RNS Number : 2052A
Pelatro PLC
22 September 2022
 

 

22 September 2022

Pelatro Plc

 

("Pelatro" or the "Group")

 

Interim results

 

 

Pelatro Plc (AIM: PTRO), the precision marketing software specialist, is pleased to announce today its results for the 6 months ended 30 June 2022.

 

 

Financial highlights

 

•              Revenue $4.19m (H1 2021: $3.46m), an increase of 21%

•              Recurring revenue $2.41m (H1 2021: $2.43m), 58% of revenue

•              Adjusted EBITDA* $1.87m (H1 2021: $1.61m)

•              Adjusted EBITDA* margin 45% (FY 2021 39%)

•              Adjusted earnings per share 0.2¢ (H1 2021: 0.9¢)

 

 

Operational highlights

 

•              3 new customers won this year to date

•              Entry into financial services sector with a significant win

 

 

Post period end highlights

 

•              Further contract wins and change requests give visibility over at least c. $8.5m revenue for the full year

•              FY23 building steadily with over $6m of revenue already visible

•              Cash receipts in July and August of c. $1.6m

 

 

Outlook

 

Management expectations for the year underpinned by:

 

•              Strong revenue visibility for full year and diversification into non telco verticals  

•              Current pipeline** of c.$19m, of which c. $3m is from existing customers

 



 

Richard Day, Non-executive Chairman of Pelatro commented:

 

"It is a measure of the progress we have made in implementing our strategy of moving from a licence fee model to being more a recurring revenues service provider that, with three months still to go this year, we already have visibility over 95% of our expected full year revenue. We have already announced the winning of two new telco customers plus one in financial services, and our cost base is now increasingly stable. We are picking up new business and are looking forward with every confidence."

 

 

For further information contact:

 

Pelatro Plc


Subash Menon, Managing Director

c/o finnCap

Nic Hellyer, Chief Financial Officer


 


finnCap Limited (Nominated Adviser and joint broker)

+44 (0)20 7220 0500

Carl Holmes/Milesh Hindocha (Corporate Finance)




Dowgate Capital Limited (joint broker)

+44 (0)20 3903 7715

Stephen Norcross




 

* earnings before interest, tax, depreciation, amortisation, exceptional items and share-based payments

 

** "pipeline" is defined as opportunities where an RFI or RFP has been received and recurring revenue contracts are included as the sum of the likely revenue over 3 years in order to provide comparability with one-off license fee income

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

 

Notes to editors

 

The Pelatro Group was founded in March 2013 by Subash Menon and Sudeesh Yezhuvath with the objective of offering specialised, enterprise class software solutions for customer engagement principally to telcos who face a series of challenges including market maturity, saturation and customer churn.

 

Pelatro provides its "mViva" platform for use by customers in B2C and B2B applications, and is well positioned in the Customer Engagement space. Our technology orchestrates the digital journey of the customers of the telcos through contextual, relevant and real time offers and loyalty programs across multiple channels including websites, social media, apps and others.

 

For more information about Pelatro, visit www.pelatro.com

 



 

Managing Director's statement

 

Our results in the first half of 2022 and trading to date reflect both the consolidation of our existing customer base as well as a healthy flow of new business which will ensure growth in the coming years. Given that our first customer was secured in 2016, a number of our typically five year contracts have been coming up for renewal in the last 12-18 months, and it is extremely pleasing to note that not one of our existing customers has sought to replace us, and in fact have sought to strengthen their relationship with us by requesting upgrades and change requests and/or additional software modules or services. All of these produce valuable income for us and embed Pelatro at the very heart of the customers' operations. The success of our mViva software in enabling users to increase their revenue; this is further demonstrated by the consistency of income from contracts where we take a share of the resulting gain by the customer. Additionally we regularly see mViva enabling significant reductions in subscriber churn.

 

We have also been expanding the range of industries we cover: having started serving solely the telecommunications sector, we have now secured contracts in the financial services sector and are closely tracking opportunities in retail, all data rich sectors where our powerful data analytics capabilities with advanced features like AI/machine learning technologies and real time engagement enable our customers to enhance, enrich and extend their relationships with their consumers.

