Acuity RM Group Plc - Final Results
PR Newswire
LONDON, United Kingdom, September 28
28 September 2023
Acuity RM Group plc
('ARM' or the 'Company')
Investee Company Final results
Acuity RM Group plc (AIM:ACRM) announces that its wholly owned operating subsidiary, Acuity Risk Management Limited (“Acuity”) which it acquired by way of a reverse takeover in April 2023 has published its results for its year ended 31 March 2023. Acuity’s financial statements are set out below and will be available on the Company’s website https://acuityrmgroup.com/investors.
Acuity RM Group plc will publish its consolidated interim results to 30 June 2023 on 28 September 2023, which will include 10 weeks post acquisition performance of Acuity.
Angus Forrest, CEO of ACRM commented: “These results relate to a post-acquisition period and have been announced to meet regulatory requirements. The results themselves are in line with our expectation at the time of Acuity’s acquisition.”
| For further information please contact: | ||
| Acuity RM Group plc | www.acuityrmgroup.com | |
| Angus Forrest | +44 (0) 20 3582 0566 | |
| WH Ireland (NOMAD & Broker) | www.whirelandplc.com/capital-markets | |
| Mike Coe / Sarah Mather | 020 7220 1666 | |
| Peterhouse Capital Limited Joint broker | ||
| Lucy Williams / Duncan Vasey | 020 7469 0936 | |
| Clear Capital Markets Limited (Joint Broker) Andrew Blaylock | 020 3869 6080 | |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2023
| 2023 £ | 2022 £ | |
| Revenue | 1,753,787 | 1,557,698 |
| Cost of sales | (196,164) | (121,717) |
| Gross profit | 1,557,623 | 1,435,981 |
| Other operating income | - | 43,673 |
| Administrative expenses | (2,175,206) | (2,004,920) |
| Loss from operations | (617,583) | (525,266) |
| Finance income | 661 | 251 |
| Finance expense | (22,494) | (19,507) |
| Loss before tax | (639,416) | (544,522) |
| Tax credit/(expense) | 105,498 | - |
| Loss for the year | (533,918) | (544,522) |
| Total comprehensive income | (533,918) | (544,522) |
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023
| Assets | 2023 £ | 2022 £ | ||||
| Non-current assets | ||||||
| Property, plant and equipment | 10,064 | 14,406 | ||||
| Intangible assets | 2,052,331 | 2,092,456 | ||||
| Trade and other receivables | - | 17,496 | ||||
| Current assets | 2,062,395 | 2,124,358 | ||||
| Trade and other receivables | 429,151 | 523,549 | ||||
| Cash and cash equivalents | 303,776 | 566,637 | ||||
| 732,927 | 1,090,186 | |||||
| Total assets | 2,795,322 | 3,214,544 | ||||
| Liabilities | ||
| Non-current liabilities | ||
| Trade and other liabilities | 181,080 | 167,978 |
| Loans and borrowings | 199,980 | 258,312 |
| Current liabilities | 381,060 | 426,290 |
| Trade and other liabilities | 1,571,078 | 1,469,202 |
| Loans and borrowings | 67,800 | 50,850 |
| 1,638,878 | 1,520,052 | |
| Total liabilities | 2,019,938 | 1,946,342 |
| Net assets | 775,384 | 1,268,202 |
| Issued capital and reserves | ||
| Share capital | 96,000 | 96,000 |
| Share premium reserve | 2,306,500 | 2,306,500 |
| Other reserves | 41,100 | - |
| Retained earnings | (1,668,216) | (1,134,298) |
| TOTAL EQUITY | 775,384 | 1,268,202 |
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023
| Cash flows from operating activities | 2023 £ | 2022 £ |
| Loss for the yearAdjustments for | (533,918) | (544,522) |
| Amortisation of intangible assets | 173,309 | 198,684 |
| Depreciation of tangible assets | 8,027 | 7,981 |
| Loss on disposal of tangible assets | (684) | (448) |
| Government grants | - | (43,673) |
| Interest paid | 22,494 | 19,507 |
| Interest received | (661) | (251) |
| Movements in working capital: | (331,433) | (362,722) |
| Decrease in trade and other receivables | 111,894 | 102,853 |
| (Decrease)/increase in trade and other payables | (73,419) | 15,886 |
| Increase in deferred revenue | 164,304 | 155,269 |
| Cash generated from operations | (128,654) | (88,714) |
| interest paid | - | (169) |
| Net cash used in operating activities | (128,654) | (88,883) |
| Cash flows from investing activities | ||
| Purchases of intangible fixed assets | (133,184) | (203,493) |
| Purchase of tangible fixed assets | (4,569) | (7,065) |
| Sale of tangible fixed assets | 1,568 | 1,490 |
| Interest received | 661 | 251 |
| Net cash used in investing activities | (135,524) | (208,817) |
| Cash flows from financing activities | ||
| Issue of ordinary shares | - | 125,000 |
| New loans | 65,193 | 339,000 |
| Repayment of loans | (63,876) | (17,050) |
| Repayment of directors loans | - | (10,400) |
| Net cash from financing activities | 1,317 | 436,550 |
| Net (decrease)/increase in cash and cash equivalents | (262,861) | 138,850 |
| Cash and cash equivalents at the beginning of year | 566,637 | 427,787 |
| Cash and cash equivalents at the end of the year | 303,776 | 566,637 |
Note to Editors
Acuity RM Group plc
Acuity RM Group plc (AIM: ACRM), previously known as Drumz plc, is an established provider of risk management services. It's award-winning STREAM® software platform, which collects data about organisations to improve business decisions and management. It is used by around 70 organisations in markets including government, utilities, defence, broadcasting, manufacturing and healthcare.
The Company is focused on delivering long term, sustainable growth in shareholder value. In the short to medium term this is expected to come from organic growth and thereafter may also come from complementary acquisitions.
