual Report") is available to view on the Group's
website: www.aferian.com and will be posted to shareholders shortly. Aferian
plans to hold a general meeting on meeting on 28 June 2023 where the Annual
Report and accounts will be received with related resolutions to be
considered.
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