 

We have worked hard to enhance the quality of our earnings such that the significant majority of our revenue is now recurring in nature and, whilst license sales are still an important contributor to revenue, even these are often structured on the basis of regular monthly payments (for example, the recent contract won with a Middle East telco with an initial value of around $1m payable over three years). This contract also demonstrates our strategy of securing relationships with members of large international telco groups where we can leverage off the success of initial implementations to enable us to market powerfully from "reference" customers.

 

Financial review

 

Revenue and profitability

 

In the six months to 30 June 2022 revenue increased by 21% over the comparable period to $4.19m (H1 2021: $3.46m). Of the total revenue, approximately $2.41m (H1 2021: $2.43m) was recurring revenue, comprising managed services, post contract support and gain share revenue, the slight fall being due to currency effects on INR-denominated revenue, the timing of certain services in one of our larger contracts, and recent recurring revenue contract wins coming onstream only in H2. Taking change requests of just under $1m into account some 81% of H1 revenue was repeating revenue, with the balance relating to license and other revenue.

 

Underlying operating profit (excluding the impact of non-cash share-based payments, amortisation of customer-related intangible assets) was $0.27m (H1 2021: $0.48m). Within this, underlying "cash" costs rose only marginally from $3.3m to $3.7m, reflecting both relatively stable staff numbers compared to the growth of previous years as well as some benefit of the strength of the US dollar (only around 10% of the Group's costs are incurred directly in USD with some 70% in INR, around 10% in GBP and the rest in other currencies). However, we recognised an increased amortisation charge on our capitalised development costs, where amortisation of c. $1.3m is now ahead of the capitalised spend of c. $1.2m.

 

Cash flow and trade receivables

 

Cash generated from operating activities was approximately $0.15m after working capital movements (H1 2021: $0.52m). This reduction compared to the prior period resulted from an increase in trade receivables to $5.59m (31 December 2021 $4.96m). Whilst part of this increase was due to increased revenue, some is also due to delays in payment arising from routine foreign exchange approvals needed by certain customers. These approvals usually take a considerable period of time, and such delays are not unexpected and always resolved in due course. We expect the majority of these receivables to unwind in H2 and hence the H1 cash flow is not representative of our expectations for the year as a whole: cash of $1.6m has been received in the months of July and August and a further $0.3m to date.

 

Capitalised development expenditure was $1.22m (H1 2021: $1.19m), again reflecting the relative stability in underlying numbers of the development team.

 

Current trading and outlook

 

Business has been improving significantly throughout the year with several new customers signing up for our products; in particular entry into the financial services sector has been a major step for us during the past few months. Our efforts in this sector have resulted in a strong pipeline getting built and we expect to win several new customers in the financial services sector in the coming quarters.

 

Revenue visibility for the full year reached around 95% of market forecasts earlier this month, which we view as a good measure of the momentum in the business. Given this traction, we expect to end 2022 with a strong base of recurring revenue and to start 2023 with excellent visibility for that year in turn. As in previous years, existing customers continue to take more products and services from us thereby increasing the annual revenue from them. Accordingly, we view our prospects for 2022 positively and look forward to further growth in years to come.

Group statement of comprehensive income



6 months to

30 June 2022

6 months to

30 June 2021

Year to

December 2021


Note

$'000

$'000

$'000



(unaudited)

(restated)

(audited)

 


 

 

 

Revenue

1

4,189

3,460

7,266

Cost of sales and provision of services


(991)

(968)

(2,206)



_______

_______

_______

Gross profit


3,198

2,492

5,060






Adjusted administrative expenses


(2,926)

(2,010)

(4,831)



_______

_______

_______

Adjusted operating profit

 

272

482

229

Amortisation of acquisition-related intangibles


(343)

(342)

(686)

Share-based payments


(3)

(15)

(32)



_______

_______

_______

Operating profit/(loss)


(74)

125

(489)

Finance income

3

17

23

44

Finance expense

4

(84)

(110)

(221)

 


_______

_______

_______

Profit/(loss) before taxation


(141)

38

(666)

Income tax (expense)


(134)

(42)

(181)

 


_______

_______

_______

 (LOSS) FOR THE PERIOD


(275)

(4)

(847)






Other comprehensive income/(expense):





Items that may be reclassified subsequently to profit or loss:





Exchange differences on translation of foreign operations


(126)

(53)

(82)

