Ian O’Doherty & Tim Clancy of Appreciate Group: Final results which outperformed and exceeded expectations

Justin Waite
Vox Markets Podcast
08:43, 29th June 2022
AudioBoom | https://audioboom.com/posts/8111501-ian-o-doherty-tim-clancy-of-appreciate-group-final-results-which-outperformed-and-exceeded-exp

If you find this podcast useful please give it a rating and review on iTunes by clicking here

Ian O’Doherty CEO & Tim Clancy CFO of Appreciate Group #APP Follow | APP discuss their final results, which outperformed and exceeded expectations last year, bouncing back strongly with profitability in both divisions.

Financial highlights

· Profit before tax and exceptional items+ of £8.4m (Restated* FY21: £2.3m)

- Strong recovery in profitability of both divisions

- Excludes exceptional costs of £2.7m (Restated* FY21: £2.5m of exceptional items), largely in relation to certain intangibles related write offs, including the impact of changes in IFRS guidance on the treatment of cloud-based technology costs

- Adjusted PBT ahead of market expectations, as announced in year-end trading update on 28 April

· Group revenue up 15.4% to £123.3m (FY21: £106.8m) driven by a strong performance in the Corporate business

· Good progress with key areas of Corporate and digital billings:

o Billings~ excluding Christmas Savings were £222.0m, up 3.6% (FY21: £214.3m), following three consecutive quarters of double-digit growth from Q2 onwards

o Digital billings~ (excluding billings from free school meals) up 20.5% to £54.8m (FY21: £45.5m)

o Total Group billings~ down to £385.8m (FY21: £406.5m) following reduction in billings~ from Christmas Savings which were impacted by lockdown measures, restricting agent collections

· Solid financial position maintained:

o Total funds held, including monies held in trust and bank deposits, at 31 March 2022, were £139.7m (FY21: £163.5m)

o Year-end free cash and cash equivalents (excluding monies held in trust) amounted to £20.2m (FY21: £31.4m), reflecting the normalisation of customer spending patterns during the year

· Underlying earnings per share of 3.46p (Restated* FY21 0.90p)

· The Board has recommended a final dividend of 1.2p, making a full dividend for the year of 1.8p per share (FY21: 1.0p)

To read the full RNS click HERE

 

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

Recent Articles
Watchlist