Items that may be reclassified subsequently to profit or loss:





Exchange differences on translation of equity balances


(80)

(26)

(15)



_______

_______

_______

Other comprehensive income, net of tax


(206)

(79)

(97)






TOTAL COMPREHENSIVE (LOSS) FOR THE PERIOD


(481)

(30)

(944)

 





Earnings/(loss) per share





Reported





Basic and diluted

5

(0.6)¢

0.0¢

(2.1)¢

 





Adjusted





Basic and diluted

5

0.2¢

0.9¢

(0.4)¢






 



 

Group statement of financial position



As at

30 June 2022

As at

30 June 2021

As at 31 December 2021


Note

$'000

$'000

$'000



(unaudited)

(restated)

(audited)

Assets


 

 

 

Non-current assets





Intangible assets

6

10,999

11,777

11,453

Tangible assets


811

1,095

982

Right-of-use assets


147

238

240

Deferred tax assets


16

16

14

Contract assets

7

1,257

461

606

Trade and other receivables


41

91

163



_______

_______

_______



13,271

13,678

13,458

Current assets





Contract assets

7

569

733

555

Trade receivables


5,550

3,716

4,793

Other assets


443

387

315

Cash and cash equivalents

                       

1,647

784

3,331



_______

_______

_______

 


8,209

5,620

8,994

 


 

 

 

Total assets


21,480

19,298

22,452






Liabilities





Non-current liabilities


 


 

Borrowings

8

396

1,031

608

Lease liabilities


12

117

80

Contract liabilities


211

139

278

Long-term provisions

10

178

149

202

 


_______

_______

_______



797

1,436

1,168






Current liabilities


 


 

Short-term borrowings

8

250

504

136

Lease liabilities


160

139

188

Trade and other payables

9

329

356

603

Contract liabilities


431

289

469

Provisions

10

168

198

72



_______

_______

_______



1,338

1,486

1,468






Total liabilities


2,135

2,922

2,636

 





NET ASSETS


19,345

16,376

19,816











Issued share capital and reserves





Share capital


1,501

1,212

1,501

Share premium


18,046

14,045

18,046

Other reserves


(835)

(611)

(639)

Retained earnings


633

1,730

908

 


_______

_______

_______

TOTAL EQUITY


19,345

16,376

19,816

 



 

Group statement of cash flows


6 months to

30 June 2022

6 months to

30 June 2021

Year to 31

December 2021


$'000

$'000

$'000


(unaudited)

(restated)

(audited)

Cash flows from operating activities

 

 

 

Profit/(loss) for the period

(275)

(182)

(847)

Adjustments for:




Income tax expense/(credit) recognised in profit or loss

134

42

181

Finance income

(17)

(4)

(44)

Finance costs

84

107

221

Depreciation of tangible non-current assets

254

210

467

Profit on disposal of fixed assets

-

-

(10)

Amortisation of intangible non-current assets

1,677

1,266

2,814

Share-based payments

3

15

32

Realised foreign exchange (gains)/losses

15

10

9


_______

_______

_______

Operating cash flows before movements in working capital

1,875

1,464

2,823

(Increase)/decrease in trade and other receivables

(732)

(199)

(1,271)

(Increase)/decrease in contract assets

(652)

173

206

Increase/(decrease) in trade and other payables

(235)

(623)

(532)

Increase in contract liabilities and other deferred income

(104)

(293)

45


_______

_______

_______

Cash generated from operating activities

152

522

1,271


 

 

 

Income tax paid

(188)

(191)

(258)


_______

_______

_______

Net cash generated from operating activities

(36)

331

1,013


 

 

 

Cash flows from investing activities




Development of intangible assets

(1,220)

(1,176)

(2,540)

Purchase of intangible assets

-

(3)

(42)

Acquisition of property, plant and equipment

(16)

(42)

(88)

 

_______

_______

_______

Net cash used in investing activities

(1,236)

(1,221)

(2,670)





Cash flows from financing activities




Proceeds from issue of ordinary shares, net of issue costs

-

-

4,290

Proceeds from borrowings

2

226

70

Repayment of borrowings

(62)

(81)

(748)

Repayments of principal on lease liabilities

(118)

(85)

(173)

Interest received

17

4

44

Interest paid

(69)

(125)

(203)

Interest expense on lease liabilities

(16)

(9)

(25)

 

_______

_______

_______

Net cash generated by/(used in) financing activities

(246)

(70)

3,255

 




Net increase/(decrease) in cash and cash equivalents

(1,518)

(960)

1,598

Net foreign exchange differences

(166)

(61)

(72)

Cash and cash equivalents at beginning of period

3,331

1,805

1,805

 

_______

_______

_______

Cash and cash equivalents at end of period

1,647

784

3,331





 

 

 



 

Group statement of changes in equity

 

 

Share capital

Share premium

Exchange reserve

Merger reserve

Share-based payments reserve

Retained profits

 

Total

 

$'000

$'000

$'000

$'000

$'000

$'000

 

$'000

Balance at 1 January 2021

1,212

14,045

(240)

(527)

184

1,734


16,408

(Loss) after taxation for the period

-

-

-

-

-

(4)


(4)

Share-based payments

-

-

-

-

51 

-


51

Other comprehensive income:









Exchange differences

-

-

(79)

-

-

-


(79)


_____

_____

_____

_____

_____

_____


_____

Balance at 30 June 2021

1,212

14,045

(319)

(527)

235

1,730

 

16,376

(Loss) after taxation for the period

-

-

-

-

-

(843)

 

(843)

Share-based payments

-

-

-

-

11

-

 

11

Transfer on lapse of share options

 

 

 

 

(21)

21

 

-

Other comprehensive income:

 

 

 

 

 

 

 

 

Exchange differences

-

-

(18)

-

-

-

 

(18)

Transactions with owners:







 


Shares issued by Pelatro Plc for cash

289

4,334

-

-

-

-

 

4,623

Issue costs

-

(333)

-

-

-

-

 

(333)

 

_____

_____

_____

_____

_____

_____

 

_____

Balance at 31 December 2021

1,501

18,046

(337)

(527)

225

908

 

19,816

(Loss) after taxation for the period

-

-

-

-

-

(275)

 

(275)

Share-based payments

-

-

-

-

10

-

 

10

Other comprehensive income:

 

 

 

 

 

 

 

 

Exchange differences

-

-

(206)

-

-

-

 

(206)

 

_____

_____

_____

_____

_____

_____

 

_____

Balance at 30 June 2022

1,501

18,046

(543)

(527)

235

633

 

19,345

 



Notes to the Group financial statements

 

1              Segmental analysis

 

Revenue by type


6 months to

30 June 2022

6 months to

30 June 2021

Year to

31 December 2021


$'000

$'000

$'000


 


 

Recurring software sales and services

1,775

1,922

3,456

Maintenance and support

630

506

1,334


_______

_______

_______

Total recurring revenues

2,405

2,428

4,790

Change requests

978

1,009

1,958


_______

_______

_______

Total repeating revenues

3,383

3,437

6,748

Licence related income

798

23

498

Other income

8

-

20


_______

_______

_______


4,189

3,460

7,266

 

 

Revenue by geography

 

The Group recognises revenue in seven geographical regions based on the location of customers, as set out in the following table:


6 months to

30 June 2022

6 months to

30 June 2021

Year to

31 December 2021


$'000

$'000

$'000


 


 

Caribbean

79

64

130

Central Asia

280

287

443

Eastern Europe

230

75

426

Middle East and North Africa

893

152

104

South Asia

1,552

1,102

2,656

South East Asia

1,147

1,780

3,407

Sub-Saharan Africa

8

-

100

 

_______

_______

_______


4,189

3,460

7,266

 

 



 

2              Non-GAAP profit measures and exceptional items

 

Reconciliation of operating profit to earnings before interest, taxation, depreciation and amortisation ("EBITDA"):


6 months to

30 June 2022

6 months to

30 June 2021

Year to

31 December 2021


$'000

$'000

$'000

Operating profit/(loss)

(74)

125

(489)

Adjusted for:

 

 

 

 - amortisation and depreciation

1,926

1,450

3,227


_______

_______

_______

EBITDA

1,852

1,575

2,738

Other adjustments:




 - revenue recognised as interest under IFRS 15

17

19

38

Expensed share-based payments

3

15

32

 

_______

_______

_______

Adjusted EBITDA

1,872

1,609

2,808

 

The criteria for adjusting operating income or expenses in the calculation of adjusted EBITDA are that they are material and either (i) arise from an irregular and significant event or (ii) are such that the income/cost is recognised in a pattern that is unrelated to the resulting operational performance. Materiality is defined as an amount which, to a user, would influence decision-making based on, and understandability of, the financial statements.

 

Exceptional items are treated as exceptional by reason of their nature and are excluded from the calculation of adjusted EBITDA (and adjusted earnings per share below) to allow a better understanding of comparable year-on-year trading and thereby an assessment of the underlying trends in the Group's financial performance. These measures also provide consistency with the Group's internal management reporting.

 

Adjustment for share-based payment expense is made because, once the cost has been calculated for a given grant of options, the Directors cannot influence the share-based payment charge incurred in subsequent years relating to that grant; also the value of the share option to the employee differs considerably in value and timing from the actual cash cost to the Group.

 

 

3              Finance income


6 months to

30 June 2022

6 months to

30 June 2021

Year to

31 December 2021


$'000

$'000

$'000


(unaudited)

(unaudited)

(audited)

Interest receivable on interest-bearing deposits

-

4

6

Notional interest accruing on contracts with a significant financing component

17

19

38

 

_______

_______

_______

Total finance income

17

23

44

 

 



 

4              Finance expense

 


6 months to

30 June 2022

6 months to

30 June 2021

Year to

31 December 2021


$'000

$'000

$'000


(unaudited)

(unaudited)

(audited)


 

 

 

Interest and finance charges paid or payable on borrowings

68

101

202

Interest on lease liabilities under IFRS 16

16

13

25

Less: amounts capitalised as intangible assets

-

(4)

(6)

 

_______

_______

_______

Total finance expense

84

110

221

 

 

5              Earnings per share

 

Earnings per share - reported ("EPS")

 

The calculation of the basic and diluted EPS is based on the following data:

 


6 months to

30 June 2022

6 months to

30 June 2021

Year to

31 December 2021


$'000

$'000

$'000

Earnings

 

 

 

Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent

(275)

(4)

(847)





Number of shares




Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share

45,407,431

37,032,431

41,153,537

 

The weighted average number of shares and the loss for the year for the purposes of calculating the fully diluted earnings per share are the same as for the basic loss per share calculation. This is because the outstanding share options would have the effect of reducing the loss per ordinary share and would therefore not be dilutive under IAS33.

 



 

Adjusted earnings per share

 

Adjusted EPS is calculated as follows:


6 months to

30 June 2022

6 months to

30 June 2021

Year to

31 December 2021


$'000

$'000

$'000

Earnings attributable to owners of the Parent

(275)

(4)

(847)

Adjusting items:




- expensed share-based payments

3

15

32

- amortisation of acquisition-related intangibles

343

342

686

- prior year adjustments to tax charge

-

(18)

(42)


_______

_______

_______

Adjusted earnings attributable to owners of the Parent

71

335

(171)

 




Weighted number of ordinary shares in issue

45.407,431

37,032,431

41,153,537





Adjusted earnings per share attributable to shareholders (basic and diluted)

0.2¢

0.9¢

(0.4)¢

 

The criteria for inclusion of adjusting items in the calculation of adjusted EPS are the same as those relating to the calculation of adjusted EBITDA as set out in Note 3. Additionally, amortisation of acquisition-related intangibles relates to the amortisation of intangible assets in respect of customer relationships which are recognised on a business combination and are non-cash in nature.

 

The Group has one category of potentially dilutive ordinary share, being those share options granted to employees where the exercise price (plus the remaining expected charge to profit under IFRS 2) is less than the average price of the Company's ordinary shares during the period.

 

 



 

6              Intangible assets

 

Intangible assets comprise capitalised development costs, acquired software, customer relationships and goodwill.

 


Development costs

Third party

software

Patents

Customer relationships

Goodwill

Total

 

$'000

$'000

$'000

$'000

$'000

$'000

Cost






 

At 1 January 2022

11,839

120

57

6,862

470

19,348

Additions

1,220

6

-

-

-

1,226

Foreign exchange

-

(4)

-

-

-

(4)


_______

_______

_______

_______

_______

_______

At 30 June 2022

13,059

122

57

6,862

470

20,570







 

Amortisation or impairment






 

At 1 January 2022

(5,478)

(71)

(2)

(2,344)

-

(7,895)

Charge for the period

(1,317)

(9)

(7)

(343)

-

(1,676)


_______

_______

_______

_______

_______

_______

At 30 June 2022

(6,795)

(80)

(9)

(2,687)

-

(9,571)







 

Net carrying amount






 

At 30 June 2022

6,264

42

48

4,175

470

10,999

 






 

At 1 January 2022

6,361

49

55

4,518

470

11,453

 

 

7              Contract assets

 

Contract assets are comprised as follows:

 


As at

30 June 2022

As at

30 June 2021

As at 31 December 2021


$'000

$'000

$'000

Due after one year

 

 

 

Contract assets relating to revenue

972

98

227

Contract fulfilment assets

285

363

379


_______

_______

_______

 

1,257

461

606

 




Due within one year




Contract assets relating to revenue

380

581

375

Contract fulfilment assets

189

152

180


_______

_______

_______

 

569

733

555

 

 



 

8              Loans and borrowings


As at

30 June 2022

As at

30 June 2021

As at 31 December 2021


$'000

$'000

$'000

Non-current liabilities

 

 

 

Secured term loans

10

237

23

Unsecured borrowings

386

794

585


_______

_______

_______


396

1,031

608

Current liabilities

 

 


Current portion of term loans

15

138

11

Unsecured borrowings

235

366

125


_______

_______

_______


250

504

136





Total loans and borrowings

646

1,535

744

 

 

9              Trade and other payables

 


As at

30 June 2022

As at

30 June 2021

As at 31 December 2021


$'000

$'000

$'000

Due within a year

 

 

 

Trade payables

151

30

152

Other payables

178

326

451

 

_______

_______

_______

Total trade and other payables

329

356

603

 

 

10           Provisions

 

Long-term

As at

30 June 2022

As at

30 June 2021

As at 31 December 2021


$'000

$'000

$'000


 

 

 

Employee gratuities

132

108

141

Leave encashment

46

41

61

 

_______

_______

_______

 

178

149

202

 



 

 

 

Short-term

As at

30 June 2022

As at

30 June 2021

As at 31 December 2021


$'000

$'000

$'000


 

 

 

Employee gratuities

7

12

7

Leave encashment

22

17

30

Other provisions (including tax)

139

169

35

 

_______

_______

_______

 

168

198

72

 

 

11           Post balance sheet events

 

Other than disclosed above there have been no events subsequent to the reporting date which would have a material impact on these interim financial results.

 

 



 

Basis of preparation

 

The Group has prepared its interim financial statements (the "statements") for the 6 months ended 30 June 2022 (the "interim results") in accordance with the AIM Rules of the London Stock Exchange and not in accordance with IAS34 Interim Financial Reporting; the statements are prepared in accordance with the recognition and measurement principles of International Accounting Standards in conformity with the requirements of the Companies Act 2006, but do not include all the disclosures that would otherwise be required

 

The statements have been prepared under the historical cost convention. The accounting policies adopted in the statements are consistent with those adopted in the Group's Annual Report and Financial Statements for the year ended 31 December 2021 and those which will be adopted in the preparation of the annual report for the year ending 31 December 2022. The statements do not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006 and are unaudited.

 

Going concern

 

The Directors have considered trading and cash flow forecasts prepared for the Group, and based on these, and confirmed banking facilities, are satisfied that the Group will continue to be able to meet its liabilities as they fall due for at least one year from the date of these results. On this basis, they consider it appropriate to have adopted the going concern basis in the preparation of the interim results, which were approved by the Board of Directors on 21 September 2022.

 

Comparative financial information

 

The comparative financial information presented herein for the year ended 31 December 2021 does not constitute full statutory accounts for that period. Statutory accounts for the year ended 31 December 2021 have been filed with the Registrar of Companies. These statutory accounts carried an unqualified Auditor's Report, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006. The accounts for the 6 months to 30 June 2021 have been restated to reflect a reallocation of amortisation expense on capitalised development costs resulting from a revised assessment of amortisation costs undertaken as part of the review of the financial results for the year ended 31 December 2021. The resulting adjustment to amortisation expense has not effected either the 30 June 2021 cash position or the full year results.

 

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